<SEC-DOCUMENT>0000818972-22-000004.txt : 20221123
<SEC-HEADER>0000818972-22-000004.hdr.sgml : 20221123
<ACCEPTANCE-DATETIME>20221123123525
ACCESSION NUMBER:		0000818972-22-000004
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20220930
FILED AS OF DATE:		20221123
DATE AS OF CHANGE:		20221123
EFFECTIVENESS DATE:		20221123

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05245
		FILM NUMBER:		221414889

	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-CSR
<SEQUENCE>1
<FILENAME>lp1-853.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
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<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">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: 11pt 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: 11pt">Investment Company Act file number</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">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: 11pt">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: 11pt">(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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">c/o BNY Mellon Investment Adviser, Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">240 Greenwich Street</P>
    <P STYLE="font: 11pt 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: 11pt">(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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Deirdre Cunnane, Esq.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">240 Greenwich Street</P>
    <P STYLE="font: 11pt 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: 11pt">(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: 11pt">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: 11pt">(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: 11pt Times New Roman, Times, Serif; margin: 0">Date of fiscal year end:</P>
    <P STYLE="font: 11pt 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: 11pt">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: 11pt">Date of reporting period:</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">09/30/22</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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
  </TABLE>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>FORM N-CSR</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 1. &#9;Reports to Stockholders.</B></P>

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<p style="font-size:24.0pt; font-family:Serif; font-style:normal; text-align:center; color:#292526; font-weight:normal;
text-decoration:none;">BNY Mellon Strategic Municipals, Inc.</p><table cellspacing="0" style="border-collapse:collapse"
width="57%" cellpadding="2" align="center" style="clear:both"><tr style="font-size:1pt;"><td style="width:100%;"
>&nbsp;</td></tr><tr><td style="vertical-align:middle; background-color:#CCCCCC; font-size:1pt;"><p style="font-size:16.0pt;
font-family:Arial; text-align:center; color:#000000; font-weight:bold; text-decoration:none;">ANNUAL
REPORT</p><p style="font-size:16.0pt; font-family:Arial; text-align:center; color:#000000; font-weight:normal;
text-decoration:none;">September 30, 2022</p></td></tr></table><table cellspacing="0" style="border-collapse:collapse"
width="100%" cellpadding="2" style="clear:both"><tr style="font-size:1pt;"><td style="width:100%;" >&nbsp;</td></tr><tr><td
style="vertical-align:top; font-size:1pt;"><p style="font-size:10.0pt; font-family:Serif; text-align:right;
font-weight:normal; font-style:normal;"><img src="img_9b48d1dc95dd4.jpg"></p></td></tr></table>
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<table cellspacing="0" style="border-collapse:collapse" width="82%" cellpadding="2" align="center" style="clear:both"><tr
style="font-size:1pt;"><td style="width:100%;" >&nbsp;</td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
border-left:0.5pt; border-left-style:solid; border-left-color:#000000; border-right:0.5pt; border-right-style:solid;
border-right-color:#000000; font-size:1pt;"><p style="font-size:9.5pt; font-family:Serif; font-style:normal;
text-align:center; font-weight:bold; text-decoration:none;">BNY Mellon Strategic Municipals, Inc.</p><p
style="font-size:9.5pt; font-family:Serif; text-align:center; font-weight:bold; font-style:normal;"><font
style="font-size:9.5pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Protecting
Your Privacy</font><br><font style="font-size:9.5pt; font-family:Serif; font-style:normal; font-weight:bold;
text-decoration:none;">Our Pledge to You</font></p><p style="font-size:9.5pt; font-family:Bembo; text-align:justify;
font-weight:normal; margin-left:5.75pt; font-style:normal;"><font style="font-size:9.5pt; font-family:Bembo;
font-style:normal; font-weight:bold; text-decoration:none;">THE FUND IS COMMITTED TO YOUR PRIVACY.</font><font
style="font-size:9.5pt; font-family:Bembo; font-style:normal; font-weight:normal; text-decoration:none;">
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.</font></p><p
style="font-size:9.5pt; font-family:Bembo; text-align:justify; font-weight:normal; margin-left:5.75pt;
font-style:normal;"><font style="font-size:9.5pt; font-family:Bembo; font-style:normal; font-weight:bold;
text-decoration:none;">YOUR ACCOUNT IS PROVIDED IN A SECURE ENVIRONMENT.</font><font style="font-size:9.5pt;
font-family:Bembo; font-style:normal; font-weight:normal; text-decoration:none;"> 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.</font></p><p style="font-size:9.5pt; font-family:Bembo;
text-align:justify; font-weight:normal; margin-left:5.75pt; font-style:normal;"><font style="font-size:9.5pt;
font-family:Bembo; font-style:normal; font-weight:bold; text-decoration:none;">THE FUND COLLECTS INFORMATION
IN ORDER TO SERVICE AND ADMINISTER YOUR ACCOUNT. </font><font style="font-size:9.5pt; font-family:Bembo;
font-style:normal; font-weight:normal; text-decoration:none;">The fund collects a variety of nonpublic
personal information, which may include:</font></p><p style="font-size:9.5pt; font-family:Bembo; text-align:justify;
text-indent:-13.7pt; font-weight:normal; margin-left:19.7pt; text-decoration:none;"><font>&#8226;</font><font
style="word-spacing:7.85pt;">&#160;</font><font style="font-size:9.5pt; font-family:Bembo; font-style:normal;
font-weight:normal; text-decoration:none;">Information we receive from you, such as your name, address,
and social security number.</font></p><p style="font-size:9.5pt; font-family:Bembo; text-align:justify;
text-indent:-13.7pt; font-weight:normal; margin-left:19.7pt; text-decoration:none;"><font>&#8226;</font><font
style="word-spacing:7.85pt;">&#160;</font><font style="font-size:9.5pt; font-family:Bembo; font-style:normal;
font-weight:normal; text-decoration:none;">Information about your transactions with us, such as the purchase
or sale of fund shares.</font></p><p style="font-size:9.5pt; font-family:Bembo; text-align:justify; text-indent:-13.7pt;
font-weight:normal; margin-left:19.7pt; text-decoration:none;"><font>&#8226;</font><font style="word-spacing:7.85pt;">&#160;</font><font
style="font-size:9.5pt; font-family:Bembo; font-style:normal; font-weight:normal; text-decoration:none;">Information
we receive from agents and service providers, such as proxy voting information.</font></p><p style="font-size:9.5pt;
font-family:Bembo; text-align:left; font-weight:bold; margin-left:5.75pt; text-decoration:none;">THE
FUND DOES NOT SHARE NONPUBLIC PERSONAL INFORMATION WITH ANYONE, EXCEPT AS PERMITTED BY LAW.</p><p style="font-size:9.5pt;
font-family:Bembo; text-align:left; font-weight:bold; margin-left:5.75pt; text-decoration:none; font-style:italic;">Thank
you for this opportunity to serve you.</p></td></tr></table><table cellspacing="0" style="border-collapse:collapse"
width="77%" cellpadding="2" style="clear:both"><tr style="font-size:1pt;"><td style="width:100%;" >&nbsp;</td></tr><tr><td
style="vertical-align:top; font-size:1pt;"><p style="font-size:10.0pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">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="vertical-align:top;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:middle; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#000000;
border-top:1pt; border-top-style:solid; border-top-color:#000000; border-left:1pt; border-left-style:solid;
border-left-color:#000000; border-right:1pt; border-right-style:solid; border-right-color:#000000;"><p
style="font-size:9.5pt; font-family:Serif; font-style:normal; text-align:center; font-weight:normal;
text-decoration:none;">Not FDIC-Insured &#8226; Not Bank-Guaranteed &#8226; May Lose Value</p></td></tr></table>
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<p style="font-size:28.0pt; font-family:Arial; text-align:justify; font-weight:normal; margin-left:108.0pt;
text-decoration:none;">Contents</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal;
text-align:left; font-weight:normal; margin-left:108.0pt; text-decoration:none;">THE  FUND</p><div
style="border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#000000; margin-bottom:12pt;
padding:0pt 0pt 1pt 0pt;"><div style="font-size:1.0pt; font-family:Serif; font-style:normal; text-align:left;
font-weight:normal;"></div></div><table cellspacing="0" style="border-collapse:collapse" width="100%"
cellpadding="0" 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-size:10.5pt;
font-family:Serif; text-align:left; font-weight:normal; margin-left:108.0pt; font-style:normal;"><a href="#1"><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Discussion
of Fund Performance</font></a></p></td><td style="vertical-align:bottom;"><p style="font-size:10.5pt;
font-family:Serif; text-align:right; font-weight:normal; font-style:normal;"><a href="#1"><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">2</font></a></p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal;
margin-left:108.0pt; font-style:normal;"><a href="#2"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">Fund Performance </font><br><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">   and Distribution
Information</font></a></p></td><td style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif;
text-align:right; font-weight:normal; font-style:normal;"><a href="#2"><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">5</font></a></p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal;
margin-left:108.0pt; font-style:normal;"><a href="#3"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">Selected Information</font></a></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:right; font-weight:normal;
font-style:normal;"><a href="#3"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">7</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:108.0pt;
font-style:normal;"><a href="#4"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">Statement of Investments</font></a></p></td><td style="vertical-align:bottom;"><p
style="font-size:10.5pt; font-family:Serif; text-align:right; font-weight:normal; font-style:normal;"><a href="#4"><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">8</font></a></p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal;
margin-left:108.0pt; font-style:normal;"><a href="#5"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">Statement of Assets and Liabilities</font></a></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:right; font-weight:normal;
font-style:normal;"><a href="#5"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">30</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:108.0pt;
font-style:normal;"><a href="#6"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">Statement of Operations</font></a></p></td><td style="vertical-align:bottom;"><p
style="font-size:10.5pt; font-family:Serif; text-align:right; font-weight:normal; font-style:normal;"><a href="#6"><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">31</font></a></p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal;
margin-left:108.0pt; font-style:normal;"><a href="#7"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">Statement of Cash Flows</font></a></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:right; font-weight:normal;
font-style:normal;"><a href="#7"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">32</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:108.0pt;
font-style:normal;"><a href="#8"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">Statement of Changes in Net Assets</font></a></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:right; font-weight:normal;
font-style:normal;"><a href="#8"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">33</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:108.0pt;
font-style:normal;"><a href="#9"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">Financial Highlights</font></a></p></td><td style="vertical-align:bottom;"><p
style="font-size:10.5pt; font-family:Serif; text-align:right; font-weight:normal; font-style:normal;"><a href="#9"><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">34</font></a></p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal;
margin-left:108.0pt; font-style:normal;"><a href="#10"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">Notes to Financial Statements</font></a></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:right; font-weight:normal;
font-style:normal;"><a href="#10"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">36</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:108.0pt;
font-style:normal;"><a href="#11"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">Report of Independent Registered</font><br><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">     Public Accounting
Firm</font></a></p></td><td style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif;
text-align:right; font-weight:normal; font-style:normal;"><a href="#11"><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">45</font></a></p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal;
margin-left:108.0pt; font-style:normal;"><a href="#12"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">Additional Information</font></a></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:right; font-weight:normal;
font-style:normal;"><a href="#12"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">46</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:108.0pt;
font-style:normal;"><a href="#13"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">Important Tax Information</font></a></p></td><td style="vertical-align:bottom;"><p
style="font-size:10.5pt; font-family:Serif; text-align:right; font-weight:normal; font-style:normal;"><a href="#13"><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">56</font></a></p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal;
margin-left:108.0pt; font-style:normal;"><a href="#14"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">Proxy Results</font></a></p></td><td style="vertical-align:bottom;"><p
style="font-size:10.5pt; font-family:Serif; text-align:right; font-weight:normal; font-style:normal;"><a href="#14"><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">57</font></a></p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal;
margin-left:108.0pt; font-style:normal;"><a href="#15"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">Board Members Information</font></a></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:right; font-weight:normal;
font-style:normal;"><a href="#15"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">58</font></a></p></td></tr><tr><td style="vertical-align:bottom;"><p
style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:108.0pt;
font-style:normal;"><a href="#16"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">Officers of the Fund</font></a></p></td><td style="vertical-align:bottom;"><p
style="font-size:10.5pt; font-family:Serif; text-align:right; font-weight:normal; font-style:normal;"><a href="#16"><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">61</font></a></p></td></tr><tr><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal;
margin-left:108.0pt; font-style:normal;"><a href="#17"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">Officers and Directors</font></a></p></td><td
style="vertical-align:bottom;"><p style="font-size:10.5pt; font-family:Serif; text-align:right; font-weight:normal;
font-style:normal;"><a href="#17"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">65</font></a></p></td></tr></table><p style="font-size:10.5pt;
font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:108.0pt; text-decoration:none;">FOR  MORE  INFORMATION </p><div style="border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#000000;
margin-top:12pt; margin-bottom:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-size:1.0pt; font-family:Serif;
font-style:normal; text-align:left; font-weight:normal;"><font style="word-spacing:1.0pt;">&#160;</font></div></div><p
style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:108.0pt;
text-decoration:none;">Back Cover</p><table cellspacing="0" style="border-collapse:collapse" width="77%"
cellpadding="2" align="center" style="clear:both"><tr style="font-size:1pt;"><td style="width:100%;"
>&nbsp;</td></tr><tr><td style="vertical-align:top; border-bottom:2.25pt; border-bottom-style:solid;
border-bottom-color:#000000; font-size:1pt;">&#160;</td></tr><tr><td style="vertical-align:top; border-bottom:1pt;
border-bottom-style:solid; border-bottom-color:#000000; border-top:2.25pt; border-top-style:solid; border-top-color:#000000;"><p
style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:bold;
text-decoration:none;">Save time. Save paper. View your next shareholder report online as soon as it&#8217;s
available. Log into www.im.bnymellon.com and sign up for eCommunications. It&#8217;s simple and only takes
a few minutes.</p></td></tr></table>
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<p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:11.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">DISCUSSION
OF FUND PERFORMANCE</font><font style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;"> </font><font style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">(Unaudited)</font></p>
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<p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><a name="1"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
</font></p><p style="font-size:10.5pt; font-family:Serif; text-align:left; font-weight:normal; text-decoration:none;
font-style:italic;">For the period from October 1, 2021, through September 30, 2022, as provided by Daniel
Rabasco and Jeffrey Burger, Primary Portfolio Managers with Insight North America LLC (INA or the Sub-Adviser)</p><p
style="font-size:10.5pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Market
and Fund Performance Overview</p><p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;">For the 12-month period ended September 30, 2022, BNY Mellon Strategic Municipals,
Inc. (the &#8220;fund&#8221;) produced a total return of &#8722;21.10% on a net-asset-value basis and &#8722;26.54% on
a market price basis.</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;"><sup>1</sup></font><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;"> Over the same period, the fund provided aggregate income
dividends of $.365 per share, which reflects a distribution rate of 6.00%. In comparison, the Bloomberg
U.S. Municipal Bond Index (the &#8220;Index&#8221;), the fund&#8217;s benchmark, posted a total return of &#8722;11.50%
for the same period.</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;"><sup>2</sup></font></p><p style="font-size:10.5pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">Municipal bonds declined during the reporting
period as the market was hindered by inflation concerns and rising interest rates.</p><p style="font-size:10.5pt;
font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">The Fund&#8217;s Investment
Approach</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">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 the Sub-Adviser in the case of bonds, and in the two highest-rating categories or the
unrated equivalent as determined by the Sub-Adviser, in the case of short-term obligations having or
deemed to have maturities of less than one year. </p><p style="font-size:10.5pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">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-size:10.5pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Markets
Hindered by Inflation and Rising Rates</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">Fixed-income markets posted a negative
performance during the reporting period, driven primarily by worries about rising inflation, Russia&#8217;s
invasion of Ukraine and tightening monetary policy.</p><p style="font-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">Early in the reporting
period, the municipal bond market continued to benefit from policies put in place in response to the
COVID-19 pandemic, including support from </p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">2</p>

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<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">the federal government. This, and high levels on individuals&#8217; balance sheets
fueling demand for high quality fixed income assets, produced strong inflows to the market.   </p><p
style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">The fiscal health of issuers was also supported by an economy that was strong
early in the reporting period. During much of the pandemic, real estate and income tax collections failed
to decline as much as predicted, and progressive tax regimes proved beneficial because higher-earning,
white-collar workers were largely able to work from home. Strong stock market returns also boosted revenues
from capital gains taxes. </p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">Later in the reporting period, however, a number of headwinds
emerged. As oil prices rose, inflation measures reached multi-decade highs. This raised the possibility
that higher prices would slow consumer spending and the broader economy. </p><p style="font-size:10.5pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">In
addition, the Federal Reserve (the &#8220;Fed&#8221;) began to act on the signals it sent late in 2021 that it
would be raising the federal funds rate. In March 2022, the Fed raised the federal funds rate by 25 basis
points (bps) and followed that up in May 2022, with an increase of 50 bps. In June, July and September
rates were again raised, this time by 75 bps each time, bringing the federal funds target rate to between
3.00% and 3.25%. </p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">Fears that the economy could slow were realized when the first-quarter
GDP figures were released in April 2022 showing the economy declined somewhat. A still-strong labor market,
however, suggested that the economy could rebound. Second-quarter data, however, showed that the economy
shrank again, making for two consecutive quarters of decline, a rough indicator of recession. </p><p
style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">The persistence of higher-than-expected inflation, combined with measures from
the Fed to combat it, led to significant outflows from municipal bond mutual funds, especially in the
second half of the reporting period. The need for fund managers to meet redemptions only added to the
downward momentum. In addition, the latter part of the period was characterized by volatility stemming
from these headwinds as well as from the war in Ukraine. </p><p style="font-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">While headwinds prevailed
over much of the period, and mutual fund outflows have been substantial, credit fundamentals in the municipal
market remained strong. In addition, volatility has resulted in more attractive valuations in many segments
of the market, creating the potential for outperformance in the future.</p><p style="font-size:10.5pt;
font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Duration and Security Selection
Detracted</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">The fund&#8217;s performance was hindered primarily by its duration and security selection.
The fund&#8217;s long duration was detrimental, as the long end of the curve underperformed as inflation
and interest rates rose. In addition, rising rates at the front end of the curve caused the cost of leverage
to rise, which also hampered returns. Security selection also produced a net negative effect. Selections
were especially unfavorable in the health care, public power, special tax and water &amp; sewer sectors.
The fund&#8217;s large allocation to revenue bonds was also detrimental. </p><p style="font-size:10.5pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">On
a more positive note, the fund&#8217;s performance was aided by certain security selections. Selections in
the appropriation debt sector contributed positively, as did certain positions among general obligation
bonds. More specifically, the fund&#8217;s position </p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">3</p>

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<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">DISCUSSION
OF FUND PERFORMANCE</font><font style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;"> </font><font style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">(Unaudited)</font><font style="font-size:9.0pt; font-family:Arial; font-style:italic;
font-weight:normal; text-decoration:none;"> (continued)</font></p>
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<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">in Puerto Rico bonds was advantageous. Certain allocations also made positive
contributions. The fund&#8217;s allocations to education and transportation bonds, in particular, enhanced
returns. The fund did not employ derivatives during the period. The fund did participate in secondary
inverse floater structures.</p><p style="font-size:10.5pt; font-family:Arial; text-align:left; font-weight:bold;
text-decoration:none;">Positioning for Higher Yields and a Rebound</p><p style="font-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">We are maintaining
the fund&#8217;s relatively long duration and will continue to swap out lower-yielding debt for higher-yielding
debt. We also are maintaining a relatively large allocation to revenue bonds. We remain confident that
the fund is also well positioned for a market rebound, which we anticipate will occur when the Fed completes
its tightening cycle. </p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">October 17, 2022</p><p style="font-size:8.0pt; font-family:Serif;
text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:italic;"><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;"><sup>1</sup></font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">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
figures provided reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc.
pursuant to an agreement in effect until November 30, 2022, 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.</font></p><p
style="font-size:8.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal;
margin-left:10.8pt; font-style:italic;"><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;"><sup>2</sup></font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Source:
Lipper, Inc. ---The Bloomberg U.S. Municipal Bond Index covers the U.S. dollar-denominated long-term
tax exempt bond market. Unlike a fund, the Index is not subject to fees and other expenses. Investors
cannot invest directly in any index. Distribution rate per share is based upon dividends per share paid
from net investment income during the period, annualized and divided by the market price per share at
the end of the period, adjusted for any capital gain distributions.</font></p><p style="font-size:8.0pt;
font-family:Serif; text-align:left; font-weight:normal; text-decoration:none; font-style:italic;">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-size:8.0pt;
font-family:Serif; text-align:left; font-weight:normal; text-decoration:none; font-style:italic;">Recent
market risks include pandemic risks related to COVID-19.&#160;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&#8217;s
exposure to risk of loss from adverse developments affecting those countries, companies, industries or
sectors.</p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">4</p>

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<p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:11.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">FUND
PERFORMANCE</font><font style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;"> </font><font style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">(Unaudited)</font></p>
<!-- PAGEBREAK_END -->
<p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><a name="2"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
</font></p><p style="font-size:8.0pt; font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><img src="img_8dda027d9e674.jpg"><font style="font-size:8.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"></font></p>

<p style="font: normal 8pt Serif; text-align: justify"><font style="font: normal 8pt Serif; text-decoration: none">Comparison
of change in value of a $10,000 investment in BNY Mellon Strategic Municipals, Inc. with a hypothetical
investment of $10,000 in the Bloomberg U.S. Municipal Bond Index (the &#8220;Index&#8221;).</font></p><p style="font-size:8.0pt;
font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:italic;"><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;"><sup>&#8224;</sup></font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">Source: Lipper Inc.</font></p><p style="font-size:8.0pt; font-family:Serif;
text-align:left; font-weight:normal; text-decoration:none; font-style:italic;">Past performance is not
predictive of future performance. </p><p style="font-size:8.0pt; font-family:Serif; text-align:left;
font-weight:normal; text-decoration:none; font-style:italic;">The above graph compares a hypothetical
investment of $10,000 made in BNY Mellon Strategic Municipals, Inc. on 09/30/2012 to a hypothetical investment
of $10,000 made in the Index on that date. All figures for the fund are based on market price. All dividends
and capital gain distributions are reinvested. </p><p style="font-size:8.0pt; font-family:Serif; text-align:left;
font-weight:normal; text-decoration:none; font-style:italic;">The fund invests primarily in municipal
securities and its performance shown in the line graph takes into account fees and expenses. The Index
covers the U.S. dollar-denominated long-term tax-exempt bond market. Unlike a fund, the Index is not
subject to fees and other expenses. Investors cannot invest directly in any index. Further information
relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial
Highlights within this report and elsewhere in this report.</p><table cellspacing="0" style="border-collapse:collapse"
width="100%" cellpadding="0" style="clear:both"><tr style="font-size:1pt;"><td style="width:62.5%;" >&nbsp;</td><td
style="width:12.5%;" >&nbsp;</td><td style="width:12.5%;" >&nbsp;</td><td style="width:12.5%;" >&nbsp;</td></tr><tr><td
colspan="4" style=" vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#E5E5E5;"><p style="font-size:9.0pt; font-family:Arial; text-align:left; color:#141414;
text-indent:-10.8pt; font-weight:bold; margin-left:10.8pt; text-decoration:none;">Average Annual Total
Returns as of 9/30/2022</p></td></tr><tr><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;"><p style="font-size:12.0pt; font-family:Serif;
font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; font-weight:normal; text-decoration:none;">1
Year</p></td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#E5E5E5;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; font-weight:normal;
text-decoration:none;">5 Years</p></td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; font-weight:normal; text-decoration:none;">10 Years</p></td></tr><tr><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">BNY Mellon Strategic Municipals, Inc. Fund- Market Value</p></td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#141414; font-weight:bold; text-decoration:none;">-26.54%</p></td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#141414; font-weight:bold; text-decoration:none;">-2.17%</p></td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#141414; font-weight:bold; text-decoration:none;">.80%</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#E5E5E5;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">BNY
Mellon Strategic Municipals, Inc. Fund- Net Asset Value</p></td><td style="vertical-align:bottom; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#141414; font-weight:bold; text-decoration:none;">-21.10%</p></td><td
style="vertical-align:bottom; background-color:#E5E5E5;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; color:#141414; font-weight:bold; text-decoration:none;">-.38%</p></td><td style="vertical-align:bottom;
background-color:#E5E5E5;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#141414;
font-weight:bold; text-decoration:none;">2.30%</p></td></tr><tr><td style="vertical-align:bottom; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Bloomberg U.S. Municipal Bond Index</p></td><td style="vertical-align:bottom;
background-color:#E5E5E5;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#141414;
font-weight:bold; text-decoration:none;">-11.50%</p></td><td style="vertical-align:bottom; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#141414; font-weight:bold; text-decoration:none;">.59%</p></td><td
style="vertical-align:bottom; background-color:#E5E5E5;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; color:#141414; font-weight:bold; text-decoration:none;">1.79%</p></td></tr></table><p
style="font-size:8.0pt; font-family:Serif; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:8.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">The
performance data quoted represents past performance, which is no guarantee of future results. Share price
and investment return fluctuate and an investor&#8217;s shares may be worth more or less than original cost
upon sale of the shares. Current performance may be lower or higher than the performance quoted. Go to
</font><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; font-weight:bold; text-decoration:none;">www.im.bnymellon.com</font><font
style="font-size:8.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">
for the fund&#8217;s most recent month-end returns.</font></p><p style="font-size:8.0pt; font-family:Serif;
text-align:left; font-weight:normal; text-decoration:none; font-style:italic;">The fund&#8217;s performance
shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the sale of fund shares.</p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">5</p>

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

<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">FUND
PERFORMANCE</font><font style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;"> </font><font style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal;
text-decoration:none;">(Unaudited) (continued)</font></p>
<!-- PAGEBREAK_END -->
<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:bold;
text-decoration:none;">DISTRIBUTION INFORMATION</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">The following information regarding the
fund&#8217;s distributions is current as of September 30, 2022, the fund&#8217;s fiscal year end. The fund&#8217;s
returns during the period were sufficient to meet fund distributions. </p><p style="font-size:10.0pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">The
fund&#8217;s distribution policy is intended to provide shareholders with stable, but not guaranteed, cash
flow, independent of the amount or timing of income earned or capital gains realized by the fund. The
fund intends to distribute all or substantially all of its net investment income through its regular
monthly distribution and to distribute realized capital gains at least annually. In addition, in any
monthly period, in order to try to maintain a level distribution amount, the fund may pay out more or
less than its net investment income during the period. As a result, distributions sources may include
net investment income, realized gains and return of capital. You should not draw any conclusions about
the fund&#8217;s investment performance from the amount of the distribution or from the terms of the level
distribution program. A return of capital is a non-taxable distribution of a portion of a fund&#8217;s capital.
A return of capital distribution does not necessarily reflect a fund&#8217;s investment performance and should
not be confused with &#8220;yield&#8221; or &#8220;income.&#8221; </p><p style="font-size:10.0pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">The amounts and sources
of distributions reported below are for financial reporting purposes and are not being provided for tax
reporting purposes. The actual amounts and character of the distributions for tax reporting purposes
will be reported to shareholders on Form&#160;1099-DIV,&#160;which will be sent to shareholders shortly after
calendar&#160;year-end.&#160;Because distribution source estimates are updated throughout the current fiscal
year based on the fund&#8217;s performance, those estimates may differ from both the tax information reported
to you in your fund&#8217;s 1099 statement, as well as the ultimate economic sources of distributions over
the life of your investment. The figures in the table below provide the sources of distributions and
may include amounts attributed to realized gains and/or returns of capital.&#160;</p><table cellspacing="0"
style="border-collapse:collapse" width="100%" cellpadding="0" style="clear:both"><tr style="font-size:1pt;"><td
style="width:16.25%;" >&nbsp;</td><td style="width:12.5%;" >&nbsp;</td><td style="width:11.25%;" >&nbsp;</td><td
style="width:11.25%;" >&nbsp;</td><td style="width:16.25%;" >&nbsp;</td><td style="width:12.5%;" >&nbsp;</td><td
style="width:10%;" >&nbsp;</td><td style="width:10%;" >&nbsp;</td></tr><tr><td colspan="8" style=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Distributions</p></td></tr><tr><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#E5E5E5; font-size:1pt;" >&nbsp;</td><td
colspan="3" style=" vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#E5E5E5;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;">Current Month</font><br><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Percentage
of Distributions</font></p></td><td colspan="4" style=" vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Fiscal
Year Ended</font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000;
font-weight:normal; text-decoration:none;">Per Share Amounts</font></p></td></tr><tr><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#E5E5E5; font-size:1pt;"><p style="font-size:12.0pt; font-family:Serif;
font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; color:#000000; font-weight:normal; text-decoration:none;">Net Investment Income</p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">Realized
Gains</p></td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">Return
of Capital</p></td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">Total
Distributions</p></td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">Net
Investment Income</p></td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">Realized
Gains</p></td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">Return
of Capital</p></td></tr><tr><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">BNY
Mellon Strategic Municipals, Inc. </p></td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; color:#000000; font-weight:normal; text-decoration:none;">100.00%</p></td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">.00%</p></td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">.00%</p></td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">$.37</p></td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">$.37</p></td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">$.00</p></td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#141414; font-weight:normal; text-decoration:none;">$.00</p></td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">6</p>

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

<p style="font-size:11.5pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">SELECTED
INFORMATION</p><p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">September
30, 2022 (Unaudited)</p>
<!-- PAGEBREAK_END -->
<p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><a name="3"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
</font></p><table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" style="clear:both"><tr
style="font-size:1pt;"><td style="width:8.75%;" >&nbsp;</td><td style="width:25%;" >&nbsp;</td><td style="width:23.75%;"
>&nbsp;</td><td style="width:21.25%;" >&nbsp;</td><td style="width:21.25%;" >&nbsp;</td></tr><tr><td
colspan="3" style=" vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Market Price per share
September 30, 2022</p></td><td style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; font-weight:normal; text-decoration:none;">$6.08</p></td><td style="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Shares Outstanding September 30, 2022</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:normal;
text-decoration:none;">62,290,854</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">New York Stock Exchange Ticker Symbol</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:normal;
text-decoration:none;">LEO</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">MARKET PRICE (NEW YORK
STOCK EXCHANGE)</p></td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; font-weight:normal; text-decoration:none;">Fiscal
Year Ended September 30, 2022</p></td></tr><tr><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:middle;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Quarter</p></td><td style="vertical-align:middle; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Quarter</p></td><td
style="vertical-align:middle; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Quarter</p></td><td style="vertical-align:middle; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Quarter</p></td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:middle; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Ended</p></td><td style="vertical-align:middle; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Ended</p></td><td style="vertical-align:middle; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Ended</p></td><td style="vertical-align:middle; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Ended</p></td></tr><tr><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">December 31, 2021</p></td><td
style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">March 31, 2022</p></td><td
style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">June 30, 2022</p></td><td
style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">September 30, 2022</p></td></tr><tr><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">High</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">$8.73</p></td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">$8.43</p></td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">$7.23</p></td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">$7.07
</p></td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Low</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">  8.31</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; color:#000000; font-weight:normal; text-decoration:none;">  7.06</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000;
font-weight:normal; text-decoration:none;">  6.33</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">
 6.05</p></td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Close</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">
 8.47</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">  7.19</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; color:#000000; font-weight:normal; text-decoration:none;">  6.58</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000;
font-weight:normal; text-decoration:none;">  6.08</p></td></tr><tr><td colspan="5" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">PERCENTAGE
GAIN (LOSS) </font><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000;
font-weight:normal; text-decoration:none;">based on change in Market Price</font><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"><sup>&#8224;</sup></font></p></td></tr><tr><td
colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">September
23, 1987 (commencement of operations) through September 30, 2022</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000;
font-weight:normal; text-decoration:none;">527.91%</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">October 1, 2012 through
September 30, 2022</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">8.33</p></td></tr><tr><td
colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">October
1, 2017 through September 30, 2022</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">(10.40)</p></td></tr><tr><td
colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">October
1, 2021 through September 30, 2022</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">(26.54)</p></td></tr><tr><td
colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">January
1, 2022 through September 30, 2022</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">(25.38)</p></td></tr><tr><td
colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">April
1, 2022 through September 30, 2022</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">(13.14)</p></td></tr><tr><td
colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">July
1, 2022 through September 30, 2022</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">(6.32)</p></td></tr><tr><td
colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">NET
ASSET VALUE PER SHARE</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">September 23, 1987 (commencement of operations)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000;
font-weight:normal; text-decoration:none;">$9.32</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">September 30, 2021</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; color:#000000; font-weight:normal; text-decoration:none;">8.71 </p></td></tr><tr><td
colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">December
31, 2021</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">8.74
</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">March 31, 2022</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">7.79
</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">June 30, 2022</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">7.13
</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">September 30, 2022</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">6.54
</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000;
font-weight:bold; text-decoration:none;">PERCENTAGE GAIN (LOSS</font><font style="font-size:8.0pt; font-family:Cambria;
font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">) based on change in Net
Asset Value</font><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000;
font-weight:normal; text-decoration:none;"><sup>&#8224;</sup></font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="4" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">September 23, 1987
(commencement of operations) through September 30, 2022</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">624.39%</p></td></tr><tr><td
colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">October
1, 2012 through September 30, 2022</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">25.51
</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">October 1, 2017 through September 30, 2022</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000;
font-weight:normal; text-decoration:none;">(1.87) </p></td></tr><tr><td colspan="4" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">October 1, 2021 through
September 30, 2022</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">(21.10)
</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">January 1, 2022 through September 30, 2022</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000;
font-weight:normal; text-decoration:none;">(22.25) </p></td></tr><tr><td colspan="4" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">April 1, 2022 through
September 30, 2022</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; color:#000000; font-weight:normal; text-decoration:none;">(13.79)
</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">July 1, 2022 through September 30, 2022</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000;
font-weight:normal; text-decoration:none;">(7.04) </p></td></tr></table><p style="font-size:8.0pt; font-family:Serif;
text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:italic;"><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;"><sup>&#8224;</sup></font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">Total return includes reinvestment of dividends and any capital
gains paid.</font></p>
<!-- PAGEBREAK_START -->
<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">7</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-size:11.5pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">STATEMENT
OF INVESTMENTS</p><p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal;
text-decoration:none;">September 30, 2022</p>
<!-- PAGEBREAK_END -->
<p style="font-size:1.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><a name="4"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font></p><table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description
</p></td><td colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;">Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Maturity</p><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Date</p></td><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid;
border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal</p><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Amount
($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Bonds and Notes - .4% </p></td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:top;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Collateralized Municipal-Backed Securities - .4% </p></td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Arizona
Industrial Development Authority, Revenue Bonds, Ser. 2019-2</font><br><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">(cost
$1,822,595)</font></p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3.63</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5/20/2033</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,660,543</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">1,518,511</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid;
border-top-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Long-Term Municipal Investments - 159.2%</p></td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:top;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Alabama - 4.0% </p></td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Alabama Special Care Facilities Financing Authority, Revenue
Bonds (Methodist Home for the Aging Obligated Group)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.75</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/1/2045</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5,251,532</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser.
D1</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/1/2027</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>a</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">990,999</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Jefferson County, Revenue Bonds, Refunding, Ser. F</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7.90</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10/1/2050</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>b</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,525,462</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">The Lower Alabama Gas District, Revenue Bonds, Ser. A</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">9/1/2046</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5,754,091</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">University of Alabama
at Birmingham, Revenue Bonds, Ser. B</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10/1/2036</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,901,496</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">16,423,580</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Arizona
- 6.8% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Arizona Industrial Development Authority, Revenue Bonds (Academics of Math &amp;
Science Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7/1/2054</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,275,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,124,324</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Arizona Industrial Development Authority, Revenue Bonds (Cadence
Campus Project) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7/15/2030</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">600,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">554,986</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Arizona Industrial Development Authority, Revenue Bonds (Cadence
Campus Project) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7/15/2040</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">925,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">750,439</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Arizona Industrial Development Authority, Revenue Bonds (Legacy
Cares Project) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7/1/2051</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">771,546</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Arizona Industrial Development Authority, Revenue Bonds (Legacy
Cares Project) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7.75</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7/1/2050</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5,770,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5,584,145</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Arizona Industrial Development Authority, Revenue Bonds, Refunding
(Basis Schools Projects) Ser. D</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7/1/2051</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">380,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">346,569</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">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>


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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Arizona - 6.8% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Arizona Industrial Development Authority, Revenue Bonds, Refunding
(Basis Schools Projects) Ser. D</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7/1/2047</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,035,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">956,200</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Glendale Industrial Development Authority, Revenue Bonds, Refunding
(Sun Health Services Obligated Group) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/15/2048</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,170,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,133,540</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">La Paz County Industrial Development Authority, Revenue Bonds
(Harmony Public Schools) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2/15/2036</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,480,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,427,122</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Maricopa County Industrial Development Authority, Revenue Bonds
(Benjamin Franklin Charter School Obligated Group)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2052</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,123,572</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Maricopa County Industrial Development Authority, Revenue Bonds,
Refunding (Paradise Schools Projects Paragon Management)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2047</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,791,000</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Salt Verde Financial Corp., Revenue Bonds</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/1/2037</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">985,281</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Tender Option Bond Trust Receipts (Series 2018-XF2537), (Salt
Verde Financial Corporation, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10.43</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/1/2037</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4,030,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c,d,e</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,970,672</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">The Phoenix Industrial Development Authority, Revenue Bonds,
Refunding (BASIS Schools Projects) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2035</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,360,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,342,263</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">The Phoenix Industrial Development Authority, Revenue Bonds,
Refunding (BASIS Schools Projects) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2046</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,868,154</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">27,729,813</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">California - 7.4% </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">California County Tobacco
Securitization Agency, Revenue Bonds, Refunding, Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/1/2049</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,400,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,136,698</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">California Municipal Finance Authority, Revenue Bonds, Refunding
(HumanGood California Obligated Group) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10/1/2044</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,008,642</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">California Municipal Finance Authority, Revenue Bonds, Refunding
(William Jessup University)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8/1/2039</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">915,834</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">9</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-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">STATEMENT
OF INVESTMENTS (continued)</font></p>
<!-- PAGEBREAK_END -->
<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">California - 7.4% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">California Statewide Communities Development Authority, Revenue
Bonds (Loma Linda University Medical Center Obligated Group)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.50</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/1/2058</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">962,954</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Jefferson Union High School District, COP (Teacher &amp; Staff
Housing Project) (Insured; Build America Mutual)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">8/1/2055</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">873,065</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Orange County Community Facilities District, Special Tax Bonds,
Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8/15/2052</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,445,038</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">San Diego County Regional
Airport Authority, Revenue Bonds, Ser. B</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2051</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4,750,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,739,177</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">San Francisco City &amp; County Redevelopment Agency, Special
Tax Bonds, Refunding, Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8/1/2023</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,841</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10.93</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5/15/2038</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c,d,e</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10,096,652</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Tender Option Bond Trust Receipts (Series 2022-XF3024), (San
Franscisco City &amp; County, Revenue Bonds, Refunding, Ser. A) Recourse, Underlying Coupon Rate (%)
5.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11.07</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5/1/2044</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7,860,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c,d,e</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7,859,845</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">30,038,746</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Colorado - 6.8% </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Colorado Health Facilities
Authority, Revenue Bonds, Refunding (Covenant Living Communities &amp; Services Obligated Group) Ser.
A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2050</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,424,909</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Denver City &amp; County,
Revenue Bonds, Refunding (United Airlines Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10/1/2032</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">953,911</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Dominion Water &amp; Sanitation District, Revenue Bonds, Refunding</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.88</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2052</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4,163,733</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Hess Ranch Metropolitan
District No. 6, GO, Ser. A1</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2049</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,681,291</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Rampart Range Metropolitan
District No. 5, Revenue Bonds</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2051</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,326,257</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Regional Transportation
District, Revenue Bonds, Refunding (Denver Transit Partners LLC) Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/15/2035</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,250,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,140,847</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">10</p>

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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Colorado - 6.8% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Tender Option Bond Trust Receipts (Series 2016-XM0433), (Colorado
Springs, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10.93</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/15/2043</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">9,752,907</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c,d,e</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">9,890,569</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">9.98</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">8/1/2044</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4,440,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c,d,e</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,457,827</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Vauxmont Metropolitan District, GO, Refunding (Insured; Assured
Guaranty Municipal Corp.)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3.25</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/15/2050</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">770,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">546,954</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7"
style=" vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;">27,586,298</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Connecticut - 4.4% </p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Connecticut,
Revenue Bonds, Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5/1/2040</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,051,608</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Connecticut Health
&amp; Educational Facilities Authority, Revenue Bonds (Hartford University) Ser. P</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.38</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2052</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,385,380</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Connecticut Health &amp; Educational Facilities Authority,
Revenue Bonds, Refunding (Connecticut College) Ser. M</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2052</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,428,187</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Connecticut Health &amp; Educational Facilities Authority,
Revenue Bonds, Refunding (Fairfield University) Ser. T</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2055</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">815,476</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Connecticut Health &amp; Educational Facilities Authority,
Revenue Bonds, Refunding (Trinity Health Corp. Obligated Group)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/1/2045</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,500,523</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Connecticut Health &amp; Educational Facilities Authority,
Revenue Bonds, Refunding, Ser. S</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/1/2051</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,653,390</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Connecticut Housing Finance Authority, Revenue Bonds, Refunding,
Ser. A1</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3.65</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11/15/2032</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">410,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">403,619</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Harbor Point Infrastructure
Improvement District, Tax Allocation Bonds, Refunding (Harbor Point Project)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4/1/2039</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,513,681</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">University of Connecticut, Revenue Bonds, Ser. A</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5/1/2041</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4,213,024</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7"
style=" vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;">17,964,888</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">11</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-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">STATEMENT
OF INVESTMENTS (continued)</font></p>
<!-- PAGEBREAK_END -->
<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">District of Columbia - 5.4% </p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Metropolitan Washington Airports Authority, Revenue Bonds,
Refunding (Dulles Metrorail &amp; Capital Improvement Projects) Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10/1/2039</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,047,653</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Metropolitan Washington Airports Authority, Revenue Bonds,
Refunding (Dulles Metrorail) Ser. B</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10/1/2049</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">841,226</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Tender Option Bond Trust Receipts (Series 2016-XM0437), (District
of Columbia, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10.93</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/1/2035</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">19,992,830</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c,d,e</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">20,052,808</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">21,941,687</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Florida
- 7.8% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Alachua County Health Facilities Authority, Revenue Bonds (Shands Teaching Hospital
&amp; Clinics Obligated Group)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2049</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,625,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,370,335</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Atlantic Beach, Revenue
Bonds (Fleet Landing Project) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/15/2053</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,885,458</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Capital Trust Agency Inc., Revenue Bonds (WFCS Portfolio Projects)
Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1/1/2056</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">750,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">637,713</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Florida Development Finance Corp., Revenue Bonds (Miami Arts
Charter School Project) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/15/2044</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4,155,341</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Greater Orlando Aviation Authority, Revenue Bonds, Ser. A</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10/1/2044</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,737,518</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Miami-Dade County,
Revenue Bonds</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">0.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10/1/2045</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>f</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">878,902</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Palm Beach County Health Facilities Authority, Revenue Bonds
(ACTS Retirement-Life Communities Inc. Obligated Group)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/15/2045</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,850,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,845,969</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Palm Beach County Health Facilities Authority, Revenue Bonds
(ACTS Retirement-Life Communities Inc. Obligated Group) Ser. B</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/15/2042</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">735,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">738,856</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Palm Beach County Health Facilities Authority, Revenue Bonds
(Lifespace Communities Inc. Obligated Group) Ser. B</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5/15/2053</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,600,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,771,767</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Pinellas County Industrial Development Authority, Revenue Bonds
(Foundation for Global Understanding Inc.)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2029</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">800,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">806,512</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">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>


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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Florida - 7.8% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Seminole County Industrial Development Authority, Revenue Bonds,
Refunding (Legacy Pointe at UCF Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.75</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/15/2054</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,105,117</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7.11</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">8/15/2049</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5,535,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c,d,e</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,670,069</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7.05</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10/1/2049</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,685,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c,d,e</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,973,947</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Tender Option Bond Trust Receipts (Series 2022-XF1385), (Fort
Myers FL Utility, Revenue Bonds, Refunding, Ser. A) Non-Recourse, Underlying Coupon Rate (%) 4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6.02</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10/1/2044</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,860,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c,d,e</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,560,758</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Village Community Development District No. 10, Special Assessment
Bonds</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5/1/2044</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">800,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">806,386</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7"
style=" vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;">31,944,648</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Georgia - 6.7% </p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Atlanta
Water &amp; Wastewater, Revenue Bonds, Ser. D</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3.50</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/1/2028</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,275,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,270,403</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Georgia Municipal Electric Authority, Revenue Bonds (Plant
Vogtle Units 3&amp;4 Project) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2052</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,250,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,140,560</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Georgia Municipal Electric Authority, Revenue Bonds, Refunding
(Plant Vogtle Units 3&amp;4 Project) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1/1/2056</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,250,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,206,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10.93</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10/1/2043</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c,d,e</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10,079,815</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10.75</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1/1/2056</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,600,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c,d,e</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,473,281</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr></table>
<!-- PAGEBREAK_START -->
<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">13</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-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">STATEMENT
OF INVESTMENTS (continued)</font></p>
<!-- PAGEBREAK_END -->
<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Georgia - 6.7% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8.43</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7/1/2044</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6,340,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c,d,e</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6,124,397</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">The Burke County Development Authority, Revenue Bonds, Refunding
(Oglethorpe Power Corp.) Ser. D</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.13</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11/1/2045</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,400,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,981,952</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7"
style=" vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;">27,276,408</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Hawaii - .3% </p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Hawaii
Department of Budget &amp; Finance, Revenue Bonds, Refunding (Hawaiian Electric Co.)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3/1/2037</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">1,358,654</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Idaho - 1.6% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Power County Industrial Development Corp., Revenue Bonds (FMC
Corp. Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6.45</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8/1/2032</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5,014,160</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Spring Valley Community
Infrastructure District No. 1, Special Assessment Bonds</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3.75</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">9/1/2051</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,411,091</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">6,425,251</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Illinois - 12.7% </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Chicago Board of Education,
GO, Refunding, Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2034</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,400,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,402,107</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Chicago Board of Education,
GO, Ser. D</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2046</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,937,175</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Chicago Board of Education,
GO, Ser. H</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2036</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,972,318</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Chicago II, GO, Refunding,
Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1/1/2038</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,103,808</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Chicago II, GO, Ser.
A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1/1/2044</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,812,787</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Chicago II, GO, Ser.
A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.50</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1/1/2049</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,006,727</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Chicago O'Hare International
Airport, Revenue Bonds, Refunding, Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1/1/2048</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,585,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,554,496</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2057</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,956,523</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Chicago Transit Authority,
Revenue Bonds, Refunding, Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/1/2045</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,002,818</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Illinois, GO, Refunding, Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10/1/2029</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,100,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,123,924</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Illinois, GO, Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5/1/2038</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,900,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,831,966</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Illinois, GO, Ser. C</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/1/2029</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,120,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,140,792</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Illinois, GO, Ser. D</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/1/2028</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,825,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,880,625</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr></table>
<!-- PAGEBREAK_START -->
<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">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>


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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Illinois - 12.7% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Illinois Finance Authority, Revenue Bonds, Refunding (Lutheran
Life Communities Obligated Group) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/1/2040</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,750,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,509,879</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Metropolitan Pier &amp; Exposition Authority, Revenue Bonds
(McCormick Place Expansion Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/15/2057</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,856,174</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Metropolitan Pier &amp; Exposition Authority, Revenue Bonds
(McCormick Place Project) (Insured; National Public Finance Guarantee Corp.) Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">0.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/15/2036</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>f</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,188,915</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Metropolitan Pier &amp; Exposition Authority, Revenue Bonds,
Refunding (McCormick Place Expansion Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">0.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/15/2054</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">21,800,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>f</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,286,483</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser.
A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1/1/2038</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,792,937</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10.84</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10/1/2040</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c,d,e</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12,296,536</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">University of Illinois, Revenue Bonds (Auxiliary Facilities
System) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4/1/2044</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,003,844</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7"
style=" vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;">51,660,834</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Indiana - 1.6% </p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Indiana
Finance Authority, Revenue Bonds (Green Bond)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3/1/2039</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6,025,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4,573,385</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Indiana Finance Authority, Revenue Bonds (Ohio Valley Electric
Project) Ser. B</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11/1/2030</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">876,745</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Indiana Finance Authority,
Revenue Bonds (Parkview Health System Obligated Group) Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/1/2043</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,015,540</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">6,465,670</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Iowa
- 1.6% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project)</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2050</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,515,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,190,288</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Iowa Finance Authority,
Revenue Bonds, Refunding (Lifespace Communities Inc. Obligated Group) Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5/15/2053</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">681,449</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">15</p>

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

<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">STATEMENT
OF INVESTMENTS (continued)</font></p>
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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Iowa - 1.6% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace
Communities Inc. Obligated Group) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5/15/2046</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">362,057</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Iowa Student Loan Liquidity Corp., Revenue Bonds, Ser. B</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2031</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,096,004</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Iowa Tobacco Settlement
Authority, Revenue Bonds, Refunding, Ser. A2</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/1/2049</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,221,342</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">6,551,140</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Kansas
- .1% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Kansas Development Finance Authority, Revenue Bonds, Ser. B</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/15/2025</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">300,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">277,395</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Kentucky - .7% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Henderson, Revenue Bonds (Pratt Paper Project) Ser. A</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4.70</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1/1/2052</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">444,768</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Kentucky Public Energy Authority, Revenue Bonds, Ser. A1</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/1/2025</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>a</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,490,653</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">2,935,421</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Louisiana - 3.5% </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Louisiana Local Government
Environmental Facilities &amp; Community Development Authority, Revenue Bonds, Refunding (Westlake Chemical
Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3.50</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11/1/2032</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,100,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,841,554</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Louisiana Public Facilities
Authority, Revenue Bonds, Refunding (Tulane University) Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4/1/2050</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">885,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">738,467</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Louisiana Public Facilities Authority, Revenue Bonds, Refunding
(Tulane University) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4/1/2030</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">115,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>g</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">118,899</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10.65</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2047</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10,755,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c,d,e</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10,697,948</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">14,396,868</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Maryland
- 4.0% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Maryland Economic Development Corp., Revenue Bonds (Green Bond) (Purple Line Transit
Partners LLC) Ser. B</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.25</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/30/2052</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,120,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,111,277</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Maryland Economic Development
Corp., Tax Allocation Bonds (Port Covington Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">9/1/2050</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">776,581</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">16</p>

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


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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Maryland - 4.0% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Maryland Health &amp; Higher Educational Facilities Authority,
Revenue Bonds (Adventist Healthcare Obligated Group) Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.50</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1/1/2046</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,250,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,277,287</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Maryland Health &amp; Higher Educational Facilities Authority,
Revenue Bonds, Refunding (Stevenson University Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/1/2051</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">796,430</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10.84</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7/1/2042</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">9,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c,d,e</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">9,197,171</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">16,158,746</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Massachusetts - 6.7% </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Lowell Collegiate Charter
School, Revenue Bonds</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/15/2049</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,750,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,552,273</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Massachusetts Development
Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Inc. Obligated Group)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10/1/2057</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,015,873</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Massachusetts Development Finance Agency, Revenue Bonds, Refunding,
Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7/1/2025</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,400,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,441,462</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10.84</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5/15/2023</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c,d,e</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10,114,836</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11.15</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/1/2047</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12,750,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c,d,e</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">13,037,393</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">27,161,837</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Michigan - 5.5% </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Detroit, GO, Ser. A</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4/1/2050</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,305,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,156,079</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Great Lakes Water Authority
Sewage Disposal System, Revenue Bonds, Refunding, Ser. C</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2036</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,100,832</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Michigan Finance Authority, Revenue Bonds (Beaumont Health
Credit Group)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11/1/2044</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5,165,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5,172,140</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">17</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-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">STATEMENT
OF INVESTMENTS (continued)</font></p>
<!-- PAGEBREAK_END -->
<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Michigan - 5.5% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont-Spectrum)</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4/15/2042</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,346,613</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Michigan Finance Authority,
Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser.
C3</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7/1/2031</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,042,068</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Michigan Finance Authority,
Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. D6</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2036</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,029,570</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Michigan Finance Authority, Revenue Bonds, Refunding, Ser.
A2</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/1/2040</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,435,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4,463,894</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Michigan Finance Authority,
Revenue Bonds, Refunding, Ser. D2</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2034</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,044,587</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">22,355,783</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Minnesota
- .7% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Duluth Economic Development Authority, Revenue Bonds, Refunding (Essentia Health
Obligated Group) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2/15/2058</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">2,934,666</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Missouri
- 3.6% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Kansas City Industrial Development Authority, Revenue Bonds (Kansas City International
Airport Terminal) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3/1/2044</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">997,400</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">St. Louis County Industrial
Development Authority, Revenue Bonds (Friendship Village St. Louis Obligated Group) Ser. A</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.13</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">9/1/2049</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,975,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,507,642</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">St. Louis County Industrial
Development Authority, Revenue Bonds (Friendship Village St. Louis Obligated Group) Ser. A</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.13</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">9/1/2048</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,025,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,713,830</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">St. Louis Land Clearance
for Redevelopment Authority, Revenue Bonds</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.13</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/1/2046</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4,725,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,730,076</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">The Missouri Health &amp; Educational Facilities Authority,
Revenue Bonds (Mercy Health)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/1/2053</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,666,568</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">The St. Louis Missouri
Industrial Development Authority, Tax Allocation Bonds (St. Louis Innovation District Project)</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4.38</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5/15/2036</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,185,480</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7"
style=" vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;">14,800,996</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">18</p>

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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Multi-State - .5% </p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Federal Home Loan Mortgage Corp. Multifamily Variable Rate
Certificates, Revenue Bonds, Ser. M048</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3.15</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1/15/2036</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,355,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;">2,075,263</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Nevada - 1.4% </p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Clark
County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.25</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/15/2041</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,745,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,466,005</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Reno, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal
Corp.)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/1/2058</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,750,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,271,614</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7"
style=" vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;">5,737,619</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">New Hampshire - .2% </p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">New
Hampshire Business Finance Authority, Revenue Bonds, Refunding (Green Bond) Ser. B</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3.75</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/2/2040</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>a,c</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">776,501</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">New Jersey - 5.4% </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">New Jersey, GO (COVID-19
Emergency Bonds) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/1/2031</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,200,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,210,201</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">New Jersey Economic
Development Authority, Revenue Bonds, Refunding, Ser. XX</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.25</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/15/2027</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,121,153</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">New Jersey Housing &amp; Mortgage Finance Agency, Revenue Bonds,
Refunding, Ser. D</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4/1/2025</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,560,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,548,008</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">New Jersey Transportation
Trust Fund Authority, Revenue Bonds</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/15/2046</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,775,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,759,263</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">New Jersey Transportation Trust Fund Authority, Revenue Bonds</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.25</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/15/2043</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,022,787</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">New Jersey Transportation
Trust Fund Authority, Revenue Bonds, Ser. AA</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.25</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/15/2033</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,522,804</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">New Jersey Turnpike Authority, Revenue Bonds, Ser. A</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1/1/2048</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,678,626</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11.42</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/15/2040</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,250,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c,d,e</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,274,184</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Tobacco Settlement Financing Corp., Revenue Bonds, Refunding,
Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.25</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/1/2046</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">750,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">735,605</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Tobacco Settlement
Financing Corp., Revenue Bonds, Refunding, Ser. B</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/1/2046</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,410,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,143,256</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">22,015,887</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr></table>
<!-- PAGEBREAK_START -->
<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">19</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-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">STATEMENT
OF INVESTMENTS (continued)</font></p>
<!-- PAGEBREAK_END -->
<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">New York - 7.9% </p></td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Monroe County Industrial Development Corp., Revenue Bonds,
Refunding (University of Rochester Project) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2050</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,304,515</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">New York Convention Center Development Corp., Revenue Bonds
(Hotel Unit Fee) (Insured; Assured Guaranty Municipal Corp.) Ser. B</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">0.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/15/2049</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6,885,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>f</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,557,149</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">New York Liberty Development Corp., Revenue Bonds, Refunding
(Class 1-3 World Trade Center Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/15/2044</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6,282,550</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">New York State Dormitory Authority, Revenue Bonds, Refunding
(Montefiore Obligated Group) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">9/1/2045</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">765,861</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">New York Transportation Development Corp., Revenue Bonds (JFK
International Air Terminal LLC)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2040</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,385,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,332,597</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">New York Transportation
Development Corp., Revenue Bonds (JFK International Air Terminal LLC)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/1/2042</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,150,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,052,778</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">New York Transportation Development Corp., Revenue Bonds (LaGuardia
Airport Terminal B Redevelopment Project) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.25</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1/1/2050</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,397,847</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">New York Transportation Development Corp., Revenue Bonds, Refunding
(JFK International Air Terminal LLC) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/1/2039</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,475,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,229,041</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Niagara Area Development Corp., Revenue Bonds, Refunding (Covanta
Holding Project) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.75</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11/1/2042</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,748,445</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Tender Option Bond Trust Receipts (Series 2022-XM1004), (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="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.98</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/15/2047</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6,300,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c,d,e</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5,600,558</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Triborough Bridge &amp; Tunnel Authority, Revenue Bonds, Refunding,
Ser. A1</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5/15/2051</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,355,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4,460,547</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">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>


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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">New York - 7.9% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">TSASC Inc., Revenue Bonds, Refunding, Ser. B</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/1/2045</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,165,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,021,607</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Westchester County Local Development Corp., Revenue Bonds,
Refunding (Purchase Senior Learning Community Obligated Group)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2056</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,519,499</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">32,272,994</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">North Carolina - 2.8% </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">North Carolina Medical
Care Commission, Revenue Bonds, Refunding (Lutheran Services for the Aging Inc. Obligated Group)</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3/1/2051</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,086,623</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">North Carolina Medical
Care Commission, Revenue Bonds, Refunding (Maryfield Inc.)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10/1/2035</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,005,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">981,547</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Tender Option Bond Trust Receipts (Series 2022-XF1352), (North
Carolina State Medical Care Commision Health Care Facilities, Revenue Bonds (Novant Health Obligated
Group, Ser. A)) Non-recourse, Underlying Coupon Rate (%) 4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.08</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/1/2052</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c,d,e</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">8,520,228</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">11,588,398</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Ohio
- 10.0% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser.
A2</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/1/2048</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,250,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,020,409</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Buckeye Tobacco Settlement
Financing Authority, Revenue Bonds, Refunding, Ser. B2</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/1/2055</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">14,050,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11,819,391</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Canal Winchester Local School District, GO, Refunding (Insured;
National Public Finance Guarantee Corp.)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">0.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/1/2031</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,955,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>f</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,720,400</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Canal Winchester Local School District, GO, Refunding (Insured;
National Public Finance Guarantee Corp.)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">0.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/1/2029</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,955,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>f</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,998,662</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth
System)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2/15/2052</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,901,399</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Franklin County Convention
Facilities Authority, Revenue Bonds</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/1/2044</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,250,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,176,581</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr></table>
<!-- PAGEBREAK_START -->
<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">21</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-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">STATEMENT
OF INVESTMENTS (continued)</font></p>
<!-- PAGEBREAK_END -->
<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Ohio - 10.0% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Ohio Air Quality Development Authority, Revenue Bonds (Pratt
Paper OH Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.50</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1/15/2048</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,250,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,963,933</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10.84</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2038</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">17,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c,d,e</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">17,351,108</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">40,951,883</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Oklahoma - .3% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine
Project) Ser. B</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.50</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8/15/2057</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">1,274,013</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Oregon
- .6% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Clackamas County Hospital Facility Authority, Revenue Bonds, Refunding (Willamette
View Obligated Group) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11/15/2047</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,375,565</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Yamhill County Hospital
Authority, Revenue Bonds, Refunding (Friendsview Manor Obligated Group) Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/15/2056</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,220,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">949,700</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">2,325,265</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Pennsylvania
- 3.3% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Allentown School District, GO, Refunding (Insured; Build America Mutual) Ser.
B</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2/1/2031</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,613,654</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Crawford County Hospital
Authority, Revenue Bonds, Refunding (Meadville Medical Center Project) Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6/1/2046</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,175,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,183,917</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Refunding (University of Sciences)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/1/2036</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,675,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,717,600</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2043</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,810,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,625,410</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Pennsylvania Turnpike
Commission, Revenue Bonds, Ser. B</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/1/2051</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,315,923</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Philadelphia Water &amp; Wastewater, Revenue Bonds, Ser. A</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11/1/2050</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,547,552</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">The Philadelphia School
District, GO (Insured; State Aid Withholding) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">9/1/2036</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,740,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,535,743</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">13,539,799</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">22</p>

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


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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Rhode Island - 1.6% </p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Providence Public Building Authority, Revenue Bonds (Insured;
Assured Guaranty Municipal Corp.) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">9/15/2036</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6,365,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">6,697,714</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">South Carolina - 4.5% </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">South Carolina Jobs-Economic
Development Authority, Revenue Bonds (Bishop Gadsden Episcopal Retirement Community Obligated Group)</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4/1/2054</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">861,739</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">South Carolina Public
Service Authority, Revenue Bonds, Refunding, Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/1/2055</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,385,238</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">9.03</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2043</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">15,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c,d,e</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">14,989,948</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">18,236,925</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Tennessee - 1.2% </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10.51</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2040</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c,d,e</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">5,066,177</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Texas - 13.3% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Central Texas Regional Mobility Authority, Revenue Bonds</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1/1/2048</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,506,718</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Central Texas Regional
Mobility Authority, Revenue Bonds, Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2025</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">700,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>g</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">730,744</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Clifton Higher Education Finance Corp., Revenue Bonds (IDEA
Public Schools) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8/15/2051</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,100,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,561,269</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Clifton Higher Education
Finance Corp., Revenue Bonds (International Leadership of Texas Inc.) Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.75</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">8/15/2045</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4,500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,524,362</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Clifton Higher Education Finance Corp., Revenue Bonds (International
Leadership of Texas Inc.) Ser. D</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6.13</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">8/15/2048</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6,099,219</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Clifton Higher Education Finance Corp., Revenue Bonds (Uplift
Education) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.50</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2044</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,220,109</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">23</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-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">STATEMENT
OF INVESTMENTS (continued)</font></p>
<!-- PAGEBREAK_END -->
<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Texas - 13.3% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Grand Parkway Transportation Corp., Revenue Bonds, Refunding</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10/1/2045</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">881,915</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Harris County-Houston
Sports Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">0.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11/15/2050</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">6,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>f</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,354,785</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Mission Economic Development Corp., Revenue Bonds, Refunding
(Natgasoline Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.63</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10/1/2031</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,500,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,479,929</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Tarrant County Cultural Education Facilities Finance Corp.,
Revenue Bonds, Refunding (MRC Stevenson Oaks Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6.75</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/15/2051</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">906,178</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Tender Option Bond Trust Receipts (Series 2016-XM0377), (San
Antonio, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10.84</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2/1/2043</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">16,750,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c,d,e</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">16,851,570</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Tender Option Bond Trust Receipts (Series 2022-XF1366), (Tarrant
County Cultural Education Facilities Finance Corp., Revenue Bonds (Christus Health) Ser. A) Non-recourse,
Underlying Coupon Rate (%) 5.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7/1/2053</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,720,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c,d,e</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4,672,979</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Texas Private Activity Bond Surface Transportation Corp., Revenue
Bonds (Blueridge Transportation Group LLC)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/31/2050</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,300,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,197,403</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Texas Private Activity Bond Surface Transportation Corp., Revenue
Bonds (Segment 3C Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6/30/2058</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">8,930,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8,195,205</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7"
style=" vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;">54,182,385</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">U.S. Related - .9% </p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Guam
Housing Corp., Revenue Bonds (Insured; Federal Home Loan Mortgage Corp.) Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.75</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">9/1/2031</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">890,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">886,457</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Puerto Rico, GO, Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">0.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2033</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">381,733</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>f</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">211,069</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Puerto Rico, GO, Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">0.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2024</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">98,698</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>f</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">90,762</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Puerto Rico, GO, Ser. A1</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2037</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">228,839</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">188,376</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Puerto Rico, GO, Ser. A1</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2033</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">296,629</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">261,518</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Puerto Rico, GO, Ser. A1</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2046</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">323,574</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">243,195</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Puerto Rico, GO, Ser. A1</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2041</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">311,133</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">243,717</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Puerto Rico, GO, Ser. A1</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2035</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">266,630</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">228,580</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Puerto Rico, GO, Ser. A1</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.25</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2023</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">165,641</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">166,419</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Puerto Rico, GO, Ser. A1</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.38</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2025</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">330,362</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">333,809</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Puerto Rico, GO, Ser. A1</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.63</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2027</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">327,370</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">334,583</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">24</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>


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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">U.S. Related - .9% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Puerto Rico, GO, Ser. A1</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.63</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2029</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">322,059</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">329,951</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Puerto Rico, GO, Ser. A1</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.75</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2031</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">312,813</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">319,568</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">3,838,004</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Utah
- .9% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy
Inc.) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4/15/2049</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,190,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,222,770</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Utah Infrastructure
Agency, Revenue Bonds, Refunding, Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10/15/2037</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,345,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,256,161</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">3,478,931</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Virginia
- 3.6% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">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="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">13.18</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2057</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7,500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c,d,e</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">8,318,325</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Virginia Small Business Financing Authority, Revenue Bonds
(Transform 66 P3 Project)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/31/2056</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,380,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,154,799</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Virginia Small Business
Financing Authority, Revenue Bonds (Transform 66 P3 Project)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">12/31/2052</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,620,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,528,417</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Virginia Small Business Financing Authority, Revenue Bonds,
Refunding (95 Express Lanes LLC)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1/1/2039</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,850,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,624,172</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">14,625,713</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Washington
- 6.3% </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">King County School District No. 210 Federal Way, GO (Insured; School Bond Guaranty)</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/1/2034</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,015,982</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Port of Seattle, Revenue
Bonds, Ser. D</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5/1/2027</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,300,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4,505,666</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">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="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6.72</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7/1/2058</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">17,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c,d,e</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">15,567,293</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Washington Housing Finance Commission, Revenue Bonds, Refunding
(Presbyterian Retirement Communities Northwest Obligated Group) Ser. A</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1/1/2051</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3,200,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,547,881</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">25</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-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">STATEMENT
OF INVESTMENTS (continued)</font></p>
<!-- PAGEBREAK_END -->
<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Washington - 6.3% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Washington Housing Finance Commission, Revenue Bonds, Ser.
A1</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">3.50</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">12/20/2035</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">980,892</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">833,086</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7"
style=" vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;">25,469,908</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Wisconsin - 2.6% </p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Public
Finance Authority, Revenue Bonds (ACTS Retirement-Life Communities Inc. Obligated Group) Ser. A</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11/15/2041</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,007,242</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Public Finance Authority,
Revenue Bonds (Appalachian University Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7/1/2059</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,050,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,694,044</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Public Finance Authority,
Revenue Bonds (Cone Health) Ser. A</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10/1/2052</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,500,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,501,892</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Public Finance Authority, Revenue Bonds (Roseman University
of Health Sciences)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4/1/2040</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,175,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,082,974</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Public Finance Authority, Revenue Bonds (Southminster Inc.
Obligated Group)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10/1/2048</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2,000,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;
vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,658,532</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Public Finance Authority, Revenue Bonds, Refunding (Blue Ridge
Healthcare Obligated Group)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1/1/2045</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,835,000</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1,569,759</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Public Finance Authority,
Revenue Bonds, Refunding (Mary's Woods at Marylhurst Project)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.25</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5/15/2047</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">750,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>c</sup><font style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">650,421</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">26</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>


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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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=" vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Description</p></td><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; font-style:normal;"><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;"> Coupon </font><br><font style="font-size:7.5pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Rate
(%)</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Maturity
Date</font></p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Principal
Amount ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:7.5pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
($)</p></td><td style="vertical-align:top; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">Long-Term Municipal Investments - 159.2%</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">&#160;</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">(continued)</font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Wisconsin - 2.6% (continued)</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Wisconsin Health &amp; Educational Facilities Authority, Revenue
Bonds, Refunding (St. Camillus Health System Obligated Group)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.00</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/1/2054</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">2,000,000</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,597,674</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7" style=" vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">10,762,538</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">Total</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">&#160;</font><font
style="font-size:7.5pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">Long-Term
Municipal Investments</font><br><font style="font-size:7.5pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;"> (cost $701,384,673)</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="3" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;">649,305,246</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid;
border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">Total
Investments </font><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;">(cost $703,207,268)</font></p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#141414;
font-weight:bold; text-decoration:none;">159.6%</p></td><td colspan="2" style=" vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#141414; font-weight:bold; text-decoration:none;">650,823,757</p></td><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Liabilities, Less Cash and Receivables</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#141414; font-weight:bold; text-decoration:none;">(40.2%)</p></td><td
colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#141414; font-weight:bold; text-decoration:none;">(164,234,795)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Preferred Stock, at redemption
value</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#141414; font-weight:bold; text-decoration:none;">(19.4%)</p></td><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#141414; font-weight:bold; text-decoration:none;">(78,900,000)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Net Assets Applicable
to Common Shareholders</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#141414; font-weight:bold; text-decoration:none;">100.0%</p></td><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#141414; font-weight:bold; text-decoration:none;">407,688,962</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr></table><p style="font-size:8.0pt; font-family:Serif;
text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:italic;"><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;"><sup>a</sup></font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">These securities have a put feature; the date shown represents
the put date and the bond holder can take a specific action to retain the bond after the put date.</font></p><p
style="font-size:8.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal;
margin-left:10.8pt; font-style:italic;"><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;"><sup>b</sup></font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Zero
coupon until a specified date at which time the stated coupon rate becomes effective until maturity.</font></p><p
style="font-size:8.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal;
margin-left:10.8pt; font-style:italic;"><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;"><sup>c</sup></font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">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 September
30, 2022, these securities were valued at $305,094,185 or 74.84% of net assets.</font></p><p style="font-size:8.0pt;
font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:italic;"><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;"><sup>d</sup></font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">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.</font></p><p style="font-size:8.0pt; font-family:Serif; text-align:left;
text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:italic;"><font style="font-size:8.0pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;"><sup>e</sup></font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">Collateral for floating rate borrowings. The coupon rate given
represents the current interest rate for the inverse floating rate security.</font></p><p style="font-size:8.0pt;
font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:italic;"><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;"><sup>f</sup></font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">Security issued with a zero coupon. Income is recognized through
the accretion of discount.</font></p><p style="font-size:8.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt;
font-weight:normal; margin-left:10.8pt; font-style:italic;"><font style="font-size:8.0pt; font-family:Serif;
font-style:italic; font-weight:normal; text-decoration:none;"><sup>g</sup></font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">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.</font></p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">27</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-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">STATEMENT
OF INVESTMENTS (continued)</font></p>
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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" style="clear:both"><tr
style="font-size:1pt;"><td style="width:75%;" >&nbsp;</td><td style="width:25%;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;">Portfolio Summary (Unaudited) </font><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;"><sup>&#8224;</sup></font></p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value
(%)</p></td></tr><tr><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
font-weight:normal; text-decoration:none;">Education</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">26.4</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; font-weight:normal; text-decoration:none;">General</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">26.1</p></td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Medical</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">16.9</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Transportation</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">15.0</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Water</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">13.0</p></td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Nursing
Homes</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">11.1</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Development</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">10.2</p></td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Airport</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7.3</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Utilities</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">7.2</p></td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Power</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6.1</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Tobacco Settlement</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6.0</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; font-weight:normal; text-decoration:none;">General Obligation</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.7</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; font-weight:normal; text-decoration:none;">School District</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.1</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Multifamily Housing</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.1</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Single Family Housing</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.7</p></td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
font-weight:normal; text-decoration:none;">Special Tax</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.6</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Student Loan</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">.5</p></td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; font-weight:normal; text-decoration:none;">Housing</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.4</p></td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
font-weight:normal; text-decoration:none;">Prerefunded</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.2</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#141414;
font-weight:bold; text-decoration:none;">159.6</p></td></tr></table><p style="font-size:8.0pt; font-family:Serif;
text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:italic;"><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;"><sup>&#8224;</sup></font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">Based on net assets.</font></p><p style="font-size:8.0pt;
font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; text-decoration:none;
font-style:italic;">See notes to financial statements.</p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">28</p>

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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="2" style="clear:both"><tr
style="font-size:1pt;"><td style="width:13.82%;" >&nbsp;</td><td style="width:33.71%;" >&nbsp;</td><td
style="width:13.79%;" >&nbsp;</td><td style="width:38.68%;" >&nbsp;</td></tr><tr><td colspan="4" style="
vertical-align:top; border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;">&#160;</td></tr><tr><td colspan="4" style=" vertical-align:top; background-color:#D9D9D9;"><p
style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Summary
of Abbreviations </font><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">(Unaudited)</font></p></td></tr><tr><td colspan="4" style=" vertical-align:top;
background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td style="vertical-align:top; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">ABAG</p></td><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Association
of Bay Area Governments</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">AGC</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">ACE Guaranty Corporation</p></td></tr><tr><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">AGIC</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Asset Guaranty Insurance Company</p></td><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">AMBAC</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">American Municipal Bond Assurance Corporation</p></td></tr><tr><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">BAN</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Bond Anticipation Notes</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold;
text-decoration:none;">BSBY</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Bloomberg
Short-Term Bank Yield Index</p></td></tr><tr><td style="vertical-align:top; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">CIFG</p></td><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">CDC
Ixis Financial Guaranty</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">COP</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Certificate of Participation</p></td></tr><tr><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">CP</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Commercial Paper</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">DRIVERS</p></td><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Derivative
Inverse Tax-Exempt Receipts</p></td></tr><tr><td style="vertical-align:top; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">EFFR</p></td><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Effective
Federal Funds Rate</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">FGIC</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Financial Guaranty Insurance Company</p></td></tr><tr><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">FHA</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Federal Housing Administration</p></td><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">FHLB</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Federal Home Loan Bank</p></td></tr><tr><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">FHLMC</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Federal Home Loan Mortgage Corporation</p></td><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">FNMA</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Federal National Mortgage Association</p></td></tr><tr><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">GAN</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Grant Anticipation Notes</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold;
text-decoration:none;">GIC</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Guaranteed
Investment Contract</p></td></tr><tr><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">GNMA</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Government National Mortgage Association</p></td><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">GO</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">General Obligation</p></td></tr><tr><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold;
text-decoration:none;">IDC</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Industrial
Development Corporation</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">LIBOR</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">London Interbank Offered Rate</p></td></tr><tr><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">LOC</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Letter of Credit</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold;
text-decoration:none;">LR</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Lease
Revenue</p></td></tr><tr><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">NAN</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Note Anticipation Notes</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold;
text-decoration:none;">MFHR</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Multi-Family
Housing Revenue</p></td></tr><tr><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">MFMR</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Multi-Family Mortgage Revenue</p></td><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">MUNIPSA</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Securities Industry and Financial Markets
Association Municipal Swap Index Yield</p></td></tr><tr><td style="vertical-align:top; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">OBFR</p></td><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Overnight
Bank Funding Rate</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">PILOT</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Payment in Lieu of Taxes</p></td></tr><tr><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">PRIME</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Prime Lending Rate</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold;
text-decoration:none;">PUTTERS</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Puttable
Tax-Exempt Receipts</p></td></tr><tr><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">RAC</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Revenue Anticipation Certificates</p></td><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">RAN</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Revenue Anticipation Notes</p></td></tr><tr><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">RIB</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Residual Interest Bonds</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold;
text-decoration:none;">SFHR</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Single
Family Housing Revenue</p></td></tr><tr><td style="vertical-align:top; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">SFMR</p></td><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Single
Family Mortgage Revenue</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">SOFR</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Secured Overnight Financing Rate</p></td></tr><tr><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">TAN</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; text-indent:-7.2pt;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Tax Anticipation Notes</p></td><td style="vertical-align:top;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold;
text-decoration:none;">TRAN</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Tax
and Revenue Anticipation Notes</p></td></tr><tr><td style="vertical-align:top; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">U.S.
T-BILL</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">U.S.
Treasury Bill Money Market Yield</p></td><td style="vertical-align:top; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">XLCA</p></td><td
style="vertical-align:top; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">XL
Capital Assurance</p></td></tr><tr><td style="vertical-align:top; background-color:#D9D9D9; font-size:1pt;">&#160;</td><td
style="vertical-align:top; background-color:#D9D9D9; font-size:1pt;">&#160;</td><td style="vertical-align:top;
background-color:#D9D9D9; font-size:1pt;">&#160;</td><td style="vertical-align:top; background-color:#D9D9D9;
font-size:1pt;">&#160;</td></tr></table><p style="font-size:8.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt;
font-weight:normal; margin-left:10.8pt; text-decoration:none; font-style:italic;">See notes to financial
statements.</p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">29</p>

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

<p style="font-size:11.5pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">STATEMENT
OF ASSETS AND LIABILITIES</p><p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal;
text-decoration:none;">September 30, 2022</p>
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<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><a name="5"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font></p><table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; font-weight:bold;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center;
font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center;
font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Cost</p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Value</p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style="
vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:bold; text-decoration:none;">Assets ($): </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
font-weight:normal; text-decoration:none;">Investments in securities&#8212;See Statement of Investments</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> 703,207,268 </p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 650,823,757 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Cash</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 4,172,568 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Interest
receivable</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> 9,694,269 </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
font-weight:normal; text-decoration:none;">Prepaid expenses</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 31,706 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">
664,722,300 </p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">Liabilities ($):</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style="
vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">Due to BNY Mellon Investment Adviser, Inc.
and affiliates&#8212;Note 2(b)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> 275,612 </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style="
vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">Payable for inverse floater notes issued&#8212;Note
3</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> 174,780,737 </p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Dividends payable to Common
Shareholders</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> 1,868,378 </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style="
vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria;
font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Interest and expense payable
related to </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000;
font-weight:normal; text-decoration:none;">     inverse floater notes issued&#8212;Note 3</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 1,026,457 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Commissions
payable&#8212;Note 1</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> 31,279 </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style="
vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">Dividends payable to Preferred Shareholders</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 21,222 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Other
accrued expenses</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 129,653 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">
178,133,338 </p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4"
style=" vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">Auction Preferred Stock,
Series M,T,W,Th and F, par value $.001 per share (3,156 shares issued and outstanding at $25,000 per
share liquidation value)&#8212;Note 1</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">
78,900,000 </p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; border-top:1pt; border-top-style:solid;
border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">Net Assets Applicable to Common Shareholders
($)</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;"> 407,688,962 </p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">Composition
of Net Assets ($):</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:normal;
font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; font-weight:normal;
text-decoration:none;">Common Stock, par value, $.001 per share </font><br><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; font-weight:normal; text-decoration:none;">      (62,290,854
shares issued and outstanding)</font></p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 62,291 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Paid-in
capital </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 492,991,198 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Total
distributable earnings (loss)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> (85,364,527)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">Net Assets Applicable
to Common Shareholders ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid;
border-top-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">
407,688,962 </p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr></table><table cellspacing="0"
style="border-collapse:collapse" width="100%" cellpadding="0" 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="
vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Shares
Outstanding</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td><td colspan="2" style=" vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td
colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">(500 million shares authorized)</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> 62,290,854 </p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Net Asset Value Per Share of
Common Stock ($)</p></td><td style="vertical-align:middle; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;">6.54</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td
style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Serif; text-align:left; color:#000000;
font-weight:normal; text-decoration:none; font-style:italic;">See notes to financial statements.</p></td><td
style="vertical-align:top; font-size:1pt;"><p style="font-size:8.0pt; font-family:Serif; text-align:left;
color:#000000; font-weight:normal; text-decoration:none; vertical-align:super; font-style:italic;"><sup>&#160;</sup></p></td><td
style="vertical-align:top; font-size:1pt;"><p style="font-size:8.0pt; font-family:Serif; text-align:left;
color:#000000; font-weight:normal; text-decoration:none; vertical-align:super; font-style:italic;"><sup>&#160;</sup></p></td><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt; font-family:Serif; text-align:right;
color:#000000; font-weight:normal; text-decoration:none; vertical-align:super; font-style:italic;"><sup>&#160;</sup><font
style="letter-spacing:-2.0pt;font-size:2.0pt;">&nbsp;</font></p></td><td style="vertical-align:bottom;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr></table>
<!-- PAGEBREAK_START -->
<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">30</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-size:11.5pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">STATEMENT
OF OPERATIONS</p><p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Year
Ended September 30, 2022</p>
<!-- PAGEBREAK_END -->
<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><a name="6"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font></p><table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#969696; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#969696; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#969696; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#969696; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#969696; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#969696; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#969696; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#969696; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#969696; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#969696; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#969696; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; color:#969696; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#969696; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#969696; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3"
style=" vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">Investment
Income ($):</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#969696; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td
colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">Interest Income</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;"> 30,182,833 </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style="
vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:bold; text-decoration:none;">Expenses:</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Management
fee&#8212;Note 2(a)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 4,267,450 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Interest
and expense related to inverse </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:normal; text-decoration:none;">   floater notes issued&#8212;Note 3</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 2,312,389 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Commission
fees&#8212;Note 1</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 165,133 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Professional
fees</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 131,493 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Directors&#8217;
fees and expenses&#8212;Note 2(c)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 80,546 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Shareholders&#8217;
reports</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 60,239 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Registration
fees</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 55,731 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Shareholder
servicing costs</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 46,969 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Chief
Compliance Officer fees&#8212;Note 2(b)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> 10,338 </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style="
vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">Custodian fees&#8212;Note 2(b)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 9,476 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Miscellaneous</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 46,939 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">Total
Expenses</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">
7,186,703 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td
colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Less&#8212;reduction in expenses
due to undertaking&#8212;Note 2(a)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> (568,993)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">Net
Expenses</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;"> 6,617,710 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; border-bottom:1pt;
border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">Net Investment Income</p></td><td
style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;"> 23,565,123 </p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="5" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">Realized
and Unrealized Gain (Loss) on Investments&#8212;Note 3 ($):</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Net realized gain (loss) on
investments</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> (9,419,465)</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="5"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Net change in unrealized appreciation
(depreciation) on investments</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">
(125,404,150)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td
colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">Net Realized and Unrealized Gain (Loss) on
Investments</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;"> (134,823,615)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">Dividends
to Preferred Shareholders</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;"> (785,276)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; font-weight:bold; text-decoration:none;">Net
(Decrease) in Net Assets Applicable to Common </font><br><font style="font-size:8.0pt; font-family:Cambria;
font-style:normal; font-weight:bold; text-decoration:none;">      Shareholders Resulting from Operations</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;"> (112,043,768)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Serif; text-align:left;
color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">See notes to financial statements.</p></td><td
style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td></tr></table>
<!-- PAGEBREAK_START -->
<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">31</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-size:11.5pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">STATEMENT
OF CASH FLOWS</p><p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Year
Ended September 30, 2022</p>
<!-- PAGEBREAK_END -->
<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><a name="7"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font></p><table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" 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="
vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center;
font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center;
font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">Cash Flows from Operating Activities ($): </p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2" style="
vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:normal; text-decoration:none;">Purchases of portfolio securities</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:normal; text-decoration:none;">
(163,920,877)</p></td><td style="vertical-align:middle; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:middle; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style="
vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:normal; text-decoration:none;">Proceeds from sales of portfolio securities</p></td><td style="vertical-align:middle;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:normal;
text-decoration:none;"> 185,434,647 </p></td><td style="vertical-align:middle; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:middle; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none;">Dividends paid to Preferred Shareholders</p></td><td
style="vertical-align:middle; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; font-weight:normal; text-decoration:none;"> (764,661)</p></td><td style="vertical-align:middle;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none;">Interest income received</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:normal;
text-decoration:none;"> 30,555,003 </p></td><td style="vertical-align:middle; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:middle; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none;">Interest and expense related to inverse floater
notes issued</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:middle; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; font-weight:normal; text-decoration:none;"> (1,740,423)</p></td><td style="vertical-align:middle;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria;
font-style:normal; font-weight:normal; text-decoration:none;">Expenses paid to BNY Mellon Investment
   </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; font-weight:normal;
text-decoration:none;">       Adviser, Inc. and affiliates</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:normal;
text-decoration:none;"> (3,783,835)</p></td><td style="vertical-align:middle; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:middle; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none;">Operating expenses paid</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:normal;
text-decoration:none;"> (590,728)</p></td><td style="vertical-align:middle; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:middle; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2"
style=" vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold;
text-decoration:none;">Net Cash Provided (or Used) in Operating Activities</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:middle; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:middle; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;"> 45,189,126 </p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">Cash
Flows from Financing Activities ($):</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:middle; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2" style="
vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:normal; text-decoration:none;">Dividends paid to Common Shareholders</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> (20,740,618)</p></td><td style="vertical-align:middle; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:middle; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none;">Decrease  in payable for inverse floater
notes issued</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:middle; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> (21,075,000)</p></td><td
style="vertical-align:middle; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style="
vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">Net
Cash Provided (or Used) in Financing Activities</p></td><td style="vertical-align:bottom; border-bottom:1pt;
border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:middle; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;"> (41,815,618)</p></td><td style="vertical-align:bottom; border-bottom:1pt;
border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td
colspan="4" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
font-weight:bold; text-decoration:none;">Net Increase (Decrease) in Cash</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;"> 3,373,508 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Cash
at beginning of period</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:middle; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> 799,060 </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style="
vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Cash
at End of Period</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">
4,172,568 </p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Reconciliation
of Net Increase (Decrease) in Net Assets Applicable to</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:middle; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td><td colspan="3" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
font-weight:bold; text-decoration:none;">Common Shareholders Resulting from Operations to</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td><td colspan="3" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
font-weight:bold; text-decoration:none;">Net Cash Provided (or Used) in Operating Activities ($):</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style="
vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Net
(Decrease) in Net Assets Resulting From Operations</p></td><td style="vertical-align:bottom; border-bottom:1pt;
border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:middle; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> (112,043,768)</p></td><td style="vertical-align:bottom; border-bottom:1pt;
border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td
colspan="4" style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
font-weight:bold; text-decoration:none;">Adjustments to Reconcile Net Increase (Decrease) in Net Assets</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td><td colspan="3" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
font-weight:bold; text-decoration:none;">Applicable to Common Shareholders Resulting from</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td><td colspan="3" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
font-weight:bold; text-decoration:none;">Operations to Net Cash Provided (or Used) in Operating Activities
($):</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:middle; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style="
vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:normal; text-decoration:none;">Increase in investments in securities at cost</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 32,948,395 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;">Decrease
in interest receivable</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:middle; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> 372,170 </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:normal;
text-decoration:none;">Increase in prepaid expenses</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:middle; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> (5,079)</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none;">Decrease in Due to BNY Mellon Investment
Adviser, Inc. and affiliates</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:middle; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> (65,564)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:normal;
text-decoration:none;">Decrease in payable for investment securities purchased</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> (2,015,160)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;">Increase
 in interest and expense payable related to inverse floater notes issued</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 571,966 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:normal; text-decoration:none;">Increase
in dividends payable to Preferred Shareholders</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:middle; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> 20,615
</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td
colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none;">Increase in commissions payable and other
accrued expenses</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:middle; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> 1,401 </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:normal;
text-decoration:none;">Net change in unrealized (appreciation) depreciation on investments</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 125,404,150 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; border-bottom:1pt;
border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; font-weight:bold; text-decoration:none;">Net Cash Provided (or
Used) in Operating Activities</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">
45,189,126 </p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; font-weight:bold;
text-decoration:none;">Supplemental Disclosure Cash Flow Information ($):</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style="
vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:normal; text-decoration:none;">Non-cash financing activities:</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style="
vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:normal; text-decoration:none;">Reinvestment of dividends</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:middle;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 126,653 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:10.0pt;
font-family:Arial; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:10.0pt; font-family:Arial; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Arial; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt; font-family:Arial; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Arial; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Arial; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Serif; text-align:left;
color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">See notes to financial statements.</p></td><td
style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td></tr></table>
<!-- PAGEBREAK_START -->
<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">32</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-size:11.5pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">STATEMENT
OF CHANGES IN NET ASSETS</p>
<!-- PAGEBREAK_END -->
<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><a name="8"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font></p><table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" style="clear:both"><tr
style="font-size:1pt;"><td style="width:2.8%;" >&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:22.19%;" >&nbsp;</td><td
style="width:1.37%;" >&nbsp;</td><td style="width:1.37%;" >&nbsp;</td><td style="width:1.37%;" >&nbsp;</td><td
style="width:20.35%;" >&nbsp;</td><td style="width:1.37%;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#969696; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
colspan="6" style=" vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font: normal 8pt Cambria; text-decoration: none; text-align: center; color: #000000">Year
Ended September 30, </p></td></tr><tr><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; font-weight:normal; text-decoration:none;">2022</p></td><td colspan="3" style=" vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; font-weight:normal; text-decoration:none;">2021</p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
font-weight:bold; text-decoration:none;">Operations ($):</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2" style="
vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">Net investment income</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 23,565,123 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 25,532,441 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Net
realized gain (loss) on investments</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> (9,419,465)</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 2,969,621 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Net
change in unrealized appreciation                    </font><br><font style="font-size:8.0pt; font-family:Cambria;
font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">    (depreciation) on investments</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> (125,404,150)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 18,800,839 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Dividends
to Preferred Shareholders</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> (785,276)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> (94,802)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; border-bottom:1pt;
border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:bold; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">Net Increase
(Decrease) in Net Assets Applicable</font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:bold; text-decoration:none;">   to Common Shareholders Resulting from </font><br><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">
  Operations</font></p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;"> (112,043,768)</p></td><td
style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">
47,208,099 </p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="9" style=" vertical-align:bottom;
border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Distributions
($):</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td
colspan="2" style=" vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
font-weight:bold; text-decoration:none;">Distributions to Common Shareholders</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">
(22,735,649)</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">
(26,132,167)</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="9"
style=" vertical-align:bottom; border-top:1pt; border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Capital
Stock Transactions ($):</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td
colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Distributions reinvested</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 126,653 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 588,440 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">Increase
(Decrease) in Net Assets </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:bold; text-decoration:none;">   from Capital Stock Transactions</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;"> 126,653 </p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;"> 588,440 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; border-bottom:1pt;
border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:bold; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">Total
Increase (Decrease) in Net Assets </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#000000; font-weight:bold; text-decoration:none;">   Applicable to Common Shareholders</font></p></td><td
style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;"> (134,652,764)</p></td><td style="vertical-align:bottom; border-bottom:1pt;
border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:bold; text-decoration:none;"> 21,664,372 </p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="9" style=" vertical-align:bottom; border-top:1pt;
border-top-style:solid; border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Net Assets
Applicable to Common Shareholders ($):</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Beginning
of Period</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 542,341,726 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 520,677,354 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">End
of Period</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;"> 407,688,962 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;"> 542,341,726 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="9" style=" vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#FFFFFF; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Capital
Share Transactions (Common Shares):</p></td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#FFFFFF; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="2"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Shares issued for distributions
reinvested</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 14,642 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;"> 66,450 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td></tr><tr><td colspan="4" style=" vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Net
Increase (Decrease) in Shares Outstanding</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">
14,642 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:bold; text-decoration:none;"> 66,450 </p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold;
text-decoration:none;">&#160;</p></td></tr><tr><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; font-weight:bold;
text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td
colspan="2" style=" vertical-align:top;"><p style="font-size:8.0pt; font-family:Serif; text-align:left;
color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">See notes to financial statements.</p></td><td
style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td></tr></table>
<!-- PAGEBREAK_START -->
<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">33</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-size:11.5pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">FINANCIAL
HIGHLIGHTS</p>
<!-- PAGEBREAK_END -->
<p style="font-size:10.0pt; font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><a name="9"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
</font></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">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 cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" style="clear:both"><tr
style="font-size:1pt;"><td style="width:36.25%;" >&nbsp;</td><td style="width:13.75%;" >&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="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;">&#160;</td><td colspan="5" style=" vertical-align:bottom; border-top:1.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="5" style=" vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; font-weight:normal; text-decoration:none;">Year Ended September 30,</p></td></tr><tr><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2022</p></td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2021</p></td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2020</p></td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2019</p></td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2018</p></td></tr><tr><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Per Share Data ($):</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Net
asset value, beginning of period</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8.71</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8.37</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">8.68</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8.28</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8.63</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Investment
Operations:</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Net
investment income</font><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;"><sup>a</sup></font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.38</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.41</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">.43</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.45</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.50</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Net
realized and unrealized </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">gain (loss) on investments</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">(2.17)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.35</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">(.30)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">.40</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">(.42)</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Dividends
to Preferred Shareholders from net investment income</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">(.01)</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">(.00)</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"><sup>b</sup></font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">(.02)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">(.03)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">(.03)</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Total
from Investment Operations</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">(1.80)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">.76</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.11</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.82</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">.05</p></td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">Distributions to </font><br><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Common
Shareholders:</font></p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;">Dividends from </font><br><font style="font-size:8.0pt; font-family:Cambria;
font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">net investment income</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">(.37)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">(.42)</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">(.42)</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">(.42)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">(.45)</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Net
asset value resulting from </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">Auction Preferred Stock </font><br><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">tendered
as a discount</font></p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">-</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">-</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">-</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">-</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">.05</p></td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Net asset value, end of period</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6.54</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8.71</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">8.37</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8.68</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8.28</p></td></tr><tr><td
style="vertical-align:bottom; border-bottom:1.5pt; border-bottom-style:solid; border-bottom-color:#FFFFFF;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Market value, end of
period</p></td><td style="vertical-align:bottom; border-bottom:1.5pt; border-bottom-style:solid; border-bottom-color:#FFFFFF;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:1.5pt;
border-bottom-style:solid; border-bottom-color:#FFFFFF; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">6.08</p></td><td
style="vertical-align:bottom; border-bottom:1.5pt; border-bottom-style:solid; border-bottom-color:#FFFFFF;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">8.70</p></td><td style="vertical-align:bottom; border-bottom:1.5pt;
border-bottom-style:solid; border-bottom-color:#FFFFFF; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8.28</p></td><td
style="vertical-align:bottom; border-bottom:1.5pt; border-bottom-style:solid; border-bottom-color:#FFFFFF;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">8.58</p></td><td style="vertical-align:bottom; border-bottom:1.5pt;
border-bottom-style:solid; border-bottom-color:#FFFFFF; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7.50</p></td></tr><tr><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#FFFFFF; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Market Price Total Return (%)</p></td><td style="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#FFFFFF; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#FFFFFF;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">(26.54)</p></td><td style="vertical-align:bottom; border-top:1.5pt;
border-top-style:solid; border-top-color:#FFFFFF; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">10.29</p></td><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#FFFFFF; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.58</p></td><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#FFFFFF; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">20.59</p></td><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#FFFFFF; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">(9.72)</p></td></tr></table>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">34</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 -->
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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="0" style="clear:both"><tr
style="font-size:1pt;"><td style="width:32.5%;" >&nbsp;</td><td style="width:16.25%;" >&nbsp;</td><td
style="width:10.25%;" >&nbsp;</td><td style="width:10.25%;" >&nbsp;</td><td style="width:10.25%;" >&nbsp;</td><td
style="width:10.25%;" >&nbsp;</td><td style="width:10.25%;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;">&#160;</td><td colspan="5" style=" vertical-align:bottom; border-top:1.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;">&#160;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="5" style=" vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; font-weight:normal; text-decoration:none;">Year Ended September 30,</p></td></tr><tr><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">&#160;</p></td><td
style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2022</p></td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2021</p></td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2020</p></td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2019</p></td><td style="vertical-align:bottom; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">2018</p></td></tr><tr><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Ratios/Supplemental Data (%):</p></td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt;
border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Ratio
of total expenses to average </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">net assets applicable </font><br><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">to
Common Stock</font><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;"><sup>c</sup></font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.47</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.24</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1.70</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.88</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.81</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Ratio
of net expenses to average </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">net assets applicable</font><br><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">to
Common Stock</font><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;"><sup>c</sup></font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.35</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.12</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1.58</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.77</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.69</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Ratio
of interest and expense </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">related to floating rate notes </font><br><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">issued
to average net assets </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">applicable to Common Stock</font><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;"><sup>c</sup></font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">.47</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.26</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.73</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">.91</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.76</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Ratio
of net investment income </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">to average net assets applicable </font><br><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">to
Common Stock</font><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;"><sup>c</sup></font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.81</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.71</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">5.11</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.41</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">5.99</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Ratio
of total expenses </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;">to total average net assets</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.26</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.08</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1.48</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.64</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.50</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Ratio
of net expenses to </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;">total average net assets</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.16</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.98</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1.37</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.54</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">1.40</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Ratio
of interest and expense related to floating rate notes issued to total average net assets</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">.41</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.23</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.63</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">.79</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">.63</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Ratio
of net investment income </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">to total average net assets</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4.14</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.11</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.44</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4.70</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">4.96</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Portfolio
Turnover Rate</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">25.44</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11.05</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">36.52</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">33.21</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">17.93</p></td></tr><tr><td style="vertical-align:bottom; border-bottom:1.5pt;
border-bottom-style:solid; border-bottom-color:#FFFFFF; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Asset Coverage of Preferred Stock, end of period</p></td><td style="vertical-align:bottom;
border-bottom:1.5pt; border-bottom-style:solid; border-bottom-color:#FFFFFF; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:1.5pt; border-bottom-style:solid;
border-bottom-color:#FFFFFF; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#141414; font-weight:normal; text-decoration:none;">617</p></td><td style="vertical-align:bottom;
border-bottom:1.5pt; border-bottom-style:solid; border-bottom-color:#FFFFFF; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#141414; font-weight:normal; text-decoration:none;">787</p></td><td
style="vertical-align:bottom; border-bottom:1.5pt; border-bottom-style:solid; border-bottom-color:#FFFFFF;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#141414;
font-weight:normal; text-decoration:none;">760</p></td><td style="vertical-align:bottom; border-bottom:1.5pt;
border-bottom-style:solid; border-bottom-color:#FFFFFF; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#141414; font-weight:normal; text-decoration:none;">784</p></td><td
style="vertical-align:bottom; border-bottom:1.5pt; border-bottom-style:solid; border-bottom-color:#FFFFFF;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#141414;
font-weight:normal; text-decoration:none;">753</p></td></tr><tr><td style="vertical-align:bottom; border-top:1.5pt;
border-top-style:solid; border-top-color:#FFFFFF; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;">Net Assets,  applicable to </font><br><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Common
Shareholders,</font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;">end of period ($ x 1,000)</font></p></td><td style="vertical-align:bottom;
border-top:1.5pt; border-top-style:solid; border-top-color:#FFFFFF; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#FFFFFF;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">407,689</p></td><td style="vertical-align:bottom; border-top:1.5pt;
border-top-style:solid; border-top-color:#FFFFFF; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">542,342</p></td><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#FFFFFF; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">520,677</p></td><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#FFFFFF; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">539,930</p></td><td
style="vertical-align:bottom; border-top:1.5pt; border-top-style:solid; border-top-color:#FFFFFF; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">514,880</p></td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Preferred
Stock Outstanding,</font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;">end of period ($ x 1,000)</font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">78,900</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">78,900</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">78,900</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">78,900</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">78,900</p></td></tr><tr><td
style="vertical-align:bottom; border-bottom:1.5pt; border-bottom-style:solid; border-bottom-color:#FFFFFF;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Floating
Rate Notes Outstanding,</font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">end of period ($ x 1,000)</font></p></td><td
style="vertical-align:bottom; border-bottom:1.5pt; border-bottom-style:solid; border-bottom-color:#FFFFFF;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:1.5pt;
border-bottom-style:solid; border-bottom-color:#FFFFFF; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">174,781</p></td><td
style="vertical-align:bottom; border-bottom:1.5pt; border-bottom-style:solid; border-bottom-color:#FFFFFF;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">195,856</p></td><td style="vertical-align:bottom; border-bottom:1.5pt;
border-bottom-style:solid; border-bottom-color:#FFFFFF; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">222,556</p></td><td
style="vertical-align:bottom; border-bottom:1.5pt; border-bottom-style:solid; border-bottom-color:#FFFFFF;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">246,228</p></td><td style="vertical-align:bottom; border-bottom:1.5pt;
border-bottom-style:solid; border-bottom-color:#FFFFFF; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">229,398</p></td></tr></table><p
style="font-size:8.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal;
margin-left:10.8pt; font-style:italic;"><font>a</font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;"><sup>
</sup></font><font style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal;
text-decoration:none;">Based on average common shares outstanding.</font></p><p style="font-size:8.0pt;
font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:italic;"><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;"><sup>b</sup></font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">Amount represents less than $.01 per share.</font></p><p style="font-size:8.0pt;
font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:italic;"><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;"><sup>c</sup></font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">Does not reflect the effect of dividends to Preferred Shareholders.</font></p><p
style="font-size:8.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal;
margin-left:10.8pt; text-decoration:none; font-style:italic;">See notes to financial statements.</p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">35</p>

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<p style="font-size:11.5pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">NOTES
TO FINANCIAL STATEMENTS</p>
<!-- PAGEBREAK_END -->
<p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; font-style:normal;"><a name="10"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">NOTE
1&#8212;Significant Accounting Policies:</font></p><p style="font-size:10.5pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">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. Insight North
America LLC (the &#8220;Sub-Adviser&#8221;), a wholly-owned subsidiary of BNY Mellon and an affiliate of the
Adviser, serves as the fund&#8217;s sub-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-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">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
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-size:10.5pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">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-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">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 fund&#8217;s Board of Directors (the
&#8220;Board&#8221;) has designated Robin A. Melvin and Benaree Pratt Wiley as directors to be elected by the
holders of APS.</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">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 </p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">36</p>

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<!-- PAGEBREAK_END -->
<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">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-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;">The fund</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
color:#FF0000; font-weight:normal; text-decoration:none;"> </font><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">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. </font></p><p style="font-size:10.5pt;
font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">(a) Portfolio valuation:</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
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).</font></p><p style="font-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">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-size:10.5pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">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-size:10.5pt; font-family:Serif;
text-align:justify; font-weight:normal; margin-left:18.0pt; font-style:normal;"><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Level 1</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">&#8212;unadjusted quoted
prices in active markets for identical investments.</font></p><p style="font-size:10.5pt; font-family:Serif;
text-align:justify; font-weight:normal; margin-left:18.0pt; font-style:normal;"><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Level 2</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">&#8212;other significant
observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.).</font></p><p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
margin-left:18.0pt; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:bold; text-decoration:none;">Level 3</font><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">&#8212;significant unobservable inputs (including
the fund&#8217;s own assumptions in determining the fair value of investments).</font></p><p style="font-size:10.5pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">The
inputs or methodology used for valuing securities are not necessarily an indication of the risk associated
with investing in those securities.</p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">37</p>

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

<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">NOTES
TO FINANCIAL STATEMENTS </font><font style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal;
text-decoration:none;">(continued)</font></p>
<!-- PAGEBREAK_END -->
<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">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-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">The Board has designated the Adviser as the fund&#8217;s valuation
designee, effective September 8, 2022, to make all fair value determinations with respect to the fund&#8217;s
portfolio investments, subject to the Board&#8217;s oversight and pursuant to Rule 2a-5 under the Act.</p><p
style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">Investments in municipal 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). Municipal 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. The Service is engaged under the general oversight of the Board. All of the preceding
securities are generally categorized within Level 2 of the fair value hierarchy.</p><p style="font-size:10.5pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">When
market quotations or official closing prices are not readily available, or are determined not to accurately
reflect fair value, such as when the value of a security has been significantly affected by events after
the close of the exchange or market on which the security is principally traded, but before the fund
calculates its net asset value, the fund may value these investments at fair value as determined in accordance
with the procedures approved by the Board. Certain factors may be considered when fair valuing investments
such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation
of the forces that influence the market in which the securities are purchased and sold, and public trading
in similar securities of the issuer or comparable issuers. These securities are either categorized within
Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.</p><p style="font-size:10.5pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">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>
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<p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The
following is a summary of the inputs used as of September 30, 2022</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; color:#FF0000; font-weight:normal; text-decoration:none;"> </font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">in
valuing the fund&#8217;s investments:</font></p><table cellspacing="0" style="border-collapse:collapse" width="100%"
cellpadding="0" 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="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#000000;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#000000;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">Level 1-Unadjusted Quoted Prices</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#000000;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Level
2- Other Significant Observable Inputs</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#000000; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:1pt;
border-bottom-style:solid; border-bottom-color:#000000;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">Level 3-Significant Unobservable
Inputs</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#000000;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">Total</p></td><td
style="vertical-align:top; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#000000;
font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Assets ($)</p></td><td style="vertical-align:bottom; border-top:1pt; border-top-style:solid;
border-top-color:#000000; font-size:1pt;" >&nbsp;</td><td style="vertical-align:top; border-top:1pt;
border-top-style:solid; border-top-color:#000000; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5"
style=" vertical-align:bottom;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Investments
in Securities:</font><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000;
font-weight:normal; text-decoration:none;"><sup>&#8224;</sup></font></p></td><td style="vertical-align:bottom;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:top; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Collateralized Municipal-Backed Securities</p></td><td style="vertical-align:bottom;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">-</p></td><td
style="vertical-align:bottom;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">1,518,511</p></td><td style="vertical-align:bottom; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#141414; font-weight:normal; text-decoration:none;">-</p></td><td style="vertical-align:bottom;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#141414; font-weight:bold; text-decoration:none;">1,518,511</p></td><td
style="vertical-align:top; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Municipal Securities</p></td><td style="vertical-align:bottom;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">-</p></td><td
style="vertical-align:bottom;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">649,305,246</p></td><td style="vertical-align:bottom; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#141414; font-weight:normal; text-decoration:none;">-</p></td><td style="vertical-align:bottom;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#141414; font-weight:bold; text-decoration:none;">649,305,246</p></td><td
style="vertical-align:top; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style=" vertical-align:bottom;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Liabilities ($)</p></td><td style="vertical-align:bottom; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:top; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="5" style="
vertical-align:bottom;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Other Financial Instruments:</p></td><td
style="vertical-align:bottom; font-size:1pt;" >&nbsp;</td><td style="vertical-align:top; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">Inverse
Floater Notes</font><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;"><sup>&#8224;&#8224;</sup></font></p></td><td style="vertical-align:bottom;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">-</p></td><td
style="vertical-align:bottom;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">(174,780,737)</p></td><td style="vertical-align:bottom; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#141414; font-weight:normal; text-decoration:none;">-</p></td><td style="vertical-align:bottom;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#141414; font-weight:bold; text-decoration:none;">(174,780,737)</p></td><td
style="vertical-align:top; font-size:1pt;" >&nbsp;</td></tr></table><p style="font-size:8.0pt; font-family:Serif;
text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:italic;"><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;"><sup>&#8224;</sup></font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">See Statement of Investments for additional detailed categorizations,
if any.</font></p><p style="font-size:8.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt;
font-weight:normal; margin-left:10.8pt; font-style:italic;"><font style="font-size:8.0pt; font-family:Serif;
font-style:italic; font-weight:normal; text-decoration:none;"><sup>&#8224;&#8224;</sup></font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Certain
of the fund&#8217;s liabilities are held at carrying amount, which approximates fair value for financial
reporting purposes.</font></p><p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:bold;
text-decoration:none;">(b) Securities transactions and investment income:</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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.</font></p><p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:bold;
text-decoration:none;">(c) Market Risk:</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;"> The value of the securities in which the fund invests may
be affected by political, regulatory, economic and social developments, and developments that impact
specific economic sectors, industries or segments of the market. The value of a security may also decline
due to general market conditions that are not specifically related to a particular company or industry,
such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings,
changes in interest or currency rates, changes to inflation, adverse changes to credit markets or adverse
investor sentiment generally. 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 </font></p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">39</p>

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<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">NOTES
TO FINANCIAL STATEMENTS </font><font style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal;
text-decoration:none;">(continued)</font></p>
<!-- PAGEBREAK_END -->
<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">these and other circumstances, such risks might affect companies world-wide. 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.</p><p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:bold;
text-decoration:none;">(d) Dividends and distributions to Common Shareholders:</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Dividends and distributions
are recorded on the ex-dividend date. Dividends from net investment income 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.</font></p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">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-size:10.5pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">On
September 29, 2022, the Board declared a cash dividend of $.030 per share from net investment income,
payable on October 31, 2022 to Common Shareholders of record as of the close of business on October 17,
2022. The ex-dividend date was October 14, 2022.</p><p style="font-size:10.5pt; font-family:Serif; text-align:justify;
font-weight:normal; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:bold; text-decoration:none;">(e) Dividends and distributions to shareholders of APS:</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
Dividends, which are cumulative, are generally reset every seven days for each series of APS pursuant
to a process specified in related fund charter documents. Dividend rates as of September 30, 2022, for
each series of APS were as follows: Series M-3.353%, Series T-3.420%, Series W-3.375%, Series TH-3.530%
and Series F-3.677%. 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 September 30, 2022 for each series of APS were as follows: Series M-.996%,
Series T-1.002%, Series W-.994%, Series TH-.997% and Series F-.981%.</font></p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">40</p>

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


<!-- PAGEBREAK_END -->
<p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">(f)
Federal income taxes:</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;"> 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.</font></p><p style="font-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">As of and during the
period ended September 30, 2022, 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 September 30, 2022, the fund did not
incur any interest or penalties.</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">Each tax year in the four-year period
ended September 30, 2022 remains subject to examination by the Internal Revenue Service and state taxing
authorities.</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">At September 30, 2022, the components of accumulated earnings
on a tax basis were as follows: undistributed tax-exempt income $3,312,726, accumulated capital losses
$34,564,887 and unrealized depreciation $52,222,766.</p><p style="font-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">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-size:10.5pt; font-family:Serif;
text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">The accumulated capital loss carryover
is available for federal income tax purposes to be applied against future net</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; color:#FF0000; font-weight:normal; text-decoration:none;"> </font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">realized
capital gains, if any, realized subsequent to September 30, 2022. The fund has $18,972,229 of short-term
capital losses and $15,592,658 of long-term capital losses which can be carried forward for an unlimited
period.</font></p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">The tax character of distributions paid to shareholders during
the fiscal years ended September 30, 2022 and September 30, 2021 were as follows: tax-exempt income $23,520,925
and $25,993,448, and ordinary income $0 and $233,521 respectively.</p><p style="font-size:10.5pt; font-family:Serif;
text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:bold; text-decoration:none;">(g) New accounting pronouncements:</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
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 LIBOR
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 </font></p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">41</p>

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

<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">NOTES
TO FINANCIAL STATEMENTS </font><font style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal;
text-decoration:none;">(continued)</font></p>
<!-- PAGEBREAK_END -->
<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">reference rate-related contract modifications that occur during the period from
March 12, 2020 through December 31, 2022 (&#8220;FASB Effective Date&#8221;). Management had evaluated the impact
of ASU 2020-04 and ASU 2021-01 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
will be adopting ASU 2020-04 and ASU 2021-01 on FASB Effective Date or if amended ASU 2020-04 new extended
FASB Effective Date, if any. Management will continue to work with other financial institutions and counterparties
to modify contracts as required by applicable regulation and within the regulatory deadlines.  As of
September 30, 2022, management believes these accounting standards have no impact on the fund and does
not have any concerns of adopting the regulations by FASB Effective Date.</p><p style="font-size:10.0pt;
font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">NOTE 2&#8212;Management Fee,
Sub-Advisory Fee and Other Transactions with Affiliates:</p><p style="font-size:10.5pt; font-family:Serif;
text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:bold; text-decoration:none;">(a) </font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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 (including net assets representing APS outstanding)
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><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"><sup>&#189;</sup></font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">%
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 September 30, 2022, there was no expense reimbursement pursuant to
the Agreement.</font></p><p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;">The Adviser has agreed, from October 1, 2021 through November 30, 2022, 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 $568,993 during the period ended September 30, 2022</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; color:#121212; font-weight:normal; text-decoration:none;">.</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
</font></p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser,
the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .36% of the value of the fund&#8217;s
average weekly net assets, (including net assets representing APS outstanding). </p><p style="font-size:10.5pt;
font-family:Serif; text-align:justify; color:#121212; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">(b) </font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The
fund has an arrangement with The Bank of New York Mellon (the &#8220;Custodian&#8221;), a subsidiary of BNY Mellon
and an affiliate of the Adviser, whereby</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
color:#121212; font-weight:normal; text-decoration:none;"> the fund may receive earnings credits when
positive cash balances </font></p>
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<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; color:#121212;
font-weight:normal; text-decoration:none;">are maintained, which are used to offset custody fees. For
financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement
of Operations.</p><p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;">The fund compensates the Custodian under a custody agreement for providing custodial
services for the fund. These fees are determined based on transaction activity. During the period ended
September 30, 2022</font><font style="font-size:11.0pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;">, </font><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">the fund was charged $9,476 for out-of-pocket and custody
transaction expenses, pursuant to the custody agreement.</font></p><p style="font-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">During the period ended
September 30, 2022, the fund was charged $10,338 for services performed by the fund&#8217;s Chief Compliance
Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.</p><p
style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">The components of &#8220;Due to BNY Mellon Investment Adviser, Inc. and affiliates&#8221;
in the Statement of Assets and Liabilities consist of: management fee of $311,638, Custodian fees of
$3,189 and Chief Compliance Officer fees of $2,285, which are offset against an expense reimbursement
currently in effect in the amount of $41,500.</p><p style="font-size:10.5pt; font-family:Serif; text-align:justify;
font-weight:normal; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:bold; text-decoration:none;">(c)</font><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;"> 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. </font></p><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:bold; text-decoration:none;">NOTE 3&#8212;Securities Transactions:</p><p style="font-size:10.5pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">The
aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term
securities, during the period ended September 30, 2022, amounted to $143,167,354 and $142,627,346, respectively.</p><p
style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Inverse
Floater Securities:</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;"> 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.</font></p>
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<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">NOTES
TO FINANCIAL STATEMENTS </font><font style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal;
text-decoration:none;">(continued)</font></p>
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<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">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-size:10.5pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">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-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">The average amount of borrowings outstanding under the inverse floater structure
during the period ended September 30, 2022 was approximately $185,978,244 with a related weighted average
annualized interest rate of 1.24%.</p><p style="font-size:10.5pt; font-family:Serif; text-align:justify;
font-weight:normal; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">At September 30, 2022</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">, the</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
cost of investments for federal income tax purposes was $528,265,786; accordingly, accumulated net unrealized
depreciation on investments was $52,222,766, consisting of $3,375,495 gross unrealized appreciation and
$55,598,261 gross unrealized depreciation.</font></p>
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<p style="font-size:11.5pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</p>
<!-- PAGEBREAK_END -->
<p style="font-size:9.5pt; font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><a name="11"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:9.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">To
the Shareholders and the Board of Directors of BNY Mellon Strategic Municipals, Inc.</font></p><p style="font-size:9.5pt;
font-family:Arial; text-align:justify; font-weight:normal; text-decoration:none; font-style:italic;">Opinion
on the Financial Statements</p><p style="font-size:9.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">We have audited the accompanying statement of assets and liabilities
of BNY Mellon Strategic Municipals, Inc. (the &#8220;Fund&#8221;), including the statement of investments, as
of September 30, 2022, and the related statements of operations and cash flows for the year then ended,
the statements of changes in net assets for each of the two years in the period then ended, the financial
highlights for each of the five years in the period then ended and the related notes (collectively referred
to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all
material respects, the financial position of the Fund at September 30, 2022, the results of its operations
and its cash flows for the year then ended, the changes in its net assets for each of the two years in
the period then ended and its financial highlights for each of the five years in the period then ended,
in conformity with U.S. generally accepted accounting principles.</p><p style="font-size:9.5pt; font-family:Arial;
text-align:justify; font-weight:normal; text-decoration:none; font-style:italic;">Basis for Opinion</p><p
style="font-size:9.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">These financial statements are the responsibility of the Fund&#8217;s management.
Our responsibility is to express an opinion on the Fund&#8217;s financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Fund in accordance with
the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.</p><p style="font-size:9.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">We conducted our audits in accordance with the standards of
the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement, whether due to error or fraud.
The Fund is not required to have, nor were we engaged to perform, an audit of the Fund&#8217;s internal control
over financial reporting. As part of our audits, we are required to obtain an understanding of internal
control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness
of the Fund&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</p><p
style="font-size:9.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">Our audits included performing procedures to assess the risks of material misstatement
of the financial statements, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements. Our procedures included confirmation of securities owned as
of September 30, 2022, by correspondence with the custodian, brokers and others; when replies were not
received from brokers and others, we performed other audit procedures. Our audits also included evaluating
the accounting principles used and significant estimates made by management, as well as evaluating the
overall presentation of the financial statements. We believe that our audits provide a reasonable basis
for our opinion.</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; margin-left:216.0pt; text-decoration:none;"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">           </font><img src="img_a40e56ca06e44.jpg"></p><p style="font-size:9.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">We have served as the auditor of one or more investment companies in the BNY Mellon
Family of Funds since at least 1957, but we are unable to determine the specific year. </p><p style="font-size:9.5pt;
font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><font style="font-size:9.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">New York, New York</font><br><font
style="font-size:9.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">November
22, 2022</font></p>
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<p style="font-size:11.5pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">ADDITIONAL
INFORMATION (Unaudited)</p>
<!-- PAGEBREAK_END -->
<p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><a name="12"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
</font></p><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Dividend
Reinvestment and Cash Purchase Plan</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">Under the fund&#8217;s Dividend Reinvestment
and Cash Purchase Plan (the &#8220;Plan&#8221;), a holder of Common Stock who has fund shares registered in his
name will have all dividends and distributions reinvested automatically by Computershare Trust Company,
N.A., as Plan administrator (the &#8220;Administrator&#8221;), in additional shares of the fund at the lower
of prevailing market price or net asset value (but not less than 95% of market value at the time of valuation)
unless such shareholder elects to receive cash as provided below. 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 or
if a cash dividend only is declared, the Administrator, as agent for the Plan participants, will buy
fund shares in the open market. A Plan participant is not relieved of any income tax that may be payable
on such dividends or distributions.</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">A Common Shareholder who owns fund shares
registered in nominee name through his broker/dealer (i.e., in &#8220;street name&#8221;) may not participate
in the Plan, but may elect to have cash dividends and distributions reinvested by his broker/dealer in
additional shares of the fund if such service is provided by the broker/dealer; otherwise such dividends
and distributions will be treated like any other cash dividend.</p><p style="font-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">A Common Shareholder
who has fund shares registered in his or her name may elect to withdraw from the Plan at any time for
a $2.50 fee and thereby elect to receive cash in lieu of shares of the fund. Changes in elections must
be in writing, sent to The Bank of New York Mellon, c/o Computershare Inc., P.O. Box 30170, College Station,
TX 77842-3170, should include the Common Shareholder&#8217;s name and address as they appear on the Administrator&#8217;s
records and will be effective only if received more than fifteen days prior to the record date for any
distribution.</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">A Plan participant who has fund shares in his name has the
option of making additional cash payments to the Administrator, semi-annually, in any amount from $1,000
to $10,000, for investment in the fund&#8217;s shares in the open market on or about January 15 and July
15. Any voluntary cash payments received more than 30 days prior to these dates will be returned by the
Administrator, and interest will not be paid on any uninvested cash payments. A participant may withdraw
a voluntary cash payment by written notice, if the notice is received by the Administrator not less than
48 hours before the payment is to be invested. A Common Shareholder who owns fund shares registered in
street name should consult his broker/dealer to determine whether an additional cash purchase option
is available through his broker/dealer.</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">The Administrator maintains all Common
Shareholder accounts in the Plan and furnishes written confirmations of all transactions in the account.
Shares in the account of each Plan participant will be held by the Administrator in non-certificated
form in the name of the participant, and each such participant&#8217;s proxy will include those shares purchased
pursuant to the Plan. The fund pays the Administrator&#8217;s fee for reinvestment of dividends and distributions.
Plan participants pay a pro rata share of brokerage commissions incurred with respect to the Administrator&#8217;s
open market purchases and </p>
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<!-- PAGEBREAK_END -->
<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">purchases from voluntary cash payments, and a $1.25 fee for each purchase made
from a voluntary cash payment.</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">The fund reserves the right to amend or terminate the Plan
as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to notice
of the change sent to Plan participants at least 90 days before the record date for such dividend or
distribution. The Plan also may be amended or terminated by the Administrator on at least 90 days&#8217;
written notice to Plan participants.</p><p style="font-size:10.0pt; font-family:Arial; text-align:left;
font-weight:bold; text-decoration:none;">Level Distribution Policy</p><p style="font-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">The fund&#8217;s dividend
policy is to distribute substantially all of its net investment income to its shareholders on a monthly
basis. In order to provide shareholders with a more consistent yield to the current trading price of
shares of Common Stock of the fund, the fund may at times pay out more or less than the entire amount
of net investment income earned in any particular month and may at times in any month pay out any accumulated
but undistributed income in addition to net investment income earned in that month. As a result, the
dividends paid by the fund for any particular month may be more or less than the amount of net investment
income earned by the fund during such month.</p><p style="font-size:10.0pt; font-family:Arial; text-align:left;
font-weight:bold; text-decoration:none;">Investment Objective and Principal Investment Strategies </p><p
style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:underline;">Investment
Objective</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;">. 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. The fund&#8217;s investment
objective is fundamental and may not be changed without the affirmative vote of the holders of a majority
(as defined in the Act) of the fund&#8217;s outstanding voting securities. No assurance can be given that
the fund will achieve its investment objective.</font></p><p style="font-size:10.5pt; font-family:Serif;
text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:underline;">Fundamental Investment Policy</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">.
The fund has adopted a fundamental investment policy to invest, under normal market conditions, at least
80% of its net assets in municipal obligations. As with the fund&#8217;s investment objective, this investment
policy may not be changed without the affirmative vote of the holders of a majority (as defined in the
Act) of the fund&#8217;s outstanding voting securities. </font></p><p style="font-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">Municipal obligations
are debt obligations issued by states, territories and possessions of the United States and the District
of Columbia and their political subdivisions, agencies and instrumentalities, or multi-state agencies
or authorities, that provide income exempt from federal income tax. Municipal obligations are classified
as general obligation bonds, revenue bonds and notes. General obligation bonds are secured by the issuer&#8217;s
pledge of its faith, credit and taxing power for the payment of principal and interest. Revenue bonds
are payable from the revenue derived from a particular facility or class of facilities or, in some cases,
from the proceeds of a special excise or other specific revenue source, but not from the general taxing
power. Notes are short term instruments which are obligations of the issuing municipalities or agencies
and are sold in anticipation of a bond sale, collection of taxes or receipt of other revenues. The fund
may purchase floating and variable rate obligations, municipal derivatives, such as custodial receipt
</p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">47</p>

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

<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">ADDITIONAL
INFORMATION (Unaudited) </font><font style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal;
text-decoration:none;">(continued)</font></p>
<!-- PAGEBREAK_END -->
<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">programs created by financial intermediaries, tender option bonds and participations
in municipal obligations.</p><p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:underline;">Non-Fundamental Investment Policies</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">. Under normal market
conditions, the fund invests at least 50% of its net assets in municipal obligations considered investment
grade by Moody&#8217;s, S&amp;P or Fitch or the unrated equivalent as determined by the Sub-Adviser in the
case of bonds, and in the two highest rating categories of Moody&#8217;s, S&amp;P or Fitch or the unrated
equivalent as determined by the Sub-Adviser in the case of short term obligations having or deemed to
have maturities of less than one year. Investment grade bonds are those rated in the four highest rating
categories of Moody&#8217;s, S&amp;P or Fitch. The fund may invest the remainder of its assets in municipal
obligations considered below investment grade by Moody&#8217;s, S&amp;P and Fitch, including those rated
no lower than C, but it currently is the intention of the fund to invest such remainder of its assets
primarily in bonds rated no lower than Ba by Moody&#8217;s and BB by S&amp;P and Fitch. Bonds rated below
investment grade and short term obligations rated below the two highest rating categories of Moody&#8217;s,
S&amp;P and Fitch will be purchased only if the Sub-Adviser determines that the purchase is consistent
with the fund&#8217;s investment objective. The fund&#8217;s ability to invest in lower rated municipal obligations
may be limited as a condition to S&amp;P&#8217;s &#8220;AAA&#8221; rating of the fund&#8217;s APS. </font></p><p style="font-size:10.5pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">From
time to time, the fund may invest more than 25% of the value of its total assets in industrial development
bonds which, although issued by industrial development authorities, may be backed only by the assets
and revenues of the non-governmental users. Interest on certain municipal obligations (including certain
industrial development bonds) which are specific private activity bonds, while exempt from federal income
tax, is a preference item for the purpose of the federal alternative minimum tax. If the fund, as a regulated
investment company, receives such interest, a proportionate share of any exempt-interest dividend paid
by the fund will be treated as a preference item to an investor. The fund may invest without limitation
in such municipal obligations if the Adviser determines that their purchase is consistent with the fund&#8217;s
investment objective.</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">Under normal market conditions, the weighted average maturity
of the fund&#8217;s portfolio is expected to exceed ten years. </p><p style="font-size:10.5pt; font-family:Serif;
text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:underline;">Taxable Investments and other Investment
Techniques</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;">. The fund may employ, among others, the investment techniques described below.
Use of certain of these techniques may give rise to taxable income. </font></p><p style="font-size:10.5pt;
font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Temporary Investments</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">.
From time to time, on a temporary basis other than for temporary defensive purposes (but not to exceed
20% of the fund&#8217;s net assets) or for temporary defensive purposes without limitation, the fund may
invest in taxable short term investments (&#8220;Taxable Investments&#8221;) consisting of: notes of issuers
having, at the time of purchase, a quality rating within the two highest grades of Moody&#8217;s, S&amp;P
or Fitch; obligations of the U.S. Government, its agencies or instrumentalities; commercial paper rated
at least P-2 by Moody&#8217;s or at least A-2 by S&amp;P or Fitch; certificates of deposit of U.S. domestic
banks, including foreign branches of domestic banks, with assets of $1 </font></p>
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<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">billion or more; bankers&#8217; acceptances; time deposits; and repurchase agreements
in respect of any of the foregoing. Dividends paid by the fund that are attributable to interest earned
from Taxable Investments will be taxable to investors. Under normal market conditions, the fund anticipates
that not more than 5% of its total assets will be invested in any of the foregoing categories of Taxable
Investments.</p><p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:italic; font-weight:normal;
text-decoration:none;">When-Issued Securities</font><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">. New issues of municipal obligations usually
are offered on a when-issued basis, which means that delivery and payment for such municipal obligations
normally take place within 35 days after the date of the commitment to purchase. The payment obligation
and the interest rate that will be received on the municipal obligations are fixed at the time the buyer
enters into the commitment. The fund will make commitments to purchase such municipal obligations only
with the intention of actually acquiring the securities, but the fund may sell these securities before
the settlement date if it is deemed advisable, although any gain realized on such sale would be taxable.
The fund will not accrue income with respect to a when-issued security before its stated delivery date.
No additional when-issued commitments will be made if more than 20% of the fund&#8217;s net assets would
be so committed.</font></p><p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:italic; font-weight:normal;
text-decoration:none;">Stand-By Commitments</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">. The fund may acquire &#8220;stand-by commitments&#8221; with respect
to municipal obligations held in its portfolio. Under a stand-by commitment the fund obligates a broker,
dealer or bank to repurchase, at the fund&#8217;s option, specified securities at a specified price and,
in this respect, stand-by commitments are comparable to put options. The exercise of a stand-by commitment,
therefore, is subject to the ability of the seller to make payment on demand. The fund will acquire stand-by
commitments solely to facilitate portfolio liquidity and does not intend to exercise its rights thereunder
for trading purposes. The fund anticipates that stand-by commitments will be available from brokers,
dealers and banks without the payment of any direct or indirect consideration. The fund may pay for stand-by
commitments if such action is deemed necessary, thus increasing to a degree the cost of the underlying
municipal obligation and similarly decreasing such security&#8217;s yield to investors.</font></p><p style="font-size:10.5pt;
font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Inverse Floating Rate
Securities</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;">. The fund may invest in residual interest municipal obligations whose interest
rates bear an inverse relationship to the interest rate on another security or the value of an index
(&#8220;inverse floaters&#8221;). An investment in inverse floaters may involve greater risk than an investment
in a fixed-rate bond. Because changes in the interest rate on the other security or index inversely affect
the residual interest paid on the inverse floater, the value of an inverse floater is generally more
volatile than that of a fixed-rate bond. Inverse floaters have interest rate adjustment formulas which
generally reduce or, in the extreme, eliminate the interest paid to the fund when short term interest
rates rise, and increase the interest paid to the fund when short term interest rates fall. Inverse floaters
have varying degrees of liquidity, and the market for these securities is relatively volatile. These
securities tend to underperform the market for fixed-rate bonds in a rising interest rate environment,
but tend to outperform the market for fixed-rate bonds when interest rates decline. Shifts in long term
interest rates may, however, alter this tendency. Although volatile, inverse floaters typically offer
the potential for yields exceeding the yields available on fixed-rate bonds </font></p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">49</p>

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<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">ADDITIONAL
INFORMATION (Unaudited) </font><font style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal;
text-decoration:none;">(continued)</font></p>
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<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">with comparable credit quality, coupon, call provisions and maturity. These securities
usually permit the investor to convert the floating-rate to a fixed- rate (normally adjusted downward),
and this optional conversion feature may provide a partial hedge against rising rates if exercised at
an opportune time.</p><p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:underline;">Use of Leverage</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">. The fund utilizes leverage to seek to enhance the yield
and net asset value of its Common Stock. These objectives cannot be achieved in all interest rate environments.
To leverage, the fund issues APS and floating rate certificate securities, which pay dividends or interest
at prevailing short-term interest rates, and invests the proceeds in long-term municipal bonds. The interest
earned on these investments is paid to Common Shareholders in the form of dividends, and the value of
these portfolio holdings is reflected in the per share net asset value of the fund&#8217;s Common Stock.
In order for either of these forms of leverage to benefit Common Shareholders, the yield curve must be
positively sloped: that is, short-term interest rates must be lower than long-term interest rates. At
the same time, a period of generally declining interest rates will benefit Common Shareholders. When
either of these conditions change along with other factors that may have an effect on APS dividends or
floating rate certificate securities, then the risk of leveraging will begin to outweigh the benefits.</font></p><p
style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Principal
Risk Factors </p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">The fund is a diversified, closed-end management investment
company designed primarily as a long-term investment and not as a short-term trading vehicle. The fund
is not intended to be a complete investment program and, due to the uncertainty inherent in all investments,
there can be no assurance that the fund will achieve its investment objective. Different risks may be
more significant at different times depending on market conditions.</p><p style="font-size:10.5pt; font-family:Serif;
text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif;
font-style:italic; font-weight:normal; text-decoration:none;">Municipal Obligations Risk.</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
The amount of public information available about municipal obligations is generally less than that for
corporate equities or bonds. Special factors, such as legislative changes, and state and local economic
and business developments, may adversely affect the yield and/or value of the fund&#8217;s investments in
municipal obligations. Other factors include the general conditions of the municipal obligations market,
the size of the particular offering, and the maturity of the obligation and the rating of the issue.
The municipal obligations market can be susceptible to increases in volatility and decreases in liquidity.
Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.
Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the
expectation of a rise in interest rates). During periods of reduced market liquidity, the fund may not
be able to readily sell municipal obligations at prices at or near their perceived value. Changes in
economic, business or political conditions relating to a particular municipal project, municipality,
or state, territory or possession of the United States in which the fund invests may have an impact on
the fund&#8217;s net asset value per share of Common Stock. A credit rating downgrade relating to, default
by, or insolvency or bankruptcy of, one or several municipal security issuers of a state, territory or
possession of the United States in which the fund invests could affect the market values and marketability
of many or all municipal securities of such state, territory or possession.</font></p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">50</p>

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<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">In addition, the fund may invest up to 50% of its net assets in below investment
grade municipal obligations. Below investment grade municipal obligations (commonly referred to as &#8220;high
yield&#8221; or &#8220;junk&#8221; bonds) involve substantial risk of loss and are considered predominantly speculative
with respect to the issuer&#8217;s or obligor&#8217;s ability to pay interest and repay principal and are susceptible
to default or decline in market value due to adverse economic and business developments. The market values
for high yield municipal obligations tend to be very volatile, and those bonds are less liquid than investment
grade municipal obligations. </p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">Because there is no established retail secondary market for
many of these municipal obligations, it may be anticipated that such obligations could be sold only to
a limited number of dealers or institutional investors. To the extent a secondary trading market for
these obligations does exist, it generally is not as liquid as the secondary market for higher-rated
municipal obligations. The lack of a liquid secondary market may have an adverse impact on market price
and yield and the fund&#8217;s ability to dispose of particular issues in response to a specific economic
event such as a deterioration in the creditworthiness of the issuer. The lack of a liquid secondary market
for certain municipal obligations also may make it more difficult for the fund to obtain accurate market
quotations for purposes of valuing the fund&#8217;s portfolio and calculating its net asset value. In such
cases, the Sub-Adviser&#8217;s judgment may play a greater role in valuation because less reliable, objective
data may be available.</p><p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:italic; font-weight:normal;
text-decoration:none;">Call Risk</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">. Some municipal obligations give the issuer the option to
&#8220;call,&#8221; or prepay, the securities before their maturity date. If interest rates fall, it is possible
that issuers of callable bonds with high interest coupons will call their bonds. If a call were exercised
by the issuer of a bond held by the fund during a period of declining interest rates, the fund is likely
to replace such called bond with a lower yielding bond. If that were to happen, it could decrease the
fund&#8217;s distributions and possibly could affect the market price of the Common Stock. Similar risks
exist when the fund invests the proceeds from matured, traded or prepaid bonds at market interest rates
that are below the fund&#8217;s current earnings rate. A decline in income could affect the market price
or overall return of the Common Stock. During periods of market illiquidity or rising interest rates,
prices of &#8220;callable&#8221; issues are subject to increased price fluctuation.</font></p><p style="font-size:10.5pt;
font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Credit Risk</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">.
Credit risk is the risk that one or more municipal bonds in the fund&#8217;s portfolio will decline in price,
or the issuer or obligor thereof will fail to pay interest or repay principal when due, because the issuer
or obligor experiences a decline or there is a perception of a decline in its financial status. Below
investment grade municipal obligations involve greater credit risk than investment grade municipal obligations.
In addition, sizable investments by the fund in revenue obligations could involve an increased risk to
the fund should any of the related facilities experience financial difficulties.</font></p><p style="font-size:10.5pt;
font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Interest Rate Risk.</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
Prices of municipal obligations and other fixed-income securities tend to move inversely with changes
in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly,
will cause the value of the fund&#8217;s investments in these securities to decline. A wide variety of market
factors can cause </font></p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">51</p>

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<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">ADDITIONAL
INFORMATION (Unaudited) </font><font style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal;
text-decoration:none;">(continued)</font></p>
<!-- PAGEBREAK_END -->
<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">interest rates to rise, including central bank monetary policy, rising inflation
and changes in general economic conditions. During periods of very low interest rates, which occur from
time to time due to market forces or actions of governments and/or their central banks, including the
Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk
of principal decline from rising interest rates. When interest rates fall, the values of already-issued
fixed-income securities generally rise. However, when interest rates fall, the fund&#8217;s investments in
new securities may be at lower yields and may reduce the fund&#8217;s income. Interest rates in the United
States, however, have been rising and are expected to continue to increase in the future. Changing interest
rates may have unpredictable effects on markets, may result in heightened market volatility and may detract
from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities
is generally greater for securities with longer effective maturities and durations because such instruments
do not mature, reset interest rates or become callable for longer periods of time. The change in the
value of a fixed-income security or portfolio can be approximated by multiplying its duration by a change
in interest rates. For example, the market price of a fixed-income security with a duration of three
years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the
same security would be expected to increase 3% if interest rates fell 1%.</p><p style="font-size:10.5pt;
font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Tax Risk.</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
To be tax-exempt, municipal obligations generally must meet certain regulatory requirements. Although
the fund will invest in municipal obligations that pay income that is exempt, in the opinion of counsel
to the issuer (or on the basis of other authority believed by the Adviser to be reliable), from regular
federal income tax, if any such municipal obligation fails to meet these regulatory requirements, the
income received by the fund from its investment in such obligations and distributed by the fund to Common
Shareholders will be taxable. Changes or proposed changes in federal tax laws may cause the prices of
municipal obligations to fall. In addition, the federal income tax treatment of payments in respect of
certain derivatives contracts is unclear. Common Shareholders may receive distributions that are attributable
to derivatives contracts that are treated as ordinary income for federal income tax purposes.</font></p><p
style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><font
style="font-size:10.5pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Liquidity
Risk. </font><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;">When there is little or no active trading market for specific types of securities,
it can become more difficult to sell the securities in a timely manner at or near their perceived value.
In such a market, the value of such securities and the fund&#8217;s net asset value per share of Common Stock
may fall dramatically, even during periods of declining interest rates. Other market developments can
adversely affect fixed-income securities markets. Regulations and business practices, for example, have
led some financial intermediaries to curtail their capacity to engage in trading (</font><font style="font-size:10.5pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">, &#8220;market making&#8221;)
activities for certain fixed-income securities, which could have the potential to decrease liquidity
and increase volatility in the fixed-income securities markets. The secondary market for certain municipal
obligations tends to be less well developed or liquid than many other securities markets, which may adversely
affect the fund&#8217;s ability to sell such municipal obligations at attractive prices. Investments that
are illiquid or that trade in lower volumes may be more difficult to value. Liquidity can decline unpredictably
in response to overall economic conditions or credit tightening. Increases </font></p>
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<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">in volatility and decreases in liquidity may be caused by a rise in interest rates
(or the expectation of a rise in interest rates). </p><p style="font-size:10.5pt; font-family:Serif;
text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif;
font-style:italic; font-weight:normal; text-decoration:none;">When-Issued Securities Risk.</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
When purchasing a security on a forward commitment basis, the fund assumes the rights and risks of ownership
of the security, including the risk of price and yield fluctuations. Because the fund is not required
to pay for these securities until the delivery date, these risks are in addition to the risks associated
with the fund&#8217;s other investments. Securities purchased on a forward commitment, when-issued or delayed-delivery
basis are subject to changes in value (generally appreciating when interest rates decline and depreciating
when interest rates rise) based upon the public&#8217;s perception of the creditworthiness of the issuer
and changes, real or anticipated, in the level of interest rates. Securities purchased on a forward commitment,
when-issued or delayed-delivery basis may expose the fund to risks because they may experience such fluctuations
prior to their actual delivery.</font></p><p style="font-size:10.5pt; font-family:Serif; text-align:justify;
font-weight:normal; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">Leverage Risk</font><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">. Leverage is a speculative technique and
there are special risks and costs associated with leveraging. There is no assurance that leveraging strategy
will be successful. Leverage involves risks and special considerations for Common Shareholders, including:
the likelihood of greater volatility of net asset value, market price and dividend rate of Common Stock
than a comparable portfolio without leverage; the risk that fluctuations in the interest or dividend
rates that the fund must pay on any leverage will reduce the return to Common Shareholders; the effect
of leverage in a declining market, which is likely to cause a greater decline in the net asset value
of Common Stock than if the fund were not leveraged, which may result in a greater decline in the market
price of Common Stock.</font></p><p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:italic; font-weight:normal;
text-decoration:none;">Market Risk.</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;"> The value of the securities in which the fund invests may
be affected by political, regulatory, economic and social developments, and developments that impact
specific economic sectors, industries or segments of the market. 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 worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive
measures taken worldwide 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. </font></p><p style="font-size:10.5pt; font-family:Serif;
text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif;
font-style:italic; font-weight:normal; text-decoration:none;">Risk of Market Price Discount from Net
Asset Value.</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;"> Shares of closed-end funds frequently trade at a market price that is below their
net asset value. This is commonly referred to as &#8220;trading at a discount.&#8221; This characteristic of
shares of closed-end funds is a risk separate and distinct from the risk that the fund&#8217;s net asset
value may decrease. </font></p>
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<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">ADDITIONAL
INFORMATION (Unaudited) </font><font style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal;
text-decoration:none;">(continued)</font></p>
<!-- PAGEBREAK_END -->
<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">Whether Common Shareholders will realize a gain or loss upon the sale of Common
Stock will depend upon whether the market value of Common Stock at the time of sale is above or below
the price the Common Shareholder paid, taking into account transaction costs, for Common Stock and is
not directly dependent upon the fund&#8217;s net asset value. Because the market value of Common Stock will
be determined by factors such as the relative demand for and supply of Common Stock in the market, general
market conditions and other factors beyond the control of the fund, the fund cannot predict whether its
Common Stock will trade at, below or above net asset value, or below or above the initial offering price
for such Common Stock.</p><p style="font-size:10.5pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:10.5pt; font-family:Serif; font-style:italic; font-weight:normal;
text-decoration:none;">Management Risk. </font><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">The fund is subject to management risk because the Adviser
actively manages the fund. The Sub-Adviser and the fund&#8217;s portfolio managers will apply investment
techniques and risk analyses in making investment decisions for the fund, but there can be no guarantee
that these will produce the desired results.</font></p><p style="font-size:10.5pt; font-family:Serif;
text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif;
font-style:italic; font-weight:normal; text-decoration:none;">Cybersecurity Risk.</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The fund and its service
providers are susceptible to operational and information security risks due to cybersecurity incidents.
In general, cybersecurity incidents can result from deliberate attacks or unintentional events. Cybersecurity
attacks include, but are not limited to, gaining unauthorized access to digital systems (</font><font
style="font-size:10.5pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">e.g</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">.,
through &#8220;hacking&#8221; or malicious software coding) for purposes of misappropriating assets or sensitive
information, corrupting data or causing operational disruption. Cyber attacks also may be carried out
in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks
on websites (i.e., efforts to make services unavailable to intended users). Cybersecurity incidents affecting
the Adviser or other service providers, as well as financial intermediaries, have the ability to cause
disruptions and impact business operations, potentially resulting in financial losses, including by interference
with the fund&#8217;s ability to calculate its net asset value; impediments to trading for the fund&#8217;s portfolio;
the inability of Common Shareholders to transact business with the fund; violations of applicable privacy,
data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other
compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences
could result from cybersecurity incidents affecting issuers of securities in which the fund invests,
counterparties with which the fund engages in transactions, governmental and other regulatory authorities,
exchange and other financial market operators, banks, brokers, dealers, insurance companies and other
financial institutions and other parties. While information risk management systems and business continuity
plans have been developed which are designed to reduce the risks associated with cybersecurity, there
are inherent limitations in any cybersecurity risk management systems or business continuity plans, including
the possibility that certain risks have not been identified.</font></p><p style="font-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">Given the risks described
above, an investment in Common Stock may not be appropriate for all investors. You should carefully consider
your ability to assume these risks before making an investment in the fund.</p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">54</p>

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


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<p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Recent
Changes </p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">During the period ended September 30, 2022, there were: (i) no material changes
in the fund&#8217;s investment objectives or policies that have not been approved by shareholders, (ii) no
changes in the fund&#8217;s charter or by-laws that would delay or prevent a change of control of the fund
that have not been approved by shareholders, (iii) no material changes to the principal risk factors
associated with investment in the fund, and (iv) no change in the persons primarily responsible for the
day-to-day management of the fund&#8217;s portfolio.</p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">55</p>

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

<p style="font-size:11.5pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:11.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">IMPORTANT
TAX INFORMATION </font><font style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">(Unaudited)</font></p>
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<p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><a name="13"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
</font></p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">In accordance with federal tax law, the fund hereby reports all the dividends
paid from net investment income during its fiscal year ended September 30, 2022 as &#8220;exempt-interest
dividends&#8221; (not generally subject to regular Federal income tax). Where required by federal tax law
rules, shareholders will receive notification of their portion of the fund&#8217;s taxable ordinary dividends
(if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2022 calendar year
on Form 1099-DIV, which will be mailed in early 2023.</p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">56</p>

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

<p style="font-size:11.5pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:11.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">PROXY
RESULTS </font><font style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">(Unaudited)</font></p>
<!-- PAGEBREAK_END -->
<p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><a name="14"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Common
Shareholders and holders of APS voted together as a single class (except as noted below) on the following
proposal presented at the annual stockholders&#8217; meeting held on June 16, 2022.</font></p><table cellspacing="0"
style="border-collapse:collapse" width="100%" cellpadding="0" style="clear:both"><tr style="font-size:1pt;"><td
style="width:3.85%;" >&nbsp;</td><td style="width:39.12%;" >&nbsp;</td><td style="width:19.18%;" >&nbsp;</td><td
style="width:12.29%;" >&nbsp;</td><td style="width:25.55%;" >&nbsp;</td></tr><tr><td style="vertical-align:middle;
border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:middle; border-top:1.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal;
text-decoration:none;">&#160;</p></td><td colspan="3" style=" vertical-align:middle; border-bottom:0.5pt;
border-bottom-style:solid; border-bottom-color:#000000; border-top:1.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:center; color:#000000;
font-weight:normal; text-decoration:none;">Shares</p></td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">
For </p></td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td
style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;"> Authority
Withheld </p></td></tr><tr><td colspan="2" style=" vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">To
elect two Class I Directors</font><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;"><sup>&#8224;</sup></font><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">:</font></p></td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Joseph
S. DiMartino</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">43,534,040</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">4,480,476</p></td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Joni Evans</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">44,180,197</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,834,319</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">To
elect one Class II Director</font><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;"><sup>&#8224;&#8224;</sup></font></p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Alan
H. Howard</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">44,264,291</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">3,750,225</p></td></tr></table><p style="font-size:8.0pt;
font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:italic;"><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;"><sup>&#8224;</sup></font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">The term of the Class I Director expires in 2025.</font></p><p
style="font-size:8.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal;
margin-left:10.8pt; font-style:italic;"><font style="font-size:8.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;"><sup>&#8224;&#8224;</sup></font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">The
term of the Class II Director expires in 2023.</font></p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">57</p>

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

<p style="font-size:11.5pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:11.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">BOARD
MEMBERS INFORMATION </font><font style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">(Unaudited)</font></p>
<!-- PAGEBREAK_END -->
<p style="font-size:12.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:italic;"><font
style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal; text-decoration:none;">Independent
Board Members</font></p><p style="font-size:12.0pt; font-family:Arial; text-align:left; color:#141414;
font-weight:bold; margin-left:0.3pt; font-style:normal;"><a name="15"></a><font style="font-size:4.0pt;
font-family:Arial; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;"> </font><font
style="font-size:10.5pt; font-family:Arial; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.5pt; font-family:Arial; font-style:normal; color:#141414; font-weight:bold;
text-decoration:none;">Joseph S. DiMartino (78)</font></p><p style="font-size:10.5pt; font-family:Arial;
text-align:left; color:#141414; font-weight:bold; margin-left:0.3pt; text-decoration:none;">Chairman
of the Board (1995)</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; color:#141414;
font-weight:normal; margin-left:0.3pt; text-decoration:none;">Current term expires in 2025.</p><p style="font-size:9.0pt;
font-family:Serif; text-align:justify; font-weight:normal; text-decoration:none; font-style:italic;">Principal
Occupation During Past 5 Years:</p><p style="font-size:9.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt;
font-weight:normal; margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Symbol;
font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Director
and Trustee of funds in the BNY Mellon Family of Funds and certain other entities (as described in the
fund&#8217;s Statement of Additional Information) (1995-Present)</font></p><p style="font-size:9.0pt; font-family:Serif;
text-align:justify; font-weight:normal; text-decoration:none; font-style:italic;">Other Public Company
Board Memberships During Past 5 Years:</p><p style="font-size:9.0pt; font-family:Serif; text-align:left;
text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt;
font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">CBIZ,
Inc., a public company providing professional business services, products and solutions, </font><font
style="font-size:9.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Director</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
(1997-Present)</font></p><p style="font-size:9.0pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:italic;"><font style="font-size:9.0pt; font-family:Serif; font-style:italic; font-weight:normal;
text-decoration:none;">No. of Portfolios for which Board Member Serves: </font><font style="font-size:9.0pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">94</font></p><p style="font-size:10.0pt;
font-family:Serif; font-style:normal; text-align:center; font-weight:normal; text-decoration:none;">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</p><p
style="font-size:10.5pt; font-family:Arial; text-align:left; color:#141414; font-weight:bold; margin-left:0.3pt;
text-decoration:none;">Joni Evans (80)</p><p style="font-size:10.5pt; font-family:Arial; text-align:left;
color:#141414; font-weight:bold; margin-left:0.3pt; text-decoration:none;">Board Member (2007)</p><p
style="font-size:8.0pt; font-family:Arial; text-align:left; color:#141414; font-weight:normal; margin-left:0.3pt;
text-decoration:none;">Current term expires in 2025.</p><p style="font-size:9.0pt; font-family:Serif;
text-align:justify; font-weight:normal; text-decoration:none; font-style:italic;">Principal Occupation
During Past 5 Years:</p><p style="font-size:9.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt;
font-weight:normal; margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Symbol;
font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">www.wowOwow.com,
an online community dedicated to women&#8217;s  conversations and publications, </font><font style="font-size:9.0pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Chief Executive Officer</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
(2007-2019)</font></p><p style="font-size:9.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt;
font-weight:normal; margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Symbol;
font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Joni
Evans Ltd. publishing, </font><font style="font-size:9.0pt; font-family:Serif; font-style:italic; font-weight:normal;
text-decoration:none;">Principal</font><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;"> (2006-2019)</font></p><p style="font-size:9.0pt; font-family:Serif;
text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:9.0pt; font-family:Serif;
font-style:italic; font-weight:normal; text-decoration:none;">No. of Portfolios for which Board Member
Serves: </font><font style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;">17</font></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal;
text-align:center; font-weight:normal; text-decoration:none;">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</p><p style="font-size:10.5pt;
font-family:Arial; text-align:left; color:#141414; font-weight:bold; margin-left:0.3pt; text-decoration:none;">Joan
Gulley (75)</p><p style="font-size:10.5pt; font-family:Arial; text-align:left; color:#141414; font-weight:bold;
margin-left:0.3pt; text-decoration:none;">Board Member (2017)</p><p style="font-size:9.0pt; font-family:Calibri;
text-align:left; font-weight:normal; margin-left:0.3pt; text-decoration:none;">Current term expires in
2024.</p><p style="font-size:9.0pt; font-family:Serif; text-align:justify; font-weight:normal; text-decoration:none;
font-style:italic;">Principal Occupation During Past 5 Years:</p><p style="font-size:9.0pt; font-family:Serif;
text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:normal;"><font
style="font-size:9.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">Nantucket Atheneum, public library, </font><font style="font-size:9.0pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Chair</font><font style="font-size:9.0pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> (2018-June 2021) and
</font><font style="font-size:9.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Director</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
(2015-June 2021)</font></p><p style="font-size:9.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt;
font-weight:normal; margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Symbol;
font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Orchard
Island Club, golf and beach club, </font><font style="font-size:9.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">Governor</font><font style="font-size:9.0pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;"> (2016-Present)</font></p><p style="font-size:9.0pt;
font-family:Serif; text-align:justify; font-weight:normal; font-style:italic;"><font style="font-size:9.0pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">No. of Portfolios for
which Board Member Serves: </font><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">40</font></p><p style="font-size:10.0pt; font-family:Serif;
font-style:normal; text-align:center; font-weight:normal; text-decoration:none;">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">58</p>

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<p style="font-size:10.5pt; font-family:Arial; text-align:left; color:#141414; font-weight:bold; margin-left:0.3pt;
text-decoration:none;">Alan H. Howard (63)</p><p style="font-size:10.5pt; font-family:Arial; text-align:left;
color:#141414; font-weight:bold; margin-left:0.3pt; text-decoration:none;">Board Member (2018)</p><p
style="font-size:8.0pt; font-family:Arial; text-align:left; color:#141414; font-weight:normal; margin-left:0.3pt;
text-decoration:none;">Current term expires in 2023.</p><p style="font-size:9.0pt; font-family:Serif;
text-align:justify; font-weight:normal; text-decoration:none; font-style:italic;">Principal Occupation
During Past 5 Years:</p><p style="font-size:9.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt;
font-weight:normal; margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Symbol;
font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Heathcote
Advisors LLC, a financial advisory services firm, </font><font style="font-size:9.0pt; font-family:Serif;
font-style:italic; font-weight:normal; text-decoration:none;">Managing Partner</font><font style="font-size:9.0pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> (2008-Present)</font></p><p
style="font-size:9.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal;
margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Symbol; font-style:normal;
font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Dynatech/MPX
Holdings LLC, a global supplier and service provider of military aircraft parts, </font><font style="font-size:9.0pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">President</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
(2012-2019); and </font><font style="font-size:9.0pt; font-family:Serif; font-style:italic; font-weight:normal;
text-decoration:none;">Board Member</font><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;"> of its two operating subsidiaries, Dynatech International
LLC  and Military Parts Exchange LLC (2012-2019), including </font><font style="font-size:9.0pt; font-family:Serif;
font-style:italic; font-weight:normal; text-decoration:none;">Chief Executive Officer</font><font style="font-size:9.0pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> of an operating subsidiary,
Dynatech International LLC (2013-2019)</font></p><p style="font-size:9.0pt; font-family:Serif; text-align:left;
text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt;
font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Rossoff
&amp; Co., an independent investment banking firm, </font><font style="font-size:9.0pt; font-family:Serif;
font-style:italic; font-weight:normal; text-decoration:none;">Senior Advisor</font><font style="font-size:9.0pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> (2013-June 2021)</font></p><p
style="font-size:9.0pt; font-family:Serif; text-align:justify; font-weight:normal; text-decoration:none;
font-style:italic;">Other Public Company Board Memberships During Past 5 Years:</p><p style="font-size:9.0pt;
font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:normal;"><font
style="font-size:9.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">Movado Group, Inc., a public company that designs, sources,
markets and distributes watches, </font><font style="font-size:9.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">Director</font><font style="font-size:9.0pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;"> (1997-Present)</font></p><p style="font-size:9.0pt;
font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:normal;"><font
style="font-size:9.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">Diamond Offshore Drilling, Inc., a public company that provides
contract drilling services, </font><font style="font-size:9.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">Director</font><font style="font-size:9.0pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;"> (March 2020-April 2021)</font></p><p style="font-size:9.0pt;
font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><font style="font-size:9.0pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">No. of Portfolios for
which Board Member Serves: </font><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">17</font></p><p style="font-size:10.0pt; font-family:Serif;
font-style:normal; text-align:center; font-weight:normal; text-decoration:none;">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</p><p
style="font-size:10.5pt; font-family:Arial; text-align:left; color:#141414; font-weight:bold; margin-left:0.3pt;
text-decoration:none;">Robin A. Melvin (59)</p><p style="font-size:10.5pt; font-family:Arial; text-align:left;
color:#141414; font-weight:bold; margin-left:0.3pt; text-decoration:none;">Board Member (1995)</p><p
style="font-size:8.0pt; font-family:Arial; text-align:left; color:#141414; font-weight:normal; margin-left:0.3pt;
text-decoration:none;">Current term expires in 2023.</p><p style="font-size:9.0pt; font-family:Serif;
text-align:justify; font-weight:normal; text-decoration:none; font-style:italic;">Principal Occupation
During Past 5 Years:</p><p style="font-size:9.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt;
font-weight:normal; margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Symbol;
font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Westover
School, a private girls&#8217; boarding school in Middlebury, Connecticut, </font><font style="font-size:9.0pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Trustee</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
(2019-Present)</font></p><p style="font-size:9.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt;
font-weight:normal; margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Symbol;
font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Mentor
Illinois, a non-profit organization dedicated to increasing the quantity and quality of mentoring services
in Illinois. </font><font style="font-size:9.0pt; font-family:Serif; font-style:italic; font-weight:normal;
text-decoration:none;">Co-Chair</font><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;"> (2014&#8211;2020); </font><font style="font-size:9.0pt; font-family:Serif;
font-style:italic; font-weight:normal; text-decoration:none;">Board Member</font><font style="font-size:9.0pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">, Mentor Illinois (2013-2020)</font></p><p
style="font-size:9.0pt; font-family:Serif; text-align:justify; font-weight:normal; text-decoration:none;
font-style:italic;">Other Public Company Board Memberships During Past 5 Years:</p><p style="font-size:9.0pt;
font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:normal;"><font
style="font-size:9.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">HPS Corporate Lending Fund, a closed-end management investment
company regulated as a business development company, </font><font style="font-size:9.0pt; font-family:Serif;
font-style:italic; font-weight:normal; text-decoration:none;">Trustee</font><font style="font-size:9.0pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> (August 2021-Present)</font></p><p
style="font-size:9.0pt; font-family:Serif; text-align:justify; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">No.
of Portfolios for which Board Member Serves: </font><font style="font-size:9.0pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">72</font></p><p style="font-size:10.0pt;
font-family:Serif; font-style:normal; text-align:center; font-weight:normal; text-decoration:none;">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</p><p
style="font-size:10.5pt; font-family:Arial; text-align:left; color:#141414; font-weight:bold; margin-left:0.3pt;
text-decoration:none;">Burton N. Wallack (71)</p><p style="font-size:10.5pt; font-family:Arial; text-align:left;
color:#141414; font-weight:bold; margin-left:0.3pt; text-decoration:none;">Board Member (2006)</p><p
style="font-size:8.0pt; font-family:Arial; text-align:left; color:#141414; font-weight:normal; margin-left:0.3pt;
text-decoration:none;">Current term expires in 2024.</p><p style="font-size:9.0pt; font-family:Serif;
text-align:justify; font-weight:normal; text-decoration:none; font-style:italic;">Principal Occupation
During Past 5 Years:</p><p style="font-size:9.0pt; font-family:Serif; text-align:left; font-weight:normal;
margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">Wallack Management Company, a real estate management company,
</font><font style="font-size:9.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">President
and Co-owner</font><font style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;"> (1987-Present)</font></p><p style="font-size:9.0pt; font-family:Serif; text-align:justify;
font-weight:normal; text-decoration:none; font-style:italic;">Other Public Company Board Memberships
During Past 5 Years:</p><p style="font-size:9.0pt; font-family:Serif; text-align:left; font-weight:normal;
margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">Mount Sinai Hospital Urology </font><font style="font-size:9.0pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Board Member</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
(2017-Present)</font></p><p style="font-size:9.0pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:normal;"><font style="font-size:9.0pt; font-family:Serif; font-style:italic; font-weight:normal;
text-decoration:none;">No. of Portfolios for which Board Member Serves: </font><font style="font-size:9.0pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">17</font></p><p style="font-size:10.0pt;
font-family:Serif; font-style:normal; text-align:center; font-weight:normal; text-decoration:none;">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">59</p>

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

<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">BOARD
MEMBERS INFORMATION (Unaudited) (continued)</p>
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<p style="font-size:10.5pt; font-family:Arial; text-align:left; color:#141414; font-weight:bold; margin-left:0.3pt;
text-decoration:none;">Benaree Pratt Wiley (76)</p><p style="font-size:10.5pt; font-family:Arial; text-align:left;
color:#141414; font-weight:bold; margin-left:0.3pt; text-decoration:none;">Board Member (1989)</p><p
style="font-size:8.0pt; font-family:Arial; text-align:left; color:#141414; font-weight:normal; margin-left:0.3pt;
text-decoration:none;">Current term expires in 2024.</p><p style="font-size:9.0pt; font-family:Serif;
text-align:justify; font-weight:normal; text-decoration:none; font-style:italic;">Principal Occupation
During Past 5 Years:</p><p style="font-size:9.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt;
font-weight:normal; margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Symbol;
font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The
Wiley Group, a firm specializing in strategy and business development. </font><font style="font-size:9.0pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Principal</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
(2005-Present)</font></p><p style="font-size:9.0pt; font-family:Serif; text-align:justify; font-weight:normal;
text-decoration:none; font-style:italic;">Other Public Company Board Memberships During Past 5 Years:</p><p
style="font-size:9.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal;
margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Symbol; font-style:normal;
font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">CBIZ,
Inc., a public company providing professional business services, products and solutions, </font><font
style="font-size:9.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Director
</font><font style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">(2008-Present)</font></p><p
style="font-size:9.0pt; font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal;
margin-left:10.8pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Symbol; font-style:normal;
font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:6.4pt;">&#160;</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Blue
Cross-Blue Shield of Massachusetts, </font><font style="font-size:9.0pt; font-family:Serif; font-style:italic;
font-weight:normal; text-decoration:none;">Director</font><font style="font-size:9.0pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;"> (2004-2020)</font></p><p style="font-size:9.0pt;
font-family:Serif; text-align:justify; font-weight:normal; font-style:italic;"><font style="font-size:9.0pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">No. of Portfolios for
which Board Member Serves: </font><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">61</font></p><p style="font-size:10.0pt; font-family:Serif;
font-style:normal; text-align:center; font-weight:normal; text-decoration:none;">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</p><p
style="font-size:10.5pt; font-family:Arial; text-align:left; color:#141414; font-weight:bold; margin-left:0.3pt;
text-decoration:none;">Gordon J. Davis (81)</p><p style="font-size:10.5pt; font-family:Arial; text-align:left;
color:#141414; font-weight:bold; margin-left:0.3pt; text-decoration:none;">Advisory Board Member (2021)</p><p
style="font-size:9.0pt; font-family:Serif; text-align:justify; font-weight:normal; text-decoration:none;
font-style:italic;">Principal Occupation During Past 5 Years:</p><p style="font-size:9.0pt; font-family:Serif;
text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:normal;"><font
style="font-size:9.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">Venable LLP, a law firm, Partner</font><font style="font-size:9.0pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;"> </font><font style="font-size:9.0pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">(2012-Present) </font></p><p
style="font-size:9.0pt; font-family:Serif; text-align:justify; font-weight:normal; text-decoration:none;
font-style:italic;">Other Public Company Board Memberships During Past 5 Years:</p><p style="font-size:9.0pt;
font-family:Serif; text-align:left; text-indent:-10.8pt; font-weight:normal; margin-left:10.8pt; font-style:normal;"><font
style="font-size:9.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font
style="word-spacing:6.4pt;">&#160;</font><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">BNY Mellon Family of Funds (53 funds), </font><font style="font-size:9.0pt;
font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">Board Member</font><font
style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
(1995-August 2021)</font></p><p style="font-size:9.0pt; font-family:Serif; text-align:justify; font-weight:normal;
font-style:italic;"><font style="font-size:9.0pt; font-family:Serif; font-style:italic; font-weight:normal;
text-decoration:none;">No. of Portfolios for which Advisory Board Member Serves: </font><font style="font-size:9.0pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">39</font></p><p style="font-size:10.0pt;
font-family:Serif; font-style:normal; text-align:center; font-weight:normal; text-decoration:none;">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;</p><p
style="font-size:9.0pt; font-family:Serif; text-align:justify; font-weight:normal; text-decoration:none;
font-style:italic;">The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser,
Inc., 240 Greenwich Street, New York, New York 10286. </p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">60</p>

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<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:11.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">OFFICERS
OF THE FUND </font><font style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">(Unaudited)</font></p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; font-style:normal;"><a name="16"></a><font
style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">DAVID
DIPETRILLO, President since January 2021.</font></p><p style="font-size:8.0pt; font-family:Serif; font-style:normal;
text-align:left; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Vice President and Director
of the Adviser since February 2021; Head of North America Product, BNY Mellon Investment Management since
January 2018; and Director of Product Strategy, BNY Mellon Investment Management from January 2016 to
December 2017. He is an officer of 55 investment companies (comprised of 108 portfolios) managed by the
Adviser or an affiliate of the Adviser. He is 44 years old and has been an employee of BNY Mellon since
2005.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">JAMES
WINDELS, Treasurer since November 2001.</p><p style="font-size:8.0pt; font-family:Serif; font-style:normal;
text-align:left; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Vice President of the
Adviser since September 2020; and Director&#8211;BNY Mellon Fund Administration. He is an officer of 56 investment
companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. He is
64 years old and has been an employee of the Adviser since April 1985.</p><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">PETER M. SULLIVAN, Chief
Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019. </p><p style="font-size:8.0pt;
font-family:Serif; text-align:left; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Chief
Legal Officer of the Adviser and Associate General Counsel of BNY Mellon since July 2021;</font><font
style="font-size:12.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
</font><font style="font-size:8.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Senior
Managing Counsel of BNY Mellon from December 2020 to July 2021; and Managing Counsel of BNY Mellon from
March 2009 to December 2020. He is an officer of 56 investment companies (comprised of 129 portfolios)
managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of
BNY Mellon since April 2004.</font></p><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:bold; text-decoration:none;">JAMES BITETTO, Vice President since August 2005 and Secretary
since February 2018.</p><p style="font-size:8.0pt; font-family:Serif; font-style:normal; text-align:left;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Senior Managing Counsel of BNY Mellon since
December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; and Secretary of the
Adviser. He is an officer of 56 investment companies (comprised of 129 portfolios) managed by the Adviser
or an affiliate of the Adviser. He is 56 years old and has been an employee of the Adviser since December
1996.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; color:#141414; font-weight:bold;
text-decoration:none;">DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019. </p><p
style="font-size:8.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Managing Counsel of BNY Mellon since December 2021, Counsel of BNY Mellon from
August 2018 to December 2021; and Senior Regulatory Specialist at BNY Mellon Investment Management Services
from February 2016 to August 2018. She is an officer of 56 investment companies (comprised of 129 portfolios)
managed by the Adviser or an affiliate of the Adviser. She is 32 years old and has been an employee of
the Adviser since August 2018.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold;
text-decoration:none;">SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.</p><p
style="font-size:8.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Vice President of BNY Mellon ETF Investment Adviser; LLC since February 2020;
Senior Managing Counsel of BNY Mellon since September 2021; Managing Counsel of BNY Mellon from December
2017 to September 2021; and Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an
officer of 56 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate
of the Adviser. She is 47 years old and has been an employee of the Adviser since March 2013.</p><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">JEFF PRUSNOFSKY, Vice President
and Assistant Secretary since August 2005.</p><p style="font-size:8.0pt; font-family:Serif; font-style:normal;
text-align:left; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Senior Managing Counsel
of BNY Mellon. He is an officer of 56 investment companies (comprised of 129 portfolios) managed by the
Adviser or an affiliate of the Adviser. He is 57 years old and has been an employee of the Adviser since
October 1990.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">AMANDA
QUINN, Vice President and Assistant Secretary since March 2020. </p><p style="font-size:8.0pt; font-family:Serif;
font-style:normal; text-align:left; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Counsel
of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management
Services from September 2018 to May 2019; and Senior Regulatory Specialist at BNY Mellon Investment Management
Services from April 2015 to August 2018. She is an officer of 56 investment companies (comprised of 129
portfolios) managed by the Adviser or an affiliate of the Adviser.  She is 37 years old and has been
an employee of the Adviser since June 2019.</p>
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<p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">OFFICERS
OF THE FUND (Unaudited) </font><font style="font-size:9.0pt; font-family:Arial; font-style:italic; font-weight:normal;
text-decoration:none;">(continued)</font></p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:left; color:#141414; font-weight:bold; margin-left:0.3pt;
text-decoration:none;">NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017. </p><p
style="font-size:8.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Chief Compliance Officer since August 2021 and Vice President since February 2020
of BNY Mellon ETF Investment Adviser, LLC; Chief Compliance Officer since August 2021 and Vice President
and Assistant Secretary since February 2020 of BNY Mellon ETF Trust; Managing Counsel of BNY Mellon from
December 2019 to August 2021; Counsel of BNY Mellon from May 2016 to December 2019; and Assistant Secretary
of the Adviser from April 2018 to August 2021. She is an officer of 55 investment companies (comprised
of 128 portfolios) managed by the Adviser&#160;or an affiliate of the Adviser. She is 37 years old and has
been an employee of BNY Mellon since May 2016.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left;
color:#141414; font-weight:bold; margin-left:0.3pt; font-style:normal;"><font style="font-size:8.0pt;
font-family:Arial; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">DANIEL
GOLDSTEIN, Vice President</font><font style="font-size:10.5pt; font-family:Arial; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;"> </font><font style="font-size:8.0pt; font-family:Arial;
font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">since March 2022. </font></p><p
style="font-size:8.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Vice President and Head of Product Development of North America Product, BNY Mellon
Investment Management since January 2018; Co-Head of Product Management, Development &amp; Oversight
of North America Product, BNY Mellon Investment Management from January 2010 to January 2018; and Senior
Vice President, Development &amp; Oversight of North America Product, BNY Mellon Investment Management
since 2010. He is an officer of 55 investment companies (comprised of 108 portfolios) managed by the
Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Distributor
since 1991.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; color:#141414; font-weight:bold;
margin-left:0.3pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Arial; font-style:normal;
color:#141414; font-weight:bold; text-decoration:none;">JOSEPH MARTELLA, Vice President</font><font style="font-size:10.5pt;
font-family:Arial; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;"> </font><font
style="font-size:8.0pt; font-family:Arial; font-style:normal; color:#141414; font-weight:bold; text-decoration:none;">since
March 2022. </font></p><p style="font-size:8.0pt; font-family:Serif; font-style:normal; text-align:left;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Vice President and Head of Product Management
of North America Product, BNY Mellon Investment Management since January 2018; Director of Product Research
and Analytics of North America Product, BNY Mellon Investment Management from January 2010 to January
2018; and Senior Vice President of North America Product, BNY Mellon Investment Management since 2010.
He is an officer of 55 investment companies (comprised of 108 portfolios) managed by the Adviser or an
affiliate of the Adviser. He is 45 years old and has been an employee of the Distributor since 1999.</p><p
style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">GAVIN
C. REILLY, Assistant Treasurer since December 2005.</p><p style="font-size:8.0pt; font-family:Serif;
font-style:normal; text-align:left; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Tax
Manager&#8211;BNY Mellon Fund Administration. He is an officer of 56 investment companies (comprised of 129
portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an
employee of the Adviser since April 1991.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left;
font-weight:bold; text-decoration:none;">ROBERT SALVIOLO, Assistant Treasurer since July 2007.</p><p
style="font-size:8.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Senior Accounting Manager&#8211;BNY Mellon Fund Administration. He is an officer of
56 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser.
He is 55 years old and has been an employee of the Adviser since June 1989.</p><p style="font-size:8.0pt;
font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">ROBERT SVAGNA, Assistant
Treasurer since December 2002.</p><p style="font-size:8.0pt; font-family:Serif; font-style:normal; text-align:left;
font-weight:normal; margin-left:7.2pt; text-decoration:none;">Senior Accounting Manager&#8211;BNY Mellon
Fund Administration. He is an officer of 56 investment companies (comprised of 129 portfolios) managed
by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser
since November 1990.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold;
text-decoration:none;">JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.</p><p style="font-size:8.0pt;
font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Chief
Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since 2004; and Chief
Compliance Officer of the Adviser from 2004 until June 2021. He is an officer of 55 investment companies
(comprised of 115 portfolios) managed by the Adviser. He is 65 years old.</p>
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<p style="font-size:11.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:11.5pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">OFFICERS
AND DIRECTORS</font><br><font style="font-size:11.0pt; font-family:Arial; font-style:normal; font-weight:normal;
text-decoration:none;">BNY Mellon Strategic Municipals, Inc.</font></p><p style="font-size:10.5pt; font-family:Serif;
text-align:left; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">240 Greenwich Street</font><br><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">New York, NY 10286</font></p>
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<table cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="2" 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="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;"><p style="font-size:9.0pt; font-family:Cambria; text-align:left; color:#000000; text-indent:-7.2pt;
font-weight:bold; margin-left:7.2pt; font-style:normal;"><a name="17"></a><font style="font-size:4.0pt;
font-family:Arial; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">&#160;</font><font
style="font-size:9.0pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">&#160;</font><font
style="font-size:9.0pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">Directors</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Chief Compliance Officer</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Joseph S. DiMartino,
Chairman</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">
   Joseph W. Connolly</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Joni Evans</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:9.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Portfolio Managers</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Joan Gulley</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Daniel A. Rabasco</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Alan H. Howard</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">Jeffrey B. Burger</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Agency FB; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">Robin A. Melvin </font><font style="font-size:8.0pt;
font-family:Agency FB; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;"><sup>&#8224;</sup></font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:top;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Burton N. Wallack</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:top; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;">Benaree Pratt Wiley</font><font style="font-size:8.0pt; font-family:Cambria;
font-style:normal; color:#141414; font-weight:normal; text-decoration:none;"><sup>&#8224;</sup></font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:9.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Adviser</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:top; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">Gordon Davis</font><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;"><sup>&#8224;&#8224;</sup></font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">BNY Mellon Investment
Adviser, Inc.</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;"><sup>&#8224;</sup></font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">
Elected by APS Holders</font></p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Sub-Adviser</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;"><sup>&#8224;&#8224;</sup></font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">
 Advisory Board Member</font></p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Insight
North America LLC</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:9.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt;
text-decoration:none;">Officers</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:9.0pt; font-family:Cambria;
text-align:left; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Custodian</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">President</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">The Bank of New York
Mellon</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">
   David DiPetrillo</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:9.0pt; font-family:Cambria;
text-align:left; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Counsel</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Chief Legal Officer</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Proskauer Rose LLP</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">    Peter M. Sullivan</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:9.0pt; font-family:Cambria; text-align:left; color:#000000;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Transfer Agent,</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Vice President and
Secretary</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:9.0pt; font-family:Cambria;
text-align:left; color:#141414; font-weight:bold; text-decoration:none;">Dividend Disbursing Agent</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">    James Bitetto</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:9.0pt; font-family:Cambria; text-align:left; color:#000000;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">and Registrar</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Vice President and
Secretaries</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Computershare
Inc.</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">
   Deirdre Cunnane</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">(Common
Stock)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">
   Sarah S. Kelleher</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">Deutsche
Bank Trust Company America</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">    Jeff Prusnofsky</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#000000; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">(Auction Preferred Stock)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">    Amanda Quinn</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:9.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Auction Agent</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">    Natalya Zelensky</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Deutsche Bank Trust Company America</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Treasurer</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">(Auction Preferred Stock)</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">    James Windels</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:9.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Stock Exchange Listing</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Vice Presidents</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">NYSE Symbol: LEO</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">    Daniel Goldstein</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:9.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">Initial SEC Effective Date</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">     Joseph Martella</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">9/23/87</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">Assistant Treasurers</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">    Gavin C. Reilly</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">
   Robert Salviolo</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">    Robert Svagna</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td></tr><tr><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;">&#160;</td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;">&#160;</td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;">&#160;</td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;">&#160;</td></tr><tr><td colspan="4" style=" vertical-align:bottom;"><p style="font-size:8.0pt;
font-family:Serif; text-align:left; font-weight:normal; text-decoration:none; font-style:italic;">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-size:8.0pt; font-family:Serif; text-align:left; font-weight:normal;
text-decoration:none; font-style:italic;">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>
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<p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">BNY
Mellon Strategic Municipals, Inc.</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">240 Greenwich Street</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">New
York, NY 10286</p><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Adviser</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">BNY
Mellon Investment Adviser, Inc.</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">240 Greenwich Street</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">New
York, NY 10286</p><p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Sub-Adviser</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">Insight
North America LLC </p><p style="margin-bottom: 0pt; margin-top: 0pt; font: normal 10pt Serif; text-align: left"><font style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;">200 Park Avenue, 7</font><font style="font-size:10.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;"><sup>th</sup></font><font style="font-size:10.0pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;"> Floor</font></p><p style="margin-top: 0pt; font: normal 1pt Serif; text-align: left; margin-bottom: 0pt"><font style="font-size:10.0pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">New York, NY 10166</font></p><p
style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Custodian</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">The
Bank of New York Mellon</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">240 Greenwich Street</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">New York, NY 10286</p><p
style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; font-style:normal;"><font
style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Transfer
Agent &amp;</font><br><font style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:bold;
text-decoration:none;">Registrar (Common Stock)</font></p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">Computershare Inc.</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">480
Washington Boulevard</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">Jersey City, NJ 07310</p><p style="font-size:10.0pt; font-family:Arial;
text-align:left; font-weight:bold; text-decoration:none;">Dividend Disbursing Agent (Common Stock)</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">Computershare
Inc.</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">P.O. Box 30170</p><p style="margin-top: 0pt; font: normal 10pt Serif; text-decoration: none; text-align: left; margin-bottom: 0pt">College Station, TX 77842</p><table cellspacing="0"
style="border-collapse:collapse" width="100%" cellpadding="2" style="clear:both"><tr style="font-size:1pt;"><td
style="width:20%">&nbsp;</td><td style="width:80%">&nbsp;</td></tr><tr><td style="vertical-align:top;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; font-size:1pt;"><p style="font-size:10.0pt; font-family:Serif; font-style:normal;
text-align:left; font-weight:bold; text-decoration:none;">Ticker Symbol:</p></td><td style="vertical-align:bottom;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left;
font-weight:normal; text-decoration:none;">LEO</p></td></tr></table><p style="font-size:8.5pt; font-family:Serif;
text-align:left; font-weight:normal; font-style:normal;"><font style="font-size:10.0pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">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-size:10.0pt; font-family:Serif;
text-align:left; font-weight:normal; font-style:normal;"><font style="font-size:10.0pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">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><font style="font-size:10.0pt;
font-family:Serif; font-style:normal; color:#0000FF; font-weight:normal; text-decoration:underline;">www.sec.gov</font><font
style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">.</font></p><p
style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><font
style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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><font style="font-size:10.0pt;
font-family:Serif; font-style:normal; color:#0000FF; font-weight:normal; text-decoration:underline;">
</font><font style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">and
on the SEC&#8217;s website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.</font></p><table
cellspacing="0" style="border-collapse:collapse" width="100%" cellpadding="2" style="clear:both"><tr
style="font-size:1pt;"><td style="width:50%">&nbsp;</td><td style="width:50%">&nbsp;</td></tr><tr><td
style="vertical-align:bottom; font-size:1pt;"><p style="font-size:8.5pt; font-family:Serif; text-align:left;
font-weight:normal; font-style:normal;"><br><font style="font-size:8.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">0853AR0922</font></p></td><td style="vertical-align:bottom;
font-size:1pt;"><p style="font-size:8.5pt; font-family:Serif; text-align:right; font-weight:normal; font-style:normal;"><img src="img_44b10f295b594.jpg"></p></td></tr></table>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 2.&#9;Code of Ethics.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Registrant has adopted a code of ethics
that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the
period covered by this Report.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 3.&#9;Audit Committee Financial Expert.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Registrant's Board has determined that
Mr. Alan H. Howard, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities
and Exchange Commission (the &quot;SEC&quot;). Mr. Howard is &quot;independent&quot; as defined by the SEC for purposes of audit committee
financial expert determinations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 4.&#9;Principal Accountant Fees and Services.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a) <U>Audit Fees</U>. The aggregate fees billed for
each of the last two fiscal years (the &quot;Reporting Periods&quot;) for professional services rendered by the Registrant's principal
accountant (the &quot;Auditor&quot;) for the audit of the Registrant's annual financial statements or services that are normally provided
by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $36,686 in 2021
and $37,420 in 2022.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b) <U>Audit-Related Fees</U>. The aggregate fees
billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the
audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $33,558 in 2021 and $31,056
in 2022. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue
Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory
services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting
or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by
the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The aggregate fees billed in the Reporting Periods
for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser
whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
controlled by or under common control with the investment adviser that provides ongoing services to the Registrant (&quot;Service Affiliates&quot;),
that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit
Committee were $0 in 2021 and $0 in 2022.</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; text-align: justify">(c) <U>Tax Fees</U>. The aggregate fees billed in
the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning (&quot;Tax Services&quot;)
were $3,342 in 2021 and $3,342 in 2022. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise
tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative
developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed
to be acquired or held, and (iv) determination of Passive Foreign Investment Companies. The aggregate fees billed in the Reporting Periods
for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2021 and $8,158 in
2022.</P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(d) <U>All Other Fees</U>. The aggregate fees billed
in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through
(c) of this Item, were $0 in 2021 and $0 in 2022.</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; text-align: justify">The aggregate fees billed in the Reporting Periods
for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item,
which required pre&#45;approval by the Audit Committee, were $0 in 2021 and $0 in 2022.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">(e)(1) <U>Audit Committee
Pre-Approval Policies and Procedures</U>. The Registrant's Audit Committee has established policies and procedures (the &quot;Policy&quot;)
for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates
without specific case&#45;by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved
audit-related services, pre-approved tax services and pre-approved all other services. Pre&#45;approval considerations include whether
the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered
annually.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(e)(2) <U>Note</U>. None of the services described
in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation
S-X.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">(f) None of the hours expended
on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed
to work performed by persons other than the principal accountant's full-time, permanent employees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Non-Audit Fees</U>. The aggregate non-audit fees
billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $2,846,056
in 2021 and $2,219,815 in 2022.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Auditor Independence</U>. The Registrant's Audit
Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved
(not requiring pre-approval), is compatible with maintaining the Auditor's independence.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Not applicable.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(j)&#9;Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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 0 12pt"><B>Item 5.&#9;Audit Committee of Listed Registrants.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Registrant has a separately-designated standing Audit Committee
established in accordance with Section 3(a) (58) (A) of the Securities Exchange Act of 1934, consisting of all of the non-interested Board
members, who are: Joseph S. DiMartino, Joni Evans, Joan Gulley, Alan H. Howard, Robin A. Melvin, Burton N. Wallack, and Benaree P. Wiley.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 6.&#9;Investments.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">(a) <B>&#9;</B>Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><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: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">SUMMARY OF INSIGHT NORTH AMERICA LLC'S PROXY VOTING POLICY AND PROCEDURES</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">The boards of the funds have adopted the following procedures with
respect to proxy voting by the funds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Delegation of Proxy Voting Responsibility and Adoption of Proxy
Voting Procedures</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">The boards have delegated the authority to vote proxies of companies
held in a fund's portfolio to either BNYM Investment Adviser or the fund's Sub-Adviser, except for (i) proxies of certain BHCs for which
the boards have delegated to ISS the sole authority to vote proxies of Designated BHCs for certain funds as described below. In addition,
for each fund, the board has adopted proxy voting procedures pursuant to which proxies of companies held in a fund's portfolio will be
voted. The proxy voting policies and procedures adopted for a fund are those of (i) the Primary Employer, (ii) the Sub-Adviser and/or
(iii) Wealth Management (collectively, &quot;Firms&quot;), as described below.</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 STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Funds</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Entity with Discretionary Proxy Voting Responsibility</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Firm Proxy Voting Procedures Adopted</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Directly-Advised Funds</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">BNYM Investment Adviser</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Primary Employer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Multi-Manager Funds</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">BNYM Investment Adviser</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Wealth Management</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Sub-Advised Funds</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Sub-Adviser</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Sub-Adviser</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Bank Controlled Funds (as defined below) do not delegate voting
to ISS as described herein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Proxy Voting Operations</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">The funds have engaged ISS as their proxy voting agent to administer
the ministerial, non-discretionary elements of proxy voting and reporting. Each fund for which ISS provides proxy voting and related services
bears an equal share of ISS's fees in connection with the provision of such services.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Voting Shares of Certain Registered Investment Companies</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Under certain circumstances, when a fund owns shares of another
registered investment company (an &quot;Acquired Fund&quot;), the fund may be required by the 1940 Act or the rules thereunder, or exemptive
relief from the 1940 Act and/or the rules thereunder, to vote such Acquired Fund shares in a certain manner, such as voting the Acquired
Fund shares in the same proportion as the vote of all other shareholders of such Acquired Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Policies and Procedures; Oversight</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">The CCO is responsible for confirming that the Firms have adopted
and implemented written policies and procedures that are reasonably designed to ensure that the funds' proxies are voted in the best interests
of the funds. In addition, the adequacy of such policies and procedures are reviewed at least annually, and proxy voting for the funds
is monitored to ensure compliance with the Firms' procedures, as applicable, such as by sampling votes cast for the funds, including routine
proposals as well as those that require more analysis, to determine whether they complied with the applicable Firm's Proxy Voting Procedures.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Oversight of ISS for Voting Proxies for of Designated BHC Securities.
For ISS's voting activities in respect of proxies for securities of the Designated BHCs, BNYM Investment Adviser, through its legal, operational
and administrative support groups, as well as certain BNY Mellon vendor review groups and engaged external consulting firms, shall provide
ongoing oversight of ISS in order to ensure that ISS continues to vote proxies in the best interests of the funds and shall establish
and implement measures reasonably designed to identify and address any conflicts involving ISS that can arise on an ongoing basis by requiring
ISS to provide updates regarding any changes to its business, including with respect to capacity and competency to provide proxy voting
advice, or its conflict policies and procedures.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Review of Proxy Voting</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">BNYM Investment Adviser reports annually to the boards on the funds'
proxy voting, including information regarding: (1) proxy voting proposals that were voted; (2) proxy voting proposals that were voted
against the management company's recommended vote, but in accordance with the applicable proxy voting guidelines; and (3) proxy voting
proposals that were not voted, including the reasons the proxy voting proposals were not voted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Availability of Fund Proxy Voting Records</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Pursuant to Rule 30b1-4 under the 1940 Act, the funds are required
to file their complete proxy voting record with the SEC on Form N-PX not later than August 31st of each year for the most recent twelve-month
period ended June 30th. In addition, this information is available, by August 31st of each year, at www.im.bnymellon.com. The funds have
delegated the responsibility for gathering this information, filing Form N-PX and posting voting information to the website to BNYM Investment
Adviser, with the assistance of ISS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 8.&#9;Portfolio Managers of Closed-End Management Investment
Companies.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -1in">(a)(1) The following information is as of
September 30, 2022:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.5in">Daniel Rabasco and Jeffrey Burger of Insight
North America LLC (&quot;INA&quot;), an affiliate of BNYM Investment Adviser, are primarily responsible for the day-to-day management
of the registrant's portfolio.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.5in">Mr. Burger, a senior portfolio manager
for tax-sensitive strategies at INA, has served as a primary portfolio manager of the fund since July 2014. He has been employed as a
portfolio manager and analyst at INA or a predecessor company of INA since 2009.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.5in">Mr. Rabasco, a managing director and the
head of municipal bonds at INA, has served as a primary portfolio manager of the fund since July 2016. He has been employed at INA or
a predecessor company of INA since 1998.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 31.5pt; text-indent: -31.5pt">(a)(2) Information about the other
accounts managed by the fund's primary portfolio managers is provided below.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Primary Portfolio Manager</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Registered <BR>
Investment Companies</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Total Assets Managed<BR>
($)</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Other Pooled <BR>
Investment Vehicles</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Total Assets Managed<BR>
($)</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Other <BR>
Accounts</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Total Assets Managed<BR>
($)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Jeffrey Burger</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$3.429 billion</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">393</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$2.025 billion</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Daniel Rabasco</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$5.321 billion</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">60</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$2.195 billion</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -1in">None of the funds or accounts are subject
to a performance-based advisory fee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Portfolio managers may manage multiple accounts for a diverse client
base, including mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, insurance companies and
foundations), bank common trust accounts and wrap fee programs (&quot;Other Accounts&quot;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Potential conflicts of interest may arise because of BNYM Investment
Adviser's, INA's or a portfolio manager's management of the Fund and Other Accounts. For example, conflicts of interest may arise with
both the aggregation and allocation of securities transactions and allocation of limited investment opportunities, as BNYM Investment
Adviser or INA may be perceived as causing accounts it manages to</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">participate in an offering to increase BNYM Investment Adviser's
or INA's overall allocation of securities in that offering, or to increase BNYM Investment Adviser's or INA's ability to participate in
future offerings by the same underwriter or issuer. Allocations of bunched trades, particularly trade orders that were only partially
filled due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest,
as BNYM Investment Adviser or INA may have an incentive to allocate securities that are expected to increase in value to preferred accounts.
Initial public offerings, in particular, are frequently of very limited availability. Additionally, portfolio managers may be perceived
to have a conflict of interest if there are a large number of Other Accounts, in addition to the Fund, that they are managing on behalf
of BNYM Investment Adviser or INA. BNYM Investment Adviser and INA periodically reviews each portfolio manager's overall responsibilities
to ensure that he or she is able to allocate the necessary time and resources to effectively manage the Fund. In addition, BNYM Investment
Adviser and INA could be viewed as having a conflict of interest to the extent that BNYM Investment Adviser, INA or their affiliates and/or
portfolios managers have a materially larger investment in Other Accounts than their investment in the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Other Accounts may have investment objectives, strategies and risks
that differ from those of the Fund. For these or other reasons, the portfolio manager may purchase different securities for the Fund and
the Other Accounts, and the performance of securities purchased for the Fund may vary from the performance of securities purchased for
Other Accounts. The portfolio manager may place transactions on behalf of Other Accounts that are directly or indirectly contrary to investment
decisions made for the Fund, which could have the potential to adversely impact the Fund, depending on market conditions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">A potential conflict of interest may be perceived to arise if transactions
in one account closely follow related transactions in another account, such as when a purchase increases the value of securities previously
purchased by the other account, or when a sale in one account lowers the sale price received in a sale by a second account.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">BNY Mellon and its affiliates, including BNYM Investment Adviser,
INA and others involved in the management, investment activities or business operations of the Fund, are engaged in businesses and have
interests other than that of managing the Fund. These activities and interesting include potential multiple advisory, transactional, financial
and other interesting in securities, instruments and companies that may be directly or indirectly purchased or sold by the Fund of the
Fund's service providers, which may cause conflicts that could disadvantaged the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">BNYM Investment Adviser's goal is to provide high quality investment
services to all of its clients, while meeting BNYM Investment Adviser's fiduciary obligation to treat all clients fairly. BNYM Investment
Adviser has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, that it
believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, BNYM Investment Adviser monitors
a variety of areas, including compliance with Fund guidelines, the allocation of IPOs, and compliance with the firm's Code of Ethics.
Furthermore, senior investment and business personnel at BNYM Investment Adviser periodically review the performance of BNYM Investment
Adviser's portfolio managers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">(a)(3) Portfolio Manager Compensation. The portfolio managers' compensation
is comprised primarily of a market-based salary and an incentive compensation plan (annual and long-term).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Funding for INA's Incentive Plan is through a pre-determined fixed
percentage of overall company profitability. Therefore, all bonus awards are based initially on INA's overall performance as opposed to
the performance of a single product or group. All investment professionals are eligible to receive incentive awards. Cash awards are payable
in the February month end pay of the following year. Most of the awards granted have some portion deferred for three years in the form
of deferred cash, INA equity, interests in investment vehicles (consisting of investments in a range of INA products), or a combination
of the above.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Individual awards for portfolio managers are discretionary, based
on both individual and multi-sector product risk adjusted performance relative to both benchmarks and peer comparisons over one year,
three year and five-year periods. Also considered in determining individual awards are team participation and general contributions to
INA. Individual objectives and goals are also established at the beginning of each calendar year and are taken into account. Portfolio
managers whose compensation exceeds certain levels may elect to defer portions of their base salaries and/or incentive compensation pursuant
to INA's Elective Deferred Compensation Plan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">(a)(4) The dollar range of Fund shares beneficially owned by the
primary portfolio manager is as follows as of the end of the Fund's fiscal year:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 30%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Primary Portfolio Manager</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 42%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Fund</FONT></TD>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Dollar Range of Fund<BR>
Shares Beneficially Owned</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Daniel Rabasco</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">BNY Mellon Strategic Municipals, Inc.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Jeffrey Burger</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">BNY Mellon Strategic Municipals, Inc.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -1in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><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: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">None.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 10.</B></TD><TD><B>Submission of Matters to a Vote of Security Holders.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">There have been no material changes to
the procedures applicable to Item 10.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 11.</B></TD><TD><B>Controls and Procedures.</B></TD></TR></TABLE>

<P STYLE="font: 11pt 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: 11pt 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<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: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">The fund did not participate in a securities lending program during
this period.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 13.</B></TD><TD><B>Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">(a)(1)&#9;<A HREF="ncsrcodeofethics-jan2021.htm" STYLE="-sec-extract: exhibit">Code of ethics referred to in Item 2</A>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(a)(2)&#9;<A HREF="exh-302.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: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(a)(3)&#9;Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A HREF="exh-906.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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES<BR>
<BR>
</B></P>

<P STYLE="font: 11pt 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: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">BNY Mellon Strategic Municipals, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/ David J. DiPetrillo</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;David J. DiPetrillo</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;President (Principal Executive Officer)</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">Date:&#9;November 21, 2022</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; 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By:&#9;<U>/s/ David J. DiPetrillo</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;David J. DiPetrillo</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;President (Principal Executive Officer)</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">Date:&#9;November 21, 2022</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">By:&#9;<U>/s/ James Windels</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;James Windels</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Treasurer (Principal Financial Officer)</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">Date:&#9;November 21, 2022</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 0 12pt">&nbsp;</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">(a)(1)&#9;Code of ethics referred to
in Item 2.</P>

<P STYLE="font: 11pt 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: 11pt 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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   <TITLE>ncsrcodeofethics-jan2021.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">THE BNY MELLON FAMILY OF
FUNDS</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">BNY MELLON FUNDS TRUST</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Principal Executive Officer and Senior Financial
Officer</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Code of Ethics</font></b></p>

<h1 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-.5in;"><b><font face="Times New Roman" style="font-size:11.0pt;">I.</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Covered Officers/Purpose of the
Code</font></b></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">This code of ethics (the &quot;Code&quot;), adopted by
the funds in the BNY Mellon Family of Funds and BNY Mellon Funds Trust (each, a
&quot;Fund&quot;), applies to each Fund's Principal Executive Officer,
Principal Financial Officer, Principal Accounting Officer or Controller, or
other persons performing similar functions, each of whom is listed on Exhibit A</font><i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font></i><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(the &quot;Covered Officers&quot;),
for the purpose of promoting:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">honest and ethical conduct,
including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">full, fair, accurate, timely and
understandable disclosure in reports and documents that the Fund files with, or
submits to, the Securities and Exchange Commission (the &quot;SEC&quot;) and in
other public communications made by the Fund;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">compliance with applicable laws
and governmental rules and regulations;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">the prompt internal reporting of
violations of the Code to an appropriate person or persons identified in the
Code; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">accountability for adherence to
the Code.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Each Covered Officer should adhere to a high standard
of business ethics and should be sensitive to situations that may give rise to
actual as well as apparent conflicts of interest.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-.5in;"><b><font face="Times New Roman" style="font-size:11.0pt;">II.</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Covered Officers Should Handle
Ethically Actual and Apparent Conflicts of Interest</font></b></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Overview.&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">A
&quot;conflict of interest&quot; occurs when a Covered Officer's private
interest interferes with the interests of, or his service to, the Fund.&#160; For
example, a conflict of interest would arise if a Covered Officer, or a member
of his family, receives improper personal benefits as a result of his position
with the Fund.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Certain conflicts of interest arise out of the
relationships between Covered Officers and the Fund and already are subject to
conflict of interest provisions in the Investment Company Act of 1940, as
amended (the &quot;Investment Company Act&quot;), and the Investment Advisers Act
of 1940, as amended (the &quot;Investment Advisers Act&quot;).&#160; For example,
Covered Officers may not individually engage in certain transactions (such as
the purchase or sale of securities or other property) with the Fund because of
their status as &quot;affiliated persons&quot; of the Fund.&#160; The compliance
programs and procedures of the Fund and the Fund's investment adviser (the
&quot;Adviser&quot;) are designed to prevent, or identify and correct,
violations of these provisions.&#160; The Code does not, and is not intended to,
repeat or replace these programs and procedures, and the circumstances they
cover fall outside of the parameters of the Code.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Although typically not presenting an opportunity for
improper personal benefit, conflicts arise from, or as a result of, the
contractual relationship between the Fund and the Adviser of which the Covered
Officers are also officers or employees.&#160; As a result, the Code recognizes that
the Covered Officers, in the ordinary course of their duties (whether formally
for the Fund or for the Adviser, or for both), will be involved in </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">establishing policies and implementing decisions that will
have different effects on the Adviser and the Fund.&#160; The participation of the
Covered Officers in such activities is inherent in the contractual relationship
between the Fund and the Adviser and is consistent with the performance by the
Covered Officers of their duties as officers of the Fund and, if addressed in
conformity with the provisions of the Investment Company Act and the Investment
Advisers Act, will be deemed to have been handled ethically.&#160; In addition, it
is recognized by the Fund's Board that the Covered Officers also may be
officers or employees of one or more other investment companies covered by this
or other codes of ethics.</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Other conflicts of interest are covered by the Code,
even if such conflicts of interest are not subject to provisions in the
Investment Company Act and the Investment Advisers Act.&#160; Covered Officers
should keep in mind that the Code cannot enumerate every possible scenario.&#160;
The overarching principle of the Code is that the personal interest of a
Covered Officer should not be placed improperly before the interest of the
Fund.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Each Covered Officer must:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">not use his personal influence or
personal relationships improperly to influence investment decisions or
financial reporting by the Fund whereby the Covered Officer would benefit
personally to the detriment of the Fund; </font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">not cause the Fund to take action,
or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Fund; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">not retaliate against any employee
or Covered Officer for reports of potential violations that are made in good
faith.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman" style="font-size:11.0pt;">III.</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Disclosure and Compliance</font></b></h1>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Each Covered Officer should
familiarize himself with the disclosure requirements generally applicable to
the Fund within his area of responsibility;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">each Covered Officer should not
knowingly misrepresent, or cause others to misrepresent, facts about the Fund
to others, whether within or outside the Fund, including to the Fund's Board
members and auditors, and to governmental regulators and self-regulatory
organizations;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">each Covered Officer should, to
the extent appropriate within his area of responsibility, consult with other
officers and employees of the Fund and the Adviser with the goal of promoting
full, fair, accurate, timely and understandable disclosure in the reports and
documents the Fund files with, or submits to, the SEC and in other public
communications made by the Fund; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">it is the responsibility of each
Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman" style="font-size:11.0pt;">IV.</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Reporting and Accountability</font></b></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Each Covered Officer must:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">upon adoption of the Code (or
thereafter, as applicable, upon becoming a Covered Officer), affirm in writing
to the Board that he has received, read, and understands the Code;</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">annually thereafter affirm to the Board
that he has complied with the requirements of the Code; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">notify the Adviser's General
Counsel (the &quot;General Counsel&quot;) promptly if he knows of any violation
of the Code.&#160; Failure to do so is itself a violation of the Code. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The General Counsel is responsible for applying the
Code to specific situations in which questions are presented under it and has
the authority to interpret the Code in any particular situation.&#160; However,
waivers sought by any Covered Officer will be considered by the Fund's Board.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The Fund will follow these procedures in investigating
and enforcing the Code:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">the General Counsel will take all
appropriate action to investigate any potential violations reported to him;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">if, after such investigation, the
General Counsel believes that no violation has occurred, the General Counsel is
not required to take any further action;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">any matter that the General
Counsel believes is a violation will be reported to the Board;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">if the Board concurs that a
violation has occurred, it will consider appropriate action, which may include:
review of, and appropriate modifications to, applicable policies and
procedures; notification to appropriate personnel of the Adviser or its board;
or dismissal of the Covered Officer;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">the Board will be responsible for
granting waivers, as appropriate; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.3in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">any waivers of or amendments to
the Code, to the extent required, will be disclosed as provided by SEC rules.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman" style="font-size:11.0pt;">V.</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Other Policies and Procedures</font></b></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The Code shall be the sole code of ethics adopted by
the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the
rules and forms applicable to registered investment companies thereunder.&#160; The Fund's,
its principal underwriter's and the Adviser's codes of ethics under Rule 17j-1
under the Investment Company Act and the Adviser's additional policies and
procedures, including its Code of Conduct, are separate requirements applying
to the Covered Officers and others, and are not part of the Code.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman" style="font-size:11.0pt;">VI.</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Amendments</font></b></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Except as to Exhibit A, the Code may not be amended
except in written form, which is specifically approved or ratified by a
majority vote of the Fund's Board, including a majority of independent Board
members.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman" style="font-size:11.0pt;">VII.</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Confidentiality</font></b></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">All reports and records prepared or maintained
pursuant to the Code will be considered confidential and shall be maintained
and protected accordingly.&#160; Except as otherwise required by law or the Code,
such matters shall not be disclosed to anyone other than the appropriate Funds
and their counsel, the appropriate Boards (or Committees) and their counsel and
the Adviser</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;">.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;">&nbsp;</h1>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_4"></a><a name="_bclPageBorder4"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:-.5in;"><b><font face="Times New Roman" style="font-size:11.0pt;">VIII.</font></b><b><font face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Internal Use</font></b></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The Code is intended solely for the internal use by
the Fund and does not constitute an admission, by or on behalf of the Fund, as
to any fact, circumstance, or legal conclusion.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=right style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dated as of:&#160; January 14, 2021</font></p>





</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=right style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font face="times new roman" lang=EN-US style="font-size:11.0pt;">Exhibit A</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.5in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Persons Covered by the
Code of Ethics</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:511.199982pt;">
 <tr style="height:8.1pt;">
  <td valign=top width=34% style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">David J. DiPetrillo</font></p>
  </td>
 <td valign=top width=33% style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">President</font></p>
  </td>
 <td valign=top width=33% style="height:8.1pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">(Principal Executive
  Officer, BNY Mellon Family of Funds)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=34% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=34% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">Patrick T. Crowe</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">President</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">(Principal Executive
  Officer, BNY Mellon Funds Trust)</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=34% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:3.0pt;">
  <td valign=top width=34% style="height:3.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">James M. Windels</font></p>
  </td>
 <td valign=top width=33% style="height:3.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">Treasurer</font></p>
  </td>
 <td valign=top width=33% style="height:3.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:11.0pt;">(Principal Financial and
  Accounting Officer)</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>




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<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>exh-302.htm
<DESCRIPTION>CERTIFICATION REQUIRED BY RULE 30A-2
<TEXT>
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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 J. DiPetrillo, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; 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
J. DiPetrillo</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">David J. 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;November
21, 2022<BR STYLE="clear: both">
</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-align: justify; 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;November
21, 2022</P>


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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>exh-906.htm
<DESCRIPTION>CERTIFICATION REQUIRED BY SECTION 906
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">[EX-99.906CERT]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit (b)</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: bold 10pt 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
J. DiPetrillo</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 3.5in">David J. 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;November
21, 2022</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;November
21, 2022</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: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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