NPORT-EX 2 1028700BNYM063025.htm EDGAR HTML
STATEMENT OF INVESTMENTS
June 30, 2025 (Unaudited)
 
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6%
Alabama — 4.7%
Alabama Special Care Facilities
Financing Authority,
Revenue Bonds (Methodist
Home for the Aging
Obligated Group)
6.00
6/1/2050
5,970,000
5,259,719
Baldwin County Industrial
Development Authority,
Revenue Bonds (Novelis
Corporation Project) Ser.
A(a),(b)
5.00
6/1/2032
1,000,000
1,009,004
Black Belt Energy Gas District,
Revenue Bonds, Ser. D(a)
5.00
11/1/2034
2,000,000
2,117,598
Black Belt Energy Gas District,
Revenue Bonds, Refunding
(Gas Project) Ser. D1(a)
5.50
2/1/2029
5,555,000
5,861,108
Jefferson County, Revenue
Bonds, Refunding
5.50
10/1/2053
3,750,000
3,847,268
Mobile County Industrial
Development Authority,
Revenue Bonds (Calvert LLC
Project) Ser. B
4.75
12/1/2054
1,225,000
1,129,596
Southeast Energy Authority A
Cooperative District,
Revenue Bonds, Ser. C(a)
5.00
2/1/2031
3,500,000
3,697,651
 
22,921,944
Alaska — .5%
Northern Tobacco
Securitization Corp.,
Revenue Bonds, Refunding,
Ser. A
4.00
6/1/2050
3,000,000
2,496,577
Arizona — 4.9%
Arizona Industrial
Development Authority,
Revenue Bonds (Academics
of Math & Science Project)(b)
5.00
7/1/2054
1,275,000
1,132,773
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 — 128.6% (continued)
Arizona — 4.9% (continued)
Arizona Industrial
Development Authority,
Revenue Bonds (Legacy
Cares Project) Ser. A(b),(c)
7.75
7/1/2050
5,770,000
173,100
Arizona Industrial
Development Authority,
Revenue Bonds (Sustainable
Bond) (Equitable Schools)
Ser. A
5.25
11/1/2053
2,000,000
1,995,116
Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
A(b)
5.25
7/1/2047
1,600,000
1,545,858
Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
D(b)
5.00
7/1/2047
1,035,000
967,242
Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
D(b)
5.00
7/1/2051
380,000
347,118
Glendale Industrial
Development Authority,
Revenue Bonds, Refunding
(Sun Health Services
Obligated Group) Ser. A
5.00
11/15/2054
1,170,000
1,098,247
La Paz County Industrial
Development Authority,
Revenue Bonds (Harmony
Public Schools) Ser. A(b)
5.00
2/15/2036
2,480,000
2,481,779
Maricopa County Industrial
Development Authority,
Revenue Bonds (Benjamin
Franklin Charter School
Obligated Group)(b)
6.00
7/1/2052
3,000,000
3,018,470
Maricopa County Industrial
Development Authority,
Revenue Bonds, Refunding
(Paradise Schools Projects
Paragon Management)(b)
5.00
7/1/2047
2,000,000
1,789,430
2
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Arizona — 4.9% (continued)
Sierra Vista Industrial
Development Authority,
Revenue Bonds (American
Leadership Academy)(b)
5.00
6/15/2059
1,000,000
895,356
Tender Option Bond Trust
Receipts (Series 2018-
XF2537), (Salt Verde
Financial Corporation,
Revenue Bonds) Recourse,
Underlying Coupon Rate
5.00%(b),(d),(e)
12.19
12/1/2037
4,030,000
4,202,169
The Phoenix Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Projects) Ser.
A(b)
5.00
7/1/2035
2,360,000
2,360,529
The Phoenix Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Projects) Ser.
A(b)
5.00
7/1/2046
2,000,000
1,875,967
 
23,913,154
Arkansas — .9%
Arkansas Development
Finance Authority, Revenue
Bonds (Sustainable Bond)
(U.S. Steel Corp.)
5.70
5/1/2053
2,600,000
2,636,541
Arkansas Development
Finance Authority, Revenue
Bonds (Sustainable Bond)
(U.S. Steel Corp.)
5.45
9/1/2052
1,500,000
1,503,512
 
4,140,053
California — 3.9%
California Community Choice
Financing Authority,
Revenue Bonds, Ser. B(a)
5.00
11/1/2035
3,250,000
3,453,560
California Community Choice
Financing
Authority, Revenue Bonds
(Sustainable Bond) (Clean
Energy Project) Ser. D(a)
5.00
9/1/2032
1,500,000
1,596,414
3
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
California — 3.9% (continued)
California County Tobacco
Securitization Agency,
Revenue Bonds, Refunding
(Los Angeles County
Securitization Corp.) Ser. A
4.00
6/1/2049
1,400,000
1,188,535
California Municipal Finance
Authority, Revenue Bonds,
Refunding (HumanGood
California Obligated Group)
Ser. A
5.00
10/1/2044
1,000,000
976,976
California Municipal Finance
Authority, Revenue Bonds,
Refunding (William Jessup
University)(b)
5.00
8/1/2039
140,000
116,668
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
959,854
Orange County Community
Facilities District, Special
Tax Bonds, Ser. A
5.00
8/15/2052
1,500,000
1,504,057
San Diego County Regional
Airport Authority, Revenue
Bonds, Ser. B
5.00
7/1/2051
4,205,000
4,169,812
University of California,
Revenue Bonds, Refunding,
Ser. AL(d)
2.95
5/15/2048
5,000,000
5,000,000
 
18,965,876
Colorado — 5.7%
City & County of Denver
Company, Revenue Bonds,
Refunding (United Airlines
Project)
5.00
10/1/2032
1,000,000
999,998
Colorado Health Facilities
Authority, Revenue Bonds
(CommonSpirit Health
Obligated Group)
5.25
11/1/2052
1,500,000
1,509,769
4
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Colorado — 5.7% (continued)
Colorado Health Facilities
Authority, Revenue Bonds
(Covenant Retirement
Communities & Services
Obligated Group)
5.00
12/1/2048
1,250,000
1,194,934
Colorado Health Facilities
Authority, Revenue Bonds,
Refunding (Covenant Living
Communities & Services
Obligated Group) Ser. A
4.00
12/1/2050
4,500,000
3,651,071
Colorado High Performance
Transportation Enterprise,
Revenue Bonds (C-
470 Express Lanes System)
5.00
12/31/2056
1,245,000
1,189,895
Dominion Water & Sanitation
District, Revenue Bonds,
Refunding
5.88
12/1/2052
4,500,000
4,522,670
Hess Ranch Metropolitan
District No. 6, GO, Ser. A1
5.00
12/1/2049
2,000,000
1,769,910
Rampart Range Metropolitan
District No. 5, Revenue
Bonds
4.00
12/1/2051
2,000,000
1,574,140
Regional Transportation
District, Revenue Bonds,
Refunding (Denver Transit
Partners) Ser. A
4.00
7/15/2034
1,500,000
1,502,249
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)
11.76
8/1/2044
4,440,000
4,665,715
5
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (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)
8.87
11/15/2048
5,535,000
4,765,081
Vauxmont Metropolitan
District, GO, Refunding
(Insured; Assured Guaranty
Municipal Corp.)
3.25
12/15/2050
520,000
388,841
 
27,734,273
Connecticut — 1.2%
Connecticut Health &
Educational Facilities
Authority, Revenue Bonds,
Refunding (Fairfield
University) Ser. T
4.00
7/1/2055
1,000,000
816,423
Connecticut Housing Finance
Authority, Revenue Bonds,
Refunding, Ser. A1
3.65
11/15/2032
410,000
410,161
Harbor Point Infrastructure
Improvement District, Tax
Allocation Bonds, Refunding
(Harbor Point Project)(b)
5.00
4/1/2039
3,500,000
3,509,973
Stamford Housing Authority,
Revenue Bonds, Refunding
(Mozaic Concierge Living),
Ser. A
6.25
10/1/2060
1,000,000
970,802
 
5,707,359
Delaware — .2%
Delaware Economic
Development Authority,
Revenue Bonds (ACTS
Retirement-Life
Communities Obligated
Group) Ser. B
5.25
11/15/2053
1,000,000
1,005,460
6
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
District of Columbia — 1.0%
District of Columbia, Revenue
Bonds, Refunding (The
Catholic University Of
America) Ser. A
5.75
10/1/2055
2,820,000
2,910,059
Metropolitan Washington
Airports Authority, Revenue
Bonds, Refunding
(Dulles Metrorail) Ser. B
4.00
10/1/2049
2,500,000
2,130,775
 
5,040,834
Florida — 6.9%
Atlantic Beach, Revenue Bonds
(Fleet Landing Project) Ser.
A
5.00
11/15/2053
3,460,000
3,111,685
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
1,711,823
Florida Housing Finance Corp.,
Revenue Bonds (Insured;
GNMA, FNMA, FHLMC) Ser. 1
4.40
7/1/2044
2,485,000
2,353,108
Greater Orlando Aviation
Authority, Revenue Bonds,
Ser. A
4.00
10/1/2049
4,685,000
4,022,356
Lee County Industrial
Development Authority,
Revenue Bonds, Refunding,
Ser. 1
4.00
4/1/2049
1,650,000
1,378,993
Miami-Dade County, Revenue
Bonds(f)
0.00
10/1/2045
3,000,000
1,150,724
Miami-Dade County Water &
Sewer System, Revenue
Bonds (Insured; Build
America Mutual)
4.00
10/1/2051
1,550,000
1,320,660
Palm Beach County Health
Facilities Authority, Revenue
Bonds (ACTS Retirement-
Life Communities Obligated
Group) Ser. B
5.00
11/15/2042
735,000
736,124
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Florida — 6.9% (continued)
Palm Beach County Health
Facilities Authority, Revenue
Bonds (Lifespace
Communities) Ser. B
4.00
5/15/2053
2,600,000
2,030,214
Palm Beach County Health
Facilities Authority, Revenue
Bonds, Refunding (Lifespace
Communities Obligated
Group) Ser. C
7.63
5/15/2058
1,000,000
1,104,054
Seminole County Industrial
Development Authority,
Revenue Bonds, Refunding
(Legacy Pointe at UCF
Project)
5.75
11/15/2054
2,500,000
2,266,467
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)
7.25
10/1/2049
12,750,000
10,992,870
Venice, Revenue Bonds, Ser.
A(b)
5.50
1/1/2055
725,000
685,203
Village Community
Development District No. 15,
Special Assessment Bonds(b)
4.80
5/1/2055
865,000
788,629
 
33,652,910
Georgia — 5.3%
Georgia Municipal Electric
Authority, Revenue Bonds
(Plant Vogtle Units
3&4 Project) Ser. A
5.00
7/1/2052
3,250,000
3,229,263
Main Street Natural Gas, Inc.,
Revenue Bonds, Ser. D(a)
5.00
4/1/2031
1,535,000
1,628,438
Main Street Natural Gas, Inc.,
Revenue Bonds, Ser. E(a)
5.00
12/1/2032
1,500,000
1,579,634
8
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Georgia — 5.3% (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)
12.71
10/1/2043
10,000,000
9,950,551
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)
10.16
7/1/2044
6,340,000
6,140,817
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)
12.50
1/1/2059
3,600,000
3,506,384
 
26,035,087
Hawaii — .2%
Hawaii Airports System,
Revenue Bonds, Ser. A
5.00
7/1/2047
1,000,000
1,000,151
Idaho — 1.0%
Power County Industrial
Development Corp., Revenue
Bonds (FMC Corp. Project)
6.45
8/1/2032
5,000,000
5,016,676
Illinois — 10.2%
Chicago, GO (Housing And
Economic Development
Projects) Ser. F
6.00
1/1/2055
1,500,000
1,552,153
Chicago, GO, Ser. A
5.00
1/1/2044
4,000,000
3,769,292
Chicago, GO, Ser. A
5.50
1/1/2049
1,000,000
993,132
Chicago, GO, Refunding, Ser. A
6.00
1/1/2038
3,000,000
3,052,676
Chicago Board of Education,
GO, Ser. D
5.00
12/1/2046
2,000,000
1,817,281
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Illinois — 10.2% (continued)
Chicago Board of Education,
GO, Ser. H
5.00
12/1/2036
2,000,000
1,948,131
Chicago Board of Education,
GO, Refunding, Ser. A
5.00
12/1/2034
1,400,000
1,402,278
Chicago Midway International
Airport, Revenue Bonds,
Refunding, Ser. C
5.00
1/1/2041
1,550,000
1,556,379
Illinois, GO, Ser. A
5.00
5/1/2038
3,400,000
3,454,166
Illinois, GO, Ser. C
5.00
11/1/2029
1,120,000
1,158,096
Illinois, GO, Ser. D
5.00
11/1/2028
2,325,000
2,408,637
Illinois, GO, Refunding, Ser. A
5.00
10/1/2029
1,100,000
1,153,289
Illinois, Revenue Bonds, Ser. C
5.00
6/15/2045
1,000,000
1,009,656
Illinois Finance Authority,
Revenue Bonds (Centerpoint
Joliet Terminal Railroad
Project)(a),(b)
4.80
7/2/2035
1,500,000
1,519,769
Illinois Finance Authority,
Revenue Bonds (Plymouth
Place Obligated Group) Ser.
A
6.63
5/15/2052
1,000,000
1,041,438
Metropolitan Pier & Exposition
Authority, Revenue Bonds
(McCormick Place Expansion
Project)
5.00
6/15/2057
2,000,000
1,928,839
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
1,512,362
Metropolitan Pier & Exposition
Authority, Revenue Bonds,
Refunding (McCormick Place
Expansion Project)(f)
0.00
12/15/2054
21,800,000
4,360,150
Sales Tax Securitization Corp.,
Revenue Bonds, Refunding,
Ser. A
4.00
1/1/2038
2,000,000
1,911,651
10
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Illinois — 10.2% (continued)
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)
6.28
6/1/2048
3,000,000
2,578,948
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)
12.67
12/1/2049
5,800,000
5,806,659
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)
14.52
1/1/2053
3,600,000
3,704,284
 
49,639,266
Indiana — 1.1%
Indiana Finance Authority,
Revenue Bonds (Sustainable
Bond)(b),(c)
7.00
3/1/2039
5,525,000
830,414
Indiana Finance Authority,
Revenue Bonds, Refunding
(Marquette Project) Ser. A
5.00
3/1/2040
2,735,000
2,752,602
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
1,783,014
 
5,366,030
Iowa — 1.0%
Iowa Finance Authority,
Revenue Bonds, Refunding
(Iowa Fertilizer Co.
Project)(g)
5.00
12/1/2032
1,415,000
1,604,796
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Iowa — 1.0% (continued)
Iowa Finance Authority,
Revenue Bonds, Refunding
(Lifespace Communities
Obligated Group) Ser. A
4.00
5/15/2046
500,000
413,795
Iowa Finance Authority,
Revenue Bonds, Refunding
(Lifespace Communities
Obligated Group) Ser. A
4.00
5/15/2053
1,000,000
780,851
Iowa Student Loan Liquidity
Corp., Revenue Bonds, Ser. B
5.00
12/1/2031
2,000,000
2,108,636
 
4,908,078
Kentucky — .8%
Kentucky Public Energy
Authority, Revenue Bonds,
Ser. A(a)
5.00
7/1/2030
1,750,000
1,837,476
Kentucky Public Energy
Authority, Revenue Bonds,
Ser. A1(a)
4.00
8/1/2030
2,270,000
2,261,312
 
4,098,788
Louisiana — 1.4%
Ernest N. Morial New Orleans
Exhibition Hall Authority,
Special Tax Bonds
5.50
7/15/2054
1,250,000
1,297,916
Louisiana Local Government
Environmental Facilities &
Community Development
Authority, Revenue Bonds,
Refunding (Westlake
Chemical Project)
3.50
11/1/2032
635,000
611,609
Louisiana Public Facilities
Authority, Revenue Bonds
(I-10 Calcasieu River Bridge
Public-Private Partnership
Project)
5.75
9/1/2064
3,185,000
3,280,708
Louisiana Public Facilities
Authority, Revenue Bonds,
Refunding (Ochsner Clinic
Foundation Obligated
Group) Ser. A
5.50
5/15/2055
1,700,000
1,766,809
 
6,957,042
12
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Maine — .4%
Finance Authority of Maine,
Revenue Bonds (University
Of New England)
5.50
7/1/2055
1,750,000
1,801,518
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
1,001,150
Maryland Economic
Development Corp., Revenue
Bonds (Sustainable Bond)
(Purple Line Transit
Partners) Ser. B
5.25
6/30/2055
3,120,000
3,059,863
Maryland Economic
Development Corp., Tax
Allocation Bonds (Port
Covington Project)
4.00
9/1/2050
1,000,000
805,719
Maryland Health & Higher
Educational Facilities
Authority, Revenue Bonds
(Adventist Healthcare
Obligated Group) Ser. A
5.50
1/1/2046
3,250,000
3,255,938
Tender Option Bond Trust
Receipts (Series 2024-
XF1758), (Maryland Stadium
Authority, Revenue Bonds)
Non-Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
12.75
6/1/2054
5,200,000
5,248,526
 
13,371,196
Massachusetts — 4.1%
Lowell Collegiate Charter
School, Revenue Bonds
5.00
6/15/2054
1,620,000
1,479,588
Massachusetts Development
Finance Agency, Revenue
Bonds (Tufts University
Student Housing Project)
5.50
6/1/2050
1,000,000
1,047,547
Massachusetts Development
Finance Agency, Revenue
Bonds, Ser. T
4.00
3/1/2054
1,000,000
861,000
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Massachusetts — 4.1% (continued)
Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding (Boston
Medical Center Corp.
Obligated Group)
5.25
7/1/2052
1,500,000
1,467,484
Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding
(NewBridge
Charles Obligated Group)(b)
5.00
10/1/2057
1,000,000
923,370
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)
12.75
6/1/2053
14,000,000
14,240,933
 
20,019,922
Michigan — 5.4%
Detroit Downtown
Development Authority, Tax
Allocation Bonds, Refunding
(Catalyst Development
Project)
5.00
7/1/2048
1,250,000
1,260,710
Great Lakes Water Authority
Sewage Disposal System,
Revenue Bonds, Refunding,
Ser. C
5.00
7/1/2036
2,435,000
2,459,125
Michigan Finance Authority,
Revenue Bonds (Sustainable
Bond)
5.50
2/28/2057
2,700,000
2,786,048
Michigan Finance Authority,
Revenue Bonds, Refunding
(Beaumont-Spectrum)
4.00
4/15/2042
1,500,000
1,395,551
Michigan Finance Authority,
Revenue Bonds, Refunding,
Ser. A2
5.00
6/1/2040
4,435,000
4,491,455
Michigan State Finance
Authority Revenue, Revenue
Bonds, Refunding (Great
Lakes Water Authority) Ser.
D2
5.00
7/1/2034
1,750,000
1,750,092
14
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Michigan — 5.4% (continued)
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)
13.96
8/15/2054
10,000,000
10,306,982
Wayne County Airport
Authority, Revenue Bonds,
Ser. A
5.50
12/1/2050
1,500,000
1,586,650
 
26,036,613
Minnesota — .8%
Duluth Economic Development
Authority, Revenue Bonds,
Refunding (Essentia Health
Obligated Group) Ser. A
5.00
2/15/2058
3,000,000
2,905,980
Woodbury, Revenue Bonds,
Refunding (Math &
Science Academy)(b)
5.50
6/1/2063
1,000,000
904,860
 
3,810,840
Missouri — 3.2%
Missouri Housing Development
Commission, Revenue Bonds
(First Place Homeownership
Loan) (Insured;
GNMA,FNMA, FHLMC) Ser. A
4.60
11/1/2049
1,720,000
1,637,869
St. Louis County Industrial
Development Authority,
Revenue Bonds (Friendship
Village St. Louis Obligated
Group) Ser. A
5.13
9/1/2048
2,025,000
1,917,162
St. Louis County Industrial
Development Authority,
Revenue Bonds (Friendship
Village St. Louis Obligated
Group) Ser. A
5.13
9/1/2049
2,975,000
2,804,545
St. Louis Land Clearance for
Redevelopment Authority,
Revenue Bonds (National
Geospatial Intelligence)
5.13
6/1/2046
4,400,000
4,138,150
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Missouri — 3.2% (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)
7.98
12/1/2053
3,000,000
2,703,586
The St. Louis Missouri
Industrial Development
Authority, Tax Allocation
Bonds (St. Louis Innovation
District Project)
4.38
5/15/2036
2,465,000
2,332,436
 
15,533,748
Nebraska — .2%
Omaha Public Power District,
Revenue Bonds, Ser. A
4.00
2/1/2051
1,000,000
875,954
Nevada — 1.2%
Clark County School District,
GO (Insured; Assured
Guaranty Municipal Corp.)
Ser. A
4.25
6/15/2041
3,745,000
3,670,398
Reno, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Municipal Corp.)
4.00
6/1/2058
2,750,000
2,335,294
 
6,005,692
New Hampshire — .4%
New Hampshire Business
Finance Authority, Revenue
Bonds (The Wildflower
Project)(b),(f)
0.00
12/15/2033
1,600,000
964,789
New Hampshire Business
Finance Authority, Revenue
Bonds, Refunding
(Sustainable Bond) Ser.
B(a),(b)
3.75
7/2/2040
1,000,000
803,498
 
1,768,287
16
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
New Jersey — 3.7%
New Jersey Economic
Development Authority,
Revenue Bonds (Repauno
Port & Rail Terminal
Project)(b)
6.63
1/1/2045
1,000,000
1,021,503
New Jersey Economic
Development Authority,
Revenue Bonds, Refunding,
Ser. XX
5.25
6/15/2027
1,855,000
1,856,858
New Jersey Health Care
Facilities Financing
Authority, Revenue Bonds
(RWJ Barnabas Health
Obligated Group)
4.00
7/1/2051
1,500,000
1,309,082
New Jersey Higher Education
Student Assistance
Authority, Revenue Bonds,
Refunding, Ser. A
5.00
12/1/2032
1,275,000
1,354,306
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds
5.00
6/15/2044
2,000,000
2,036,066
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds, Ser. CC(g)
5.50
12/15/2032
2,700,000
3,163,411
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)
14.85
1/1/2055
4,600,000
4,784,650
Tobacco Settlement Financing
Corp., Revenue Bonds,
Refunding, Ser. B
5.00
6/1/2046
2,690,000
2,595,182
 
18,121,058
New Mexico — .5%
New Mexico Mortgage Finance
Authority, Revenue Bonds
(Insured; GNMA, FNMA,
FHLMC) Ser. E
4.70
9/1/2054
2,430,000
2,333,222
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
New York — 7.4%
Build NYC Resource Corp.,
Revenue Bonds (The
Nightingale-Bamford School
Project)
5.00
7/1/2040
1,000,000
1,042,771
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
1,823,126
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
6,853,359
New York State Dormitory
Authority, Revenue Bonds,
Refunding (Montefiore
Obligated Group) Ser. A
4.00
9/1/2050
1,000,000
806,307
New York Transportation
Development Corp., Revenue
Bonds (Delta Air Lines)
4.00
1/1/2036
1,000,000
938,715
New York Transportation
Development Corp., Revenue
Bonds (JFK International
Airport Terminal)
5.00
12/1/2040
3,535,000
3,557,785
New York Transportation
Development Corp., Revenue
Bonds (LaGuardia Airport
Terminal B Redevelopment
Project)
5.63
4/1/2040
1,000,000
1,028,300
New York Transportation
Development Corp., Revenue
Bonds (LaGuardia Airport
Terminal B Redevelopment
Project) Ser. A
5.00
7/1/2046
2,080,000
2,016,477
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
665,000
653,822
18
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
New York — 7.4% (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)
5.52
11/15/2047
6,300,000
5,399,405
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)
13.48
6/30/2060
3,730,000
3,734,765
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)
6.81
5/15/2064
3,000,000
2,589,544
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
New York — 7.4% (continued)
Tender Option Bond Trust
Receipts (Series 2024-
XM1194), (New York
Transportation
Development Corp., Revenue
Bonds, Refunding
(Sustainable Bond) (JFK
International Airport
Terminal Six Redevelopment
Project) (Insured; Assured
Guaranty Municipal Corp.))
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
13.48
12/31/2054
3,800,000
3,805,871
Westchester County Local
Development Corp., Revenue
Bonds, Refunding (Purchase
Senior Learning Community
Obligated Group)(b)
5.00
7/1/2046
2,150,000
1,969,122
 
36,219,369
North Carolina — 3.1%
North Carolina Medical Care
Commission, Revenue Bonds
(Carolina Meadows
Obligated Group)
5.25
12/1/2049
2,750,000
2,777,481
North Carolina Medical Care
Commission, Revenue Bonds
(The United Methodist
Retirement Homes) Ser. A
5.13
10/1/2054
1,250,000
1,224,486
North Carolina Medical Care
Commission, Revenue
Bonds, Refunding (Lutheran
Services for the Aging
Obligated Group)
4.00
3/1/2051
2,300,000
1,802,351
20
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
North Carolina — 3.1% (continued)
North Carolina Medical Care
Commission, Revenue
Bonds, Refunding
(Pennybyrn at Maryfield)
5.00
10/1/2035
1,005,000
981,517
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)
5.55
11/1/2052
10,000,000
8,342,697
 
15,128,532
Ohio — 5.0%
Buckeye Tobacco Settlement
Financing Authority,
Revenue Bonds, Refunding,
Ser. B2
5.00
6/1/2055
11,055,000
9,438,123
Canal Winchester Local School
District, GO, Refunding
(Insured; National Public
Finance Guarantee Corp.)(f)
0.00
12/1/2029
3,955,000
3,428,489
Canal Winchester Local School
District, GO, Refunding
(Insured; National Public
Finance Guarantee Corp.)(f)
0.00
12/1/2031
3,955,000
3,163,547
Cuyahoga County, Revenue
Bonds, Refunding (The
MetroHealth System)
5.00
2/15/2052
2,000,000
1,839,103
Franklin County Convention
Facilities Authority, Revenue
Bonds (GRTR Columbus
Convention Center)
5.00
12/1/2044
1,250,000
1,166,827
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Ohio — 5.0% (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
904,936
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)
12.95
6/1/2049
4,525,000
4,617,548
 
24,558,573
Oklahoma — 1.1%
Oklahoma Development
Finance Authority, Revenue
Bonds (OU Medicine Project)
Ser. B
5.50
8/15/2057
1,500,000
1,471,042
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)
13.82
7/1/2064
3,600,000
3,733,209
 
5,204,251
Oregon — .6%
Clackamas County Hospital
Facility Authority, Revenue
Bonds, Refunding
(Willamette View Obligated
Group) Ser. A
5.00
11/15/2047
1,500,000
1,379,374
Port of Portland OR Airport,
Revenue Bonds, Refunding,
Ser. 29
5.50
7/1/2048
1,250,000
1,294,861
 
2,674,235
Pennsylvania — 5.5%
Clairton Municipal Authority,
Revenue Bonds, Refunding,
Ser. B
5.00
12/1/2034
1,000,000
1,070,795
22
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Pennsylvania — 5.5% (continued)
Pennsylvania Economic
Development Financing
Authority, Revenue Bonds
(The Penndot Major
Bridges)
6.00
6/30/2061
3,000,000
3,143,665
Pennsylvania Higher
Educational Facilities
Authority, Revenue Bonds,
Refunding (University of
Sciences in Philadelphia)
5.00
11/1/2036
3,675,000
3,677,650
Pennsylvania Turnpike
Commission, Revenue
Bonds, Ser. A
4.00
12/1/2050
1,500,000
1,299,666
Philadelphia, Revenue Bonds,
Refunding (Private Activity)
5.00
7/1/2027
4,300,000
4,446,924
Tender Option Bond Trust
Receipts (Series 2023-
XF1525), (Pennsylvania
Economic Development
Financing Authority UPMC,
Revenue Bonds, Ser. A)
Recourse, Underlying
Coupon Rate 4.00%(b),(d),(e)
5.44
5/15/2053
4,000,000
3,373,274
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)
14.56
9/1/2053
5,820,000
6,101,509
Tender Option Bond Trust
Receipts (Series 2024-
XF1750), (Philadelphia Gas
Works, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Corp.) Ser. A) Non-
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
13.61
8/1/2054
3,600,000
3,678,286
 
26,791,769
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Rhode Island — 1.1%
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)
5.56
10/1/2048
6,000,000
5,551,291
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
2,481,086
South Carolina Public Service
Authority, Revenue Bonds,
Refunding (Santee Cooper)
Ser. A
4.00
12/1/2055
3,000,000
2,488,602
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)
9.99
12/1/2054
15,000,000
15,022,640
 
19,992,328
South Dakota — 1.0%
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)
12.95
7/1/2046
4,720,000
4,632,316
Texas — 13.1%
Arlington Higher Education
Finance Corp., Revenue
Bonds (BASIS Texas Charter
Schools)(b)
4.88
6/15/2054
1,100,000
985,085
24
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Texas — 13.1% (continued)
Arlington Higher Education
Finance Corp., Revenue
Bonds (BASIS Texas Charter
Schools)(b)
5.00
6/15/2064
1,400,000
1,247,250
Arlington Higher Education
Finance Corp., Revenue
Bonds (Riverwalk Education
Foundation, Inc.) (Insured;
Permanent School Fund
Guaranteed)
4.50
8/15/2060
2,000,000
1,819,813
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
1,347,552
Central Texas Regional
Mobility Authority, Revenue
Bonds
5.00
1/1/2048
1,275,000
1,275,260
Clifton Higher Education
Finance Corp., Revenue
Bonds (IDEA Public Schools)
Ser. A
4.00
8/15/2047
3,100,000
2,651,632
Clifton Higher Education
Finance Corp., Revenue
Bonds (International
Leadership of Texas) Ser. A
5.75
8/15/2045
4,500,000
4,514,244
Clifton Higher Education
Finance Corp., Revenue
Bonds (International
Leadership of Texas) Ser. D
5.75
8/15/2033
1,000,000
1,003,165
Clifton Higher Education
Finance Corp., Revenue
Bonds (International
Leadership of Texas) Ser. D
6.13
8/15/2048
6,000,000
6,021,475
Clifton Higher Education
Finance Corp., Revenue
Bonds (Uplift Education)
Ser. A
4.50
12/1/2044
2,500,000
2,193,032
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Texas — 13.1% (continued)
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
848,879
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
878,249
Dallas Independent School
District, GO, Refunding
(Insured; Permanent School
Fund Guarantee Program)
4.00
2/15/2054
2,250,000
1,943,732
El Paso County Hospital
District, GO (El Paso County)
(Insured; Assured Guaranty
Municipal Corp.)
5.50
2/15/2050
1,500,000
1,562,399
Fort Bend County Toll Road,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Municipal Corp.)
4.25
3/1/2054
2,500,000
2,199,845
Grand Parkway Transportation
Corp., Revenue Bonds,
Refunding
4.00
10/1/2049
1,000,000
863,138
Harris County-Houston Sports
Authority, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Municipal Corp.)
Ser. A(f)
0.00
11/15/2050
6,500,000
1,649,460
Houston Airport System,
Revenue Bonds, (United
Airlines) Ser. B
5.50
7/15/2039
3,000,000
3,070,695
Houston Airport System,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Municipal Corp.) Ser. A
4.50
7/1/2053
2,400,000
2,197,872
Houston Airport System,
Revenue Bonds, Refunding,
Ser. A
4.00
7/1/2046
1,610,000
1,398,059
26
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Texas — 13.1% (continued)
Lamar Consolidated
Independent School District,
GO
4.00
2/15/2053
1,235,000
1,069,037
Mission Economic
Development Corp., Revenue
Bonds, Refunding
(Natgasoline Project)(b)
4.63
10/1/2031
2,000,000
2,003,203
Port of Beaumont Navigation
District, Revenue Bonds
(Jefferson Gulf Coast Energy
Project) Ser. A(b)
5.25
1/1/2054
1,500,000
1,377,314
Tarrant County Cultural
Education Facilities Finance
Corp., Revenue Bonds
(Baylor Scott & White Health
Project)
5.00
11/15/2051
2,000,000
2,001,838
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)
7.32
2/15/2053
7,500,000
6,468,385
Tender Option Bond Trust
Receipts (Series 2024-
XM1164), (Texas University
System, Revenue Bonds,
Refunding) Non-Recourse,
Underlying Coupon Rate
5.25%(b),(d),(e)
14.03
3/15/2054
4,000,000
4,112,712
Texas Municipal Gas
Acquisition & Supply Corp.
IV, Revenue Bonds, Ser. B(a)
5.50
1/1/2034
4,000,000
4,390,352
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Texas — 13.1% (continued)
Texas Private Activity Bond
Surface Transportation
Corp., Revenue Bonds
(Segment 3C Project)
5.00
6/30/2058
1,500,000
1,434,663
Waxahachie Independent
School District, GO (Insured;
Permanent School Fund
Guarantee Program)
4.25
2/15/2053
1,500,000
1,362,650
 
63,890,990
U.S. Related — 1.2%
Guam Housing Corp., Revenue
Bonds (Insured; Federal
Home Loan Mortgage Corp.)
Ser. A
5.75
9/1/2031
685,000
689,621
Puerto Rico, GO, Ser. A(f)
0.00
7/1/2033
381,733
264,369
Puerto Rico, GO, Ser. A1
4.00
7/1/2033
296,629
289,625
Puerto Rico, GO, Ser. A1
4.00
7/1/2035
266,630
256,963
Puerto Rico, GO, Ser. A1
4.00
7/1/2037
228,839
218,252
Puerto Rico, GO, Ser. A1
4.00
7/1/2041
311,133
276,812
Puerto Rico, GO, Ser. A1
4.00
7/1/2046
323,574
276,839
Puerto Rico, GO, Ser. A1
5.38
7/1/2025
164,953
164,953
Puerto Rico, GO, Ser. A1
5.63
7/1/2027
327,370
336,975
Puerto Rico, GO, Ser. A1
5.63
7/1/2029
2,356,059
2,486,258
Puerto Rico, GO, Ser. A1
5.75
7/1/2031
312,813
337,614
 
5,598,281
Utah — 1.3%
Mida Cormont Public
Infrastructure District, GO,
Ser. A2(b),(h)
6.75
6/1/2055
2,535,000
2,065,852
Point Phase 1 Public
Infrastructure District No 1,
Revenue Bonds, Ser. A1
6.13
3/1/2055
1,000,000
1,014,230
Utah Charter School Finance
Authority, Revenue Bonds,
Refunding (Summit
Academy) Ser. A
5.00
4/15/2049
690,000
676,401
Utah Infrastructure Agency,
Revenue Bonds, Refunding,
Ser. A
5.00
10/15/2037
2,345,000
2,371,618
 
6,128,101
28
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Virginia — 3.8%
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)
14.53
7/1/2057
7,500,000
8,031,688
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)
12.15
9/1/2059
4,900,000
4,763,108
Virginia Small Business
Financing Authority,
Revenue Bonds (Transform
66 P3 Project)
5.00
12/31/2052
4,620,000
4,367,238
Williamsburg Economic
Development Authority,
Revenue Bonds (William &
Mary Project) (Insured;
Assured Guaranty Municipal
Corp.) Ser. A
4.13
7/1/2058
1,250,000
1,105,286
 
18,267,320
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)
13.62
7/1/2049
3,500,000
3,587,341
Washington Housing Finance
Commission, Revenue
Bonds, Refunding
(Presbyterian Retirement
Communities Northwest
Obligated Group) Ser. A(b)
5.00
1/1/2051
3,200,000
2,859,965
 
6,447,306
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
West Virginia — .9%
West Virginia Hospital Finance
Authority, Revenue Bonds
(West Virginia University
Health System Obligated
Group) Ser. A
5.50
6/1/2050
4,000,000
4,154,782
Wisconsin — 4.6%
Public Finance Authority,
Revenue Bonds(b)
5.00
7/1/2055
1,000,000
885,574
Public Finance Authority,
Revenue Bonds (Cone
Health) Ser. A
5.00
10/1/2052
1,500,000
1,501,989
Public Finance Authority,
Revenue Bonds (EMU
Campus Living) (Insured;
Build America Mutual) Ser.
A1
5.50
7/1/2052
2,500,000
2,531,327
Public Finance Authority,
Revenue Bonds (EMU
Campus Living) (Insured;
Build America Mutual) Ser.
A1
5.63
7/1/2055
2,035,000
2,059,015
Public Finance Authority,
Revenue Bonds
(Southminster Obligated
Group)(b)
5.00
10/1/2053
2,015,000
1,818,087
Public Finance Authority,
Revenue Bonds, Ser. 1
5.75
7/1/2062
4,639,715
4,655,121
Public Finance Authority,
Revenue Bonds, Refunding
(Kahala Nui Project)
5.25
11/15/2061
1,500,000
1,497,442
Public Finance Authority,
Revenue Bonds, Refunding
(Lindenwood Education
System) Ser. A(b)
5.50
6/1/2040
1,750,000
1,765,029
Public Finance Authority,
Revenue Bonds, Refunding
(Mary’s Woods at
Marylhurst Project)(b)
5.25
5/15/2047
750,000
696,301
Public Finance Authority,
Revenue Bonds, Refunding
(Roseman University of
Health Sciences)(b),(g)
5.00
4/1/2030
45,000
48,968
30
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 128.6% (continued)
Wisconsin — 4.6% (continued)
Public Finance Authority,
Revenue Bonds, Refunding
(Triad Educational Services,
Inc.)
5.25
6/15/2065
2,000,000
1,870,592
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds
(Bellin Memorial Hospital
Obligated Group)
5.50
12/1/2052
1,250,000
1,296,079
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds,
Refunding (St.
Camillus Health System
Obligated Group)
5.00
11/1/2046
2,000,000
1,777,755
 
22,403,279
Total Investments (cost $656,374,376)
 
    128.6%
 625,920,331
Liabilities, Less Cash and Receivables
 
    (28.6%)
(139,119,418)
Net Assets Applicable to Common Stockholders
    100.0%
 486,800,913
 
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
June 30, 2025, these securities amounted to $246,374,009 or 50.6% of net assets applicable to Common
Stockholders.
(c)
Non-income producing—security in default.
(d)
The Variable Rate is determined by the Remarketing Agent in its sole discretion based on prevailing market
conditions and may, but need not, be established by reference to one or more financial indices.
(e)
Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the
inverse floating rate security.
(f)
Security issued with a zero coupon. Income is recognized through the accretion of discount.
(g)
These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are
prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay
principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(h)
Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
See notes to statement of investments.
31
Statement of Investments
BNY Mellon Strategic Municipals, Inc.
June 30, 2025 (Unaudited)
The following is a summary of the inputs used as of June 30, 2025 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
Assets ($)
Investments in
Securities:†
Municipal
Securities
—
625,920,331
—
625,920,331
 
—
625,920,331
—
625,920,331
Liabilities ($)
Other Financial
Instruments:
Inverse Floater
Notes††
—
(137,980,000)
—
(137,980,000)
 
—
(137,980,000)
—
(137,980,000)
 
†
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 accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
Inverse Floater Securities:  The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.
The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity
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 June 30, 2025, accumulated net unrealized depreciation on investments was $30,454,045, consisting of $7,535,592 gross unrealized appreciation and $37,989,637 gross unrealized depreciation.
At June 30, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
35