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SCHEDULE OF INVESTMENTS
December 31, 2025 (Unaudited)
 
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5%
Alabama — 5.3%
Alabama Special Care Facilities
Financing Authority,
Revenue Bonds (Methodist
Home for the Aging
Obligated Group)
6.00
6/1/2050
5,970,000
5,728,689
Baldwin County Industrial
Development Authority,
Revenue Bonds (Novelis
Corporation Project) Ser.
A(a),(b)
5.00
6/1/2032
3,000,000
3,060,252
Black Belt Energy Gas District,
Revenue Bonds (Gas Project)
Ser. B
5.00
10/1/2035
1,250,000
1,288,507
Black Belt Energy Gas District,
Revenue Bonds, Ser. D(a)
5.00
11/1/2034
2,000,000
2,139,737
Black Belt Energy Gas District,
Revenue Bonds, Refunding
(Gas Project) Ser. D1(a)
5.50
2/1/2029
5,555,000
5,862,235
Jefferson County, Revenue
Bonds, Refunding
5.50
10/1/2053
3,750,000
3,924,225
Mobile County Industrial
Development Authority,
Revenue Bonds (Calvert LLC
Project) Ser. B
4.75
12/1/2054
1,225,000
1,125,836
Southeast Energy Authority A
Cooperative District,
Revenue Bonds, Ser. C(a)
5.00
2/1/2031
3,500,000
3,747,313
 
26,876,794
Alaska — .5%
Northern Tobacco
Securitization Corp.,
Revenue Bonds, Refunding,
Ser. A
4.00
6/1/2050
3,000,000
2,505,279
Arizona — 4.8%
Arizona Industrial
Development Authority,
Revenue Bonds (Academics
of Math & Science Project)(b)
5.00
7/1/2054
1,275,000
1,146,391
1
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Arizona — 4.8% (continued)
Arizona Industrial
Development Authority,
Revenue Bonds (Legacy
Cares Project)(b),(c)
7.75
7/1/2050
5,770,000
135,595
Arizona Industrial
Development Authority,
Revenue Bonds (Legacy
Cares Project) Ser. A(b),(c)
6.00
7/1/2051
1,000,000
23,500
Arizona Industrial
Development Authority,
Revenue Bonds (Sustainable
Bond) (Equitable Schools)
Ser. A
5.25
11/1/2053
2,000,000
2,038,131
Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
A(b)
5.25
7/1/2047
1,600,000
1,567,474
Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
D(b)
5.00
7/1/2047
1,035,000
981,316
Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
D(b)
5.00
7/1/2051
380,000
354,807
Glendale Industrial
Development Authority,
Revenue Bonds, Refunding
(Sun Health Services
Obligated Group) Ser. A
5.00
11/15/2054
1,170,000
1,135,716
La Paz County Industrial
Development Authority,
Revenue Bonds (Harmony
Public Schools) Ser. A(b)
5.00
2/15/2036
2,480,000
2,481,778
Maricopa County Industrial
Development Authority,
Revenue Bonds (Benjamin
Franklin Charter School
Obligated Group)(b)
6.00
7/1/2052
3,000,000
3,012,268
2
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Arizona — 4.8% (continued)
Maricopa County Industrial
Development Authority,
Revenue Bonds, Refunding
(Paradise Schools Projects
Paragon Management)(b)
5.00
7/1/2047
2,000,000
1,832,126
Sierra Vista Industrial
Development Authority,
Revenue Bonds (American
Leadership Academy)(b)
5.00
6/15/2059
1,000,000
886,849
Tender Option Bond Trust
Receipts (Series 2018-
XF2537), (Salt Verde
Financial Corporation,
Revenue Bonds) Recourse,
Underlying Coupon Rate
5.00%(b),(d),(e)
10.87
12/1/2037
4,030,000
4,376,057
The Phoenix Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Projects) Ser.
A(b)
5.00
7/1/2035
2,360,000
2,360,830
The Phoenix Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Projects) Ser.
A(b)
5.00
7/1/2046
2,000,000
1,913,020
 
24,245,858
Arkansas — .8%
Arkansas Development
Finance Authority, Revenue
Bonds (Sustainable Bond)
(U.S. Steel Corp.)
5.70
5/1/2053
2,600,000
2,637,892
Arkansas Development
Finance Authority, Revenue
Bonds (Sustainable Bond)
(U.S. Steel Corp.)
5.45
9/1/2052
1,500,000
1,501,512
 
4,139,404
California — 2.5%
California Community Choice
Financing Authority,
Revenue Bonds (Sustainable
Bond) (Clean Energy
Project) Ser. B(a)
5.00
11/1/2035
3,250,000
3,539,909
3
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
California — 2.5% (continued)
California Community Choice
Financing
Authority, Revenue Bonds
(Sustainable Bond) (Clean
Energy Project) Ser. D(a)
5.00
9/1/2032
1,500,000
1,629,132
California County Tobacco
Securitization Agency,
Revenue Bonds, Refunding
(Los Angeles County
Securitization Corp.) Ser. A
4.00
6/1/2049
1,400,000
1,202,858
California Municipal Finance
Authority, Revenue Bonds
(CHF-Aptos LLC Cabrillo
College Project) Ser. A(b)
5.25
7/1/2045
5,000,000
5,005,573
California Municipal Finance
Authority, Revenue Bonds,
Refunding (William Jessup
University)(b)
5.00
8/1/2039
140,000
105,489
California Statewide
Communities Development
Authority, Revenue Bonds
(Loma Linda University
Medical Center Obligated
Group) Ser. A(b)
5.25
12/1/2056
1,000,000
1,000,813
 
12,483,774
Colorado — 5.2%
Colorado Health Facilities
Authority, Revenue Bonds
(CommonSpirit Health
Obligated Group)
5.25
11/1/2052
1,500,000
1,554,131
Colorado Health Facilities
Authority, Revenue Bonds
(Covenant Retirement
Communities & Services
Obligated Group)
5.00
12/1/2048
1,250,000
1,236,820
Colorado Health Facilities
Authority, Revenue Bonds,
Refunding (Covenant Living
Communities & Services
Obligated Group) Ser. A
4.00
12/1/2050
4,500,000
3,786,259
4
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Colorado — 5.2% (continued)
Colorado University Research
Foundation, Revenue Bonds
(The Prospect Project) Ser.
A(b)
5.25
3/1/2045
1,000,000
1,004,421
Denver City & County, Revenue
Bonds, Refunding (United
Airlines Project)
5.00
10/1/2032
1,000,000
1,001,096
Dominion Water & Sanitation
District, Revenue Bonds,
Refunding
5.88
12/1/2052
4,500,000
4,600,849
Rampart Range Metropolitan
District No. 5, Revenue
Bonds
4.00
12/1/2051
2,000,000
1,608,232
Regional Transportation
District, Revenue Bonds,
Refunding (Denver Transit
Partners) Ser. A
4.00
7/15/2034
1,500,000
1,533,597
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)
10.44
8/1/2044
4,440,000
4,861,846
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)
7.55
11/15/2048
5,535,000
4,989,570
Vauxmont Metropolitan
District, GO, Refunding
(Insured; Assured Guaranty
Corp.)
3.25
12/15/2050
380,000
325,563
 
26,502,384
5
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Connecticut — 1.1%
Connecticut Health &
Educational Facilities
Authority, Revenue Bonds,
Refunding (Fairfield
University) Ser. T
4.00
7/1/2055
925,000
819,982
Connecticut Housing Finance
Authority, Revenue Bonds,
Refunding, Ser. A1
3.65
11/15/2032
410,000
411,100
Harbor Point Infrastructure
Improvement District, Tax
Allocation Bonds, Refunding
(Harbor Point Project)(b)
5.00
4/1/2039
3,500,000
3,547,832
Stamford Housing Authority,
Revenue Bonds, Refunding
(Mozaic Concierge Living),
Ser. A
6.25
10/1/2060
1,000,000
997,509
 
5,776,423
Delaware — .2%
Delaware Economic
Development Authority,
Revenue Bonds (ACTS
Retirement-Life
Communities Obligated
Group) Ser. B
5.25
11/15/2053
1,000,000
1,008,668
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
2,989,333
Metropolitan Washington
Airports Authority, Revenue
Bonds, Refunding
(Dulles Metrorail) Ser. B
4.00
10/1/2049
2,500,000
2,213,959
 
5,203,292
Florida — 8.0%
Atlantic Beach, Revenue Bonds
(Fleet Landing Project) Ser.
A
5.00
11/15/2053
3,460,000
3,306,835
6
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Florida — 8.0% (continued)
Collier County Industrial
Development Authority,
Revenue Bonds (NCH
Healthcare System Project)
(Insured; Assured Guaranty
Corp.) Ser. A
5.00
10/1/2049
1,700,000
1,746,460
Florida Development Finance
Corp., Revenue Bonds,
Refunding (Brightline
Florida Passenger Rail
Project) (Insured; Assured
Guaranty Corp.)
5.25
7/1/2053
2,715,000
2,673,530
Florida Housing Finance Corp.,
Revenue Bonds (Insured;
GNMA, FNMA, FHLMC) Ser. 1
4.40
7/1/2044
2,460,000
2,467,951
Florida Local Government
Finance Commission,
Revenue Bonds (Bridgeprep
Academy Projects) Ser. A(b)
6.25
6/15/2055
2,500,000
2,557,263
Florida Local Government
Finance Commission,
Revenue Bonds (Fleet
Landing At Nocatee Project)
Ser. A(b)
6.75
11/15/2055
1,020,000
1,062,720
Greater Orlando Aviation
Authority, Revenue Bonds
(United Airlines, Inc. Project)
5.25
11/1/2035
1,500,000
1,603,793
Greater Orlando Aviation
Authority, Revenue Bonds,
Ser. A
4.00
10/1/2049
4,685,000
4,148,960
Lee County Industrial
Development Authority,
Revenue Bonds, Refunding,
Ser. 1
4.00
4/1/2049
1,650,000
1,463,139
Miami-Dade County, Revenue
Bonds(f)
0.00
10/1/2045
3,000,000
1,242,683
Miami-Dade County Water &
Sewer System, Revenue
Bonds (Insured; Build
America Mutual)
4.00
10/1/2051
1,550,000
1,404,595
7
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Florida — 8.0% (continued)
Palm Beach County Health
Facilities Authority, Revenue
Bonds, Refunding (Lifespace
Communities Obligated
Group) Ser. C
7.63
5/15/2058
1,000,000
1,106,901
Seminole County Industrial
Development Authority,
Revenue Bonds, Refunding
(Legacy Pointe at UCF
Project)
5.75
11/15/2054
2,500,000
2,370,167
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)
6.37
10/1/2049
12,750,000
11,683,060
Venice, Revenue Bonds, Ser.
A(b)
5.50
1/1/2055
725,000
707,890
Village Community
Development District No. 15,
Special Assessment Bonds(b)
4.80
5/1/2055
865,000
832,026
 
40,377,973
Georgia — 6.4%
Georgia Municipal Electric
Authority, Revenue Bonds,
Refunding (Insured; Build
America Mutual) Ser. A
5.25
1/1/2054
2,500,000
2,613,377
Main Street Natural Gas, Inc.,
Revenue Bonds, Ser. D(a)
5.00
4/1/2031
1,535,000
1,649,949
Main Street Natural Gas, Inc.,
Revenue Bonds, Ser. E(a)
5.00
12/1/2032
1,500,000
1,600,992
Savannah Georgia Convention
Center Authority, Revenue
Bonds (Convention Center
Hotel) (Insured; Assured
Guaranty Corp.) Ser. C
5.50
6/1/2050
1,000,000
1,065,993
8
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Georgia — 6.4% (continued)
Tender Option Bond Trust
Receipts (Series 2016-
XM0435), (Private Colleges
& Universities Authority,
Revenue Bonds, Refunding
(Emory University))
Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
11.39
10/1/2043
10,000,000
10,003,582
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)
8.84
7/1/2044
6,340,000
6,627,104
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)
11.18
1/1/2059
3,600,000
3,550,485
Tender Option Bond Trust
Receipts (Series 2025-
XF80660), (Atlanta
Department of Aviation,
Revenue Bonds, Ser. B1),
Non-Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
12.40
7/1/2050
4,920,000
5,117,982
 
32,229,464
Idaho — 1.0%
Power County Industrial
Development Corp., Revenue
Bonds (FMC Corp. Project)
6.45
8/1/2032
5,000,000
5,018,729
Illinois — 10.0%
Chicago, GO (Housing and
Economic Development
Projects) Ser. F
6.00
1/1/2055
1,500,000
1,549,797
Chicago, GO, Ser. A
5.00
1/1/2044
2,000,000
1,952,342
Chicago, GO, Ser. A
5.50
1/1/2049
305,000
305,182
Chicago, GO, Refunding, Ser. A
6.00
1/1/2038
3,000,000
3,046,862
9
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Illinois — 10.0% (continued)
Chicago Board of Education,
GO, Ser. A
6.25
12/1/2050
1,400,000
1,463,798
Chicago Board of Education,
GO, Ser. D
5.00
12/1/2046
2,000,000
1,842,940
Chicago Board of Education,
GO, Ser. H
5.00
12/1/2036
2,000,000
1,980,488
Chicago Board of Education,
GO, Refunding, Ser. A
5.00
12/1/2034
1,400,000
1,400,773
Chicago Board of Education,
GO, Refunding, Ser. B
5.50
12/1/2035
3,250,000
3,430,304
Chicago Midway International
Airport, Revenue Bonds,
Refunding, Ser. C
5.00
1/1/2041
1,550,000
1,625,761
Illinois, GO, Ser. A
5.00
5/1/2038
3,400,000
3,493,171
Illinois, GO, Ser. C
5.00
11/1/2029
1,120,000
1,160,700
Illinois, GO, Ser. D
5.00
11/1/2028
2,325,000
2,412,141
Illinois, GO, Refunding, Ser. A
5.00
10/1/2029
1,100,000
1,160,795
Illinois, Revenue Bonds, Ser. C
5.00
6/15/2045
1,000,000
1,037,342
Illinois Finance Authority,
Revenue Bonds (Centerpoint
Joliet Terminal Railroad
Project)(a),(b)
4.80
7/2/2035
1,500,000
1,549,711
Illinois Finance Authority,
Revenue Bonds (Plymouth
Place Obligated Group) Ser.
A
6.63
5/15/2052
1,000,000
1,048,398
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
1,656,593
Metropolitan Pier & Exposition
Authority, Revenue Bonds,
Refunding (McCormick Place
Expansion Project)(f)
0.00
12/15/2054
21,800,000
5,091,604
Sales Tax Securitization Corp.,
Revenue Bonds, Refunding,
Ser. A
4.00
1/1/2038
1,000,000
1,002,867
10
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Illinois — 10.0% (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)
5.62
6/1/2048
3,000,000
2,706,337
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)
5.58
12/1/2049
5,800,000
6,013,690
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)
13.31
1/1/2053
3,600,000
3,750,657
 
50,682,253
Indiana — 1.0%
Indiana Finance Authority,
Revenue Bonds (Sustainable
Bond)(b),(c)
7.00
3/1/2039
5,525,000
276,250
Indiana Finance Authority,
Revenue Bonds, Refunding
(Marquette Project) Ser. A
5.00
3/1/2040
2,735,000
2,859,939
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
1,812,504
 
4,948,693
11
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Iowa — .7%
Iowa Finance Authority,
Revenue Bonds, Refunding
(Iowa Fertilizer Co.
Project)(g)
5.00
12/1/2032
1,415,000
1,628,582
Iowa Student Loan Liquidity
Corp., Revenue Bonds, Ser. B
5.00
12/1/2031
2,000,000
2,142,787
 
3,771,369
Kentucky — .6%
Kentucky Public Energy
Authority, Revenue Bonds,
Ser. A(a)
5.00
7/1/2030
1,750,000
1,839,982
Kentucky Public Energy
Authority, Revenue Bonds,
Refunding, Ser. C
5.00
5/1/2036
1,250,000
1,328,717
 
3,168,699
Louisiana — 1.4%
Ernest N. Morial New Orleans
Exhibition Hall Authority,
Special Tax Bonds
5.50
7/15/2054
1,250,000
1,321,527
Louisiana Local Government
Environmental Facilities &
Community Development
Authority, Revenue Bonds,
Refunding (Westlake
Chemical Project)
3.50
11/1/2032
635,000
630,318
Louisiana Public Facilities
Authority, Revenue Bonds
(I-10 Calcasieu River Bridge
Public-Private Partnership
Project)
5.75
9/1/2064
3,185,000
3,283,990
Louisiana Public Facilities
Authority, Revenue Bonds,
Refunding (Ochsner Clinic
Foundation Obligated
Group) Ser. A
5.50
5/15/2055
1,700,000
1,802,433
 
7,038,268
Maine — .4%
Finance Authority of Maine,
Revenue Bonds (University
of New England)
5.50
7/1/2055
1,750,000
1,850,519
12
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Maryland — 2.7%
Maryland Economic
Development Corp., Revenue
Bonds (College Park
Leonardtown Project)
(Insured; Assured Guaranty
Corp.)
5.25
7/1/2064
1,000,000
1,024,480
Maryland Economic
Development Corp., Revenue
Bonds (Sustainable Bond)
(Purple Line Transit
Partners) Ser. B
5.25
6/30/2055
3,120,000
3,048,252
Maryland Economic
Development Corp., Tax
Allocation Bonds (Port
Covington Project)
4.00
9/1/2050
1,000,000
838,547
Maryland Health & Higher
Educational Facilities
Authority, Revenue Bonds
(Adventist Healthcare
Obligated Group) Ser. A
5.50
1/1/2046
3,250,000
3,280,390
Tender Option Bond Trust
Receipts (Series 2024-
XF1758), (Maryland Stadium
Authority, Revenue Bonds)
Non-Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
11.43
6/1/2054
5,200,000
5,385,156
 
13,576,825
Massachusetts — 4.8%
Lowell Collegiate Charter
School, Revenue Bonds
5.00
6/15/2054
1,620,000
1,510,440
Massachusetts Development
Finance Agency, Revenue
Bonds (Tufts University
Student Housing Project)
5.50
6/1/2050
1,000,000
1,073,209
Massachusetts Development
Finance Agency, Revenue
Bonds, Ser. T
4.00
3/1/2054
1,000,000
939,301
Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding (Beth
Israel Lahey Health
Obligated Group) Ser. N
5.50
7/1/2055
3,605,000
3,817,725
13
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Massachusetts — 4.8% (continued)
Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding (Boston
Medical Center Corp.
Obligated Group)
5.25
7/1/2052
1,500,000
1,498,571
Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding
(NewBridge
Charles Obligated Group)(b)
5.00
10/1/2057
1,000,000
961,963
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)
11.43
6/1/2053
14,000,000
14,501,981
 
24,303,190
Michigan — 5.0%
Detroit Downtown
Development Authority, Tax
Allocation Bonds, Refunding
(Catalyst Development
Project)
5.00
7/1/2048
1,115,000
1,158,152
Great Lakes Water Authority
Sewage Disposal System,
Revenue Bonds, Refunding,
Ser. C
5.00
7/1/2036
2,435,000
2,457,124
Michigan Finance Authority,
Revenue Bonds (Sustainable
Bond)
5.50
2/28/2057
2,700,000
2,808,233
Michigan Finance Authority,
Revenue Bonds, Refunding,
Ser. A2
5.00
6/1/2040
4,435,000
4,521,822
Michigan Housing
Development Authority,
Revenue Bonds, Ser. C
5.05
6/1/2051
2,000,000
2,016,239
14
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Michigan — 5.0% (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)
12.64
8/15/2054
10,000,000
10,628,321
Wayne County Airport
Authority, Revenue Bonds,
Ser. A
5.50
12/1/2050
1,500,000
1,630,689
 
25,220,580
Minnesota — .5%
Duluth Economic Development
Authority, Revenue Bonds,
Refunding (Essentia Health
Obligated Group) Ser. A
5.00
2/15/2058
1,625,000
1,635,395
Woodbury, Revenue Bonds,
Refunding (Math &
Science Academy)(b)
5.50
6/1/2063
1,000,000
927,573
 
2,562,968
Missouri — 2.9%
Missouri Housing Development
Commission, Revenue Bonds
(First Place Homeownership
Loan) (Insured; GNMA,
FNMA, FHLMC) Ser. A
4.60
11/1/2049
1,690,000
1,656,141
St. Louis County Industrial
Development Authority,
Revenue Bonds (Friendship
Village St. Louis Obligated
Group) Ser. A
5.13
9/1/2048
2,025,000
1,965,586
St. Louis County Industrial
Development Authority,
Revenue Bonds (Friendship
Village St. Louis Obligated
Group) Ser. A
5.13
9/1/2049
2,975,000
2,875,867
St. Louis Land Clearance for
Redevelopment Authority,
Revenue Bonds (National
Geospatial Intelligence)
5.13
6/1/2046
3,260,000
3,181,174
15
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Missouri — 2.9% (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)
3.33
12/1/2053
3,000,000
2,872,989
The St. Louis Missouri
Industrial Development
Authority, Tax Allocation
Bonds (St. Louis Innovation
District Project)
4.38
5/15/2036
2,075,000
2,050,637
 
14,602,394
Montana — .2%
Montana Facility Finance
Authority, Revenue Bonds
(Benefis Health System
Obligated Group) Ser. A
5.50
2/15/2055
1,000,000
1,054,413
Nebraska — .2%
Omaha Public Power District,
Revenue Bonds, Ser. A
4.00
2/1/2051
1,000,000
917,740
Nevada — 1.2%
Clark County School District,
GO (Insured; Assured
Guaranty Corp.) Ser. A
4.25
6/15/2041
3,745,000
3,814,930
Reno, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Corp.)
4.00
6/1/2058
2,750,000
2,475,869
 
6,290,799
New Hampshire — .6%
New Hampshire Business
Finance Authority, Revenue
Bonds (The Wildflower
Project)(b),(f)
0.00
12/15/2033
1,600,000
989,374
16
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
New Hampshire — 0.6% (continued)
New Hampshire Business
Finance Authority, Revenue
Bonds (Winston-Salem
Sustainable Energy
Partners) Ser. A
5.50
6/1/2050
1,000,000
1,045,468
New Hampshire Business
Finance Authority, Revenue
Bonds, Refunding
(Sustainable Bond) Ser.
B(a),(b)
3.75
7/2/2040
1,000,000
822,755
 
2,857,597
New Jersey — 3.6%
New Jersey Economic
Development Authority,
Revenue Bonds (Repauno
Port & Rail Terminal
Project)(b)
6.63
1/1/2045
1,000,000
1,036,389
New Jersey Economic
Development Authority,
Revenue Bonds, Refunding,
Ser. XX
5.25
6/15/2027
1,855,000
1,857,115
New Jersey Health Care
Facilities Financing
Authority, Revenue Bonds
(RWJ Barnabas Health
Obligated Group)
4.00
7/1/2051
1,500,000
1,376,059
New Jersey Higher Education
Student Assistance
Authority, Revenue Bonds,
Refunding, Ser. A
5.00
12/1/2032
1,275,000
1,380,903
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds
5.00
6/15/2044
2,000,000
2,101,012
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds(g)
5.50
12/15/2032
2,700,000
3,219,627
17
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
New Jersey — 3.6% (continued)
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)
12.63
1/1/2055
4,600,000
4,925,433
Tobacco Settlement Financing
Corp., Revenue Bonds,
Refunding, Ser. B
5.00
6/1/2046
2,540,000
2,469,268
 
18,365,806
New Mexico — .2%
New Mexico Mortgage Finance
Authority, Revenue Bonds
(Insured; GNMA, FNMA,
FHLMC) Ser. E
4.70
9/1/2054
1,000,000
1,000,741
New York — 8.1%
Build New York City Resource
Corp., Revenue Bonds (The
Nightingale-Bamford School
Project)
5.00
7/1/2040
1,000,000
1,103,977
Build New York City Resource
Corp., Revenue Bonds (The
Renaissance Charter School
2 Project) Ser. A
5.50
6/15/2050
1,250,000
1,237,024
New York Convention Center
Development Corp., Revenue
Bonds (Hotel Unit Fee)
(Insured; Assured Guaranty
Corp.) Ser. B(f)
0.00
11/15/2052
7,825,000
2,094,090
New York Energy Finance
Development Corp., Revenue
Bonds(a)
5.00
12/1/2033
2,000,000
2,120,726
New York State Dormitory
Authority, Revenue Bonds,
Refunding (Montefiore
Obligated Group) Ser. A
4.00
9/1/2050
1,000,000
839,704
New York Transportation
Development Corp., Revenue
Bonds (Delta Air Lines)
4.00
1/1/2036
1,000,000
974,070
18
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
New York — 8.1% (continued)
New York Transportation
Development Corp., Revenue
Bonds (John F. Kennedy
International Airport New
Terminal One Project)
(Insured; Assured Guaranty
Corp.)
6.00
6/30/2060
3,700,000
3,983,535
New York Transportation
Development Corp., Revenue
Bonds (John F. Kennedy
International Airport
Terminal)
5.00
12/1/2040
3,535,000
3,682,114
New York Transportation
Development Corp., Revenue
Bonds (LaGuardia Airport
Terminal B Redevelopment
Project)
5.63
4/1/2040
1,000,000
1,049,665
New York Transportation
Development Corp., Revenue
Bonds (LaGuardia Airport
Terminal B Redevelopment
Project) Ser. A
5.00
7/1/2046
2,080,000
2,079,922
Tender Option Bond Trust
Receipts (Series 2022-
XM1004), (Metropolitan
Transportation Authority,
Revenue Bonds, Refunding
(Sustainable Bond) (Insured;
Assured Guaranty Corp.) Ser.
C) Non-Recourse,
Underlying Coupon Rate
4.00%(b),(d),(e)
5.08
11/15/2047
6,300,000
5,684,936
Tender Option Bond Trust
Receipts (Series 2024-
XM1174), (New York State
Transportation
Development Corp., Revenue
Bonds (Sustainable Bond)
(John F. Kennedy
International Airport
Terminal One Project)
(Insured; Assured Guaranty
Corp.)) Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
12.16
6/30/2060
3,730,000
3,783,619
19
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
New York — 8.1% (continued)
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)
3.21
5/15/2064
3,000,000
2,705,951
Tender Option Bond Trust
Receipts (Series 2024-
XM1194), (New York
Transportation
Development Corp., Revenue
Bonds, Refunding
(Sustainable Bond) (JFK
International Airport
Terminal Six Redevelopment
Project) (Insured; Assured
Guaranty Corp.)) Recourse,
Underlying Coupon Rate
5.25%(b),(d),(e)
12.16
12/31/2054
3,800,000
3,855,297
Tender Option Bond Trust
Receipts (Series 2025-
XF8040), (Long Island
Power Authority, Revenue
Bonds, Ser. A) Non-
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
12.35
9/1/2050
3,600,000
3,819,519
Westchester County Local
Development Corp., Revenue
Bonds, Refunding (Purchase
Senior Learning Community
Obligated Group)(b)
5.00
7/1/2046
2,150,000
1,990,945
 
41,005,094
North Carolina — 3.6%
Nash Health Care Systems,
Revenue Bonds
5.75
2/1/2050
2,000,000
2,152,873
North Carolina Medical Care
Commission, Revenue Bonds
(Carolina Meadows
Obligated Group)
5.25
12/1/2049
2,750,000
2,802,551
20
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
North Carolina — 3.6% (continued)
North Carolina Medical Care
Commission, Revenue Bonds
(Deerfield Episcopal
Retirement Community
Project) Ser. A
5.00
11/1/2040
1,000,000
1,073,575
North Carolina Medical Care
Commission, Revenue Bonds
(The United Methodist
Retirement Homes) Ser. A
5.13
10/1/2054
1,250,000
1,249,946
North Carolina Medical Care
Commission, Revenue
Bonds, Refunding (Lutheran
Services for the Aging
Obligated Group)
4.00
3/1/2051
2,300,000
1,909,613
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)
5.06
11/1/2052
10,000,000
8,887,210
 
18,075,768
Ohio — 4.7%
Buckeye Tobacco Settlement
Financing Authority,
Revenue Bonds, Refunding,
Ser. B2
5.00
6/1/2055
11,055,000
8,962,673
Canal Winchester Local School
District, GO, Refunding
(Insured; National Public
Finance Guarantee Corp.)(f)
0.00
12/1/2029
3,955,000
3,520,983
Canal Winchester Local School
District, GO, Refunding
(Insured; National Public
Finance Guarantee Corp.)(f)
0.00
12/1/2031
3,955,000
3,288,245
Cuyahoga County, Revenue
Bonds, Refunding (The
MetroHealth System)
5.00
2/15/2052
2,000,000
1,892,142
21
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Ohio — 4.7% (continued)
Hamilton County, Revenue
Bonds, Refunding (Life
Enriching Communities
Project)
5.50
1/1/2055
750,000
761,336
Port of Greater Cincinnati
Development Authority,
Revenue Bonds, Refunding
(Duke Energy Co.) (Insured;
Assured Guaranty Corp.) Ser.
B
4.38
12/1/2058
725,000
688,402
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)
11.63
6/1/2049
4,525,000
4,692,682
 
23,806,463
Oklahoma — 1.1%
Oklahoma Development
Finance Authority, Revenue
Bonds (OU Medicine Project)
Ser. B
5.50
8/15/2057
1,500,000
1,489,479
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)
12.50
7/1/2064
3,600,000
3,815,821
 
5,305,300
Oregon — .5%
Clackamas County Hospital
Facility Authority, Revenue
Bonds, Refunding
(Willamette View Obligated
Group) Ser. A
5.00
11/15/2047
1,500,000
1,398,537
Port of Portland, Revenue
Bonds, Refunding
(Sustainable Bond) Ser. 29
5.50
7/1/2048
1,250,000
1,320,815
 
2,719,352
22
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Pennsylvania — 5.1%
Clairton Municipal Authority,
Revenue Bonds, Refunding,
Ser. B
5.00
12/1/2034
1,000,000
1,111,733
Pennsylvania Economic
Development Financing
Authority, Revenue Bonds
(The Penndot Major
Bridges)
6.00
6/30/2061
3,000,000
3,163,146
Pennsylvania Higher
Educational Facilities
Authority, Revenue Bonds,
Refunding (University of
Sciences in Philadelphia)
5.00
11/1/2036
3,230,000
3,231,658
Pennsylvania Turnpike
Commission, Revenue
Bonds, Ser. A
4.00
12/1/2050
1,500,000
1,389,655
Philadelphia, Revenue Bonds,
Refunding (Private Activity)
5.00
7/1/2027
4,300,000
4,424,177
Philadelphia Housing
Authority, Revenue Bonds
(PHADC Acquisition
Program) Ser. A
5.25
3/1/2045
2,500,000
2,606,315
Tender Option Bond Trust
Receipts (Series 2023-
XF1525), (Pennsylvania
Economic Development
Financing Authority,
Revenue Bonds (University
of Pittsburgh Medical
Center) Ser. A) Recourse,
Underlying Coupon Rate
4.00%(b),(d),(e)
5.00
5/15/2053
4,000,000
3,514,959
Tender Option Bond Trust
Receipts (Series 2023-
XM1133), (Philadelphia
Water & Wastewater,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Corp.) Ser. B) Non-Recourse,
Underlying Coupon Rate
5.50%(b),(d),(e)
13.24
9/1/2053
5,820,000
6,240,995
 
25,682,638
23
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Rhode Island — 1.6%
Rhode Island Health and
Educational Building Corp.,
Revenue Bonds (RI
Properties LLC) (Insured;
Assured Guaranty Corp.) Ser.
A
5.00
7/1/2065
2,000,000
1,999,988
Tender Option Bond Trust
Receipts (Series 2023-
XM1117), (Rhode Island
Infrastructure Bank State
Revolving Fund, Revenue
Bonds, Ser. A) Non-
Recourse, Underlying
Coupon Rate 4.13%(b),(d),(e)
7.66
10/1/2048
6,000,000
5,865,472
 
7,865,460
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
2,582,191
South Carolina Public Service
Authority, Revenue Bonds,
Refunding (Santee Cooper)
Ser. A
4.00
12/1/2055
3,000,000
2,605,115
Tender Option Bond Trust
Receipts (Series 2024-
XM1175), (South Carolina
Public Service Authority,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Corp.) Ser. B) Non-Recourse,
Underlying Coupon Rate
5.00%(b),(d),(e)
9.11
12/1/2054
15,000,000
15,560,025
 
20,747,331
24
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
South Dakota — .9%
Tender Option Bond Trust
Receipts (Series 2022-
XF1409), (South Dakota
Health & Educational
Facilities Authority, Revenue
Bonds, Refunding (Avera
Health Obligated Group))
Non-Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
11.63
7/1/2046
4,720,000
4,745,253
Texas — 9.2%
Arlington Higher Education
Finance Corp., Revenue
Bonds (BASIS Texas Charter
Schools)(b)
4.88
6/15/2054
1,100,000
992,721
Arlington Higher Education
Finance Corp., Revenue
Bonds (BASIS Texas Charter
Schools)(b)
5.00
6/15/2064
1,400,000
1,256,431
Arlington Higher Education
Finance Corp., Revenue
Bonds (Riverwalk Education
Foundation, Inc.) (Insured;
Permanent School Fund
Guarantee Program)
4.50
8/15/2060
1,135,000
1,127,684
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
1,409,816
Clifton Higher Education
Finance Corp., Revenue
Bonds (IDEA Public Schools)
Ser. A
4.00
8/15/2047
3,100,000
2,756,306
Clifton Higher Education
Finance Corp., Revenue
Bonds (Uplift Education)
Ser. A
4.50
12/1/2044
2,500,000
2,340,567
25
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Texas — 9.2% (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
903,104
Clifton Higher Education
Finance Corp., Revenue
Bonds, Refunding
(International Leadership of
Texas, Inc.) (Insured;
Permanent School Fund
Guarantee Program) Ser. A
4.25
8/15/2053
1,000,000
942,109
Dallas Independent School
District, GO, Refunding
(Insured; Permanent School
Fund Guarantee Program)
4.00
2/15/2054
2,250,000
2,082,684
El Paso County Hospital
District, GO (El Paso County)
(Insured; Assured Guaranty
Corp.)
5.50
2/15/2050
1,500,000
1,591,804
Fort Bend County Toll Road,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Corp.)
4.25
3/1/2054
2,500,000
2,370,895
Grand Parkway Transportation
Corp., Revenue Bonds,
Refunding
4.00
10/1/2049
1,000,000
916,676
Harris County-Houston Sports
Authority, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Corp.) Ser. A(f)
0.00
11/15/2050
6,500,000
1,868,899
Houston Airport System,
Revenue Bonds, (United
Airlines) Ser. B
5.50
7/15/2039
3,000,000
3,221,631
Houston Airport System,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Corp.) Ser. A
4.50
7/1/2053
2,180,000
2,078,556
Houston Airport System,
Revenue Bonds, Refunding,
Ser. A
4.00
7/1/2046
1,610,000
1,460,722
26
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Texas — 9.2% (continued)
Lamar Consolidated
Independent School District,
GO
4.00
2/15/2053
1,235,000
1,105,577
Port of Beaumont Navigation
District, Revenue Bonds
(Jefferson Gulf Coast Energy
Project) Ser. A(b)
5.25
1/1/2054
1,500,000
1,432,986
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)
2.78
2/15/2053
7,500,000
6,873,899
Tender Option Bond Trust
Receipts (Series 2024-
XM1164), (Texas University
System, Revenue Bonds,
Refunding) Non-Recourse,
Underlying Coupon Rate
5.25%(b),(d),(e)
6.78
3/15/2054
4,000,000
4,241,124
Texas Municipal Gas
Acquisition & Supply Corp.
IV, Revenue Bonds, Ser. B(a)
5.50
1/1/2034
4,000,000
4,449,202
Waxahachie Independent
School District, GO (Insured;
Permanent School Fund
Guarantee Program)
4.25
2/15/2053
1,025,000
1,001,072
 
46,424,465
U.S. Related — 1.1%
Guam Housing Corp., Revenue
Bonds (Insured; Federal
Home Loan Mortgage Corp.)
Ser. A
5.75
9/1/2031
640,000
644,801
Puerto Rico, GO, Ser. A(f)
0.00
7/1/2033
381,733
276,686
Puerto Rico, GO, Ser. A1
4.00
7/1/2033
296,629
296,750
Puerto Rico, GO, Ser. A1
4.00
7/1/2035
266,630
262,239
Puerto Rico, GO, Ser. A1
4.00
7/1/2037
228,839
222,058
Puerto Rico, GO, Ser. A1
4.00
7/1/2041
311,133
287,996
Puerto Rico, GO, Ser. A1
4.00
7/1/2046
323,574
282,679
27
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
U.S. Related — 1.1% (continued)
Puerto Rico, GO, Ser. A1
5.63
7/1/2027
327,370
334,415
Puerto Rico, GO, Ser. A1
5.63
7/1/2029
2,356,059
2,497,285
Puerto Rico, GO, Ser. A1
5.75
7/1/2031
312,813
343,837
 
5,448,746
Utah — 1.3%
Mida Cormont Public
Infrastructure District, GO,
Ser. A2(b),(h)
6.75
6/1/2055
2,535,000
2,158,737
Mida Mountain Village Public
Infrastructure District, Tax
Allocation Bonds, Ser. 1(b)
5.50
6/1/2050
1,000,000
1,002,371
Point Phase 1 Public
Infrastructure District No. 1,
Revenue Bonds, Ser. A1
6.13
3/1/2055
1,000,000
1,039,867
Utah Infrastructure Agency,
Revenue Bonds, Refunding,
Ser. A
5.00
10/15/2037
2,345,000
2,373,348
 
6,574,323
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)
13.21
7/1/2057
7,500,000
7,952,122
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)
10.82
9/1/2059
4,900,000
4,900,680
28
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Virginia — 3.7% (continued)
Virginia Small Business
Financing Authority,
Revenue Bonds (Transform
66 P3 Project)
5.00
12/31/2052
4,620,000
4,430,740
Williamsburg Economic
Development Authority,
Revenue Bonds (William &
Mary Project) (Insured;
Assured Guaranty Corp.) Ser.
A
4.13
7/1/2058
1,250,000
1,156,943
 
18,440,485
Washington — .8%
Washington Housing Finance
Commission, Revenue
Bonds, Refunding (Horizon
House Project) Ser. B3
4.38
1/1/2033
1,000,000
1,004,694
Washington Housing Finance
Commission, Revenue
Bonds, Refunding
(Presbyterian Retirement
Communities Northwest
Obligated Group) Ser. A(b)
5.00
1/1/2051
3,200,000
2,929,139
 
3,933,833
West Virginia — .8%
West Virginia Hospital Finance
Authority, Revenue Bonds
(West Virginia University
Health System Obligated
Group) Ser. A
5.50
6/1/2050
4,000,000
4,261,273
Wisconsin — 7.1%
Public Finance Authority,
Revenue Bonds(b)
5.00
7/1/2055
1,000,000
908,285
Public Finance Authority,
Revenue Bonds (Cone
Health) Ser. A
5.00
10/1/2052
1,500,000
1,517,513
Public Finance Authority,
Revenue Bonds (EMU
Campus Living) (Insured;
Build America Mutual) Ser.
A1
5.50
7/1/2052
2,500,000
2,611,343
29
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Wisconsin — 7.1% (continued)
Public Finance Authority,
Revenue Bonds (EMU
Campus Living) (Insured;
Build America Mutual) Ser.
A1
5.63
7/1/2055
2,035,000
2,138,551
Public Finance Authority,
Revenue Bonds (Georgia SR
400 Express Lanes Project)
6.50
12/31/2065
4,565,000
4,999,223
Public Finance Authority,
Revenue Bonds (Heritage
Bend Project)(b),(f)
0.00
12/15/2042
6,000,000
1,846,139
Public Finance Authority,
Revenue Bonds (Pinecrest
Academy Springs Campus
Project) Ser. A(b)
4.00
7/15/2033
2,000,000
1,997,730
Public Finance Authority,
Revenue Bonds (Roseman
University of Health
Sciences)(b),(g)
5.00
4/1/2030
45,000
49,117
Public Finance Authority,
Revenue Bonds
(Southminster Obligated
Group)(b)
5.00
10/1/2053
2,015,000
1,876,556
Public Finance Authority,
Revenue Bonds, Ser. 1
5.75
7/1/2062
4,619,387
4,834,053
Public Finance Authority,
Revenue Bonds, Refunding
(Kahala Nui Project)
5.25
11/15/2061
1,500,000
1,507,631
Public Finance Authority,
Revenue Bonds, Refunding
(Legacy Hills Project)(b)
6.00
11/15/2045
2,550,000
2,477,669
Public Finance Authority,
Revenue Bonds, Refunding
(Lindenwood Education
System) Ser. A(b)
5.50
6/1/2040
1,750,000
1,833,676
Public Finance Authority,
Revenue Bonds, Refunding
(Mary’s Woods at
Marylhurst Project)(b)
5.25
5/15/2047
750,000
726,013
Public Finance Authority,
Revenue Bonds, Refunding
(Triad Educational Services,
Inc.)
5.25
6/15/2065
2,000,000
1,890,043
30
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 126.5% (continued)
Wisconsin — 7.1% (continued)
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds
(Bellin Memorial Hospital
Obligated Group)
5.50
12/1/2052
1,250,000
1,336,791
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds,
Refunding (Hospital Sisters
Credit Group) Ser. A
5.50
8/15/2048
1,500,000
1,596,915
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds,
Refunding (St.
Camillus Health System
Obligated Group)
5.00
11/1/2046
2,000,000
1,858,576
 
36,005,824
Total Investments (cost $650,635,608)
 
    126.5%
 639,622,504
Liabilities, Less Cash and Receivables
 
    (26.5%)
(133,974,731)
Net Assets Applicable to Common Stockholders
    100.0%
 505,647,773
 
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, 2025, these securities amounted to $264,756,577 or 52.4% 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)
These bonds serve as collateral in a secured borrowings. The coupon rate given represents the current interest
rate for the inverse floating rate security.
(f)
Security issued with a zero coupon. Income is recognized through the accretion of discount.
(g)
These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are
prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay
principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(h)
Multi-coupon. Zero coupon until a specified date at which time the stated coupon rate becomes effective
until maturity.
See notes to schedule of investments.
31
Schedule of Investments
BNY Mellon Strategic Municipals, Inc.
December 31, 2025 (Unaudited)
The following is a summary of the inputs used as of December 31, 2025 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
Assets ($)
Investments in
Securities:†
Municipal
Securities
—
639,622,504
—
639,622,504
 
—
639,622,504
—
639,622,504
Liabilities ($)
Other Financial
Instruments:
Inverse Floater
Notes††
—
(139,045,000)
—
(139,045,000)
 
—
(139,045,000)
—
(139,045,000)
 
†
See Schedule of Investments for additional detailed categorizations, if any.
††
Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial
reporting purposes.
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”). Investments for which quoted bid prices are readily
33
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 Adviser based on values supplied 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 Adviser. 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 December 31, 2025, accumulated net unrealized depreciation on investments was $11,013,104, consisting of $14,526,376 gross unrealized appreciation and $25,539,480 gross unrealized depreciation.
At December 31, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
35