0000901243 2025-08-01 2026-07-31 0000901243 bmafi:CommonSharesMember 2025-08-01 2026-07-31 0000901243 bmafi:CounterpartyCreditRiskMember 2025-08-01 2026-07-31 0000901243 bmafi:GeographicAssetClassRiskMember 2025-08-01 2026-07-31 0000901243 bmafi:IlliquidityRiskMember 2025-08-01 2026-07-31 0000901243 bmafi:MarketRisksMember 2025-08-01 2026-07-31 0000901243 bmafi:NoteMember 2025-08-01 2026-07-31 0000901243 bmafi:PreferredSharesMember 2025-08-01 2026-07-31 0000901243 bmafi:ValuationRiskMember 2025-08-01 2026-07-31 0000901243 bmafi:VRDPSharesMember 2022-04-30 2022-04-30 0000901243 bmafi:TOBsMember 2022-07-31 2022-07-31 0000901243 bmafi:VRDPSharesMember 2022-07-31 2022-07-31 0000901243 bmafi:TOBsMember 2023-07-31 2023-07-31 0000901243 bmafi:VRDPSharesMember 2023-07-31 2023-07-31 0000901243 bmafi:TOBsMember 2024-07-31 2024-07-31 0000901243 bmafi:VRDPSharesMember 2024-07-31 2024-07-31 0000901243 bmafi:TOBsMember 2025-07-31 2025-07-31 0000901243 bmafi:VRDPSharesMember 2025-07-31 2025-07-31 0000901243 bmafi:TOBsMember 2026-07-31 2026-07-31 0000901243 bmafi:VRDPSharesMember 2026-07-31 2026-07-31 0000901243 bmafi:CommonSharesMember 2025-02-01 2025-04-30 0000901243 bmafi:CommonSharesMember 2026-02-01 2026-04-30 0000901243 bmafi:CommonSharesMember 2025-05-01 2025-07-31 0000901243 bmafi:CommonSharesMember 2026-05-01 2026-07-31 0000901243 bmafi:CommonSharesMember 2024-08-01 2024-10-31 0000901243 bmafi:CommonSharesMember 2025-08-01 2025-10-31 0000901243 bmafi:CommonSharesMember 2024-11-01 2025-01-31 0000901243 bmafi:CommonSharesMember 2025-11-01 2026-01-31 0000901243 bmafi:VRDPSharesMember 2022-04-30 0000901243 bmafi:TOBsMember 2022-07-31 0000901243 bmafi:VRDPSharesMember 2022-07-31 0000901243 bmafi:TOBsMember 2023-07-31 0000901243 bmafi:VRDPSharesMember 2023-07-31 0000901243 bmafi:TOBsMember 2024-07-31 0000901243 bmafi:VRDPSharesMember 2024-07-31 0000901243 bmafi:TOBsMember 2025-07-31 0000901243 bmafi:VRDPSharesMember 2025-07-31 0000901243 bmafi:CommonSharesMember 2026-07-31 0000901243 bmafi:TOBsMember 2026-07-31 0000901243 bmafi:VRDPSharesMember 2026-07-31 iso4217:USD iso4217:USD shares pure shares 0000901243 false N-CSR BlackRock MuniAssets Fund, Inc. <div style="line-height: 13.00pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 11pt; font-weight: bold;">Investment Objective</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">BlackRock MuniAssets Fund, Inc.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">s (</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">MUA</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">) (the “</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">”)</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> investment objective is to provide high current income exempt from federal income taxes by investing primarily in </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">a portfolio of medium- to lower-grade or unrated municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes. </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The Fund seeks to achieve its investment objective by investing at least 80% of its assets, except during temporary defensive periods, in a portfolio of obligations issued by or </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities paying interest which, in the opinion of bond </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">counsel to the issuer, is exempt from federal income taxes (“Municipal Bonds”). The Fund at all times, except during temporary defensive periods, will maintain at least 65% </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">of its assets in Municipal Bonds that are rated in the medium to lower rating categories by nationally recognized rating services (for example, Baa or lower by Moody’s Investors </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Service, Inc. (“Moody’s”) or BBB or lower by S&amp;P Global Ratings) or are unrated. The Fund may invest directly in such securities or synthetically through the use of derivatives.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">No assurance can be given that the Fund’s investment objective will be achieved.</span></div> 2510 2510 50354821 199997490 <div style="float: left; line-height: 13.50pt; margin-left: 8.13pt; text-align: left; width: 538.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 11.5pt; font-style: italic; font-weight: bold;">PRINCIPAL RISKS</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 16.5pt;"> </span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">In the normal course of business, each</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">invests in securities or other instruments and may enter into certain transactions, and such activities subject each</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund to various </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">(iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">investments.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The Funds may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Funds reinvest the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">return performance of a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">A Fund structures and “sponsors” the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">including, but not limited to, compliance, securities law and operational risks.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">As short-term interest rates rise, the Funds</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> investments in the TOB Trusts may adversely affect the Funds</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> net investment income and dividends to Common</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Shareholders. </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Funds</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> NAVs per share.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The U.S. Securities and Exchange Commission (“SEC”) and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">“Risk Retention Rules”). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Funds</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> ability to engage in TOB Trust transactions or increase the costs of such transactions in </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">certain circumstances.</span></div><div style="line-height: 11.00pt; margin-top: 0.00pt; text-align: justify;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">market and the Funds, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">potential modifications on the TOB Trust market and the overall municipal market is not yet certain.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Illiquidity Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund could </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">sell such investments if they were more widely traded and, as a result of such illiquidity, a Fund may have to sell other investments or engage in borrowing transactions if </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Fund’s NAV and ability to make </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">below investment grade public debt securities.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Market Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">below each Fund portfolio’s current earnings rate.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">municipal market related to taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">available information on the financial condition of municipal security issuers than for issuers of other securities.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">There is no assurance that BTT will achieve its investment objectives, including its investment objective of returning $25.00 per share. As BTT approaches its scheduled </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">termination date, it is expected that the maturity of BTT’s portfolio securities will shorten, which is likely to reduce BTT’s income and distributions to shareholders.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Valuation Risk: </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">A</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund may invest in illiquid investments. An illiquid investment is any investment that a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund reasonably expects cannot be sold or disposed of in current market conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund may  experience difficulty in selling illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund’s NAV to experience significant </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund may lose value, regardless of the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">individual results of the securities and other instruments in which a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund invests. A</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund’s ability to value its investments may also be impacted by technological issues and/or </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">errors by pricing services or other third-party service providers.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The price a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund could receive upon the sale of any particular portfolio investment may differ from a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s valuation of the investment, particularly for securities that trade in </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund, and a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund could realize a greater </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">than expected loss or lesser than expected gain upon the sale of the investment.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Counterparty Credit Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">receivables due from counterparties. The extent of the Funds</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Geographic/Asset Class Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">investment will have a material impact on the NAV of a fund. The investment concentrations within each</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund’s portfolio are disclosed in its Schedule of Investments.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Certain</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Funds</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Certain</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">redemption features.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease </span></div><div style="line-height: 11.00pt; margin-top: 0.00pt; text-align: justify;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> performance.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Funds invest a significant portion of their assets in securities of issuers located in the United States.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">A decrease in imports or exports, changes in trade regulations, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Illiquidity Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund could </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">sell such investments if they were more widely traded and, as a result of such illiquidity, a Fund may have to sell other investments or engage in borrowing transactions if </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Fund’s NAV and ability to make </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">below investment grade public debt securities.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Market Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">below each Fund portfolio’s current earnings rate.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">municipal market related to taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">available information on the financial condition of municipal security issuers than for issuers of other securities.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">There is no assurance that BTT will achieve its investment objectives, including its investment objective of returning $25.00 per share. As BTT approaches its scheduled </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">termination date, it is expected that the maturity of BTT’s portfolio securities will shorten, which is likely to reduce BTT’s income and distributions to shareholders.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Valuation Risk: </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">A</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund may invest in illiquid investments. An illiquid investment is any investment that a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund reasonably expects cannot be sold or disposed of in current market conditions </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund may  experience difficulty in selling illiquid </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund’s NAV to experience significant </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund may lose value, regardless of the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">individual results of the securities and other instruments in which a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund invests. A</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund’s ability to value its investments may also be impacted by technological issues and/or </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">errors by pricing services or other third-party service providers.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The price a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund could receive upon the sale of any particular portfolio investment may differ from a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s valuation of the investment, particularly for securities that trade in </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund, and a</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund could realize a greater </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">than expected loss or lesser than expected gain upon the sale of the investment.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Counterparty Credit Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">receivables due from counterparties. The extent of the Funds</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Geographic/Asset Class Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">investment will have a material impact on the NAV of a fund. The investment concentrations within each</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Fund’s portfolio are disclosed in its Schedule of Investments.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Certain</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Funds</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Certain</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">redemption features.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease </span></div><div style="line-height: 11.00pt; margin-top: 0.00pt; text-align: justify;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> performance.</span></div><div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Funds invest a significant portion of their assets in securities of issuers located in the United States.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">A decrease in imports or exports, changes in trade regulations, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.</span></div> <div> <div style="clear: both; margin-top: 12.00pt; position: relative; width: 100%;"> <div style="float: left; line-height: 13.50pt; text-align: left; width: 7.87pt;"><span style="color: #000000; font-family: arial narrow; font-size: 11.5pt; font-style: italic; font-weight: bold;">9.</span></div> <div style="float: left; line-height: 13.50pt; margin-left: 8.13pt; text-align: left; width: 538.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 11.5pt; font-style: italic; font-weight: bold;">CAPITAL SHARE TRANSACTIONS </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 16.5pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Each Fund, except for BTT, is authorized to issue 200 million shares, all of which were initially classified as Common Shares. BTT is authorized to issue an unlimited number </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">of shares, all of which were initially classified as Common Shares. The par value for each Fund’s Common Shares is $0.10, except for BTT, which is $0.001. The par value for </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">each Fund’s Preferred Shares outstanding is $0.10, except for BTT, which is $0.001. Each Board is authorized, however, to reclassify any unissued Common Shares to </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Preferred Shares without the approval of Common Shareholders.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">Common Shares</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">As of the close of business on July 17, 2026, MUA announced the terms of a transferrable rights offering to its Common Shareholders of record as of July 28, 2026, entitling </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">the holders of those rights to subscribe for shares of MUA’s common stock (the “Offer”). Shareholders received one right for each outstanding Common Share owned on the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">record date. The rights entitled their holders to purchase one new Common Share for every three rights held (1-for-3). Refer to the Subsequent Events note for results of the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Offer.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 13.13pt;"> <td style="vertical-align: Bottom; width: 463.93pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td colspan="2" style="vertical-align: Bottom; width: 71.06pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="border-bottom: 0.5pt solid #000000; margin-left: 8.44%; margin-right: 0%; padding-bottom: 1pt;"> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Year Ended</span></div> </div> </div> </td> </tr> <tr style="height: 13.25pt;"> <td style="background-color: azure; border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 463.93pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;">Fund Name</span></div> </div> </td> <td style="background-color: azure; border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 38.53pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">07/31/26</span></div> </div> </td> <td style="background-color: azure; border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 32.53pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">07/31/25</span></div> </div> </td> </tr> <tr style="height: 12.13pt;"> <td style="vertical-align: Bottom; width: 463.93pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap; width: auto;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">MUA</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 38.53pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">—</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 32.53pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">32,344</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">MUA, MHD, MQY and MYI have adopted a discount management program (the "Program"), which consists of one measurement period beginning on January 1, 2026 and </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">ending on September 30, 2026. Under the Program, each Fund intends to offer to repurchase a portion of its common shares via tender offer if the Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s common shares </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">trade at an average daily discount to NAV of more than 10% during the 9-month measurement period. If the discount trigger is met and a tender offer is conducted, there is no </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">guarantee that shareholders will be able to sell all of the shares that they desire to sell in such tender offer and there can be no assurance as to the effect that the Program will </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">have on the market for a Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s shares or the discount at which a Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s shares may trade relative to its NAV.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">MUA filed a registration statement with the SEC seeking the ability to issue additional Common Shares through a Shelf Offering, which was declared effective on July 17, 2026. </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">MUA may not sell any Common Shares in the Shelf Offering until a definitive prospectus relating to the Shelf Offering has been filed with the SEC. Under the Shelf Offering, the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s NAV per Common Share (calculated within 48 hours of pricing). See Additional Information - Shelf Offering Program for additional information. Initial costs incurred by </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">MUA in connection with its Shelf Offering are recorded as "Deferred offering costs" in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">BTT participated in an open market share repurchase program (the “Repurchase Program”) through November 30, 2025. Under the Repurchase Program, BTT could </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">repurchase up to 5% of its outstanding common shares, based on common shares outstanding on March 31, 2025, subject to certain conditions. On November 14, 2025, the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Board reauthorized BTT’s Repurchase Program. BTT may repurchase up to 5% of its outstanding common shares (based on common shares outstanding on November 30, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">2025) through November 30, 2026. The Repurchase Program has an accretive effect as shares are purchased at a discount to BTT’s NAV.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The total cost of the shares repurchased is reflected in BTT</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">costs, were as follows:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 13.13pt;"> <td style="vertical-align: Bottom; width: 447.52pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;"> </span></div> </div> </td> <td colspan="2" style="vertical-align: Bottom; width: 87.48pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="border-bottom: 0.5pt solid #000000; margin-left: 6.86%; margin-right: 0%; padding-bottom: 1pt;"> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">BTT</span></div> </div> </div> </td> </tr> <tr style="height: 13.25pt;"> <td style="background-color: azure; border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 447.52pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="background-color: azure; border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 42.18pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Shares</span></div> </div> </td> <td style="background-color: azure; border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 45.3pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Amounts</span></div> </div> </td> </tr> <tr style="height: 11.63pt;"> <td style="vertical-align: Bottom; width: 447.52pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Year Ended July 31, 2026</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 42.18pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 29.18pt;"> <div style="display: flex; margin-left: auto; width: 29.18pt;"> <div style="display: flex; white-space: nowrap; width: 29.18pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 29.18pt;">306,341</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 45.3pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 38.3pt;"> <div style="display: flex; margin-left: auto; width: 38.3pt;"> <div style="display: flex; white-space: nowrap; width: 38.3pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.3pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.3pt;">6,859,931</span></div> </div> </div> </td> </tr> <tr style="height: 10.5pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 447.52pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Year Ended July 31, 2025</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 42.18pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 29.18pt;"> <div style="display: flex; margin-left: auto; width: 29.18pt;"> <div style="display: flex; white-space: nowrap; width: 29.18pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 29.18pt;">1,680,200</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 45.3pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 38.3pt;"> <div style="display: flex; margin-left: auto; width: 38.3pt;"> <div style="display: flex; white-space: nowrap; width: 38.3pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.3pt;">35,713,944</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">For the year ended July 31, 2026, Common Shares of MUA issued and outstanding increased by 11,876,577 as a result of the reorganization of BTA with and into MUA.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">For the year ended July 31, 2026, Common Shares of MUA issued and outstanding decreased by 35 as a result of a redemption of fractional shares from the reorganization </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">of BTA with and into MUA.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">For the year ended July 31, 2026, Common Shares of MHD issued and outstanding increased by 122,558,304 as a result of the reorganization of BFK, BYM, BLE and MUE </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">with and into MHD.</span></div> <div style="line-height: 11.00pt; margin-top: 0.00pt; text-align: justify;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">For the year ended July 31, 2026, Common Shares of MHD issued and outstanding decreased by 209 as a result of a redemption of fractional shares from the reorganization </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">of BFK, BYM, BLE and MUE with and into MHD.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">For the year ended July 31, 2026, Common Shares of MQY issued and outstanding increased by 78,598,686 as a result of the reorganization of BKN, MQT and MYD with and </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">into MQY.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">For the year ended July 31, 2026, Common Shares of MQY issued and outstanding decreased by 192 as a result of a redemption of fractional shares from the reorganization </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">of BKN, MQT and MYD with and into MQY.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">For the year ended July 31, 2026, Common Shares of MYI issued and outstanding increased by 55,826,524 as a result of the reorganization of MVF and MVT with and into </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">MYI.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">For the year ended July 31, 2026, Common Shares of MYI issued and outstanding decreased by 168 as a result of a redemption of fractional shares from the reorganization </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">of MVF and MVT with and into MYI.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">For the year ended July 31, 2025, shares issued and outstanding remained constant for MHD, MQY and MYI.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">Preferred Shares</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The Fund’s Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Fund and distribution of assets upon dissolution or liquidation of the Fund.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;"> The 1940 Act prohibits the declaration of any dividend on Common Shares or the repurchase of Common Shares if the Fund fails to maintain asset coverage of at least 200% of the liquidation preference of the Fund’s outstanding Preferred Shares. In addition, pursuant to the Preferred Shares’ governing instruments, the Fund is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with its Preferred Shares or repurchasing such shares if the Fund fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares’ governing instruments or comply with the basic maintenance amount requirement of the ratings agencies rating the Preferred Shares.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Holders of Preferred Shares have voting rights equal to the voting rights of holders of Common Shares (one vote per share) and vote together with holders of Common Shares </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">(one vote per share) as a single class on certain matters. Holders of Preferred Shares, voting as a separate class, are also entitled to (i) elect two members of the Board, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">(ii) elect the full Board if dividends on the Preferred Shares are not paid for a period of two years and (iii) a separate class vote to amend the Preferred Share governing </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">documents. In addition, the 1940 Act requires the approval of the holders of a majority of any outstanding Preferred Shares, voting as a separate class, to (a) adopt any plan </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">of reorganization that would adversely affect the Preferred Shares, (b) change a  Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s sub-classification as a closed-end investment company or change its fundamental </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">investment restrictions or (c) change its business so as to cease to be an investment company.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">VRDP Shares</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Each Fund except MHD (for purposes of this section, each a “VRDP Fund”) has issued Series W-7 VRDP Shares, $100,000 liquidation preference per share, in one or more </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VRDP </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Shares include a liquidity feature and may be subject to a special rate period. As of period end, the VRDP Shares outstanding were as follows:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 23.13pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 373.22pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;">Fund Name</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 38.53pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Issue</span> <br/></div> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Date</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 34.76pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Shares</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Issued</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 55.95pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Aggregate</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Principal</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 32.53pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Maturity</span> <br/></div> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Date</span></div> </div> </td> </tr> <tr style="height: 11.63pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 373.22pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">MUA</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 38.53pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">12/15/21</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 34.76pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 20.76pt;"> <div style="display: flex; margin-left: auto; width: 20.76pt;"> <div style="display: flex; white-space: nowrap; width: 20.76pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 20.76pt;">1,750</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 55.95pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 41.95pt;"> <div style="display: flex; margin-left: auto; width: 41.95pt;"> <div style="display: flex; white-space: nowrap; width: 41.95pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 41.95pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 41.95pt;">175,000,000</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 32.53pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">12/15/51</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 373.22pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 38.53pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">02/23/26</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 34.76pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 20.76pt;"> <div style="display: flex; margin-left: auto; width: 20.76pt;"> <div style="display: flex; white-space: nowrap; width: 20.76pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 20.76pt;">760</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 55.95pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 41.95pt;"> <div style="display: flex; margin-left: auto; width: 41.95pt;"> <div style="display: flex; white-space: nowrap; width: 41.95pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 41.95pt;">76,000,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 32.53pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">12/15/51</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 373.22pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">BTT</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 38.53pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">07/31/24</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 34.76pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 20.76pt;"> <div style="display: flex; margin-left: auto; width: 20.76pt;"> <div style="display: flex; white-space: nowrap; width: 20.76pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 20.76pt;">7,500</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 55.95pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 41.95pt;"> <div style="display: flex; margin-left: auto; width: 41.95pt;"> <div style="display: flex; white-space: nowrap; width: 41.95pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 41.95pt;">750,000,000</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 32.53pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">12/31/30</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 373.22pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">MQY</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 38.53pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">04/19/21</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 34.76pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 20.76pt;"> <div style="display: flex; margin-left: auto; width: 20.76pt;"> <div style="display: flex; white-space: nowrap; width: 20.76pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 20.76pt;">2,251</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 55.95pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 41.95pt;"> <div style="display: flex; margin-left: auto; width: 41.95pt;"> <div style="display: flex; white-space: nowrap; width: 41.95pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 41.95pt;">225,100,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 32.53pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">10/01/41</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 373.22pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 38.53pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">06/05/24</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 34.76pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 20.76pt;"> <div style="display: flex; margin-left: auto; width: 20.76pt;"> <div style="display: flex; white-space: nowrap; width: 20.76pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 20.76pt;">2,252</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 55.95pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 41.95pt;"> <div style="display: flex; margin-left: auto; width: 41.95pt;"> <div style="display: flex; white-space: nowrap; width: 41.95pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 41.95pt;">225,200,000</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 32.53pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">06/01/54</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 373.22pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 38.53pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">02/23/26</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 34.76pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 20.76pt;"> <div style="display: flex; margin-left: auto; width: 20.76pt;"> <div style="display: flex; white-space: nowrap; width: 20.76pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 20.76pt;">3,978</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 55.95pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 41.95pt;"> <div style="display: flex; margin-left: auto; width: 41.95pt;"> <div style="display: flex; white-space: nowrap; width: 41.95pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 41.95pt;">397,800,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 32.53pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">02/01/56</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 373.22pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">MYI</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 38.53pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">05/19/11</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 34.76pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 20.76pt;"> <div style="display: flex; margin-left: auto; width: 20.76pt;"> <div style="display: flex; white-space: nowrap; width: 20.76pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 20.76pt;">3,564</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 55.95pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 41.95pt;"> <div style="display: flex; margin-left: auto; width: 41.95pt;"> <div style="display: flex; white-space: nowrap; width: 41.95pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 41.95pt;">356,400,000</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 32.53pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">06/01/41</span></div> </div> </div> </td> </tr> <tr style="height: 10.5pt;"> <td style="vertical-align: Bottom; width: 373.22pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 38.53pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">02/23/26</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 34.76pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 20.76pt;"> <div style="display: flex; margin-left: auto; width: 20.76pt;"> <div style="display: flex; white-space: nowrap; width: 20.76pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 20.76pt;">2,313</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 55.95pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 41.95pt;"> <div style="display: flex; margin-left: auto; width: 41.95pt;"> <div style="display: flex; white-space: nowrap; width: 41.95pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 41.95pt;">231,300,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 32.53pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">06/01/41</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Redemption Terms:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">A VRDP Fund is required to redeem its VRDP Shares on the maturity date, unless earlier redeemed or repurchased. Six months prior to the maturity date, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">a VRDP Fund is required to begin to segregate liquid assets with the Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s custodian to fund the redemption. In addition, a VRDP Fund is required to redeem certain of its </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">outstanding VRDP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Subject to certain conditions, the VRDP Shares may also be redeemed, in whole or in part, at any time at the option of a VRDP Fund. The redemption price per VRDP Share </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">is equal to the liquidation preference per share plus any outstanding unpaid dividends.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Liquidity Feature:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> VRDP Shares are subject to a fee agreement between the VRDP Fund and the liquidity provider that requires a per annum liquidity fee and, in some cases, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">an upfront or initial commitment fee, payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statements of Operations. As of period end, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">the fee agreement is set to expire, unless renewed or terminated in advance, as follows:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 13.13pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 384.86pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 38.53pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">MUA</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 39.53pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">BTT</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 39.53pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">MQY</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 32.53pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">MYI</span></div> </div> </td> </tr> <tr style="height: 12.13pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 384.86pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap; width: auto;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Expiration date</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 38.53pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">04/27/27</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 39.53pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">07/28/27</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 39.53pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">06/02/27</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 32.53pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">07/04/27</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The VRDP Shares are also subject to a purchase agreement in connection with the liquidity feature. In the event a purchase agreement is not renewed or is terminated in </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">advance, and the VRDP Shares do not become subject to a purchase agreement with an alternate liquidity provider, the VRDP Shares will be subject to mandatory purchase </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">by the liquidity provider prior to the termination of the purchase agreement. In the event of such mandatory purchase, a VRDP Fund is required to redeem the VRDP Shares </span></div> <div style="line-height: 11.00pt; margin-top: 0.00pt; text-align: justify;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">six months after the purchase date. Immediately after such mandatory purchase, the VRDP Fund is required to begin to segregate liquid assets with its custodian to fund the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">redemption. There is no assurance that a VRDP Fund will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Remarketing:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">A VRDP Fund may incur remarketing fees on the aggregate principal amount of all its VRDP Shares, which, if any, are included in remarketing fees on Preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Shares in the Statements of Operations.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;">  </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">During any special rate period (as described below), the Fund may incur nominal or no remarketing fees.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">Ratings:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> As of period end, the VRDP Shares were assigned the following ratings:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 43.13pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 214.8pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;">Fund Name</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 31.57pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Series</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 66.84pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Moody</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">s Investors</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Service, Inc.</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Long-Term</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Ratings</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 66.84pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Moody</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">s Investors</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Service, Inc.</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Short-Term</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Ratings</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 66.48pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Fitch Ratings, Inc.</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Long-Term</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Ratings</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 47.74pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">S&amp;P Global</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Long-Term</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Ratings</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 40.74pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">S&amp;P Global</span> <br/></div> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Short-Term</span> <br/></div> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Ratings</span></div> </div> </td> </tr> <tr style="height: 11.63pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 214.8pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">MUA</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 31.57pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 18.57pt;"> <div style="display: flex; margin-left: auto; width: 18.57pt;"> <div style="display: flex; white-space: nowrap; width: 18.57pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 18.57pt;">W-7</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 66.84pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.84pt;"> <div style="display: flex; margin-left: auto; width: 52.84pt;"> <div style="display: flex; white-space: nowrap; width: 52.84pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.84pt;">Aa2</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 66.84pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.84pt;"> <div style="display: flex; margin-left: auto; width: 52.84pt;"> <div style="display: flex; white-space: nowrap; width: 52.84pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.84pt;">P-1</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 66.48pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.48pt;"> <div style="display: flex; margin-left: auto; width: 52.48pt;"> <div style="display: flex; white-space: nowrap; width: 52.48pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.48pt;">N/A</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 47.74pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 33.74pt;"> <div style="display: flex; margin-left: auto; width: 33.74pt;"> <div style="display: flex; white-space: nowrap; width: 33.74pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 33.74pt;">N/A</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 40.74pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 33.74pt;"> <div style="display: flex; margin-left: auto; width: 33.74pt;"> <div style="display: flex; white-space: nowrap; width: 33.74pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 33.74pt;">A-1</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 214.8pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">BTT</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 31.57pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 18.57pt;"> <div style="display: flex; margin-left: auto; width: 18.57pt;"> <div style="display: flex; white-space: nowrap; width: 18.57pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 18.57pt;">W-7</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 66.84pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.84pt;"> <div style="display: flex; margin-left: auto; width: 52.84pt;"> <div style="display: flex; white-space: nowrap; width: 52.84pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.84pt;">Aa1</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 66.84pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.84pt;"> <div style="display: flex; margin-left: auto; width: 52.84pt;"> <div style="display: flex; white-space: nowrap; width: 52.84pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.84pt;">P-1</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 66.48pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.48pt;"> <div style="display: flex; margin-left: auto; width: 52.48pt;"> <div style="display: flex; white-space: nowrap; width: 52.48pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.48pt;">N/A</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 47.74pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 33.74pt;"> <div style="display: flex; margin-left: auto; width: 33.74pt;"> <div style="display: flex; white-space: nowrap; width: 33.74pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 33.74pt;">AAA</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 40.74pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 33.74pt;"> <div style="display: flex; margin-left: auto; width: 33.74pt;"> <div style="display: flex; white-space: nowrap; width: 33.74pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 33.74pt;">A-1</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 214.8pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">MQY</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 31.57pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 18.57pt;"> <div style="display: flex; margin-left: auto; width: 18.57pt;"> <div style="display: flex; white-space: nowrap; width: 18.57pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 18.57pt;">W-7</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 66.84pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.84pt;"> <div style="display: flex; margin-left: auto; width: 52.84pt;"> <div style="display: flex; white-space: nowrap; width: 52.84pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.84pt;">Aa1</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 66.84pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.84pt;"> <div style="display: flex; margin-left: auto; width: 52.84pt;"> <div style="display: flex; white-space: nowrap; width: 52.84pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.84pt;">P-1</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 66.48pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.48pt;"> <div style="display: flex; margin-left: auto; width: 52.48pt;"> <div style="display: flex; white-space: nowrap; width: 52.48pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.48pt;">AA</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 47.74pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 33.74pt;"> <div style="display: flex; margin-left: auto; width: 33.74pt;"> <div style="display: flex; white-space: nowrap; width: 33.74pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 33.74pt;">N/A</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 40.74pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 33.74pt;"> <div style="display: flex; margin-left: auto; width: 33.74pt;"> <div style="display: flex; white-space: nowrap; width: 33.74pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 33.74pt;">A-1</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 214.8pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 31.57pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 18.57pt;"> <div style="display: flex; margin-left: auto; width: 18.57pt;"> <div style="display: flex; white-space: nowrap; width: 18.57pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 18.57pt;">W-7A</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 66.84pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.84pt;"> <div style="display: flex; margin-left: auto; width: 52.84pt;"> <div style="display: flex; white-space: nowrap; width: 52.84pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.84pt;">Aa1</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 66.84pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.84pt;"> <div style="display: flex; margin-left: auto; width: 52.84pt;"> <div style="display: flex; white-space: nowrap; width: 52.84pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.84pt;">P-1</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 66.48pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.48pt;"> <div style="display: flex; margin-left: auto; width: 52.48pt;"> <div style="display: flex; white-space: nowrap; width: 52.48pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.48pt;">AA</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 47.74pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 33.74pt;"> <div style="display: flex; margin-left: auto; width: 33.74pt;"> <div style="display: flex; white-space: nowrap; width: 33.74pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 33.74pt;">N/A</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 40.74pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 33.74pt;"> <div style="display: flex; margin-left: auto; width: 33.74pt;"> <div style="display: flex; white-space: nowrap; width: 33.74pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 33.74pt;">A-1</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 214.8pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 31.57pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 18.57pt;"> <div style="display: flex; margin-left: auto; width: 18.57pt;"> <div style="display: flex; white-space: nowrap; width: 18.57pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 18.57pt;">W-7B</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 66.84pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.84pt;"> <div style="display: flex; margin-left: auto; width: 52.84pt;"> <div style="display: flex; white-space: nowrap; width: 52.84pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.84pt;">Aa1</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 66.84pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.84pt;"> <div style="display: flex; margin-left: auto; width: 52.84pt;"> <div style="display: flex; white-space: nowrap; width: 52.84pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.84pt;">P-1</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 66.48pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.48pt;"> <div style="display: flex; margin-left: auto; width: 52.48pt;"> <div style="display: flex; white-space: nowrap; width: 52.48pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.48pt;">N/A</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 47.74pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 33.74pt;"> <div style="display: flex; margin-left: auto; width: 33.74pt;"> <div style="display: flex; white-space: nowrap; width: 33.74pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 33.74pt;">N/A</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 40.74pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 33.74pt;"> <div style="display: flex; margin-left: auto; width: 33.74pt;"> <div style="display: flex; white-space: nowrap; width: 33.74pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 33.74pt;">A-1</span></div> </div> </div> </td> </tr> <tr style="height: 10.5pt;"> <td style="vertical-align: Bottom; width: 214.8pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">MYI</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 31.57pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 18.57pt;"> <div style="display: flex; margin-left: auto; width: 18.57pt;"> <div style="display: flex; white-space: nowrap; width: 18.57pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 18.57pt;">W-7</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 66.84pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.84pt;"> <div style="display: flex; margin-left: auto; width: 52.84pt;"> <div style="display: flex; white-space: nowrap; width: 52.84pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.84pt;">Aa1</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 66.84pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.84pt;"> <div style="display: flex; margin-left: auto; width: 52.84pt;"> <div style="display: flex; white-space: nowrap; width: 52.84pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.84pt;">N/A</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 66.48pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 52.48pt;"> <div style="display: flex; margin-left: auto; width: 52.48pt;"> <div style="display: flex; white-space: nowrap; width: 52.48pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.48pt;">AA</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 47.74pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 33.74pt;"> <div style="display: flex; margin-left: auto; width: 33.74pt;"> <div style="display: flex; white-space: nowrap; width: 33.74pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 33.74pt;">N/A</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 40.74pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 33.74pt;"> <div style="display: flex; margin-left: auto; width: 33.74pt;"> <div style="display: flex; white-space: nowrap; width: 33.74pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 33.74pt;">N/A</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Any short-term ratings on VRDP Shares are directly related to the short-term ratings of the liquidity provider for such VRDP Shares. Changes in the credit quality of the liquidity </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">provider could cause a change in the short-term credit ratings of the VRDP Shares as rated by Moody’s and S&amp;P Global Ratings. The liquidity provider may be terminated prior </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">to the scheduled termination date if the liquidity provider fails to maintain short-term debt ratings in one of the two highest rating categories.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Special Rate Period:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;">  </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> A VRDP Fund has commenced a “special rate period” with respect to its VRDP Shares, during which the VRDP Shares will not be subject to any </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">remarketing and the dividend rate will be based on a predetermined methodology. During a special rate period, short-term ratings on VRDP Shares are withdrawn. As of period </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">end, the following VRDP Funds have commenced a special rate period:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 33.13pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 413.33pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;">Fund Name</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 61.11pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Commencement</span> <br/></div> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Date</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 60.56pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Expiration Date as</span> <br/></div> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">of Period Ended</span> <br/></div> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">07/31/26</span></div> </div> </td> </tr> <tr style="height: 12.13pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 413.33pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap; width: auto;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">MYI</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 61.11pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 48.11pt;"> <div style="display: flex; margin-left: auto; width: 48.11pt;"> <div style="display: flex; white-space: nowrap; width: 48.11pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 48.11pt;">06/22/22</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 60.56pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 53.56pt;"> <div style="display: flex; margin-left: auto; width: 53.56pt;"> <div style="display: flex; white-space: nowrap; width: 53.56pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 53.56pt;">06/16/27</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Prior to the expiration date, the VRDP Fund and the VRDP Shares holder may mutually agree to extend the special rate period. If a special rate period is not extended, the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">VRDP Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and available for purchase by qualified institutional </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">investors.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">During the special rate period: (i) the liquidity and fee agreements remain in effect, (ii) VRDP Shares remain subject to mandatory redemption by the VRDP Fund on the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">maturity date, (iii) VRDP Shares will not be remarketed or subject to optional or mandatory tender events, (iv) the VRDP Fund is required to comply with the same asset </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">coverage, basic maintenance amount and leverage requirements for the VRDP Shares as is required when the VRDP Shares are not in a special rate period, (v) the VRDP </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Fund will pay dividends monthly based on the sum of an agreed upon reference rate and a percentage per annum based on the long-term ratings assigned to the VRDP Shares </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">and (vi) the VRDP Fund will pay nominal or no fees to the liquidity provider and remarketing agent.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Dividends:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> Except during the Special Rate Period as described above, dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. A change in the short-term credit rating of the liquidity </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">provider or the VRDP Shares may adversely affect the dividend rate paid on such shares, although the dividend rate paid on the VRDP Shares is not directly based upon either </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">short-term rating. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">For the year ended July 31, 2026, the annualized dividend rate for the VRDP Shares were as follows:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 13.13pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 440.98pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 25.06pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 2.5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">MUA</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 21.77pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 2.5pt; margin-right: 2.5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">BTT</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 23.93pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 2.5pt; margin-right: 2.5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">MQY</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 23.27pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 2.5pt; margin-right: 4pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">MYI</span></div> </div> </td> </tr> <tr style="height: 12.13pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 440.98pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap; width: auto;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Dividend rates</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 25.06pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 4.5pt; text-align: right; width: 14.56pt;"> <div style="display: flex; margin-left: auto; width: 14.56pt;"> <div style="display: flex; white-space: nowrap; width: 14.56pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.56pt;">2.65</span></div> <div style="display: flex; width: 14.56pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">% </span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 21.77pt;"> <div style="line-height: 10pt; margin-left: 4.5pt; margin-right: 4.5pt; text-align: right; width: 12.77pt;"> <div style="display: flex; margin-left: auto; width: 12.77pt;"> <div style="display: flex; white-space: nowrap; width: 12.77pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 12.77pt;">2.61</span></div> <div style="display: flex; width: 12.77pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">% </span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 23.93pt;"> <div style="line-height: 10pt; margin-left: 4.5pt; margin-right: 4.5pt; text-align: right; width: 14.93pt;"> <div style="display: flex; margin-left: auto; width: 14.93pt;"> <div style="display: flex; white-space: nowrap; width: 14.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.93pt;">2.60</span></div> <div style="display: flex; width: 14.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">% </span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 23.27pt;"> <div style="line-height: 10pt; margin-left: 4.5pt; margin-right: 3pt; text-align: right; width: 12.77pt;"> <div style="display: flex; margin-left: auto; width: 12.77pt;"> <div style="display: flex; white-space: nowrap; width: 12.77pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 12.77pt;">3.40</span></div> <div style="display: flex; width: 12.77pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">% </span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">During the year ended July 31, 2026, issued and outstanding VRDP Shares increased by 760 for MUA, 3,978 for MQY and 2,313 for MYI due to the Fund reorganizations.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">For the year ended July 31, 2026, VRDP Shares issued and outstanding remained constant for BTT.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">VMTP Shares</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">MHD has issued Series W-7 VMTP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VMTP Shares are subject to certain restrictions on transfer, and MHD may also </span></div> <div style="line-height: 11.00pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">be required to register its VMTP Shares for sale under the Securities Act under certain circumstances. As of period end, the VMTP Shares outstanding and assigned long-term </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">ratings were as follows:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 33.13pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 292.03pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;">Fund Name</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 38.53pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Issue</span> <br/></div> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Date</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 34.76pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Shares</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Issued</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 55.95pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Aggregate</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Principal</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 49.36pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Term</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Redemption</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Date</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 38.42pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Moody</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">s</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Rating</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 25.95pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Fitch</span> <br/></div> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Rating</span></div> </div> </td> </tr> <tr style="height: 11.63pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 292.03pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">MHD</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 38.53pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">12/20/23</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 34.76pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 20.76pt;"> <div style="display: flex; margin-left: auto; width: 20.76pt;"> <div style="display: flex; white-space: nowrap; width: 20.76pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 20.76pt;">2,140</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 55.95pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 41.95pt;"> <div style="display: flex; margin-left: auto; width: 41.95pt;"> <div style="display: flex; white-space: nowrap; width: 41.95pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 41.95pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 41.95pt;">214,000,000</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 49.36pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 35.36pt;"> <div style="display: flex; margin-left: auto; width: 35.36pt;"> <div style="display: flex; white-space: nowrap; width: 35.36pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 35.36pt;">04/01/27</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 38.42pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 24.42pt;"> <div style="display: flex; margin-left: auto; width: 24.42pt;"> <div style="display: flex; white-space: nowrap; width: 24.42pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 24.42pt;">Aa1</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 25.95pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 18.95pt;"> <div style="display: flex; margin-left: auto; width: 18.95pt;"> <div style="display: flex; white-space: nowrap; width: 18.95pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 18.95pt;">AA</span></div> </div> </div> </td> </tr> <tr style="height: 10.5pt;"> <td style="vertical-align: Bottom; width: 292.03pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 38.53pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">02/09/26</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 34.76pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 20.76pt;"> <div style="display: flex; margin-left: auto; width: 20.76pt;"> <div style="display: flex; white-space: nowrap; width: 20.76pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 20.76pt;">5,038</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 55.95pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 41.95pt;"> <div style="display: flex; margin-left: auto; width: 41.95pt;"> <div style="display: flex; white-space: nowrap; width: 41.95pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 41.95pt;">503,800,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 49.36pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 35.36pt;"> <div style="display: flex; margin-left: auto; width: 35.36pt;"> <div style="display: flex; white-space: nowrap; width: 35.36pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 35.36pt;">04/01/27</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 38.42pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 24.42pt;"> <div style="display: flex; margin-left: auto; width: 24.42pt;"> <div style="display: flex; white-space: nowrap; width: 24.42pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 24.42pt;">Aa1</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 25.95pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 18.95pt;"> <div style="display: flex; margin-left: auto; width: 18.95pt;"> <div style="display: flex; white-space: nowrap; width: 18.95pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 18.95pt;">AA</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Redemption Terms:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> MHD is required to redeem its VMTP Shares on the term redemption date, unless earlier redeemed or repurchased or unless extended.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;">  </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">There is no </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">assurance that a term will be extended further or that any VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">repurchase of the VMTP Shares. Six months prior to the term redemption date, MHD is required to begin to segregate liquid assets with its custodian to fund the redemption. </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">In addition, MHD is required to redeem certain of its outstanding VMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">requirements.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Subject to certain conditions, VMTP Shares may be redeemed, in whole or in part, at any time at the option of MHD. With respect to MHD, the redemption price per VMTP </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Share is equal to the liquidation preference per share plus any outstanding unpaid dividends and applicable redemption premium. If MHD redeems the VMTP Shares prior to </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">the term redemption date and the VMTP Shares have long-term ratings above A1/A+ or its equivalent by the ratings agencies then rating the VMTP Shares, then such </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">redemption may be subject to a prescribed redemption premium (up to 1% of the liquidation preference) payable to the holder of the VMTP Shares based on the time remaining </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">until the term redemption date, subject to certain exceptions for redemptions that are required to comply with minimum asset coverage requirements.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Dividends:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> Dividends on the VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread plus the Securities Industry and </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Financial Markets Association (“SIFMA”) Municipal Swap Index or a percentage of the daily Secured Overnight Financing Rate, as set forth in the VMTP Shares governing </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">instrument. The fixed spread is determined based on the long-term preferred share rating assigned to the VMTP Shares by the ratings agencies then rating the VMTP Shares.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The dividend rate on VMTP Shares is subject to a step-up spread if MHD fails to comply with certain provisions, including, among other things, the timely payment of dividends, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">redemptions or gross-up payments, and complying with certain asset coverage and leverage requirements.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">For the year ended July 31, 2026, the average annualized dividend rates for the VMTP Shares were as follows:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 13.13pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 508.08pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 26.92pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 4pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">MHD</span></div> </div> </td> </tr> <tr style="height: 12.13pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 508.08pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap; width: auto;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Dividend rates</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 26.92pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 3pt; text-align: right; width: 14.92pt;"> <div style="display: flex; margin-left: auto; width: 14.92pt;"> <div style="display: flex; white-space: nowrap; width: 14.92pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.92pt;">3.61</span></div> <div style="display: flex; width: 14.92pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">% </span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">During the year ended July 31, 2026, issued and outstanding VMTP Shares for MHD increased by 5,038 due to the Fund reorganization.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Offering Costs:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> The Funds incurred costs in connection with the issuance of VRDP and VMTP Shares, which were recorded as a direct deduction from the carrying value of </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">the related debt liability and will be amortized over the life of the VRDP and VMTP Shares with the exception of any upfront fees paid by a VRDP and VMTP Fund to the liquidity </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">provider which, if any, were amortized over the life of the liquidity agreement.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;">  </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Amortization of these costs is included in interest expense, fees and amortization of offering costs </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">in the Statements of Operations.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Financial Reporting:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> The VRDP and VMTP Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the VRDP and </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">VMTP Shares, is recorded as a liability in the Statements of Assets and Liabilities net of deferred offering costs. Unpaid dividends are included in interest expense and fees </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">payable in the Statements of Assets and Liabilities, and the dividends accrued and paid on the VRDP and VMTP Shares are included as a component of interest expense, fees </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">and amortization of offering costs in the Statements of Operations. The VRDP and VMTP Shares are treated as equity for tax purposes. Dividends paid to holders of the VRDP </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">and VMTP Shares are generally classified as tax-exempt income for tax-reporting purposes. Dividends and amortization of deferred offering costs on VRDP and VMTP Shares </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">are included in interest expense, fees and amortization of offering costs in the Statements of Operations:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 23.13pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 422.13pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;">Fund Name</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 51.3pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Dividends</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 61.57pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Deferred Offering</span> <br/></div> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Costs Amortization</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 10pt;"> </span></div> </div> </td> </tr> <tr style="height: 11.63pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 422.13pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">MUA</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 51.3pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 38.3pt;"> <div style="display: flex; margin-left: auto; width: 38.3pt;"> <div style="display: flex; white-space: nowrap; width: 38.3pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.3pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.3pt;">5,523,332</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 61.57pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 54.57pt;"> <div style="display: flex; margin-left: auto; width: 54.57pt;"> <div style="display: flex; white-space: nowrap; width: 54.57pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 54.57pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 54.57pt;">5,470</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 422.13pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">BTT</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 51.3pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 38.3pt;"> <div style="display: flex; margin-left: auto; width: 38.3pt;"> <div style="display: flex; white-space: nowrap; width: 38.3pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.3pt;">19,567,192</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 61.57pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 54.57pt;"> <div style="display: flex; margin-left: auto; width: 54.57pt;"> <div style="display: flex; white-space: nowrap; width: 54.57pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 54.57pt;">166,869</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 422.13pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">MHD</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 51.3pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 38.3pt;"> <div style="display: flex; margin-left: auto; width: 38.3pt;"> <div style="display: flex; white-space: nowrap; width: 38.3pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.3pt;">16,324,841</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 61.57pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 54.57pt;"> <div style="display: flex; margin-left: auto; width: 54.57pt;"> <div style="display: flex; white-space: nowrap; width: 54.57pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 54.57pt;">—</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 422.13pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">MQY</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 51.3pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 38.3pt;"> <div style="display: flex; margin-left: auto; width: 38.3pt;"> <div style="display: flex; white-space: nowrap; width: 38.3pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.3pt;">16,226,502</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 61.57pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 54.57pt;"> <div style="display: flex; margin-left: auto; width: 54.57pt;"> <div style="display: flex; white-space: nowrap; width: 54.57pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 54.57pt;">97,739</span></div> </div> </div> </td> </tr> <tr style="height: 10.5pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 422.13pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">MYI</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 51.3pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 38.3pt;"> <div style="display: flex; margin-left: auto; width: 38.3pt;"> <div style="display: flex; white-space: nowrap; width: 38.3pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.3pt;">15,557,432</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 61.57pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 54.57pt;"> <div style="display: flex; margin-left: auto; width: 54.57pt;"> <div style="display: flex; white-space: nowrap; width: 54.57pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 54.57pt;">29,462</span></div> </div> </div> </td> </tr> </table> Each Fund, except for BTT, is authorized to issue 200 million shares, all of which were initially classified as Common Shares. Common Shares Preferred Shares <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The Fund’s Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Fund and distribution of assets upon dissolution or liquidation of the Fund.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;"> The 1940 Act prohibits the declaration of any dividend on Common Shares or the repurchase of Common Shares if the Fund fails to maintain asset coverage of at least 200% of the liquidation preference of the Fund’s outstanding Preferred Shares. In addition, pursuant to the Preferred Shares’ governing instruments, the Fund is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with its Preferred Shares or repurchasing such shares if the Fund fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares’ governing instruments or comply with the basic maintenance amount requirement of the ratings agencies rating the Preferred Shares.</span></div> The Fund’s Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Fund and distribution of assets upon dissolution or liquidation of the Fund.<div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Holders of Preferred Shares have voting rights equal to the voting rights of holders of Common Shares (one vote per share) and vote together with holders of Common Shares </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">(one vote per share) as a single class on certain matters. Holders of Preferred Shares, voting as a separate class, are also entitled to (i) elect two members of the Board, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">(ii) elect the full Board if dividends on the Preferred Shares are not paid for a period of two years and (iii) a separate class vote to amend the Preferred Share governing </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">documents. In addition, the 1940 Act requires the approval of the holders of a majority of any outstanding Preferred Shares, voting as a separate class, to (a) adopt any plan </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">of reorganization that would adversely affect the Preferred Shares, (b) change a  Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s sub-classification as a closed-end investment company or change its fundamental </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">investment restrictions or (c) change its business so as to cease to be an investment company.</span></div> The Fund’s Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Fund and distribution of assets upon dissolution or liquidation of the Fund. The 1940 Act prohibits the declaration of any dividend on Common Shares or the repurchase of Common Shares if the Fund fails to maintain asset coverage of at least 200% of the liquidation preference of the Fund’s outstanding Preferred Shares. In addition, pursuant to the Preferred Shares’ governing instruments, the Fund is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with its Preferred Shares or repurchasing such shares if the Fund fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares’ governing instruments or comply with the basic maintenance amount requirement of the ratings agencies rating the Preferred Shares. <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Holders of Preferred Shares have voting rights equal to the voting rights of holders of Common Shares (one vote per share) and vote together with holders of Common Shares </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">(one vote per share) as a single class on certain matters. Holders of Preferred Shares, voting as a separate class, are also entitled to (i) elect two members of the Board, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">(ii) elect the full Board if dividends on the Preferred Shares are not paid for a period of two years and (iii) a separate class vote to amend the Preferred Share governing </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">documents. In addition, the 1940 Act requires the approval of the holders of a majority of any outstanding Preferred Shares, voting as a separate class, to (a) adopt any plan </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">of reorganization that would adversely affect the Preferred Shares, (b) change a  Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s sub-classification as a closed-end investment company or change its fundamental </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">investment restrictions or (c) change its business so as to cease to be an investment company.</span></div> <div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold">BlackRock MuniAssets Fund, Inc. (MUA)</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The Fund’s investment objective is to provide high current income exempt from Federal income taxes by investing primarily in a portfolio of medium to lower grade or unrated </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from Federal income taxes. The Fund seeks to achieve its investment </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">objective by investing at least 80% of its assets, except during temporary defensive periods, in a portfolio of obligations issued by or on behalf of states, territories and </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">possessions of the United States and their political subdivisions, agencies or instrumentalities paying interest which, in the opinion of bond counsel to the issuer, is exempt from </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">Federal income taxes (“Municipal Bonds”); and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">securities. For the purposes of the foregoing 80% policy, “assets” are the Fund’s net assets, plus the amount of any borrowings for investment purposes. The Fund at all times, </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">except during temporary defensive periods, will maintain at least 65% of its assets in Municipal Bonds which are rated in any one of the medium and lower rating categories </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">of a nationally recognized statistical rating organization or are unrated. These ratings are currently Baa (Moody’s Investor Service Inc. (“Moody’s”)) or BBB (S&amp;P Global </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">Ratings (“S&amp;P”) and Fitch Ratings, Inc. (“Fitch”)) or lower. These are fundamental policies of the Fund and, therefore, may not be changed without the approval of a majority </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">of the Fund’s outstanding common stock and the outstanding preferred stock, including the Fund’s outstanding Variable Rate Demand Preferred Shares (the “VRDP Shares”), </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">voting together as a single class, and of the holders of a majority of the outstanding preferred stock, including the VRDP Shares, voting as a separate class. A majority of the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">outstanding means (1) 67% or more of the shares present at a meeting, if the holders of more than 50% of the outstanding shares are present or represented by proxy, or </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">(2) more than 50% of the outstanding shares, whichever is less. The Fund is not intended as, and you should not construe it to be, a complete investment program. There can </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">be no assurance that the Fund’s investment objective will be achieved or that the Fund’s investment program will be successful.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The Fund has the authority to invest as much as 35% of its total assets in Municipal Bonds in the higher rating categories of nationally recognized statistical rating organizations </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">(ratings of A or higher by Moody’s, S&amp;P or Fitch or comparable unrated securities). In addition, the Fund reserves the right to temporarily invest more than 20% of its total assets </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">in short-term municipal securities, or short-term taxable money market securities (including commercial paper, certificates of deposit and repurchase agreements) for </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">defensive purposes when, in the opinion of BlackRock Advisors, LLC (the “Manager”), prevailing market or financial conditions warrant. The Fund does not invest more than </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">25% of its total assets (taken at market value) in Municipal Bonds whose issuers are located in the same state. “Total assets” of the Fund means the Fund’s net assets plus the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">amount of any borrowings for investment purposes.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">Ordinarily, the Fund does not intend to realize significant interest income that is subject to Federal income taxes. However, the Fund may invest all or a portion of its assets in </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">certain tax-exempt securities classified as “private activity bonds” (“PABs”) (in general, bonds that benefit non-governmental entities) that may subject certain investors in the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">Fund to a Federal alternative minimum tax.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The Fund may invest in securities not issued by or on behalf of a state or territory or by an agency or instrumentality thereof, if the Fund receives an opinion of counsel to the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">issuer that such securities pay interest that is excludable from gross income for federal income tax purposes (“Non-Municipal Tax-Exempt Securities”), which could include trust </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">certificates, partnership interests or other instruments evidencing interest in one or more long-term Municipal Bonds. Non-Municipal Tax-Exempt Securities also may include </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">securities issued by other investment companies that invest in Municipal Bonds, to the extent such investments are permitted by the Fund’s investment restrictions and </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">applicable law.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The Fund ordinarily does not intend to realize significant investment income not exempt from federal income taxes. From time to time, the Fund may realize taxable capital </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">gains.</span></div><div style="line-height:11.00pt;margin-top:0.00pt;text-align:justify;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">Investments in lower rated Municipal Bonds generally provide a higher yield and are less affected by interest rate fluctuations than higher rated tax-exempt securities of similar </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">maturity but are subject to greater overall market risk and are also subject to a greater degree of risk with respect to the ability of the issuer to meet its principal and interest </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">obligations.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The Fund seeks to reduce risk through investing in multiple issuers, credit analysis and monitoring of current developments regarding the obligor and trends in both the </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">economy and financial markets. The Manager will use various means to research the stability and/or potential for improvement of various municipal issuers in connection with </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">the proposed purchase of their securities by the Fund. Evaluation of each Municipal Bond may include the analysis of financial performance, debt structure, economic factors </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">and the administrative structure of the issuer. Additionally, the priority of liens and the overall structure of the particular issue may be factors that will determine suitability for </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">purchase. Further investigation may be performed and may include, among other things, discussions with project management, corporate officers and industry experts as well </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">as site inspections, area analysis, and project and financial projection analysis. All purchases and sales also may be subject to the review of market data, economic projections </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">and the performance of the financial markets. Certain economic indicators also may be monitored. Additionally, the Manager will vary the average maturity of the Fund’s </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">portfolio securities based upon its assessment of economic and market conditions.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold;margin-left:0%">Leverage:</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:11.00pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">The Fund currently leverages its assets through the use of VRDP Shares and residual interest municipal tender option bonds (“TOB Residuals”), which are </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">derivative interests in municipal bonds. The TOB Residuals in which the Fund will invest pay interest or income that, in the opinion of counsel to the issuer of such TOB </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">Residuals, is exempt from regular U.S. federal income tax. The Fund currently does not intend to borrow money or issue debt securities. Although it has no present intention </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">to do so, the Fund reserves the right to borrow money from banks or other financial institutions, or issue debt securities, in the future if it believes that market conditions would </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities. Any such leveraging will not be fully achieved until </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">the proceeds resulting from the use of leverage have been invested in accordance with the Fund’s investment objective and policies.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt">The Fund may enter into derivative securities transactions that have leverage embedded in them.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">transactions which otherwise might require untimely dispositions of Fund securities.</span></div> <div style="margin-top:9pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt">The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">MUA</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">’</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">s common shares.</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:0.1pt"> </span></div> <table cellpadding="0" cellspacing="0" id="table954436" style="border-top: 0.5pt solid rgb(0, 0, 0); empty-cells: show; margin-left: 12pt; width: 95.7047%; table-layout: auto; border-collapse: collapse; outline: none; outline-offset: 0px;"> <tr> <td colspan="1" style="width: 469.36pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 65.64pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td></tr> <tr style="height:13pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:469.36pt;"><div style="line-height:0.5pt;text-align:left;"> <div style="margin-right: 5pt; text-align: center;"><span style="color:#000000;font-family:arial narrow;font-size:9pt"> </span></div> </div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:65.64pt;"><div style="line-height:11.0pt;text-align:left;"> <div style="margin-left: 3pt; margin-right: 6pt; text-align: right;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">MUA</span></div> </div></td> </tr> <tr style="height:11.5pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-right: 5pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt">Shareholder Transaction Expenses</span></div> </div></td> <td style="background-color: azure; vertical-align: bottom; width: 65.64pt;"><div style="line-height:0.5pt;margin-left:5pt;margin-right:4pt;text-align:right;width:52.64pt;"> <div style="display:flex;margin:auto;width:52.64pt;"> </div> </div></td> </tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:469.36pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-right: 5pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Maximum sales load (as a percentage of offering price)</span><span style="color:#000000;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">(a)</span></div> </div></td> <td style="vertical-align:Bottom;width:65.64pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-left: 3pt; margin-right: 6pt; text-align: center; width: 52.64pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:33.88pt">1.00%</span></div> </div></td> </tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-right: 5pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Offering expenses borne by the Fund (as a percentage of offering price)</span><span style="color:#000000;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">(a)</span></div> </div></td> <td style="background-color:azure;vertical-align:Bottom;width:65.64pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-left: 3pt; margin-right: 6pt; text-align: center;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:33.88pt">0.01%</span></div> </div></td> </tr> <tr style="height:40pt"> <td style="vertical-align:Bottom;width:469.36pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-right: 5pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Dividend reinvestment plan fees</span></div> </div></td> <td style="vertical-align:Bottom;width:65.64pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-left: 3pt; margin-right: 6pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:3.00pt">$0.02</span><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt;margin-left:0.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">per</span><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt;margin-left:0.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">share</span> <br/></div> <div style="margin-left: 3pt; margin-right: 6pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:3.00pt">for</span><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt;margin-left:0.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">open</span><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt;margin-left:0.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">market</span> <br/></div> <div style="margin-left: 3pt; margin-right: 6pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:3.00pt">purchases</span><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt;margin-left:0.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">of</span> <br/></div> <div style="margin-left: 3pt; margin-right: 6pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:3.00pt">common</span><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt;margin-left:0.0pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">shares</span><span style="color:#000000;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">(b)</span> </div> </div></td> </tr> </table><div> <div style="clear:both;margin-top:0.0pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:6pt;"><span style="color:#000000;font-family:arial narrow;font-size:5pt;position:relative;top:-3.25pt">(a)</span></div> <div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:justify;width:532.3pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders </span></div> </div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:left;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">will pay all offering expenses involved with an offering.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:0.00pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:6pt;"><span style="color:#000000;font-family:arial narrow;font-size:5pt;position:relative;top:-3.25pt">(b)</span></div> <div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:justify;width:532.3pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by MUA. However, shareholders will pay a </span></div> </div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">commissions the Reinvestment Plan Agent is required to pay.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> as a percentage of offering price 0.0100 0.0001 <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table233855" style="empty-cells: show; margin-left: 12pt; width: 95.7047%; table-layout: auto; border-collapse: collapse; outline: none; outline-offset: 0px;"> <tr> <td colspan="1" style="width: 469.36pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td> <td colspan="1" style="width: 65.64pt; vertical-align: bottom; padding-top: 0px; padding-bottom: 0px;"></td></tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-right: 5pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt">Estimated Annual Expenses</span><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt"> (as a percentage of net assets attributable to common shares)</span></div> </div></td> <td style="background-color: azure; vertical-align: bottom; width: 65.64pt;"><div style="line-height:0.5pt;margin-left:5pt;margin-right:4pt;text-align:right;width:52.64pt;"> <div style="display:flex;margin:auto;width:52.64pt;"> </div> </div></td> </tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:469.36pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-right: 5pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Investment advisory fees</span><span style="color:#000000;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">(c)(d)</span></div> </div></td> <td style="vertical-align:Bottom;width:65.64pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-left: 3pt; margin-right: 6pt; text-align: center; width: 52.64pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:33.88pt">0.81</span><span style="color:#000000;font-family:arial narrow;font-size:8pt">% </span></div> </div></td> </tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-right: 5pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Other expenses</span><span style="color:#000000;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">(e)</span></div> </div></td> <td style="background-color:azure;vertical-align:Bottom;width:65.64pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-left: 3pt; margin-right: 6pt; text-align: center;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:33.88pt">1.78</span></div> </div></td> </tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:469.36pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-right: 5pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:8pt">Miscellaneous</span><span style="color:#000000;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">(e)</span></div> </div></td> <td style="vertical-align:Bottom;width:65.64pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-left: 3pt; margin-right: 6pt; text-align: center;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:25.5pt">0.52</span><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div></td> </tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-right: 5pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:8pt">Interest expense</span><span style="color:#000000;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">(f)</span></div> </div></td> <td style="background-color:azure;vertical-align:Bottom;width:65.64pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-left: 3pt; margin-right: 6pt; text-align: center;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:25.5pt">1.26</span><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span></div> </div></td> </tr> <tr style="height:10pt"> <td style="vertical-align:Bottom;width:469.36pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-right: 5pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Total annual expenses</span><span style="color:#000000;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">(e)</span></div> </div></td> <td style="vertical-align:Bottom;width:65.64pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-left: 3pt; margin-right: 6pt; text-align: center;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:33.88pt">2.59</span></div> </div></td> </tr> <tr style="height:10pt"> <td style="background-color:azure;vertical-align:Bottom;width:469.36pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-right: 5pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Fee waivers</span><span style="color:#000000;font-family:arial narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt">(d)</span></div> </div></td> <td style="background-color:azure;vertical-align:Bottom;width:65.64pt;"><div style="line-height:10pt;text-align:left;"> <div style="margin-left: 3pt; margin-right: 6pt; text-align: center;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:40.09pt"><span class="sec-hidden" style="-sec-ix-hidden:h_9_581eb083_f126_948a_10bc_3b329f40c70e">—</span></span><span style="color:#000000;font-family:arial narrow;font-size:5pt;position:relative;top:-3.25pt">(g)</span> </div> </div></td> </tr> <tr style="height:13pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:469.36pt;"><div style="line-height:11.0pt;text-align:left;"> <div style="margin-right: 5pt; text-align: left;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Fund operating expenses after fee waivers</span></div> </div></td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:65.64pt;"><div style="line-height:11.0pt;text-align:left;"> <div style="margin-left: 3pt; margin-right: 6pt; text-align: center;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:33.88pt">2.59</span></div> </div></td> </tr> </table><div> <div style="clear:both;margin-top:0.00pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:5.72pt;"><span style="color:#000000;font-family:arial narrow;font-size:5pt;position:relative;top:-3.25pt">(c)</span></div> <div style="float:left;line-height:10.0pt;margin-left:3.98pt;text-align:justify;width:532.30pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">MUA currently pays the Manager a monthly fee in arrears at an annual rate equal to 0.55% of the average daily value of the Fund’s net assets. For purposes of calculating these fees, </span></div> </div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">“net assets” mean the total assets of the Fund minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any </span></div> </div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">outstanding preferred shares). It is understood that the liquidation preference of any outstanding preferred stock (other than accumulated dividends) and TOB Trusts is not considered </span></div> </div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:left;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">a liability in determining MUA’s NAV.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:0.00pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:6pt;"><span style="color:#000000;font-family:arial narrow;font-size:5pt;position:relative;top:-3.25pt">(d)</span></div> <div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:justify;width:532.3pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">MUA and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment </span></div> </div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">advisory fees with respect to any portion of MUA’s assets attributable to investments in any equity and fixed-income mutual funds and ETFs managed by the Manager or its affiliates </span></div> </div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">that have a contractual management fee, through June 30, 2028. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">advisory fees by the amount of investment advisory fees MUA pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">through June 30, 2028. The Fee Waiver Agreement may be continued from year to year thereafter, provided that such continuance is specifically approved by the Manager and MUA </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">(including by a majority of MUA’s Directors who are not “interested persons” (as defined in the Investment Company Act) of MUA (the “Independent Directors”)). The Fee Waiver </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">Agreement may be terminated at any time, without the payment of any penalty, only by MUA (upon the vote of a majority of the Directors or a majority of the outstanding voting </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">securities of MUA), upon 90 days’ written notice by MUA to the Manager.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:0.00pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:6pt;"><span style="color:#000000;font-family:arial narrow;font-size:5pt;position:relative;top:-3.25pt">(e)</span></div> <div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:left;width:532.30pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">Other expenses are based on estimated amounts for the current fiscal period.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:0.00pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:4.63pt;"><span style="color:#000000;font-family:arial narrow;font-size:5pt;position:relative;top:-3.25pt">(f)</span></div> <div style="float:left;line-height:10.0pt;margin-left:5.07pt;text-align:justify;width:532.30pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">Assumes the use of leverage in the form of tender option bond transactions and preferred shares representing 33% of managed assets, which is the total assets of MUA, including any </span></div> </div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">assets attributable to VRDP Shares and TOB Trusts, if any, minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation </span></div> </div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">preference of any outstanding preferred shares), at an annual cost of leverage to MUA of 2.27%, which is based on current market conditions. The actual amount of interest expense </span></div> </div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">borne by MUA will vary over time in accordance with the level of MUA’s use of tender option bond transactions and variations in market interest rates, as well as preferred shares </span></div> </div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:left;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">transactions and changes to agreement terms with counterparties. Interest expense is required to be treated as an expense of</span><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">MUA for accounting purposes.</span> <br/></div> </div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"> <br/><span style="color:#000000;font-family:arial narrow;font-size:8pt">MUA uses leverage to seek to enhance its returns to common shareholders. This leverage generally takes two forms: the issuance of VRDP Shares and investment in TOBs. Both </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">forms of leverage benefit common shareholders if the cost of the leverage is lower than the returns earned by MUA when it invests the proceeds from the leverage. In order to help a </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">shareholder to better understand the costs associated with MUA</span><span style="color:#000000;font-family:arial narrow;font-size:8pt">’</span><span style="color:#000000;font-family:arial narrow;font-size:8pt">s leverage strategy, the total annual fund operating expenses after fee waivers (excluding interest expense, offering, </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">reorganization cost and/or portfolio investment fees) are 1.24%, which is based on current market conditions. The actual amount of interest expense borne by MUA will vary over time </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">in accordance with the level of MUA</span><span style="color:#000000;font-family:arial narrow;font-size:8pt">’</span><span style="color:#000000;font-family:arial narrow;font-size:8pt">s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of MUA for accounting purposes.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:0.00pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;margin-left:12pt;text-align:left;width:6pt;"><span style="color:#000000;font-family:arial narrow;font-size:5pt;position:relative;top:-3.25pt">(g)</span></div> <div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:left;width:532.30pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">Rounds to less than 0.01%.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> as a percentage of net assets attributable to common shares 0.0081 0.0178 0.0052 0.0126 0.0259 0.0259 <div style="float:left;line-height:10.0pt;margin-left:3.7pt;text-align:justify;width:532.3pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders </span></div> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:left;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">will pay all offering expenses involved with an offering.</span></div> <div style="float:left;line-height:10.0pt;margin-left:3.98pt;text-align:justify;width:532.30pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">MUA currently pays the Manager a monthly fee in arrears at an annual rate equal to 0.55% of the average daily value of the Fund’s net assets. For purposes of calculating these fees, </span></div> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">“net assets” mean the total assets of the Fund minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any </span></div> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">outstanding preferred shares). It is understood that the liquidation preference of any outstanding preferred stock (other than accumulated dividends) and TOB Trusts is not considered </span></div> <div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:left;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">a liability in determining MUA’s NAV.</span></div> <div style="float:left;line-height:10.0pt;margin-left:5.07pt;text-align:justify;width:532.30pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">Assumes the use of leverage in the form of tender option bond transactions and preferred shares representing 33% of managed assets, which is the total assets of MUA, including any </span></div><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">assets attributable to VRDP Shares and TOB Trusts, if any, minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation </span></div><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">preference of any outstanding preferred shares), at an annual cost of leverage to MUA of 2.27%, which is based on current market conditions. The actual amount of interest expense </span></div><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">borne by MUA will vary over time in accordance with the level of MUA’s use of tender option bond transactions and variations in market interest rates, as well as preferred shares </span></div><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:left;width:525.75pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">transactions and changes to agreement terms with counterparties. Interest expense is required to be treated as an expense of</span><span style="color:#000000;font-family:arial narrow;font-size:8pt;line-height:10pt"> </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">MUA for accounting purposes.</span> <br/></div><div style="float:left;line-height:10.0pt;margin-left:28.25pt;text-align:justify;width:525.75pt;"> <br/><span style="color:#000000;font-family:arial narrow;font-size:8pt">MUA uses leverage to seek to enhance its returns to common shareholders. This leverage generally takes two forms: the issuance of VRDP Shares and investment in TOBs. Both </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">forms of leverage benefit common shareholders if the cost of the leverage is lower than the returns earned by MUA when it invests the proceeds from the leverage. In order to help a </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">shareholder to better understand the costs associated with MUA</span><span style="color:#000000;font-family:arial narrow;font-size:8pt">’</span><span style="color:#000000;font-family:arial narrow;font-size:8pt">s leverage strategy, the total annual fund operating expenses after fee waivers (excluding interest expense, offering, </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">reorganization cost and/or portfolio investment fees) are 1.24%, which is based on current market conditions. The actual amount of interest expense borne by MUA will vary over time </span><span style="color:#000000;font-family:arial narrow;font-size:8pt">in accordance with the level of MUA</span><span style="color:#000000;font-family:arial narrow;font-size:8pt">’</span><span style="color:#000000;font-family:arial narrow;font-size:8pt">s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of MUA for accounting purposes.</span></div> <div style="margin-top:9pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt">The following example illustrates MUA</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">’</span><span style="color:#000000;font-family:arial narrow;font-size:9pt">s expenses (including the sales load of $10.00 and offering costs of $0.13) that shareholders would pay on a $1,000 investment in </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">common shares, assuming (i) total net annual expenses of 2.59% of net assets attributable to common shares and (ii) a 5% annual return:</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:0.1pt"> </span></div> <table cellpadding="0" cellspacing="0" id="table641877" style="border-bottom: 0.5pt solid rgb(0, 0, 0); empty-cells: show; margin-left: 12pt; width: 535pt; outline: none; outline-offset: 0px;"> <tr style="height:8.75pt"> <td style="border-bottom: 0.5pt solid rgb(0, 0, 0); vertical-align: bottom; width: 416.27pt; padding-top: 0px; padding-bottom: 0px;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3.26pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0.0pt"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid rgb(0, 0, 0); vertical-align: bottom; width: 25.13pt; padding-top: 0px; padding-bottom: 0px;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:1.2599999999999998pt;margin-right:1.2599999999999998pt;text-align-last:justify;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">1 Year</span></div> </div> </td> <td style="border-bottom: 0.5pt solid rgb(0, 0, 0); vertical-align: bottom; width: 28.41pt; padding-top: 0px; padding-bottom: 0px;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:1.2599999999999998pt;margin-right:1.2599999999999998pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">3 Years</span></div> </div> </td> <td style="border-bottom: 0.5pt solid rgb(0, 0, 0); vertical-align: bottom; width: 28.41pt; padding-top: 0px; padding-bottom: 0px;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:1.2599999999999998pt;margin-right:1.2599999999999998pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt">5 Years</span></div> </div> </td> <td style="border-bottom: 0.5pt solid rgb(0, 0, 0); vertical-align: bottom; width: 36.79pt; padding-top: 0px; padding-bottom: 0px;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:1.2599999999999998pt;margin-right:6pt;text-align-last:justify;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">10 Years</span></div> </div> </td> </tr> <tr style="height:11.25pt"> <td style="background-color:azure;vertical-align:Bottom;width:416.27pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3.26pt;text-align:left;white-space:nowrap;width:auto;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Total expenses incurred</span></div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:25.13pt;"> <div style="line-height:10pt;margin-left:3.265pt;margin-right:3.265pt;text-align:right;width:18.6pt;"> <div style="display:flex;margin-left:auto;width:18.6pt;"> <div style="display:flex;white-space:nowrap;width:18.6pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:18.6pt">$ </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:18.6pt">36</span></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:28.41pt;"> <div style="line-height:10pt;margin-left:3.265pt;margin-right:3.265pt;text-align:right;width:21.88pt;"> <div style="display:flex;margin-left:auto;width:21.88pt;"> <div style="display:flex;white-space:nowrap;width:21.88pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.88pt">$ </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.88pt">90</span></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:28.41pt;"> <div style="line-height:10pt;margin-left:3.265pt;margin-right:3.265pt;text-align:right;width:21.88pt;"> <div style="display:flex;margin-left:auto;width:21.88pt;"> <div style="display:flex;white-space:nowrap;width:21.88pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.88pt">$ </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.88pt">146</span></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:36.79pt;"> <div style="line-height:10pt;margin-left:3.265pt;margin-right:4pt;text-align:right;width:25.52pt;"> <div style="display:flex;margin-left:auto;width:25.52pt;"> <div style="display:flex;white-space:nowrap;width:25.52pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:25.52pt">$ </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:25.52pt">300</span></div> </div> </div> </td> </tr> </table><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. MUA’s actual rate of </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">return may be greater or less than the hypothetical 5% return shown in the example.</span></div> 36 90 146 300 <div style="line-height: 13.00pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: arial narrow; font-size: 11pt; font-weight: bold;">Share Price Data</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The following table summarizes MUA</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s highest and lowest daily closing market prices on the NYSE per common share, the NAV per common share, and the premium to or </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">discount from NAV, on the date of each of the high and low market prices. The trading volume indicates the number of common shares traded on the NYSE during the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">respective quarters.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 46.5pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 239.32pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;"> </span></div> </div> </td> <td colspan="2" style="vertical-align: Bottom; width: 79.30pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="border-bottom: 0.5pt solid #000000; margin-left: 7.57%; margin-right: 12.61%; padding-bottom: 1pt;"> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">NYSE Market Price</span> <br/></div> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Per Common Share</span></div> </div> </div> </td> <td colspan="2" style="vertical-align: Bottom; width: 82.82pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="border-bottom: 0.5pt solid #000000; margin-left: 12.07%; margin-right: 12.07%; padding-bottom: 1pt;"> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">NAV per Common</span> <br/></div> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Share on Date of</span> <br/></div> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Market Price</span></div> </div> </div> </td> <td colspan="2" style="vertical-align: Bottom; width: 69.88pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="border-bottom: 0.5pt solid #000000; margin-left: 14.31%; margin-right: 14.31%; padding-bottom: 1pt;"> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Premium/</span> <br/></div> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">(Discount)</span> <br/></div> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">on Date of</span> <br/></div> <div style="text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Market Price</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 10pt;"> </span></div> </div> </div> </td> <td style="vertical-align: Bottom; width: 63.69pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 8pt; margin-right: 6pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;"> </span></div> </div> </td> </tr> <tr style="height: 13pt;"> <td style="background-color: azure; border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 239.32pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">During Quarter Ended</span></div> </div> </td> <td style="background-color: azure; border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 37.41pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">High</span></div> </div> </td> <td style="background-color: azure; border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 41.89pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Low</span></div> </div> </td> <td style="background-color: azure; border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 41.41pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">High</span></div> </div> </td> <td style="background-color: azure; border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 41.41pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Low</span></div> </div> </td> <td style="background-color: azure; border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 34.94pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">High</span></div> </div> </td> <td style="background-color: azure; border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 34.94pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Low</span></div> </div> </td> <td style="background-color: azure; border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 63.69pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 8pt; margin-right: 6pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Trading Volume</span></div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="vertical-align: Bottom; width: 239.32pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2026</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 37.41pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.04</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 41.89pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.89pt;"> <div style="display: flex; margin-left: auto; width: 21.89pt;"> <div style="display: flex; white-space: nowrap; width: 21.89pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.89pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.89pt;">10.10</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.47</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.09</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">(3.75</span></div> <div style="display: flex; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">)</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">% </span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">(8.93</span></div> <div style="display: flex; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">)</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">% </span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 63.69pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 4pt; text-align: right; width: 45.69pt;"> <div style="display: flex; margin-left: auto; width: 45.69pt;"> <div style="display: flex; white-space: nowrap; width: 45.69pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 45.69pt;">9,699,822</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 239.32pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">April 30, 2026</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 37.41pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.23</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 41.89pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.89pt;"> <div style="display: flex; margin-left: auto; width: 21.89pt;"> <div style="display: flex; white-space: nowrap; width: 21.89pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.89pt;">10.23</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.26</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">10.96</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">(0.27</span></div> <div style="display: flex; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">(6.66</span></div> <div style="display: flex; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 63.69pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 4pt; text-align: right; width: 45.69pt;"> <div style="display: flex; margin-left: auto; width: 45.69pt;"> <div style="display: flex; white-space: nowrap; width: 45.69pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 45.69pt;">6,275,293</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 239.32pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">January 31, 2026</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 37.41pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.07</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 41.89pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.89pt;"> <div style="display: flex; margin-left: auto; width: 21.89pt;"> <div style="display: flex; white-space: nowrap; width: 21.89pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.89pt;">10.46</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.29</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.29</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">(1.95</span></div> <div style="display: flex; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">(7.35</span></div> <div style="display: flex; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 63.69pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 4pt; text-align: right; width: 45.69pt;"> <div style="display: flex; margin-left: auto; width: 45.69pt;"> <div style="display: flex; white-space: nowrap; width: 45.69pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 45.69pt;">7,503,742</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 239.32pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">October 31, 2025</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 37.41pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.79</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 41.89pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.89pt;"> <div style="display: flex; margin-left: auto; width: 21.89pt;"> <div style="display: flex; white-space: nowrap; width: 21.89pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.89pt;">10.34</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.33</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">10.85</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">4.06</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">(4.70</span></div> <div style="display: flex; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 63.69pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 4pt; text-align: right; width: 45.69pt;"> <div style="display: flex; margin-left: auto; width: 45.69pt;"> <div style="display: flex; white-space: nowrap; width: 45.69pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 45.69pt;">6,841,579</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 239.32pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2025</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 37.41pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">10.53</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 41.89pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.89pt;"> <div style="display: flex; margin-left: auto; width: 21.89pt;"> <div style="display: flex; white-space: nowrap; width: 21.89pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.89pt;">10.13</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.04</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">10.68</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">(4.62</span></div> <div style="display: flex; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">(5.15</span></div> <div style="display: flex; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 63.69pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 4pt; text-align: right; width: 45.69pt;"> <div style="display: flex; margin-left: auto; width: 45.69pt;"> <div style="display: flex; white-space: nowrap; width: 45.69pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 45.69pt;">6,410,863</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 239.32pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">April 30, 2025</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 37.41pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.28</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 41.89pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.89pt;"> <div style="display: flex; margin-left: auto; width: 21.89pt;"> <div style="display: flex; white-space: nowrap; width: 21.89pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.89pt;">9.83</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.75</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">10.90</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">(4.00</span></div> <div style="display: flex; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">(9.82</span></div> <div style="display: flex; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 63.69pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 4pt; text-align: right; width: 45.69pt;"> <div style="display: flex; margin-left: auto; width: 45.69pt;"> <div style="display: flex; white-space: nowrap; width: 45.69pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 45.69pt;">9,107,679</span></div> </div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 239.32pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">January 31, 2025</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 37.41pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">12.47</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 41.89pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.89pt;"> <div style="display: flex; margin-left: auto; width: 21.89pt;"> <div style="display: flex; white-space: nowrap; width: 21.89pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.89pt;">10.73</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.81</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.37</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">5.59</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">(5.63</span></div> <div style="display: flex; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 63.69pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 4pt; text-align: right; width: 45.69pt;"> <div style="display: flex; margin-left: auto; width: 45.69pt;"> <div style="display: flex; white-space: nowrap; width: 45.69pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 45.69pt;">6,032,797</span></div> </div> </div> </td> </tr> <tr style="height: 10.5pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 239.32pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">October 31, 2024</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 37.41pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">12.66</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 41.89pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.89pt;"> <div style="display: flex; margin-left: auto; width: 21.89pt;"> <div style="display: flex; white-space: nowrap; width: 21.89pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.89pt;">11.42</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.91</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 41.41pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 21.41pt;"> <div style="display: flex; margin-left: auto; width: 21.41pt;"> <div style="display: flex; white-space: nowrap; width: 21.41pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 21.41pt;">11.65</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">6.30</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 34.94pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 14.94pt;"> <div style="display: flex; margin-left: auto; width: 14.94pt;"> <div style="display: flex; white-space: nowrap; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.94pt;">(1.97</span></div> <div style="display: flex; width: 14.94pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 63.69pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 4pt; text-align: right; width: 45.69pt;"> <div style="display: flex; margin-left: auto; width: 45.69pt;"> <div style="display: flex; white-space: nowrap; width: 45.69pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 45.69pt;">6,128,229</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">As of July 31, 2026, MUA</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $10.10, $11.09, and (8.93)%, respectively.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Common shares of MUA have historically traded at both a premium and discount to NAV.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Shares of closed-end funds frequently trade at a discount to their NAV. Because of this possibility and the recognition that any such discount may not be in the interest of </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">shareholders, the Board might consider from time to time engaging in open-market repurchases, managed distribution plans, or other programs intended to reduce the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">discount. We cannot guarantee or assure, however, that the Board will decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">undertaken, would result in the shares trading at a price equal or close to the NAV.</span></div> 11.04 10.10 11.47 11.09 -0.0375 -0.0893 11.23 10.23 11.26 10.96 -0.0027 -0.0666 11.07 10.46 11.29 11.29 -0.0195 -0.0735 11.79 10.34 11.33 10.85 0.0406 -0.0470 10.53 10.13 11.04 10.68 -0.0462 -0.0515 11.28 9.83 11.75 10.90 -0.0400 -0.0982 12.47 10.73 11.81 11.37 0.0559 -0.0563 12.66 11.42 11.91 11.65 0.0630 -0.0197 10.10 11.09 -0.0893 <div style="margin-top: 11.5pt;"><span style="color: #000000; font-family: arial narrow; font-size: 11pt; font-weight: bold;">Senior Securities</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The following table sets forth information regarding MUA</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s outstanding senior securities as of the end of each of MUA</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s last ten fiscal years, as applicable.  MUA</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s audited </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">financial statements, including Deloitte &amp; Touche LLP</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s Report of Independent Registered Public Accounting Firm, and accompanying notes to financial statements, are </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">included in this annual report.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 36.5pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Fiscal Year Ended</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt; margin-right: -8pt;">*</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 53.93pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Total Amount</span> <br/></div> <div style="margin-left: 4pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Outstanding</span> <br/></div> <div style="margin-left: 4pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">(000)</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 54.65pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Asset</span> <br/></div> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Coverage</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 56.45pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Liquidation</span> <br/></div> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Preference</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; margin-right: -8pt;">(a)</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 58.14pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Average</span> <br/></div> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Market Value</span> <br/></div> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">(000)</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Type of</span> <br/></div> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Senior Security</span></div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2026</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">24,742</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">33,715</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(b)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_f6602858_23b5_d16f_c3a8_7fad1879a406;">N/A</span></span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;">21,482</span></div> <div style="display: flex; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(c)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">TOBs</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2026</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">251,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">302,539</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(d)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;">100,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_93c2e8e1_1013_5a64_9798_346ef744c818;">N/A</span></span></div> </div> </div> </td> <td style="vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Shares</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2025</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">18,552</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">32,712</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(b)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_5ffade1c_c241_e625_a77a_26e220620913;">N/A</span></span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;">12,721</span></div> <div style="display: flex; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(c)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">TOBs</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2025</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">175,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">313,578</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(d)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;">100,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_a6919e09_738c_23b7_f41e_d4ffd62c8ce1;">N/A</span></span></div> </div> </div> </td> <td style="vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Shares</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2024</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">4,500</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">141,427</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(b)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_a6373ab2_5802_0482_8a3a_9bc276e4201b;">N/A</span></span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;">5,208</span></div> <div style="display: flex; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(c)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">TOBs</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2024</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">175,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">354,586</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(d)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;">100,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_1d54582f_f9e6_1040_4a56_1ce53ebb7bc4;">N/A</span></span></div> </div> </div> </td> <td style="vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Shares</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2023</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">10,897</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">57,083</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(b)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_3b7c155a_60b9_8a71_0475_75d35883c3b5;">N/A</span></span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;">24,055</span></div> <div style="display: flex; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(c)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">TOBs</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2023</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">175,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">334,645</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(d)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;">100,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_04ada6ca_d6bf_424c_c974_6419677729fc;">N/A</span></span></div> </div> </div> </td> <td style="vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Shares</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2022</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">42,444</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">16,471</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(b)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_1f31e883_cf4b_3e11_73ce_db86513aa506;">N/A</span></span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;">37,166</span></div> <div style="display: flex; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(c)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">TOBs</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2022</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">175,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">321,536</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(d)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;">100,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_cea3820a_c1cf_40c6_6cbe_2cd4e563b386;">N/A</span></span></div> </div> </div> </td> <td style="vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Shares</span></div> </div> </td> </tr> <tr style="height: 10.5pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">April 30, 2022</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">175,000</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">371,729</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(e)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;">100,000</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_32700425_7fd0_0305_6e7a_788bad27d145;">N/A</span></span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Shares</span></div> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 8pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-right: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">(a)</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 527pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 2pt; text-align-last: justify; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Represents the amount to which a holder of preferred shares would be entitled upon the liquidation of VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 9pt; margin-left: 0.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Shares in preference to common shareholders, expressed as a dollar </span></div> <div style="margin-left: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">amount per preferred share.  VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 9pt; margin-left: 0.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Shares are considered debt of the issuer; therefore, the liquidation preference approximates fair value.</span></div> </div> </td> </tr> <tr> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 8pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-right: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">(b)</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 527pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 2pt; text-align-last: justify; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Calculated by subtracting the Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">s total liabilities (not including VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 9pt; margin-left: 0.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Shares and TOBs) from the Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">s total assets and dividing this by the amount of TOBs, and by multiplying the </span></div> <div style="margin-left: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">results by 1,000.</span></div> </div> </td> </tr> <tr> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 8pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-right: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">(c)</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 527pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Represents weighted average daily market value of TOBs.</span></div> </div> </td> </tr> <tr> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 8pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-right: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">(d)</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 527pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 2pt; text-align-last: justify; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Calculated by subtracting the Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">s total liabilities (not including VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 9pt; margin-left: 0.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Shares and TOBs) from the Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">s total assets and dividing this by the sum of the amount of TOBs and </span></div> <div style="margin-left: 2pt; text-align-last: justify; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">liquidation value of the VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 9pt; margin-left: 0.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Shares, and by multiplying the results by 100,000. Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of </span></div> <div style="margin-left: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">the 1940 Act.</span></div> </div> </td> </tr> <tr> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 8pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-right: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">(e)</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 527pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 2pt; text-align-last: justify; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Calculated by subtracting the Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">s total liabilities (not including VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 9pt; margin-left: 0.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Shares) from the Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">s total assets and dividing this by the liquidation value of the VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 9pt; margin-left: 0.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Shares, and by </span></div> <div style="margin-left: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">multiplying the results by 100,000.</span></div> </div> </td> </tr> <tr> <td style="padding-top: 2pt; vertical-align: Top; width: 8pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-right: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">*</span></div> </div> </td> <td style="padding-top: 2pt; vertical-align: Top; width: 527pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">There were no VRDP Shares outstanding as of April 30, 2021, 2020, 2019, 2018, 2017 and 2016.</span></div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The following table sets forth information regarding MUA</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s outstanding senior securities as of the end of each of MUA</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s last ten fiscal years, as applicable.  MUA</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s audited </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">financial statements, including Deloitte &amp; Touche LLP</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s Report of Independent Registered Public Accounting Firm, and accompanying notes to financial statements, are </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">included in this annual report.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 36.5pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Fiscal Year Ended</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt; margin-right: -8pt;">*</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 53.93pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Total Amount</span> <br/></div> <div style="margin-left: 4pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Outstanding</span> <br/></div> <div style="margin-left: 4pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">(000)</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 54.65pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Asset</span> <br/></div> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Coverage</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 56.45pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Liquidation</span> <br/></div> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Preference</span><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; margin-right: -8pt;">(a)</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 58.14pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Average</span> <br/></div> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Market Value</span> <br/></div> <div style="margin-left: 8pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">(000)</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Type of</span> <br/></div> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Senior Security</span></div> </div> </td> </tr> <tr style="height: 11.5pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2026</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">24,742</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">33,715</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(b)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_f6602858_23b5_d16f_c3a8_7fad1879a406;">N/A</span></span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;">21,482</span></div> <div style="display: flex; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(c)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">TOBs</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2026</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">251,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">302,539</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(d)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;">100,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_93c2e8e1_1013_5a64_9798_346ef744c818;">N/A</span></span></div> </div> </div> </td> <td style="vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Shares</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2025</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">18,552</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">32,712</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(b)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_5ffade1c_c241_e625_a77a_26e220620913;">N/A</span></span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;">12,721</span></div> <div style="display: flex; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(c)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">TOBs</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2025</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">175,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">313,578</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(d)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;">100,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_a6919e09_738c_23b7_f41e_d4ffd62c8ce1;">N/A</span></span></div> </div> </div> </td> <td style="vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Shares</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2024</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">4,500</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">141,427</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(b)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_a6373ab2_5802_0482_8a3a_9bc276e4201b;">N/A</span></span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;">5,208</span></div> <div style="display: flex; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(c)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">TOBs</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2024</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">175,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">354,586</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(d)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;">100,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_1d54582f_f9e6_1040_4a56_1ce53ebb7bc4;">N/A</span></span></div> </div> </div> </td> <td style="vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Shares</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2023</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">10,897</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">57,083</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(b)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_3b7c155a_60b9_8a71_0475_75d35883c3b5;">N/A</span></span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;">24,055</span></div> <div style="display: flex; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(c)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">TOBs</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2023</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">175,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">334,645</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(d)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;">100,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_04ada6ca_d6bf_424c_c974_6419677729fc;">N/A</span></span></div> </div> </div> </td> <td style="vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Shares</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2022</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">42,444</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">16,471</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(b)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_1f31e883_cf4b_3e11_73ce_db86513aa506;">N/A</span></span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;">37,166</span></div> <div style="display: flex; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(c)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">TOBs</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">July 31, 2022</span></div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">175,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">321,536</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(d)</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;">100,000</span></div> </div> </div> </td> <td style="vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_cea3820a_c1cf_40c6_6cbe_2cd4e563b386;">N/A</span></span></div> </div> </div> </td> <td style="vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Shares</span></div> </div> </td> </tr> <tr style="height: 10.5pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 249.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">April 30, 2022</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 53.93pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 10pt; text-align: right; width: 37.93pt;"> <div style="display: flex; margin-left: auto; width: 37.93pt;"> <div style="display: flex; white-space: nowrap; width: 37.93pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 37.93pt;">175,000</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 54.65pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 34.65pt;"> <div style="display: flex; margin-left: auto; width: 34.65pt;"> <div style="display: flex; white-space: nowrap; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 34.65pt;">371,729</span></div> <div style="display: flex; width: 34.65pt;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; position: relative; top: -3.25pt; width: auto;">(e)</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 56.45pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 36.45pt;"> <div style="display: flex; margin-left: auto; width: 36.45pt;"> <div style="display: flex; white-space: nowrap; width: 36.45pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 36.45pt;">100,000</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 58.14pt;"> <div style="line-height: 10pt; margin-left: 10pt; margin-right: 10pt; text-align: right; width: 38.14pt;"> <div style="display: flex; margin-left: auto; width: 38.14pt;"> <div style="display: flex; white-space: nowrap; width: 38.14pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.14pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_85_32700425_7fd0_0305_6e7a_788bad27d145;">N/A</span></span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; width: 62.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 10pt; margin-right: 8pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 10pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt;">Shares</span></div> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 8pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-right: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">(a)</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 527pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 2pt; text-align-last: justify; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Represents the amount to which a holder of preferred shares would be entitled upon the liquidation of VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 9pt; margin-left: 0.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Shares in preference to common shareholders, expressed as a dollar </span></div> <div style="margin-left: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">amount per preferred share.  VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 9pt; margin-left: 0.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Shares are considered debt of the issuer; therefore, the liquidation preference approximates fair value.</span></div> </div> </td> </tr> <tr> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 8pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-right: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">(b)</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 527pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 2pt; text-align-last: justify; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Calculated by subtracting the Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">s total liabilities (not including VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 9pt; margin-left: 0.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Shares and TOBs) from the Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">s total assets and dividing this by the amount of TOBs, and by multiplying the </span></div> <div style="margin-left: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">results by 1,000.</span></div> </div> </td> </tr> <tr> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 8pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-right: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">(c)</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 527pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Represents weighted average daily market value of TOBs.</span></div> </div> </td> </tr> <tr> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 8pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-right: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">(d)</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 527pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 2pt; text-align-last: justify; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Calculated by subtracting the Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">s total liabilities (not including VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 9pt; margin-left: 0.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Shares and TOBs) from the Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">s total assets and dividing this by the sum of the amount of TOBs and </span></div> <div style="margin-left: 2pt; text-align-last: justify; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">liquidation value of the VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 9pt; margin-left: 0.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Shares, and by multiplying the results by 100,000. Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of </span></div> <div style="margin-left: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">the 1940 Act.</span></div> </div> </td> </tr> <tr> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 8pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-right: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 5pt; margin-left: 0.0pt; position: relative; top: -3.25pt;">(e)</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 2pt; vertical-align: Top; width: 527pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 2pt; text-align-last: justify; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Calculated by subtracting the Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">s total liabilities (not including VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 9pt; margin-left: 0.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Shares) from the Fund</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">s total assets and dividing this by the liquidation value of the VRDP</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; line-height: 9pt; margin-left: 0.0pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Shares, and by </span></div> <div style="margin-left: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">multiplying the results by 100,000.</span></div> </div> </td> </tr> <tr> <td style="padding-top: 2pt; vertical-align: Top; width: 8pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-right: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">*</span></div> </div> </td> <td style="padding-top: 2pt; vertical-align: Top; width: 527pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 2pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">There were no VRDP Shares outstanding as of April 30, 2021, 2020, 2019, 2018, 2017 and 2016.</span></div> </div> </td> </tr> </table> 24742000 33715 21482000 251000000 302539 100000 18552000 32712 12721000 175000000 313578 100000 4500000 141427 5208000 175000000 354586 100000 10897000 57083 24055000 175000000 334645 100000 42444000 16471 37166000 175000000 321536 100000 175000000 371729 100000 If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders will pay all offering expenses involved with an offering. Other expenses are based on estimated amounts for the current fiscal period. MUA currently pays the Manager a monthly fee in arrears at an annual rate equal to 0.55% of the average daily value of the Fund’s net assets. For purposes of calculating these fees, “net assets” mean the total assets of the Fund minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). It is understood that the liquidation preference of any outstanding preferred stock (other than accumulated dividends) and TOB Trusts is not considered a liability in determining MUA’s NAV. MUA and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of MUA’s assets attributable to investments in any equity and fixed-income mutual funds and ETFs managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2028. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees MUA pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2028. The Fee Waiver Agreement may be continued from year to year thereafter, provided that such continuance is specifically approved by the Manager and MUA (including by a majority of MUA’s Directors who are not “interested persons” (as defined in the Investment Company Act) of MUA (the “Independent Directors”)). The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by MUA (upon the vote of a majority of the Directors or a majority of the outstanding voting securities of MUA), upon 90 days’ written notice by MUA to the Manager. There were no VRDP Shares outstanding as of April 30, 2021, 2020, 2019, 2018, 2017 and 2016. Assumes the use of leverage in the form of tender option bond transactions and preferred shares representing 33% of managed assets, which is the total assets of MUA, including any assets attributable to VRDP Shares and TOB Trusts, if any, minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares), at an annual cost of leverage to MUA of 2.27%, which is based on current market conditions. The actual amount of interest expense borne by MUA will vary over time in accordance with the level of MUA’s use of tender option bond transactions and variations in market interest rates, as well as preferred shares transactions and changes to agreement terms with counterparties. Interest expense is required to be treated as an expense of MUA for accounting purposes. MUA uses leverage to seek to enhance its returns to common shareholders. This leverage generally takes two forms: the issuance of VRDP Shares and investment in TOBs. Both forms of leverage benefit common shareholders if the cost of the leverage is lower than the returns earned by MUA when it invests the proceeds from the leverage. In order to help a shareholder to better understand the costs associated with MUA’s leverage strategy, the total annual fund operating expenses after fee waivers (excluding interest expense, offering, reorganization cost and/or portfolio investment fees) are 1.24%, which is based on current market conditions. The actual amount of interest expense borne by MUA will vary over time in accordance with the level of MUA’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of MUA for accounting purposes. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000. Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VRDP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000. Represents the amount to which a holder of preferred shares would be entitled upon the liquidation of VRDP Shares in preference to common shareholders, expressed as a dollar amount per preferred share. VRDP Shares are considered debt of the issuer; therefore, the liquidation preference approximates fair value. Represents weighted average daily market value of TOBs. Rounds to less than 0.01%.