STATEMENT OF INVESTMENTS
BNY Mellon Strategic Municipals, Inc.

June 30, 2024 (Unaudited)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%

     

Alabama - 3.5%

     

Alabama Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group)

 

6.00

 

6/1/2050

 

5,970,000

 

5,619,193

 

Black Belt Energy Gas District, Revenue Bonds, Refunding (Gas Project) Ser. D1

 

5.50

 

2/1/2029

 

5,555,000

a 

5,897,599

 

Jefferson County, Revenue Bonds, Refunding

 

5.25

 

10/1/2049

 

2,500,000

 

2,679,864

 

Jefferson County, Revenue Bonds, Refunding

 

5.50

 

10/1/2053

 

1,250,000

 

1,355,728

 
 

15,552,384

 

Alaska - .6%

     

Northern Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A

 

4.00

 

6/1/2050

 

3,000,000

 

2,707,957

 

Arizona - 5.5%

     

Arizona Industrial Development Authority, Revenue Bonds (Academics of Math & Science Project)

 

5.00

 

7/1/2054

 

1,275,000

b 

1,247,849

 

Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project) Ser. A

 

6.00

 

7/1/2051

 

1,000,000

b,c 

60,000

 

Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project) Ser. A

 

7.75

 

7/1/2050

 

5,770,000

b,c 

346,200

 

Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) Ser. A

 

5.25

 

11/1/2053

 

2,000,000

 

2,120,670

 

Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A

 

5.25

 

7/1/2047

 

1,600,000

b 

1,606,016

 

Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. D

 

5.00

 

7/1/2047

 

1,035,000

b 

1,027,998

 

Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. D

 

5.00

 

7/1/2051

 

380,000

b 

373,363

 

Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A

 

5.00

 

11/15/2054

 

1,170,000

 

1,128,130

 

La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public Schools) Ser. A

 

5.00

 

2/15/2036

 

2,480,000

b 

2,502,844

 

Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin Franklin Charter School Obligated Group)

 

6.00

 

7/1/2052

 

3,000,000

b 

3,090,036

 

Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Paradise Schools Projects Paragon Management)

 

5.00

 

7/1/2047

 

2,000,000

b 

2,000,376

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

Arizona - 5.5%(continued)

     

Tender Option Bond Trust Receipts (Series 2018-XF2537), (Salt Verde Financial Corporation, Revenue Bonds) Recourse, Underlying Coupon Rate 5.00%

 

6.38

 

12/1/2037

 

4,030,000

b,d,e 

4,393,573

 

The Phoenix Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A

 

5.00

 

7/1/2035

 

2,360,000

b 

2,375,543

 

The Phoenix Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A

 

5.00

 

7/1/2046

 

2,000,000

b 

1,999,759

 
 

24,272,357

 

Arkansas - .6%

     

Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond) (U.S. Steel Corp.)

 

5.70

 

5/1/2053

 

2,600,000

 

2,722,431

 

California - 4.6%

     

California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A

 

4.00

 

6/1/2049

 

1,400,000

 

1,297,707

 

California Municipal Finance Authority, Revenue Bonds, Refunding (HumanGood California Obligated Group) Ser. A

 

5.00

 

10/1/2044

 

1,000,000

 

1,017,587

 

California Municipal Finance Authority, Revenue Bonds, Refunding (William Jessup University)

 

5.00

 

8/1/2039

 

1,000,000

b 

914,604

 

California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A

 

5.25

 

12/1/2056

 

1,000,000

b 

1,007,991

 

Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding (Tobacco Settlement Asset) Ser. B

 

5.00

 

6/1/2051

 

1,500,000

 

1,555,028

 

Orange County Community Facilities District, Special Tax Bonds, Ser. A

 

5.00

 

8/15/2052

 

1,500,000

 

1,532,016

 

San Diego County Regional Airport Authority, Revenue Bonds, Ser. B

 

5.00

 

7/1/2051

 

4,750,000

 

4,933,659

 

Tender Option Bond Trust Receipts (Series 2022-XF3024), (San Francisco City & County, Revenue Bonds, Refunding, Ser. A) Recourse, Underlying Coupon Rate 5.00%

 

7.02

 

5/1/2044

 

7,860,000

b,d,e 

8,087,249

 
 

20,345,841

 

Colorado - 6.7%

     

Colorado Health Facilities Authority, Revenue Bonds (CommonSpirit Health Obligated Group)

 

5.25

 

11/1/2052

 

1,500,000

 

1,598,542

 

Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement Communities & Services Obligated Group)

 

5.00

 

12/1/2048

 

1,250,000

 

1,267,802

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

Colorado - 6.7%(continued)

     

Colorado Health Facilities Authority, Revenue Bonds, Refunding (Covenant Living Communities & Services Obligated Group) Ser. A

 

4.00

 

12/1/2050

 

4,500,000

 

3,972,560

 

Colorado High Performance Transportation Enterprise, Revenue Bonds (C-470 Express Lanes System)

 

5.00

 

12/31/2056

 

1,245,000

 

1,245,440

 

Denver City & County, Revenue Bonds, Refunding (United Airlines Project)

 

5.00

 

10/1/2032

 

1,000,000

 

1,000,108

 

Dominion Water & Sanitation District, Revenue Bonds, Refunding

 

5.88

 

12/1/2052

 

4,500,000

 

4,542,107

 

Hess Ranch Metropolitan District No. 6, GO, Ser. A1

 

5.00

 

12/1/2049

 

2,000,000

 

1,829,200

 

Rampart Range Metropolitan District No. 5, Revenue Bonds

 

4.00

 

12/1/2051

 

2,000,000

 

1,537,927

 

Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A

 

4.00

 

7/15/2034

 

1,500,000

 

1,522,024

 

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%

 

5.95

 

8/1/2044

 

4,440,000

b,d,e 

5,191,123

 

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%

 

3.04

 

11/15/2048

 

5,535,000

b,d,e 

5,296,474

 

Vauxmont Metropolitan District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.)

 

3.25

 

12/15/2050

 

650,000

 

542,483

 
 

29,545,790

 

Connecticut - 1.4%

     

Connecticut Health & Educational Facilities Authority, Revenue Bonds (The Hartford University) Ser. P

 

5.38

 

7/1/2052

 

1,500,000

 

1,434,219

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Fairfield University) Ser. T

 

4.00

 

7/1/2055

 

1,000,000

 

938,111

 

Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1

 

3.65

 

11/15/2032

 

410,000

 

404,600

 

Harbor Point Infrastructure Improvement District, Tax Allocation Bonds, Refunding (Harbor Point Project)

 

5.00

 

4/1/2039

 

3,500,000

b 

3,513,846

 
 

6,290,776

 

Delaware - .2%

     

Delaware Economic Development Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) Ser. B

 

5.25

 

11/15/2053

 

1,000,000

 

1,036,612

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

District of Columbia - .5%

     

Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Dulles Metrorail) Ser. B

 

4.00

 

10/1/2049

 

2,500,000

 

2,356,247

 

Florida - 9.5%

     

Atlantic Beach, Revenue Bonds (Fleet Landing Project) Ser. A

 

5.00

 

11/15/2053

 

3,000,000

 

3,013,850

 

Capital Trust Agency, Revenue Bonds (WFCS Portfolio Projects) Ser. A

 

5.00

 

1/1/2056

 

750,000

b 

696,272

 

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

 

1,811,946

 

Florida Housing Finance Corp., Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. 1

 

4.40

 

7/1/2044

 

2,500,000

 

2,512,344

 

Greater Orlando Aviation Authority, Revenue Bonds, Ser. A

 

4.00

 

10/1/2049

 

4,685,000

 

4,401,962

 

Hillsborough County Port District, Revenue Bonds (Tampa Port Authority Project) Ser. B

 

5.00

 

6/1/2046

 

3,500,000

 

3,566,569

 

Lee Memorial Health System, Revenue Bonds, Refunding, Ser. A1

 

4.00

 

4/1/2049

 

1,650,000

 

1,559,683

 

Miami-Dade County, Revenue Bonds

 

0.00

 

10/1/2045

 

3,000,000

f 

1,116,551

 

Miami-Dade County Water & Sewer System, Revenue Bonds (Insured; Build America Mutual)

 

4.00

 

10/1/2051

 

1,550,000

 

1,501,093

 

Palm Beach County Health Facilities Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group)

 

5.00

 

11/15/2045

 

2,850,000

 

2,908,107

 

Palm Beach County Health Facilities Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) Ser. B

 

5.00

 

11/15/2042

 

735,000

 

764,206

 

Palm Beach County Health Facilities Authority, Revenue Bonds (Lifespace Communities Obligated Group) Ser. B

 

4.00

 

5/15/2053

 

2,600,000

 

1,992,546

 

Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. C

 

7.63

 

5/15/2058

 

1,000,000

 

1,115,865

 

Seminole County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Pointe at UCF Project)

 

5.75

 

11/15/2054

 

2,500,000

 

2,396,112

 

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%

 

3.37

 

10/1/2049

 

12,750,000

b,d,e 

12,282,214

 
 

41,639,320

 

Georgia - 7.3%

     

Atlanta Water & Wastewater, Revenue Bonds (Proctor Creek Watershed) Ser. D

 

3.50

 

11/1/2028

 

880,000

b 

863,998

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

Georgia - 7.3%(continued)

     

Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A

 

5.00

 

7/1/2052

 

3,250,000

 

3,395,849

 

Main Street Natural Gas, Revenue Bonds, Ser. A

 

5.00

 

6/1/2030

 

1,500,000

a 

1,586,462

 

Main Street Natural Gas, Revenue Bonds, Ser. A

 

5.00

 

9/1/2031

 

3,500,000

a 

3,718,534

 

Tender Option Bond Trust Receipts (Series 2016-XM0435), (Private Colleges & Universities Authority, Revenue Bonds, Refunding (Emory University)) Recourse, Underlying Coupon Rate 5.00%

 

6.88

 

10/1/2043

 

10,000,000

b,d,e 

10,016,218

 

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%

 

4.33

 

7/1/2044

 

6,340,000

b,d,e 

6,705,310

 

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%

 

6.68

 

1/1/2059

 

3,600,000

b,d,e 

3,644,859

 

The Burke County Development Authority, Revenue Bonds, Refunding (Oglethorpe Power Corp.) Ser. D

 

4.13

 

11/1/2045

 

2,400,000

 

2,192,358

 
 

32,123,588

 

Hawaii - .5%

     

Hawaii Airports System, Revenue Bonds, Ser. A

 

5.00

 

7/1/2047

 

1,000,000

 

1,042,045

 

Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Hawaiian Electric Co.)

 

4.00

 

3/1/2037

 

1,500,000

 

999,422

 
 

2,041,467

 

Idaho - 1.6%

     

Power County Industrial Development Corp., Revenue Bonds (FMC Corp. Project)

 

6.45

 

8/1/2032

 

5,000,000

 

5,015,771

 

Spring Valley Community Infrastructure District No. 1, Special Assessment Bonds

 

3.75

 

9/1/2051

 

2,000,000

b 

1,837,793

 
 

6,853,564

 

Illinois - 9.2%

     

Chicago Board of Education, GO, Refunding, Ser. A

 

5.00

 

12/1/2034

 

1,400,000

 

1,445,868

 

Chicago Board of Education, GO, Ser. D

 

5.00

 

12/1/2046

 

2,000,000

 

2,006,986

 

Chicago Board of Education, GO, Ser. H

 

5.00

 

12/1/2036

 

2,000,000

 

2,041,487

 

Chicago II, GO, Refunding, Ser. A

 

6.00

 

1/1/2038

 

3,000,000

 

3,121,859

 

Chicago II, GO, Ser. A

 

5.00

 

1/1/2044

 

4,000,000

 

4,085,557

 

Chicago II, GO, Ser. A

 

5.50

 

1/1/2049

 

1,000,000

 

1,034,141

 

Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. C

 

5.00

 

1/1/2041

 

1,550,000

 

1,643,883

 

Illinois, GO, Refunding, Ser. A

 

5.00

 

10/1/2029

 

1,100,000

 

1,161,531

 

Illinois, GO, Ser. A

 

5.00

 

5/1/2038

 

3,400,000

 

3,534,709

 

Illinois, GO, Ser. C

 

5.00

 

11/1/2029

 

1,120,000

 

1,167,387

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

Illinois - 9.2%(continued)

     

Illinois, GO, Ser. D

 

5.00

 

11/1/2028

 

2,825,000

 

2,946,831

 

Illinois, Revenue Bonds (Auxiliary Facilities System) Ser. A

 

5.00

 

4/1/2044

 

1,000,000

 

1,000,960

 

Illinois Finance Authority, Revenue Bonds (Plymouth Place Obligated Group) Ser. A

 

6.63

 

5/15/2052

 

1,000,000

 

1,047,942

 

Illinois Finance Authority, Revenue Bonds, Refunding (Lutheran Life Communities Obligated Group) Ser. A

 

5.00

 

11/1/2049

 

1,750,000

 

1,320,613

 

Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place Expansion Project)

 

5.00

 

6/15/2057

 

2,000,000

 

2,033,792

 

Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place Project) (Insured; National Public Finance Guarantee Corp.) Ser. A

 

0.00

 

12/15/2036

 

2,500,000

f 

1,495,384

 

Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project)

 

0.00

 

12/15/2054

 

21,800,000

f 

4,543,268

 

Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A

 

4.00

 

1/1/2038

 

2,000,000

 

2,007,382

 

Tender Option Bond Trust Receipts (Series 2023-XF1623), (Regional Transportation Authority Illinois, Revenue Bonds, Ser. B) Non-Recourse, Underlying Coupon Rate 4.00%

 

3.37

 

6/1/2048

 

3,000,000

b,d,e 

2,838,602

 
 

40,478,182

 

Indiana - 1.5%

     

Indiana Finance Authority, Revenue Bonds (Ohio Valley Electric Project) Ser. B

 

3.00

 

11/1/2030

 

1,000,000

 

938,158

 

Indiana Finance Authority, Revenue Bonds (Sustainable Bond)

 

7.00

 

3/1/2039

 

5,525,000

b 

3,613,485

 

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

 

1,865,700

 
 

6,417,343

 

Iowa - 1.4%

     

Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project)

 

5.00

 

12/1/2050

 

2,515,000

 

2,667,308

 

Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. A

 

4.00

 

5/15/2053

 

1,000,000

 

766,364

 

Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. A

 

4.00

 

5/15/2046

 

500,000

 

406,880

 

Iowa Student Loan Liquidity Corp., Revenue Bonds, Ser. B

 

5.00

 

12/1/2031

 

2,000,000

 

2,103,241

 
 

5,943,793

 

Kentucky - 1.2%

     

Henderson, Revenue Bonds (Pratt Paper Project) Ser. A

 

4.70

 

1/1/2052

 

1,000,000

b 

983,320

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

Kentucky - 1.2%(continued)

     

Kentucky Public Energy Authority, Revenue Bonds, Ser. A

 

5.00

 

7/1/2030

 

1,750,000

a 

1,835,345

 

Kentucky Public Energy Authority, Revenue Bonds, Ser. A1

 

4.00

 

8/1/2030

 

2,270,000

a 

2,263,836

 
 

5,082,501

 

Louisiana - 3.4%

     

Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Refunding (Westlake Chemical Project)

 

3.50

 

11/1/2032

 

3,100,000

 

2,997,362

 

Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Tulane University) Ser. A

 

4.00

 

4/1/2030

 

115,000

g 

120,109

 

New Orleans Aviation Board, Revenue Bonds (General Airport-N Terminal Project) Ser. A

 

5.00

 

1/1/2048

 

1,000,000

 

1,017,643

 

Tender Option Bond Trust Receipts (Series 2018-XF2584), (Louisiana Public Facilities Authority, Revenue Bonds (Franciscan Missionaries of Our Lady Health System Project)) Non-recourse, Underlying Coupon Rate 5.00%

 

6.59

 

7/1/2047

 

10,755,000

b,d,e 

10,846,781

 
 

14,981,895

 

Maryland - 2.1%

     

Maryland Economic Development Corp., Revenue Bonds (Sustainable Bond) (Purple Line Transit Partners) Ser. B

 

5.25

 

6/30/2055

 

3,120,000

 

3,234,090

 

Maryland Economic Development Corp., Tax Allocation Bonds (Port Covington Project)

 

4.00

 

9/1/2050

 

1,000,000

 

830,752

 

Maryland Health & Higher Educational Facilities Authority, Revenue Bonds (Adventist Healthcare Obligated Group) Ser. A

 

5.50

 

1/1/2046

 

3,250,000

 

3,296,449

 

Maryland State Transportation Authority, Revenue Bonds, Refunding, Ser. A

 

4.00

 

7/1/2037

 

2,000,000

 

2,054,907

 
 

9,416,198

 

Massachusetts - 4.6%

     

Lowell Collegiate Charter School, Revenue Bonds

 

5.00

 

6/15/2054

 

1,620,000

 

1,607,520

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group)

 

5.25

 

7/1/2052

 

1,500,000

 

1,603,080

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group)

 

5.00

 

10/1/2057

 

1,000,000

b 

1,001,408

 

Massachusetts Development Finance Agency, Revenue Bonds, Ser. T

 

4.00

 

3/1/2054

 

1,000,000

 

972,285

 

Tender Option Bond Trust Receipts (Series 2023-XF1604), (Massachusetts State Transportation Fund, Revenue Bonds, Ser. B) Non-recourse, Underlying Coupon Rate 5.00%

 

6.92

 

6/1/2053

 

14,000,000

b,d,e 

15,145,800

 
 

20,330,093

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

Michigan - 7.6%

     

Great Lakes Water Authority Sewage Disposal System, Revenue Bonds, Refunding, Ser. C

 

5.00

 

7/1/2036

 

3,000,000

 

3,062,433

 

Michigan Finance Authority, Revenue Bonds (Beaumont Health Credit Group)

 

5.00

 

11/1/2044

 

5,065,000

 

5,120,706

 

Michigan Finance Authority, Revenue Bonds (Sustainable Bond) (Henry Ford)

 

5.50

 

2/28/2057

 

2,700,000

 

2,954,564

 

Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont-Spectrum)

 

4.00

 

4/15/2042

 

1,500,000

 

1,462,125

 

Michigan Finance Authority, Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. C3

 

5.00

 

7/1/2031

 

1,000,000

 

1,000,770

 

Michigan Finance Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. D6

 

5.00

 

7/1/2036

 

2,000,000

 

2,001,540

 

Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A2

 

5.00

 

6/1/2040

 

4,435,000

 

4,625,000

 

Michigan Finance Authority, Revenue Bonds, Refunding, Ser. D2

 

5.00

 

7/1/2034

 

2,000,000

 

2,019,905

 

Tender Option Bond Trust Receipts (Series 2024-XM1171), (Michigan State University,Revenue Bonds, Ser. A) Non-recourse, Underlying Coupon Rate 5.25%

 

8.13

 

8/15/2054

 

10,000,000

b,d,e 

10,988,531

 
 

33,235,574

 

Minnesota - .7%

     

Duluth Economic Development Authority, Revenue Bonds, Refunding (Essentia Health Obligated Group) Ser. A

 

5.00

 

2/15/2058

 

3,000,000

 

3,020,935

 

Missouri - 3.9%

     

Missouri Housing Development Commission, Revenue Bonds (First Place HomeOwenership Loan) (Insured; GNMA, FNMA, FHLMC) Ser. A

 

4.60

 

11/1/2049

 

1,750,000

 

1,742,573

 

St. Louis County Industrial Development Authority, Revenue Bonds (Friendship Village St. Louis Obligated Group) Ser. A

 

5.13

 

9/1/2049

 

2,975,000

 

2,919,096

 

St. Louis County Industrial Development Authority, Revenue Bonds (Friendship Village St. Louis Obligated Group) Ser. A

 

5.13

 

9/1/2048

 

2,025,000

 

1,998,606

 

St. Louis Land Clearance for Redevelopment Authority, Revenue Bonds (National Geospatial Intelligence)

 

5.13

 

6/1/2046

 

4,580,000

 

4,594,153

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

Missouri - 3.9%(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%

 

3.96

 

12/1/2053

 

3,000,000

b,d,e 

2,913,715

 

The St. Louis Missouri Industrial Development Authority, Tax Allocation Bonds (St. Louis Innovation District Project)

 

4.38

 

5/15/2036

 

3,045,000

 

2,936,351

 
 

17,104,494

 

Nebraska - .2%

     

Omaha Public Power District, Revenue Bonds, Ser. A

 

4.00

 

2/1/2051

 

1,000,000

 

963,408

 

Nevada - 1.5%

     

Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

4.25

 

6/15/2041

 

3,745,000

 

3,811,481

 

Reno, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)

 

4.00

 

6/1/2058

 

2,750,000

 

2,586,462

 
 

6,397,943

 

New Hampshire - .2%

     

New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) Ser. B

 

3.75

 

7/2/2040

 

1,000,000

a,b 

835,122

 

New Jersey - 5.1%

     

New Jersey, GO (COVID-19 Emergency Bonds) Ser. A

 

4.00

 

6/1/2031

 

1,000,000

 

1,050,993

 

New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX

 

5.25

 

6/15/2027

 

1,855,000

 

1,879,200

 

New Jersey Health Care Facilities Financing Authority, Revenue Bonds (RWJ Barnabas Health Obligated Group)

 

4.00

 

7/1/2051

 

1,500,000

 

1,439,337

 

New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Refunding, Ser. A

 

5.00

 

12/1/2032

 

1,275,000

 

1,362,957

 

New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Refunding, Ser. D

 

4.00

 

4/1/2025

 

1,560,000

 

1,556,742

 

New Jersey Transportation Trust Fund Authority, Revenue Bonds

 

5.00

 

6/15/2044

 

2,000,000

 

2,160,132

 

New Jersey Transportation Trust Fund Authority, Revenue Bonds

 

5.25

 

6/15/2043

 

2,000,000

 

2,089,960

 

New Jersey Transportation Trust Fund Authority, Revenue Bonds

 

5.50

 

6/15/2050

 

2,700,000

 

2,978,730

 

New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA

 

5.25

 

6/15/2033

 

1,500,000

 

1,521,374

 

Tender Option Bond Trust Receipts (Series 2018-XF2538), (New Jersey Economic Development Authority, Revenue Bonds) Recourse, Underlying Coupon Rate 5.25%

 

7.39

 

6/15/2040

 

3,250,000

b,d,e 

3,309,573

 

Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. B

 

5.00

 

6/1/2046

 

2,970,000

 

2,998,225

 
 

22,347,223

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

New York - 8.7%

     

New York Convention Center Development Corp., Revenue Bonds (Hotel Unit Fee) (Insured; Assured Guaranty Municipal Corp.) Ser. B

 

0.00

 

11/15/2052

 

7,825,000

f 

1,895,476

 

New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project)

 

5.00

 

11/15/2044

 

7,000,000

b 

7,006,913

 

New York State Dormitory Authority, Revenue Bonds, Refunding (Montefiore Obligated Group) Ser. A

 

4.00

 

9/1/2050

 

1,000,000

 

898,485

 

New York Transportation Development Corp., Revenue Bonds (Delta Air Lines)

 

4.00

 

1/1/2036

 

1,000,000

 

1,000,611

 

New York Transportation Development Corp., Revenue Bonds (JFK International Airport Terminal)

 

5.00

 

12/1/2040

 

3,535,000

 

3,720,645

 

New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A

 

5.00

 

7/1/2046

 

3,500,000

 

3,499,829

 

New York Transportation Development Corp., Revenue Bonds (LaGuradia Airport Terminal)

 

5.63

 

4/1/2040

 

1,000,000

 

1,088,118

 

New York Transportation Development Corp., Revenue Bonds (Sustainable Bond) (JFK International Airport Terminal One Project) (Insured; Assured Guaranty Municipal Corp.)

 

5.13

 

6/30/2060

 

1,000,000

 

1,035,570

 

Niagara Area Development Corp., Revenue Bonds, Refunding (Covanta Project) Ser. A

 

4.75

 

11/1/2042

 

2,000,000

b 

1,880,802

 

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%

 

3.58

 

11/15/2047

 

6,300,000

b,d,e 

6,138,005

 

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%

 

7.66

 

6/30/2060

 

3,730,000

b,d,e 

3,907,570

 

Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1

 

4.13

 

5/15/2064

 

3,000,000

 

2,891,186

 

TSASC, Revenue Bonds, Refunding, Ser. B

 

5.00

 

6/1/2045

 

1,165,000

 

1,051,544

 

Westchester County Local Development Corp., Revenue Bonds, Refunding (Purchase Senior Learning Community Obligated Group)

 

5.00

 

7/1/2046

 

2,150,000

b 

2,144,312

 
 

38,159,066

 

North Carolina - 3.1%

     

North Carolina Medical Care Commission, Revenue Bonds (The United Methodist Retirement Homes Obligated Group) Ser. A

 

5.13

 

10/1/2054

 

1,250,000

 

1,289,980

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

North Carolina - 3.1%(continued)

     

North Carolina Medical Care Commission, Revenue Bonds, Refunding (Lutheran Services for the Aging Obligated Group)

 

4.00

 

3/1/2051

 

2,300,000

 

1,858,687

 

North Carolina Medical Care Commission, Revenue Bonds, Refunding (Pennybyrn at Maryfield)

 

5.00

 

10/1/2035

 

1,005,000

 

1,004,945

 

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%

 

3.68

 

11/1/2052

 

10,000,000

b,d,e 

9,480,067

 
 

13,633,679

 

Ohio - 6.3%

     

Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B2

 

5.00

 

6/1/2055

 

11,055,000

 

10,206,486

 

Canal Winchester Local School District, GO, Refunding (Insured; National Public Finance Guarantee Corp.)

 

0.00

 

12/1/2031

 

3,955,000

f 

2,995,318

 

Canal Winchester Local School District, GO, Refunding (Insured; National Public Finance Guarantee Corp.)

 

0.00

 

12/1/2029

 

3,955,000

f 

3,241,411

 

Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System)

 

5.00

 

2/15/2052

 

2,000,000

 

2,004,740

 

Franklin County Convention Facilities Authority, Revenue Bonds (GRTR Columbus Convention Center)

 

5.00

 

12/1/2044

 

1,250,000

 

1,245,203

 

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

 

992,710

 

Ohio Air Quality Development Authority, Revenue Bonds (Pratt Paper OH Project)

 

4.50

 

1/15/2048

 

2,250,000

b 

2,233,808

 

Tender Option Bond Trust Receipts (Series 2024-XF1711), (University of Cincinnati Ohio Receipt, Revenue Bonds, Ser. A) Non-Recourse, Underlying Coupon Rate 5.00%

 

7.12

 

6/1/2049

 

4,525,000

b,d,e 

4,895,321

 
 

27,814,997

 

Oklahoma - 1.3%

     

Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine Project) Ser. B

 

5.50

 

8/15/2057

 

1,500,000

 

1,539,537

 

Tender Option Bond Trust Receipts (Series 2024-XM1163), (Oklahoma City Water Utilities Trust, Revenue Bonds, Refunding) Non-Recourse, Underlying Coupon Rate 5.25%

 

7.98

 

7/1/2064

 

3,600,000

b,d,e 

3,995,280

 
 

5,534,817

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

Oregon - .6%

     

Clackamas County Hospital Facility Authority, Revenue Bonds, Refunding (Willamette View Obligated Group) Ser. A

 

5.00

 

11/15/2047

 

1,500,000

 

1,432,269

 

Yamhill County Hospital Authority, Revenue Bonds, Refunding (Friendsview Retirement Community) Ser. A

 

5.00

 

11/15/2046

 

1,250,000

 

1,040,676

 
 

2,472,945

 

Pennsylvania - 5.8%

     

Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B

 

5.00

 

12/1/2034

 

1,000,000

 

1,078,401

 

Crawford County Hospital Authority, Revenue Bonds, Refunding (Meadville Medical Center Project) Ser. A

 

6.00

 

6/1/2046

 

1,175,000

 

1,186,424

 

Pennsylvania Economic Development Financing Authority, Revenue Bonds (The Penndot Major Bridges)

 

6.00

 

6/30/2061

 

3,000,000

 

3,294,909

 

Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Sciences in Philadelphia)

 

5.00

 

11/1/2036

 

3,675,000

 

3,686,345

 

Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A

 

4.00

 

12/1/2050

 

1,500,000

 

1,406,958

 

Philadelphia Airport, Revenue Bonds, Refunding (Private Activity)

 

5.00

 

7/1/2027

 

4,300,000

 

4,448,734

 

Tender Option Bond Trust Receipts (Series 2022-XF1525), (Pennsylvania Economic Development Financing Authority UPMC, Revenue Bonds, Ser. A) Recourse, Underlying Coupon Rate 4.00%

 

3.50

 

5/15/2053

 

4,000,000

b,d,e 

3,767,861

 

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%

 

8.74

 

9/1/2053

 

5,820,000

b,d,e 

6,513,503

 
 

25,383,135

 

Rhode Island - 1.4%

     

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%

 

2.44

 

10/1/2048

 

6,000,000

b,d,e 

6,021,132

 

South Carolina - 4.9%

     

South Carolina Jobs-Economic Development Authority, Revenue Bonds (Bishop Gadsden Episcopal Retirement Community Obligated Group)

 

5.00

 

4/1/2054

 

1,000,000

 

961,037

 

South Carolina Jobs-Economic Development Authority, Revenue Bonds, Refunding (Bon Secours Mercy Health)

 

4.00

 

12/1/2044

 

2,810,000

 

2,738,417

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

South Carolina - 4.9%(continued)

     

South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper) Ser. A

 

4.00

 

12/1/2055

 

3,000,000

 

2,716,946

 

Tender Option Bond Trust Receipts (Series 2016-XM0384), (South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper)) Non-recourse, Underlying Coupon Rate 5.13%

 

5.87

 

12/1/2043

 

15,000,000

b,d,e 

14,990,372

 
 

21,406,772

 

South Dakota - 1.1%

     

Tender Option Bond Trust Receipts (Series 2022-XF1409), (South Dakota Heath & Educational Facilities Authority, Revenue Bonds, Refunding (Avera Health Obligated Group)) Non-Recourse, Underlying Coupon Rate 5.00%

 

7.13

 

7/1/2046

 

4,720,000

b,d,e 

4,782,936

 

Texas - 15.6%

     

Arlington Higher Education Finance Corp., Revenue Bonds (BASIS Texas Charter Schools)

 

5.00

 

6/15/2064

 

1,400,000

b 

1,383,247

 

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

 

1,465,200

 

Beaumont Navigation District, Revenue Bonds (Jefferson Gulf Coast Energy Project) Ser. A

 

5.25

 

1/1/2054

 

1,500,000

b 

1,505,567

 

Central Texas Regional Mobility Authority, Revenue Bonds

 

5.00

 

1/1/2048

 

2,500,000

 

2,565,400

 

Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) Ser. A

 

4.00

 

8/15/2047

 

3,100,000

 

2,856,920

 

Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas) Ser. A

 

5.75

 

8/15/2045

 

4,500,000

 

4,558,164

 

Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas) Ser. D

 

5.75

 

8/15/2033

 

1,000,000

 

1,018,784

 

Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas) Ser. D

 

6.13

 

8/15/2048

 

6,000,000

 

6,098,674

 

Clifton Higher Education Finance Corp., Revenue Bonds (Uplift Education) Ser. A

 

4.50

 

12/1/2044

 

2,500,000

 

2,362,542

 

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

 

948,556

 

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

 

993,608

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

Texas - 15.6%(continued)

     

Dallas Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program)

 

4.00

 

2/15/2054

 

2,250,000

 

2,161,898

 

Fort Bend County, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)

 

4.25

 

3/1/2054

 

2,500,000

 

2,427,500

 

Grand Parkway Transportation Corp., Revenue Bonds, Refunding

 

4.00

 

10/1/2049

 

1,000,000

 

923,219

 

Harris County-Houston Sports Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

0.00

 

11/15/2050

 

6,500,000

f 

1,815,638

 

Houston Airport System, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

4.50

 

7/1/2053

 

2,400,000

 

2,402,254

 

Houston Airport System, Revenue Bonds, Refunding, Ser. A

 

4.00

 

7/1/2046

 

1,610,000

 

1,536,048

 

Lamar Consolidated Independent School District, GO

 

4.00

 

2/15/2053

 

1,235,000

 

1,183,179

 

Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project)

 

4.63

 

10/1/2031

 

2,000,000

b 

1,984,681

 

North Texas Tollway Authority, Revenue Bonds, Refunding

 

5.00

 

1/1/2048

 

2,000,000

 

2,059,758

 

Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds (Baylor Scott & White Health Project)

 

5.00

 

11/15/2051

 

2,000,000

 

2,107,559

 

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%

 

3.91

 

2/15/2053

 

7,500,000

b,d,e 

7,177,322

 

Tender Option Bond Trust Receipts (Series 2024-XM1164), (Texas University System, Revenue Bonds, Refunding) Non-Recourse, Underlying Coupon Rate 5.25%

 

3.91

 

3/15/2054

 

4,000,000

b,d,e 

4,405,035

 

Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds, Ser. B

 

5.50

 

1/1/2034

 

4,000,000

a 

4,470,204

 

Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Blueridge Transportation Group)

 

5.00

 

12/31/2050

 

1,300,000

 

1,307,900

 

Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Segment 3C Project)

 

5.00

 

6/30/2058

 

5,000,000

 

5,106,234

 

Waxahachie Independent School District, GO (Insured; Permanent School Fund Guarantee Program)

 

4.25

 

2/15/2053

 

1,500,000

 

1,497,211

 
 

68,322,302

 

U.S. Related - 1.4%

     

Guam Housing Corp., Revenue Bonds (Insured; Federal Home Loan Mortgage Corp.) Ser. A

 

5.75

 

9/1/2031

 

770,000

 

770,820

 

Puerto Rico, GO, Ser. A

 

0.00

 

7/1/2033

 

381,733

f 

255,239

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

U.S. Related - 1.4%(continued)

     

Puerto Rico, GO, Ser. A

 

0.00

 

7/1/2024

 

48,128

f 

48,128

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2033

 

296,629

 

297,743

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2041

 

311,133

 

291,027

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2046

 

323,574

 

293,965

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2035

 

266,630

 

262,432

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2037

 

228,839

 

220,950

 

Puerto Rico, GO, Ser. A1

 

5.38

 

7/1/2025

 

330,362

 

333,222

 

Puerto Rico, GO, Ser. A1

 

5.63

 

7/1/2029

 

2,356,059

 

2,530,220

 

Puerto Rico, GO, Ser. A1

 

5.63

 

7/1/2027

 

327,370

 

341,836

 

Puerto Rico, GO, Ser. A1

 

5.75

 

7/1/2031

 

312,813

 

347,966

 
 

5,993,548

 

Utah - .8%

     

Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A

 

5.00

 

4/15/2049

 

1,190,000

 

1,211,796

 

Utah Infrastructure Agency, Revenue Bonds, Refunding, Ser. A

 

5.00

 

10/15/2037

 

2,345,000

 

2,389,113

 
 

3,600,909

 

Virginia - 4.3%

     

Tender Option Bond Trust Receipts (Series 2018-XM0593), (Hampton Roads Transportation Accountability Commission, Revenue Bonds) Non-recourse, Underlying Coupon Rate 5.50%

 

8.71

 

7/1/2057

 

7,500,000

b,d,e 

8,103,251

 

Virginia Housing Development Authority, Revenue Bonds, Ser. A

 

4.80

 

9/1/2059

 

4,900,000

 

4,977,385

 

Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project)

 

5.00

 

12/31/2052

 

4,620,000

 

4,675,053

 

Williamsburg Economic Development Authority, Revenue Bonds (William & Mary Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

4.13

 

7/1/2058

 

1,250,000

 

1,207,589

 
 

18,963,278

 

Washington - .6%

     

Washington Housing Finance Commission, Revenue Bonds, Refunding (Presbyterian Retirement Communities Northwest Obligated Group) Ser. A

 

5.00

 

1/1/2051

 

3,200,000

b 

2,667,292

 

Wisconsin - 4.3%

     

Public Finance Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) Ser. A

 

5.00

 

11/15/2041

 

1,000,000

 

1,042,569

 

Public Finance Authority, Revenue Bonds (Cone Health) Ser. A

 

5.00

 

10/1/2052

 

1,500,000

 

1,583,417

 

Public Finance Authority, Revenue Bonds (EMU Campus Living) (Insured; Build America Mutual) Ser. A1

 

5.50

 

7/1/2052

 

2,500,000

 

2,704,732

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 145.3%(continued)

     

Wisconsin - 4.3%(continued)

     

Public Finance Authority, Revenue Bonds (EMU Campus Living) (Insured; Build America Mutual) Ser. A1

 

5.63

 

7/1/2055

 

2,035,000

 

2,220,756

 

Public Finance Authority, Revenue Bonds (Roseman University of Health Sciences)

 

5.00

 

4/1/2030

 

45,000

b,g 

49,349

 

Public Finance Authority, Revenue Bonds (Southminster Obligated Group)

 

5.00

 

10/1/2053

 

2,015,000

b 

1,885,762

 

Public Finance Authority, Revenue Bonds, Refunding (Mary's Woods at Marylhurst Project)

 

5.25

 

5/15/2047

 

750,000

b 

734,311

 

Public Finance Authority, Revenue Bonds, Ser. 1

 

5.75

 

7/1/2062

 

4,875,000

 

5,327,595

 

Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Bellin Memorial Hospital Obligated Group)

 

5.50

 

12/1/2052

 

1,250,000

 

1,356,485

 

Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Camillus Health System Obligated Group)

 

5.00

 

11/1/2046

 

2,000,000

 

1,762,227

 
 

18,667,203

 

Total Investments (cost $637,170,335)

 

145.3%

637,467,049

 

Liabilities, Less Cash and Receivables

 

(45.3%)

(198,777,162)

 

Net Assets Applicable to Common Stockholders

 

100.0%

438,689,887

 

GO—General 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, 2024, these securities were valued at $241,211,544 or 54.98% of net assets.

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.


The following is a summary of the inputs used as of June 30, 2024 in valuing the fund’s investments:

       
 

Level 1-Unadjusted Quoted Prices

Level 2- Other Significant Observable Inputs

 

Level 3-Significant Unobservable Inputs

Total

 

Assets ($) 

  

Investments in Securities:

  

Municipal Securities

-

637,467,049

 

-

637,467,049

 

Liabilities ($)

  

Other Financial Instruments:

  

Inverse Floater Notes††

-

(126,330,000)

 

-

(126,330,000)

 

VMTP Shares††

-

(78,900,000)

 

-

(78,900,000)

 

 See Statement of Investments for additional detailed categorizations, if any.

†† Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.


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 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 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 accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.


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 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, 2024, accumulated net unrealized appreciation on investments was $296,714, consisting of $17,916,793 gross unrealized appreciation and $17,620,079 gross unrealized depreciation.

At June 30, 2024, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.



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