SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
 
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8%
Alabama — 5.6%
Alabama Special Care Facilities
Financing Authority,
Revenue Bonds (Methodist
Home for the Aging
Obligated Group)
6.00
6/1/2050
5,970,000
5,947,785
Baldwin County Industrial
Development Authority,
Revenue Bonds (Novelis
Corporation Project) Ser.
A(a),(b)
5.00
6/1/2032
3,000,000
3,119,515
Black Belt Energy Gas District,
Revenue Bonds (Gas Project)
Ser. B
5.00
10/1/2035
1,250,000
1,261,682
Black Belt Energy Gas District,
Revenue Bonds (Gas Project)
Ser. F
5.00
12/1/2035
1,250,000
1,323,408
Black Belt Energy Gas District,
Revenue Bonds (Gas Project)
Ser. J
5.00
11/1/2036
1,500,000
1,579,157
Black Belt Energy Gas District,
Revenue Bonds, Ser. D(a)
5.00
11/1/2034
2,000,000
2,133,603
Black Belt Energy Gas District,
Revenue Bonds, Refunding
(Gas Project) Ser. D1(a)
5.50
2/1/2029
5,555,000
5,832,227
Jefferson County, Revenue
Bonds, Refunding
5.50
10/1/2053
3,750,000
3,950,393
Southeast Energy Authority A
Cooperative District,
Revenue Bonds, Ser. C(a)
5.00
2/1/2031
3,500,000
3,729,430
 
28,877,200
Alaska — .5%
Northern Tobacco
Securitization Corp.,
Revenue Bonds, Refunding,
Ser. A
4.00
6/1/2050
3,000,000
2,584,056
Arizona — 5.3%
Arizona Industrial
Development Authority,
Revenue Bonds (Academics
of Math & Science Project)(b)
5.00
7/1/2054
1,275,000
1,175,690
1
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Arizona — 5.3% (continued)
Arizona Industrial
Development Authority,
Revenue Bonds (Legacy
Cares Project)(b),(c)
7.75
7/1/2050
5,770,000
5,770
Arizona Industrial
Development Authority,
Revenue Bonds (Legacy
Cares Project) Ser. A(b),(c)
6.00
7/1/2051
1,000,000
1,000
Arizona Industrial
Development Authority,
Revenue Bonds (Sustainable
Bond) (Equitable Schools)
Ser. A
5.25
11/1/2053
2,000,000
2,056,219
Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
A(b)
5.25
7/1/2047
1,600,000
1,593,657
Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
D(b)
5.00
7/1/2047
1,035,000
998,300
Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
D(b)
5.00
7/1/2051
380,000
357,740
La Paz County Industrial
Development Authority,
Revenue Bonds (Harmony
Public Schools) Ser. A(b)
5.00
2/15/2036
2,480,000
2,481,245
Maricopa County Industrial
Development Authority,
Revenue Bonds (Benjamin
Franklin Charter School
Obligated Group)(b)
6.00
7/1/2052
3,000,000
3,016,910
Maricopa County Industrial
Development Authority,
Revenue Bonds, Refunding
(Paradise Schools Projects
Paragon Management)(b)
5.00
7/1/2047
2,000,000
1,904,710
2
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Arizona — 5.3% (continued)
Sierra Vista Industrial
Development Authority,
Revenue Bonds (American
Leadership Academy)(b)
5.00
6/15/2059
1,000,000
870,534
Tender Option Bond Trust
Receipts (Series 2018-
XF2537), (Salt Verde
Financial Corporation,
Revenue Bonds) Recourse,
Underlying Coupon Rate
5.00%(b),(d),(e)
9.95
12/1/2037
4,030,000
4,247,371
Tender Option Bond Trust
Receipts (Series 2026-
XM1353), (Arizona Salt
River Project, Revenue
Bonds, Ser.A) Non-Recourse,
Underlying Coupon Rate
5.25%(b),(d),(e)
11.36
1/1/2054
4,000,000
4,280,716
The Phoenix Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Projects) Ser.
A(b)
5.00
7/1/2035
2,360,000
2,360,554
The Phoenix Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Projects) Ser.
A(b)
5.00
7/1/2046
2,000,000
1,952,704
 
27,303,120
Arkansas — .8%
Arkansas Development
Finance Authority, Revenue
Bonds (Sustainable Bond)
(U.S. Steel Corp.)
5.70
5/1/2053
2,600,000
2,695,380
Arkansas Development
Finance Authority, Revenue
Bonds (Sustainable Bond)
(U.S. Steel Corp.)
5.45
9/1/2052
1,500,000
1,535,191
 
4,230,571
3
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
California — 3.1%
California Community Choice
Financing Authority,
Revenue Bonds (Sustainable
Bond) (Clean Energy
Project) Ser. B(a)
5.00
11/1/2035
3,250,000
3,484,267
California Community Choice
Financing
Authority, Revenue Bonds
(Sustainable Bond) (Clean
Energy Project) Ser. D(a)
5.00
9/1/2032
1,500,000
1,624,894
California County Tobacco
Securitization Agency,
Revenue Bonds, Refunding
(Los Angeles County
Securitization Corp.) Ser. A
4.00
6/1/2049
1,000,000
909,589
California Municipal Finance
Authority, Revenue Bonds
(CHF-Aptos LLC Cabrillo
College Project) Ser. A(b)
5.25
7/1/2045
5,000,000
5,124,436
California Municipal Finance
Authority, Revenue Bonds,
Refunding (William Jessup
University)(b)
5.00
8/1/2039
140,000
105,835
California Statewide
Communities Development
Authority, Revenue Bonds
(HR Ontario Hotel Project)
Ser. A(b)
6.25
9/2/2061
1,000,000
1,035,279
California Statewide
Communities Development
Authority, Revenue Bonds
(Loma Linda University
Medical Center Obligated
Group) Ser. A(b)
5.25
12/1/2056
1,000,000
1,000,241
Southern California Public
Power Authority, Revenue
Bonds (Sustainable Bond)
(Clean Energy Project) Ser. A
5.00
11/1/2033
2,500,000
2,668,890
 
15,953,431
4
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Colorado — 5.2%
Colorado Educational &
Cultural Facilities Authority,
Revenue Bonds (Ascent
Classical Academy Charter
Schools, Inc
Project)(Insured; State Aid
Intercept) Ser. A(b)
4.75
4/1/2036
1,000,000
991,410
Colorado Health Facilities
Authority, Revenue Bonds
(CommonSpirit Health
Obligated Group)
5.25
11/1/2052
1,500,000
1,557,798
Colorado Health Facilities
Authority, Revenue Bonds,
Refunding (Covenant Living
Communities & Services
Obligated Group) Ser. A
4.00
12/1/2050
4,500,000
3,954,490
Colorado University Research
Foundation, Revenue Bonds
(The Prospect Project) Ser.
A(b)
5.25
3/1/2045
1,000,000
1,028,547
Denver City & County, Revenue
Bonds, Refunding (United
Airlines Project)
5.00
10/1/2032
1,000,000
1,001,004
Dominion Water & Sanitation
District, Revenue Bonds,
Refunding
5.88
12/1/2052
4,500,000
4,658,108
Rampart Range Metropolitan
District No. 5, Revenue
Bonds
4.00
12/1/2051
2,000,000
1,657,080
Regional Transportation
District, Revenue Bonds,
Refunding (Denver Transit
Partners) Ser. A
4.00
7/15/2034
1,500,000
1,518,699
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)
9.52
8/1/2044
4,440,000
5,120,895
5
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Colorado — 5.2% (continued)
Tender Option Bond Trust
Receipts (Series 2023-
XM1124), (Colorado Health
Facilities Authority, Revenue
Bonds (Adventist Health
System/Sunbelt Obligated
Group) Ser. A) Recourse,
Underlying Coupon Rate
4.00%(b),(d),(e)
6.62
11/15/2048
5,535,000
4,975,770
Vauxmont Metropolitan
District, GO, Refunding
(Insured; Assured Guaranty
Corp.)
3.25
12/15/2050
380,000
334,168
 
26,797,969
Connecticut — 1.1%
Connecticut Health &
Educational Facilities
Authority, Revenue Bonds,
Refunding (Fairfield
University) Ser. T
4.00
7/1/2055
725,000
676,270
Connecticut Housing Finance
Authority, Revenue Bonds,
Refunding, Ser. A1
3.65
11/15/2032
410,000
410,306
Harbor Point Infrastructure
Improvement District, Tax
Allocation Bonds, Refunding
(Harbor Point Project)(b)
5.00
4/1/2039
3,500,000
3,526,771
Stamford Housing Authority,
Revenue Bonds, Refunding
(Mozaic Concierge Living),
Ser. A
6.25
10/1/2060
1,000,000
1,026,105
 
5,639,452
Delaware — .2%
Delaware Economic
Development Authority,
Revenue Bonds (ACTS
Retirement-Life
Communities Obligated
Group) Ser. B
5.25
11/15/2053
1,000,000
1,016,150
6
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
District of Columbia — 1.0%
District of Columbia, Revenue
Bonds, Refunding (The
Catholic University of
America) Ser. A
5.75
10/1/2055
2,820,000
3,006,365
Metropolitan Washington
Airports Authority, Revenue
Bonds, Refunding
(Dulles Metrorail) Ser. B
4.00
10/1/2049
2,500,000
2,250,559
 
5,256,924
Florida — 6.6%
Atlantic Beach, Revenue Bonds
(Fleet Landing Project) Ser.
A
5.00
11/15/2053
2,960,000
2,949,209
Collier County Industrial
Development Authority,
Revenue Bonds (NCH
Healthcare System Project)
(Insured; Assured Guaranty
Corp.) Ser. A
5.00
10/1/2049
1,700,000
1,756,832
Florida Local Government
Finance Commission,
Revenue Bonds (Bridgeprep
Academy Projects) Ser. A(b)
6.25
6/15/2055
2,500,000
2,588,074
Florida Local Government
Finance Commission,
Revenue Bonds (Fleet
Landing At Nocatee Project)
Ser. A(b)
6.75
11/15/2055
1,020,000
1,090,920
Greater Orlando Aviation
Authority, Revenue Bonds,
Ser. A
4.00
10/1/2049
4,685,000
4,260,747
Lee County Industrial
Development Authority,
Revenue Bonds, Refunding,
Ser. 1
4.00
4/1/2049
1,650,000
1,475,801
Miami-Dade County, Revenue
Bonds(f)
0.00
10/1/2045
3,000,000
1,309,178
Miami-Dade County Water &
Sewer System, Revenue
Bonds (Insured; Build
America Mutual)
4.00
10/1/2051
1,550,000
1,397,535
7
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Florida — 6.6% (continued)
Palm Beach County Health
Facilities Authority, Revenue
Bonds, Refunding (Lifespace
Communities Obligated
Group) Ser. C
7.63
5/15/2058
1,000,000
1,115,131
Seminole County Industrial
Development Authority,
Revenue Bonds, Refunding
(Legacy Pointe at UCF
Project)
5.75
11/15/2054
2,500,000
2,439,779
Tender Option Bond Trust
Receipts (Series 2023-
XM1122), (Miami-Dade FL
County Water & Sewer
System, Revenue Bonds,
Refunding, Ser. B) Recourse,
Underlying Coupon Rate
4.00%(b),(d),(e)
5.76
10/1/2049
12,750,000
11,714,145
Venice, Revenue Bonds (Village
on the Isle Project) Ser. A(b)
5.50
1/1/2055
725,000
729,533
Village Community
Development District No. 15,
Special Assessment Bonds(b)
4.80
5/1/2055
855,000
831,374
 
33,658,258
Georgia — 7.4%
Georgia Municipal Electric
Authority, Revenue Bonds,
Refunding (Insured; Build
America Mutual) Ser. A
5.25
1/1/2054
2,500,000
2,637,543
Main Street Natural Gas, Inc.,
Revenue Bonds, Ser. D(a)
5.00
4/1/2031
1,535,000
1,640,268
Main Street Natural Gas, Inc.,
Revenue Bonds, Ser. E(a)
5.00
12/1/2032
1,500,000
1,600,821
Savannah Georgia Convention
Center Authority, Revenue
Bonds (Convention Center
Hotel) (Insured; Assured
Guaranty Corp.) Ser. C
5.50
6/1/2050
1,000,000
1,071,294
8
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Georgia — 7.4% (continued)
Tender Option Bond Trust
Receipts (Series 2016-
XM0435), (Private Colleges
& Universities Authority,
Revenue Bonds, Refunding
(Emory University))
Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
10.46
10/1/2043
10,000,000
10,008,747
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)
7.93
7/1/2044
6,340,000
6,754,794
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)
10.25
1/1/2059
3,600,000
3,594,322
Tender Option Bond Trust
Receipts (Series 2025-
XF8066), (Atlanta
Department of Aviation,
Revenue Bonds, Ser. B1),
Non-Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
11.47
7/1/2050
4,920,000
5,173,856
Tender Option Bond Trust
Receipts (Series 2026-
XF8152), (Atlanta, Revenue
Bonds, Refunding
(Sustainablity Bonds))
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
11.57
11/1/2056
5,200,000
5,615,222
 
38,096,867
Idaho — 1.0%
Power County Industrial
Development Corp., Revenue
Bonds (FMC Corp. Project)
6.45
8/1/2032
5,000,000
5,017,632
9
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Illinois — 10.1%
Chicago, GO (Housing and
Economic Development
Projects) Ser. F
6.00
1/1/2055
1,500,000
1,572,442
Chicago, GO, Ser. A
5.00
1/1/2044
1,740,000
1,740,171
Chicago, GO, Ser. A
5.50
1/1/2049
305,000
306,700
Chicago, GO, Refunding, Ser. A
6.00
1/1/2038
3,000,000
3,021,932
Chicago Board of Education,
GO, Ser. A
6.25
12/1/2050
1,400,000
1,487,009
Chicago Board of Education,
GO, Ser. D
5.00
12/1/2046
2,000,000
1,897,567
Chicago Board of Education,
GO, Ser. H
5.00
12/1/2036
2,000,000
2,005,836
Chicago Board of Education,
GO, Refunding, Ser. A
5.00
12/1/2034
1,400,000
1,413,855
Chicago Board of Education,
GO, Refunding, Ser. B
5.50
12/1/2035
3,250,000
3,513,917
Chicago Midway International
Airport, Revenue Bonds,
Refunding, Ser. C
5.00
1/1/2041
1,550,000
1,635,275
Cook County Community
College District No. 508, GO
(City Colleges Of Chicago)
(Insured; Build America
Mutual)
5.50
12/1/2051
1,000,000
1,076,751
Illinois, GO, Ser. A
5.00
5/1/2038
3,400,000
3,482,545
Illinois, GO, Ser. C
5.00
11/1/2029
1,120,000
1,153,754
Illinois, GO, Ser. D
5.00
11/1/2028
2,025,000
2,086,054
Illinois, GO, Refunding, Ser. A
5.00
10/1/2029
1,100,000
1,150,579
Illinois, Revenue Bonds, Ser. C
5.00
6/15/2045
1,000,000
1,066,122
Illinois Finance Authority,
Revenue Bonds (Centerpoint
Joliet Terminal Railroad
Project)(a),(b)
4.80
7/2/2035
1,500,000
1,554,959
Illinois Finance Authority,
Revenue Bonds (Plymouth
Place Obligated Group) Ser.
A
6.63
5/15/2052
1,000,000
1,062,508
10
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Illinois — 10.1% (continued)
Metropolitan Pier & Exposition
Authority, Revenue Bonds
(McCormick Place Project)
(Insured; National Public
Finance Guarantee Corp.)
Ser. A(f)
0.00
12/15/2036
2,500,000
1,688,116
Metropolitan Pier & Exposition
Authority, Revenue Bonds,
Refunding (McCormick Place
Expansion Project)(f)
0.00
12/15/2054
21,800,000
5,465,493
Sales Tax Securitization Corp.,
Revenue Bonds, Refunding,
Ser. A
4.00
1/1/2038
1,000,000
1,000,974
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)
5.16
6/1/2048
3,000,000
2,699,493
Tender Option Bond Trust
Receipts (Series 2024-
XF3290), (Chicago Transit
Authority, Sales Tax
Revenue Bonds, Refunding,
Ser. A) Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
10.66
12/1/2049
5,800,000
6,032,505
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)
12.39
1/1/2053
3,600,000
3,771,019
 
51,885,576
Indiana — .9%
Indiana Finance Authority,
Revenue Bonds (Sustainable
Bond)(b),(c)
7.00
3/1/2039
5,525,000
552
11
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Indiana — .9% (continued)
Indiana Finance Authority,
Revenue Bonds, Refunding
(Marquette Project) Ser. A
5.00
3/1/2040
2,735,000
2,911,235
Indianapolis Local Public
Improvement Bond Bank,
Revenue Bonds (City Moral
Obligation) (Insured; Build
America Mutual) Ser. F1
5.25
3/1/2067
1,750,000
1,823,234
 
4,735,021
Iowa — .7%
Iowa Finance Authority,
Revenue Bonds, Refunding
(Iowa Fertilizer Co.
Project)(g)
5.00
12/1/2032
1,415,000
1,601,743
Iowa Student Loan Liquidity
Corp., Revenue Bonds, Ser. B
5.00
12/1/2031
2,000,000
2,130,771
 
3,732,514
Kentucky — .6%
Kentucky Public Energy
Authority, Revenue Bonds,
Ser. A(a)
5.00
7/1/2030
1,750,000
1,838,229
Kentucky Public Energy
Authority, Revenue Bonds,
Refunding, Ser. C
5.00
5/1/2036
1,250,000
1,318,167
 
3,156,396
Louisiana — 1.4%
Ernest N. Morial New Orleans
Exhibition Hall Authority,
Special Tax Bonds
5.50
7/15/2054
1,250,000
1,319,029
Louisiana Local Government
Environmental Facilities &
Community Development
Authority, Revenue Bonds,
Refunding (Westlake
Chemical Project)
3.50
11/1/2032
635,000
623,976
12
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Louisiana — 1.4% (continued)
Louisiana Public Facilities
Authority, Revenue Bonds
(I-10 Calcasieu River Bridge
Public-Private Partnership
Project)
5.75
9/1/2064
3,185,000
3,324,880
Louisiana Public Facilities
Authority, Revenue Bonds,
Refunding (Ochsner Clinic
Foundation Obligated
Group) Ser. A
5.50
5/15/2055
1,700,000
1,815,230
 
7,083,115
Maine — .4%
Finance Authority of Maine,
Revenue Bonds (University
of New England)
5.50
7/1/2055
1,750,000
1,863,270
Maryland — 1.6%
Maryland Economic
Development Corp., Revenue
Bonds (College Park
Leonardtown Project)
(Insured; Assured Guaranty
Corp.)
5.25
7/1/2064
1,000,000
1,032,426
Maryland Economic
Development Corp., Revenue
Bonds (Sustainable Bond)
(Purple Line Transit
Partners) Ser. B
5.25
6/30/2055
3,120,000
3,145,025
Maryland Economic
Development Corp., Tax
Allocation Bonds (Port
Covington Project)
4.00
9/1/2050
1,000,000
851,957
Maryland Health & Higher
Educational Facilities
Authority, Revenue Bonds
(Adventist Healthcare
Obligated Group) Ser. A
5.50
1/1/2046
3,250,000
3,270,832
 
8,300,240
Massachusetts — 4.8%
Lowell Collegiate Charter
School, Revenue Bonds
5.00
6/15/2054
1,620,000
1,558,422
13
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Massachusetts — 4.8% (continued)
Massachusetts Development
Finance Agency, Revenue
Bonds (Tufts University
Student Housing Project)
5.50
6/1/2050
1,000,000
1,072,554
Massachusetts Development
Finance Agency, Revenue
Bonds, Ser. T
4.00
3/1/2054
1,000,000
940,243
Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding (Beth
Israel Lahey Health
Obligated Group) Ser. N
5.50
7/1/2055
3,605,000
3,863,022
Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding (Boston
Medical Center Corp.
Obligated Group)
5.25
7/1/2052
1,500,000
1,516,820
Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding
(NewBridge
Charles Obligated Group)(b)
5.00
10/1/2057
750,000
745,839
Tender Option Bond Trust
Receipts (Series 2023-
XF1604), (Massachusetts
State Transportation Fund,
Revenue Bonds, Ser. B) Non-
Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
10.50
6/1/2053
14,000,000
14,628,461
 
24,325,361
Michigan — 4.9%
Detroit Downtown
Development Authority, Tax
Allocation Bonds, Refunding
(Catalyst Development
Project)
5.00
7/1/2048
1,115,000
1,162,176
Great Lakes Water Authority
Sewage Disposal System,
Revenue Bonds, Refunding,
Ser. C
5.00
7/1/2036
2,435,000
2,435,000
Michigan Finance Authority,
Revenue Bonds (Sustainable
Bond)
5.50
2/28/2057
2,700,000
2,801,360
14
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Michigan — 4.9% (continued)
Michigan Finance Authority,
Revenue Bonds, Refunding,
Ser. A2
5.00
6/1/2040
4,435,000
4,602,119
Michigan Housing
Development
Authority, Revenue Bonds,
Ser. C
5.05
6/1/2051
2,000,000
2,047,269
Tender Option Bond Trust
Receipts (Series 2024-
XM1171), (Michigan State
University, Revenue Bonds,
Refunding, Ser. A) Non-
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
11.71
8/15/2054
10,000,000
10,628,865
Wayne County Airport
Authority, Revenue Bonds,
Ser. A
5.50
12/1/2050
1,500,000
1,632,970
 
25,309,759
Minnesota — .4%
Duluth Economic Development
Authority, Revenue Bonds,
Refunding (Essentia Health
Obligated Group) Ser. A
5.00
2/15/2058
1,110,000
1,113,967
Woodbury, Revenue Bonds,
Refunding (Math &
Science Academy)(b)
5.50
6/1/2063
1,000,000
936,534
 
2,050,501
Missouri — 2.5%
St. Louis County Industrial
Development Authority,
Revenue Bonds (Friendship
Village St. Louis Obligated
Group) Ser. A
5.13
9/1/2048
2,025,000
2,033,092
St. Louis County Industrial
Development Authority,
Revenue Bonds (Friendship
Village St. Louis Obligated
Group) Ser. A
5.13
9/1/2049
2,975,000
2,983,701
St. Louis Land Clearance for
Redevelopment Authority,
Revenue Bonds (National
Geospatial Intelligence)
5.13
6/1/2046
3,260,000
3,261,497
15
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Missouri — 2.5% (continued)
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)
6.64
12/1/2053
3,000,000
2,881,289
The St. Louis Missouri
Industrial Development
Authority, Tax Allocation
Bonds (St. Louis Innovation
District Project)
4.38
5/15/2036
1,800,000
1,798,639
 
12,958,218
Montana — .2%
Montana Facility Finance
Authority, Revenue Bonds
(Benefis Health System
Obligated Group) Ser. A
5.50
2/15/2055
1,000,000
1,052,588
Nebraska — .2%
Omaha Public Power District,
Revenue Bonds, Ser. A
4.00
2/1/2051
1,000,000
942,640
Nevada — 1.2%
Clark County School District,
GO (Insured; Assured
Guaranty Corp.) Ser. A
4.25
6/15/2041
3,745,000
3,808,693
Reno, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Corp.)
4.00
6/1/2058
2,750,000
2,473,513
 
6,282,206
New Hampshire — .7%
New Hampshire Business
Finance Authority, Revenue
Bonds (The Wildflower
Project)(b),(f)
0.00
12/15/2033
1,300,000
831,999
16
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
New Hampshire — .7% (continued)
New Hampshire Business
Finance Authority, Revenue
Bonds (Winston-Salem
Sustainable Energy
Partners) Ser. A
5.50
6/1/2050
1,000,000
1,061,553
New Hampshire Business
Finance Authority, Revenue
Bonds, Ser. 1
4.25
7/20/2041
1,498,287
1,470,785
 
3,364,337
New Jersey — 3.3%
New Jersey Economic
Development Authority,
Revenue Bonds (Repauno
Port & Rail Terminal
Project)(b)
6.63
1/1/2045
1,000,000
1,060,281
New Jersey Economic
Development Authority,
Revenue Bonds, Refunding,
Ser. XX
5.25
6/15/2027
1,855,000
1,857,591
New Jersey Higher Education
Student Assistance
Authority, Revenue Bonds,
Refunding, Ser. A
5.00
12/1/2032
1,275,000
1,385,360
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds
5.00
6/15/2044
2,000,000
2,129,508
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds(g)
5.50
12/15/2032
2,700,000
3,149,867
Tender Option Bond Trust
Receipts (Series 2025-
XF3423), (New Jersey
Turnpike Authority,
Revenue Bonds, Ser. A)
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
11.70
1/1/2055
4,600,000
4,959,269
Tobacco Settlement Financing
Corp., Revenue Bonds,
Refunding, Ser. B
5.00
6/1/2046
2,145,000
2,116,611
 
16,658,487
17
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
New York — 8.5%
Build New York City Resource
Corp., Revenue Bonds
(Riverspring Health Senior
Living, Inc. Project) Ser. A(b)
7.00
12/15/2065
4,200,000
4,276,102
Build New York City Resource
Corp., Revenue Bonds (The
Nightingale-Bamford School
Project)
5.00
7/1/2040
1,000,000
1,101,666
Build New York City Resource
Corp., Revenue Bonds (The
Renaissance Charter School
2 Project) Ser. A
5.50
6/15/2050
1,250,000
1,259,556
Build New York City Resource
Corp., Revenue Bonds (Zeta
Charter Schools, Inc. Project)
Ser. A(b)
5.63
6/1/2061
2,000,000
2,018,969
New York Convention Center
Development Corp., Revenue
Bonds (Hotel Unit Fee)
(Insured; Assured Guaranty
Corp.) Ser. B(f)
0.00
11/15/2052
7,825,000
2,201,094
New York Energy Finance
Development Corp., Revenue
Bonds(a)
5.00
12/1/2033
2,000,000
2,067,828
New York State Dormitory
Authority, Revenue Bonds,
Refunding (Montefiore
Obligated Group) Ser. A
4.00
9/1/2050
1,000,000
851,525
New York Transportation
Development Corp., Revenue
Bonds (Delta Air Lines)
4.00
1/1/2036
1,000,000
1,000,231
New York Transportation
Development Corp., Revenue
Bonds (John F. Kennedy
International Airport New
Terminal One Project)
(Insured; Assured Guaranty
Corp.)
6.00
6/30/2060
3,700,000
3,988,198
New York Transportation
Development Corp., Revenue
Bonds (John F. Kennedy
International Airport
Terminal)
5.00
12/1/2040
3,535,000
3,705,619
18
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
New York — 8.5% (continued)
New York Transportation
Development Corp., Revenue
Bonds (LaGuardia Airport
Terminal B Redevelopment
Project)
5.63
4/1/2040
1,000,000
1,068,935
Tender Option Bond Trust
Receipts (Series 2022-
XM1004), (Metropolitan
Transportation Authority,
Revenue Bonds, Refunding
(Sustainable Bond) (Insured;
Assured Guaranty Corp.) Ser.
C) Non-Recourse,
Underlying Coupon Rate
4.00%(b),(d),(e)
4.77
11/15/2047
6,300,000
5,772,109
Tender Option Bond Trust
Receipts (Series 2024-
XM1174), (New York State
Transportation
Development Corp., Revenue
Bonds (Sustainable Bond)
(John F. Kennedy
International Airport
Terminal One Project)
(Insured; Assured Guaranty
Corp.)) Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
11.23
6/30/2060
3,730,000
3,811,880
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 Corp.)) Recourse,
Underlying Coupon Rate
5.25%(b),(d),(e)
11.23
12/31/2054
3,800,000
3,936,573
19
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
New York — 8.5% (continued)
Tender Option Bond Trust
Receipts (Series 2025-
XF8040), (Long Island
Power Authority, Revenue
Bonds, Ser. A) Non-
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
11.42
9/1/2050
3,600,000
3,876,397
Tender Option Bond Trust
Receipts (Series 2026-
XM1355), (New York Power
Authority, Revenue Bonds,
Ser. A) Non-Recourse,
Underlying Coupon Rate
4.00%(b),(d),(e)
5.17
11/15/2061
3,000,000
2,678,578
 
43,615,260
North Carolina — 3.6%
Nash Health Care Systems,
Revenue Bonds
5.75
2/1/2050
2,000,000
2,167,036
North Carolina Medical Care
Commission, Revenue Bonds
(Carolina Meadows
Obligated Group)
5.25
12/1/2049
2,750,000
2,858,289
North Carolina Medical Care
Commission, Revenue Bonds
(Deerfield Episcopal
Retirement Community
Project) Ser. A
5.00
11/1/2040
1,000,000
1,076,976
North Carolina Medical Care
Commission, Revenue Bonds
(The United Methodist
Retirement Homes) Ser. A
5.13
10/1/2054
1,250,000
1,263,687
20
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
North Carolina — 3.6% (continued)
North Carolina Medical Care
Commission, Revenue
Bonds, Refunding (Lutheran
Services for the Aging
Obligated Group)
4.00
3/1/2051
2,300,000
2,005,944
Tender Option Bond Trust
Receipts (Series 2022-
XF1352), (North Carolina
State Medical Care
Commission Health Care
Facilities, Revenue Bonds
(Novant Health Obligated
Group) Ser. A) Non-
Recourse, Underlying
Coupon Rate 4.00%(b),(d),(e)
4.75
11/1/2052
10,000,000
9,062,705
 
18,434,637
Ohio — 4.6%
Buckeye Tobacco Settlement
Financing Authority,
Revenue Bonds, Refunding,
Ser. B2
5.00
6/1/2055
11,055,000
8,672,132
Canal Winchester Local School
District, GO, Refunding
(Insured; National Public
Finance Guarantee Corp.)(f)
0.00
12/1/2029
3,955,000
3,557,982
Canal Winchester Local School
District, GO, Refunding
(Insured; National Public
Finance Guarantee Corp.)(f)
0.00
12/1/2031
3,955,000
3,305,799
Cuyahoga County, Revenue
Bonds, Refunding (The
MetroHealth System)
5.00
2/15/2052
2,000,000
1,916,905
Hamilton County, Revenue
Bonds, Refunding (Life
Enriching Communities
Project)
5.50
1/1/2055
750,000
772,712
21
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Ohio — 4.6% (continued)
Port of Greater Cincinnati
Development Authority,
Revenue Bonds, Refunding
(Duke Energy Co.) (Insured;
Assured Guaranty Corp.) Ser.
B
4.38
12/1/2058
725,000
699,416
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)
10.70
6/1/2049
4,525,000
4,733,715
 
23,658,661
Oklahoma — 1.3%
Oklahoma Development
Finance Authority, Revenue
Bonds (OU Medicine Project)
Ser. B
5.50
8/15/2057
1,500,000
1,506,894
Tender Option Bond Trust
Receipts (Series 2026-
XM1369), (Water &
Wastewater, Revenue Bonds,
Refunding), Non-Recourse,
Underlying Coupon Rate
5.25%(b),(d),(e)
11.57
7/1/2059
3,600,000
3,823,983
Trustees of the Tulsa Municipal
Airport Trust, Revenue
Bonds, Refunding (American
Airlines, Inc. Project)
6.25
12/1/2035
1,000,000
1,133,688
 
6,464,565
Oregon — .3%
Port of Portland, Revenue
Bonds, Refunding
(Sustainable Bond) Ser. 29
5.50
7/1/2048
1,250,000
1,326,841
Pennsylvania — 4.6%
Clairton Municipal Authority,
Revenue Bonds, Refunding,
Ser. B
5.00
12/1/2034
1,000,000
1,096,199
22
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Pennsylvania — 4.6% (continued)
Pennsylvania Economic
Development Financing
Authority, Revenue Bonds
(The Penndot Major
Bridges)
6.00
6/30/2061
3,000,000
3,196,338
Pennsylvania Higher
Educational Facilities
Authority, Revenue Bonds,
Refunding (University of
Sciences in Philadelphia)
5.00
11/1/2036
1,060,000
1,060,459
Pennsylvania Turnpike
Commission, Revenue
Bonds, Ser. A
4.00
12/1/2050
1,500,000
1,376,089
Philadelphia, Revenue Bonds,
Refunding (Private Activity)
5.00
7/1/2027
4,300,000
4,394,460
Philadelphia Housing
Authority, Revenue Bonds
(PHADC Acquisition
Program) Ser. A
5.25
3/1/2045
2,500,000
2,645,701
Tender Option Bond Trust
Receipts (Series 2023-
XF1525), (Pennsylvania
Economic Development
Financing Authority,
Revenue Bonds (University
of Pittsburgh Medical
Center) Ser. A) Recourse,
Underlying Coupon Rate
4.00%(b),(d),(e)
4.69
5/15/2053
4,000,000
3,607,476
Tender Option Bond Trust
Receipts (Series 2023-
XM1133), (Philadelphia
Water & Wastewater,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Corp.) Ser. B) Non-Recourse,
Underlying Coupon Rate
5.50%(b),(d),(e)
12.31
9/1/2053
5,820,000
6,257,477
 
23,634,199
23
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Rhode Island — 1.5%
Rhode Island Health and
Educational Building Corp.,
Revenue Bonds (PRG - RI
Properties LLC) (Insured;
Assured Guaranty Corp.) Ser.
A
5.00
7/1/2065
2,000,000
2,010,810
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)
7.36
10/1/2048
6,000,000
5,841,209
 
7,852,019
South Carolina — 4.0%
South Carolina Jobs-Economic
Development Authority,
Revenue Bonds, Refunding
(Bon Secours Mercy Health)
4.00
12/1/2044
2,360,000
2,258,010
South Carolina Public Service
Authority, Revenue Bonds,
Refunding (Santee Cooper)
Ser. A
4.00
12/1/2055
2,600,000
2,329,305
Tender Option Bond Trust
Receipts (Series 2024-
XM1175), (South Carolina
Public Service Authority,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Corp.) Ser. B) Non-Recourse,
Underlying Coupon Rate
5.00%(b),(d),(e)
8.49
12/1/2054
15,000,000
15,625,326
 
20,212,641
24
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
South Dakota — .9%
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)
10.70
7/1/2046
4,720,000
4,737,348
Texas — 8.6%
Arlington Higher Education
Finance Corp., Revenue
Bonds (BASIS Texas Charter
Schools)(b)
4.88
6/15/2054
1,100,000
1,021,483
Arlington Higher Education
Finance Corp., Revenue
Bonds (BASIS Texas Charter
Schools)(b)
5.00
6/15/2064
1,400,000
1,294,150
Arlington Higher Education
Finance Corp., Revenue
Bonds (Uplift Education)
(Insured; Permanent School
Fund Guarantee Program)
Ser. A
4.25
12/1/2053
1,500,000
1,405,180
Clifton Higher Education
Finance Corp., Revenue
Bonds (IDEA Public Schools)
Ser. A
4.00
8/15/2047
3,100,000
2,727,365
Clifton Higher Education
Finance Corp., Revenue
Bonds (Uplift Education)
Ser. A
4.50
12/1/2044
2,500,000
2,418,981
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
899,764
25
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Texas — 8.6% (continued)
Clifton Higher Education
Finance Corp., Revenue
Bonds, Refunding
(International Leadership of
Texas, Inc.) (Insured;
Permanent School Fund
Guarantee Program) Ser. A
4.25
8/15/2053
900,000
835,612
Dallas Independent School
District, GO, Refunding
(Insured; Permanent School
Fund Guarantee Program)
4.00
2/15/2054
2,250,000
2,072,754
El Paso County Hospital
District, GO (El Paso County)
(Insured; Assured Guaranty
Corp.)
5.50
2/15/2050
1,500,000
1,608,693
Fort Bend County Toll Road,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Corp.)
4.25
3/1/2054
2,500,000
2,356,073
Grand Parkway Transportation
Corp., Revenue Bonds,
Refunding
4.00
10/1/2049
1,000,000
915,410
Harris County-Houston Sports
Authority, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Corp.) Ser. A(f)
0.00
11/15/2050
6,500,000
1,963,478
Houston Airport System,
Revenue Bonds, (United
Airlines) Ser. B
5.50
7/15/2039
3,000,000
3,207,109
Houston Airport System,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Corp.) Ser. A
4.50
7/1/2053
2,180,000
2,153,157
Houston Airport System,
Revenue Bonds, Refunding
(United Airlines, Inc.
Terminal Improvement
Projects) Ser. B
5.50
7/15/2035
1,500,000
1,623,849
Houston Airport System,
Revenue Bonds, Refunding,
Ser. A
4.00
7/1/2046
1,610,000
1,514,470
26
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Texas — 8.6% (continued)
Lamar Consolidated
Independent School District,
GO
4.00
2/15/2053
1,235,000
1,129,029
Mission Economic
Development Corp., Revenue
Bonds (Graphic Packaging
International, LLC Project)(a)
5.00
6/1/2030
1,000,000
1,037,543
Port of Beaumont Navigation
District, Revenue Bonds
(Jefferson Gulf Coast Energy
Project) Ser. A(b)
5.25
1/1/2054
1,500,000
1,403,732
Tender Option Bond Trust
Receipts (Series 2023-
XM1125), (Medina Valley
Independent School District,
GO (Insured; Permanent
School Fund Guarantee
Program)) Non-Recourse,
Underlying Coupon Rate
4.00%(b),(d),(e)
5.98
2/15/2053
7,500,000
6,944,110
Texas Municipal Gas
Acquisition & Supply Corp.
IV, Revenue Bonds, Ser. B(a)
5.50
1/1/2034
4,000,000
4,375,600
Waxahachie Independent
School District, GO (Insured;
Permanent School Fund
Guarantee Program)
4.25
2/15/2053
1,025,000
994,854
 
43,902,396
U.S. Related — 1.1%
Guam Housing Corp., Revenue
Bonds (Insured; Federal
Home Loan Mortgage Corp.)
Ser. A
5.75
9/1/2031
595,000
596,662
Puerto Rico, GO, Ser. A(f)
0.00
7/1/2033
381,733
280,112
Puerto Rico, GO, Ser. A1
4.00
7/1/2033
296,629
300,683
Puerto Rico, GO, Ser. A1
4.00
7/1/2035
266,630
269,178
Puerto Rico, GO, Ser. A1
4.00
7/1/2037
228,839
229,805
Puerto Rico, GO, Ser. A1
4.00
7/1/2041
311,133
303,312
Puerto Rico, GO, Ser. A1
4.00
7/1/2046
323,574
296,815
Puerto Rico, GO, Ser. A1
5.63
7/1/2027
327,370
333,541
27
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
U.S. Related — 1.1% (continued)
Puerto Rico, GO, Ser. A1
5.63
7/1/2029
2,356,059
2,494,599
Puerto Rico, GO, Ser. A1
5.75
7/1/2031
312,813
341,529
 
5,446,236
Utah — 3.2%
Downtown Daybreak Public
Infrastructure District No. 1,
Tax Allocation Bonds(b)
5.88
3/1/2051
1,000,000
1,026,454
High Star Ranch Infrastructure
Financing District, Special
Assessment Bonds (High
Star Ranch Assessment
Area)(b)
6.25
12/1/2055
5,135,000
5,251,014
Mida Cormont Public
Infrastructure District, GO,
Ser. A2(b),(h)
6.75
6/1/2055
2,535,000
2,240,814
Mida Mountain Village Public
Infrastructure District, Tax
Allocation Bonds, Ser. 1(b)
5.50
6/1/2050
1,000,000
1,028,391
Pine View Public Infrastructure
District No. 2, Special
Assessment Bonds (Firelight
Assessment Area No. 1)(b)
6.25
12/1/2055
1,175,000
1,203,002
Point Phase 1 Public
Infrastructure District No. 1,
Revenue Bonds, Ser. A1
6.13
3/1/2055
1,000,000
1,049,786
Resort Core Public
Infrastructure District No. 1,
GO, Ser. B
8.25
3/15/2057
1,250,000
1,278,302
Utah City West Public
Infrastructure District No. 1,
Special Assessment Bonds
(Utah City West Assessment
Area No. 1)(b)
5.88
12/1/2055
1,000,000
1,027,753
Utah Infrastructure Agency,
Revenue Bonds, Refunding,
Ser. A
5.00
10/15/2037
2,345,000
2,352,154
 
16,457,670
28
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Virginia — 2.5%
Tender Option Bond Trust
Receipts (Series 2018-
XM0593), (Hampton Roads
Transportation
Accountability Commission,
Revenue Bonds) Non-
Recourse, Underlying
Coupon Rate 5.50%(b),(d),(e)
12.28
7/1/2057
7,500,000
7,835,295
Virginia Small Business
Financing Authority,
Revenue Bonds (Transform
66 P3 Project)
5.00
12/31/2052
4,025,000
4,025,853
Williamsburg Economic
Development Authority,
Revenue Bonds (William &
Mary Project) (Insured;
Assured Guaranty Corp.) Ser.
A
4.13
7/1/2058
740,000
720,751
 
12,581,899
Washington — 1.8%
Tender Option Bond Trust
Receipts (Series 2026-
XM1368), (Washington
Housing Finance
Commission (Single Family
Program) Ser. 1N) Recourse,
Underlying Coupon Rate
4.80%(b),(d),(e)
9.88
12/1/2051
5,055,000
5,079,475
Washington Housing Finance
Commission, Revenue
Bonds, Refunding (Horizon
House Project) Ser. B3
4.38
1/1/2033
1,000,000
1,004,748
Washington Housing Finance
Commission, Revenue
Bonds, Refunding
(Presbyterian Retirement
Communities Northwest
Obligated Group) Ser. A(b)
5.00
1/1/2051
3,200,000
3,043,124
 
9,127,347
29
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
West Virginia — .8%
West Virginia Hospital Finance
Authority, Revenue Bonds
(West Virginia University
Health System Obligated
Group) Ser. A
5.50
6/1/2050
4,000,000
4,276,335
Wisconsin — 6.8%
Public Finance Authority,
Revenue Bonds(b)
5.00
7/1/2055
1,000,000
937,125
Public Finance Authority,
Revenue Bonds (EMU
Campus Living) (Insured;
Build America Mutual) Ser.
A1
5.50
7/1/2052
2,500,000
2,618,439
Public Finance Authority,
Revenue Bonds (EMU
Campus Living) (Insured;
Build America Mutual) Ser.
A1
5.63
7/1/2055
2,035,000
2,136,430
Public Finance Authority,
Revenue Bonds (Georgia SR
400 Express Lanes Project)
6.50
12/31/2065
4,565,000
5,110,725
Public Finance Authority,
Revenue Bonds (Heritage
Bend Project)(b),(f)
0.00
12/15/2042
6,000,000
1,904,956
Public Finance Authority,
Revenue Bonds (Pinecrest
Academy Springs Campus
Project) Ser. A(b)
4.00
7/15/2033
2,000,000
1,997,042
Public Finance Authority,
Revenue Bonds (Roseman
University of Health
Sciences)(b),(g)
5.00
4/1/2030
45,000
48,424
Public Finance Authority,
Revenue Bonds
(Southminster Obligated
Group)(b)
5.00
10/1/2053
2,015,000
1,933,011
Public Finance Authority,
Revenue Bonds, Ser. 1
5.75
7/1/2062
4,512,024
4,722,974
Public Finance Authority,
Revenue Bonds, Refunding
(Kahala Nui Project)
5.25
11/15/2061
1,500,000
1,534,068
30
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 125.8% (continued)
Wisconsin — 6.8% (continued)
Public Finance Authority,
Revenue Bonds, Refunding
(Legacy Hills Project)(b)
6.00
11/15/2045
2,550,000
2,554,598
Public Finance Authority,
Revenue Bonds, Refunding
(Lindenwood Education
System) Ser. A(b)
5.50
6/1/2040
1,750,000
1,843,593
Public Finance Authority,
Revenue Bonds, Refunding
(Mary’s Woods at
Marylhurst Project)(b)
5.25
5/15/2047
750,000
751,296
Public Finance Authority,
Revenue Bonds, Refunding
(Triad Educational Services,
Inc.)
5.25
6/15/2065
2,000,000
1,876,017
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds
(Bellin Memorial Hospital
Obligated Group)
5.50
12/1/2052
1,250,000
1,333,801
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds,
Refunding (Hospital Sisters
Credit Group) Ser. A
5.50
8/15/2048
1,500,000
1,620,100
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds,
Refunding (St.
Camillus Health System
Obligated Group)
5.00
11/1/2046
2,000,000
1,950,471
 
34,873,070
Total Investments (cost $648,789,432)
 
    125.8%
 644,732,983
Liabilities, Less Cash and Receivables
 
    (25.8%)
(132,138,343)
Net Assets Applicable to Common Stockholders
    100.0%
 512,594,640
 
GNMA—Government National Mortgage Association
31
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
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
June 30, 2026, these securities amounted to $280,536,341 or 54.7% of net assets applicable to Common
Stockholders.
(c)
Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The
aggregate value of these securities at June 30, 2026 was $7,322, which represented .0% of net assets.
(d)
These bonds serve as collateral in a secured borrowings. The coupon rate given represents the current interest
rate for the inverse floating rate security.
(e)
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.
(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.
(h)
Multi-coupon. Zero coupon until a specified date at which time the stated coupon rate becomes effective
until maturity.
See notes to schedule of investments.
32
Schedule of Investments
BNY Mellon Strategic Municipals, Inc.
June 30, 2026 (Unaudited)
The following is a summary of the inputs used as of June 30, 2026 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
—
644,732,983
—
644,732,983
 
—
644,732,983
—
644,732,983
Liabilities ($)
Other Financial
Instruments:
Inverse Floater
Notes††
—
(139,160,000)
—
(139,160,000)
 
—
(139,160,000)
—
(139,160,000)
 
†
See Schedule 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.
33
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:
Investments in municipal securities and instruments generally will be valued, to the extent possible, by one or more independent pricing services (the “Service”). When, in the judgment of the Service, quoted bid prices for investments are readily available and are representative of the bid side of the market, these investments are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities)
34
and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). The value of other municipal securities and instruments is determined by the Service based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the Board. Overnight and certain other short-term debt securities and instruments (excluding Treasury bills) will be valued by the amortized cost method, which approximates fair value, unless a Service provides a valuation for such security or, in the opinion of the board or a committee or other persons designated by the Board, such as the Adviser, the amortized cost method would not represent fair value. These securities are generally categorized within Level 2 of the fair value hierarchy.
Restricted securities, as well as securities or other assets for which recent market quotations or official closing prices are not readily available or are determined not to reflect accurately fair value (such as when the value of a security has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value (“NAV”)), or which are not valued by the Service, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments is determined by the Adviser, as the fund’s valuation designee pursuant to Rule 2a-5 under the Act, using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include 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. Using fair value to price investments may result in a value that is different from a security’s most recent closing price and from the prices used by other mutual funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
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
35
financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“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 June 30, 2026, accumulated net unrealized depreciation on investments was $4,056,449, consisting of $18,204,954 gross unrealized appreciation and $22,261,403 gross unrealized depreciation.
At June 30, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule 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.
36