<SEC-DOCUMENT>0000855887-22-000002.txt : 20220126
<SEC-HEADER>0000855887-22-000002.hdr.sgml : 20220126
<ACCEPTANCE-DATETIME>20220126101758
ACCESSION NUMBER:		0000855887-22-000002
CONFORMED SUBMISSION TYPE:	N-CSR/A
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20211130
FILED AS OF DATE:		20220126
DATE AS OF CHANGE:		20220126
EFFECTIVENESS DATE:		20220126

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BNY MELLON STRATEGIC MUNICIPAL BOND FUND, INC.
		CENTRAL INDEX KEY:			0000855887
		IRS NUMBER:				051287040
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		N-CSR/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05877
		FILM NUMBER:		22556293

	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 MUNICIPAL BOND FUND, INC.
		DATE OF NAME CHANGE:	20181030

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DREYFUS STRATEGIC MUNICIPAL BOND FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR/A
<SEQUENCE>1
<FILENAME>lp1-a852.htm
<DESCRIPTION>AMENDED ANNUAL REPORT
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<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">811-05877</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 Municipal Bond Fund, 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">11/30</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">11/30/21</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 Municipal Bond Fund, 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;">November 30, 2021</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_ddd9fe0e2bb44.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 Municipal Bond Fund,
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;">4</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;">27</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;">28</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;">29</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;">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="#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;">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="#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;">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="#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;">42</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;">43</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;">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="#14"><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">Information About the Renewal of </font><br><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
  the Fund&#8217;s Investment Advisory </font><br><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">   and Sub-Investment Advisory</font><br><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">   Agreements</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;">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="#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;">63</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;">66</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;">69</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:9.0pt; font-family:Serif; text-align:left; font-weight:normal; text-decoration:none;
font-style:italic;">For the period of December 1, 2020 through November 30, 2021, as provided by portfolio
managers Daniel Rabasco and Jeffrey Burger of Insight North America LLC Sub-Investment Adviser</p><p
style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Market
and Fund Performance Overview</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:normal; font-weight:normal;
text-decoration:none;">For the 12-month period ended November 30, 2021, BNY Mellon Strategic Municipal
Bond Fund, Inc. achieved a total return of 6.32% on a net-asset-value basis and a total return of 12.46%
on a market price basis.</font><font style="font-size:9.0pt; font-family:Serif; font-style:normal; font-weight:normal;
text-decoration:none;"><sup>1</sup></font><font style="font-size:9.0pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;"> Over the same period, the fund paid dividends of $0.36 per
share, which reflects a distribution rate of 4.37%.</font><font style="font-size:9.0pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;"><sup>2</sup></font></p><p style="font-size:9.0pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">During
the reporting period, municipal bonds continued to recover from the market turmoil resulting from COVID-19.
Investors&#8217; preference for quality assets and protection from potentially higher tax rates also supported
the market. The fund&#8217;s performance was driven primarily by its security selection, asset allocation
and curve positioning decisions.</p><p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:bold;
text-decoration:none;">The Fund&#8217;s Investment Approach</p><p style="font-size:9.0pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">The fund seeks to maximize
current income exempt from federal income tax to the extent believed by BNY Mellon Investment Adviser,
Inc. to be consistent with the preservation of capital. In pursuing this goal, the fund invests at least
80% of its assets in municipal bonds. Under normal market conditions, the weighted average maturity of
the fund&#8217;s portfolio is expected to exceed 10 years. Under normal market conditions, the fund invests
at least 80% of its net assets in municipal bonds considered investment grade or the unrated equivalent
as determined by BNY Mellon Investment Adviser, Inc.</p><p style="font-size:9.0pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">The fund also has issued
auction-rate preferred stock (ARPS), a percentage of which remains outstanding from its initial public
offering, and has invested the proceeds in a manner consistent with its investment objective. This, along
with the fund&#8217;s participation in secondary, inverse-floater structures, has the effect of &#8220;leveraging&#8221;
the portfolio, which can magnify gain and loss potential depending on market conditions. The cost of
leverage was relatively low and advantageous to shareholders. Additionally, the enhanced yield generated
from the leverage was beneficial to performance. Contributions to the additional duration associated
with the leverage were mixed throughout the performance year.</p><p style="font-size:9.0pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">Over time, many of
the fund&#8217;s older, higher-yielding bonds have matured or were redeemed by their issuers. We have attempted
to replace those bonds with investments consistent with the fund&#8217;s investment policies. We have also
sought to upgrade the fund with newly issued bonds that, in our opinion, have better structural or income
characteristics than existing holdings. When such opportunities arise, we evaluate selling bonds that
are close to their optional redemption date or maturity.</p><p style="font-size:9.0pt; font-family:Arial;
text-align:left; font-weight:bold; text-decoration:none;">Strong Demand Continues Amid Political Uncertainty</p><p
style="font-size:9.0pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">During the reporting period, the market continued to benefit from policies put
in place in response to the COVID-19 pandemic, including support from the Federal Reserve (the &#8220;Fed&#8221;).
This and a number of other factors produced strong inflows to the market during the period. For example,
a Democrat-controlled Congress made federal support for state and local governments more likely, and
this resulted in a COVID-19 relief package, which included $350 billion in support for state and local
governments.  </p><p style="font-size:9.0pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">The fiscal health of issuers has continued to be stronger
than expected because real-estate and income-tax collections failed to decline as much as predicted.
Progressive tax regimes proved beneficial because higher-earning, white-collar workers were less impacted
financially by the pandemic. In addition, ongoing federal support to households, school systems, the
transportation system and other segments bolstered the economy and prevented sales taxes from declining
as much as originally feared. </p><p style="font-size:9.0pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">The election also increased the likelihood of income-tax hikes
for higher-income households, adding to the appeal of tax-exempt municipal securities. The prospect of
an increase in the corporate tax rate </p>
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<p style="font-size:9.0pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">made municipal bonds more appealing to institutional buyers, and low interest
rates overseas attracted foreign investors to the market.</p><p style="font-size:9.0pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">The latter part of
the period was characterized by limited trading volumes and some volatility, given rising Treasury rates.
The size and scope of the infrastructure bill being debated in Congress, as well as the stalemate over
the debt limit, also contributed to some uncertainties. </p><p style="font-size:9.0pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">Late in the reporting
period, the market received support from investors interested in holding quality assets and in protecting
their income from potentially higher tax rates. Credit fundamentals, which also remained strong, also
helped drive investor demand.</p><p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:bold;
text-decoration:none;">Security Selection, Asset Allocation and Curve Positioning Drove Results</p><p
style="font-size:9.0pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">The fund&#8217;s performance was driven primarily by security selection, asset allocation
and curve positioning decisions. Security selections were especially positive in the education, housing,
health care and special tax sectors. Selections in the continuing care segment of health care were especially
beneficial. General obligation bonds, especially those issued by the state of Illinois and the City of
Chicago, also contributed positively. Curve positioning contributed positively, with longer maturities
outperforming intermediate maturities. In our opinion, the distribution policy did not have a material
impact on the fund&#8217;s investment strategy or distribution of capital.</p><p style="font-size:9.0pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">On
the other hand, the fund&#8217;s performance was hindered by its security selections in the airport and prepaid
gas bond segments. The fund&#8217;s overweight positions in transportation, public power and education also
detracted from performance, as did its duration positioning. The fund did not use derivatives during
the reporting period.</p><p style="font-size:9.0pt; font-family:Arial; text-align:left; font-weight:bold;
text-decoration:none;">Fundamentals Remain Strong</p><p style="font-size:9.0pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">We are relatively optimistic about the
municipal bond market in the short-to-medium term. The strong economy, vaccine distribution and fiscal
support from the federal government all have contributed to fundamentals that are better than expected.
An increase in infrastructure spending could be beneficial since it would relieve states and municipalities
of the need to issue more debt. </p><p style="font-size:9.0pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">On the other hand, Treasury bond yields
are expected to rise in 2022, and with a more hawkish stance on inflation, the Fed is expected to raise
interest rates in the coming year. Inflation could become a risk, but historically, municipal bonds have
outperformed Treasuries when long-term rates rise. </p><p style="font-size:9.0pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">We will continue to
emphasize security selection, with a focus on strong fundamentals and attractive valuations, and to look
for opportunities to add incremental yield.</p><p style="font-size:9.0pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">December 15, 2021</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. 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 reflect the absorption of certain fund expenses by The BNY
Mellon Investment Adviser, Inc. pursuant to an undertaking in effect through May 31, 2022, at which time
it may be extended, terminated or modified. Had these expenses not been absorbed, the fund&#8217;s returns
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;">Distribution
rate per share is based upon dividends per share paid from net investment income during the period, 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, all of which are more fully described in the fund&#8217;s prospectus. Generally, all
other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases
can cause price declines. </p><p style="font-size:8.0pt; font-family:Serif; text-align:left; font-weight:normal;
text-decoration:none; font-style:italic;">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.</p><p style="font-size:8.0pt; font-family:Serif;
text-align:left; font-weight:normal; text-decoration:none; font-style:italic;">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: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>
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<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_5ddf627ee5fe4.jpg"><font style="font-size:8.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"><br>
Comparison
of change in value of a $10,000 investment in BNY Mellon Strategic Municipal Bond Fund, 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>
</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
$10,000 investment made in BNY Mellon Strategic Municipal Bond Fund, Inc. on 11/30/11 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>
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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="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: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 11/30/2021</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;
font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000;
font-weight:bold; text-decoration:none;">BNY Mellon Strategic Municipal Bond Fund, Inc. </font><br><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">Market
Price </font></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;">12.46%</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;">5.82%</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;">5.86%</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; font-style:normal;"><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">BNY
Mellon Strategic Municipal Bond Fund, Inc. </font><br><font style="font-size:8.0pt; font-family:Cambria;
font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">Net Asset Value </font></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;">6.32%</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;">5.86%</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;">6.41%</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;">1.97%</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;">4.38%</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;">3.90%</p></td></tr></table><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; font-weight:bold; font-style:normal;"><font style="font-size:8.0pt; font-family:Cambria;
font-style:normal; color:#141414; 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; color:#000000; font-weight:bold; text-decoration:none;">www.im.bnymellon.com</font><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; 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>
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<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:10.5pt; 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 November 30, 2021, 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:10.5pt;
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:10.5pt; 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-bottom:1pt; border-bottom-style:solid; border-bottom-color:#000000; 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;">Distributions
</p></td></tr><tr><td style="vertical-align:bottom; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
border-top:1pt; border-top-style:solid; border-top-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; border-top:1pt; border-top-style:solid; border-top-color:#000000; border-right:1pt;
border-right-style:solid; border-right-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; font-weight:normal; text-decoration:none;">Current Month</font><br><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; 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; border-top:1pt; border-top-style:solid; border-top-color:#000000; border-left:1pt;
border-left-style:solid; border-left-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; font-weight:normal; font-style:normal;"><font style="font-size:8.0pt;
font-family:Cambria; font-style:normal; font-weight:normal; text-decoration:none;">Fiscal Year Ended</font><br><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; 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; 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; 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; border-right:1pt; border-right-style:solid;
border-right-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:center; 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; border-left:1pt; border-left-style:solid; border-left-color:#000000; background-color:#E5E5E5;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:center; 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; 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; 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; 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:#000000; text-indent:-7.2pt; font-weight:normal;
margin-left:7.2pt; text-decoration:none;">BNY Mellon Strategic Municipal Bond Fund, 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; 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; font-weight:normal; text-decoration:none;">0.00%</p></td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:1pt;
border-right-style:solid; border-right-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; font-weight:normal; text-decoration:none;">0.00%</p></td><td
style="vertical-align:bottom; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:1pt;
border-left-style:solid; border-left-color:#000000; background-color:#E5E5E5;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:center; font-weight:normal; text-decoration:none;">$0.36</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; font-weight:normal; text-decoration:none;">$0.36</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; font-weight:normal; text-decoration:none;">$0.00</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;">$0.00</p></td></tr></table>
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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;">November
30, 2021 (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:7.33%;" >&nbsp;</td><td style="width:1.33%;" >&nbsp;</td><td
style="width:16.93%;" >&nbsp;</td><td style="width:2.83%;" >&nbsp;</td><td style="width:2.11%;" >&nbsp;</td><td
style="width:.33%;" >&nbsp;</td><td style="width:22.06%;" >&nbsp;</td><td style="width:1.28%;" >&nbsp;</td><td
style="width:1.33%;" >&nbsp;</td><td style="width:.33%;" >&nbsp;</td><td style="width:17.65%;" >&nbsp;</td><td
style="width:1.47%;" >&nbsp;</td><td style="width:2.61%;" >&nbsp;</td><td style="width:.33%;" >&nbsp;</td><td
style="width:22.06%;" >&nbsp;</td></tr><tr><td colspan="7" 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 November 30, 2021 </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><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:right; color:#000000; font-weight:normal; text-decoration:none;">$ 8.24</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><td colspan="3" 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="7"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size: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 November 30, 2021</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:8.0pt;
font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">49,421,511</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; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="7"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size: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;
font-size:1pt;" >&nbsp;</td><td colspan="3" 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;">DSM</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; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="15"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">MARKET PRICE (NEW YORK STOCK EXCHANGE)</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 colspan="4" 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:10.0pt; 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:#D9D9D9; font-size:1pt;"><p style="font-size:10.0pt; font-family:Serif;
font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">&#160;</p></td><td colspan="7"
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:normal; margin-left:7.2pt; text-decoration:none;">Fiscal Year Ended November
30, 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:10.0pt; 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:#D9D9D9;
font-size:1pt;"><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal;
text-decoration:none;">&#160;</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 colspan="4" style="
vertical-align:middle; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; background-color:#D9D9D9;"><p
style="font-size:7.0pt; 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; font-size:1pt;" >&nbsp;</td><td
colspan="3" style=" vertical-align:middle; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;
background-color:#D9D9D9;"><p style="font-size:7.0pt; 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; font-size:1pt;"
>&nbsp;</td><td colspan="3" style=" vertical-align:middle; border-top:0.5pt; border-top-style:solid;
border-top-color:#000000; background-color:#D9D9D9;"><p style="font-size:7.0pt; 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;
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:7.0pt; 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 colspan="4" style="
vertical-align:middle; background-color:#D9D9D9;"><p style="font-size:7.0pt; 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; font-size:1pt;" >&nbsp;</td><td colspan="3" style="
vertical-align:middle; background-color:#D9D9D9;"><p style="font-size:7.0pt; 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; font-size:1pt;" >&nbsp;</td><td colspan="3" style="
vertical-align:middle; background-color:#D9D9D9;"><p style="font-size:7.0pt; 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; font-size:1pt;" >&nbsp;</td><td style="vertical-align:middle;
background-color:#D9D9D9;"><p style="font-size:7.0pt; 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 colspan="4" style=" vertical-align:middle;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:7.0pt; font-family:Cambria; text-align:center; color:#000000; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">February 28, 2021</p></td><td style="vertical-align:middle;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td colspan="3" style=" vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid;
border-bottom-color:#000000; background-color:#D9D9D9;"><p style="font-size:7.0pt; font-family:Cambria;
text-align:center; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">May
31, 2021</p></td><td style="vertical-align:middle; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td colspan="3" style=" vertical-align:middle;
border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; background-color:#D9D9D9;"><p
style="font-size:7.0pt; font-family:Cambria; text-align:center; color:#000000; text-indent:-7.2pt; font-weight:bold;
margin-left:7.2pt; text-decoration:none;">August 31, 2021</p></td><td style="vertical-align:middle; 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:7.0pt; font-family:Cambria; text-align:center; color:#000000;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">November 30, 2021</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 colspan="4" 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;">$8.06</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 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:right; color:#000000; font-weight:normal; text-decoration:none;">$8.20</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 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:right; color:#000000; font-weight:normal; text-decoration:none;">$8.58</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;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">$8.44</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 colspan="4" 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;">7.61</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:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7.73</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:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:normal; text-decoration:none;">8.12</p></td><td 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;">7.84</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
colspan="4" 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;">7.79</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:8.0pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">8.16</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:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">8.44</p></td><td
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;">8.24</p></td></tr><tr><td colspan="15" 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="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">November
22, 1989 (commencement of operations) </p><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">   through
November 30, 2021</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;">556.74%</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size: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
1, 2011 through November 30, 2021</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;">76.66</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size: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
1, 2016 through November 30, 2021</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;">32.67</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size: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
1, 2020 through November 30, 2021</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;">12.46</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size: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
1, 2021 through November 30, 2021</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;">9.33</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size: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
1, 2021 through November 30, 2021</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;">3.21</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size: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
1, 2021 through November 30, 2021</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;">(1.28)</p></td></tr><tr><td
colspan="2" 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 colspan="10" 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="14"
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="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt;
font-family:Cambria; text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt;
text-decoration:none;">November 22, 1989 (commencement of operations)   </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;">$9.32</p></td></tr><tr><td colspan="14" style=" vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#141414;
text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">November 30, 2020</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;">8.24</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:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">February
28, 2021</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
colspan="10" 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;">8.22</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">May
31, 2021</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;">8.44</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">August
31, 2021</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;">8.48</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">November
30, 2021</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;">8.38</p></td></tr><tr><td
colspan="14" 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; 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><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">&#160;</font></p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td></tr><tr><td colspan="14"
style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">November
22, 1989 (commencement of operations) </p><p style="font-size:8.0pt; font-family:Cambria; text-align:left;
color:#141414; text-indent:-7.2pt; font-weight:normal; margin-left:7.2pt; text-decoration:none;">  through
November 30, 2021</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;">616.64%</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size: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
1, 2011 through November 30, 2021</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;">86.09</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size: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
1, 2016 through November 30, 2021</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;">32.96</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size: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
1, 2020 through November 30, 2021</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;">6.32</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size: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
1, 2021 through November 30, 2021</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;">5.37</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size: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
1, 2021 through November 30, 2021</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></tr><tr><td
colspan="14" style=" vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size: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
1, 2021 through November 30, 2021</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;">(0.07)</p></td></tr><tr><td
colspan="14" style=" vertical-align:bottom;"><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="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">
   With dividends reinvested.</font></p></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;">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;">November 30, 2021</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 - .3% </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 - .3% </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
$1,375,757)</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;">1,253,434</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><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;">1,405,129</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 - 143.3%</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 - 5.7% </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;">5.50</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;">6/1/2030</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;">1,800,000</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;">1,920,042</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;">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;">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;">1,309,351</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;">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;">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;">6/1/2050</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;">1,581,327</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;">7.75</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;">10/1/2046</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;"><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;">6,202,199</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;">Southeast Energy Authority, Revenue Bonds (Project No. 2) 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;">12/1/2031</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>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;">1,806,330</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;">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;">7,383,290</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;">2,745,000</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;">3,254,140</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;">23,456,679</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
- 7.2% </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;">Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving
Fund 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;">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;">1,716,140</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;">4,305,000</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;">5,167,660</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 (Phoenix
Children's Hospital 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;">2/1/2050</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;">1,732,235</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 - 143.3%</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 - 7.2% (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. 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;">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;">1,500,000</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;">1,710,223</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;">11/15/2054</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;">1,500,000</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;">1,722,394</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 (Legacy Traditional Schools 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;">7/1/2049</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;">1,775,000</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;">2,054,449</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;">1,345,000</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;">1,887,731</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;">17.54</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">4,550,000</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;">6,294,702</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
(Legacy Traditional Schools 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;">6.75</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;">7/1/2044</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;"><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;">1,135,799</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;">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;">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;">3,307,255</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 Pima County Industrial Development Authority, Revenue Bonds
(American Leadership Academy 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;">6/15/2047</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;">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;">3,075,511</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;">29,804,099</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 - 9.1% </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;">Golden State Tobacco
Securitization Corp., 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;">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;">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;">1,021,692</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;">1,500,000</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;">1,728,122</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;">Tender Option Bond Trust Receipts (Series 2016-XM0379), (Los
Angeles Department of Water &amp; Power, Revenue Bonds, Refunding) Non-recourse, Underlying Coupon Rate
(%) 5.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">18.10</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">7/1/2043</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;">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:normal; text-decoration:none;">5,131,641</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;">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 - 143.3%</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 - 9.1% (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-XM0387), (Los
Angeles Department of Airports, Revenue Bonds (Los Angeles International Airport)) 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;">18.04</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">6,000,000</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;">6,355,961</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-XM0390), (The
Regents of the University of California, 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;">18.10</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">6,260,000</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;">6,662,115</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-XF1220), (North
Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B) Non-recourse, Underlying Coupon Rate (%) 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;">10.15</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;">1/1/2051</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;">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;">10,467,694</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-XF2876), (San
Francisco California City &amp; County Airport Commission, Revenue Bonds, Refunding, Ser. E) 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;">17.75</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;">5/1/2050</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;">5,190,000</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;">6,332,478</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;">37,699,703</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 - 6.3% </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;">Belleview Station Metropolitan
District No. 2, GO, 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;">5.13</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;">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;">2,375,000</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;">2,446,250</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;">Colorado Educational
&amp; Cultural Facilities Authority, Revenue Bonds, Refunding (Johnson &amp; Wales University) 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;">4/1/2023</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;">2,235,000</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;">2,371,007</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;">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;">4,000,000</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;">4,563,884</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 Airport System, 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;">12/1/2048</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;">2,300,000</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;">2,779,675</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</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">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;">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;">3,172,244</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;">Sterling Ranch Community Authority Board, Revenue Bonds (Insured;
Municipal Government Guaranteed) 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;">12/1/2047</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;">1,250,000</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;">1,310,456</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 - 143.3%</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 - 6.3% (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;">Tender Option Bond Trust Receipts (Series 2016-XM0385), (Board
of Governors of the Colorado State University, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%)
5.00</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">18.07</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;">3/1/2038</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;">4,960,000</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;">5,017,447</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;">17.12</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">3,260,000</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;">4,456,180</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;">26,117,143</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
- 1.5% </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;">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;">5/1/2034</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;">1,500,000</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;">1,985,900</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, 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;">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;">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;">1,283,244</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;">2,376,175</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;">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;">530,000</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;">545,082</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;">6,190,401</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;">District of Columbia
- 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;">Metropolitan Washington Airports Authority, 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;">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;">1,132,895</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;">18.06</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">14,834,680</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;">15,490,248</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;">16,623,143</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 - 8.4% </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;">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;">1,600,000</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;">1,829,459</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;">11/15/2048</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;">2,831,351</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 Higher Educational
Facilities Financial Authority, Revenue Bonds (Ringling College 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;">3/1/2049</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;">2,376,603</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;">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;">1,728,714</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 - 143.3%</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 - 8.4% (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;">Lee County Industrial Development Authority, Revenue Bonds
(Shell Point/Waterside Health 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;">11/15/2049</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;">1,540,000</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;">1,791,476</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;">Palm Beach County Health Facilities Authority, Revenue Bonds
(ACTS Retirement-Life Communities 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;">5,775,000</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;">6,635,986</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;">Palm Beach County Health Facilities Authority, Revenue Bonds
(Lifespace Communities 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;">2,000,000</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;">2,150,885</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;">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;">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;">1,118,937</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 2019-XF0813), (Fort
Myers Florida Utility, Revenue Bonds) 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;">14.31</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">2,980,000</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;">3,410,972</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;">14.27</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">6,337,346</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;">14.20</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">4,065,000</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;">4,636,509</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;">34,848,238</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 - 5.3% </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;">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;">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;">656,769</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;">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;">1/1/2051</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;">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;">570,142</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;">18.07</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;">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;">6,000,000</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;">6,417,519</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 - 143.3%</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 - 5.3% (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;">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;">17.88</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;">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;">2,720,000</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;">3,278,806</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-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;">15.56</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">4,220,000</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;">5,256,425</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 Atlanta Development 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;">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;">7/1/2040</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;">1,148,464</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;">4,200,000</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;">4,770,147</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;">22,098,272</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
- .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;">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;">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:bold; text-decoration:none;">2,773,811</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
- 13.6% </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;">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;">12/1/2033</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;">1,250,000</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;">1,523,588</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, 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;">12/1/2032</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;">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;">498,060</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, 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;">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;">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;">623,991</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;">3,720,991</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. 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;">1/1/2024</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;">1,265,000</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;">1,378,908</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;">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;">3,643,601</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 Wastewater
Transmission, 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;">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;">2,330,000</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;">2,618,167</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;">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;">4,802,271</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;">1,239,971</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;">1,000,000</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;">1,228,569</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;">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;">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;">3,399,778</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;">Illinois, GO, 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;">11/1/2030</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;">1,500,000</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;">1,873,669</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;">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;">3,626,960</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;">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 - 143.3%</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 - 13.6% (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;">Illinois Finance Authority, Revenue Bonds, Refunding (Plymouth
Place 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;">5.25</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;">5/15/2025</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;">1,000,000</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;">1,157,896</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 Toll Highway 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;">1/1/2044</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;">1,500,000</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;">1,744,939</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;">2,500,000</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;">2,918,416</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>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;">1,761,482</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 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;">5.00</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;">6/15/2052</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;">3,550,000</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;">3,639,783</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 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;">5.00</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;">12/15/2028</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;">2,000,000</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;">2,050,582</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;">1/1/2039</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;">2,250,000</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;">2,645,853</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;">18.07</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;">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;">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;">10,316,204</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;">56,413,679</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
- 2.1% </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;">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;">4,425,000</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;">4,199,872</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;">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;">4,323,232</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;">8,523,104</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 - 2.3% </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;">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;">5.25</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;">12/1/2025</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;">5,125,000</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;">5,522,832</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;">Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace
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;">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;">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;">1,081,765</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;">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 - 143.3%</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 - 2.3% (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;">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;">1,400,000</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;">1,622,722</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. B1</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">1,000,000</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;">1,155,340</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;">9,382,659</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
- 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;">Christian County, Revenue Bonds, Refunding (Jennie Stuart 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;">2/1/2044</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;">2,800,000</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;">3,194,968</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;">2,560,000</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;">2,827,691</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;">6,022,659</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 - 3.0% </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;">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;">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;">2,634,934</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;">17.89</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">8,195,000</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;">9,690,805</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;">12,325,739</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 - 2.3% </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;">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;">3,921,345</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;">1,142,190</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;">18.07</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;">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;">4,000,000</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;">4,379,366</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;">9,442,901</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;">15</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 - 143.3%</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;">Massachusetts - 4.7% </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;">Massachusetts Development Finance Agency, Revenue Bonds, Refunding
(UMass Memorial Health Care Obligated Group) Ser. K</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">7/1/2038</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;">2,130,000</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;">2,524,649</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;">7/1/2029</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;">1,000,000</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;">1,251,640</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. G</p></td><td style="vertical-align:bottom; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">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;">1,473,345</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-XM0386), (University
of Massachusetts Building Authority, 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;">18.05</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;">5/1/2043</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;">7,409,991</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;">7,892,084</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;">18.37</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">5,250,000</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;">6,346,684</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;">19,488,402</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 - 4.9% </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;">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;">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;">2,364,186</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 Building Authority, 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;">4/15/2054</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;">2,911,217</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;">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;">1,108,053</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 Strategic Fund, Revenue Bonds (AMT-I-75 Improvement
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;">6/30/2048</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;">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;">5,966,366</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;">Pontiac School District,
GO</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align: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;">5/1/2050</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;">3,000,000</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;">3,502,943</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-XF2837), (Michigan State Finance Authority, Revenue Bonds (Henry Ford Health
System)) 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;">14.21</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">3,900,000</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;">4,418,018</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;">20,270,783</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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<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 - 143.3%</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;">Minnesota - 1.1% </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;">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;">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:bold; text-decoration:none;">4,734,298</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;">Missouri - 2.4% </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;">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;">4,755,000</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;">5,374,554</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;">The Missouri Health &amp; Educational Facilities Authority,
Revenue Bonds (Lutheran Senior Services 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;">2/1/2042</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;">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;">1,105,384</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;">6/1/2050</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;">2,000,000</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;">2,316,233</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, Refunding (Lutheran Senior Services Projects)</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">2/1/2046</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;">1,200,000</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;">1,337,007</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;">10,133,178</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;">Multi-State - .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;">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;">2,390,000</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;">2,672,159</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 - 1.6% </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;">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;">4.00</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;">6/15/2039</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;">950,000</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;">1,127,578</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;">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;">5,528,440</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;">6,656,018</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 - .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
Hampshire Business Finance Authority, Revenue Bonds, Refunding (Springpoint Senior Living 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;">1/1/2051</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:bold; text-decoration:none;">1,620,067</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 - 5.1% </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;">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;">1,000,000</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;">1,231,006</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;">10/1/2024</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;">2,370,000</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;">2,569,016</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;">1,365,000</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:normal; text-decoration:none;">1,643,342</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 - 143.3%</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 Jersey - 5.1% (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;">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;">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;">1,838,043</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;">1/1/2051</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;">2,400,000</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;">2,824,425</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 Jersey Port 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;">1/1/2042</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;">2,025,000</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;">2,361,354</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;">18.56</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">4,250,000</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;">4,843,582</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;">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;">1,796,651</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;">1,670,000</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;">1,948,333</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;">21,055,752</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
York - 10.7% </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;">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;">1,740,576</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 City, GO,
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;">3/1/2050</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;">4,750,000</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;">5,504,092</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 (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;">5,600,000</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>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;">2,641,143</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;">3,400,000</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;">3,715,588</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;">1,144,074</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;">3,000,000</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;">3,332,937</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;">New York Transportation Development Corp., Revenue Bonds, Refunding
(JFK International Air 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;">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;">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;">1,385,753</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;">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;">1,040,493</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>

<!-- 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 - 143.3%</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 - 10.7% (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;">Port Authority of New York &amp; New Jersey, Revenue Bonds,
Refunding, Ser. 223</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;"
>&nbsp;</td><td style="vertical-align: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;">7/15/2051</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;">2,250,000</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;">2,611,427</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-XM0436), (New York City Municipal Water Finance Authority, 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;">18.07</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;">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;">12,600,000</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;">12,621,441</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-XM0826), (Metropolitan
Transportation Authority, Revenue Bonds, Refunding (Green Bond) (Insured; Assured Guaranty Municipal
Corp., Ser. C)) Non-recourse, Underlying Coupon Rate (%) 4.00</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; background-color:#D9D9D9;"><p
style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000; font-weight:normal; text-decoration:none;">14.16</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">11/15/2046</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;">6,100,000</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;">7,060,461</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 (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;">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;">1,604,795</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;">44,402,780</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 - .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;">North Carolina Medical
Care Commission, Revenue Bonds, Refunding (Lutheran Services 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;">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;">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;">2,170,114</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 Turnpike
Authority, Revenue Bonds (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;">1/1/2055</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;">1,500,000</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;">1,733,335</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;">3,903,449</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
- 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;">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;">1,414,168</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;">10,650,000</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;">12,228,504</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;">Centerville, Revenue Bonds, Refunding (Graceworks Lutheran
Services 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;">5.25</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;">11/1/2047</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;">1,500,000</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;">1,651,708</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;">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;">1,168,899</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;">16,463,279</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;">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 - 143.3%</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;">Oregon - .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;">Medford Hospital Facilities Authority, Revenue Bonds, Refunding
(Asante 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;">8/15/2039</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;">1,186,741</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;">1,000,000</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;">1,156,604</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;">2,343,345</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
- 3.5% </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;">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;">1,510,000</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;">1,920,051</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;">1,000,000</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;">1,121,019</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 Industrial Development Authority, Revenue Bonds
(Menno-Haven 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;">12/1/2054</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;">1,088,704</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 Economic
Development Financing Authority, 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;">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;">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;">1,113,089</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;">11/1/2033</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;">2,805,000</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;">3,176,348</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;">12/1/2050</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;">1,732,548</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;">1,892,246</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;">9/1/2039</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;">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;">2,333,500</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;">14,377,505</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;">Rhode Island - .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;">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;">9/15/2037</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;">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;">620,147</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 - 2.9% </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;">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;">1,131,969</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>

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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 - 143.3%</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;">South Carolina - 2.9% (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;">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;">13.97</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">10,200,000</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,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;">11,087,830</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;">12,219,799</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 - .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;">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;">17.86</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">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,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;">3,215,737</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 - 10.7% </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;">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;">2,975,763</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;">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>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;">1,737,983</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;">2,667,004</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;">Clifton Higher Education
Finance Corp., 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;">5.75</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;">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;">2,845,379</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, 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;">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;">3,451,028</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;">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;">10/1/2049</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;">2,319,337</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;">11/15/2051</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;">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>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;">2,090,368</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;">Love Field Airport Modernization Corp., Revenue Bonds (Southwest
Airlines 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;">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;">1,000,000</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;">1,042,042</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;">1,175,088</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;">18.07</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;">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;">12,450,000</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;">13,123,059</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;">6,150,000</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;">7,393,329</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;">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 - 143.3%</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 - 10.7% (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;">Texas Private Activity Bond Surface Transportation Corp., Revenue
Bonds, Refunding (LBJ Infrastructure 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;">6/30/2040</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;">1,350,000</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;">1,587,025</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, Refunding (LBJ Infrastructure 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;">6/30/2039</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;">1,500,000</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;">1,767,877</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;">44,175,282</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 - 2.4% </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;">Puerto Rico, GO, 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;">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;">2,500,000</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;">2,519,302</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, 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;">8.00</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;">5,965,000</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>h</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;">5,234,287</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;">Puerto Rico Highway &amp; Transportation Authority, Revenue
Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. CC</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">7/1/2034</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;">2,169,800</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;">9,923,389</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
- .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;">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;">2,000,000</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;">2,355,828</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 - 5.3% </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;">Chesterfield County
Economic Development Authority, Revenue Bonds, Refunding (Brandermill Woods 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;">5.13</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;">1/1/2043</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;">700,000</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;">702,788</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;">Henrico County Economic Development Authority, 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;">11.52</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size:7.5pt; font-family:Cambria; text-align:right; color:#000000;
font-weight:normal; text-decoration:none;">8/23/2027</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;"><p style="font-size:7.5pt; font-family:Cambria;
text-align:left; font-weight:normal; text-decoration:none; vertical-align:super;"><sup>d</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;">5,720,043</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-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;">20.41</p></td><td style="vertical-align:bottom;
background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">9,280,486</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 College Building Authority, Revenue Bonds (Green Bond)
(Marymount 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;">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;">7/1/2045</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;"><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;">1,055,898</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;">4,350,000</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;">5,174,776</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;">21,933,991</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 - 143.3%</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 - 4.5% </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;">King County School District No. 210, 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;">2,347,793</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</p></td><td style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align: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;">4/1/2044</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;">1,133,148</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;">9.09</p></td><td
style="vertical-align:bottom; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align: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;">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;">11,979,154</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 Higher Education Facilities Authority, Revenue Bonds
(Seattle 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;">5/1/2050</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;">1,200,000</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;">1,370,020</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 (Transforming Age 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;">1/1/2055</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;">1,465,000</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;">1,634,560</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;">18,464,675</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 (Appalachian State 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;">7/1/2055</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;">1,750,000</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;">1,955,283</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 (CHF - Wilmington) (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;">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;">7/1/2058</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;">3,665,000</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;">4,346,443</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 (Gannon 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;">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;">5/1/2042</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;">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;">872,790</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;">5/15/2042</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;">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;">819,260</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>

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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 - 143.3%</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 (Children's Hospital of Wisconsin 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;">8/15/2050</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;">1,135,000</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;">1,327,319</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;">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;">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;">1,386,036</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;">10,707,131</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 $542,538,472)</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;">593,459,224</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 $543,914,229)</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;">143.6%</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;">594,864,353</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;">(31.7%)</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;">(131,302,485)</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;">(11.9%)</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;">(49,300,000)</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;">414,261,868</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;">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>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;">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>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 November
30, 2021, these securities were valued at $245,651,245 or 59.3% 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;">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><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;">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>h</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;">Non-income
producing&#8212;security in default.</font></p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">24</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;">General</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;">25.9</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;">Education</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;">18.7</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;">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;">18.1</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;">15.3</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;">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;">12.6</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;">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;">11.3</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;">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;">8.1</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;">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;">7.2</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;">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;">5.5</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;">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;">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;">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;">4.8</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;">3.3</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;">3.2</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;">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;">1.5</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;">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;">1.3</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;">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;">1.0</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;">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; 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;">143.6</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;">25</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;">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>

<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;">November 30, 2021</p>
<!-- PAGEBREAK_END -->
<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:56.12%;" >&nbsp;</td><td style="width:1.79%;" >&nbsp;</td><td
style="width:1.11%;" >&nbsp;</td><td style="width:20.58%;" >&nbsp;</td><td style="width:1.48%;" >&nbsp;</td><td
style="width:17.57%;" >&nbsp;</td><td style="width:1.35%;" >&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;"> 543,914,229 </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;"> 594,864,353 </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;"> 48,111 </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;"> 8,127,387 </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;"> 12,627 </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;">
603,052,478 </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;"> 250,139 </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 floating rate 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;"> 138,704,671 </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;">     floating rate 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;"> 397,606 </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;"> 22,500 </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;">Directors&#8217; fees and expenses payable</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;"> 2,673 </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;"> 808
</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;"> 112,213 </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;">
139,490,610 </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 A, B and C, par value $.001 per share (1,972 shares issued and outstanding at $25,000 per share
liquidation value)&#8212;Note 1</p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#F2F2F2; background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; color:#000000; font-weight:normal; text-decoration:none;">&#160;</p></td><td style="vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; background-color:#D9D9D9;"><p
style="font-size:8.0pt; font-family:Cambria; text-align:right; color:#000000; font-weight:bold; text-decoration:none;">
49,300,000 </p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2;
background-color:#D9D9D9; font-size:1pt;"><p style="font-size:8.0pt; font-family:Cambria; text-align:right;
color:#000000; font-weight:bold; text-decoration:none;">&#160;</p></td></tr><tr><td colspan="3" style=" vertical-align:bottom;
border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#F2F2F2; border-top:1pt; border-top-style:solid;
border-top-color:#F2F2F2; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; font-weight:bold; text-decoration:none;">Net Assets Applicable to Common Shareholders
($)</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;"> 414,261,868 </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;">      (49,421,511
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;"> 49,422 </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;"> 368,326,701 </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;"> 45,885,745 </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;">
414,261,868 </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;">(110 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;"> 49,421,511 </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;">8.38</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;">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: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 November 30, 2021</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;"> 22,740,027 </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;">Investment
advisory 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;"> 2,322,370 </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;">Administration
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;"> 1,161,185 </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;">Interest
and expense related to floating rate 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: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;"> 1,050,063 </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;"> 169,016 </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;"> 88,562 </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;"> 48,169 </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;"> 43,396 </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;"> 38,161 </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;"> 12,408 </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;"> 8,417 </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;"> 4,332 </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;"> 40,029 </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;">
4,986,108 </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;"> (464,474)</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 fees due to earnings credits&#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;"> (3,264)</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;"> 4,518,370 </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;">Investment
Income&#8212;Net</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;"> 18,221,657 </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;"> (936,258)</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;">
7,729,741 </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;"> 6,793,483 </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;"> (50,742)</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
Increase 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;"> 24,964,398 </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;">28</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 November 30, 2021</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;">
(45,209,402)</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;">
57,529,124 </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;">
(50,948)</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
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:middle; background-color:#D9D9D9;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:right; font-weight:normal; text-decoration:none;"> 23,073,750 </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 floating
rate 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;"> (1,066,867)</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;">Paid 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: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;"> (3,025,006)</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;"> (456,295)</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;"> 30,794,356 </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;"> (17,791,743)</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 floating rate 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;"> (13,480,000)</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;"> (31,271,743)</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;"> (477,387)</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;"> 525,498 </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;">
48,111 </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
Increase 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;"> 24,964,398 </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 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;">Decrease 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;"> 14,602,325 </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;"> 333,723 </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 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;"> 119
</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 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;"> 6,824 </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;"> (1,346,345)</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 and expense payable related to floating rate 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;"> (16,804)</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 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;"> (206)</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 Directors' fees and expenses
payable</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;"> (22,896)</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;"> 2,959 </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;"> (7,729,741)</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;">
30,794,356 </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 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;">29</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:2.79%;" >&nbsp;</td><td style="width:39.03%;" >&nbsp;</td><td
style="width:7.32%;" >&nbsp;</td><td style="width:2.8%;" >&nbsp;</td><td style="width:21.17%;" >&nbsp;</td><td
style="width:1.43%;" >&nbsp;</td><td style="width:1.43%;" >&nbsp;</td><td style="width:1.43%;" >&nbsp;</td><td
style="width:21.17%;" >&nbsp;</td><td style="width:1.44%;" >&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; text-indent: 64pt">Year
Ended November 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;">2021</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;">2020</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;">Investment income&#8212;net</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;"> 18,221,657 </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;"> 19,809,340 </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;"> (936,258)</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;"> (7,022,793)</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;"> 7,729,741 </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;"> 2,628,636 </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;"> (50,742)</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;"> (592,434)</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;"> 24,964,398 </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;"> 14,822,749 </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;">
(17,791,743)</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;">
(17,792,020)</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;"> -   </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;"> 86,478 </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;"> -   </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;"> 86,478 </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;"> 7,172,655 </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;"> (2,882,793)</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;"> 407,089,213 </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;"> 409,972,006 </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;"> 414,261,868 </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;"> 407,089,213 </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;"> -   </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;"> 10,449 </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;">
-   </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;"> 10,449 </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;">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;">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:35%;" >&nbsp;</td><td style="width:3.75%;" >&nbsp;</td><td style="width:15%;"
>&nbsp;</td><td style="width:9.25%;" >&nbsp;</td><td style="width:9.25%;" >&nbsp;</td><td style="width:9.25%;"
>&nbsp;</td><td style="width:9.25%;" >&nbsp;</td><td style="width:9.25%;" >&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
colspan="2" style=" vertical-align:top; 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
colspan="3" 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; color:#000000;
font-weight:normal; text-decoration:none;">Year Ended November 30,</p></td></tr><tr><td colspan="3" 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;">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><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;">2017</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:#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 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; 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;">8.24</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;">8.30</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;">7.91</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;">8.29</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;">8.19</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; 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
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;">Investment
income&#8212;net</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;">.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;">.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;">.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;">.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;">.49</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;">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;">.13</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;">(.09)</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;">(.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;">.13</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;">Dividends
to Preferred Shareholders </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">from investment income&#8212;net</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; 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;">(.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; 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><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></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; 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;">.50</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;">.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;">.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; text-decoration:none;">.60</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; text-decoration:none;">Distributions 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; 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
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;">Dividends
from investment </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414;
font-weight:normal; text-decoration:none;">income&#8212;net</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;">(.36)</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)</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;">(.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;">(.50)</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;">Net
asset value resulting from Auction </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">Preferred Stock tender 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;">.04</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></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; 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;">8.38</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;">8.24</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;">8.30</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;">7.91</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;">8.29</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;
border-bottom:1pt; 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:1pt; border-bottom-style:solid; border-bottom-color:#FFFFFF; background-color:#D9D9D9;
font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom; border-bottom:1pt; 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;">8.24</p></td><td style="vertical-align:bottom;
border-bottom:1pt; 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;">7.66</p></td><td
style="vertical-align:bottom; border-bottom:1pt; 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;">8.19</p></td><td style="vertical-align:bottom; border-bottom:1pt;
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;">7.13</p></td><td
style="vertical-align:bottom; border-bottom:1pt; 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;">8.40</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;
border-top:1pt; 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:1pt;
border-top-style:solid; border-top-color:#FFFFFF; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td
style="vertical-align:bottom; border-top:1pt; 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;">12.46</p></td><td
style="vertical-align:bottom; border-top:1pt; 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;">(1.87)</p></td><td
style="vertical-align:bottom; border-top:1pt; 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;">21.12</p></td><td
style="vertical-align:bottom; border-top:1pt; 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;">(10.14)</p></td><td
style="vertical-align:bottom; border-top:1pt; 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;">10.46</p></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: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;">FINANCIAL
HIGHLIGHTS (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:25.64%;" >&nbsp;</td><td style="width:14.36%;" >&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><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 colspan="2" style=" vertical-align:top; 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
colspan="3" 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; color:#000000;
font-weight:normal; text-decoration:none;">Year Ended November 30,</p></td></tr><tr><td colspan="3" 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;">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><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;">2017</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:#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 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;">Ratio
of total expenses to </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">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;">1.20</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;">1.56</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;">1.86</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;">1.73</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;">1.41</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;">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;">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;">1.09</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;">1.44</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;">1.75</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;">1.62</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;">1.28</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;">Ratio
of interest and expense related to </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">floating rate notes issued to average net </font><br><font
style="font-size:8.0pt; font-family:Cambria; font-style:normal; color:#141414; font-weight:normal; text-decoration:none;">assets
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;">.25</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</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;">.90</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;">.72</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></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;">Ratio
of net investment income to </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">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;">4.39</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;">4.98</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;">5.05</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;">5.78</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;">5.87</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;">Ratio
of total 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;">1.07</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;">1.38</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;">1.66</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;">1.51</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;">1.15</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;">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;">.97</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;">1.28</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;">1.56</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;">1.41</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;">1.05</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;">Ratio
of interest and expense related to </font><br><font style="font-size:8.0pt; font-family:Cambria; font-style:normal;
color:#141414; font-weight:normal; text-decoration:none;">floating rate notes issued 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;">.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;">.53</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</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;">.29</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;">Ratio
of net investment income 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;">3.92</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;">4.43</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;">4.50</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;">5.02</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;">4.79</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; 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;">9.10</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;">26.56</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;">41.28</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;">24.57</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;">11.20</p></td></tr><tr><td colspan="2" style=" vertical-align:bottom;
border-bottom:1pt; 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;">Asset Coverage of Preferred Stock,</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</font></p></td><td style="vertical-align:bottom; border-bottom:1pt; border-bottom-style:solid;
border-bottom-color:#FFFFFF; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-bottom:1pt; 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;">940</p></td><td
style="vertical-align:bottom; border-bottom:1pt; 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;">926</p></td><td style="vertical-align:bottom; border-bottom:1pt;
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;">932</p></td><td
style="vertical-align:bottom; border-bottom:1pt; 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;">892</p></td><td style="vertical-align:bottom; border-bottom:1pt;
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;">540</p></td></tr><tr><td
colspan="2" style=" vertical-align:bottom; border-top:1pt; 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:1pt; border-top-style:solid;
border-top-color:#FFFFFF; background-color:#D9D9D9; font-size:1pt;" >&nbsp;</td><td style="vertical-align:bottom;
border-top:1pt; 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;">414,262</p></td><td
style="vertical-align:bottom; border-top:1pt; 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;">407,089</p></td><td
style="vertical-align:bottom; border-top:1pt; 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;">409,972</p></td><td
style="vertical-align:bottom; border-top:1pt; 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;">390,350</p></td><td
style="vertical-align:bottom; border-top:1pt; 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;">409,095</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;">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;">49,300</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;">49,300</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;">49,300</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;">49,300</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;">93,000</p></td></tr><tr><td
colspan="2" 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;">138,705</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;">152,185</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;">182,074</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;">162,357</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;">109,669</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>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;">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;">32</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;">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 Municipal Bond Fund,
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 seek 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.
Effective September 1, 2021 (the &#8220;Effective Date&#8221;), the Adviser has engaged its affiliate, Insight
North America LLC (the &#8220;Sub-Adviser&#8221;), as the fund&#8217;s sub-investment adviser pursuant to a sub-investment
advisory agreement between the Adviser and Sub-Adviser. As the fund&#8217;s sub-investment adviser, the Sub-Adviser
provides the day-to-day management of the fund&#8217;s investments, subject to the Adviser&#8217;s supervision
and approval. The Adviser (and not the fund) pays the Sub-Adviser for its sub-advisory services. As of
the Effective Date, portfolio managers responsible for managing the fund&#8217;s investments who were employees
of Mellon Investments Corporation (&#8220;Mellon&#8221;) in a dual employment arrangement with the Adviser, have
become employees of the Sub-Adviser, and are no longer employees of Mellon. The fund&#8217;s Common Stock
trades on the New York Stock Exchange (the &#8220;NYSE&#8221;) under the ticker symbol DSM.</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 698 Series A shares, 662 Series B shares and 612 Series C shares, 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 </p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">33</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;">certain other matters, as required by law. The fund&#8217;s Board of Directors (the
&#8220;Board&#8221;) has designated Joni Evans and Robin A. Melvin 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 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>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">34</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; 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><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;">Investments in securities
are valued each business day by an independent pricing service (the &#8220;Service&#8221;) approved by the Board.
Investments for which quoted bid prices are readily available and are representative of the bid side
of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as
obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service
based upon its evaluation of the market for such securities). Debt investments (which constitute a majority
of the portfolio securities) are carried at fair value as determined by the Service, based on methods
which include consideration of the following: yields or prices of municipal securities of comparable
quality, coupon, maturity and type; indications as to values from dealers; and general market conditions.
All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
 </p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">The Service is engaged under the general oversight of the Board.</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>
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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="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>
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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;">For securities where observable inputs are limited, assumptions about market activity
and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.</p><p
style="font-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 November 30, 2021</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;">1,405,129</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;">1,405,129</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;">593,459,224</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;">593,459,224</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;">Floating
Rate 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;">(138,704,671)</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;">(138,704,671)</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) 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 world-wide. Recent </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;">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. 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. The COVID-19 pandemic has had, and any other outbreak of an infectious
disease or other serious public health concern could have, a significant negative impact on economic
and market conditions and could trigger a prolonged period of global economic slowdown. To the extent
the fund may overweight its investments in certain countries, companies, industries or market sectors,
such positions will increase the fund's exposure to risk of loss from adverse developments affecting
those countries, companies, industries or sectors.</p><p style="font-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
investment income-net are normally declared and paid monthly. Dividends from net realized capital gains,
if any, are normally declared and paid annually, but the fund may make distributions on a more frequent
basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the
&#8220;Code&#8221;). To the extent that net realized capital gains can be offset by capital loss carryovers,
it is the policy of the fund not to distribute such gains. Income and capital gain distributions are
determined in accordance with income tax regulations, which may differ from GAAP.</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 November 29, 2021, the Board declared a cash dividend of
$.030 per share from investment income-net, payable on December 31, 2021 to Common shareholders of record
as of the close of business on December 14, 2021. The ex-dividend date was December 13, 2021.</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. </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;">Dividend rates as of November 30, 2021, for each series of APS were as follows:
Series A-0.110%, Series B-0.110% and Series C-0.110%. 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 November 30, 2021 for each series of APS
were as follows: Series A-0.103%, Series B-0.102% and Series C-0.103%.</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;">(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 November 30, 2021, the fund
did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties,
if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During
the period ended November 30, 2021, 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 November 30, 2021 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 November 30, 2021, the components of
accumulated earnings on a tax basis were as follows: undistributed tax-exempt income $3,112,851, accumulated
capital losses $8,624,863 and unrealized appreciation $51,398,565.</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 November 30, 2021. The fund has $6,379,671 of short-term
capital losses and $2,245,192 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 periods ended November 30, 2021 and November 30, 2020 were as follows: tax-exempt income $17,842,485
and $18,180,918, and ordinary income $0 and $203,536, 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 </font></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;">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 reference rate-related contract modifications
that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating
the impact of ASU 2020-04 and ASU 2021-01</font><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;">on the fund&#8217;s investments, derivatives,
debt and other contracts that will undergo reference rate-related modifications as a result of the reference
rate reform. Management is also currently actively working with other financial institutions and counterparties
to modify contracts as required by applicable regulation and within the regulatory deadlines.</font></p><p
style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">NOTE
2&#8212;Investment Advisory Fee,  Sub-Investment Advisory Fee, Administration 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 an investment advisory agreement with the Adviser,
the management fee is computed at the annual rate of .50% of the value of the fund&#8217;s average weekly
net assets, inclusive of the outstanding APS, and is payable monthly. The fund also has an administration
agreement with the Adviser and a custody agreement with The Bank of New York Mellon (the &#8220;Custodian&#8221;),
a subsidiary of BNY Mellon and an affiliate of the Adviser. The fund pays in the aggregate for administration,
custody and transfer agency services, a monthly fee based on an annual rate of .25% of the value of the
fund&#8217;s average weekly net assets, inclusive of the outstanding APS. All out-of-pocket transfer agency
and custody expenses, including custody transaction expenses, are paid separately by the fund.</font></p><p
style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">The Adviser has undertaken, from December 1, 2020 through May 31, 2022, to waive
receipt of a portion of the fund&#8217;s investment advisory 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 $464,474 during the period ended November 30, 2021.</p><p
style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">As of the Effective Date, 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
..24% of the value of the fund&#8217;s average weekly net assets, (including net assets representing APS outstanding).
</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; 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)
</font><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 November 30, 2021</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 $4,332 for out-of-pocket and custody transaction expenses, pursuant to the custody agreement.
These fees were partially offset by earnings credits of the amount of $3,264.</font></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:normal; text-decoration:none;">The fund
has an arrangement with the Custodian 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 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.</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 November 30, 2021, the fund was charged $8,417 for services
performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance
Officer fees in the Statement of Operations.</p><p style="font-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: investment
advisory fees of $189,741, Administration fees of $94,566, Custodian fees of $2,734 and Chief Compliance
Officer fees of $3,538, which are offset against an expense reimbursement currently in effect in the
amount of $40,440.</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 November 30, 2021, amounted to $43,775,591 and $41,613,008, 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 </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;">interest on the other securities and various expenses of the Inverse Floater Trust.
An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination
events such as bankruptcy, default or other credit event.</p><p style="font-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
November 30, 2021 was approximately $139,678,945, with a related weighted average annualized interest
rate of .75%.</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 November 30, 2021</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 $404,761,117; accordingly, accumulated net unrealized appreciation
on investments was $51,398,565, consisting of $51,939,726 gross unrealized appreciation and $541,161
gross unrealized depreciation.</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="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 Municipal Bond Fund, 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 Municipal Bond Fund, Inc. (the
&#8220;Fund&#8221;), including the statement of investments, as of November 30, 2021, 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 November 30, 2021, 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 November 30, 2021, by correspondence with
the custodian and others or by other appropriate auditing procedures where replies from others were not
received. 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_2b5f2be8acac4.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;">January 24, 2022</font></p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">42</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>
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<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 Plan</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">Under the fund&#8217;s Dividend Reinvestment Plan (the &#8220;Plan&#8221;),
a Common Shareholder who has fund shares registered in his or her 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 Common 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:10.0pt;
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 or her 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 or her 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:10.0pt; 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 $5.00 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:10.0pt; 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.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">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 in connection with the reinvestment of dividends
or 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 reserves the right to amend or terminate the Plan
as applied to any dividend or distribution paid subsequent to written 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:Serif; 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;">Level
Distribution Policy</font></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 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 </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:10.0pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">times pay out less than the entire amount of net investment income earned in any
particular month and may at times in any month pay out such 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:Serif; 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;">Investment
Objective and Principal Investment Strategies </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;">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 seek to maximize current income exempt from federal income tax to the extent believed
by the Adviser to be consistent with the preservation of capital. </font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">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; color:#000000; font-weight:normal; font-style:normal;"><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:underline;">Fundamental
Investment Policy</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal; color:#000000;
font-weight:normal; text-decoration:none;">. The fund ordinary invests all of its net assets in municipal
obligations that provide income exempt from federal income tax, and has adopted a fundamental investment
policy to invest, under normal market conditions, at </font><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">least 80% </font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">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
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 80% 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 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 Adviser in the case of short term obligations
having or deemed to have maturities of less than one year. 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 </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;">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 Adviser determines that
the purchase is consistent with the fund&#8217;s investment objective. Investment grade bonds are those rated
in the four highest rating categories of Moody&#8217;s, S&amp;P or Fitch. The fund also may invest in taxable
investments to the extent and of the quality described below. At least 65% of the value of the fund&#8217;s
net assets (except when maintaining a temporary defensive position) will be invested in bonds and debentures.
</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. The fund emphasizes investments in municipal obligations with
long term maturities, but the degree of such emphasis depends upon market conditions existing at the
time of investment. Under normal market conditions, long term municipal obligations generally provide
a higher yield than short term municipal obligations. The fund, however, may invest in short term municipal
obligations when their yields are greater than yields available on long term municipal obligations, for
temporary defensive purposes and after the closing of this offering as the fund selects longer term municipal
obligations to purchase for its portfolio.</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:underline;">Taxable Investments and other Investment Techniques.</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 employ, among others, the investment techniques described below. Use of certain of these techniques
may give rise to taxable income. </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 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 </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;">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 45 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;">Use of Derivatives</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">. The fund may invest in, or enter into, certain types of
derivatives, such as futures, options and swap transactions, including interest rate swaps, interest
rate locks, caps, collars and floors, for a variety of reasons, including to increase current income,
reduce fluctuations in net asset value and protect against a decline in the value of municipal obligations
held by the fund or an increase in the price of municipal obligations the fund proposes to purchase in
the future. The fund&#8217;s ability to engage in certain derivative transactions may be limited as a condition
to S&amp;P&#8217;s &#8220;AAA&#8221; rating of the fund&#8217;s APS. The fund will limit its use of derivatives that
do not constitute municipal obligations to 20% of the its net assets.</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 fund may purchase
call and put options and may write (</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;">, sell) covered call and put option contracts
on specific municipal obligations. The fund generally would purchase these call options to protect the
fund from the issuer of the related municipal obligation redeeming, or other holder of the call option
from calling away, the municipal obligation before maturity. The sale by the fund of a call option it
owns on a specific municipal obligation could result in the receipt of taxable income by the fund. </font></p><p
style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">A futures contract is an agreement between two parties to buy and sell a security
for a set price on a future date. These contracts are traded on exchanges, so that, in most </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;">cases, either party can close out its position on the exchange for cash, without
delivering the security. An option on a futures contract gives the holder of the option the right to
buy from or sell to the writer of the option a position in a futures contract at a specified price on
or before a specified expiration date. The fund may invest in futures contracts and options on futures
contracts, including those with respect to interest rates, securities, and security indexes. The fund
may enter into futures contracts and options thereon in U.S. domestic markets. Futures contracts may
be based on various debt securities and securities indexes (such as the Municipal Bond Index traded on
the Chicago Board of Trade).</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 enter into interest rate swaps and interest rate
locks and purchase and sell interest rate caps, collars and floors. Swap transactions may be individually
negotiated and include exposure to a variety of different interest rates. Swaps involve two parties exchanging
a series of cash flows at specified intervals. In the case of an interest rate swap, the parties exchange
interest payments based upon an agreed upon principal amount (referred to as the &#8220;notional principal
amount&#8221;). Under the most basic scenario, Party A would pay a fixed rate on the notional principal amount
to Party B, which would pay a floating rate on the same notional principal amount to Party A. Swap agreements
can take many forms and are known by a variety of names.</p><p style="font-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">In a typical cap or
floor agreement, one party agrees to make payments only under specified circumstances, usually in return
for payment of a fee by the other party. An interest rate collar combines elements of buying a cap and
selling a floor. In a typical interest rate lock transaction, if Party A desires to lock in a particular
interest rate on a given date it may enter into an agreement to pay, or receive a payment from, Party
B based on the yield of a reference index or security. At the maturity of the term of the agreement,
one party makes a payment to the other party as determined by the relative change in the yield of the
reference index or security. An interest rate lock transaction may be terminated prior to its stated
maturity date by calculating the payment due as of the termination date, which generally differs from
the make-whole provisions for an early termination of an interest rate swap transaction in which the
party terminating the swap early is required to give its counterparty the economic benefit of the transaction.</p><p
style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">Depending on the circumstances, gains from a swap transaction will be treated
either as ordinary income or as short- or long-term capital gains. The fund currently intends to enter
into swap transactions on a &#8220;forward settlement&#8221; basis (settlement set out several months) and to
close-out such transactions before the settlement date. This methodology should result in there being
no exchange of income and, therefore, no taxable income to report. Any principal gain or loss at settlement
would be a capital gain or loss.</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 operated by the Adviser in
reliance on an exclusion, granted to operators of registered investment companies such as the fund, from
registration as a &#8220;commodity pool operator&#8221; with respect to the fund under the Commodity Exchange
Act (&#8220;CEA&#8221;) and, therefore is not subject to registration or regulation with respect to the fund
under the CEA. The fund may be limited in its ability to use commodity futures or options thereon, engage
in certain swap transactions or make certain other investments if the </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="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;">Adviser continues to claim the exclusion from the definition of &#8220;commodity pool
operator&#8221; with respect to the fund.</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 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.</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;">Investments in Investment Companies</font><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">. The fund may invest in securities of
other investment companies to the extent permitted under the Act.</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;">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. If 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:justify; 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 </p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">48</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;">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), which are
at or near historic lows in the United States. 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><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 20% 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 Adviser&#8217;s judgment may play a greater role in valuation because less reliable, objective
data may be available.</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; 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. 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. 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%. Interest rates in the United States currently are at or near historic
lows due to market forces and actions of the Board of Governors of the Federal Reserve System in the
U.S., primarily in response to the novel coronavirus (COVID-19) pandemic and resultant market disruptions.
Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets,
may result in heightened market volatility and may detract from fund performance.</font></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: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 in volatility and decreases in liquidity may be caused by a rise in interest rates (or the
expectation of a rise in interest rates). </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;">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;">Use of Derivatives Risk.</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives can be
volatile and involve various types and degrees of risk, depending upon the characteristics of the particular
derivative and the portfolio as a whole. Derivatives may entail investment exposures that are greater
than their cost would suggest, meaning that a small investment in derivatives could have a large potential
impact on the fund&#8217;s performance. If the fund invests in derivatives at </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>
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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;">inopportune times or judges market conditions incorrectly, such investments may
lower the fund&#8217;s return or result in a loss. The fund also could experience losses if its derivatives
were poorly correlated with the underlying instruments or the fund&#8217;s other investments, or if the fund
were unable to liquidate its position because of an illiquid secondary market. The market for many derivatives
is, or suddenly can become, illiquid. Although the fund intends to purchase or sell futures contracts
or options only if there is an active market for such contracts or options, no assurance can be given
that a liquid market will exist for any particular contract or option at any particular time. Changes
in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.
Additionally, some derivatives the fund may use may involve economic leverage, which may increase the
volatility of these instruments as they may increase or decrease in value more quickly than the underlying
security, index, futures contract, or other economic variable. </p><p style="font-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">Derivatives may be
purchased on established exchanges or through privately negotiated transactions referred to as over-the-counter
derivatives. Exchange-traded derivatives, such as futures contracts and certain options, generally are
guaranteed by the clearing agency that is the issuer or counterparty to such derivatives. This guarantee
usually is supported by a daily variation margin system operated by the clearing agency in order to reduce
overall credit risk. As a result, unless the clearing agency defaults, there is relatively little counterparty
credit risk associated with derivatives purchased on an exchange. In contrast, no clearing agency guarantees
over-the-counter derivatives, including some options and most swap agreements, and, therefore, there
is a risk the counterparty will default. Accordingly, the Adviser will consider the creditworthiness
of counterparties to over-the-counter derivatives in the same manner as it would review the credit quality
of a security to be purchased by the fund. If there were a default by the other party to such transaction
the fund would have to rely on its contractual remedies (which may be limited by bankruptcy, insolvency
or similar laws) pursuant to the agreement relating to the transaction. Over-the-counter derivatives
are less liquid than exchange-traded derivatives since the other party to the transaction may be the
only investor with sufficient understanding of the derivative to be interested in bidding for it. In
addition, mandatory margin requirements have been imposed on over-the-counter derivative instruments,
which will add to the costs of such transactions.</p><p style="font-size:10.5pt; font-family:Serif; font-style:normal;
text-align:justify; font-weight:normal; text-decoration:none;">Options and futures contracts prices can
diverge from the prices of their underlying instruments. Options and futures contracts prices are affected
by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying
instrument, and the time remaining until expiration of the contract, which may not affect the prices
of the underlying instruments in the same way. Imperfect correlation may also result from differing levels
of demand in the options and futures markets and the securities markets, from structural differences
in how options and futures and securities are traded, or from imposition of daily price fluctuation limits
or trading halts. If price changes in the fund&#8217;s options or futures positions used for hedging purposes
are poorly correlated with the investments the fund is attempting to hedge, the options or futures positions
may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.</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;">Engaging in futures transactions involves risk of loss to the fund which could
adversely affect the fund&#8217;s net asset value. No assurance can be given that a liquid market will exist
for any particular contract at any particular time. Many futures exchanges and boards of trade limit
the amount of fluctuation permitted in futures contract prices during a single trading day. Once the
daily limit has been reached in a particular contract, no trades may be made that day at a price beyond
that limit or trading may be suspended for specified periods during the trading day. Futures contract
prices could move to the limit for several consecutive trading days with little or no trading, thereby
preventing prompt liquidation of futures positions and potentially leading to substantial losses.</p><p
style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">The use of interest rate swaps and caps is a highly specialized activity that
involves investment techniques and risks different from those associated with ordinary portfolio security
transactions. Depending on the state of interest rates in general, the fund&#8217;s use of interest rate
swaps or caps could enhance or harm the overall performance of the fund. To the extent there is a decline
in interest rates, the value of the interest rate swap or cap could decline, and could result in a decline
in the fund&#8217;s net asset value. In addition, if short-term interest rates are lower than the fund&#8217;s
rate of payment on the interest rate swap, this will reduce the performance of the fund. If, on the other
hand, short-term interest rates are higher than the fund&#8217;s rate of payment on the interest rate swap,
this will enhance the performance of the fund.</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;">It is possible that developments in the derivatives markets,
including potential government regulation, could adversely affect the ability to terminate existing derivatives
positions or to realize amounts to be received in such transactions. In particular, </font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">prior to the recent
global financial crisis, the swaps market was largely an unregulated market. It is possible that developments
in the swaps market, including new regulatory requirements, could limit or prevent the fund&#8217;s ability
to utilize swap agreements or options on swaps as part of its investment strategy, terminate existing
swap agreements or realize amounts to be received under such agreements, which could negatively affect
the fund. In particular, the Dodd-Frank Act resulted in new clearing and exchange-trading requirements
for swaps and other over-the-counter derivatives. The Dodd-Frank Act also requires the Commodities Futures
Trading Commission (&#8220;CFTC&#8221;) and/or the SEC, in consultation with banking regulators, to establish
capital requirements for swap dealers and major swap participants as well as requirements for margin
on over-the-counter derivatives, including swaps. Many provisions of the Dodd-Frank Act have either already
been implemented through rulemaking by the CFTC and/or the SEC or must be implemented through future
rulemaking by those and other federal agencies, and all regulatory or legislative activity may not necessarily
have a direct, immediate effect upon the fund. However, compliance with these rules could potentially
limit or completely restrict the ability of the fund to use certain derivatives as a part of its investment
strategy, increase the cost of entering into derivatives transactions or require more assets of the fund
to be used for collateral in support of those derivatives than is currently the case. Limits or restrictions
applicable to the counterparties with which the fund engages in derivative transactions also could prevent
</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>
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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 from using derivatives or affect the pricing or other factors relating
to these transactions, or may change the availability of certain derivatives. </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;">Some derivatives may
involve leverage (</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;">, an instrument linked to the value of a securities index
may return income calculated as a multiple of the price movement of the underlying index). This economic
leverage will increase the volatility of these instruments as they may increase or decrease in value
more quickly than the underlying security, index, futures contract, currency or other economic variable.
Currently, the fund may segregate permissible liquid assets, or engage in other measures approved by
the SEC or its staff, to &#8220;cover&#8221; the fund&#8217;s obligations relating to its transactions in derivatives.
Where permitted, by setting aside assets equal to only its net obligations under cash-settled derivatives,
the fund may employ leverage to a greater extent than if the fund were required to segregate assets equal
to the full notional value of such contracts. These coverage practices also might impair the fund&#8217;s
ability to sell a portfolio security, meet current obligations or make an investment at a time when it
would otherwise be favorable to do so, or require that the fund sell a portfolio security at a disadvantageous
time.</font></p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">The SEC recently adopted Rule 18f-4 under the Act, which will
regulate the use of derivatives by the fund and is effective in August 2022. Under the new rule, the
fund may be required to establish a comprehensive derivatives risk management program, to comply with
certain value-at-risk based leverage limits, to appoint a derivatives risk manager and to provide additional
disclosure both publicly and to the SEC regarding its derivatives positions. Compliance with the new
rule by the fund could, among other things, make derivatives more costly, limit their availability or
utility or otherwise adversely affect their performance. The new rule may limit the fund&#8217;s ability
to use derivatives as part of its investment strategy. In addition, in connection with the adoption of
Rule 18f-4, the SEC also eliminated the asset segregation framework for covering derivatives and certain
financial instruments arising from SEC and staff guidance. As the fund transitions into reliance on Rule
18f-4, its approach to asset segregation and coverage requirements may be impacted.</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;">Use of 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 </font></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="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">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. 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. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other
serious public health concern could have, a significant negative impact on economic and market conditions
and could trigger a prolonged period of global economic slowdown. To the extent the fund may overweight
its investments in certain countries, companies, industries or market sectors, such positions will increase
the fund&#8217;s exposure to risk of loss from adverse developments affecting those countries, companies,
industries or sectors.</p><p style="font-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, such as the fund, frequently trade at a discount from their net asset value. This characteristic
is a risk separate and distinct from the risk that net asset value could decrease as a result of investment
activities. The fund cannot predict whether its Common Stock will trade at, above or below net asset
value.</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;">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 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 </font></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: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;">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.</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><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;">The following information in this annual report is a summary of certain changes
since November 30, 2020. This information may not reflect all of the changes that have occurred since
you purchased 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 fund has updated its derivatives risk factor to reflect
certain risks associated with new Rule 18f-4 under the 1940 Act.</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
November 30, 2021, except as noted above, 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;">56</p>

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<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 investment income-net during its fiscal year ended November 30, 2021 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 2021 calendar year
on Form 1099-DIV, which will be mailed in early 2022.</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="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-21.6pt; font-weight:normal;
margin-left:21.6pt; font-style:normal;"><font style="font-size:11.5pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">INFORMATION ABOUT THE RENEWAL OF THE FUND&#8217;S INVESTMENT ADVISORY
AND SUB-INVESTMENT ADVISORY AGREEMENTS (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></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
a meeting of the fund&#8217;s Board of Directors held on November 1-2, 2021, the Board considered the renewal</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">
</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">of
the fund&#8217;s Investment Advisory Agreement and Administration Agreement, pursuant to which the Adviser
provides the fund with investment advisory services and administrative services (together, the &#8220;Agreement&#8221;),
and the Sub-Investment Advisory Agreement (together with the Agreement, the &#8220;Agreements&#8221;), pursuant
to which Insight North America LLC (the &#8220;Subadviser&#8221;) provides day-to-day management of the fund&#8217;s
investments. The Board members, none of whom are &#8220;interested persons&#8221; (as defined in the Investment
Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel
and met with counsel in executive session separate from representatives of the Adviser and the Subadviser.
In considering the renewal of the Agreements, the Board considered several factors that it believed to
be relevant, including those discussed below. The Board did not identify any one factor as dispositive,
and each Board member may have attributed different weights to the factors considered.</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;">Analysis of Nature,
Extent, and Quality of Services Provided to the Fund</font><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;">. The Board considered information provided
to it at the meeting and in previous presentations from representatives of the Adviser regarding the
nature, extent, and quality of the services provided to funds in the BNY Mellon fund complex, including
the fund. The Adviser noted that the fund is a closed-end fund without daily inflows and outflows of
capital and provided the fund&#8217;s asset size.</font></p><p style="font-size:10.5pt; font-family:Serif;
font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">The Board also considered
research support available to, and portfolio management capabilities of, the fund&#8217;s portfolio management
personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund
accounting and administration and assistance in meeting legal and regulatory requirements. The Board
also considered the Adviser&#8217;s extensive administrative, accounting and compliance infrastructures,
as well as the Adviser&#8217;s supervisory activities over the Subadviser.</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;">Comparative Analysis
of the Fund&#8217;s Performance and Management Fee and Expense Ratio</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">. The Board reviewed
reports prepared by Broadridge Financial Solutions, Inc. (&#8220;Broadridge&#8221;), an independent provider
of investment company data based on classifications provided by Thomson Reuters Lipper, which included
information comparing (1) the fund&#8217;s performance with the performance of a group of leveraged closed-end
general and insured municipal debt funds selected by Broadridge as comparable to the fund (the &#8220;Performance
Group&#8221;) and with a broader group of funds consisting of all leveraged closed-end general and insured
municipal debt funds (the &#8220;Performance Universe&#8221;), all for various periods ended September 30, 2021,
and (2) the fund&#8217;s actual and contractual management fees and total expenses with those of the same
group of funds in the Performance Group (the &#8220;Expense Group&#8221;) and with a broader group of funds consisting
of all leveraged closed-end general and insured municipal debt funds, excluding outliers (the &#8220;Expense
Universe&#8221;), the information for which was derived in part from fund financial statements available
to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a </font></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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<!-- PAGEBREAK_END -->
<p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">description of the methodology Broadridge used to select the Performance Group
and Performance Universe and the Expense Group and Expense Universe.</p><p style="font-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;">Performance Comparisons</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">. Representatives of
the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors,
including different investment limitations and policies and the extent and manner in which leverage is
employed that may be applicable to the fund and comparison funds and the end date selected. The Board
discussed with representatives of the Adviser and the Subadviser the results of the comparisons and considered
that the fund&#8217;s total return performance, on a net asset value basis, was below the Performance Group
and Performance Universe medians for all periods except the one-year period when it was above the Performance
Group and Performance Universe medians and the ten-year period when it was at the Performance Group median.
The Board also considered that the fund&#8217;s total return performance, on a market price basis, was below
the Performance Group and Performance Universe medians for all periods except the one-year period when
it was above the Performance Group and Performance Universe medians. The Board also considered that the
fund&#8217;s yield performance, on a net asset value basis, was at or above the Performance Group and Performance
Universe medians for nine of the ten one-year periods ended September 30</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"><sup>th</sup></font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">
and, on a market price basis, was at or above the Performance Group medians for all of the ten one-year
periods ended September 30</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;"><sup>th</sup></font><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;"> and above the Performance Universe medians
for nine of the ten one-year periods ended September 30</font><font style="font-size:10.5pt; font-family:Serif;
font-style:normal; font-weight:normal; text-decoration:none;"><sup>th</sup></font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">. The Board considered
the relative proximity of the fund&#8217;s performance to the relevant Performance Group and/or Performance
Universe medians in certain periods when performance was below median. The Adviser also provided a comparison
of the fund&#8217;s calendar year total returns, on a net asset value basis, to the returns of the fund&#8217;s
benchmark index, and it was noted that the fund&#8217;s returns were above the returns of the index in seven
of the ten calendar years shown.</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;">Management Fee and Expense Ratio Comparisons</font><font style="font-size:10.5pt;
font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">. The Board reviewed
and considered the contractual management fee rate (</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;">., the aggregate of
the investment advisory and administration fees pursuant to the Agreement) payable by the fund to the
Adviser in light of the nature, extent and quality of the management services and the sub-advisory services
provided by the Adviser and the Subadviser, respectively. In addition, the Board reviewed and considered
the actual management fee rate paid by the fund over the fund&#8217;s last fiscal year which included reductions
for a fee waiver arrangement in place that reduced the management fee paid to the Adviser. The Board
also reviewed the range of actual and contractual management fees and total expenses as a percentage
of average net assets of the Expense Group and Expense Universe funds and discussed the results of the
comparisons. </font></p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">The Board considered that, based on common assets alone, the
fund&#8217;s contractual management fee was higher than the Expense Group median contractual management fee
and the fund&#8217;s actual management fee was lower than the Expense Group median and the Expense Universe
median actual management fee and the fund&#8217;s total expenses were lower than the Expense Group median
and the Expense Universe median total expenses. The Board also considered that, based on common and leveraged
assets </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="font-size:9.0pt; font-family:Arial; text-align:left; text-indent:-14.4pt; font-weight:normal;
margin-left:14.4pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">INFORMATION ABOUT THE RENEWAL OF THE FUND&#8217;S INVESTMENT ADVISORY
AND SUB-INVESTMENT ADVISORY AGREEMENTS (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;">together, the fund&#8217;s actual management fee was higher than the Expense Group
median and the Expense Universe median actual management fee and the fund&#8217;s total expenses were lower
than the Expense Group median and the Expense Universe median total expenses. </p><p style="font-size:10.5pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">Representatives
of the Adviser stated that the Adviser has contractually agreed, until May 31, 2022, to waive receipt
of a portion of its management fee from the fund in the amount of .10% of the value of the fund&#8217;s average
weekly net assets (including net assets representing auction preferred stock outstanding).</p><p style="font-size:10.5pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">Representatives
of the Adviser reviewed with the Board the contractual management fee paid by funds advised or administered
by the Adviser that are in the same Lipper category as the fund (the &#8220;Similar Funds&#8221;), and explained
the nature of the Similar Funds. They discussed differences in fees paid and the relationship of the
fees paid in light of any differences in the services provided and other relevant factors, noting that
the fund is a closed-end fund. The Board considered the relevance of the fee information provided for
the Similar Funds to evaluate the appropriateness of the fund&#8217;s management fee. Representatives of
the Adviser noted that there were no separate accounts and/or other types of client portfolios advised
by the Adviser or the Subadviser that are considered to have similar investment strategies and policies
as 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 Board considered the fee payable to the Subadviser in
relation to the fee payable to the Adviser by the fund and the respective services provided by the Subadviser
and the Adviser. The Board also took into consideration that the Subadviser&#8217;s fee is paid by the Adviser,
out of its fee from the fund, and not the fund.</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;">Analysis of Profitability and Economies of Scale</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">.
Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and
its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability
percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and
the method used to determine the expenses and profit. The Board concluded that the profitability results
were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates.
The Board also considered the fee waiver arrangement and its effect on the profitability of the Adviser
and its affiliates. The Board also had been provided with information prepared by an independent consulting
firm regarding the Adviser&#8217;s approach to allocating costs to, and determining the profitability of,
individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where
any economies of scale might emerge in connection with the management of a fund. </font></p><p style="font-size:10.5pt;
font-family:Serif; font-style:normal; text-align:justify; font-weight:normal; text-decoration:none;">The
Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation
of whether the fees under the Agreements, considered in relation to the mix of services provided by the
Adviser and the Subadviser, including the nature, extent and quality of such services, supported the
renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent
to which economies of scale would be realized if the fund grows and whether fee levels reflect these
economies of </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;">scale for the benefit of fund shareholders. Since the Adviser, and not the fund,
pays the Subadviser pursuant to the Sub-Investment Advisory Agreement, the Board did not consider the
Subadviser&#8217;s profitability to be relevant to its deliberations. Representatives of the Adviser stated
that, because the fund is a closed-end fund without daily inflows and outflows of capital, there were
not significant economies of scale at this time to be realized by the Adviser in managing the fund&#8217;s
assets. Representatives of the Adviser also stated that, as a result of shared and allocated costs among
funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on
the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets
can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite
direction from, changes in the fund&#8217;s asset level. The Board also considered potential benefits to
the Adviser and the Subadviser from acting as investment adviser and sub-investment adviser, respectively,
and took into consideration that there were no soft dollar arrangements in effect for trading the fund&#8217;s
investments. </p><p style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify;
font-weight:normal; text-decoration:none;">At the conclusion of these discussions, the Board agreed that
it had been furnished with sufficient information to make an informed business decision with respect
to the renewal of the Agreements. Based on the discussions and considerations as described above, the
Board concluded and determined as follows.</p><p style="font-size:10.5pt; font-family:Serif; text-align:justify;
text-indent:-18.0pt; font-weight:normal; margin-left:36.0pt; font-style:normal;"><font style="font-size:10.5pt;
font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:10.0pt;">&#160;</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The
Board concluded that the nature, extent and quality of the services provided by the Adviser and the Subadviser
are adequate and appropriate.</font></p><p style="font-size:10.5pt; font-family:Serif; text-align:justify;
text-indent:-18.0pt; font-weight:normal; margin-left:36.0pt; font-style:normal;"><font style="font-size:10.5pt;
font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font style="word-spacing:10.0pt;">&#160;</font><font
style="font-size:10.5pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The
Board generally was satisfied with the fund&#8217;s improved overall performance.</font></p><p style="font-size:10.5pt;
font-family:Serif; text-align:justify; text-indent:-18.0pt; font-weight:normal; margin-left:36.0pt; font-style:normal;"><font
style="font-size:10.5pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font
style="word-spacing:10.0pt;">&#160;</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">The Board concluded that the fees paid to the Adviser and
the Subadviser continued to be appropriate under the circumstances and in light of the factors and the
totality of the services provided as discussed above.</font></p><p style="font-size:10.5pt; font-family:Serif;
text-align:justify; text-indent:-18.0pt; font-weight:normal; margin-left:36.0pt; font-style:normal;"><font
style="font-size:10.5pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">&#183;</font><font
style="word-spacing:10.0pt;">&#160;</font><font style="font-size:10.5pt; font-family:Serif; font-style:normal;
font-weight:normal; text-decoration:none;">The Board determined that the economies of scale which may
accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately
considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Agreement
and that, to the extent in the future it were determined that material economies of scale had not been
shared with the fund, the Board would seek to have those economies of scale shared with the fund.</font></p><p
style="font-size:10.5pt; font-family:Serif; font-style:normal; text-align:justify; font-weight:normal;
text-decoration:none;">In evaluating the Agreements, the Board considered these conclusions and determinations
and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser
and its affiliates and the Subadviser, of the Adviser and the Subadviser and the services provided to
the fund by the Adviser and the Subadviser. The Board also relied on information received on a routine
and regular basis throughout the year relating to the operations of the fund and the investment management
and other services provided under the Agreements, including information on the investment performance
of the fund in comparison to similar funds and benchmark performance indices; general market outlook
as applicable to the fund; and </p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">61</p>

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<p style="font-size:9.0pt; font-family:Arial; text-align:left; text-indent:-14.4pt; font-weight:normal;
margin-left:14.4pt; font-style:normal;"><font style="font-size:9.0pt; font-family:Arial; font-style:normal;
font-weight:normal; text-decoration:none;">INFORMATION ABOUT THE RENEWAL OF THE FUND&#8217;S INVESTMENT ADVISORY
AND SUB-INVESTMENT ADVISORY AGREEMENTS (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;">compliance reports. In addition, the Board&#8217;s consideration of the contractual
fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the
fund, or substantially similar agreements for other BNY Mellon funds that the Board oversees, during
which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects
of the arrangements may receive greater scrutiny in some years than in others, and the Board&#8217;s conclusions
may be based, in part, on their consideration of the fund&#8217;s arrangements, or substantially similar
arrangements for other BNY Mellon funds that the Board oversees, in prior years. The Board determined
to renew the Agreements.</p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">62</p>

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<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>
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<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 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;">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;">97</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 (79)</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; 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;">18</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 (74)</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: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;">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;">42</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;">63</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>
<!-- PAGEBREAK_END -->
<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 (62)</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 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;">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;">18</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 (58)</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 2022.</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 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: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;">JDRF, a non-profit juvenile diabetes research foundation,
</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;">(June 2021-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;">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;">75</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 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; 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;">18</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;">64</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 (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 (1998)</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;">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;">63</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 (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;">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;">No. of Portfolios for which Advisory Board Member Serves: 41</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><p style="font-size:8.0pt; font-family:Serif;
text-align:left; font-weight:normal; font-style:italic;"><font style="font-size:8.0pt; font-family:Serif;
font-style:italic; font-weight:normal; text-decoration:none;">William Hodding Carter III, Emeritus Board
Member</font><br><font style="font-size:8.0pt; font-family:Serif; font-style:italic; font-weight:normal;
text-decoration:none;">Ehud Houminer, Emeritus Board Member</font><br><font style="font-size:8.0pt; font-family:Serif;
font-style:italic; font-weight:normal; text-decoration:none;">Hans C. Mautner, Emeritus Board Member</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: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 Adviser since February 2021; Head of North America Product, BNY Mellon Investment Management since
January 2018; Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December
2017. He is an officer of 57 investment companies (comprised of 107 portfolios) managed by Adviser or
an affiliate of Adviser. He is 43 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 Adviser
since September 2020; Director&#8211;BNY Mellon Fund Administration, and an officer of 58 investment companies
(comprised of 129 portfolios) managed by Adviser or an affiliate of Adviser. He is 63 years old and has
been an employee of 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 Adviser since July 2021; 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; Managing Counsel of BNY Mellon from March 2009 to December
2020, and an officer of 58 investment companies (comprised of 129 portfolios) managed by Adviser or an
affiliate of Adviser. He is 53 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; Secretary of Adviser, and an officer of 58 investment companies (comprised of 129 portfolios)
managed by Adviser or an affiliate of Adviser. He is 55 years old and has been an employee of 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;">Counsel of BNY Mellon since August 2018; Senior Regulatory
Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an
officer of 58 investment companies (comprised of 129 portfolios) managed by Adviser or an affiliate of
Adviser. She is 31 years old and has been an employee of 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 since February 2020 of BNY Mellon ETF Investment Adviser; LLC; Senior Managing Counsel of BNY
Mellon since September 2021; Managing Counsel from December 2017 to September 2021; Senior Counsel of
BNY Mellon from March 2013 to December 2017. She is an officer of 58 investment companies (comprised
of 129 portfolios) managed by Adviser or an affiliate of Adviser. She is 46 years old and has been an
employee of 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, and an officer of 58
investment companies (comprised of 129 portfolios) managed by Adviser or an affiliate of Adviser. He
is 56 years old and has been an employee of 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; Senior Regulatory Specialist at BNY Mellon Investment Management Services
from April 2015 to August 2018. She is an officer of 58 investment companies (comprised of 129 portfolios)
managed by Adviser or an affiliate of Adviser.  She is 36 years old and has been an employee of Adviser
since June 2019.</p><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 from December 2019 to August 2021 of BNY Mellon; Counsel from May 2016 to December 2019 of BNY
Mellon; Assistant Secretary of Adviser from April 2018 to August 2021. She is an officer of 57 investment
companies (comprised of 128 portfolios) managed by Adviser&#160;or an affiliate of Adviser. She is 36 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; 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, and an officer
of 58 investment companies (comprised of 129 portfolios) managed by Adviser or an affiliate of Adviser.
He is 53 years old and has been an employee of Adviser since April 1991.</p>
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<p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">66</p>

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<p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">ROBERT
SALVIOLO, Assistant Treasurer since May 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, and an officer of 58 investment companies (comprised of 129 portfolios) managed
by Adviser or an affiliate of Adviser. He is 54 years old and has been an employee of 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 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 Accounting Manager&#8211;BNY
Mellon Fund Administration, and an officer of 58 investment companies (comprised of 129 portfolios) managed
by Adviser or an affiliate of Adviser. He is 54 years old and has been an employee of 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; Chief Compliance
Officer of Adviser from 2004 until June 2021. He is an officer of 57 investment companies (comprised
of 119 portfolios) managed by Adviser. He is 64 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 Municipal Bond Fund, 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:9.0pt; font-family:Cambria; text-align:left; color:#000000;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Officers (continued)</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;">Assistant
Treasurers (continued)</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;">Joni Evans</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: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></tr><tr><td style="vertical-align:bottom;
background-color:#D9D9D9;"><p style="font-size: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;">    Robert Svagna</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;">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: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:bottom; background-color:#D9D9D9;"><p
style="font-size: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;">Burton N. Wallack</p></td><td 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;">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;">Benaree Pratt Wiley</p></td><td 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: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;">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: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: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;"><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: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: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:#141414;
text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Investment Adviser and
Administrator</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;">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; 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;">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;">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;">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;">
   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;">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;">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:8.0pt; font-family:Cambria;
text-align:left; color:#141414; font-weight:normal; 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;">    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;">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
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:9.0pt; font-family:Cambria;
text-align:left; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Dividend
-Paying 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;">
   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:9.0pt; font-family:Cambria;
text-align:left; color:#000000; text-indent:-7.2pt; font-weight:bold; margin-left:7.2pt; text-decoration:none;">Disbursing
Agent 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;">    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;">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;">    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;">(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;">    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: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;">    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;">(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;">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: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;">    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: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;">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;"><p
style="font-size: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;">    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;"><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;
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;"><p style="font-size:8.0pt; font-family:Cambria;
text-align:left; color:#000000; font-weight:normal; text-decoration:none;">NYSE Symbol: DSM</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; 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;"><p style="font-size:9.0pt;
font-family:Cambria; text-align:left; color:#000000; font-weight:bold; 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; 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;"><p style="font-size:8.0pt; font-family:Cambria; text-align:left; color:#000000;
font-weight:normal; text-decoration:none;">11/22/89</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; 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:8.0pt; font-family:Arial; text-align:center; font-weight:bold; text-decoration:none;">69</p>

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

<div style="border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; padding:0pt
0pt 1pt 0pt;"><div style="font-size:36.0pt; font-family:Arial; text-align:left; font-weight:normal;"><font
style="font-size:36.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">For
More Information</font></div></div>
<!-- PAGEBREAK_END -->
<p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">BNY
Mellon Strategic Municipal Bond Fund, 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
and Administrator</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-top: 0pt; font: normal 10pt 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;">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;">DSM</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;">0852AR1121</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_20ce027485184.jpg"></p></td></tr></table>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"></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"><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
Alan 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.&nbsp;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 2020
and $36,686 in 2021.</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 $33,331 in 2020 and $33,760
in 2021. 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 2020 and $0 in 2021.</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 $3,104 in 2020 and $3,342 in 2021. 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 2020 and $8,158 in
2021.</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">(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 2020 and $0 in 2021. These services consisted of a review of the Registrant's anti-money laundering program.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: 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-approval by the Audit Committee, were $0 in 2020 and $0 in 2021.</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-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-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 $1,174,149
in 2020 and $2,747,329 in 2021.</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">&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 Howard, Robin A. Melvin, Burton N. Wallack, and Benaree P. Wiley.
&#9;</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>


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

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<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; text-align: justify">The Fund's Board of Directors has adopted the
following procedures with respect to proxy voting by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SUMMARY OF THE FUND'S PROXY VOTING POLICY
AND PROCEDURES</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Board has delegated the authority to vote
proxies of companies held in the Fund's portfolio to Insight North America LLC (&quot;INA&quot;), the Fund's sub-investment adviser, as
described below. BNY Mellon Investment Adviser, Inc. (&quot;BNYM Investment Adviser&quot;) serves as the Fund's investment adviser.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In addition, the Board has adopted INA's proxy
voting procedures pursuant to which proxies of companies held in the Fund's portfolio will be voted.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund has engaged ISS as its proxy voting
agent to administer the ministerial, non-discretionary elements of proxy voting and reporting. Each fund in the BNY Mellon Family of Funds
bears an equal share of ISS's fees in connection with the proxy voting and related services that ISS provides in respect of the funds.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Under certain circumstances, when the 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 10pt"><U>Policies and Procedures; Oversight</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">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 10pt">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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt"><U>Review of Proxy Voting</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">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;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">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 10pt"><U>Availability of Fund Proxy Voting Records</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">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 31<SUP>st</SUP> of each year for the most recent
twelve-month period ended June 30<SUP>th</SUP>. In addition, this information is available, by August 31<SUP>st</SUP> 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; text-align: center"><B>SUMMARY OF INA'S PROXY VOTING POLICY AND
PROCEDURES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Introduction</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">INA has adopted this Proxy Voting Policy (&quot;Policy&quot;) for
the purpose of establishing formal policies and procedures for performing and documenting its fiduciary duty with respect to the voting
of client proxies. INA serves as investment adviser and sub-adviser to institutional separate accounts, private funds, and registered
investment companies (collectively, &quot;Clients&quot;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">Pursuant to this Policy, INA shall vote proxies on behalf of Clients
for whom INA has been given and agreed to accept voting authority. The fundamental guideline followed by INA in voting proxies is to ensure
that the manner in which shares are voted is in the best interests of Clients and the values of their investments. Any general or specific
proxy voting guidelines provided by a Client or its designated agent in writing will supersede the specific guidelines in this Policy.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">Additionally, the DOL views the fiduciary act of managing ERISA
plan assets to include the voting of proxies. Proxy voting decisions must be made solely in the best interests of the pension plan's participants
and beneficiaries. The DOL has interpreted this requirement as prohibiting a fiduciary from subordinating the retirement income interests
of participants and beneficiaries to unrelated objectives. The guidelines in this Policy have been formulated to ensure decision-making
consistent with these fiduciary responsibilities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">Note: this Proxy Voting Policy will be reviewed at least annually.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client Disclosure
and Recordkeeping</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1.</FONT></TD><TD><FONT STYLE="font-size: 11pt">In addition to this Policy, Clients may obtain information on how INA voted their proxies.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">2.</FONT></TD><TD><FONT STYLE="font-size: 11pt">Additionally, INA will maintain proxy voting records for its advisory clients, consistent with the Advisers
Act.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">3.</FONT></TD><TD><FONT STYLE="font-size: 11pt">For Clients that are registered investment companies, INA will disclose this Policy to the shareholders
of such funds and make filings with the SEC with regard to the specific proxy votes that INA cast as shareholders of portfolio securities
in accordance with the rules and regulations under the 1940 Act.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">4.</FONT></TD><TD><FONT STYLE="font-size: 11pt">Certain Clients may participate in securities lending programs. If INA is aware that a material event
will occur affecting securities on loan, INA will be obligated to call such loan in time to vote the proxies; however, with respect to
other voting matters involving securities on loan, INA would generally not vote with respect to such securities.</FONT></TD></TR></TABLE>


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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 10pt"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Policy
Regarding Proxy Voting</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">Implicit in the initial decision to retain or invest in the security
of a corporation is approval of its existing corporate ownership structure, its management, and its operations. Accordingly, proxy proposals
that would change the existing status of a corporation will be reviewed carefully and supported only when it seems clear that the proposed
changes are likely to benefit the corporation and its shareholders. Notwithstanding this favorable predisposition, management will be
assessed on an ongoing basis both in terms of its business capability and its dedication to the shareholders to ensure that, our continued
confidence remains warranted. If it is determined that management is acting on its own behalf instead of for the well-being of the corporation,
INA will vote to support shareholder proposals, unless other mitigating circumstances are present. Additionally, situations may arise
that involve an actual or perceived conflict of interest. For example, INA may manage assets of a pension plan of a company whose management
is soliciting proxies, or an employee may have a close relative who serves as a director or executive of a company that is soliciting
proxies. In all cases, the manner in which INA votes proxies must be based on Clients' best interests and not the product of the conflict.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">In furtherance of INA's goal to vote proxies in the best interests
of clients, INA follows procedures designed to identify and address material conflicts that may arise between INA's interests and those
of its Clients before voting proxies for Client securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">INA's detailed policies and procedures with respect to conflicts
of interest and specific proxy voting guidelines can be found in Sections V. and VI. of this Policy, below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procedures
for Identifying Conflicts of Interest</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">INA will monitor the potential for conflicts of interest with respect
to proxy voting recommendations or directions both as a result of personal relationships, significant Client relationships (those accounting
for greater than 15% of annual revenues), or special circumstances that may arise during the conduct of INA's or its affiliates' business.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1.</FONT></TD><TD><FONT STYLE="font-size: 11pt">The CCO or her designee will determine whether a conflict of interest is material. A conflict of interest
will be considered material to the extent that it is determined that such conflict has the potential to influence INA's decision-making.
Further, a conflict of interest shall be deemed material in the event the issuer that is the subject of the proxy or any executive officer
of that issuer has a Client relationship with INA or its affiliates, of the type described above. All other materiality determinations
will be based on an assessment of the particular facts and circumstances. The CCO or her designee shall maintain a written record of all
materiality determinations in addition to the method used to resolve a material conflict of interest.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">2.</FONT></TD><TD><FONT STYLE="font-size: 11pt">If it is determined that a conflict of interest is not material, INA will vote proxies in accordance
with the specific voting policy detailed in Section V, below.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">3.</FONT></TD><TD><FONT STYLE="font-size: 11pt">If it is determined that a conflict of interest is material, one or more methods may be used to resolve
the conflict, including:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">disclosing the conflict to the client and obtaining its consent before voting;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">suggesting to the client that it engage another party to make a recommendation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">engaging a third party to recommend a vote with respect to the proxy based on application of the
policies set forth herein; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">utilizing such other method as is deemed appropriate under the circumstances given the nature of
the conflict.</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific
Proxy Voting Guidelines</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">This Policy and its attendant recommendations attempt to generalize
a complex subject. It should be clearly understood that specific fact situations, including differing voting practices in jurisdictions
outside the United States, might warrant departure from these guidelines. In such instances, the relevant facts will be considered, and
if a vote contrary to these guidelines is indicated it will be cast and the reasons therefore recorded in writing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Routine Matters</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">Routine proxy proposals, amendments, or resolutions are typically
proposed by management and meet the following criteria:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">a.</FONT></TD><TD><FONT STYLE="font-size: 11pt">They do not measurably change the structure, management control, or operation of the corporation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">b.</FONT></TD><TD><FONT STYLE="font-size: 11pt">They are consistent with industry standards as well as the corporate laws of the state of incorporation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Voting Recommendation</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">INA will normally support the following routine proposals:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">a.</FONT></TD><TD><FONT STYLE="font-size: 11pt">To increase authorized common shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">b.</FONT></TD><TD><FONT STYLE="font-size: 11pt">To increase authorized preferred shares as long as there are not disproportionate voting rights per
preferred share.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">c.</FONT></TD><TD><FONT STYLE="font-size: 11pt">To elect or re-elect directors.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">d.</FONT></TD><TD><FONT STYLE="font-size: 11pt">To appoint or elect auditors.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">e.</FONT></TD><TD><FONT STYLE="font-size: 11pt">To approve indemnification of directors and limitation of directors' liability.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">f.</FONT></TD><TD><FONT STYLE="font-size: 11pt">To establish compensation levels.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">g.</FONT></TD><TD><FONT STYLE="font-size: 11pt">To establish employee stock purchase or ownership plans.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">h.</FONT></TD><TD><FONT STYLE="font-size: 11pt">To set time and location of annual meeting.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Routine Proposals</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">a.</FONT></TD><TD><FONT STYLE="font-size: 11pt">Social Issues</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">Proposals in this category involve issues of social conscience.
They are typically proposed by shareholders who believe that the corporation's internally adopted policies are ill advised or misguided.
If INA has determined that management is generally socially responsible, we typically vote against the following shareholder proposals:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To enforce restrictive energy policies.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">2)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To place arbitrary restrictions on military contracting.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">3)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To bar or place arbitrary restrictions on trade with other countries.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">4)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To restrict the marketing of controversial products.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">5)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To limit corporate political activities.</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">6)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To bar or restrict charitable contributions.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">7)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To enforce a general policy regarding human rights based on arbitrary parameters.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">8)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To enforce a general policy regarding employment practices based on arbitrary parameters.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">9)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To enforce a general policy regarding animal rights based on arbitrary parameters.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">10)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To place arbitrary restrictions on environmental practices.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">b.</FONT></TD><TD><FONT STYLE="font-size: 11pt">Financial/Corporate Issues</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">Proposals in this category are usually offered by management and
seek to change a corporation's legal, business or financial structure. INA will generally vote in favor of the following management proposals
provided the position of current shareholders is preserved or enhanced:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To change the state of incorporation.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">2)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To approve mergers, acquisitions or dissolution.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">3)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To institute indenture changes.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">4)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To change capitalization.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">c.</FONT></TD><TD><FONT STYLE="font-size: 11pt">Shareholder Rights</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">Proposals in this category are made regularly both by management
and shareholders. They can be generalized as involving issues that transfer or realign board or shareholder voting power. INA typically
would oppose any proposal aimed solely at thwarting potential takeover offers by requiring, for example, super-majority approval. At the
same time, we believe stability and continuity promote profitability. The guidelines in this area seek to find a middle road, and they
are no more than guidelines. Individual proposals may have to be carefully assessed in the context of their particular circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">INA will generally vote in favor of the following management proposals:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To require majority approval of shareholders in acquisitions of a controlling share in the corporation.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">2)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To institute staggered board of directors.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">3)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To require shareholder approval of not more than 66-2/3% for a proposed amendment to the corporation's
by-laws.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">4)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To eliminate cumulative voting.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">5)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To adopt anti-greenmail charter or by-law amendments or to otherwise restrict a company's ability to
make greenmail payments.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">6)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To create a dividend reinvestment program.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">7)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To eliminate preemptive rights.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">8)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To eliminate any other plan or procedure designed primarily to discourage a takeover or other similar
action (commonly known as a &quot;poison pill&quot;).</FONT></TD></TR></TABLE>


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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 10pt">INA will generally vote against the following management proposals:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To require greater than 66-2/3% shareholder approval for a proposed amendment to the corporation's by-laws
(&quot;super-majority provisions&quot;).</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">2)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To require an arbitrary fair price be offered to all shareholders that is derived from a fixed formula
(&quot;fair price amendments&quot;).</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">3)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To authorize a new class of common stock or preferred stock which may have more votes per share than
the existing common stock.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">4)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To prohibit replacement of existing members of the board of directors.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">5)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To eliminate shareholder action by written consent without a shareholder meeting.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">6)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To allow only the board of directors to call a shareholder meeting or to propose amendments to the articles
of incorporation.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">7)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To implement any other action or procedure designed primarily to discourage a takeover or other similar
action (commonly known as a &quot;poison pill&quot;).</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">8)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To limit the ability of shareholders to nominate directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">INA will generally vote in favor of the following shareholder proposals:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To rescind share purchases rights or require that they be submitted for shareholder approval, but only
if the vote required for approval is not more than 66-2/3%.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">2)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To opt out of state anti-takeover laws deemed to be detrimental to the shareholder.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">3)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To change the state of incorporation for companies operating under the umbrella of anti- shareholder
state corporation laws if another state is chosen with favorable laws in this and other areas.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">4)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To eliminate any other plan or procedure designed primarily to discourage a takeover or other similar
action.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">5)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To permit shareholders to participate in formulating management's proxy and the opportunity to discuss
and evaluate management's director nominees, and/or to nominate shareholder nominees to the board</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">6)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To require that the board's audit, compensation, and/or nominating committees be comprised exclusively
of independent directors.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">7)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To adopt anti-greenmail charter or by-law amendments or otherwise restrict a company's ability to make
greenmail payments.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">8)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To create a dividend reinvestment program.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">9)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To recommend that votes to &quot;abstain&quot; not be considered votes &quot;cast&quot; at an annual
meeting or special meeting, unless required by state, law.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">10)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To require that &quot;golden parachutes&quot; be submitted for shareholder ratification.</FONT></TD></TR></TABLE>


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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 10pt">INA will generally vote against the following shareholder proposals:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To restore preemptive rights.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">2)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To restore cumulative voting.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">3)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To require annual election of directors or to specify tenure.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">4)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To eliminate a staggered board of directors.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">5)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To require confidential voting.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">6)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To require directors to own a minimum amount of company stock in order to qualify as a director or to
remain on the .board.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">7)</FONT></TD><TD><FONT STYLE="font-size: 11pt">To dock director pay for failing to attend board meetings.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting Process</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">The CCO is responsible for voting proxies on behalf of Clients for
whom INA has been given and agreed to accept voting authority, and will generally vote proxies in accordance with these guidelines. In
circumstances in which the subject matter of the vote is not covered by these guidelines, or) or INA believes it may be necessary, in
the best interests of shareholders, to vote contrary to our general guidelines, the CCO will discuss the matter with the CEO and General
Counsel of INA, who will be responsible for making the definitive determination as to how the proxy matter will be voted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">Any questions regarding this Policy may be directed to the CCO of
INA.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">VII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust Indentures</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">From time to time, INA is asked to consent to an amendment to or
grant a waiver under a trust indenture or other governing document of a specific financial instrument held by Clients. Such consents or
waivers may cover corporate actions such as tenders, exchanges, registration rights, restructurings and other transactions relating to
fixed income holdings of client accounts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">INA will generally treat such requests for consents not as proxies
subject to these proxy voting policies and procedures, but as investment matters to be dealt with by the investment professional covering
such instruments, provided that such consents: (i) do not relate to the election of a board of directors or appointment of auditors for
a public company, (ii) would not otherwise materially affect the structure, management or control of a public company, and (iii) relate
to a company in which Clients hold only interests in bank loans or debt securities and are consistent with customary standards and practices
for such instruments. Determinations on voting consents or waivers to these matters are generally driven by INA's view of whether the
proposed action will result in an economic benefit for the affected Client(s).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">VIII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recordkeeping</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">INA shall maintain the following records relating to proxy voting:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1.</FONT></TD><TD><FONT STYLE="font-size: 11pt">a copy of these policies and procedures;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">2.</FONT></TD><TD><FONT STYLE="font-size: 11pt">a copy of each proxy solicitation (including proxy statements) and related materials with regard to
each recommendation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">3.</FONT></TD><TD><FONT STYLE="font-size: 11pt">documentation relating to the identification and resolution of conflicts of interest; and</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">4.</FONT></TD><TD><FONT STYLE="font-size: 11pt">any documents created by INA that were material to a proxy voting recommendation or that memorialized
the basis for that recommendation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">Such records shall be maintained and preserved in an easily accessible
place for a period of not less than six years from the time the last entry was made on such record, the first two years in INA's office.</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; text-align: justify">(a)(1) The following information is as of November
30, 2021:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">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&#8217;s portfolio.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Mr. Burger, a 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 2006.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">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; text-align: justify">(a)(2) Information about the other accounts
managed by the fund&#8217;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>
    <TD STYLE="vertical-align: top; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Primary</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Portfolio </B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Manager</B></P></TD>
    <TD STYLE="vertical-align: top; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Registered Investment Companies</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Total Assets Managed</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Other Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Total Assets Managed </B></P></TD>
    <TD STYLE="vertical-align: top; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Other Accounts</B></P></TD>
    <TD STYLE="vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Total Assets Managed</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey Burger</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">$4.7 billion</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">416</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">$2.5 billion</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;Daniel Rabasco</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">$6.8 billion</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">60</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">$2.6 billion</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">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; text-align: justify">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; text-align: justify">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; text-align: justify">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; text-align: justify">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; text-align: justify">(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; text-align: justify">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. 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; text-align: justify">(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>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Primary Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Fund</B></FONT></TD>
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Dollar Range of Fund Shares Beneficially Owned</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 11pt">Daniel Rabasco</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-size: 11pt; line-height: 115%">BNY Mellon Strategic Municipals, Inc.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-size: 11pt; line-height: 115%">None</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 11pt">Jeffrey Burger</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-size: 11pt; line-height: 115%">BNY Mellon Strategic Municipals, Inc.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-size: 11pt; line-height: 115%">None</FONT></TD></TR>
  </TABLE>
<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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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>

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<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>

<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 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">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 Municipal Bond Fund, Inc.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt">&#8239;&#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;January 25, 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 DiPetrillo</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;David 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;January 25, 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;&#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;January 25, 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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<TYPE>EX-99.P CODE ETH
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<FILENAME>ncsrcodeofethics-jan2021.htm
<DESCRIPTION>CODE OF ETHICS
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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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<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 DiPetrillo, certify that:</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January
25, 2022</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">1. I have reviewed this report on Form N-CSR of
BNY Mellon Strategic Municipal Bond Fund, 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;January
25, 2022</P>

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


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<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>exh-906.htm
<DESCRIPTION>CERTIFICATION REQUIRED BY SECTION 906
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">[EX-99.906CERT]</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January
25, 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; 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;January
25, 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: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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