SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
 
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1%
Alabama — 7.2%
Alabama Special Care Facilities
Financing Authority,
Revenue Bonds (Methodist
Home for the Aging
Obligated Group)
5.50
6/1/2030
1,480,000
1,480,812
Alabama Special Care Facilities
Financing Authority,
Revenue Bonds (Methodist
Home for the Aging
Obligated Group)
6.00
6/1/2050
2,710,000
2,597,912
Baldwin County Industrial
Development Authority,
Revenue Bonds (Novelis
Corporation Project) Ser.
A(a),(b)
4.30
3/1/2033
1,000,000
986,910
Baldwin County Industrial
Development Authority,
Revenue Bonds (Novelis
Corporation Project) Ser.
A(a),(b)
5.00
6/1/2032
750,000
769,386
Black Belt Energy Gas District,
Revenue Bonds (Gas Project)
Ser. J
5.00
11/1/2036
1,000,000
1,034,183
Black Belt Energy Gas District,
Revenue Bonds (Gas Project)
Ser. K
5.00
10/1/2033
4,000,000
4,149,762
Black Belt Energy Gas District,
Revenue Bonds, Ser. D(a)
5.00
11/1/2034
1,500,000
1,562,336
Black Belt Energy Gas District,
Revenue Bonds, Refunding
(Gas Project) Ser. D1(a)
5.50
2/1/2029
4,625,000
4,827,284
Jefferson County, Revenue
Bonds, Refunding
5.50
10/1/2053
2,500,000
2,573,163
Southeast Energy Authority A
Cooperative District,
Revenue Bonds, Ser. B(a)
5.25
6/1/2032
1,000,000
1,048,777
Southeast Energy Authority A
Cooperative District,
Revenue Bonds, Ser. C(a)
5.00
2/1/2031
4,560,000
4,795,133
 
25,825,658
1
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Alaska — .7%
Northern Tobacco
Securitization Corp.,
Revenue Bonds, Refunding,
Ser. A
4.00
6/1/2050
2,900,000
2,435,289
Arizona — 2.4%
Arizona Industrial
Development Authority,
Revenue Bonds (Legacy
Cares Project)(b),(c)
7.75
7/1/2050
4,305,000
4,305
Arizona Industrial
Development Authority,
Revenue Bonds (Sustainable
Bond) (Equitable School
Revolving Fund Obligated
Group) Ser. A
4.00
11/1/2045
1,320,000
1,190,025
Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
A(b)
5.25
7/1/2047
2,000,000
1,923,736
Maricopa County Industrial
Development Authority,
Revenue Bonds, Refunding
(Legacy Traditional Schools
Project)(b)
5.00
7/1/2049
1,775,000
1,603,385
Maricopa County Industrial
Development Authority,
Revenue Bonds, Refunding
(LOC; J.P. Morgan Chase
Bank NA) (Honor Health)
Ser. B(d)
2.60
12/1/2048
400,000
400,000
Sierra Vista Industrial
Development Authority,
Revenue Bonds (American
Leadership Academy)(b)
5.00
6/15/2059
750,000
598,833
The Phoenix Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Projects) Ser.
A(b)
5.00
7/1/2046
3,000,000
2,829,068
 
8,549,352
2
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Arkansas — .8%
Arkansas Development
Finance Authority, Revenue
Bonds (Sustainable Bond)
(U.S. Steel Corp.)
5.70
5/1/2053
1,900,000
1,937,371
Arkansas Development
Finance Authority, Revenue
Bonds (Sustainable Bond)
(U.S. Steel Corp.)
5.45
9/1/2052
1,000,000
1,009,336
 
2,946,707
California — 4.0%
California Community Choice
Financing
Authority, Revenue Bonds
(Sustainable Bond) (Clean
Energy Project) Ser. D(a)
5.00
9/1/2032
1,000,000
1,069,602
California Municipal Finance
Authority, Revenue Bonds
(Cabrillo College Project)
Ser. A(b)
5.38
7/1/2050
1,750,000
1,725,160
California Municipal Finance
Authority, Revenue Bonds
(United Airlines Project)
4.00
7/15/2029
1,000,000
1,005,136
California Statewide
Communities Development
Authority, Revenue Bonds
(HR Ontario Hotel Project)
Ser. A(b)
6.25
9/2/2061
1,000,000
1,016,242
San Diego County Regional
Airport Authority, Revenue
Bonds, Ser. B
5.50
7/1/2055
1,000,000
1,041,211
Southern California Public
Power Authority, Revenue
Bonds (Sustainable Bond)
(Clean Energy Project) Ser. A
5.00
11/1/2033
2,500,000
2,631,424
Tender Option Bond Trust
Receipts (Series 2023-
XM1114), (Long Beach Bond
Finance Authority, Revenue
Bonds) Non-Recourse,
Underlying Coupon Rate
4.00%(b),(d),(e)
4.83
8/1/2053
6,400,000
5,790,431
 
14,279,206
3
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Colorado — 4.6%
Colorado Health Facilities
Authority, Revenue Bonds
(CommonSpirit Health
Obligated Group)
5.25
11/1/2052
1,000,000
1,015,662
Colorado Health Facilities
Authority, Revenue Bonds,
Refunding (Covenant Living
Communities & Services
Obligated Group) Ser. A
4.00
12/1/2050
4,000,000
3,333,425
Colorado University Research
Foundation, Revenue Bonds
(The Prospect Project) Ser.
A(b)
5.25
3/1/2045
850,000
851,324
Dominion Water & Sanitation
District, Revenue Bonds,
Refunding
5.88
12/1/2052
2,250,000
2,290,676
Kinston Metropolitan District
No. 5, GO, Refunding, Ser.
A(b)
5.75
12/1/2055
750,000
751,620
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)
7.96
8/1/2044
3,260,000
3,555,173
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)
5.48
11/15/2048
5,535,000
4,861,689
 
16,659,569
4
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
District of Columbia — 1.0%
District of Columbia, Revenue
Bonds, Refunding (The
Catholic University of
America) Ser. A
5.75
10/1/2055
2,265,000
2,342,686
Metropolitan Washington
Airports Authority, Revenue
Bonds, Refunding
(Dulles Metrorail) Ser. B
4.00
10/1/2049
1,500,000
1,274,633
 
3,617,319
Florida — 7.6%
Atlantic Beach, Revenue Bonds
(Fleet Landing Project) Ser.
A
5.00
11/15/2053
2,440,000
2,329,847
Collier County Industrial
Development Authority,
Revenue Bonds (NCH
Healthcare System)
(Insured; Assured Guaranty
Corp.) Ser. A
5.00
10/1/2054
2,000,000
1,985,815
Florida Development Finance
Corp., Revenue Bonds,
Refunding (Brightline
Florida Passenger Rail
Project) (Insured; Assured
Guaranty Corp.)
5.25
7/1/2053
1,775,000
1,734,355
Florida Housing Finance Corp.,
Revenue Bonds (Insured;
GNMA, FNMA, FHLMC) Ser. 1
4.40
7/1/2044
1,990,000
1,925,682
Florida Local Government
Finance Commission,
Revenue Bonds (Bridgeprep
Academy Projects) Ser. A(b)
6.25
6/15/2055
2,000,000
2,024,862
Florida Local Government
Finance Commission,
Revenue Bonds (Fleet
Landing at Nocatee Project)
Ser. A(b)
6.63
11/15/2045
1,000,000
1,066,433
Greater Orlando Aviation
Authority, Revenue Bonds,
Ser. A
4.00
10/1/2049
4,065,000
3,464,072
5
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Florida — 7.6% (continued)
Hillsborough County Industrial
Development Authority,
Revenue Bonds, Refunding
(BayCare Obligated Group)
Ser. C
4.13
11/15/2051
1,000,000
894,436
Lee County Industrial
Development Authority,
Revenue Bonds, Refunding,
Ser. 1
4.00
4/1/2049
1,600,000
1,371,183
Miami-Dade County Water &
Sewer System, Revenue
Bonds (Insured; Build
America Mutual)
4.00
10/1/2051
1,500,000
1,318,144
Palm Beach County Health
Facilities Authority, Revenue
Bonds, Refunding (Lifespace
Communities Obligated
Group) Ser. C
7.63
5/15/2058
1,000,000
1,100,060
Seminole County Industrial
Development Authority,
Revenue Bonds, Refunding
(Legacy Pointe at UCF
Project)
5.75
11/15/2054
1,000,000
936,661
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)
4.80
10/1/2049
7,500,000
6,611,898
Village Community
Development District No. 15,
Special Assessment Bonds(b)
4.80
5/1/2055
630,000
584,298
 
27,347,746
Georgia — 8.6%
Atlanta Department of
Aviation, Revenue Bonds,
Refunding, Ser. B2
5.25
7/1/2038
1,365,000
1,481,099
Georgia Municipal Electric
Authority, Revenue Bonds
(Plant Vogtle Units
3&4 Project) Ser. A
5.00
7/1/2052
1,900,000
1,886,650
6
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Georgia — 8.6% (continued)
Main Street Natural Gas, Inc.,
Revenue Bonds, Ser. D(a)
5.00
4/1/2031
1,000,000
1,051,005
Savannah Georgia Convention
Center Authority, Revenue
Bonds (Insured; Assured
Guaranty Corp.) (Convention
Center Hotel) Ser. C
5.25
6/1/2041
575,000
613,641
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)
8.73
10/1/2043
6,000,000
6,003,379
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)
6.61
7/1/2044
4,220,000
4,310,876
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)
8.59
1/1/2059
2,720,000
2,669,082
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)
9.79
7/1/2050
2,400,000
2,447,831
Tender Option Bond Trust
Receipts (Series 2026-
XF3541), (Revenue Bonds,
Refunding), Recourse,
Underlying Coupon Rate
5.00%(b),(d),(e)
8.48
9/1/2036
5,300,000
5,493,170
7
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Georgia — 8.6% (continued)
Tender Option Bond Trust
Receipts (Series 2026-
XF8152), (Atlanta, Revenue
Bonds, Refunding
(Sustainability Bonds)) Non-
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
9.89
11/1/2056
3,900,000
4,080,735
The Atlanta Development
Authority, Revenue Bonds,
Ser. A1
5.25
7/1/2040
1,000,000
1,000,772
 
31,038,240
Illinois — 12.4%
Chicago, GO (Housing and
Economic Development
Projects) Ser. F
6.00
1/1/2055
1,000,000
1,022,902
Chicago, GO, Ser. A
5.00
1/1/2044
1,400,000
1,332,029
Chicago, GO, Refunding, Ser. A
6.00
1/1/2038
3,000,000
3,009,900
Chicago Board of Education,
GO, Ser. A
6.25
12/1/2050
1,000,000
1,016,983
Chicago Board of Education,
GO, Refunding, Ser. A
5.00
12/1/2033
1,250,000
1,256,088
Chicago Board of Education,
GO, Refunding, Ser. B
5.50
12/1/2035
2,250,000
2,365,905
Chicago Midway International
Airport, Revenue Bonds,
Refunding, Ser. C
5.00
1/1/2040
1,500,000
1,543,516
Illinois, GO, Ser. A
5.00
5/1/2038
1,850,000
1,876,404
Illinois, GO, Ser. B
5.00
11/1/2030
1,250,000
1,315,711
Illinois, GO, Ser. D
5.00
11/1/2028
3,000,000
3,071,381
Illinois, Revenue Bonds, Ser. C
5.00
6/15/2045
1,000,000
1,019,768
Illinois Finance Authority,
Revenue Bonds (Centerpoint
Joliet Terminal Railroad
Project)(a),(b)
4.80
7/2/2035
2,000,000
2,036,920
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
1,633,451
8
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Illinois — 12.4% (continued)
Sales Tax Securitization Corp.,
Revenue Bonds, Refunding,
Ser. A
4.00
1/1/2039
2,000,000
1,893,567
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)
4.39
6/1/2048
2,625,000
2,273,616
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)
8.70
12/1/2049
4,200,000
4,240,100
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)
10.37
1/1/2053
2,860,000
2,937,456
Tender Option Bond Trust
Receipts (Series 2026-
XM1354), (Chicago, Revenue
Bonds (Wastewater
Trasmission Project) Ser. A)
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
11.09
1/1/2058
10,650,000
10,855,113
 
44,700,810
Indiana — 1.1%
Indiana Finance Authority,
Revenue Bonds (Sustainable
Bond)(b),(c)
7.00
3/1/2039
4,025,000
402
Indiana Finance Authority,
Revenue Bonds, Refunding
(Marquette Project) Ser. A
5.00
3/1/2040
1,985,000
2,042,580
9
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Indiana — 1.1% (continued)
Indianapolis Local Public
Improvement Bond Bank,
Revenue Bonds (City Moral
Obligation) (Insured; Build
America Mutual) Ser. F1
5.25
3/1/2067
1,250,000
1,272,618
Valparaiso, Revenue Bonds,
Refunding (Pratt Paper
(IN) LLC Project)(b)
5.00
1/1/2054
750,000
722,166
 
4,037,766
Kentucky — 1.4%
Christian County, Revenue
Bonds, Refunding (Jennie
Stuart Medical Center
Obligated Group)
5.50
2/1/2044
2,800,000
2,800,165
Kentucky Public Energy
Authority, Revenue Bonds,
Ser. A(a)
5.00
7/1/2030
1,250,000
1,291,160
Kentucky Public Energy
Authority, Revenue Bonds,
Refunding, Ser. C
5.00
5/1/2036
1,000,000
1,037,615
 
5,128,940
Louisiana — 1.6%
Ernest N. Morial New Orleans
Exhibition Hall Authority,
Special Tax Bonds
5.50
7/15/2054
1,270,000
1,325,500
Louisiana Public Facilities
Authority, Revenue Bonds
(I-10 Calcasieu River Bridge
Public-Private Partnership
Project)
5.75
9/1/2064
2,345,000
2,405,195
Louisiana Public Facilities
Authority, Revenue Bonds,
Refunding (Ochsner Clinic
Foundation Obligated
Group) Ser. A
5.50
5/15/2050
2,000,000
2,093,230
 
5,823,925
Maine — .4%
Finance Authority of Maine,
Revenue Bonds (University
of New England)
5.50
7/1/2055
1,500,000
1,552,248
10
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Maryland — 1.9%
Maryland Economic
Development Corp., Revenue
Bonds (College Park
Leonardtown Project)
(Insured; Assured Guaranty
Corp.)
5.25
7/1/2064
1,000,000
1,004,342
Maryland Economic
Development Corp., Revenue
Bonds (Sustainable Bond)
(Purple Line Transit
Partners) Ser. B
5.25
6/30/2055
2,575,000
2,523,039
Maryland Health & Higher
Educational Facilities
Authority, Revenue Bonds
(Adventist Healthcare
Obligated Group) Ser. A
5.50
1/1/2046
3,250,000
3,257,359
 
6,784,740
Massachusetts — 3.8%
Massachusetts Development
Finance Agency, Revenue
Bonds (Pike Student
Housing Project) Ser. A(b)
5.38
7/1/2056
825,000
800,586
Massachusetts Development
Finance Agency, Revenue
Bonds (Tufts University
Student Housing Project)
5.25
6/1/2042
1,000,000
1,055,400
Massachusetts Development
Finance Agency, Revenue
Bonds, Ser. T
4.00
3/1/2054
920,000
817,367
Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding (Beth
Israel Lahey Health
Obligated Group) Ser. N
5.50
7/1/2055
2,630,000
2,738,760
Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding (Boston
Medical Center Corp.
Obligated Group)
5.25
7/1/2052
1,000,000
971,227
11
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Massachusetts — 3.8% (continued)
Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding (UMass
Memorial Health Care
Obligated Group) Ser. K
5.00
7/1/2038
1,130,000
1,131,971
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)
8.96
6/1/2053
6,000,000
6,108,830
 
13,624,141
Michigan — 3.1%
Detroit Downtown
Development Authority, Tax
Allocation Bonds, Refunding
(Catalyst Development
Project)
5.00
7/1/2048
1,165,000
1,182,417
Michigan Building Authority,
Revenue Bonds, Refunding
4.00
10/15/2049
2,375,000
2,120,285
Michigan Finance Authority,
Revenue Bonds (Sustainable
Bond) (Henry Ford)
5.50
2/28/2049
1,000,000
1,047,946
Michigan Finance Authority,
Revenue Bonds, Refunding,
Ser. A
4.00
12/1/2049
2,000,000
1,708,463
Michigan Housing
Development
Authority, Revenue Bonds,
Ser. C
5.05
6/1/2051
1,500,000
1,500,653
Pontiac School District, GO
(Insured; Qualified School
Board Loan Fund)
4.00
5/1/2045
1,700,000
1,562,472
Wayne County Airport
Authority, Revenue Bonds,
Ser. A
5.50
12/1/2050
1,000,000
1,055,632
Wayne County Airport
Authority, Revenue Bonds,
Ser. B
5.75
12/1/2050
1,000,000
1,061,096
 
11,238,964
12
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Minnesota — .2%
Duluth Economic Development
Authority, Revenue Bonds,
Refunding (Essentia Health
Obligated Group) Ser. A
5.00
2/15/2058
580,000
559,389
Missouri — 2.6%
St. Louis Land Clearance for
Redevelopment Authority,
Revenue Bonds (National
Geospatial Intelligence)
5.13
6/1/2046
4,045,000
3,936,307
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)
5.41
12/1/2053
6,000,000
5,462,048
 
9,398,355
Montana — .3%
Montana Facility Finance
Authority, Revenue Bonds
(Benefis Health System
Obligated Group) Ser. A
5.50
2/15/2055
1,000,000
1,024,979
Nebraska — .3%
Omaha Public Power District,
Revenue Bonds, Ser. A
4.00
2/1/2051
1,000,000
893,976
Nevada — 1.9%
Clark County School District,
GO (Insured; Assured
Guaranty Corp.) Ser. A
4.25
6/15/2041
2,770,000
2,713,753
Reno, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Corp.)
4.00
6/1/2058
5,000,000
4,215,151
 
6,928,904
New Hampshire — 2.5%
New Hampshire Business
Finance Authority, Revenue
Bonds (The Wildflower
Project)(b),(f)
0.00
12/15/2033
900,000
579,550
13
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
New Hampshire — 2.5% (continued)
New Hampshire Business
Finance Authority, Revenue
Bonds (University of Nevada
Reno Project) (Insured;
Build America Mutual) Ser. A
5.25
6/1/2051
1,500,000
1,527,033
New Hampshire Business
Finance Authority, Revenue
Bonds (Winston-Salem
Sustainable Energy
Partners) Ser. A
5.50
6/1/2050
1,500,000
1,560,238
New Hampshire Business
Finance Authority, Revenue
Bonds, Ser. 2(a)
4.42
4/1/2036
2,994,269
2,942,243
New Hampshire Business
Finance Authority, Revenue
Bonds, Ser. A1
4.25
7/20/2041
997,709
935,272
New Hampshire Business
Finance Authority, Revenue
Bonds, Refunding
(Springpoint Senior Living
Obligated Group)
4.00
1/1/2041
1,500,000
1,351,361
 
8,895,697
New Jersey — 2.2%
New Jersey Economic
Development Authority,
Revenue Bonds (Repauno
Port & Rail Terminal
Project)(b)
6.63
1/1/2045
720,000
746,533
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds
5.00
6/15/2044
1,500,000
1,544,372
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds(g)
5.50
12/15/2032
2,000,000
2,289,592
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)
9.83
1/1/2055
3,300,000
3,436,855
 
8,017,352
14
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
New York — 12.7%
Build New York City Resource
Corp., Revenue Bonds
(Riverspring Health Senior
Living, Inc. Project) Ser. A
5.25
6/15/2045
1,000,000
984,479
Build New York City Resource
Corp., Revenue Bonds
(RiverSpring Health Senior
Living, Inc. Project) Ser. A(b)
7.00
12/15/2065
3,100,000
3,105,992
Build New York City Resource
Corp., Revenue Bonds (The
Nightingale-Bamford School
Project)
5.00
7/1/2040
875,000
920,806
Build New York City Resource
Corp., Revenue Bonds (The
Renaissance Charter School
2 Project) Ser. A(b)
5.25
6/1/2046
1,000,000
983,320
Nassau County Industrial
Development Agency,
Revenue Bonds (Cold Spring
Harbor Laboratory
Project)(d)
2.90
1/1/2042
1,200,000
1,200,000
New York Convention Center
Development Corp., Revenue
Bonds (Hotel Unit Fee)
(Insured; Assured Guaranty
Corp.) Ser. B(f)
0.00
11/15/2052
6,400,000
1,638,088
New York Energy Finance
Development Corp., Revenue
Bonds(a)
5.00
12/1/2033
2,000,000
2,043,590
New York State Dormitory
Authority, Revenue Bonds,
Refunding (Montefiore
Obligated Group) Ser. A
4.00
9/1/2050
1,000,000
803,857
New York Transportation
Development Corp., Revenue
Bonds (Delta Air Lines)
4.00
1/1/2036
2,190,000
2,139,213
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
2,700,000
2,842,344
15
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
New York — 12.7% (continued)
New York Transportation
Development Corp., Revenue
Bonds (John F. Kennedy
International Airport
Terminal)
5.00
12/1/2040
3,050,000
3,119,528
New York Transportation
Development Corp., Revenue
Bonds (LaGuardia Airport
Terminal B Redevelopment
Project)
5.63
4/1/2040
1,000,000
1,053,501
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)
4.06
11/15/2047
5,400,000
4,705,779
Tender Option Bond Trust
Receipts (Series 2023-
XF1638), (New York City
Transitional Finance
Authority, Revenue Bonds,
Ser. E1) Non-Recourse,
Underlying Coupon Rate
4.00%(b),(d),(e)
4.47
2/1/2049
10,000,000
8,762,835
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)
9.45
6/30/2060
2,760,000
2,783,209
16
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
New York — 12.7% (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 Corp.)) Recourse,
Underlying Coupon Rate
5.25%(b),(d),(e)
9.45
12/31/2054
2,700,000
2,722,233
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)
9.74
9/1/2050
2,900,000
3,004,784
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
3,500,000
2,975,490
 
45,789,048
North Carolina — 1.7%
Nash Health Care Systems,
Revenue Bonds
5.75
2/1/2050
1,995,000
2,101,051
North Carolina Medical Care
Commission, Revenue Bonds
(Carolina Meadows
Obligated Group)
5.25
12/1/2049
2,500,000
2,533,690
17
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
North Carolina — 1.7% (continued)
North Carolina Medical Care
Commission, Revenue Bonds
(Deerfield Episcopal
Retirement Community
Project) Ser. A
5.00
11/1/2040
800,000
823,134
North Carolina Medical Care
Commission, Revenue
Bonds, Refunding (Lutheran
Services for the Aging
Obligated Group)
4.00
3/1/2051
900,000
755,317
 
6,213,192
Ohio — 2.6%
Buckeye Tobacco Settlement
Financing Authority,
Revenue Bonds, Refunding,
Ser. B2
5.00
6/1/2055
8,030,000
6,140,603
Centerville, Revenue Bonds,
Refunding (Graceworks
Lutheran Services Obligated
Group) Ser. C
5.25
11/1/2047
1,500,000
1,452,231
Cuyahoga County, Revenue
Bonds, Refunding (The
MetroHealth System)
5.00
2/15/2052
1,000,000
941,228
Port of Greater Cincinnati
Development Authority,
Revenue Bonds, Refunding
(Duke Energy Co.) (Insured;
Assured Guaranty Corp.) Ser.
B
4.38
12/1/2058
790,000
718,160
 
9,252,222
Oklahoma — 2.5%
Tender Option Bond Trust
Receipts (Series 2023-
XF1572), (Oklahoma Water
Resources Board State Loan
Program, Revenue Bonds,
Ser. B) Non-Recourse,
Underlying Coupon Rate
4.13%(b),(d),(e)
5.14
10/1/2053
10,000,000
8,922,176
18
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Oregon — .3%
Port of Portland, Revenue
Bonds, Refunding
(Sustainable Bond) Ser. 29
5.50
7/1/2048
1,000,000
1,042,190
Pennsylvania — 6.0%
Allegheny County Higher
Education Building
Authority, Revenue Bonds
(Duquesne University)
5.00
3/1/2045
1,000,000
1,032,918
Pennsylvania Economic
Development Financing
Authority, Revenue Bonds
(The Penndot Major
Bridges)
6.00
6/30/2061
2,000,000
2,087,242
Pennsylvania Turnpike
Commission, Revenue
Bonds, Ser. A
4.00
12/1/2050
1,500,000
1,294,020
Philadelphia Housing
Authority, Revenue Bonds
(PHADC Acquisition
Program) Ser. A
5.25
3/1/2045
1,000,000
1,019,291
Tender Option Bond Trust
Receipts (Series 2022-
XF1408), (Pennsylvania
State Turnpike Commission,
Revenue Bonds, Refunding,
Ser. A) Non-Recourse,
Underlying Coupon Rate
4.00%(b),(d),(e)
4.18
12/1/2051
10,000,000
8,700,374
19
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Pennsylvania — 6.0% (continued)
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)
3.94
5/15/2053
3,440,000
2,924,983
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)
10.48
9/1/2053
4,380,000
4,578,402
 
21,637,230
Rhode Island — 2.4%
Rhode Island Health and
Educational Building Corp.,
Revenue Bonds (Lifespan
Obligated Group)
5.25
5/15/2054
1,250,000
1,266,796
Rhode Island Health and
Educational Building Corp.,
Revenue Bonds (PRG - RI
Properties LLC) (Insured;
Assured Guaranty Corp.) Ser.
A
5.00
7/1/2065
1,750,000
1,719,085
Tender Option Bond Trust
Receipts (Series 2023-
XM1117), (Rhode Island
Infrastructure Bank State
Revolving Fund, Revenue
Bonds, Ser. A) Non-
Recourse, Underlying
Coupon Rate 4.25%(b),(d),(e)
5.36
10/1/2053
6,000,000
5,550,991
 
8,536,872
20
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
South Carolina — 5.2%
South Carolina Jobs-Economic
Development Authority,
Revenue Bonds (Bishop
Gadsden Episcopal
Retirement Community)
5.00
4/1/2036
1,270,000
1,346,657
South Carolina Jobs-Economic
Development Authority,
Revenue Bonds, Refunding
(Bon Secours Mercy Health)
4.00
12/1/2044
3,000,000
2,706,614
South Carolina Jobs-Economic
Development Authority,
Revenue Bonds, Refunding
(Gray Collegiate Academy
Project)(b)
6.25
7/1/2056
3,000,000
2,948,250
South Carolina Public Service
Authority, Revenue Bonds,
Refunding (Santee Cooper)
Ser. A
4.00
12/1/2055
1,800,000
1,515,523
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)
7.23
12/1/2054
10,200,000
10,297,970
 
18,815,014
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)
8.98
7/1/2046
3,200,000
3,198,754
21
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Tennessee — .4%
Knox County Health
Educational & Housing
Facility Board, Revenue
Bonds (University of
Tennessee Project) (Insured;
Build America Mutual) Ser.
B1
5.25
7/1/2064
1,300,000
1,308,700
Texas — 9.6%
Aldine Independent School
District, GO (Insured;
Permanent School Fund
Guarantee Program)
4.00
2/15/2054
950,000
825,725
Arlington Higher Education
Finance Corp., Revenue
Bonds (BASIS Texas Charter
Schools)(b)
4.88
6/15/2054
1,050,000
924,075
Arlington Higher Education
Finance Corp., Revenue
Bonds (Uplift Education
Project) (Insured;
Permanent School Fund
Guarantee Program) Ser. A
4.25
12/1/2048
645,000
591,795
Clifton Higher Education
Finance Corp., Revenue
Bonds (IDEA Public Schools)
Ser. A
4.00
8/15/2051
2,000,000
1,595,590
Clifton Higher Education
Finance Corp., Revenue
Bonds (Uplift Education)
Ser. A
4.50
12/1/2044
2,500,000
2,263,024
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
1,925,000
1,688,700
Dallas Independent School
District, GO, Refunding
(Insured; Permanent School
Fund Guarantee Program)
4.00
2/15/2054
1,000,000
867,821
22
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Texas — 9.6% (continued)
El Paso County Hospital
District, GO (El Paso County)
(Insured; Assured Guaranty
Corp.)
5.50
2/15/2050
2,000,000
2,084,175
Fort Bend County Toll Road,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Corp.)
4.25
3/1/2054
1,500,000
1,338,529
Grand Parkway Transportation
Corp., Revenue Bonds,
Refunding
4.00
10/1/2049
2,000,000
1,737,043
Harris County-Houston Sports
Authority, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Corp.) Ser. A(f)
0.00
11/15/2051
7,500,000
1,944,024
Houston Airport System,
Revenue Bonds (United
Airlines, Inc. Terminal
Improvement Projects) Ser.
B
5.50
7/15/2038
2,500,000
2,622,504
Houston Airport System,
Revenue Bonds, (United
Airlines, Inc. Ground
Services Equipment Facility
Project)
5.50
7/15/2036
1,000,000
1,064,551
Houston Airport System,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Corp.) Ser. A
4.50
7/1/2053
1,640,000
1,514,426
Houston Airport System,
Revenue Bonds, Refunding
(United Airlines, Inc.
Terminal Improvement
Projects) Ser. B
5.50
7/15/2035
1,500,000
1,590,220
Houston Airport System,
Revenue Bonds, Refunding,
Ser. A
4.00
7/1/2046
1,000,000
878,921
Lamar Consolidated
Independent School District,
GO
4.00
2/15/2053
1,000,000
848,962
23
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Texas — 9.6% (continued)
Love Field Airport
Modernization Corp.,
Revenue Bonds (Southwest
Airlines Co. Project)
5.00
11/1/2028
535,000
535,928
Mission Economic
Development Corp., Revenue
Bonds (Graphic Packaging
International, LLC
Project)(a),(b)
5.00
6/1/2030
750,000
769,554
Mission Economic
Development Corp., Revenue
Bonds, Refunding
(Natgasoline Project)(a)
4.75
8/1/2036
1,000,000
1,006,748
Port of Beaumont Navigation
District, Revenue Bonds
(Jefferson Gulf Coast Energy
Project) Ser. A(b)
5.25
1/1/2054
1,000,000
897,669
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)
4.86
2/15/2053
6,000,000
5,244,118
Texas Municipal Gas
Acquisition & Supply Corp.
IV, Revenue Bonds, Ser. B(a)
5.50
1/1/2034
1,500,000
1,600,365
 
34,434,467
U.S. Related — .4%
Puerto Rico, GO, Ser. A(f)
0.00
7/1/2033
284,274
207,743
Puerto Rico, GO, Ser. A1
4.00
7/1/2033
220,898
220,130
Puerto Rico, GO, Ser. A1
4.00
7/1/2035
198,557
195,685
Puerto Rico, GO, Ser. A1
4.00
7/1/2037
170,415
165,298
Puerto Rico, GO, Ser. A1
4.00
7/1/2041
231,699
215,206
Puerto Rico, GO, Ser. A1
4.00
7/1/2046
240,964
214,091
Puerto Rico, GO, Ser. A1
5.63
7/1/2027
121,571
123,568
Puerto Rico, GO, Ser. A1
5.75
7/1/2031
232,950
251,434
 
1,593,155
24
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Utah — 3.1%
Downtown Daybreak Public
Infrastructure District No. 1,
Tax Allocation Bonds(b)
5.63
3/1/2046
750,000
754,060
High Star Ranch Infrastructure
Financing District, Special
Assessment Bonds (High
Star Ranch Assessment
Area)(b)
6.25
12/1/2055
3,765,000
3,771,360
Mida Cormont Public
Infrastructure District, GO,
Ser. A2(b),(h)
6.75
6/1/2055
1,855,000
1,620,912
Pine View Public Infrastructure
District No. 2, Special
Assessment Bonds (Firelight
Assessment Area No. 1)(b)
6.25
12/1/2055
1,000,000
1,002,876
Point Phase 1 Public
Infrastructure District No. 1,
Revenue Bonds, Ser. A1
6.13
3/1/2055
800,000
823,220
Resort Core Public
Infrastructure District No. 1,
GO, Ser. B
8.25
3/15/2057
1,000,000
1,014,999
Utah Infrastructure Agency,
Revenue Bonds, Refunding,
Ser. A
5.00
10/15/2037
2,000,000
1,971,967
 
10,959,394
Virginia — 3.5%
Henrico County Economic
Development Authority,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Corp.)(d)
6.43
8/23/2027
1,700,000
1,752,588
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)
10.46
7/1/2057
7,500,000
7,790,691
25
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Virginia — 3.5% (continued)
Virginia College Building
Authority, Revenue Bonds
(Sustainable Bond)
(Marymount University
Project) Ser. B(b)
5.00
7/1/2045
1,000,000
758,111
Virginia Small Business
Financing Authority,
Revenue Bonds (Transform
66 P3 Project)
5.00
12/31/2052
2,445,000
2,372,224
 
12,673,614
Washington — 1.6%
Tender Option Bond Trust
Receipts (Series 2026-
XM1368), (Washington
Housing Finance
Commission, Revenue
Bonds, Refunding (Single
Family Program) Ser. 1N)
Non-Recourse, Underlying
Coupon Rate 4.80%(b),(d),(e)
8.27
12/1/2051
3,600,000
3,517,890
Washington Housing Finance
Commission, Revenue
Bonds, Refunding (Horizon
House Project) Ser. B3
4.38
1/1/2033
1,000,000
1,003,172
Washington Housing Finance
Commission, Revenue
Bonds, Refunding
(Presbyterian Retirement
Communities Northwest
Obligated Group) Ser. A(b)
5.00
1/1/2051
1,465,000
1,336,383
 
5,857,445
West Virginia — .5%
West Virginia Hospital Finance
Authority, Revenue Bonds
(West Virginia University
Health System Obligated
Group) Ser. A
5.50
6/1/2050
1,750,000
1,825,333
Wisconsin — 6.1%
Public Finance Authority,
Revenue Bonds (EMU
Campus Living) (Insured;
Build America Mutual) Ser.
A1
5.50
7/1/2052
1,500,000
1,538,309
26
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Wisconsin — 6.1% (continued)
Public Finance Authority,
Revenue Bonds (EMU
Campus Living) (Insured;
Build America Mutual) Ser.
A1
5.63
7/1/2055
1,650,000
1,695,775
Public Finance Authority,
Revenue Bonds (Georgia SR
400 Express Lanes Project)
6.50
12/31/2065
3,310,000
3,623,237
Public Finance Authority,
Revenue Bonds (Heritage
Bend Project)(b),(f)
0.00
12/15/2042
4,500,000
1,423,354
Public Finance Authority,
Revenue Bonds
(Lindenwood Education
System) (Insured; Build
America Mutual) Ser. A
5.00
7/1/2040
250,000
257,363
Public Finance Authority,
Revenue Bonds (Pinecrest
Academy Springs Campus
Project) Ser. A(b)
4.00
7/15/2033
1,500,000
1,480,948
Public Finance Authority,
Revenue Bonds, Ser. 1
5.75
7/1/2062
3,312,263
3,377,134
Public Finance Authority,
Revenue Bonds, Refunding
(Kahala Nui Project)
5.25
11/15/2061
1,000,000
996,515
Public Finance Authority,
Revenue Bonds, Refunding
(Legacy Hills Project)(b)
6.00
11/15/2045
1,900,000
1,860,250
Public Finance Authority,
Revenue Bonds, Refunding
(Lindenwood Education
System) Ser. A(b)
5.50
6/1/2040
1,000,000
1,018,048
Public Finance Authority,
Revenue Bonds, Refunding
(Mary’s Woods at
Marylhurst Project)(b)
5.25
5/15/2042
750,000
750,607
Public Finance Authority,
Revenue Bonds, Refunding
(Million Air Two LLC
General Aviation Facilities
Project) Ser. A(b)
5.00
6/1/2041
1,000,000
975,590
27
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 132.1% (continued)
Wisconsin — 6.1% (continued)
Public Finance Authority,
Revenue Bonds, Refunding
(Triad Educational Services,
Inc.)
5.25
6/15/2065
1,000,000
903,892
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds
(Bellin Memorial Hospital
Obligated Group)
5.50
12/1/2052
1,000,000
1,032,321
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds,
Refunding (St.
Camillus Health System
Obligated Group)
5.00
11/1/2046
1,250,000
1,184,621
 
22,117,964
Total Investments (cost $492,244,085)
 
    132.1%
 475,486,042
Liabilities, Less Cash and Receivables
 
    (32.1%)
(115,507,824)
Net Assets Applicable to Common Stockholders
    100.0%
 359,978,218
 
FHLMC—Federal Home Loan Mortgage Corporation
FNMA—Federal National Mortgage Association
GNMA—Government National Mortgage Association
GO—Government Obligation
LOC—Letter of Credit
 
(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
August 31, 2026, these securities amounted to $214,822,039 or 59.7% 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 August 31, 2026 was $4,707, which represented .0% of net assets.
(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.
(e)
These bonds serve as collateral in a secured 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.
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(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.
29
Schedule of Investments
BNY Mellon Strategic Municipal Bond Fund, Inc.
August 31, 2026 (Unaudited)
The following is a summary of the inputs used as of August 31, 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
—
475,486,042
—
475,486,042
 
—
475,486,042
—
475,486,042
Liabilities ($)
Other Financial
Instruments:
Inverse Floater
Notes††
—
(118,975,000)
—
(118,975,000)
 
—
(118,975,000)
—
(118,975,000)
 
†
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.
30
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)
31
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
32
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 August 31, 2026, accumulated net unrealized depreciation on investments was $16,758,043, consisting of $5,828,278 gross unrealized appreciation and $22,586,321 gross unrealized depreciation.
At August 31, 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.
33