STATEMENT OF INVESTMENTS
December 31, 2024 (Unaudited)
 
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1%
Alabama — 3.9%
Alabama Special Care Facilities
Financing Authority,
Revenue Bonds (Methodist
Home for the Aging
Obligated Group)
6.00
6/1/2050
5,970,000
5,643,171
Black Belt Energy Gas District,
Revenue Bonds, Ser. D(a)
5.00
11/1/2034
2,000,000
2,124,158
Black Belt Energy Gas District,
Revenue Bonds, Refunding
(Gas Project) Ser. D1(a)
5.50
2/1/2029
5,555,000
5,873,333
Jefferson County, Revenue
Bonds, Refunding
5.25
10/1/2049
2,500,000
2,680,224
Jefferson County, Revenue
Bonds, Refunding
5.50
10/1/2053
1,250,000
1,355,996
Mobile County Industrial
Development Authority,
Revenue Bonds, Ser. B
4.75
12/1/2054
1,225,000
1,186,825
Selma Industrial Development
Board, Revenue Bonds,
Refunding (International
Paper Co.) Ser. A(a)
3.45
10/1/2031
1,475,000
1,456,571
 
20,320,278
Alaska — .5%
Northern Tobacco
Securitization Corp.,
Revenue Bonds, Refunding,
Ser. A
4.00
6/1/2050
3,000,000
2,641,653
Arizona — 4.8%
Arizona Industrial
Development Authority,
Revenue Bonds (Academics
of Math & Science Project)(b)
5.00
7/1/2054
1,275,000
1,223,327
Arizona Industrial
Development Authority,
Revenue Bonds (Legacy
Cares Project)(b),(c)
7.75
7/1/2050
5,770,000
173,100
Arizona Industrial
Development Authority,
Revenue Bonds (Legacy
Cares Project) Ser. A(b),(c)
6.00
7/1/2051
1,000,000
30,000
1
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Arizona — 4.8% (continued)
Arizona Industrial
Development Authority,
Revenue Bonds (Sustainable
Bond) (Equitable Schools)
Ser. A
5.25
11/1/2053
2,000,000
2,145,081
Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
A(b)
5.25
7/1/2047
1,600,000
1,605,383
Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
D(b)
5.00
7/1/2047
1,035,000
1,033,079
Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
D(b)
5.00
7/1/2051
380,000
374,516
Glendale Industrial
Development Authority,
Revenue Bonds, Refunding
(Sun Health Services
Obligated Group) Ser. A
5.00
11/15/2054
1,170,000
1,107,335
La Paz County Industrial
Development Authority,
Revenue Bonds (Harmony
Public Schools) Ser. A(b)
5.00
2/15/2036
2,480,000
2,484,237
Maricopa County Industrial
Development Authority,
Revenue Bonds (Benjamin
Franklin Charter School
Obligated Group)(b)
6.00
7/1/2052
3,000,000
3,071,034
Maricopa County Industrial
Development Authority,
Revenue Bonds, Refunding
(Paradise Schools Projects
Paragon Management)(b)
5.00
7/1/2047
2,000,000
1,999,919
Sierra Vista Industrial
Development Authority,
Revenue Bonds (American
Leadership Academy)(b)
5.00
6/15/2059
1,000,000
961,879
2
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Arizona — 4.8% (continued)
Tender Option Bond Trust
Receipts (Series 2018-
XF2537), (Salt Verde
Financial Corporation,
Revenue Bonds) Recourse,
Underlying Coupon Rate
5.00%(b),(d),(e)
7.22
12/1/2037
4,030,000
4,348,377
The Phoenix Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Projects) Ser.
A(b)
5.00
7/1/2035
2,360,000
2,367,590
The Phoenix Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Projects) Ser.
A(b)
5.00
7/1/2046
2,000,000
2,000,026
 
24,924,883
Arkansas — .5%
Arkansas Development
Finance Authority, Revenue
Bonds (Sustainable Bond)
(U.S. Steel Corp.)
5.70
5/1/2053
2,600,000
2,723,365
California — 4.1%
California Community Choice
Financing
Authority, Revenue Bonds
(Sustainable Bond) (Clean
Energy Project) Ser. D(a)
5.00
9/1/2032
1,500,000
1,613,305
California County Tobacco
Securitization Agency,
Revenue Bonds, Refunding
Ser. A
4.00
6/1/2049
1,400,000
1,291,810
California Municipal Finance
Authority, Revenue Bonds,
Refunding (HumanGood
California Obligated Group)
Ser. A
5.00
10/1/2044
1,000,000
1,005,306
California Municipal Finance
Authority, Revenue Bonds,
Refunding (William Jessup
University)(b)
5.00
8/1/2039
140,000
126,640
3
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
California — 4.1% (continued)
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
1,004,935
Golden State Tobacco
Securitization Corp.,
Revenue Bonds, Refunding
(Tobacco Settlement Asset)
Ser. B
5.00
6/1/2051
1,500,000
1,560,350
Orange County Community
Facilities District, Special
Tax Bonds, Ser. A
5.00
8/15/2052
1,500,000
1,543,378
San Diego County Regional
Airport Authority, Revenue
Bonds, Ser. B
5.00
7/1/2051
4,750,000
4,902,095
Tender Option Bond Trust
Receipts (Series 2022-
XF3024), (San Francisco City
& County, Revenue Bonds,
Refunding, Ser. A) Recourse,
Underlying Coupon Rate
5.00%(b),(d),(e)
7.86
5/1/2044
7,860,000
8,030,975
 
21,078,794
Colorado — 5.7%
City & County of Denver
Company, Revenue Bonds,
Refunding (United Airlines
Project)
5.00
10/1/2032
1,000,000
1,000,432
Colorado Health Facilities
Authority, Revenue Bonds
(CommonSpirit Health
Obligated Group)
5.25
11/1/2052
1,500,000
1,596,417
Colorado Health Facilities
Authority, Revenue Bonds
(Covenant Retirement
Communities & Services
Obligated Group)
5.00
12/1/2048
1,250,000
1,259,847
4
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Colorado — 5.7% (continued)
Colorado Health Facilities
Authority, Revenue Bonds,
Refunding (Covenant Living
Communities & Services
Obligated Group) Ser. A
4.00
12/1/2050
4,500,000
3,932,509
Colorado High Performance
Transportation Enterprise,
Revenue Bonds (C-
470 Express Lanes System)
5.00
12/31/2056
1,245,000
1,234,135
Dominion Water & Sanitation
District, Revenue Bonds,
Refunding
5.88
12/1/2052
4,500,000
4,584,223
Hess Ranch Metropolitan
District No. 6, GO, Ser. A1
5.00
12/1/2049
2,000,000
1,857,151
Rampart Range Metropolitan
District No. 5, Revenue
Bonds
4.00
12/1/2051
2,000,000
1,693,735
Regional Transportation
District, Revenue Bonds,
Refunding (Denver Transit
Partners) Ser. A
4.00
7/15/2034
1,500,000
1,509,074
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)
6.78
8/1/2044
4,440,000
4,992,654
5
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Colorado — 5.7% (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)
3.88
11/15/2048
5,535,000
5,301,773
Vauxmont Metropolitan
District, GO, Refunding
(Insured; Assured Guaranty
Municipal Corp.)
3.25
12/15/2050
555,000
457,018
 
29,418,968
Connecticut — .9%
Connecticut Health &
Educational Facilities
Authority, Revenue Bonds,
Refunding (Fairfield
University) Ser. T
4.00
7/1/2055
1,000,000
912,487
Connecticut Housing Finance
Authority, Revenue Bonds,
Refunding, Ser. A1
3.65
11/15/2032
410,000
408,323
Harbor Point Infrastructure
Improvement District, Tax
Allocation Bonds, Refunding
(Harbor Point Project)(b)
5.00
4/1/2039
3,500,000
3,519,504
 
4,840,314
Delaware — .2%
Delaware Economic
Development Authority,
Revenue Bonds (ACTS
Retirement-Life
Communities Obligated
Group) Ser. B
5.25
11/15/2053
1,000,000
1,030,454
District of Columbia — .4%
Metropolitan Washington
Airports Authority, Revenue
Bonds, Refunding
(Dulles Metrorail) Ser. B
4.00
10/1/2049
2,500,000
2,313,208
6
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Florida — 8.5%
Atlantic Beach, Revenue Bonds
(Fleet Landing Project) Ser.
A
5.00
11/15/2053
3,460,000
3,476,701
Capital Trust Agency, Revenue
Bonds (WFCS Portfolio
Projects) Ser. A(b)
5.00
1/1/2056
750,000
717,627
Collier County Industrial
Development Authority,
Revenue Bonds (NCH
Healthcare System Project)
(Insured; Assured Guaranty
Municipal Corp.) Ser. A
5.00
10/1/2049
1,700,000
1,799,664
Florida Housing Finance Corp.,
Revenue Bonds (Insured;
GNMA,FNMA,FHLMC) Ser. 1
4.40
7/1/2044
2,500,000
2,459,523
Greater Orlando Aviation
Authority, Revenue Bonds,
Ser. A
4.00
10/1/2049
4,685,000
4,408,298
Hillsborough County Port
District, Revenue Bonds
(Tampa Port Authority
Project) Ser. B
5.00
6/1/2046
3,500,000
3,554,359
Lee County Industrial
Development Authority,
Revenue Bonds, Refunding,
Ser. 1
4.00
4/1/2029
1,650,000
1,538,075
Miami-Dade County, Revenue
Bonds(f)
0.00
10/1/2045
3,000,000
1,164,358
Miami-Dade County, Revenue
Bonds (Insured; Build
America Mutual)
4.00
10/1/2051
1,550,000
1,495,970
Palm Beach County Health
Facilities Authority, Revenue
Bonds (ACTS Retirement-
Life Communities Obligated
Group)
5.00
11/15/2045
2,850,000
2,900,952
Palm Beach County Health
Facilities Authority, Revenue
Bonds (ACTS Retirement-
Life Communities Obligated
Group) Ser. B
5.00
11/15/2042
735,000
759,092
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Florida — 8.5% (continued)
Palm Beach County Health
Facilities Authority, Revenue
Bonds, Ser. B
4.00
5/15/2053
2,600,000
2,156,498
Palm Beach County Health
Facilities Authority, Revenue
Bonds, Refunding (Lifespace
Communities Obligated
Group) Ser. C
7.63
5/15/2058
1,000,000
1,128,471
Seminole County Industrial
Development Authority,
Revenue Bonds, Refunding
(Legacy Pointe at UCF
Project)
5.75
11/15/2054
2,500,000
2,468,177
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)
3.93
10/1/2049
12,750,000
12,176,513
Venice, Revenue Bonds Ser.
A(b)
5.50
1/1/2055
725,000
732,776
Village Community
Development District No. 15,
Special Assessment Bonds(b)
4.80
5/1/2055
865,000
856,741
 
43,793,795
Georgia — 6.1%
Georgia Municipal Electric
Authority, Revenue Bonds
(Plant Vogtle Units
3&4 Project) Ser. A
5.00
7/1/2052
3,250,000
3,380,562
Main Street Natural Gas,
Revenue Bonds, Ser. A(a)
5.00
6/1/2030
1,500,000
1,570,661
Main Street Natural Gas,
Revenue Bonds, Ser. A(a)
5.00
9/1/2031
3,500,000
3,712,203
8
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Georgia — 6.1% (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)
7.72
10/1/2043
10,000,000
10,019,573
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)
5.17
7/1/2044
6,340,000
6,746,846
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)
7.52
1/1/2059
3,600,000
3,630,470
The Burke County
Development Authority,
Revenue Bonds, Refunding
(Oglethorpe Power Corp.
Vogtle Project) Ser. D
4.13
11/1/2045
2,400,000
2,219,559
 
31,279,874
Guam — .1%
Guam Housing Corp., Revenue
Bonds (Insured; Federal
Home Loan Mortgage Corp.)
Ser. A
5.75
9/1/2031
730,000
734,848
Hawaii — .2%
Hawaii Airports System,
Revenue Bonds, Ser. A
5.00
7/1/2047
1,000,000
1,035,776
Idaho — 1.0%
Power County Industrial
Development Corp., Revenue
Bonds (FMC Corp. Project)
6.45
8/1/2032
5,000,000
5,015,843
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Illinois — 10.1%
Chicago, GO, Ser. A
5.00
1/1/2044
4,000,000
4,031,208
Chicago, GO, Ser. A
5.50
1/1/2049
1,000,000
1,021,217
Chicago, GO, Refunding, Ser. A
6.00
1/1/2038
3,000,000
3,092,971
Chicago Board of Education,
GO, Ser. D
5.00
12/1/2046
2,000,000
1,960,773
Chicago Board of Education,
GO, Ser. H
5.00
12/1/2036
2,000,000
2,013,845
Chicago Board of Education,
GO, Refunding Ser. A
5.00
12/1/2034
1,400,000
1,418,625
Chicago Midway International
Airport, Revenue Bonds,
Refunding Ser. C
5.00
1/1/2041
1,550,000
1,615,163
Chicago Transit Authority,
Revenue Bonds, Refunding
Ser. A
5.00
12/1/2057
2,980,000
3,063,800
Illinois, GO, Ser. A
5.00
5/1/2038
3,400,000
3,491,536
Illinois, GO, Ser. C
5.00
11/1/2029
1,120,000
1,167,697
Illinois, GO, Ser. D
5.00
11/1/2028
2,325,000
2,425,506
Illinois, GO, Refunding, Ser. A
5.00
10/1/2029
1,100,000
1,160,776
Illinois Finance Authority,
Revenue Bonds (Plymouth
Place Obligated Group) Ser.
A
6.63
5/15/2052
1,000,000
1,069,550
Illinois Finance Authority,
Revenue Bonds, Refunding
(Lutheran Life Communities
Obligated Group) Ser. A
5.00
11/1/2049
1,580,000
938,606
Metropolitan Pier & Exposition
Authority, Revenue Bonds
(McCormick Place Expansion
Project)
5.00
6/15/2057
2,000,000
2,023,392
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
1,570,984
Metropolitan Pier & Exposition
Authority, Revenue Bonds,
Refunding (McCormick Place
Expansion Project)(f)
0.00
12/15/2054
21,800,000
5,172,039
10
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Illinois — 10.1% (continued)
Sales Tax Securitization Corp.,
Revenue Bonds, Refunding,
Ser. A
4.00
1/1/2038
2,000,000
1,998,841
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)
5.08
6/1/2048
3,000,000
2,793,216
Tender Option Bond Trust
Receipts (Series 2024-
XF3244), (Chicago O’Hare
International Airport,
Revenue Bonds, Refunding)
Recourse, Underlying
Coupon Rate 5.50%(b),(d),(e)
9.48
1/1/2059
3,600,000
3,863,622
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)
4.08
12/1/2049
5,800,000
6,094,341
 
51,987,708
Indiana — .7%
Indiana Finance Authority,
Revenue Bonds (Sustainable
Bond)(b)
7.00
3/1/2039
5,525,000
1,773,694
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
1,860,716
 
3,634,410
Iowa — 1.2%
Iowa Finance Authority,
Revenue Bonds, Refunding
(Iowa Fertilizer Co.
Project)(g)
5.00
12/1/2032
2,515,000
2,861,907
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Iowa — 1.2% (continued)
Iowa Finance Authority,
Revenue Bonds, Refunding
(Lifespace Communities
Obligated Group) Ser. A
4.00
5/15/2046
500,000
435,974
Iowa Finance Authority,
Revenue Bonds, Refunding
(Lifespace Communities
Obligated Group) Ser. A
4.00
5/15/2053
1,000,000
829,422
Iowa Student Loan Liquidity
Corp., Revenue Bonds Ser. B
5.00
12/1/2031
2,000,000
2,101,722
 
6,229,025
Kentucky — 1.0%
Henderson, Revenue Bonds
(Pratt Paper Project) Ser.
A(b)
4.70
1/1/2052
1,000,000
967,322
Kentucky Public Energy
Authority, Revenue Bonds,
Ser. A(a)
5.00
7/1/2030
1,750,000
1,829,300
Kentucky Public Energy
Authority, Revenue Bonds,
Ser. A1(a)
4.00
8/1/2030
2,270,000
2,261,416
 
5,058,038
Louisiana — 3.1%
Louisiana Local Government
Environmental Facilities &
Community Development
Authority, Revenue Bonds,
Refunding (Westlake
Chemical Project)
3.50
11/1/2032
865,000
824,913
Louisiana Public Facilities
Authority, Revenue Bonds
(I-10 Calcasieu River Bridge
Public-Private Partnership
Project)
5.75
9/1/2064
3,185,000
3,439,562
12
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Louisiana — 3.1% (continued)
New Orleans Aviation Board,
Revenue Bonds (General
Airport-N Terminal Project)
Ser. A
5.00
1/1/2048
1,000,000
1,012,004
Tender Option Bond Trust
Receipts (Series 2018-
XF2584), (Louisiana Public
Facilities Authority, Revenue
Bonds (Franciscan
Missionaries of Our Lady
Health System Project))
Non-Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
7.43
7/1/2047
10,755,000
10,853,791
 
16,130,270
Maryland — 2.7%
Maryland Economic
Development Corp., Revenue
Bonds (College Park -
Leonardtown Project)
(Insured; Assured Guaranty
Municipal Corp.)
5.25
7/1/2064
1,000,000
1,052,402
Maryland Economic
Development Corp., Revenue
Bonds (Sustainable Bond)
(Purple Line Transit
Partners) Ser. B
5.25
6/30/2055
3,120,000
3,175,821
Maryland Economic
Development Corp., Tax
Allocation Bonds (Port
Covington Project)
4.00
9/1/2050
1,000,000
853,031
Maryland Health & Higher
Educational Facilities
Authority, Revenue Bonds
(Adventist Healthcare
Obligated Group) Ser. A
5.50
1/1/2046
3,250,000
3,286,753
Tender Option Bond Trust
Receipts (Series 2024-
XF1758), (Maryland Stadium
Authority, Revenue Bonds)
Underlying Coupon Rate
5.00%(b),(d),(e)
10.34
6/1/2054
5,200,000
5,524,208
 
13,892,215
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Massachusetts — 3.9%
Collegiate Charter School of
Lowell, Revenue Bonds
5.00
6/15/2054
1,620,000
1,600,267
Massachusetts Development
Finance Agency, Revenue
Bonds, Ser. T
4.00
3/1/2054
1,000,000
964,249
Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding (Boston
Medical Center Corp.
Obligated Group)
5.25
7/1/2052
1,500,000
1,580,241
Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding
(NewBridge
Charles Obligated Group)(b)
5.00
10/1/2057
1,000,000
961,025
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)
10.35
6/1/2053
14,000,000
14,914,586
 
20,020,368
Michigan — 5.8%
Great Lakes Water Authority,
Revenue Bonds, Refunding,
Ser. C
5.00
7/1/2036
3,000,000
3,053,725
Michigan Finance Authority,
Revenue Bonds (Beaumont
Health Credit Group)
5.00
11/1/2044
4,965,000
4,992,679
Michigan Finance Authority,
Revenue Bonds (Sustainable
Bond)
5.50
2/28/2057
2,700,000
2,921,423
Michigan Finance Authority,
Revenue Bonds, Refunding
Ser. A2
5.00
6/1/2040
4,435,000
4,611,869
Michigan Finance Authority,
Revenue Bonds, Refunding
(Beaumont-Spectrum)
4.00
4/15/2042
1,500,000
1,463,962
14
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Michigan — 5.8% (continued)
Michigan State Finance
Authority Revenue, Revenue
Bonds, Refunding (Great
Lakes Water Authority) Ser.
D2
5.00
7/1/2034
2,000,000
2,009,992
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)
11.56
8/15/2054
10,000,000
10,880,250
 
29,933,900
Minnesota — .6%
Duluth Economic Development
Authority, Revenue Bonds,
Refunding (Essentia Health
Obligated Group) Ser. A
5.00
2/15/2058
3,000,000
3,019,519
Missouri — 3.3%
Missouri Housing Development
Commission, Revenue Bonds
(First Place Homeownership
Loan) (Insured;
GNMA,FNMA, FHLMC) Ser. A
4.60
11/1/2049
1,750,000
1,750,682
St. Louis County Industrial
Development Authority,
Revenue Bonds (Friendship
Village St. Louis Obligated
Group) Ser. A
5.13
9/1/2048
2,025,000
1,985,405
St. Louis County Industrial
Development Authority,
Revenue Bonds (Friendship
Village St. Louis Obligated
Group) Ser. A
5.13
9/1/2049
2,975,000
2,903,585
St. Louis Land Clearance for
Redevelopment Authority,
Revenue Bonds (National
Geospatial Intelligence)
5.13
6/1/2046
4,400,000
4,412,217
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Missouri — 3.3% (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)
3.68
12/1/2053
3,000,000
2,922,091
The St. Louis Missouri
Industrial Development
Authority, Tax Industrial
Development Authority,
Allocation Bonds (St. Louis
Innovation District Project)
4.38
5/15/2036
2,890,000
2,787,719
 
16,761,699
Nebraska — .2%
Omaha Public Power District,
Revenue Bonds, Ser. A
4.00
2/1/2051
1,000,000
943,879
Nevada — 1.2%
Clark County School District,
GO (Insured; Assured
Guaranty Municipal Corp.)
Ser. A
4.25
6/15/2041
3,745,000
3,788,812
Reno, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Municipal Corp.)
4.00
6/1/2058
2,750,000
2,521,791
 
6,310,603
New Hampshire — .2%
New Hampshire Business
Finance Authority, Revenue
Bonds, Refunding
(Sustainable Bond) Ser.
B(a),(b)
3.75
7/2/2040
1,000,000
844,140
New Jersey — 4.1%
New Jersey Economic
Development Authority,
Revenue Bonds, Refunding
Ser. XX
5.25
6/15/2027
1,855,000
1,868,646
16
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
New Jersey — 4.1% (continued)
New Jersey Health Care
Facilities Financing
Authority, Revenue Bonds
(RWJ Barnabas Health
Obligated Group)
4.00
7/1/2051
1,500,000
1,450,188
New Jersey Higher Education
Student Assistance
Authority, Revenue Bonds,
Refunding, Ser. A
5.00
12/1/2032
1,275,000
1,351,263
New Jersey Housing &
Mortgage Finance Agency,
Revenue Bonds, Refunding
Ser. D
4.00
4/1/2025
1,560,000
1,560,923
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds
5.00
6/15/2044
2,000,000
2,125,827
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds(g)
5.50
12/15/2032
2,700,000
3,179,296
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds, Refunding,
Ser. AA
5.00
6/15/2042
3,000,000
3,285,650
Tender Option Bond Trust
Receipts (Series 2018-
XF2538), (New Jersey
Economic Development
Authority, Revenue Bonds)
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
8.26
6/15/2040
3,250,000
3,282,551
Tobacco Settlement Financing
Corp., Revenue Bonds,
Refunding, Ser. B
5.00
6/1/2046
2,965,000
2,964,870
 
21,069,214
New Mexico — .5%
New Mexico Mortgage Finance
Authority, Revenue Bonds
(Insured;
GNMA,FNMA,FHLMC) Ser. E
4.70
9/1/2054
2,450,000
2,445,501
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
New York — 7.9%
New York Convention Center
Development Corp., Revenue
Bonds (Hotel Unit Fee)
(Insured; Assured Guaranty
Municipal Corp.) Ser. B(f)
0.00
11/15/2052
7,825,000
2,005,110
New York Liberty
Development Corp., Revenue
Bonds, Refunding (Class
1-3 World Trade Center
Project) Ser. 1(b)
5.00
11/15/2044
7,000,000
7,004,035
New York State Dormitory
Authority, Revenue Bonds,
Refunding (Montefiore
Obligated Group) Ser. A
4.00
9/1/2050
1,000,000
898,866
New York Transportation
Development Corp., Revenue
Bonds (Delta Air Lines)
4.00
1/1/2036
1,000,000
956,069
New York Transportation
Development Corp., Revenue
Bonds (JFK International
Airport Terminal)
5.00
12/1/2040
3,535,000
3,670,516
New York Transportation
Development Corp., Revenue
Bonds (LaGuardia Airport
Terminal B Redevelopment
Project)
5.63
4/1/2040
1,000,000
1,062,837
New York Transportation
Development Corp., Revenue
Bonds (LaGuardia Airport
Terminal B Redevelopment
Project) Ser. A
5.00
7/1/2046
3,500,000
3,499,891
New York Transportation
Development Corp., Revenue
Bonds (Sustainable Bond)
(JFK International Airport
Terminal One Project)
(Insured; Assured Guaranty
Municipal Corp.)
5.13
6/30/2060
1,000,000
1,027,423
Niagara Area Development
Corp., Revenue Bonds,
Refunding (Covanta Project)
Ser. A(b)
4.75
11/1/2042
2,000,000
1,876,175
18
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
New York — 7.9% (continued)
Tender Option Bond Trust
Receipts (Series 2022-
XM1004), (Metropolitan
Transportation Authority,
Revenue Bonds, Refunding
(Sustainable Bond) (Insured;
Assured Guaranty Municipal
Corp.) Ser. C) Non-Recourse,
Underlying Coupon Rate
4.00%(b),(d),(e)
4.72
11/15/2047
6,300,000
5,988,488
Tender Option Bond Trust
Receipts (Series 2024-
XM1174), (New York State
Transportation
Development Corp., Revenue
Bonds (Sustainable Bond)
(JFK International Airport
Terminal one Project)
(Insured; Assured Guaranty
Municipal Corp.)) Recourse,
Underlying Coupon Rate
5.25%(b),(d),(e)
8.50
6/30/2060
3,730,000
3,890,146
Tender Option Bond Trust
Receipts (Series 2024-
XM1181), (Triborough New
York Bridge & Tunnel
Authority, Revenue Bonds,
Ser. A1) Non-Recourse,
Underlying Coupon Rate
4.13%(b),(d),(e)
3.63
5/15/2064
3,000,000
2,922,233
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
New York — 7.9% (continued)
Tender Option Bond Trust
Receipts (Series 2024-
XM1194), (New York
Transportation
Development Corp., Revenue
Bonds, Refunding
(Sustainable Bond) (JFK
International Airport
Terminal Six Redevelopment
Project) (Insured; Assured
Guaranty Municipal Corp.))
Recourse, Underlying
Coupon Rate 5.20%(b),(d),(e)
8.50
12/31/2054
3,800,000
4,031,487
Westchester County Local
Development Corp., Revenue
Bonds, Refunding (Purchase
Senior Learning Community
Obligated Group)(b)
5.00
7/1/2046
2,150,000
2,151,177
 
40,984,453
North Carolina — 3.2%
North Carolina Medical Care
Commission, Revenue Bonds
5.25
12/1/2049
2,750,000
2,926,968
North Carolina Medical Care
Commission, Revenue Bonds
(The United Methodist
Retirement Homes) Ser. A
5.13
10/1/2054
1,250,000
1,278,145
North Carolina Medical Care
Commission, Revenue
Bonds, Refunding (Lutheran
Services for the Aging
Obligated Group)
4.00
3/1/2051
2,300,000
1,939,561
20
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
North Carolina — 3.2% (continued)
North Carolina Medical Care
Commission, Revenue
Bonds, Refunding
(Pennybyrn at Maryfield)
5.00
10/1/2035
1,005,000
1,005,344
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
9,424,142
 
16,574,160
Ohio — 5.3%
Buckeye Tobacco Settlement
Financing Authority,
Revenue Bonds, Refunding,
Ser. B2
5.00
6/1/2055
11,055,000
9,811,894
Canal Winchester Local School
District, GO (Insured;
National Public Finance
Guarantee Corp.)(f)
0.00
12/1/2029
3,955,000
3,337,853
Canal Winchester Local School
District, GO (Insured;
National Public Finance
Guarantee Corp.)(f)
0.00
12/1/2031
3,955,000
3,084,981
Cuyahoga County, Revenue
Bonds, Refunding (The
MetroHealth System)
5.00
2/15/2052
2,000,000
2,004,432
Franklin County Convention
Facilities Authority, Revenue
Bonds (GRTR Columbus
Convention Center)
5.00
12/1/2044
1,250,000
1,222,823
Ohio Air Quality Development
Authority, Revenue Bonds
(Pratt Paper OH Project)(b)
4.50
1/15/2048
2,250,000
2,147,433
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Ohio — 5.3% (continued)
Port of Greater Cincinnati
Development Authority,
Revenue Bonds, Refunding
(Duke Energy Co.) (Insured;
Assured Guaranty Municipal
Corp.) Ser. B
4.38
12/1/2058
1,000,000
1,005,633
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)
10.55
6/1/2049
4,525,000
4,809,700
 
27,424,749
Oklahoma — 1.1%
Oklahoma Development
Finance Authority, Revenue
Bonds (OU Medicine Project)
Ser. B
5.50
8/15/2057
1,500,000
1,524,401
Tender Option Bond Trust
Receipts (Series 2024-
XM1163), (Oklahoma City
Water Utilities Trust,
Revenue Bonds, Refunding)
Non-Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
11.42
7/1/2064
3,600,000
3,922,623
 
5,447,024
Oregon — .3%
Clackamas County Hospital
Facility Authority, Revenue
Bonds, Refunding
(Willamette View Obligated
Group) Ser. A
5.00
11/15/2047
1,500,000
1,471,852
Pennsylvania — 5.6%
Clairton Municipal Authority,
Revenue Bonds, Refunding
Ser. B
5.00
12/1/2034
1,000,000
1,062,650
Crawford County Hospital
Authority, Revenue Bonds,
Refunding (Meadville
Medical Center Project) Ser.
A
6.00
6/1/2046
1,175,000
1,184,429
22
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Pennsylvania — 5.6% (continued)
Pennsylvania Economic
Development Financing
Authority, Revenue Bonds
(The Penndot Major
Bridges)
6.00
6/30/2061
3,000,000
3,269,840
Pennsylvania Higher
Educational Facilities
Authority, Revenue Bonds,
Refunding (University of
Sciences in Philadelphia)
5.00
11/1/2036
3,675,000
3,676,548
Pennsylvania Turnpike
Commission, Revenue
Bonds, Ser. A
4.00
12/1/2050
1,500,000
1,423,262
Philadelphia, Revenue Bonds,
Refunding (Private Activity)
5.00
7/1/2027
4,300,000
4,445,750
Tender Option Bond Trust
Receipts (Series 2022-
XF1525), (Pennsylvania
Economic Development
Financing Authority UPMC,
Revenue Bonds, Ser. A)
Recourse, Underlying
Coupon Rate 4.00%(b),(d),(e)
4.64
5/15/2053
4,000,000
3,724,932
Tender Option Bond Trust
Receipts (Series 2023-
XM1133), (Philadelphia
Water & Wastewater,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Municipal Corp.) Ser. B)
Non-Recourse, Underlying
Coupon Rate 5.50%(b),(d),(e)
12.16
9/1/2053
5,820,000
6,410,307
Tender Option Bond Trust
Receipts (Series 2024-
XF1750), (Philadelphia Gas
Works, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Corp.) Non-
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
11.21
8/1/2054
3,600,000
3,931,620
 
29,129,338
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Rhode Island — 1.2%
Tender Option Bond Trust
Receipts (Series 2023-
XM1117), (Rhode Island
Infrastructure Bank State
Revolving Fund, Revenue
Bonds, Ser. A) Non-
Recourse, Underlying
Coupon Rate 4.13%(b),(d),(e)
5.86
10/1/2048
6,000,000
6,002,163
South Carolina — 4.1%
South Carolina Jobs-Economic
Development Authority,
Revenue Bonds, Refunding
(Bon Secours Mercy Health)
4.00
12/1/2044
2,810,000
2,685,549
South Carolina Public Service
Authority, Revenue Bonds,
Refunding (Santee Cooper)
Ser. A
4.00
12/1/2055
3,000,000
2,710,922
Tender Option Bond Trust
Receipts (Series 2024-
XM1175), (South Carolina
Public Service Authority,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Municipal Corp.) Ser. B))
Non-Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
8.39
12/1/2054
15,000,000
15,801,113
 
21,197,584
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)
10.55
7/1/2046
4,720,000
4,766,727
Texas — 12.9%
Arlington Higher Education
Finance Corp., Revenue
Bonds (BASIS Texas Charter
Schools)(b)
5.00
6/15/2064
1,400,000
1,364,670
24
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Texas — 12.9% (continued)
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
1,481,809
Central Texas Regional
Mobility Authority, Revenue
Bonds
5.00
1/1/2048
2,500,000
2,550,427
Clifton Higher Education
Finance Corp., Revenue
Bonds (IDEA Public Schools)
Ser. A
4.00
8/15/2047
3,100,000
2,904,815
Clifton Higher Education
Finance Corp., Revenue
Bonds (International
Leadership of Texas) Ser. A
5.75
8/15/2045
4,500,000
4,538,118
Clifton Higher Education
Finance Corp., Revenue
Bonds (International
Leadership of Texas) Ser. D
5.75
8/15/2033
1,000,000
1,009,553
Clifton Higher Education
Finance Corp., Revenue
Bonds (International
Leadership of Texas) Ser. D
6.13
8/15/2048
6,000,000
6,046,984
Clifton Higher Education
Finance Corp., Revenue
Bonds (Uplift Education)
Ser. A
4.50
12/1/2044
2,500,000
2,381,026
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
939,040
Clifton Higher Education
Finance Corp., Revenue
Bonds, Refunding
(International Leadership of
Texas) (Insured: Permanent
School Fund Guarantee
Program) Ser. A
4.25
8/15/2053
1,000,000
996,476
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Texas — 12.9% (continued)
Dallas Independent School
District, GO, Refunding
(Insured; Permanent School
Fund Guarantee Program)
4.00
2/15/2054
2,250,000
2,147,315
Fort Bend County Toll Road,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Municipal Corp.)
4.25
3/1/2054
2,500,000
2,390,630
Grand Parkway Transportation
Corp., Revenue Bonds,
Refunding
4.00
10/1/2049
1,000,000
936,435
Harris County-Houston Sports
Authority, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Municipal Corp.)
Ser. A(f)
0.00
11/15/2050
6,500,000
1,793,089
Houston Airport System,
Revenue Bonds, (United
Airlines) Ser. B
5.50
7/15/2039
3,000,000
3,168,524
Houston Airport System,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Municipal Corp.) Ser. A
4.50
7/1/2053
2,400,000
2,367,967
Houston Airport System,
Revenue Bonds, Refunding,
Ser. A
4.00
7/1/2046
1,610,000
1,512,811
Lamar Consolidated
Independent School District,
GO
4.00
2/15/2053
1,235,000
1,181,504
Mission Economic
Development Corp., Revenue
Bonds, Refunding
(Natgasoline Project)(b)
4.63
10/1/2031
2,000,000
1,993,564
North Texas Tollway
Authority, Revenue Bonds,
Refunding
5.00
1/1/2048
2,000,000
2,037,065
Port of Beaumont Navigation
District, Revenue Bonds
(Jefferson Gulf Coast Energy
Project) Ser. A(b)
5.25
1/1/2054
1,500,000
1,530,171
26
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Texas — 12.9% (continued)
Tarrant County Cultural
Education Facilities Finance
Corp., Revenue Bonds
(Baylor Scott & White
Health)
5.00
11/15/2051
2,000,000
2,103,899
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)
3.63
2/15/2053
7,500,000
7,149,942
Tender Option Bond Trust
Receipts (Series 2024-
XM1164), (Texas University
System, Revenue Bonds,
Refunding) Non-Recourse,
Underlying Coupon Rate
5.25%(b),(d),(e)
2.71
3/15/2054
4,000,000
4,320,391
Texas Municipal Gas
Acquisition & Supply Corp.
IV, Revenue Bonds, Ser. B(a)
5.50
1/1/2034
4,000,000
4,407,082
Texas Private Activity Bond
Surface Transportation
Corp., Revenue Bonds
(Segment 3C Project)
5.00
6/30/2058
1,500,000
1,521,786
Waxahachie Independent
School District, GO (Insured;
Permanent School Fund
Guarantee Program)
4.25
2/15/2053
1,500,000
1,500,261
 
66,275,354
U.S. Related — 1.0%
Puerto Rico, GO, Ser. A(f)
0.00
7/1/2033
381,733
258,726
Puerto Rico, GO, Ser. A1
4.00
7/1/2033
296,629
292,396
Puerto Rico, GO, Ser. A1
4.00
7/1/2035
266,630
260,200
Puerto Rico, GO, Ser. A1
4.00
7/1/2037
228,839
220,936
Puerto Rico, GO, Ser. A1
4.00
7/1/2041
311,133
294,564
Puerto Rico, GO, Ser. A1
4.00
7/1/2046
323,574
300,947
Puerto Rico, GO, Ser. A1
5.38
7/1/2025
164,953
165,931
Puerto Rico, GO, Ser. A1
5.63
7/1/2027
327,370
339,386
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
U.S. Related — 1.0% (continued)
Puerto Rico, GO, Ser. A1
5.63
7/1/2029
2,356,059
2,511,126
Puerto Rico, GO, Ser. A1
5.75
7/1/2031
312,813
342,337
 
4,986,549
Utah — .6%
Utah Charter School Finance
Authority, Revenue Bonds,
Refunding (Summit
Academy) Ser. A
5.00
4/15/2049
690,000
699,414
Utah Infrastructure Agency,
Revenue Bonds, Refunding,
Ser. A
5.00
10/15/2037
2,345,000
2,387,306
 
3,086,720
Virginia — 3.7%
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)
6.48
7/1/2057
7,500,000
8,078,658
Tender Option Bond Trust
Receipts (Series 2024-
XM1176), (Virginia State
Housing Development
Authority, Revenue Bonds,
Ser. A) Recourse, Underlying
Coupon Rate 4.80%(b),(d),(e)
9.74
9/1/2059
4,900,000
4,958,259
Virginia Small Business
Financing Authority,
Revenue Bonds (Transform
66 P3 Project)
5.00
12/31/2052
4,620,000
4,637,160
Williamsburg Economic
Development Authority,
Revenue Bonds (William &
Mary Project) (Insured;
Assured Guaranty Municipal
Corp.) Ser. A
4.13
7/1/2058
1,250,000
1,200,389
 
18,874,466
28
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Washington — 1.3%
Tender Option Bond Trust
Receipts (Series 2024-
XF1730), (Port of Seattle
Washington, Revenue Bonds,
Refunding, Ser.B) Non-
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
11.21
7/1/2049
3,500,000
3,689,186
Washington State Housing
Finance Commission,
Revenue Bonds, Refunding
(Presbyterian Retirement
Communities Northwest
Obligated Group) Ser. A(b)
5.00
1/1/2051
3,200,000
2,874,243
 
6,563,429
Wisconsin — 3.5%
Public Finance Authority,
Revenue Bonds(b)
5.00
7/1/2055
1,000,000
966,607
Public Finance Authority,
Revenue Bonds (Cone
Health) Ser. A
5.00
10/1/2052
1,500,000
1,570,344
Public Finance Authority,
Revenue Bonds (EMU
Campus Living) (Insured;
Build America Mutual) Ser.
A1
5.50
7/1/2052
2,500,000
2,668,102
Public Finance Authority,
Revenue Bonds (EMU
Campus Living) (Insured;
Build America Mutual) Ser.
A1
5.63
7/1/2055
2,035,000
2,172,495
Public Finance Authority,
Revenue Bonds
(Southminster Obligated
Group)(b)
5.00
10/1/2053
2,015,000
1,897,836
Public Finance Authority,
Revenue Bonds, Ser. 1
5.75
7/1/2062
4,651,694
4,857,059
Public Finance Authority,
Revenue Bonds, (Roseman
University of Health
Sciences)(b),(g)
5.00
4/1/2030
45,000
48,890
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.1% (continued)
Wisconsin — 3.5% (continued)
Public Finance Authority,
Revenue Bonds, Refunding
(Mary’s Woods at
Marylhurst Project)(b)
5.25
5/15/2047
750,000
738,312
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds
(Bellin Memorial Hospital
Obligated Group)
5.50
12/1/2052
1,250,000
1,350,087
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds,
Refunding (St.
Camillus Health System
Obligated Group)
5.00
11/1/2046
2,000,000
1,845,002
 
18,114,734
Total Investments (cost
$663,063,212)
128.1%
660,331,844
Liabilities, Less Cash and
Receivables
(28.1)%
(144,675,777)
Net Assets
100.0%
515,656,067
 
FHLMC—Federal Home Loan Mortgage Corporation
FNMA—Federal National Mortgage Association
GNMA—Government National Mortgage Association
GO—Government Obligation
 
(a)
 These securities have a put feature; the date shown represents the put date and the bond holder can take a
specific action to retain the bond after the put date.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities
may be resold in transactions exempt from registration, normally to qualified institutional buyers. At
December 31, 2024, these securities amounted to $273,619,561 or 53.1% 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 December 31, 2024 was $203,100, which represented .00% 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)
Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the
inverse floating rate security.
30
(f)
Security issued with a zero coupon. Income is recognized through the accretion of discount.
(g)
These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are
prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay
principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
See notes to statement of investments.
31
Statement of Investments
BNY Mellon Strategic Municipals, Inc.
December 31, 2024 (Unaudited)
The following is a summary of the inputs used as of December 31, 2024 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
Assets ($)
Investments in
Securities:†
Municipal
Securities
—
660,331,844
—
660,331,844
Liabilities ($)
Other Financial
Instruments:
Inverse Floater
Notes††
—
(151,230,000)
—
(151,230,000)
VMTP Shares††
—
(78,900,000)
—
(78,900,000)
 
†
See Statement of Investments for additional detailed categorizations, if any.
††
Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial
reporting purposes.
32
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
The fund’s Board of Directors (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.
Investments in municipal securities are valued each business day by an independent pricing service (the “Service”) approved by the Board. Investments for which quoted bid
33
prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Municipal investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Service is engaged under the general oversight of the Board. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
Inverse Floater Securities:The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.
The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity
34
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 December 31, 2024, accumulated net unrealized depreciation on investments was $2,731,368, consisting of $16,466,784 gross unrealized appreciation and $19,198,152 gross unrealized depreciation.
At December 31, 2024, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
35
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