STATEMENT OF INVESTMENTS
May 31, 2025 (Unaudited)
 
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6%
Alabama — 3.9%
Alabama Special Care Facilities
Financing Authority,
Revenue Bonds (Methodist
Home for the Aging
Obligated Group)
6.00
6/1/2050
3,820,000
3,355,770
Jefferson County, Revenue
Bonds, Refunding
5.50
10/1/2053
2,750,000
2,819,128
Mobile County Industrial
Development Authority,
Revenue Bonds (Calvert LLC
Project) Ser. B
4.75
12/1/2054
725,000
655,085
Southeast Energy Authority A
Cooperative District,
Revenue Bonds, Ser. C(a)
5.00
2/1/2031
1,000,000
1,047,938
 
7,877,921
Arizona — 7.6%
Arizona Industrial
Development Authority,
Revenue Bonds (Legacy
Cares Project) Ser. A(b),(c)
7.75
7/1/2050
3,200,000
96,000
Arizona Industrial
Development Authority,
Revenue Bonds (Sustainable
Bond) (Equitable School
Revolving Fund Obligated
Group) Ser. A
4.00
11/1/2050
3,425,000
2,770,256
Maricopa County Industrial
Development Authority,
Revenue Bonds (Benjamin
Franklin Charter School
Obligated Group)(b)
6.00
7/1/2052
2,000,000
2,014,957
Maricopa County Industrial
Development Authority,
Revenue Bonds, Refunding
(Legacy Traditional Schools
Project)(b)
5.00
7/1/2049
1,025,000
951,171
Phoenix Civic Improvement
Corp., Revenue Bonds
4.00
7/1/2044
1,905,000
1,760,748
Salt Verde Financial Corp.,
Revenue Bonds
5.00
12/1/2037
5,000,000
5,175,487
1
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Arizona — 7.6% (continued)
Sierra Vista Industrial
Development Authority,
Revenue Bonds (American
Leadership Academy
Project)(b)
5.00
6/15/2054
1,000,000
908,722
The Phoenix Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Projects) Ser.
A(b)
5.00
7/1/2046
2,000,000
1,887,183
 
15,564,524
Arkansas — 1.7%
Arkansas Development
Finance Authority, Revenue
Bonds (Sustainable Bond)
(U.S. Steel Corp.)
5.70
5/1/2053
3,500,000
3,540,120
California — 10.5%
California Community Choice
Financing Authority,
Revenue Bonds (Sustainable
Bond) (Clean Energy
Project) Ser. C(a)
5.00
10/1/2032
1,690,000
1,761,084
California County Tobacco
Securitization Agency,
Revenue Bonds, Refunding
(Los Angeles County
Securitization Corp.) Ser. A
4.00
6/1/2049
1,000,000
849,956
California Statewide
Communities Development
Authority, Revenue Bonds
(California Baptist
University) Ser. A(b)
6.38
11/1/2043
2,035,000
2,038,075
California Statewide
Communities Development
Authority, Revenue Bonds,
Refunding (California
Baptist University) Ser. A(b)
5.00
11/1/2041
1,875,000
1,794,312
Golden State Tobacco
Securitization Corp.,
Revenue Bonds, Refunding
(Tobacco Settlement Asset)
Ser. B
5.00
6/1/2051
1,000,000
978,638
2
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
California — 10.5% (continued)
Long Beach Bond Finance
Authority, Revenue Bonds,
Ser. A
5.50
11/15/2037
5,000,000
5,492,305
Orange County Community
Facilities District, Special
Tax Bonds, Ser. A
5.00
8/15/2052
1,000,000
1,004,810
San Diego County Regional
Airport Authority, Revenue
Bonds, Ser. B
5.00
7/1/2051
3,230,000
3,180,887
Tender Option Bond Trust
Receipts (Series 2022-
XF3024), (San Francisco City
& County, Revenue Bonds,
Refunding, Ser. A) Recourse,
Underlying Coupon Rate
5.00%(b),(d),(e)
9.89
5/1/2044
4,500,000
4,483,321
 
21,583,388
Colorado — 6.0%
Colorado Health Facilities
Authority, Revenue Bonds
(CommonSpirit Health
Obligated Group)
5.25
11/1/2052
1,000,000
1,007,571
Colorado Health Facilities
Authority, Revenue Bonds,
Refunding (Covenant Living
Communities & Services
Obligated Group) Ser. A
4.00
12/1/2050
3,000,000
2,415,074
Colorado Health Facilities
Authority, Revenue Bonds,
Refunding (Intermountain
Healthcare Obligated Group)
Ser. A
4.00
5/15/2052
1,255,000
1,079,928
Denver City & County Airport
System, Revenue Bonds,
Refunding, Ser. A
5.50
11/15/2053
1,000,000
1,025,738
Dominion Water & Sanitation
District, Revenue Bonds,
Refunding
5.88
12/1/2052
2,000,000
2,003,248
Hess Ranch Metropolitan
District No. 6, GO, Ser. A1
5.00
12/1/2049
1,500,000
1,321,379
3
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Colorado — 6.0% (continued)
Rampart Range Metropolitan
District No. 5, Revenue
Bonds
4.00
12/1/2051
1,000,000
783,607
Tender Option Bond Trust
Receipts (Series 2020-
XM0829), (Colorado Health
Facilities Authority, Revenue
Bonds, Refunding
(CommonSpirit Health
Obligated Group) Ser. A1)
Recourse, Underlying
Coupon Rate 4.00%(b),(d),(e)
8.89
8/1/2044
2,455,000
2,576,214
 
12,212,759
Connecticut — .8%
Connecticut Health &
Educational Facilities
Authority, Revenue Bonds,
Refunding (Fairfield
University) Ser. T
4.00
7/1/2055
1,500,000
1,209,113
Stamford Housing Authority,
Revenue Bonds, Refunding
(Mozaic Concierge Living),
Ser. A
6.25
10/1/2060
500,000
475,227
 
1,684,340
Delaware — .5%
Delaware Economic
Development Authority,
Revenue Bonds (ACTS
Retirement-Life
Communities Obligated
Group) Ser. B
5.25
11/15/2053
1,000,000
1,006,760
District of Columbia — .5%
District of Columbia, Revenue
Bonds, Refunding (The
Catholic University Of
America) Ser. A
5.75
10/1/2055
1,000,000
1,023,849
4
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Florida — 7.8%
Collier County Industrial
Development Authority,
Revenue Bonds (NCH
Healthcare System Project)
(Insured; Assured Guaranty
Municipal Corp.) Ser. A
5.00
10/1/2049
3,425,000
3,455,559
Florida Housing Finance Corp.,
Revenue Bonds (Insured;
GNMA, FNMA, FHLMC) Ser. 1
4.40
7/1/2044
1,440,000
1,386,964
Greater Orlando Aviation
Authority, Revenue Bonds,
Ser. A
4.00
10/1/2049
2,480,000
2,118,935
Hillsborough County Port
District, Revenue Bonds
(Tampa Port Authority
Project) Ser. B
5.00
6/1/2046
1,250,000
1,218,273
Lee County Industrial
Development Authority,
Revenue Bonds, Refunding,
Ser. 1
4.00
4/1/2049
1,750,000
1,445,836
Miami-Dade County Water &
Sewer System, Revenue
Bonds (Insured; Build
America Mutual)
4.00
10/1/2051
1,000,000
840,462
Palm Beach County Health
Facilities Authority, Revenue
Bonds, Refunding (ACTS
Retirement-Life
Communities Obligated
Group) Ser. B
5.00
11/15/2055
2,300,000
2,185,101
Palm Beach County Health
Facilities Authority, Revenue
Bonds, Refunding (Lifespace
Communities Obligated
Group) Ser. C
7.63
5/15/2058
1,000,000
1,106,401
Pinellas County Industrial
Development Authority,
Revenue Bonds (Foundation
for Global Understanding)
5.00
7/1/2039
1,000,000
968,253
5
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Florida — 7.8% (continued)
Seminole County Industrial
Development Authority,
Revenue Bonds, Refunding
(Legacy Pointe at UCF
Project)
5.75
11/15/2054
500,000
467,315
Village Community
Development District No. 15,
Special Assessment Bonds(b)
5.25
5/1/2054
900,000
878,872
 
16,071,971
Georgia — 3.9%
Georgia Municipal Electric
Authority, Revenue Bonds
(Plant Vogtle Units
3&4 Project) Ser. A
5.00
7/1/2052
2,500,000
2,496,702
Tender Option Bond Trust
Receipts (Series 2020-
XM0825), (Brookhaven
Development Authority,
Revenue Bonds (Children’s
Healthcare of Atlanta) Ser.
A) Recourse, Underlying
Coupon Rate 4.00%(b),(d),(e)
7.52
7/1/2044
3,600,000
3,439,508
Tender Option Bond Trust
Receipts (Series 2023-
XF3183), (Municipal Electric
Authority of Georgia,
Revenue Bonds (Plant Vogtle
Units 3&4 Project) Ser. A)
Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
9.52
1/1/2059
2,060,000
1,999,385
 
7,935,595
Hawaii — .6%
Hawaii Airports System,
Revenue Bonds, Ser. A
5.00
7/1/2047
1,250,000
1,240,634
Illinois — 10.4%
Chicago, GO, Ser. A
5.00
1/1/2044
2,000,000
1,894,992
Chicago, GO, Refunding, Ser. A
6.00
1/1/2038
2,500,000
2,544,810
Chicago Board of Education,
GO, Refunding, Ser. A
5.00
12/1/2035
1,500,000
1,484,941
Illinois, GO, Ser. D
5.00
11/1/2027
3,500,000
3,642,144
Illinois, GO, Ser. D
5.00
11/1/2028
2,600,000
2,687,156
Illinois, Revenue Bonds, Ser. C
5.00
6/15/2045
2,000,000
2,016,192
6
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Illinois — 10.4% (continued)
Illinois Finance Authority,
Revenue Bonds (Plymouth
Place Obligated Group) Ser.
A
6.63
5/15/2052
1,000,000
1,040,232
Metropolitan Pier & Exposition
Authority, Revenue Bonds
(McCormick Place Project)
(Insured; National Public
Finance Guarantee Corp.)
Ser. A(f)
0.00
12/15/2036
1,400,000
821,279
Metropolitan Pier & Exposition
Authority, Revenue Bonds,
Refunding (McCormick Place
Expansion Project)
5.00
6/15/2050
1,750,000
1,698,916
Tender Option Bond Trust
Receipts (Series 2023-
XF1623), (Regional
Transportation Authority
Illinois, Revenue Bonds, Ser.
B) Non-Recourse,
Underlying Coupon Rate
4.00%(b),(d),(e)
4.86
6/1/2048
1,625,000
1,388,282
Tender Option Bond Trust
Receipts (Series 2025-
XF3349), (Chicago O’Hare
International Airport,
Revenue Bonds, Refunding,
Ser. A) Recourse, Underlying
Coupon Rate 5.50%(b),(d),(e)
11.18
1/1/2053
2,100,000
2,167,948
 
21,386,892
Indiana — 1.0%
Indiana Finance Authority,
Revenue Bonds (Sustainable
Bond)(b),(c)
7.00
3/1/2039
1,925,000
296,540
Indianapolis Local Public
Improvement Bond Bank,
Revenue Bonds (City Moral
Obligation) (Insured; Build
America Mutual) Ser. F1
5.25
3/1/2067
1,000,000
1,018,167
Valparaiso, Revenue Bonds,
Refunding (Pratt Paper
(IN) LLC Project)(b)
5.00
1/1/2054
750,000
695,507
 
2,010,214
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Iowa — .6%
Iowa Finance Authority,
Revenue Bonds, Refunding
(Iowa Fertilizer Co.
Project)(g)
5.00
12/1/2032
1,150,000
1,293,556
Kentucky — 1.6%
Christian County, Revenue
Bonds, Refunding (Jennie
Stuart Medical Center
Obligated Group)
5.50
2/1/2044
1,000,000
999,981
Kentucky Public Energy
Authority, Revenue Bonds,
Ser. A(a)
5.00
7/1/2030
1,000,000
1,037,193
Kentucky Public Energy
Authority, Revenue Bonds,
Ser. A1(a)
4.00
8/1/2030
1,310,000
1,299,169
 
3,336,343
Louisiana — 4.5%
Ernest N. Morial New Orleans
Exhibition Hall Authority,
Special Tax Bonds
5.50
7/15/2054
1,500,000
1,556,130
Louisiana Public Facilities
Authority, Revenue Bonds
(I-10 Calcasieu River Bridge
Public-Private Partnership
Project)
5.75
9/1/2064
1,825,000
1,883,797
Louisiana Public Facilities
Authority, Revenue Bonds
(Impala Warehousing
Project)(b)
6.50
7/1/2036
1,000,000
1,000,176
Louisiana Public Facilities
Authority, Revenue Bonds,
Refunding (Ochsner Clinic
Foundation Obligated
Group) Ser. A
5.50
5/15/2050
1,325,000
1,385,944
Louisiana Public Facilities
Authority, Revenue Bonds,
Refunding (Ochsner Clinic
Foundation Obligated
Group) Ser. A
5.50
5/15/2055
3,300,000
3,429,776
 
9,255,823
8
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Maryland — 3.8%
Maryland Economic
Development Corp., Revenue
Bonds (College Park
Leonardtown Project)
(Insured; Assured Guaranty
Municipal Corp.)
5.25
7/1/2064
650,000
650,221
Maryland Economic
Development Corp., Revenue
Bonds (Sustainable Bond)
(Purple Line Transit
Partners) Ser. B
5.25
6/30/2055
4,200,000
4,110,663
Tender Option Bond Trust
Receipts (Series 2024-
XF1758), (Maryland Stadium
Authority, Revenue Bonds)
Non-Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
9.89
6/1/2054
3,000,000
3,023,320
 
7,784,204
Massachusetts — 1.9%
Massachusetts Development
Finance Agency, Revenue
Bonds (Brown University)
Ser. A
5.50
8/15/2050
1,000,000
1,028,233
Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding
(NewBridge
Charles Obligated Group)(b)
5.00
10/1/2057
1,000,000
895,262
Massachusetts Educational
Financing Authority,
Revenue Bonds, Ser. B
5.00
7/1/2030
1,000,000
1,041,345
Massachusetts Housing
Finance Agency, Revenue
Bonds, Ser. B
4.50
6/1/2056
1,000,000
914,677
 
3,879,517
Michigan — 4.7%
Detroit, GO (Sustainable Bond)
Ser. A
5.00
4/1/2046
1,000,000
993,416
Michigan Building Authority,
Revenue Bonds, Refunding
4.00
10/15/2049
2,500,000
2,177,174
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Michigan — 4.7% (continued)
Michigan Finance Authority,
Revenue Bonds (Sustainable
Bond) (Henry Ford)
5.50
2/28/2049
1,275,000
1,330,431
Michigan Finance Authority,
Revenue Bonds, Refunding,
Ser. A
4.00
12/1/2049
1,000,000
848,661
Michigan Housing
Development Authority,
Revenue Bonds, Ser. A
3.35
12/1/2034
2,500,000
2,335,368
Michigan Tobacco Settlement
Finance Authority, Revenue
Bonds, Refunding, Ser. C(f)
0.00
6/1/2058
20,000,000
583,584
Wayne County Airport
Authority, Revenue Bonds
(Detroit Metropolitan
Wayne County Airport)
(Insured; Build America
Mutual) Ser. B
5.00
12/1/2039
1,250,000
1,250,002
 
9,518,636
Minnesota — 2.2%
Duluth Economic Development
Authority, Revenue Bonds,
Refunding (Essentia Health
Obligated Group) Ser. A
5.00
2/15/2058
1,250,000
1,212,057
Minneapolis-St. Paul
Metropolitan Airports
Commission, Revenue
Bonds, Ser. A
4.00
1/1/2054
3,000,000
2,590,264
Woodbury, Revenue Bonds,
Refunding (Math &
Science Academy)(b)
5.50
6/1/2063
855,000
777,913
 
4,580,234
Missouri — 2.7%
Missouri Housing Development
Commission, Revenue Bonds
(Insured; GNMA, FNMA,
FHLMC) Ser. A
4.70
11/1/2054
985,000
942,219
St. Louis County Industrial
Development Authority,
Revenue Bonds (Friendship
Village St. Louis Obligated
Group) Ser. A
5.13
9/1/2049
1,000,000
928,387
10
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Missouri — 2.7% (continued)
St. Louis County Industrial
Development Authority,
Revenue Bonds, Refunding
(Friendship Village Sunset
Hills)
5.00
9/1/2042
1,000,000
967,046
Tender Option Bond Trust
Receipts (Series 2023-
XM1116), (Jackson County
Missouri Special Obligation,
Revenue Bonds, Refunding,
Ser. A) Non-Recourse,
Underlying Coupon Rate
4.25%(b),(d),(e)
6.03
12/1/2053
3,000,000
2,680,530
 
5,518,182
Nebraska — .4%
Omaha Public Power District,
Revenue Bonds, Ser. A
4.00
2/1/2051
1,000,000
870,918
Nevada — 1.4%
Clark County School District,
GO (Insured; Assured
Guaranty Municipal Corp.)
Ser. A
4.25
6/15/2041
2,155,000
2,099,907
Reno, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Municipal Corp.)
4.00
6/1/2058
1,000,000
840,984
 
2,940,891
New Hampshire — 1.2%
New Hampshire Business
Finance Authority, Revenue
Bonds, Refunding
(Springpoint Senior Living
Obligated Group)
4.00
1/1/2041
2,925,000
2,491,728
New Jersey — 4.9%
New Jersey Economic
Development Authority,
Revenue Bonds (Repauno
Port & Rail Terminal
Project)(b)
6.38
1/1/2035
1,045,000
1,058,357
New Jersey Economic
Development Authority,
Revenue Bonds (The
Goethals)
5.38
1/1/2043
2,500,000
2,500,658
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
New Jersey — 4.9% (continued)
New Jersey Economic
Development Authority,
Revenue Bonds, Ser. WW(g)
5.25
6/15/2025
1,340,000
1,341,066
New Jersey Health Care
Facilities Financing
Authority, Revenue Bonds
(RWJ Barnabas Health
Obligated Group)
4.00
7/1/2051
1,250,000
1,079,223
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds
5.00
6/15/2044
1,250,000
1,268,051
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds, Ser. BB
5.25
6/15/2050
1,000,000
1,022,095
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds, Ser. CC(g)
5.50
12/15/2032
1,600,000
1,864,499
 
10,133,949
New Mexico — .7%
New Mexico Mortgage Finance
Authority, Revenue Bonds
(Insured; GNMA, FNMA,
FHLMC) Ser. E
4.70
9/1/2054
1,400,000
1,340,541
New York — 9.4%
New York Liberty
Development Corp., Revenue
Bonds, Refunding (Class
1-3 World Trade Center
Project) Ser. 1(b)
5.00
11/15/2044
3,500,000
3,404,315
New York Transportation
Development Corp., Revenue
Bonds (JFK International
Airport Terminal)
5.00
12/1/2036
2,000,000
2,058,856
New York Transportation
Development Corp., Revenue
Bonds (JFK International
Airport Terminal)
5.00
12/1/2040
1,200,000
1,207,736
New York Transportation
Development Corp., Revenue
Bonds (LaGuardia Airport
Terminal B Redevelopment
Project)
5.63
4/1/2040
1,000,000
1,025,607
12
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
New York — 9.4% (continued)
New York Transportation
Development Corp., Revenue
Bonds (Sustainable Bond)
(JFK International Airport
Terminal One Project)
(Insured; Assured Guaranty
Municipal Corp.)
5.13
6/30/2060
1,000,000
990,561
Tender Option Bond Trust
Receipts (Series 2022-
XM1004), (Metropolitan
Transportation Authority,
Revenue Bonds, Refunding
(Sustainable Bond) (Insured;
Assured Guaranty Municipal
Corp.) Ser. C) Non-Recourse,
Underlying Coupon Rate
4.00%(b),(d),(e)
4.37
11/15/2047
3,300,000
2,814,773
Tender Option Bond Trust
Receipts (Series 2024-
XM1174), (New York State
Transportation
Development Corp., Revenue
Bonds (Sustainable Bond)
(JFK International Airport
Terminal One Project)
(Insured; Assured Guaranty
Municipal Corp.)) Recourse,
Underlying Coupon Rate
5.25%(b),(d),(e)
10.29
6/30/2060
2,150,000
2,157,886
Tender Option Bond Trust
Receipts (Series 2024-
XM1181), (Triborough New
York Bridge & Tunnel
Authority, Revenue Bonds,
Ser. A1) Non-Recourse,
Underlying Coupon Rate
4.13%(b),(d),(e)
5.24
5/15/2064
3,000,000
2,475,483
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
New York — 9.4% (continued)
Tender Option Bond Trust
Receipts (Series 2024-
XM1194), (New York
Transportation
Development Corp., Revenue
Bonds, Refunding
(Sustainable Bond) (JFK
International Airport
Terminal Six Redevelopment
Project) (Insured; Assured
Guaranty Municipal Corp.))
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
10.29
12/31/2054
2,100,000
2,107,413
Westchester County Local
Development Corp., Revenue
Bonds, Refunding (Senior
Learning Community)(b)
5.00
7/1/2041
1,000,000
956,170
 
19,198,800
North Carolina — 1.9%
North Carolina Medical Care
Commission, Revenue Bonds
(Carolina Meadows
Obligated Group)
5.25
12/1/2054
2,885,000
2,889,741
North Carolina Medical Care
Commission, Revenue
Bonds, Refunding (Lutheran
Services for the Aging
Obligated Group)
4.00
3/1/2051
1,300,000
1,003,848
 
3,893,589
Ohio — 9.9%
Buckeye Tobacco Settlement
Financing Authority,
Revenue Bonds, Refunding,
Ser. B2
5.00
6/1/2055
6,665,000
5,775,813
Cuyahoga County, Revenue
Bonds, Refunding (The
MetroHealth System)
5.00
2/15/2052
1,980,000
1,816,576
Cuyahoga County, Revenue
Bonds, Refunding (The
MetroHealth System)
5.25
2/15/2047
2,500,000
2,440,832
Muskingum County, Revenue
Bonds (Genesis Heathcare
System Project)
5.00
2/15/2048
6,495,000
6,027,765
14
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Ohio — 9.9% (continued)
Port of Greater Cincinnati
Development Authority,
Revenue Bonds, Refunding
(Duke Energy Co.) (Insured;
Assured Guaranty Municipal
Corp.) Ser. B
4.38
12/1/2058
1,000,000
896,904
Tender Option Bond Trust
Receipts (Series 2024-
XF1711), (University of
Cincinnati Ohio Receipt,
Revenue Bonds, Ser. A) Non-
Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
9.90
6/1/2049
3,200,000
3,267,704
 
20,225,594
Oklahoma — 2.3%
Tender Option Bond Trust
Receipts (Series 2024-
XM1163), (Oklahoma City
Water Utilities Trust,
Revenue Bonds, Refunding)
Non-Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
10.82
7/1/2064
3,200,000
3,315,960
Tulsa County Industrial
Authority, Revenue Bonds,
Refunding (Montereau
Project)
5.25
11/15/2045
1,500,000
1,456,011
 
4,771,971
Pennsylvania — 7.6%
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,
Refunding (Insured; Build
America Mutual) Ser. B
5.00
2/1/2033
1,455,000
1,515,770
Clairton Municipal Authority,
Revenue Bonds, Refunding,
Ser. B
4.00
12/1/2038
3,750,000
3,586,460
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Pennsylvania — 7.6% (continued)
Pennsylvania Economic
Development Financing
Authority, Revenue Bonds
(The Penndot Major
Bridges)
6.00
6/30/2061
2,000,000
2,077,086
Pennsylvania Turnpike
Commission, Revenue
Bonds, Ser. A
4.00
12/1/2050
1,000,000
871,373
Tender Option Bond Trust
Receipts (Series 2023-
XF1525), (Pennsylvania
Economic Development
Financing Authority,
Revenue Bonds, Ser. A2)
Recourse, Underlying
Coupon Rate 4.00%(b),(d),(e)
4.25
5/15/2053
2,300,000
1,898,034
Tender Option Bond Trust
Receipts (Series 2023-
XM1133), (Philadelphia
Water & Wastewater,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Municipal Corp.) Ser. B)
Non-Recourse, Underlying
Coupon Rate 5.50%(b),(d),(e)
11.41
9/1/2053
2,400,000
2,524,665
Tender Option Bond Trust
Receipts (Series 2024-
XF1750), (Philadelphia Gas
Works Co., Revenue Bonds,
Refunding (1998 General
Ordinance) (Insured; ACE
Guaranty Corp.) Ser. 17)
Non-Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
10.61
8/1/2054
2,100,000
2,170,462
 
15,608,016
16
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Rhode Island — 1.8%
Tender Option Bond Trust
Receipts (Series 2023-
XM1117), (Rhode Island
Infrastructure Bank State
Revolving Fund, Revenue
Bonds, Ser. A) Non-
Recourse, Underlying
Coupon Rate 4.13%(b),(d),(e)
5.63
10/1/2048
4,000,000
3,773,875
South Carolina — 2.0%
South Carolina Jobs-Economic
Development Authority,
Revenue Bonds, Refunding
(Bon Secours Mercy Health)
4.00
12/1/2044
1,500,000
1,334,720
South Carolina Jobs-Economic
Development Authority,
Revenue Bonds, Refunding
(Lutheran Homes of South
Caroline Obligated Group)
5.13
5/1/2048
1,750,000
1,405,226
South Carolina Public Service
Authority, Revenue Bonds,
Refunding (Santee Cooper)
Ser. A
4.00
12/1/2055
1,500,000
1,243,415
 
3,983,361
South Dakota — 1.3%
Tender Option Bond Trust
Receipts (Series 2022-
XF1409), (South Dakota
Health & Educational
Facilities Authority, Revenue
Bonds, Refunding (Avera
Health Obligated Group))
Non-Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
9.91
7/1/2046
2,680,000
2,646,445
Tennessee — .6%
Metropolitan Government
Nashville & Davidson County
Health & Educational
Facilities Board, Revenue
Bonds (Belmont University)
5.25
5/1/2048
1,250,000
1,260,477
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Texas — 17.6%
Aldine Independent School
District, GO (Insured;
Permanent School Fund
Guarantee Program)
4.00
2/15/2054
1,000,000
866,362
Arlington Higher Education
Finance Corp., Revenue
Bonds (BASIS Texas Charter
Schools)(b)
4.88
6/15/2059
1,000,000
888,421
Arlington Higher Education
Finance Corp., Revenue
Bonds (BASIS Texas Charter
Schools)(b)
5.00
6/15/2064
1,000,000
896,078
Arlington Higher Education
Finance Corp., Revenue
Bonds (Riverwalk Education
Foundation, Inc.) (Insured;
Permanent School Fund
Guaranteed)
4.50
8/15/2060
1,000,000
932,614
Clifton Higher Education
Finance Corp., Revenue
Bonds (International
Leadership of Texas) Ser. A
5.75
8/15/2045
2,500,000
2,497,899
Clifton Higher Education
Finance Corp., Revenue
Bonds (International
Leadership of Texas) Ser. D
5.75
8/15/2033
1,000,000
1,002,550
Clifton Higher Education
Finance Corp., Revenue
Bonds (International
Leadership of Texas) Ser. D
6.13
8/15/2048
3,500,000
3,503,748
Clifton Higher Education
Finance Corp., Revenue
Bonds, Refunding (IDEA
Public Schools) (Insured;
Permanent School Fund
Guarantee Program)
4.00
8/15/2054
1,000,000
855,599
Clifton Higher Education
Finance Corp., Revenue
Bonds, Refunding
(International Leadership of
Texas) (Insured; Permanent
School Fund Guarantee
Program) Ser. A
4.25
8/15/2053
1,000,000
900,752
18
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Texas — 17.6% (continued)
Dallas Fort Worth
International Airport,
Revenue Bonds, Refunding,
Ser. B
5.00
11/1/2040
1,500,000
1,578,039
Dallas Independent School
District, GO, Refunding
(Insured; Permanent School
Fund Guarantee Program)
4.00
2/15/2054
2,000,000
1,729,950
Fort Bend County, Revenue
Bonds, Refunding (Insured;
Assured Guaranty Municipal
Corp.)
4.25
3/1/2049
1,250,000
1,113,533
Grand Parkway Transportation
Corp., Revenue Bonds,
Refunding
4.00
10/1/2049
1,165,000
1,001,982
Houston Airport System,
Revenue Bonds (United
Airlines) Ser. B
5.50
7/15/2037
2,000,000
2,058,975
Houston Airport System,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Municipal Corp.) Ser. A
4.50
7/1/2053
1,400,000
1,277,159
Houston Airport System,
Revenue Bonds, Refunding,
Ser. A
4.00
7/1/2039
2,480,000
2,314,465
Lamar Consolidated
Independent School District,
GO
4.00
2/15/2053
1,000,000
842,755
Medina Valley Independent
School District, GO (Insured;
Permanent School Fund
Guarantee Program)
4.00
2/15/2053
4,500,000
3,915,829
Mission Economic
Development Corp., Revenue
Bonds, Refunding
(Natgasoline Project)(b)
4.63
10/1/2031
2,000,000
1,997,815
Tarrant County Cultural
Education Facilities Finance
Corp., Revenue Bonds,
Refunding (Trinity Terrace
Project)
5.00
10/1/2044
1,375,000
1,361,709
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Texas — 17.6% (continued)
Tender Option Bond Trust
Receipts (Series 2024-
XM1164), (Texas University
System, Revenue Bonds,
Refunding) Non-Recourse,
Underlying Coupon Rate
5.25%(b),(d),(e)
10.83
3/15/2054
3,200,000
3,290,514
Waxahachie Independent
School District, GO (Insured;
Permanent School Fund
Guarantee Program)
4.25
2/15/2053
1,500,000
1,362,048
 
36,188,796
U.S. Related — 1.8%
Puerto Rico, GO, Ser. A(f)
0.00
7/1/2033
211,359
143,262
Puerto Rico, GO, Ser. A1
4.00
7/1/2033
164,238
158,016
Puerto Rico, GO, Ser. A1
4.00
7/1/2035
147,628
139,457
Puerto Rico, GO, Ser. A1
4.00
7/1/2037
126,704
117,112
Puerto Rico, GO, Ser. A1
4.00
7/1/2041
172,269
147,706
Puerto Rico, GO, Ser. A1
4.00
7/1/2046
179,157
147,354
Puerto Rico, GO, Ser. A1
5.38
7/1/2025
91,331
91,396
Puerto Rico, GO, Ser. A1
5.63
7/1/2027
181,259
186,067
Puerto Rico, GO, Ser. A1
5.63
7/1/2029
2,178,318
2,283,433
Puerto Rico, GO, Ser. A1
5.75
7/1/2031
173,199
185,433
 
3,599,236
Utah — 1.1%
Mida Cormont Public
Infrastructure District, GO,
Ser. A2(b)
6.75
6/1/2055
1,460,000
1,181,295
Salt Lake City Airport, Revenue
Bonds, Ser. A
5.00
7/1/2048
1,000,000
982,340
 
2,163,635
Virginia — 2.3%
Tender Option Bond Trust
Receipts (Series 2024-
XM1176), (Virginia State
Housing Development
Authority, Revenue Bonds,
Ser. A) Recourse, Underlying
Coupon Rate 4.80%(b),(d),(e)
9.21
9/1/2059
3,000,000
2,909,726
20
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Virginia — 2.3% (continued)
Virginia Small Business
Financing Authority,
Revenue Bonds (Transform
66 P3 Project)
5.00
12/31/2049
1,000,000
946,494
Williamsburg Economic
Development Authority,
Revenue Bonds (William &
Mary Project) (Insured;
Assured Guaranty Municipal
Corp.) Ser. A
4.13
7/1/2058
1,000,000
880,602
 
4,736,822
Washington — 4.4%
Tender Option Bond Trust
Receipts (Series 2024-
XF1730), (Port of Seattle
Washington, Revenue Bonds,
Refunding (Intermediate
Lien) Ser. 2024A) Non-
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
10.61
7/1/2049
2,500,000
2,520,522
Washington Convention Center
Public Facilities District,
Revenue Bonds (Sustainable
Bond) Ser. B
4.00
7/1/2058
1,000,000
754,956
Washington Health Care
Facilities Authority, Revenue
Bonds, Refunding
(Providence Health &
Services) Ser. A
5.00
10/1/2042
5,000,000
4,955,973
Washington Housing Finance
Commission, Revenue
Bonds, Refunding (Seattle
Academy of Arts &
Sciences)(b)
6.38
7/1/2063
800,000
855,706
 
9,087,157
Wisconsin — 6.8%
Public Finance Authority,
Revenue Bonds(b)
5.00
7/1/2055
1,000,000
873,510
Public Finance Authority,
Revenue Bonds (Cone
Health) Ser. A
5.00
10/1/2052
1,000,000
1,000,989
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 156.6% (continued)
Wisconsin — 6.8% (continued)
Public Finance Authority,
Revenue Bonds (EMU
Campus Living) (Insured;
Build America Mutual) Ser.
A1
5.50
7/1/2052
1,200,000
1,213,346
Public Finance Authority,
Revenue Bonds (EMU
Campus Living) (Insured;
Build America Mutual) Ser.
A1
5.63
7/1/2055
1,315,000
1,328,810
Public Finance Authority,
Revenue Bonds, Ser. 1
5.75
7/1/2062
2,688,655
2,695,109
Public Finance Authority,
Revenue Bonds, Refunding
(Lindenwood Education
System) Ser. A(b)
5.50
6/1/2040
1,000,000
1,005,379
Public Finance Authority,
Revenue Bonds, Refunding,
Ser. B
5.00
7/1/2042
5,000,000
4,831,211
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds
(Bellin Memorial Hospital
Obligated Group)
5.50
12/1/2052
1,000,000
1,038,253
 
13,986,607
Total Investments (cost $335,757,913)
 
    156.6%
 321,207,870
Liabilities, Less Cash and Receivables
 
    (56.6%)
(116,044,574)
Net Assets Applicable to Common Stockholders
    100.0%
 205,163,296
 
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 $87,947,872 or 42.9% of net assets applicable to Common
Stockholders.
(c)
Non-income producing—security in default.
(d)
The Variable Rate is determined by the Remarketing Agent in its sole discretion based on prevailing market
conditions and may, but need not, be established by reference to one or more financial indices.
22
(e)
Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the
inverse floating rate security.
(f)
Security issued with a zero coupon. Income is recognized through the accretion of discount.
(g)
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.
23
Statement of Investments
BNY Mellon Municipal Bond Infrastructure Fund, Inc.
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:†
Municipal
Securities
—
321,207,870
—
321,207,870
 
—
321,207,870
—
321,207,870
Liabilities ($)
Other Financial
Instruments:
Inverse Floater
Notes††
—
(43,155,000)
—
(43,155,000)
RVMTP Shares
—
(75,000,000)
—
(75,000,000)
 
—
(118,155,000)
—
(118,155,000)
 
†
See Statement of Investments for additional detailed categorizations, if any.
††
Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial
reporting purposes.
24
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 Trust’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
25
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.
Inverse Floater Securities:  The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.
The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity
26
Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.
At May 31, 2025, accumulated net unrealized depreciation on investments was $14,550,043, consisting of $4,072,223 gross unrealized appreciation and $18,622,266 gross unrealized depreciation.
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.
27