BNY Mellon AMT-Free Municipal Bond Fund
STATEMENT OF INVESTMENTS
May 31, 2025 (Unaudited)

 
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Bonds and Notes — .5%
Collateralized Municipal-Backed Securities — .5%
Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2
3.63
5/20/2033
5,161,751
4,883,804
California Housing Finance Agency, Revenue Bonds, Ser. A
3.25
8/20/2036
1,889,007
1,737,959
Washington Housing Finance Commission, Revenue Bonds (Sustainable
Certificates) Ser. A
3.50
12/20/2035
2,817,367
2,615,914
Total Bonds and Notes
(cost $10,852,953)
9,237,677
 
 
 
 

 
 
 
Long-Term Municipal Investments — 98.8%
Alabama — 2.9%
Auburn University, Revenue Bonds, Refunding, Ser. A
4.00
6/1/2036
1,000,000
983,868
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B
5.00
7/1/2043
11,055,000
11,094,094
Black Belt Energy Gas District, Revenue Bonds, Ser. D
5.00
11/1/2034
6,940,000
7,337,921
Jefferson County, Revenue Bonds, Refunding
5.00
9/15/2035
2,500,000
2,523,319
Jefferson County, Revenue Bonds, Refunding
5.50
10/1/2053
18,200,000
18,657,501
Southeast Energy Authority A Cooperative District, Revenue Bonds (Project No. 2)
Ser. B(a)
4.00
12/1/2031
1,000,000
978,390
Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. B(a)
5.25
6/1/2032
1,750,000
1,852,816
The Lower Alabama Gas District, Revenue Bonds (Gas Project)(a)
4.00
12/1/2025
5,000,000
4,989,045
University of Alabama at Birmingham, Revenue Bonds (Board of Trustees) Ser. B
4.00
10/1/2035
3,005,000
3,008,804
 
51,425,758
Arizona — 2.4%
Arizona Board of Regents, Revenue Bonds, Refunding (Stimulus Plan for Economic &
Educational Development)
5.00
8/1/2037
615,000
646,395
Arizona Board of Regents, Revenue Bonds, Refunding (Stimulus Plan for Economic &
Educational Development)
5.00
8/1/2038
3,000,000
3,128,170
Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond)
(Equitable School Revolving Fund Obligated Group) Ser. A
4.00
11/1/2050
1,655,000
1,338,620
Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond)
(Equitable School Revolving Fund Obligated Group) Ser. A
4.00
11/1/2037
4,885,000
4,577,237
Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond)
(Equitable School Revolving Fund Obligated Group) Ser. A
4.00
11/1/2051
10,000,000
7,998,808
Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond)
(Equitable School Revolving Fund Obligated Group) Ser. A
5.00
11/1/2044
1,975,000
1,957,909
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health
Services Obligated Group) Ser. A
5.00
11/15/2048
5,170,000
4,869,721
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health
Services Obligated Group) Ser. A
5.00
11/15/2054
4,830,000
4,406,235
La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public
Schools) Ser. A(b)
5.00
2/15/2036
1,750,000
1,750,316
La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public
Schools) Ser. A(b)
5.00
2/15/2046
1,825,000
1,676,969
Maricopa County Industrial Development Authority, Revenue Bonds (Banner Health
Obligated Group) Ser. A
5.00
1/1/2041
5,000,000
5,075,227
Phoenix Civic Improvement Corp., Revenue Bonds
4.00
7/1/2044
4,000,000
3,697,108
Phoenix Civic Improvement Corp., Revenue Bonds (Junior Lien Airport) Ser. B
4.00
7/1/2044
2,000,000
1,789,847
 
42,912,562
3
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
Arkansas — .6%
Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond)
(U.S. Steel Corp.)
5.70
5/1/2053
5,550,000
5,613,619
Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond)
(U.S. Steel Corp.)
5.45
9/1/2052
2,500,000
2,488,650
Pulaski County, Revenue Bonds (Arkansas Children’s Hospital)
4.25
3/1/2048
2,000,000
1,791,349
 
9,893,618
California — 3.7%
Burbank-Glendale-Pasadena Airport Authority, Revenue Bonds, Ser. B
5.25
7/1/2040
2,200,000
2,315,732
California, GO, Refunding
5.00
4/1/2042
1,100,000
1,163,603
California, GO, Refunding
5.25
9/1/2047
1,500,000
1,583,388
California Community Choice Financing Authority, Revenue Bonds (Sustainable
Bond) (Clean Energy Project) Ser. D(a)
5.00
9/1/2032
5,000,000
5,297,567
California Community Choice Financing Authority, Revenue Bonds (Sustainable
Bond) (Clean Energy Project) Ser. G(a)
5.25
4/1/2030
4,000,000
4,197,709
California County Tobacco Securitization Agency, Revenue Bonds, Refunding (Kern
County Tobacco Funding Corp.)
5.00
6/1/2034
5,090,000
5,071,770
California Health Facilities Financing Authority, Revenue Bonds, Refunding
(Providence St. Joseph Health Obligated Group) Ser. A
4.00
10/1/2036
1,650,000
1,604,938
California Housing Finance Agency, Revenue Bonds, Ser. 2021-1
3.50
11/20/2035
5,614,147
5,215,266
California Municipal Finance Authority, Revenue Bonds, Refunding (California
Baptist University) Ser. A(b)
5.13
11/1/2040
1,350,000
1,355,563
California Statewide Communities Development Authority, Revenue Bonds (Loma
Linda University Medical Center Obligated Group)(b)
5.00
12/1/2033
1,000,000
1,011,259
California Statewide Communities Development Authority, Revenue Bonds (Loma
Linda University Medical Center Obligated Group)(b)
5.25
12/1/2048
1,800,000
1,747,714
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding (Tobacco
Settlement Asset) Ser. B
5.00
6/1/2051
6,000,000
5,871,827
Jefferson Union High School District, COP (Teacher & Staff Housing Project)
(Insured; Build America Mutual)
4.00
8/1/2050
2,980,000
2,670,608
Los Angeles Department of Airports, Revenue Bonds (Sustainable Bond)
5.25
5/15/2047
5,000,000
5,063,575
Los Angeles Department of Water & Power, Revenue Bonds, Ser. B
5.00
7/1/2037
3,405,000
3,578,004
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B
4.00
7/1/2046
2,780,000
2,433,397
San Francisco City & County Airport Commission, Revenue Bonds, Refunding (San
Francisco International Airport) Ser. B
5.00
5/1/2041
12,450,000
12,326,080
San Jose Evergreen Community College District, GO, Ser. C
4.00
9/1/2042
950,000
929,999
San Jose Evergreen Community College District, GO, Ser. C
4.00
9/1/2045
1,560,000
1,490,283
 
64,928,282
Colorado — 3.0%
Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement
Communities & Services Obligated Group)
5.00
12/1/2048
6,000,000
5,829,488
Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement
Communities)
5.00
12/1/2043
6,885,000
6,888,585
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit
Health Obligated Group) Ser. A
5.00
8/1/2044
5,250,000
5,172,573
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Intermountain
Healthcare Obligated Group) Ser. A
4.00
5/15/2052
4,245,000
3,652,823
Colorado Health Facilities Authority, Revenue Bonds, Refunding (School Health
System) Ser. A
4.00
1/1/2036
7,525,000
7,327,845
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A
5.00
12/1/2048
5,000,000
4,911,078
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. B
5.00
12/1/2043
4,000,000
4,016,079
Denver Convention Center Hotel Authority, Revenue Bonds, Refunding
5.00
12/1/2027
3,860,000
3,919,205
Denver Convention Center Hotel Authority, Revenue Bonds, Refunding
5.00
12/1/2031
1,500,000
1,518,134
4
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
Colorado — 3.0% (continued)
Denver Convention Center Hotel Authority, Revenue Bonds, Refunding
5.00
12/1/2036
1,315,000
1,321,248
Denver Health & Hospital Authority, Revenue Bonds, Ser. A
6.00
12/1/2055
2,250,000
2,386,437
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit
Partners) Ser. A
4.00
7/15/2034
2,000,000
1,985,842
Vail Home Partners Corp., Revenue Bonds(b)
6.00
10/1/2064
3,500,000
3,534,999
 
52,464,336
Connecticut — 4.4%
Connecticut, Revenue Bonds, Ser. A
4.00
9/1/2035
5,000,000
4,947,948
Connecticut, Revenue Bonds, Ser. A
4.00
5/1/2036
1,000,000
1,007,640
Connecticut, Revenue Bonds, Ser. A
4.00
5/1/2037
1,500,000
1,501,572
Connecticut, GO (Sustainable Bond) Ser. F
5.00
11/15/2042
2,000,000
2,081,271
Connecticut Bradley International Airport, Revenue Bonds, Ser. A
5.00
7/1/2049
2,130,000
2,061,776
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Hartford
HealthCare Obligated Group)
5.00
7/1/2045
2,500,000
2,423,329
Connecticut Health & Educational Facilities Authority, Revenue Bonds (The
Greenwich Academy) Ser. G
4.00
3/1/2041
1,170,000
1,087,960
Connecticut Health & Educational Facilities Authority, Revenue Bonds (The
Stamford Hospital Obligated Group) Ser. K
4.00
7/1/2046
2,270,000
1,960,236
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding
(Connecticut College) Ser. L1
4.00
7/1/2046
2,000,000
1,787,948
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding
(Fairfield University) Ser. T
4.00
7/1/2055
1,845,000
1,487,209
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding
(The Trustees of Trinity College) Ser. R
4.00
6/1/2045
925,000
822,616
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding
(Trinity Health Corp. Obligated Group)
5.00
12/1/2045
5,850,000
5,792,689
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Church
Home of Hartford Project) Ser. A(b)
5.00
9/1/2046
1,000,000
921,340
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Church
Home of Hartford Project) Ser. A(b)
5.00
9/1/2053
1,500,000
1,333,483
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Covenant
Home) Ser. B
5.00
12/1/2040
4,020,000
3,891,046
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Fairfield
University) Ser. Q1
5.00
7/1/2046
1,000,000
984,307
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Fairfield
University) Ser. U
4.00
7/1/2052
2,000,000
1,680,217
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Hartford
HealthCare Obligated Group) Ser. A
4.00
7/1/2040
500,000
458,189
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Hartford
HealthCare Project) Ser. A
4.00
7/1/2046
945,000
831,433
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding
(Quinnipiac University) Ser. M
5.00
7/1/2036
200,000
200,542
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding
(Sacred Heart University) Ser. I1
5.00
7/1/2042
2,000,000
2,009,275
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding
(The Greenwich Academy) (Insured; Assured Guaranty Municipal Corp.) Ser. E
5.25
3/1/2032
5,000,000
5,451,914
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding
(The Stamford Hospital Obligated Group) Ser. L1
4.00
7/1/2029
500,000
507,556
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding,
Ser. S
4.00
6/1/2046
2,250,000
1,980,272
Connecticut Higher Education Supplement Loan Authority, Revenue Bonds, Ser. B
3.25
11/15/2036
1,185,000
1,059,272
Connecticut Housing Finance Authority, Revenue Bonds, Refunding (Sustainable
Bond) Ser. D1
3.00
5/15/2051
1,950,000
1,909,394
5
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
Connecticut — 4.4% (continued)
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1
3.65
11/15/2032
1,455,000
1,443,758
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C1
3.25
5/15/2044
3,415,000
3,363,043
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C1
4.00
11/15/2047
590,000
590,287
Greater New Haven Water Pollution Control Authority, Revenue Bonds, Refunding
(Insured; National Public Finance Guarantee Corp.) Ser. A
5.00
8/15/2035
25,000
25,015
Harbor Point Infrastructure Improvement District, Tax Allocation Bonds, Refunding
(Harbor Point Project)(b)
5.00
4/1/2039
4,000,000
4,007,861
New Haven, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A
5.00
8/1/2039
3,000,000
3,059,261
Norwalk, GO, Ser. A
3.00
7/15/2037
1,070,000
942,227
The Metropolitan District, GO, Refunding, Ser. A
4.00
9/1/2039
4,000,000
3,917,454
University of Connecticut, Revenue Bonds, Ser. A
5.25
11/15/2047
4,000,000
4,073,962
Waterbury, GO, Ser. A
4.00
2/1/2039
2,200,000
2,149,446
Waterbury, GO, Ser. A
4.00
2/1/2045
4,700,000
4,260,317
 
78,013,065
District of Columbia — 1.5%
District of Columbia, Revenue Bonds, Refunding (The Catholic University Of
America) Ser. A
5.75
10/1/2055
3,950,000
4,044,203
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding
5.00
10/1/2035
2,000,000
2,024,347
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding
(Dulles Metrorail) Ser. A
5.00
10/1/2037
2,000,000
2,062,625
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding
(Dulles Metrorail) Ser. B
4.00
10/1/2049
1,000,000
850,670
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A
4.00
10/1/2038
2,855,000
2,719,477
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A
5.00
10/1/2035
2,000,000
2,012,611
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A
5.00
10/1/2038
4,000,000
4,033,127
Washington Metropolitan Area Transit Authority, Revenue Bonds (Sustainable
Bond)
5.25
7/15/2053
3,000,000
3,073,135
Washington Metropolitan Area Transit Authority, Revenue Bonds (Sustainable
Bond) Ser. A
4.00
7/15/2039
3,500,000
3,327,114
Washington Metropolitan Area Transit Authority, Revenue Bonds (Sustainable
Bond) Ser. A
4.13
7/15/2047
2,000,000
1,796,597
 
25,943,906
Florida — 4.3%
Central Florida Expressway Authority, Revenue Bonds, Refunding
5.00
7/1/2042
1,000,000
1,010,952
Escambia County, Revenue Bonds
5.00
10/1/2046
5,000,000
5,061,539
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, Refunding
(Nova Southeastern University Project)
5.00
4/1/2035
1,500,000
1,505,455
Florida Housing Finance Corp., Revenue Bonds (Sustainable Bond) (Insured; GNMA,
FNMA, FHLMC) Ser. 2
3.00
7/1/2051
1,135,000
1,119,324
Florida Municipal Power Agency, Revenue Bonds, Ser. A
3.00
10/1/2032
1,360,000
1,279,732
Hillsborough County Aviation Authority, Revenue Bonds (Tampa International
Airport)
5.00
10/1/2034
2,110,000
2,217,794
Hillsborough County Aviation Authority, Revenue Bonds (Tampa International
Airport) Ser. A
5.00
10/1/2044
3,500,000
3,499,893
Hillsborough County Industrial Development Authority, Revenue Bonds, Refunding
(BayCare Obligated Group) Ser. C
4.13
11/15/2051
5,000,000
4,256,250
Jacksonville, Revenue Bonds, Refunding (Brooks Rehabilitation Project)
4.00
11/1/2045
6,000,000
5,095,399
JEA Electric System, Revenue Bonds, Refunding, Ser. 3A
4.00
10/1/2037
2,850,000
2,802,188
JEA Water & Sewer System, Revenue Bonds, Refunding, Ser. A
4.00
10/1/2039
1,500,000
1,439,538
Miami Beach Stormwater, Revenue Bonds, Refunding
5.00
9/1/2047
4,500,000
4,534,252
Mid-Bay Bridge Authority, Revenue Bonds, Refunding, Ser. A
5.00
10/1/2040
1,500,000
1,452,113
6
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
Florida — 4.3% (continued)
Orange County Health Facilities Authority, Revenue Bonds (Orlando Health
Obligated Group) Ser. A
5.00
10/1/2053
2,715,000
2,642,239
Palm Beach County Health Facilities Authority, Revenue Bonds (ACTS Retirement-
Life Communities Obligated Group)
5.00
11/15/2045
7,675,000
7,361,485
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist
Health South Florida Obligated Group)
4.00
8/15/2049
12,215,000
10,135,041
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist
Health South Florida Obligated Group)
5.00
8/15/2037
1,000,000
1,032,937
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist
Health South Florida Obligated Group)
5.00
8/15/2038
1,200,000
1,231,446
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist
Health South Florida Obligated Group)
5.00
8/15/2039
1,000,000
1,021,645
Polk County Utility System, Revenue Bonds, Refunding
4.00
10/1/2043
2,700,000
2,515,929
St. Johns County School Board, COP (Insured; Assured Guaranty Municipal Corp.)
Ser. A
5.50
7/1/2049
3,250,000
3,408,000
Sunshine Skyway Bridge, Revenue Bonds, Ser. A
4.00
7/1/2034
5,650,000
5,698,044
Sunshine Skyway Bridge, Revenue Bonds, Ser. A
4.00
7/1/2035
5,875,000
5,900,028
Tampa, Revenue Bonds (BayCare Obligated Group) Ser. A
5.00
11/15/2046
625,000
619,128
 
76,840,351
Georgia — 3.0%
Fulton County Development Authority, Revenue Bonds, Ser. A
5.00
4/1/2036
1,000,000
1,016,109
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units
3&4 Project)
5.00
1/1/2038
1,100,000
1,128,349
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units
3&4 Project)
5.00
1/1/2039
1,000,000
1,021,378
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units
3&4 Project) Ser. A
5.00
7/1/2052
3,000,000
2,996,042
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units
3&4 Project) Ser. A
5.00
7/1/2052
2,865,000
2,890,607
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units
3&4 Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A
5.00
7/1/2055
5,000,000
5,071,159
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Insured; Build
America Mutual) Ser. A
5.25
1/1/2054
5,755,000
5,962,948
Main Street Natural Gas, Revenue Bonds, Ser. C(a)
5.00
9/1/2030
4,250,000
4,442,157
Main Street Natural Gas, Revenue Bonds, Ser. D(a)
5.00
12/1/2030
3,000,000
3,117,315
Main Street Natural Gas, Inc., Revenue Bonds, Ser. B(a)
5.00
6/1/2029
2,000,000
2,065,097
Main Street Natural Gas, Inc., Revenue Bonds, Ser. C(a)
4.00
9/1/2026
17,000,000
17,038,204
Main Street Natural Gas, Inc., Revenue Bonds, Ser. E(a)
5.00
12/1/2032
5,000,000
5,211,411
The Atlanta Development Authority, Revenue Bonds, Ser. A1
5.25
7/1/2040
1,750,000
1,751,207
 
53,711,983
Hawaii — .3%
Hawaii Airports System, Revenue Bonds, Ser. A
5.00
7/1/2043
5,000,000
4,939,130
Honolulu County, GO, Ser. C
4.00
7/1/2039
1,000,000
972,717
 
5,911,847
Idaho — .4%
Power County Industrial Development Corp., Revenue Bonds (FMC Corp. Project)
6.45
8/1/2032
7,625,000
7,647,804
Illinois — 7.0%
Chicago, GO, Ser. A
5.00
1/1/2043
2,130,000
2,057,404
Chicago, GO, Ser. A
5.00
1/1/2045
6,300,000
5,981,303
Chicago Board of Education, GO, Ser. A
6.00
12/1/2049
5,000,000
5,223,886
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal
Corp.) Ser. A
5.00
12/1/2029
2,000,000
2,069,016
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
Illinois — 7.0% (continued)
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal
Corp.) Ser. A
5.00
12/1/2034
1,000,000
1,019,488
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal
Corp.) Ser. A
5.00
12/1/2035
1,000,000
1,016,019
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal
Corp.) Ser. C
5.00
12/1/2030
3,000,000
3,107,892
Chicago Board of Education, Revenue Bonds
5.00
4/1/2042
4,000,000
4,008,681
Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. C
5.00
1/1/2036
4,000,000
4,190,548
Chicago O’Hare International Airport, Revenue Bonds, Ser. A
5.50
1/1/2055
2,000,000
2,049,385
Chicago O’Hare International Airport, Revenue Bonds, Refunding (Insured; Assured
Guaranty Municipal Corp.) Ser. D
5.00
1/1/2039
6,530,000
6,900,061
Chicago Park District, GO, Refunding, Ser. A
5.00
1/1/2045
4,000,000
4,028,980
Chicago Park District, GO, Refunding, Ser. A
5.25
1/1/2046
2,500,000
2,547,936
Chicago Park District, GO, Refunding, Ser. C
5.00
1/1/2037
1,350,000
1,425,605
Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A
5.00
12/1/2055
2,500,000
2,411,567
Chicago Wastewater Transmission, Revenue Bonds, Refunding (Insured; Build
America Mutual) Ser. A
5.00
1/1/2040
1,000,000
1,051,292
Chicago Wastewater Transmission, Revenue Bonds, Refunding (Insured; Build
America Mutual) Ser. A
5.00
1/1/2043
2,000,000
2,058,973
Chicago Waterworks, Revenue Bonds, Refunding, Ser. A
5.00
11/1/2039
6,730,000
7,045,077
Cook County, Revenue Bonds, Refunding
5.00
11/15/2036
2,000,000
2,043,102
Cook County, Revenue Bonds, Refunding, Ser. A
4.00
11/15/2040
2,500,000
2,303,889
Illinois, Revenue Bonds, Ser. C
5.00
6/15/2045
7,500,000
7,560,720
Illinois Finance Authority, Revenue Bonds (Sustainable Bond)
4.00
7/1/2038
4,500,000
4,361,276
Illinois Finance Authority, Revenue Bonds (University of Illinois at Urbana)
5.00
10/1/2044
1,100,000
1,100,554
Illinois Finance Authority, Revenue Bonds, Refunding (Advocate Health Care
Project)
4.00
11/1/2030
670,000
678,588
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System
Obligated Group) Ser. A
5.00
11/15/2045
4,000,000
3,877,577
Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago)
Ser. A
4.00
4/1/2050
12,740,000
10,953,708
Illinois Housing Development Authority, Revenue Bonds (Sustainable Bond)
(Insured; GNMA, FNMA, FHLMC) Ser. A
3.00
4/1/2051
2,785,000
2,735,390
Illinois Toll Highway Authority, Revenue Bonds, Ser. A
5.00
1/1/2041
4,500,000
4,621,406
Illinois Toll Highway Authority, Revenue Bonds, Ser. B
5.00
1/1/2036
1,500,000
1,508,604
Metropolitan Water Reclamation District of Greater Chicago, GO (Sustainable Bond)
Ser. A
5.00
12/1/2044
4,000,000
4,178,281
Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America
Mutual) Ser. B
4.00
4/1/2035
600,000
592,638
Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America
Mutual) Ser. B
4.00
4/1/2036
650,000
635,816
Sales Tax Securitization Corp., Revenue Bonds, Refunding (Insured; Build America
Mutual) Ser. A
4.00
1/1/2040
12,350,000
11,630,271
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A
4.00
1/1/2039
3,015,000
2,801,708
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A
5.00
1/1/2033
1,500,000
1,640,527
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A
5.00
1/1/2034
3,300,000
3,583,745
 
125,000,913
Indiana — .9%
Ball University, Revenue Bonds, Refunding, Ser. S
4.00
7/1/2035
1,200,000
1,189,696
Indiana Finance Authority, Revenue Bonds, Refunding (Marquette Project) Ser. A
5.00
3/1/2040
3,445,000
3,451,181
Indiana Municipal Power Agency, Revenue Bonds, Refunding, Ser. A
5.00
1/1/2036
3,765,000
3,799,907
Indiana Municipal Power Agency, Revenue Bonds, Refunding, Ser. A
5.00
1/1/2037
2,500,000
2,521,335
8
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
Indiana — 0.9% (continued)
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds
4.13
2/1/2052
2,640,000
2,327,235
Richmond Hospital Authority, Revenue Bonds, Refunding (Reid Hospital & Health
Care Services) Ser. A
5.00
1/1/2035
3,400,000
3,401,239
 
16,690,593
Iowa — .5%
Iowa Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) (Insured;
GNMA, FNMA, FHLMC) Ser. A
3.00
1/1/2047
5,020,000
4,958,182
Iowa Student Loan Liquidity Corp., Revenue Bonds, Ser. B
5.00
12/1/2032
1,000,000
1,053,643
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. B1
4.00
6/1/2049
320,000
320,000
PEFA, Inc., Revenue Bonds (Gas Project)(a)
5.00
9/1/2026
3,000,000
3,033,218
 
9,365,043
Kentucky — 1.9%
Kentucky Economic Development Finance Authority, Revenue Bonds, Refunding
(Louisville Arena Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. A
5.00
12/1/2047
1,660,000
1,631,646
Kentucky Public Energy Authority, Revenue Bonds, Ser. A1(a)
4.00
8/1/2030
9,305,000
9,228,069
Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. A1(a)
5.25
2/1/2032
15,900,000
16,830,975
Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. B(a)
5.00
8/1/2032
1,685,000
1,772,518
University of Kentucky, Revenue Bonds (Johnson Center Expansion) Ser. A
5.25
4/1/2050
5,000,000
5,134,204
 
34,597,412
Louisiana — 1.7%
Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax Bonds
5.50
7/15/2050
6,010,000
6,260,148
Lafayette Utilities, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.)
5.00
11/1/2044
3,000,000
3,015,862
Louisiana Public Facilities Authority, Revenue Bonds (Calcasieu Bridge Partners)
5.50
9/1/2059
5,000,000
5,081,632
Louisiana Public Facilities Authority, Revenue Bonds (I-10 Calcasieu River Bridge
Public-Private Partnership Project)
5.75
9/1/2064
1,715,000
1,770,253
Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Ochsner Clinic
Foundation Obligated Group) Ser. A
5.50
5/15/2055
3,000,000
3,117,978
New Orleans Aviation Board, Revenue Bonds (General Airport-N Terminal Project)
Ser. A
5.00
1/1/2048
3,500,000
3,480,582
New Orleans Aviation Board, Revenue Bonds, Refunding (Consolidated Rental Car
Project) (Insured; Assured Guaranty Municipal Corp.)
5.00
1/1/2037
1,750,000
1,779,888
New Orleans Aviation Board, Revenue Bonds, Refunding (Consolidated Rental Car
Project) (Insured; Assured Guaranty Municipal Corp.)
5.00
1/1/2038
1,500,000
1,520,589
New Orleans Aviation Board, Revenue Bonds (Parking Facilities Corp.) (Insured;
Assured Guaranty Municipal Corp.)
5.00
10/1/2048
2,375,000
2,388,878
St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.)(a)
2.20
7/1/2026
2,000,000
1,961,630
 
30,377,440
Maryland — 1.4%
Maryland Economic Development Corp., Revenue Bonds (College Park Leonardtown
Project) (Insured; Assured Guaranty Municipal Corp.)
5.25
7/1/2064
1,850,000
1,850,629
Maryland Economic Development Corp., Revenue Bonds (Sustainable Bond) (Purple
Line Transit Partners) Ser. B
5.25
6/30/2055
9,175,000
8,979,841
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds,
Refunding (MedStar Health Inc.)
5.00
8/15/2038
5,000,000
5,000,087
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds,
Refunding (University of Maryland Medical System Obligated Group) Ser. B2(a)
5.00
7/1/2027
4,000,000
4,086,318
Maryland Stadium Authority, Revenue Bonds
4.00
6/1/2049
4,850,000
4,272,137
 
24,189,012
Massachusetts — 4.4%
Lowell Collegiate Charter School, Revenue Bonds
5.00
6/15/2039
1,000,000
990,274
Massachusetts, GO, Ser. C
3.00
3/1/2047
1,350,000
988,071
Massachusetts, GO, Ser. C
5.25
10/1/2052
2,000,000
2,078,894
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
Massachusetts — 4.4% (continued)
Massachusetts Development Finance Agency, Revenue Bonds (Baystate Medical
Center Obligated Group) Ser. N
5.00
7/1/2034
1,475,000
1,475,904
Massachusetts Development Finance Agency, Revenue Bonds (Brown University)
Ser. A
5.50
8/15/2050
6,250,000
6,426,456
Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer
Institute Obligated Group) Ser. N
5.00
12/1/2041
1,000,000
1,003,180
Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer
Institute Obligated Group) Ser. N
5.00
12/1/2046
2,000,000
1,973,225
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston
College) Ser. W
5.00
7/1/2055
10,000,000
10,227,477
Massachusetts Development Finance Agency, Revenue Bonds, Refunding
(NewBridge Charles Obligated Group)(b)
5.00
10/1/2057
1,500,000
1,342,892
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk
University) Ser. A
4.00
7/1/2045
1,250,000
1,035,077
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (The Broad
Institute)
5.00
4/1/2037
1,000,000
1,015,572
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Trustees
of Boston University) Ser. FF
4.00
10/1/2046
1,990,000
1,772,944
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (UMass
Memorial Health Care Obligated Group)
5.00
7/1/2046
1,000,000
963,374
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. G
5.25
11/1/2051
5,000,000
5,101,639
Massachusetts Development Finance Agency, Revenue Bonds (Boston College) Ser.
BB1
4.00
10/1/2046
550,000
479,451
Massachusetts Development Finance Agency, Revenue Bonds (Caregroup) Ser. J1
5.00
7/1/2043
1,295,000
1,294,765
Massachusetts Development Finance Agency, Revenue Bonds (Linden Ponds Inc.)(b)
5.13
11/15/2046
1,500,000
1,509,144
Massachusetts Development Finance Agency, Revenue Bonds (Seven Hills
Foundation & Affiliates Obligated Group) Ser. A
5.00
9/1/2045
1,500,000
1,390,206
Massachusetts Development Finance Agency, Revenue Bonds (Suffolk University
Project)
4.00
7/1/2046
500,000
406,527
Massachusetts Development Finance Agency, Revenue Bonds (Sustainable Bond)
(Equitable School Revolving Fund Obligated Group) Ser. C
4.00
11/1/2046
2,265,000
1,911,155
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston
Medical Center) Ser. E
5.00
7/1/2037
1,000,000
998,746
Massachusetts Development Finance Agency, Revenue Bonds, Refunding
(Caregroup) Ser. H1
5.00
7/1/2033
500,000
500,160
Massachusetts Development Finance Agency, Revenue Bonds, Refunding
(Caregroup) Ser. I
5.00
7/1/2037
1,500,000
1,505,017
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (College of
the Holy Cross) Ser. A
5.00
9/1/2041
800,000
810,830
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Lahey
Health System Obligated Group) Ser. F
5.00
8/15/2040
2,000,000
1,958,516
Massachusetts Development Finance Agency, Revenue Bonds, Refunding
(NewBridge Charles Inc.)(b)
5.00
10/1/2047
1,000,000
928,235
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Orchard
Cove Inc.)
5.00
10/1/2049
700,000
672,023
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Salem
Community Corp.)
5.25
1/1/2050
1,000,000
885,506
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South
Shore Hospital Obligated Group) Ser. I
5.00
7/1/2041
1,000,000
977,106
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk
University)
5.00
7/1/2035
1,000,000
1,000,071
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk
University)
5.00
7/1/2036
755,000
752,796
10
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
Massachusetts — 4.4% (continued)
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk
University)
5.00
7/1/2036
450,000
450,899
Massachusetts Development Finance Agency, Revenue Bonds, Refunding
(Sustainable Bond) (Boston Medical Center)
4.38
7/1/2052
3,000,000
2,599,934
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (UMass
Memorial Health Care Obligated Group)
5.00
7/1/2031
1,000,000
1,025,346
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH
Educational Foundation)
5.00
1/1/2040
1,000,000
1,001,664
Massachusetts Educational Financing Authority, Revenue Bonds, Ser. B
5.00
7/1/2029
1,450,000
1,508,596
Massachusetts Housing Finance Agency, Revenue Bonds, Ser. B
4.50
6/1/2056
2,500,000
2,286,694
Massachusetts Municipal Wholesale Electric Co., Revenue Bonds (Project 2015-A)
Ser. A
4.00
7/1/2051
1,000,000
868,814
Massachusetts Port Authority, Revenue Bonds, Ser. E
5.00
7/1/2040
1,000,000
1,031,875
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A
5.00
7/1/2042
1,000,000
1,001,474
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B
4.00
7/1/2046
2,500,000
2,176,460
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B
5.00
7/1/2040
1,215,000
1,253,728
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. C
5.00
7/1/2044
2,000,000
2,009,420
Massachusetts Transportation Fund, Revenue Bonds
5.00
6/1/2049
1,265,000
1,277,066
Massachusetts Transportation Fund, Revenue Bonds, Ser. A
5.00
6/1/2041
1,500,000
1,505,903
Massachusetts Transportation Fund, Revenue Bonds (Sustainable Bond)
5.00
6/1/2050
1,000,000
1,015,526
University of Massachusetts Building Authority, Revenue Bonds, Ser. 1
4.00
11/1/2046
2,130,000
1,888,693
University of Massachusetts Building Authority, Revenue Bonds, Ser. 1
5.00
11/1/2050
1,220,000
1,234,835
 
78,512,160
Michigan — 5.0%
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding
(Catalyst Development Project)
5.00
7/1/2041
2,250,000
2,337,849
Great Lakes Water Authority Sewage Disposal System, Revenue Bonds (Sustainable
Bond) Ser. C
5.25
7/1/2053
1,250,000
1,289,007
Great Lakes Water Authority Water Supply System, Revenue Bonds, Ser. B
5.00
7/1/2046
19,995,000
20,008,259
Great Lakes Water Authority Water Supply System, Revenue Bonds, Ser. B
5.25
7/1/2053
2,250,000
2,326,610
Karegnondi Water Authority, Revenue Bonds, Refunding
5.00
11/1/2041
2,620,000
2,639,623
Karegnondi Water Authority, Revenue Bonds, Refunding
5.00
11/1/2045
4,690,000
4,673,235
Lansing Board of Water & Light, Revenue Bonds, Ser. B(a)
2.00
7/1/2026
5,500,000
5,379,013
Michigan Building Authority, Revenue Bonds, Refunding, Ser. I
5.00
10/15/2045
2,000,000
2,000,846
Michigan Finance Authority, Revenue Bonds (McLaren Health Care)
4.00
2/15/2050
4,970,000
4,234,224
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A
4.00
12/1/2049
3,550,000
3,012,745
Michigan Finance Authority, Revenue Bonds (Sustainable Bond) (Henry Ford)
4.38
2/28/2054
2,000,000
1,807,735
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont-Spectrum)
5.00
4/15/2038
7,135,000
7,487,231
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. D1
5.00
7/1/2035
1,190,000
1,191,171
Michigan Strategic Fund, Revenue Bonds (AMT-I-75 Improvement Project)
5.00
12/31/2043
6,800,000
6,788,668
Michigan Trunk Line, Revenue Bonds (State Trunk Line Fund Bond)
4.00
11/15/2046
14,330,000
12,704,754
Pontiac School District, GO (Insured; Qualified School Board Loan Fund)
4.00
5/1/2045
2,440,000
2,229,144
Wayne County Airport Authority, Revenue Bonds (Detroit Metropolitan Wayne
County Airport)
5.00
12/1/2038
5,000,000
5,073,157
Wayne County Airport Authority, Revenue Bonds, Ser. D
5.00
12/1/2045
4,000,000
3,987,464
 
89,170,735
Minnesota — .9%
Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds, Ser. A
4.00
1/1/2054
12,000,000
10,361,053
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
Minnesota — 0.9% (continued)
Minnesota Agricultural & Economic Development Board, Revenue Bonds
(HealthPartners Obligated Group)
5.25
1/1/2054
4,500,000
4,517,867
Minnesota Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA,
FHLMC) Ser. E
3.50
7/1/2050
1,555,000
1,547,630
 
16,426,550
Mississippi — .1%
Mississippi Home Corp., Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC)
Ser. A
3.75
6/1/2049
2,165,000
2,164,576
Missouri — .2%
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (St.
Lukes Health System Obligated Group) Ser. A
5.00
11/15/2043
1,000,000
1,008,588
St. Louis County Industrial Development Authority, Revenue Bonds, Refunding
(Friendship Village St. Louis Obligated Group)
5.00
9/1/2048
2,250,000
2,062,594
 
3,071,182
Nebraska — .6%
Omaha Public Power District, Revenue Bonds, Ser. A
5.25
2/1/2052
4,000,000
4,118,723
Public Power Generation Agency, Revenue Bonds, Refunding
5.00
1/1/2041
3,050,000
3,074,744
Public Power Generation Agency, Revenue Bonds, Refunding
5.00
1/1/2038
3,655,000
3,691,972
 
10,885,439
Nevada — 1.0%
Clark County, GO, Ser. A
5.00
6/1/2043
2,500,000
2,526,741
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A
4.00
6/15/2037
1,700,000
1,678,048
Clark County School District, GO, Ser. A
5.00
6/15/2039
5,000,000
5,248,632
Nevada Highway Improvement, Revenue Bonds, Ser. D
3.00
12/1/2043
3,625,000
2,848,215
Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project)
5.00
6/1/2048
3,000,000
3,024,752
Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project) Ser.
C(b),(c)
0.00
7/1/2058
15,000,000
2,222,197
 
17,548,585
New Hampshire — .2%
New Hampshire Business Finance Authority, Revenue Bonds (University of Nevada
Reno Project) (Insured; Build America Mutual) Ser. A
4.50
6/1/2053
1,550,000
1,439,503
New Hampshire Business Finance Authority, Revenue Bonds (University of Nevada
Reno Project) (Insured; Build America Mutual) Ser. A
5.00
12/1/2038
665,000
701,156
New Hampshire Business Finance Authority, Revenue Bonds (University of Nevada
Reno Project) (Insured; Build America Mutual) Ser. A
5.25
12/1/2039
790,000
840,639
 
2,981,298
New Jersey — 2.4%
New Jersey Economic Development Authority, Revenue Bonds  (Repauno Port & Rail
Terminal Project)(b)
6.63
1/1/2045
3,405,000
3,453,405
New Jersey Economic Development Authority, Revenue Bonds (Continental Airlines
Project)
5.25
9/15/2029
7,245,000
7,247,012
New Jersey Health Care Facilities Financing Authority, Revenue Bonds (RWJ
Barnabas Health Obligated Group)
4.00
7/1/2051
7,220,000
6,233,594
New Jersey Higher Education Student Assistance Authority, Revenue Bonds,
Refunding, Ser. A
5.00
12/1/2029
2,000,000
2,094,639
New Jersey Higher Education Student Assistance Authority, Revenue Bonds,
Refunding, Ser. A
5.00
12/1/2032
1,200,000
1,263,583
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB
5.00
6/15/2044
3,000,000
2,992,887
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB
5.25
6/15/2050
4,500,000
4,599,427
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser.
AA
5.00
6/15/2042
2,000,000
2,054,541
New Jersey Turnpike Authority, Revenue Bonds, Ser. B
4.13
1/1/2054
1,300,000
1,164,930
12
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
New Jersey — 2.4% (continued)
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A
5.00
6/1/2036
5,000,000
5,062,373
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A
5.00
6/1/2037
5,000,000
5,049,822
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A
5.25
6/1/2046
1,860,000
1,867,661
 
43,083,874
New Mexico — .3%
New Mexico Mortgage Finance Authority, Revenue Bonds (Insured; GNMA,FNMA,
FHLMC) Ser. E
4.60
9/1/2049
5,000,000
4,795,766
New York — 8.1%
Empire State Development Corp., Revenue Bonds (Personal Income Tax) Ser. A
4.00
3/15/2039
1,160,000
1,101,930
Empire State Development Corp., Revenue Bonds, Refunding (Personal Income Tax)
4.00
3/15/2042
4,810,000
4,399,575
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Sustainable
Bond) Ser. C1
5.00
11/15/2050
5,000,000
4,964,359
New York City, GO, Ser. C
4.00
8/1/2040
1,500,000
1,414,430
New York City, GO, Ser. C
4.00
8/1/2041
1,000,000
929,730
New York City, GO, Ser. D1
4.00
3/1/2041
4,220,000
3,927,499
New York City, GO, Ser. D1
4.00
3/1/2050
7,210,000
6,216,663
New York City, GO, Ser. F1
4.00
3/1/2047
1,400,000
1,229,039
New York City Housing Development Corp., Revenue Bonds (Sustainable Bond)
(Insured; Federal Housing Administration) Ser. F2(a)
0.60
7/1/2025
885,000
882,450
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens
Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A
4.00
1/1/2032
1,000,000
1,016,013
New York City Municipal Water Finance Authority, Revenue Bonds, Refunding, Ser.
DD
4.13
6/15/2047
1,840,000
1,677,561
New York City Transitional Finance Authority, Revenue Bonds
4.00
5/1/2036
6,780,000
6,758,798
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World
Trade Center Project) Ser. 1(b)
5.00
11/15/2044
11,500,000
11,185,605
New York Liberty Development Corp., Revenue Bonds, Refunding (Goldman Sachs
Headquarters)
5.25
10/1/2035
3,500,000
3,907,392
New York State Dormitory Authority, Revenue Bonds (New York University)
(Insured; National Public Finance Guarantee Corp.) Ser. A
5.75
7/1/2027
2,150,000
2,216,753
New York State Dormitory Authority, Revenue Bonds, Refunding (Insured; Assured
Guaranty Municipal Corp.) Ser. A(d)
5.00
10/1/2028
10,000
10,668
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E(d)
4.00
3/15/2032
5,000
5,244
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E(d)
4.00
3/15/2032
290,000
304,163
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E
4.00
3/15/2040
4,705,000
4,411,680
New York State Thruway Authority, Revenue Bonds, Refunding (Insured; Assured
Guaranty Municipal Corp.) Ser. B
4.00
1/1/2045
7,665,000
6,869,238
New York State Thruway Authority, Revenue Bonds, Refunding, Ser. A1
4.00
3/15/2036
3,380,000
3,382,014
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines)
4.00
1/1/2036
7,035,000
6,562,139
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines)
4.38
10/1/2045
7,125,000
6,318,476
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines)
5.00
1/1/2032
2,810,000
2,837,891
New York Transportation Development Corp., Revenue Bonds (JFK International
Airport Terminal)
5.00
12/1/2036
2,455,000
2,527,246
New York Transportation Development Corp., Revenue Bonds (JFK International
Airport Terminal)
5.00
12/1/2040
3,000,000
3,019,340
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport
Terminal B Redevelopment Project) Ser. A
5.00
7/1/2046
6,500,000
6,326,332
New York Transportation Development Corp., Revenue Bonds (Sustainable Bond)
(JFK International Airport Terminal One Project) (Insured; Assured Guaranty
Municipal Corp.)
5.00
6/30/2054
11,755,000
11,521,200
New York Transportation Development Corp., Revenue Bonds (Sustainable Bond)
(JFK International Airport Terminal) (Insured; Assured Guaranty Municipal Corp.)
5.00
6/30/2049
2,500,000
2,473,929
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
New York — 8.1% (continued)
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK
International Airport Terminal)
5.00
12/1/2035
1,750,000
1,841,785
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 236
5.00
1/15/2052
3,000,000
3,003,849
Triborough Bridge & Tunnel Authority, Revenue Bonds (MTA Bridges & Tunnels)
Ser. A
5.00
11/15/2049
2,000,000
2,012,081
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1
4.13
5/15/2064
4,000,000
3,300,643
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1
5.25
5/15/2059
5,000,000
5,186,597
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. C3
3.00
5/15/2051
10,000,000
7,024,677
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding (MTA Bridges &
Tunnels) Ser. C2
5.00
11/15/2042
8,500,000
8,539,607
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. C
5.25
5/15/2052
5,000,000
5,149,972
 
144,456,568
North Carolina — .7%
Greater Asheville Regional Airport Authority, Revenue Bonds (Insured; Assured
Guaranty Municipal Corp.)
5.00
7/1/2029
1,160,000
1,219,833
North Carolina Housing Finance Agency, Revenue Bonds, Refunding (Insured;
GNMA, FNMA, FHLMC) Ser. 45
3.00
7/1/2051
3,675,000
3,617,450
North Carolina Medical Care Commission, Revenue Bonds (Twin Lakes Community)
Ser. A
5.00
1/1/2044
2,000,000
1,919,805
North Carolina Medical Care Commission, Revenue Bonds (Twin Lakes Community)
Ser. A
5.00
1/1/2049
3,000,000
2,823,667
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured
Guaranty Municipal Corp.)
5.00
1/1/2039
2,000,000
2,022,595
 
11,603,350
North Dakota — .2%
North Dakota Housing Finance Agency, Revenue Bonds (Sustainable Bond) Ser. C
5.00
7/1/2042
1,500,000
1,546,130
University of North Dakota, COP (Insured; Assured Guaranty Municipal Corp.) Ser. A
4.00
6/1/2051
2,500,000
2,122,195
 
3,668,325
Ohio — 1.8%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser.
A2
4.00
6/1/2048
16,000,000
13,384,925
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System)
5.25
2/15/2047
4,500,000
4,393,498
Hamilton County Sewer System, Revenue Bonds (The Metropolitan Sewer District of
Greater Cincinnati) Ser. A
5.00
12/1/2053
3,750,000
3,845,499
Ohio, Revenue Bonds, Refunding, Ser. A
5.00
1/15/2036
1,045,000
1,088,650
Ohio, Revenue Bonds, Refunding, Ser. A
5.00
1/15/2037
1,315,000
1,362,635
Ohio Housing Finance Agency, Revenue Bonds (Insured; GNMA,FNMA, FHLMC) Ser.
A
3.75
9/1/2050
2,930,000
2,930,014
Warren County, Revenue Bonds, Refunding (Otterbein Homes Obligated Group)
5.00
7/1/2049
2,000,000
1,922,712
Warren County, Revenue Bonds, Refunding (Otterbein Homes Obligated Group)
5.00
7/1/2054
3,000,000
2,832,323
 
31,760,256
Oklahoma — .8%
Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine Project)
Ser. B
5.50
8/15/2057
3,000,000
2,931,837
Oklahoma Water Resources Board, Revenue Bonds, Ser. B
4.00
10/1/2048
8,015,000
7,246,684
The Oklahoma University, Revenue Bonds, Refunding (Insured; Build America
Mutual) Ser. A
4.13
7/1/2054
2,500,000
2,259,983
Tulsa Municipal Airport Trust, Revenue Bonds, Refunding
6.25
12/1/2040
1,250,000
1,343,627
 
13,782,131
14
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
Oregon — .9%
Port of Portland, Revenue Bonds, Refunding (Sustainable Bond) Ser. 29
5.50
7/1/2053
11,750,000
12,120,043
Portland Sewer System, Revenue Bonds, Ser. A
3.00
3/1/2036
5,040,000
4,572,670
 
16,692,713
Pennsylvania — 10.4%
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding
(UPMC Obligated Group) Ser. A
4.00
7/15/2035
2,000,000
1,960,597
Allentown Neighborhood Improvement Zone Development Authority, Revenue
Bonds (City Center Project)(b)
5.00
5/1/2033
500,000
508,811
Allentown Neighborhood Improvement Zone Development Authority, Revenue
Bonds (City Center Project)(b)
5.00
5/1/2042
1,000,000
964,166
Allentown School District, GO (Insured; Build America Mutual) Ser. C
5.00
2/1/2037
1,600,000
1,644,319
Berks County Industrial Development Authority, Revenue Bonds, Refunding
(Highlands at Wyomissing Obligated Group)
5.00
5/15/2042
500,000
484,539
Berks County Industrial Development Authority, Revenue Bonds, Refunding
(Highlands at Wyomissing Obligated Group)
5.00
5/15/2047
600,000
553,047
Chester County Health & Education Facilities Authority, Revenue Bonds (Main Line
Health System Obligated Group) Ser. A
4.00
9/1/2050
7,300,000
5,937,594
Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B
5.00
12/1/2032
1,845,000
1,988,915
Commonwealth Financing Authority, Revenue Bonds (Tobacco Master Settlement
Payment)
5.00
6/1/2034
1,000,000
1,027,971
Commonwealth Financing Authority, Revenue Bonds (Tobacco Master Settlement
Payment)
5.00
6/1/2035
3,500,000
3,587,485
Cumberland County Municipal Authority, Revenue Bonds, Refunding (Diakon
Lutheran Social Ministries Obligated Group)
5.00
1/1/2038
340,000
336,373
Delaware County Authority, Revenue Bonds (Villanova University)(d)
5.00
8/1/2025
1,000,000
1,002,994
East Hempfield Township Industrial Development Authority, Revenue Bonds,
Refunding (Willow Valley Communities Project)
5.00
12/1/2039
600,000
598,501
Franklin County Industrial Development Authority, Revenue Bonds, Refunding
(Menno-Haven Project)
5.00
12/1/2048
1,000,000
857,698
Franklin County Industrial Development Authority, Revenue Bonds (Menno-Haven
Project)
5.00
12/1/2049
500,000
425,042
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated
Group)(a)
5.00
4/1/2030
1,000,000
1,060,832
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated
Group) Ser. A
5.00
6/1/2041
2,500,000
2,500,036
Lancaster County Hospital Authority, Revenue Bonds, Refunding (Masonic Villages
of the Grand Lodge of Pennsylvania)
5.00
11/1/2035
1,000,000
1,000,000
Lancaster County Hospital Authority, Revenue Bonds, Refunding (Brethren Village
Project)
5.13
7/1/2037
1,000,000
976,270
Lancaster County Hospital Authority, Revenue Bonds, Refunding (The University of
Pennsylvania Health System Obligated Group)
5.00
8/15/2042
7,040,000
7,047,824
Lehigh County General Purpose Authority, Revenue Bonds (Lehigh Valley Academy
Regional Charter School)
4.00
6/1/2052
1,000,000
781,082
Luzerne County Industrial Development Authority, Revenue Bonds, Refunding
(Pennsylvania-American Water Co.)(a)
2.45
12/3/2029
4,250,000
3,758,811
Montgomery County Higher Education & Health Authority, Revenue Bonds,
Refunding (Philadelphia Presbytery Homes Project)
5.00
12/1/2047
1,000,000
931,176
Montgomery County Higher Education & Health Authority, Revenue Bonds,
Refunding (Thomas Jefferson University Project)
4.00
9/1/2034
1,000,000
983,499
Montgomery County Industrial Development Authority, Revenue Bonds, Refunding
(ACTS Retirement-Life Communities Obligated Group)
5.00
11/15/2036
8,200,000
8,260,014
Montgomery County Industrial Development Authority, Revenue Bonds, Refunding
(Meadowood Senior Living Project) Ser. A
5.00
12/1/2048
1,000,000
962,132
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
Pennsylvania — 10.4% (continued)
Montgomery County Industrial Development Authority, Revenue Bonds, Refunding
(Waverly Heights Project)
5.00
12/1/2049
500,000
469,438
Pennsylvania, GO
4.00
3/1/2037
1,525,000
1,519,030
Pennsylvania Economic Development Financing Authority, Revenue Bonds,
Refunding (Presbyterian Homes Obligated Group)
4.00
7/1/2033
1,750,000
1,726,716
Pennsylvania Economic Development Financing Authority, Revenue Bonds
(Sustainable Bond) (Covanta Project)(b)
3.25
8/1/2039
850,000
673,309
Pennsylvania Economic Development Financing Authority, Revenue Bonds (The
Penndot Major Bridges) (Insured; Assured Guaranty Municipal Corp.)
5.00
12/31/2057
8,910,000
8,586,061
Pennsylvania Economic Development Financing Authority, Revenue Bonds,
Refunding (UPMC Obligated Group)
4.00
3/15/2034
1,000,000
989,459
Pennsylvania Economic Development Financing Authority, Revenue Bonds,
Refunding (UPMC Obligated Group) Ser. A
4.00
10/15/2041
275,000
247,932
Pennsylvania Economic Development Financing Authority, Revenue Bonds,
Refunding (UPMC Obligated Group) Ser. A
5.00
10/15/2036
1,250,000
1,310,181
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding
(Drexel University)
5.00
5/1/2035
1,750,000
1,758,204
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding
(Drexel University)
5.00
5/1/2041
1,000,000
988,973
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding
(University of Sciences in Philadelphia)
5.00
11/1/2031
1,000,000
1,001,433
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding
5.00
12/1/2043
6,500,000
6,702,256
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B
4.00
12/1/2042
3,725,000
3,479,377
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B
5.25
12/1/2052
1,000,000
1,029,033
Pennsylvania Turnpike Commission Oil Franchise, Revenue Bonds, Ser. B
5.25
12/1/2048
21,855,000
22,229,153
Pennsylvania Turnpike Commission Oil Franchise, Revenue Bonds, Refunding, Ser. A
5.00
12/1/2046
9,250,000
9,443,619
Philadelphia, GO, Ser. A
4.00
5/1/2042
1,400,000
1,304,348
Philadelphia Airport, Revenue Bonds, Refunding, Ser. A
5.00
7/1/2047
5,040,000
5,015,511
Philadelphia Airport, Revenue Bonds, Refunding, Ser. B
5.00
7/1/2047
1,450,000
1,427,763
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St.
Joseph’s University)
4.00
11/1/2045
1,000,000
844,768
Philadelphia Authority for Industrial Development, Revenue Bonds (Housing-
University Square Apartments Project)(d)
5.00
12/1/2026
1,175,000
1,207,879
Philadelphia Authority for Industrial Development, Revenue Bonds (Rebuild
Project)
5.00
5/1/2043
6,835,000
7,105,294
Philadelphia Authority for Industrial Development, Revenue Bonds (Rebuild
Project)
5.00
5/1/2044
5,925,000
6,151,075
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding
(Thomas Jefferson University) Ser. A
5.00
9/1/2047
825,000
795,940
Philadelphia Gas Works Co., Revenue Bonds (Insured; Assured Guaranty Municipal
Corp.) Ser. A
4.00
8/1/2045
2,500,000
2,250,461
Philadelphia Water & Wastewater, Revenue Bonds, Ser. C
5.50
6/1/2052
2,000,000
2,046,288
Philadelphia Water & Wastewater, Revenue Bonds, Refunding (Insured; Assured
Guaranty Municipal Corp.) Ser. B
4.50
9/1/2048
9,000,000
8,666,761
Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; Assured
Guaranty Municipal Corp.) Ser. B
4.00
9/1/2034
1,305,000
1,321,011
Southcentral Pennsylvania General Authority, Revenue Bonds, Refunding (WellSpan
Health Obligated Group)
5.00
6/1/2044
1,000,000
1,007,544
State Public School Building Authority, Revenue Bonds, Refunding (Harrisburg
School District) (Insured; Assured Guaranty Municipal Corp.) Ser. A
5.00
12/1/2032
1,525,000
1,543,449
The Canonsburg-Houston Joint Authority, Revenue Bonds, Ser. A
5.00
12/1/2040
2,000,000
2,003,323
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A
4.00
9/1/2037
1,000,000
956,786
16
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
Pennsylvania — 10.4% (continued)
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding)
Ser. F(d)
5.00
9/1/2026
5,000
5,130
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding)
Ser. F(d)
5.00
9/1/2026
10,000
10,260
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding)
Ser. F
5.00
9/1/2035
3,500,000
3,563,652
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding)
Ser. F
5.00
9/1/2038
995,000
1,009,806
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A
4.00
9/1/2036
1,000,000
979,874
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A
5.00
9/1/2038
1,000,000
1,022,674
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A
5.00
9/1/2044
15,000,000
14,959,436
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. B
5.00
9/1/2043
6,280,000
6,345,018
Westmoreland County Municipal Authority, Revenue Bonds, Refunding (Insured;
Build America Mutual)
5.00
8/15/2042
1,000,000
1,002,286
Wilkes-Barre Finance Authority, Revenue Bonds, Refunding (University of Scranton)
Ser. A
5.00
11/1/2034
1,000,000
1,004,409
 
185,844,648
Rhode Island — .1%
Rhode Island Health & Educational Building Corp., Revenue Bonds (Lifespan
Obligated Group)
5.25
5/15/2054
1,500,000
1,488,448
South Carolina — 2.5%
Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. B
4.00
1/1/2034
3,180,000
3,186,016
South Carolina Jobs-Economic Development Authority, Revenue Bonds, Refunding
(ACTS Retirement-Life Communities Obligated Group)
5.00
11/15/2047
5,500,000
5,237,716
South Carolina Ports Authority, Revenue Bonds
5.00
7/1/2037
2,965,000
3,011,909
South Carolina Ports Authority, Revenue Bonds
5.00
7/1/2038
1,600,000
1,618,981
South Carolina Ports Authority, Revenue Bonds, Ser. A
5.00
7/1/2044
10,380,000
10,490,083
South Carolina Public Service Authority, Revenue Bonds, Ser. A
5.00
12/1/2055
4,000,000
3,960,805
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper)
Ser. A
4.00
12/1/2055
10,500,000
8,703,905
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper)
Ser. B
5.25
12/1/2054
6,000,000
6,093,197
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A
4.00
12/1/2042
3,000,000
2,740,487
 
45,043,099
South Dakota — .1%
South Dakota Housing Development Authority, Revenue Bonds, Refunding, Ser. A
3.75
11/1/2050
1,740,000
1,738,273
Tennessee — 1.4%
Knox County Health Educational & Housing Facility Board, Revenue Bonds (Insured;
Build America Mutual) Ser. A1
5.50
7/1/2059
1,750,000
1,784,960
Knox County Health Educational & Housing Facility Board, Revenue Bonds,
Refunding (East Tennessee Children’s Hospital)
4.00
11/15/2048
4,215,000
3,448,798
Knox County Health Educational & Housing Facility Board, Revenue Bonds
(University of Tennessee Project) (Insured; Build America Mutual) Ser. B1
5.13
7/1/2054
2,000,000
1,976,915
Metropolitan Government Nashville & Davidson County Health & Educational
Facilities Board, Revenue Bonds, Refunding (Lipscomb University Project)
5.00
10/1/2036
1,000,000
1,018,105
Metropolitan Government Nashville & Davidson County Health & Educational
Facilities Board, Revenue Bonds, Refunding (Lipscomb University Project)
5.00
10/1/2037
1,000,000
1,013,851
Metropolitan Government Nashville & Davidson County Health & Educational
Facilities Board, Revenue Bonds (Belmont University)
5.25
5/1/2053
7,000,000
7,003,683
Tennergy Corp., Revenue Bonds, Ser. A(a)
4.00
9/1/2028
5,000,000
4,994,348
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
Tennessee — 1.4% (continued)
Tennessee Housing Development Agency, Revenue Bonds, Refunding, Ser. 3A
3.50
7/1/2050
1,360,000
1,353,751
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B
5.50
7/1/2052
1,500,000
1,547,922
 
24,142,333
Texas — 7.4%
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. E
5.00
1/1/2045
3,000,000
3,032,319
Central Texas Turnpike System, Revenue Bonds, Refunding (Second Tier) Ser. C
5.00
8/15/2042
5,000,000
5,170,157
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools)
(Insured; Permanent School Fund Guaranteed) Ser. T
4.00
8/15/2050
2,500,000
2,183,627
Corpus Christi Utility System, Revenue Bonds
5.00
7/15/2040
4,000,000
4,001,475
Corpus Christi Utility System, Revenue Bonds, Refunding, Ser. A
4.00
7/15/2037
1,250,000
1,228,994
Dallas Area Rapid Transit, Revenue Bonds, Refunding, Ser. B
4.00
12/1/2051
3,550,000
3,065,849
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. A
4.00
11/1/2035
2,000,000
1,994,765
Garland Electric Utility System, Revenue Bonds, Refunding
5.00
3/1/2044
5,500,000
5,527,776
Garland Independent School District, GO (Insured; Permanent School Fund
Guarantee Program) Ser. A
5.00
2/15/2042
2,815,000
2,945,940
Grand Parkway Transportation Corp., Revenue Bonds, Refunding
4.00
10/1/2049
5,000,000
4,300,352
Houston Airport System, Revenue Bonds (United Airlines, Inc.) Ser. B
5.25
7/15/2033
5,000,000
5,136,010
Houston Airport System, Revenue Bonds, Refunding (Insured; Assured Guaranty
Municipal Corp.) Ser. A
5.25
7/1/2053
3,010,000
3,043,362
Houston Airport System, Revenue Bonds, Refunding (Insured; Assured Guaranty
Municipal Corp.) Ser. B
4.25
7/1/2053
4,000,000
3,588,464
Houston Airport System, Revenue Bonds, Refunding, Ser. D
5.00
7/1/2039
4,000,000
4,045,192
Lamar Consolidated Independent School District, GO
4.00
2/15/2053
4,540,000
3,826,106
Love Field Airport Modernization Corp., Revenue Bonds (Southwest Airlines Co.
Project)
5.00
11/1/2028
2,410,000
2,410,198
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission
Services Corp.)
5.00
5/15/2046
7,500,000
7,562,110
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission
Services Corp.) Ser. A
4.00
5/15/2049
3,000,000
2,464,196
Lubbock Electric Light & Power System, Revenue Bonds
5.00
4/15/2048
5,000,000
5,039,642
Mansfield Independent School District, GO (Insured; Permanent School Fund
Guarantee Program)
4.00
2/15/2054
8,500,000
7,364,080
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline
Project)(b)
4.63
10/1/2031
3,850,000
3,845,793
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A
5.00
1/1/2039
6,250,000
6,273,787
Plano Independent School District, GO
5.00
2/15/2043
2,990,000
3,085,878
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds (Baylor
Scott & White Health Obligated Group) Ser. F(a)
5.00
11/15/2030
2,000,000
2,138,322
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds,
Refunding (Cook Children’s Medical Center)
5.00
12/1/2043
2,500,000
2,584,778
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds,
Refunding (Trinity Terrace Project)
5.00
10/1/2049
1,800,000
1,730,439
Texas Department of Housing & Community Affairs, Revenue Bonds (Insured;
GNMA) Ser. A
3.50
3/1/2051
1,270,000
1,256,443
Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds, Ser. B(a)
5.50
1/1/2034
16,285,000
17,813,243
Texas Public Finance Authority, Revenue Bonds, Refunding
4.00
2/1/2036
2,675,000
2,656,200
University of Texas System Board of Regents, Revenue Bonds, Refunding, Ser. A
4.00
8/15/2049
7,000,000
6,201,212
West Harris County Regional Water Authority, Revenue Bonds, Refunding
4.00
12/15/2045
2,750,000
2,397,686
West Harris County Regional Water Authority, Revenue Bonds, Refunding
4.00
12/15/2049
3,850,000
3,241,692
 
131,156,087
18
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
U.S. Related — .6%
Children’s Trust Fund, Revenue Bonds, Refunding, Ser. A(c)
0.00
5/15/2050
17,000,000
3,098,315
Puerto Rico, GO, Ser. A1
5.63
7/1/2029
6,954,781
7,290,385
 
10,388,700
Utah — .6%
Mida Cormont Public Infrastructure District, GO, Ser. A1(b)
6.25
6/1/2055
1,225,000
1,254,554
Salt Lake City Airport, Revenue Bonds, Ser. A
5.00
7/1/2037
4,500,000
4,521,551
Salt Lake City Airport, Revenue Bonds, Ser. B
5.00
7/1/2036
1,350,000
1,370,336
Utah Charter School Finance Authority, Revenue Bonds
5.00
10/15/2043
1,150,000
1,146,708
Utah Charter School Finance Authority, Revenue Bonds
5.00
10/15/2048
1,200,000
1,172,260
Utah Telecommunication Open Infrastructure Agency, Revenue Bonds, Refunding
4.38
6/1/2040
1,500,000
1,502,557
 
10,967,966
Virginia — .8%
Danville Industrial Development Authority, Revenue Bonds, Refunding (Danville
Regional Medical Center) (Insured; American Municipal Bond Assurance Corp.)
5.25
10/1/2028
140,000
144,854
Fairfax County, Revenue Bonds, Refunding, Ser. B
3.00
7/15/2036
3,585,000
3,246,100
Virginia College Building Authority, Revenue Bonds (21st Century College &
Equipment Programs)
4.00
2/1/2036
4,015,000
4,047,188
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (I-495 HOT
Lanes Project) Ser. I
5.00
12/31/2052
2,500,000
2,470,880
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (95 Express
Lanes)
4.00
1/1/2048
1,500,000
1,239,580
Williamsburg Economic Development Authority, Revenue Bonds (William & Mary
Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A
4.00
7/1/2048
2,220,000
1,964,914
Winchester Economic Development Authority, Revenue Bonds, Refunding (Valley
Health System Obligated Group)
5.00
1/1/2035
1,560,000
1,566,986
 
14,680,502
Washington — 3.3%
Energy Northwest, Revenue Bonds, Refunding (Columbia Generating Station)
5.00
7/1/2040
2,750,000
2,885,650
Grant County Public Utility District No. 2, Revenue Bonds, Refunding, Ser. 2017-O
5.00
1/1/2047
3,400,000
3,423,596
Kitsap County School District No. 100, GO (Insured; School Board Guaranty) Ser. C
5.25
12/1/2047
3,000,000
3,156,711
Port of Seattle, Revenue Bonds
5.00
4/1/2044
5,000,000
4,945,978
Port of Seattle, Revenue Bonds, Refunding (Intermediate Lien) Ser. B
5.25
7/1/2042
10,000,000
10,325,799
Tacoma Electric System, Revenue Bonds, Refunding (Sustainable Bond) Ser. A
5.00
1/1/2054
1,250,000
1,264,973
Washington, GO, Ser. B
5.00
2/1/2048
10,000,000
10,246,871
Washington, GO, Refunding, Ser. R-2
4.00
7/1/2036
3,500,000
3,522,447
Washington Convention Center Public Facilities District, Revenue Bonds
5.00
7/1/2043
6,560,000
6,468,151
Washington Convention Center Public Facilities District, Revenue Bonds
5.00
7/1/2048
5,440,000
5,179,957
Washington Convention Center Public Facilities District, Revenue Bonds
(Sustainable Bond) Ser. B
4.00
7/1/2058
3,400,000
2,566,851
Washington Health Care Facilities Authority, Revenue Bonds, Refunding
(Providence Health & Services) Ser. A
5.00
10/1/2042
2,500,000
2,477,986
Washington Housing Finance Commission, Revenue Bonds, Refunding (Emerald
Heights Project) Ser. A
5.00
7/1/2043
1,000,000
1,003,550
Washington Housing Finance Commission, Revenue Bonds, Refunding (Emerald
Heights Project) Ser. A
5.00
7/1/2048
1,250,000
1,229,241
 
58,697,761
Wisconsin — 4.1%
Public Finance Authority, Revenue Bonds (Cone Health) Ser. A
5.00
10/1/2052
3,000,000
3,002,966
Public Finance Authority, Revenue Bonds, Ser. 1
5.75
7/1/2062
9,041,496
9,063,197
Public Finance Authority, Revenue Bonds, Refunding (Kahala Nui Project)
5.25
11/15/2055
1,705,000
1,724,787
Public Finance Authority, Revenue Bonds, Refunding (Lindenwood Education
System) Ser. A(b)
5.50
6/1/2040
5,000,000
5,026,894
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 98.8% (continued)
Wisconsin — 4.1% (continued)
Public Finance Authority, Revenue Bonds, Refunding (Triad Educational Services)
5.50
6/15/2055
2,000,000
1,978,661
Public Finance Authority, Revenue Bonds (KU Campus Development Corp. Project)
5.00
3/1/2035
5,000,000
5,041,384
Public Finance Authority, Revenue Bonds (KU Campus Development Corp. Project)
5.00
3/1/2046
5,000,000
5,010,255
Public Finance Authority, Revenue Bonds, Refunding (Renown Regional Medical
Center Obligated Group) Ser. A
5.00
6/1/2040
8,000,000
7,845,793
Public Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) (Duke
Energy Progress) Ser. A2(a)
3.70
10/1/2030
8,900,000
8,868,994
Public Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) (Duke
Energy Progress) Ser. B(a)
4.00
10/1/2030
5,645,000
5,663,066
Public Finance Authority, Revenue Bonds, Refunding (WakeMed Hospital Obligated
Group) Ser. A
5.00
10/1/2044
3,940,000
3,857,580
Sheboygan Area School District, GO
3.00
3/1/2042
3,725,000
2,965,077
Sheboygan Area School District, GO
3.00
3/1/2043
2,835,000
2,218,326
Sparta Area School District, GO (Insured; Assured Guaranty Corp.)
3.00
3/1/2040
1,820,000
1,502,416
Sparta Area School District, GO (Insured; Assured Guaranty Corp.)
3.00
3/1/2041
1,250,000
1,003,036
West Allis West Milwaukee School District, GO, Ser. W
3.00
4/1/2038
1,755,000
1,528,232
Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Children’s
Hospital of Wisconsin Obligated Group)
4.00
8/15/2050
4,000,000
3,386,863
Wisconsin Hospitals & Clinics, Revenue Bonds (Sustainable Bond) Ser. A
4.25
4/1/2052
1,500,000
1,314,195
Wisconsin Hospitals & Clinics, Revenue Bonds (Sustainable Bond) Ser. A
5.00
4/1/2049
1,750,000
1,762,181
 
72,763,903
Total Long-Term Municipal Investments
(cost $1,865,036,560)
1,757,429,153
Total Investments (cost $1,875,889,513)
 
     99.3%
1,766,666,830
Cash and Receivables (Net)
 
       .7%
   12,496,945
Net Assets
    100.0%
1,779,163,775
 
COP—Certificate of Participation
FHLMC—Federal Home Loan Mortgage Corporation
FNMA—Federal National Mortgage Association
GNMA—Government National Mortgage Association
GO—Government Obligation
 
(a)
 These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At May 31, 2025, these securities amounted to $50,254,509 or 2.8% of net assets.
(c)
Security issued with a zero coupon. Income is recognized through the accretion of discount.
(d)
These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities
which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
See notes to statement of investments.
20
Statement of Investments
BNY Mellon AMT-Free Municipal Bond Fund

May 31, 2025 (Unaudited)
The following is a summary of the inputs used as of May 31, 2025 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
Assets ($)
Investments in Securities:†
Collateralized Municipal-Backed Securities
—
9,237,677
—
9,237,677
Municipal Securities
—
1,757,429,153
—
1,757,429,153
 
—
1,766,666,830
—
1,766,666,830
 
†
See Statement of Investments for additional detailed categorizations, if any.
21
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
The Company’s Board of Directors (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.
Investments in municipal securities are valued each business day by an independent pricing service (the “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Municipal investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Service is engaged under the general oversight of the Board. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
At May 31, 2025, accumulated net unrealized depreciation on investments was $109,222,683, consisting of $4,693,356 gross unrealized appreciation and $113,916,039 gross unrealized depreciation.
22
At May 31, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
23