STATEMENT OF INVESTMENTS
BNY Mellon National Short-Term Municipal Bond Fund
November 30, 2022 (Unaudited)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% | |||||||||
Alabama - 2.1% | |||||||||
Black Belt Energy Gas District, Revenue Bonds (Gas Project) | 4.00 | 12/1/2023 | 2,000,000 | 2,001,603 | |||||
Black Belt Energy Gas District, Revenue Bonds (Gas Project) | 4.00 | 12/1/2024 | 3,000,000 | 2,998,943 | |||||
Black Belt Energy Gas District, Revenue Bonds (Project No. 4) Ser. A1 | 4.00 | 12/1/2025 | 5,000,000 | a | 4,981,793 | ||||
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | 4.00 | 12/1/2026 | 835,000 | 841,942 | |||||
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | 4.00 | 6/1/2026 | 450,000 | 453,821 | |||||
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | 4.00 | 12/1/2024 | 325,000 | 327,243 | |||||
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | 4.00 | 6/1/2024 | 275,000 | 276,598 | |||||
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | 4.00 | 12/1/2025 | 420,000 | 423,503 | |||||
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | 4.00 | 6/1/2025 | 300,000 | 302,335 | |||||
Southeast Energy Authority, Revenue Bonds, Ser. B1 | 5.00 | 8/1/2025 | 1,500,000 | 1,532,325 | |||||
Southeast Energy Authority, Revenue Bonds, Ser. B1 | 5.00 | 8/1/2024 | 1,000,000 | 1,015,168 | |||||
Southeast Energy Authority, Revenue Bonds, Ser. B1 | 5.00 | 8/1/2023 | 500,000 | 503,496 | |||||
15,658,770 | |||||||||
Arizona - 1.6% | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 4.00 | 11/1/2024 | 870,000 | 882,882 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 4.00 | 11/1/2023 | 800,000 | 806,776 | |||||
Chandler Industrial Development Authority, Revenue Bonds (Intel Corp.) | 5.00 | 6/3/2024 | 7,000,000 | a | 7,103,335 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
Arizona - 1.6% (continued) | |||||||||
The Yavapai County Industrial Development Authority, Revenue Bonds (Waste Management Project) Ser. A2 | 2.20 | 6/3/2024 | 3,350,000 | a | 3,245,365 | ||||
12,038,358 | |||||||||
Arkansas - .1% | |||||||||
Arkansas Development Finance Authority, Revenue Bonds (Arkansas Division of Emergency Management Project) | 4.00 | 6/1/2029 | 1,000,000 | 1,035,607 | |||||
California - 5.2% | |||||||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2025 | 400,000 | 415,267 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2024 | 380,000 | 390,034 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding | 5.00 | 10/1/2025 | 4,565,000 | a | 4,831,286 | ||||
California Infrastructure & Economic Development Bank, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. B | 4.00 | 11/1/2025 | 1,025,000 | 1,037,033 | |||||
California Pollution Control Financing Authority, Revenue Bonds, Refunding (American Water Capital Project) | 0.60 | 9/1/2023 | 1,000,000 | a | 980,492 | ||||
California Public Finance Authority, Revenue Bonds (ENSO Village Project) Ser. B3 | 2.13 | 11/15/2027 | 3,000,000 | b | 2,789,220 | ||||
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | 2.38 | 11/15/2028 | 1,000,000 | b | 921,683 | ||||
California Public Finance Authority, Revenue Bonds, Refunding (O'Connor Woods Housing) | 4.00 | 1/1/2024 | 310,000 | 314,322 | |||||
California Public Finance Authority, Revenue Bonds, Refunding (O'Connor Woods Housing) | 4.00 | 1/1/2025 | 440,000 | 451,371 | |||||
California Public Finance Authority, Revenue Bonds, Refunding (O'Connor Woods Housing) | 4.00 | 1/1/2026 | 440,000 | 455,767 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2023 | 2,460,000 | 2,471,006 | |||||
Los Angeles Department of Airports, Revenue Bonds (Green Bond) Ser. G | 5.00 | 5/15/2026 | 9,040,000 | 9,565,530 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
California - 5.2% (continued) | |||||||||
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 6/1/2023 | 260,000 | 261,897 | |||||
Silicon Valley Clean Water, Revenue Bonds, Ser. A | 3.00 | 3/1/2024 | 3,000,000 | 3,012,352 | |||||
Vernon Electric System, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2024 | 700,000 | 715,147 | |||||
Vernon Electric System, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2025 | 500,000 | 516,640 | |||||
Vernon Electric System, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2026 | 600,000 | 626,388 | |||||
Vernon Electric System, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2023 | 580,000 | 585,539 | |||||
Vernon Electric System, Revenue Bonds, Ser. A | 5.00 | 4/1/2024 | 1,100,000 | 1,119,335 | |||||
Vernon Electric System, Revenue Bonds, Ser. A | 5.00 | 10/1/2024 | 1,250,000 | 1,279,521 | |||||
Western Placer Unified School District, BAN | 2.00 | 6/1/2025 | 5,000,000 | 4,786,242 | |||||
Western Placer Unified School District, BAN | 2.00 | 6/1/2025 | 1,000,000 | 957,479 | |||||
38,483,551 | |||||||||
Colorado - .8% | |||||||||
Colorado Housing & Finance Authority, Revenue Bonds, Refunding (Insured; Government National Mortgage Association Collateral) Ser. K | 3.88 | 5/1/2050 | 2,250,000 | 2,243,619 | |||||
Colorado Housing & Finance Authority, Revenue Bonds, Refunding (Insured; Government National Mortgage Association) Ser. B | 3.00 | 5/1/2051 | 2,455,000 | 2,378,568 | |||||
Colorado Housing & Finance Authority, Revenue Bonds, Ser. B | 3.75 | 5/1/2050 | 1,630,000 | 1,620,519 | |||||
6,242,706 | |||||||||
Connecticut - 1.2% | |||||||||
Connecticut, GO, Ser. F | 5.00 | 11/15/2025 | 2,975,000 | 3,107,601 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) | 5.00 | 7/1/2023 | 165,000 | 166,564 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) | 5.00 | 7/1/2024 | 340,000 | 347,970 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
Connecticut - 1.2% (continued) | |||||||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) | 5.00 | 7/1/2026 | 200,000 | 209,519 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | 4.00 | 7/1/2024 | 650,000 | 653,733 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | 4.00 | 7/1/2023 | 550,000 | 552,080 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | 4.00 | 7/1/2025 | 600,000 | 603,598 | |||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 11/15/2045 | 2,945,000 | 2,946,758 | |||||
8,587,823 | |||||||||
Delaware - .1% | |||||||||
Delaware River & Bay Authority, Revenue Bonds, Refunding | 5.00 | 1/1/2025 | 500,000 | 522,788 | |||||
District of Columbia - 3.1% | |||||||||
District of Columbia, GO, Ser. A | 5.00 | 6/1/2027 | 1,000,000 | 1,058,141 | |||||
District of Columbia Water & Sewer Authority, Revenue Bonds, Ser. C | 1.75 | 10/1/2024 | 21,000,000 | a | 20,396,380 | ||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2025 | 1,500,000 | 1,571,649 | |||||
23,026,170 | |||||||||
Florida - 2.5% | |||||||||
Alachua County Health Facilities Authority, Revenue Bonds, Refunding (Shands Teaching Hospital & Clinics Obligated Group) | 5.00 | 12/1/2024 | 1,900,000 | 1,972,066 | |||||
Broward County, Revenue Bonds, Ser. B | 5.00 | 9/1/2025 | 1,875,000 | 1,965,658 | |||||
Broward County Airport System, Revenue Bonds, Ser. A | 5.00 | 10/1/2024 | 1,250,000 | 1,288,704 | |||||
Broward County School District, COP, Ser. A | 5.00 | 7/1/2025 | 10,660,000 | 11,257,958 | |||||
Florida Municipal Power Agency, Revenue Bonds, Refunding (St. Luice Project) Ser. B | 5.00 | 10/1/2026 | 1,600,000 | 1,721,591 | |||||
18,205,977 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
Georgia - 2.7% | |||||||||
Atlanta Department of Aviation, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2024 | 1,000,000 | 1,021,507 | |||||
Fayette County Hospital Authority, Revenue Bonds, Refunding (Piedmont Healthcare Obligated Group) | 5.00 | 7/1/2024 | 2,000,000 | a | 2,040,226 | ||||
Main Street Natural Gas Inc., Revenue Bonds, Ser. B | 4.00 | 12/2/2024 | 2,600,000 | a | 2,617,354 | ||||
Main Street Natural Gas Inc., Revenue Bonds, Ser. C | 4.00 | 12/1/2024 | 700,000 | 699,222 | |||||
Main Street Natural Gas Inc., Revenue Bonds, Ser. C | 4.00 | 12/1/2025 | 1,000,000 | 996,274 | |||||
The Burke County Development Authority, Revenue Bonds (Georgia Power Company Plant Vogtle Project) | 2.25 | 5/25/2023 | 8,000,000 | a | 7,939,853 | ||||
The Burke County Development Authority, Revenue Bonds (Georgia Power Company Plant Vogtle Project) | 2.25 | 5/25/2023 | 5,000,000 | a | 4,972,266 | ||||
20,286,702 | |||||||||
Hawaii - 1.4% | |||||||||
Honolulu City & County, GO (Honolulu Rail Transit Project) Ser. E | 5.00 | 9/1/2023 | 5,000,000 | a | 5,059,294 | ||||
Honolulu City & County, GO (Honolulu Rail Transit Project) Ser. E | 5.00 | 9/1/2023 | 5,000,000 | a | 5,059,543 | ||||
10,118,837 | |||||||||
Illinois - 5.4% | |||||||||
Chicago II, GO, Refunding, Ser. A | 3.00 | 1/1/2023 | 730,000 | 729,571 | |||||
Chicago II, GO, Refunding, Ser. A | 3.00 | 1/1/2024 | 850,000 | 839,476 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2025 | 5,000,000 | 5,068,503 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2024 | 500,000 | 504,316 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2023 | 500,000 | 500,497 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2025 | 2,000,000 | 2,063,677 | |||||
Illinois, GO | 5.00 | 6/1/2024 | 5,000,000 | 5,109,966 | |||||
Illinois, GO, Refunding | 5.00 | 2/1/2024 | 10,000,000 | 10,177,385 | |||||
Illinois, GO, Ser. A | 5.00 | 3/1/2024 | 2,000,000 | 2,037,641 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. B1 | 5.00 | 11/15/2024 | 2,750,000 | a | 2,821,015 | ||||
Illinois Housing Development Authority, Revenue Bonds (Berry Manor Apartments LP) | 4.00 | 9/1/2024 | 1,000,000 | a | 1,009,406 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
Illinois - 5.4% (continued) | |||||||||
Illinois Housing Development Authority, Revenue Bonds, Refunding (Insured; GNMA,FNMA,FHLMC) Ser. A2 | 3.15 | 8/1/2024 | 1,185,000 | 1,177,659 | |||||
Illinois Toll Highway Authority, Revenue Bonds, Ser. B | 5.00 | 1/1/2033 | 2,500,000 | 2,550,279 | |||||
Springfield IL Electric, Revenue Bonds, Refunding | 5.00 | 3/1/2027 | 5,200,000 | 5,416,690 | |||||
40,006,081 | |||||||||
Indiana - 2.4% | |||||||||
Columbus Multi School Building Corp., Revenue Bonds, Refunding (Bartholomew Consolidated School) | 4.00 | 1/15/2024 | 1,140,000 | 1,155,042 | |||||
Columbus Multi School Building Corp., Revenue Bonds, Refunding (Bartholomew Consolidated School) | 4.00 | 7/15/2023 | 1,380,000 | 1,390,714 | |||||
Indiana Finance Authority, Revenue Bonds (Ohio River Bridges East End Crossing Project) Ser. A | 5.00 | 7/1/2023 | 10,000,000 | c | 10,121,929 | ||||
Indiana Finance Authority, Revenue Bonds, Refunding (Indianapolis Power & Light) Ser. B | 0.95 | 4/1/2026 | 3,300,000 | a | 2,881,079 | ||||
Indiana Health Facility Financing Authority, Revenue Bonds (Ascension Health Credit Group) Ser. A | 4.00 | 11/1/2025 | 690,000 | 711,998 | |||||
Indiana Housing & Community Development Authority, Revenue Bonds (Emerald Pointe LLC) | 5.00 | 11/1/2024 | 1,135,000 | a | 1,162,089 | ||||
17,422,851 | |||||||||
Iowa - 2.0% | |||||||||
Iowa Finance Authority, Revenue Bonds (Green Bond) (Gevo NW Iowa RNG) (LOC; Citibank NA) | 1.50 | 4/1/2024 | 3,000,000 | a | 2,935,151 | ||||
Iowa Higher Education Loan Authority, Revenue Bonds (Des Moines University Project) | 5.00 | 10/1/2025 | 570,000 | 592,056 | |||||
Iowa Higher Education Loan Authority, Revenue Bonds (Des Moines University Project) | 5.00 | 10/1/2023 | 515,000 | 521,706 | |||||
Iowa Higher Education Loan Authority, Revenue Bonds (Des Moines University Project) | 5.00 | 10/1/2024 | 540,000 | 553,814 | |||||
PEFA Inc., Revenue Bonds (Gas Project) | 5.00 | 9/1/2026 | 10,000,000 | a | 10,246,057 | ||||
14,848,784 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
Kentucky - .7% | |||||||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. B | 4.00 | 1/1/2025 | 2,500,000 | a | 2,493,496 | ||||
Owen County, Revenue Bonds, Refunding (Kentucky-American Water Obligated Group) Ser. 2020 | 0.70 | 9/1/2023 | 2,500,000 | a | 2,452,337 | ||||
4,945,833 | |||||||||
Louisiana - 1.7% | |||||||||
Louisiana Gasoline & Fuels, Revenue Bonds, Refunding, Ser. A | 0.60 | 5/1/2023 | 4,000,000 | a | 3,947,611 | ||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds (American BioCarbon CT LLC) | 3.85 | 8/1/2023 | 3,500,000 | a | 3,502,304 | ||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds (Louisiana Insurance Guaranty Association) | 5.00 | 8/15/2025 | 3,150,000 | 3,319,286 | |||||
Metropolitan Council of Baton Rouge & Parish of East Baton Rouge, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 8/1/2023 | 1,100,000 | 1,116,097 | |||||
Metropolitan Council of Baton Rouge & Parish of East Baton Rouge, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 8/1/2024 | 1,000,000 | 1,035,903 | |||||
12,921,201 | |||||||||
Maine - .6% | |||||||||
Maine Housing Authority, Revenue Bonds, Ser. C | 4.00 | 11/15/2050 | 1,945,000 | 1,946,669 | |||||
Maine Housing Authority, Revenue Bonds, Ser. F | 4.25 | 11/15/2048 | 2,150,000 | 2,164,364 | |||||
4,111,033 | |||||||||
Massachusetts - 2.5% | |||||||||
Greater Attleboro-Taunton Regional Transit Authority, RAN | 3.75 | 8/18/2023 | 8,200,000 | 8,228,152 | |||||
Hamilton Wenham Regional School District, BAN, Refunding | 1.50 | 1/19/2023 | 1,081,400 | 1,079,986 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 10/1/2024 | 720,000 | 743,721 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
Massachusetts - 2.5% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 10/1/2023 | 300,000 | 304,896 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | 5.00 | 7/1/2024 | 500,000 | 514,677 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | 5.00 | 7/1/2023 | 350,000 | 354,126 | |||||
Massachusetts Transportation Trust Fund Metropolitan Highway System, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2023 | 5,000,000 | a | 5,009,912 | ||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding | 9.59 | 8/1/2023 | 2,600,000 | d | 2,653,782 | ||||
18,889,252 | |||||||||
Michigan - .9% | |||||||||
Michigan Strategic Fund, Revenue Bonds (Consumers Energy Co.) | 1.80 | 10/1/2024 | 6,650,000 | a | 6,429,177 | ||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2026 | 450,000 | 483,605 | |||||
6,912,782 | |||||||||
Minnesota - .1% | |||||||||
Minnesota Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. B | 3.50 | 7/1/2050 | 1,120,000 | 1,105,238 | |||||
Missouri - 1.3% | |||||||||
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | 5.00 | 6/1/2025 | 650,000 | 679,124 | |||||
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | 5.00 | 6/1/2024 | 1,000,000 | 1,029,397 | |||||
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | 5.00 | 6/1/2023 | 700,000 | 707,329 | |||||
Missouri Board of Public Buildings, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2026 | 2,000,000 | 2,002,133 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
Missouri - 1.3% (continued) | |||||||||
Missouri Development Finance Board, Revenue Bonds, Refunding (The Nelson Gallery Foundation) Ser. A | 3.00 | 12/1/2022 | 3,540,000 | 3,540,000 | |||||
Missouri Housing Development Commission, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | 3.50 | 11/1/2050 | 1,930,000 | 1,902,808 | |||||
9,860,791 | |||||||||
Montana - .1% | |||||||||
Montana Facility Finance Authority, Revenue Bonds, Refunding (Billings Clinic Obligated Group) Ser. 2022A | 5.00 | 8/15/2025 | 325,000 | 342,726 | |||||
Montana Facility Finance Authority, Revenue Bonds, Refunding (Billings Clinic Obligated Group) Ser. 2022A | 5.00 | 8/15/2024 | 400,000 | 414,338 | |||||
757,064 | |||||||||
Nebraska - 1.0% | |||||||||
Nebraska Investment Finance Authority, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | 3.00 | 9/1/2045 | 4,395,000 | 4,247,697 | |||||
Nebraska Investment Finance Authority, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. E | 3.75 | 9/1/2049 | 2,970,000 | 2,941,465 | |||||
7,189,162 | |||||||||
Nevada - .9% | |||||||||
Clark County, GO, Refunding, Ser. B | 5.00 | 11/1/2028 | 5,000,000 | 5,418,211 | |||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 3.00 | 6/15/2024 | 1,175,000 | 1,182,386 | |||||
6,600,597 | |||||||||
New Hampshire - .8% | |||||||||
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Waste Management) Ser. A3 | 2.15 | 7/1/2024 | 4,000,000 | a | 3,865,732 | ||||
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Waste Management) Ser. A4 | 2.15 | 7/1/2024 | 2,000,000 | a | 1,932,866 | ||||
5,798,598 | |||||||||
New Jersey - 5.7% | |||||||||
Jefferson, BAN, Refunding | 3.00 | 6/16/2023 | 10,000,000 | 10,025,781 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
New Jersey - 5.7% (continued) | |||||||||
New Jersey, GO (COVID-19 Emergency Bond) Ser. A | 4.00 | 6/1/2023 | 5,000,000 | 5,035,245 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (American Water Co.) Ser. B | 1.20 | 6/1/2023 | 2,500,000 | a | 2,475,721 | ||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. N1 | 5.50 | 9/1/2025 | 1,250,000 | 1,333,899 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. GGG | 5.25 | 9/1/2024 | 10,000,000 | b | 10,390,463 | ||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | 5.00 | 6/15/2024 | 300,000 | 309,306 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | 5.00 | 6/15/2025 | 400,000 | 419,272 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | 5.00 | 6/15/2023 | 220,000 | 222,669 | |||||
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Ser. H | 3.00 | 10/1/2052 | 4,915,000 | 4,679,153 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | 5.00 | 12/15/2024 | 1,750,000 | 1,818,630 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. AA | 5.00 | 6/15/2025 | 5,125,000 | 5,371,924 | |||||
42,082,063 | |||||||||
New Mexico - 2.2% | |||||||||
New Mexico Finance Authority, Revenue Bonds, Refunding, Ser. B1 | 5.00 | 6/15/2027 | 9,180,000 | 9,499,791 | |||||
New Mexico Finance Authority, Revenue Bonds, Ser. B | 5.00 | 6/15/2027 | 1,000,000 | 1,099,439 | |||||
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2025 | 5,500,000 | a | 5,638,868 | ||||
16,238,098 | |||||||||
New York - 19.0% | |||||||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/15/2023 | 1,225,000 | 1,247,170 | |||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/15/2022 | 875,000 | 875,592 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
New York - 19.0% (continued) | |||||||||
Long Island Power Authority, Revenue Bonds, Ser. B | 1.65 | 9/1/2024 | 7,000,000 | a | 6,760,579 | ||||
Metropolitan Transportation Authority, BAN, Ser. A1 | 5.00 | 2/1/2023 | 10,000,000 | 10,028,463 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A2 | 5.00 | 5/15/2024 | 2,200,000 | a | 2,244,161 | ||||
New York City, GO, Refunding, Ser. B1 | 5.00 | 8/1/2025 | 8,600,000 | 9,121,882 | |||||
New York City, GO, Ser. D3 | 5.00 | 8/1/2038 | 5,000,000 | 5,066,542 | |||||
New York City Housing Development Corp., Revenue Bonds (Insured; Federal Housing Administration) Ser. F2 | 0.60 | 7/1/2025 | 2,000,000 | a | 1,844,406 | ||||
New York City Housing Development Corp., Revenue Bonds (LOC; Federal Housing Administration) Ser. D2 | 0.70 | 11/1/2024 | 2,000,000 | a | 1,893,111 | ||||
New York City Industrial Development Agency, Revenue Bonds (Yankee Stadium Project) (Insured; National Public Finance Guarantee Corp.) | 9.05 | 3/1/2023 | 2,000,000 | d | 2,019,749 | ||||
New York State Housing Finance Agency, Revenue Bonds (Green Bond) Ser. I | 2.65 | 5/1/2023 | 885,000 | 884,606 | |||||
New York State Housing Finance Agency, Revenue Bonds (Insured; SONYMA) Ser. M2 | 0.75 | 11/1/2025 | 5,000,000 | 4,612,862 | |||||
New York State Housing Finance Agency, Revenue Bonds (Insured; SONYMA, FNMA, FHLMC) Ser. N | 1.50 | 11/1/2023 | 1,000,000 | 987,449 | |||||
New York State Housing Finance Agency, Revenue Bonds, Ser. E | 0.85 | 11/1/2024 | 1,250,000 | 1,181,545 | |||||
New York State Housing Finance Agency, Revenue Bonds, Ser. E | 0.95 | 5/1/2025 | 1,000,000 | 926,798 | |||||
New York State Housing Finance Agency, Revenue Bonds, Ser. P | 1.60 | 11/1/2024 | 5,000,000 | 4,825,103 | |||||
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 186 | 3.95 | 4/1/2025 | 3,515,000 | 3,529,515 | |||||
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 191 | 3.00 | 10/1/2024 | 1,000,000 | 993,955 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 5.00 | 12/1/2024 | 1,000,000 | 1,026,388 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
New York - 19.0% (continued) | |||||||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 5.00 | 12/1/2023 | 1,300,000 | 1,318,217 | |||||
Oneida County Local Development Corp., Revenue Bonds, Refunding (Mohawk Valley Health System Obligated Group) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/1/2027 | 1,425,000 | 1,452,203 | |||||
Oneida County Local Development Corp., Revenue Bonds, Refunding (Mohawk Valley Health System Obligated Group) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/1/2026 | 1,625,000 | 1,656,148 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2025 | 2,260,000 | 2,361,739 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2023 | 2,710,000 | 2,751,497 | |||||
Rye School District, BAN | 3.25 | 6/30/2023 | 11,517,124 | 11,570,777 | |||||
Schenectady School District, BAN (Insured; State Aid Withholding) | 3.50 | 7/20/2023 | 5,350,000 | 5,366,934 | |||||
South Country Central School District at Brookhaven, TAN (Insured; State Aid Withholding) | 5.00 | 6/22/2023 | 5,000,000 | 5,053,911 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding | 4.00 | 5/15/2026 | 5,000,000 | 5,208,264 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A2 | 2.00 | 5/15/2024 | 21,875,000 | a | 21,375,845 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. B2 | 5.00 | 5/15/2026 | 3,500,000 | a | 3,712,879 | ||||
Utility Debt Securitization Authority, Revenue Bonds, Refunding, Ser. TE -1 | 5.00 | 12/15/2028 | 2,500,000 | 2,723,026 | |||||
Utility Debt Securitization Authority, Revenue Bonds, Refunding, Ser. TE -1 | 5.00 | 6/15/2028 | 5,290,000 | 5,708,796 | |||||
Webster Central School District, BAN, Refunding (Insured; State Aid Withholding) | 4.00 | 6/28/2023 | 10,000,000 | 10,072,818 | |||||
140,402,930 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
Ohio - 1.2% | |||||||||
American Municipal Power, Revenue Bonds, Refunding, Ser. A2 | 1.00 | 8/15/2024 | 2,000,000 | a | 1,917,498 | ||||
Lancaster Port Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2025 | 4,260,000 | a | 4,364,090 | ||||
Miami University, Revenue Bonds, Refunding, Ser. A | 5.00 | 9/1/2025 | 780,000 | 824,674 | |||||
Ohio Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. B | 3.25 | 3/1/2050 | 1,810,000 | 1,771,504 | |||||
8,877,766 | |||||||||
Oklahoma - .7% | |||||||||
Tulsa County Independent School District No. 1, GO, Ser. B | 2.00 | 8/1/2024 | 5,000,000 | 4,922,714 | |||||
Oregon - .6% | |||||||||
Oregon Housing & Community Services Department, Revenue Bonds, Ser. C | 3.00 | 1/1/2052 | 2,060,000 | 1,998,763 | |||||
Oregon Housing & Community Services Department, Revenue Bonds, Ser. D | 4.75 | 1/1/2050 | 2,410,000 | 2,447,699 | |||||
4,446,462 | |||||||||
Pennsylvania - 3.1% | |||||||||
Allegheny County Higher Education Building Authority, Revenue Bonds, Refunding (Duquesne University) Ser. 20 | 5.00 | 3/1/2024 | 500,000 | e | 512,021 | ||||
Allegheny County Higher Education Building Authority, Revenue Bonds, Refunding (Duquesne University) Ser. 20 | 5.00 | 3/1/2026 | 1,660,000 | e | 1,760,278 | ||||
Allegheny County Higher Education Building Authority, Revenue Bonds, Refunding (Duquesne University) Ser. 20 | 5.00 | 3/1/2025 | 500,000 | e | 522,610 | ||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. B | 5.00 | 10/15/2023 | 950,000 | 967,833 | |||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. B | 5.00 | 10/15/2024 | 705,000 | 732,468 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Gwynedd Mercy University Project) | 1.13 | 5/1/2023 | 1,220,000 | a | 1,209,088 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
Pennsylvania - 3.1% (continued) | |||||||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Pennsylvania's State System of Higher Education) | 0.74 | 6/15/2024 | 4,000,000 | 3,748,936 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Project) | 1.75 | 8/1/2024 | 5,000,000 | a | 4,791,846 | ||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) Ser. B | 5.00 | 8/15/2024 | 1,000,000 | 1,039,576 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) Ser. B | 5.00 | 8/15/2023 | 1,000,000 | 1,017,246 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (LOC; TD Bank NA) | 1.81 | 12/1/2039 | 1,700,000 | f | 1,700,000 | ||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. Joseph's University) | 4.00 | 11/1/2024 | 500,000 | 507,403 | |||||
Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C, 1 Month MUNIPSA +.65% | 2.50 | 12/1/2023 | 3,000,000 | a,g | 2,997,019 | ||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2023 | 1,100,000 | 1,119,506 | |||||
22,625,830 | |||||||||
Rhode Island - 2.2% | |||||||||
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence Public Building Authority) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 5/15/2027 | 9,915,000 | 10,416,450 | |||||
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | 3.00 | 10/1/2050 | 1,620,000 | 1,570,151 | |||||
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | 3.50 | 10/1/2050 | 2,015,000 | 1,987,462 | |||||
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | 0.45 | 10/1/2023 | 2,445,000 | a | 2,380,754 | ||||
16,354,817 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
South Carolina - 2.2% | |||||||||
Patriots Energy Group Financing Agency, Revenue Bonds, Ser. A | 4.00 | 2/1/2024 | 5,000,000 | a | 5,018,659 | ||||
South Carolina Housing Finance & Development Authority, Revenue Bonds, Ser. B | 3.25 | 1/1/2052 | 2,940,000 | 2,877,712 | |||||
South Carolina Ports Authority, Revenue Bonds | 5.25 | 7/1/2025 | 5,000,000 | c | 5,270,479 | ||||
South Carolina Ports Authority, Revenue Bonds, Refunding | 5.25 | 7/1/2025 | 1,445,000 | c | 1,523,168 | ||||
Spartanburg Regional Health Services District, Revenue Bonds, Refunding | 5.00 | 4/15/2024 | 730,000 | 748,404 | |||||
Spartanburg Regional Health Services District, Revenue Bonds, Refunding | 5.00 | 4/15/2023 | 1,200,000 | 1,209,766 | |||||
16,648,188 | |||||||||
Texas - 11.2% | |||||||||
Austin Affordable Public Facility Corp., Revenue Bonds (Bridge at Turtle Creek) | 0.42 | 12/1/2023 | 3,350,000 | a | 3,330,112 | ||||
Austin Airport System, Revenue Bonds, Ser. B | 5.00 | 11/15/2024 | 600,000 | 621,122 | |||||
Dallas Housing Finance Corp., Revenue Bonds (Estates at Shiloh) | 1.25 | 7/1/2023 | 2,000,000 | a | 1,978,625 | ||||
Denton County Housing Finance Corp., Revenue Bonds (Pathway on Woodrow) | 5.00 | 2/1/2025 | 3,000,000 | a | 3,099,020 | ||||
Fort Bend Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. B | 0.72 | 8/1/2026 | 1,720,000 | a | 1,542,362 | ||||
Georgetown Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 2.00 | 8/1/2023 | 5,000,000 | a | 4,969,090 | ||||
Housing Options, Revenue Bonds (Estelle Village Apartments) | 3.90 | 2/1/2025 | 3,150,000 | a | 3,168,559 | ||||
Hutto Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. 2015 | 2.00 | 8/1/2025 | 2,000,000 | a | 1,954,389 | ||||
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services) | 5.00 | 5/15/2025 | 2,125,000 | 2,231,956 | |||||
Matagorda County Navigation District No. 1, Revenue Bonds, Refunding | 0.90 | 9/1/2023 | 3,750,000 | a | 3,682,095 | ||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2025 | 3,500,000 | 3,657,346 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
Texas - 11.2% (continued) | |||||||||
Pasadena Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 1.50 | 8/15/2024 | 4,000,000 | a | 3,916,910 | ||||
Pflugerville Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 2.50 | 8/15/2023 | 9,725,000 | a | 9,709,094 | ||||
Prosper Independent School District, GO | 3.00 | 8/15/2025 | 5,805,000 | a | 5,783,027 | ||||
San Antonio Airport System, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2023 | 1,230,000 | 1,243,006 | |||||
San Antonio Airport System, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2023 | 1,000,000 | 1,010,574 | |||||
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding | 1.75 | 12/1/2025 | 2,500,000 | a | 2,371,517 | ||||
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding, Ser. 2019 | 2.75 | 12/1/2022 | 2,250,000 | a | 2,250,000 | ||||
San Antonio Water System, Revenue Bonds, Ser. 2013-F | 1.00 | 11/1/2026 | 1,275,000 | a | 1,133,339 | ||||
Sherman Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 2.00 | 8/1/2023 | 3,645,000 | a | 3,626,971 | ||||
Sherman Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 2.00 | 8/1/2023 | 755,000 | a,c | 751,905 | ||||
Sherman Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 2.00 | 8/1/2023 | 600,000 | a,c | 597,540 | ||||
Sinton Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 2.75 | 8/15/2023 | 5,000,000 | a | 4,990,433 | ||||
Texas, GO, Ser. A | 1.92 | 6/1/2045 | 2,805,000 | f | 2,805,000 | ||||
Texas, GO, Ser. A | 1.95 | 6/1/2043 | 1,000,000 | f | 1,000,000 | ||||
Texas, GO, Ser. A | 1.95 | 6/1/2041 | 2,000,000 | f | 2,000,000 | ||||
Texas, GO, Ser. A | 1.95 | 6/1/2044 | 1,700,000 | f | 1,700,000 | ||||
Texas Department of Housing & Community Affairs, Revenue Bonds (FishPond Living at Corpus Christi) | 0.50 | 6/1/2023 | 2,000,000 | a | 1,971,505 | ||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2023 | 750,000 | 759,057 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
Texas - 11.2% (continued) | |||||||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2022 | 500,000 | 500,248 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2025 | 875,000 | 898,142 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2024 | 625,000 | 637,837 | |||||
Travis County, GO, Refunding | 5.00 | 3/1/2023 | 1,100,000 | 1,102,502 | |||||
University of Houston, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/15/2026 | 1,000,000 | 1,072,307 | |||||
University of Houston, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/15/2025 | 1,000,000 | 1,052,037 | |||||
83,117,627 | |||||||||
U.S. Related - .6% | |||||||||
Antonio B. Won International Airport Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2023 | 825,000 | 837,918 | |||||
Puerto Rico, Notes | 0.00 | 11/1/2051 | 1,722,505 | f | 770,821 | ||||
Puerto Rico Highways & Transportation Authority, TRAN, Ser. K | 5.00 | 7/1/2017 | 2,885,000 | h | 577,000 | ||||
Puerto Rico Housing Finance Authority, Revenue Bonds, Refunding (Puerto Rico Public Housing Project) | 5.00 | 12/1/2023 | 2,500,000 | 2,553,539 | |||||
4,739,278 | |||||||||
Utah - .4% | |||||||||
Utah County, Revenue Bonds (IHC Health Services Obligated Group) Ser. B | 5.00 | 8/1/2024 | 3,000,000 | a | 3,097,308 | ||||
Virginia - .6% | |||||||||
Halifax County Industrial Development Authority, Revenue Bonds (Virginia Electric and Power Co.) | 1.65 | 5/31/2024 | 1,750,000 | a | 1,686,927 | ||||
Louisa Industrial Development Authority, Revenue Bonds (Virginia Electric and Power Co.) | 1.65 | 5/31/2024 | 3,000,000 | a | 2,891,875 | ||||
4,578,802 | |||||||||
Washington - 3.3% | |||||||||
Everett Housing Authority, Revenue Bonds (Baker Heights Legacy) | 0.30 | 9/1/2023 | 1,000,000 | a | 976,790 | ||||
King County Housing Authority, Revenue Bonds, Refunding | 2.00 | 10/1/2023 | 100,000 | 99,280 | |||||
King County Housing Authority, Revenue Bonds, Refunding | 3.00 | 10/1/2025 | 150,000 | 149,515 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 95.4% (continued) | |||||||||
Washington - 3.3% (continued) | |||||||||
King County Housing Authority, Revenue Bonds, Refunding | 3.00 | 10/1/2024 | 100,000 | 100,012 | |||||
King County Housing Authority, Revenue Bonds, Refunding | 4.00 | 10/1/2026 | 150,000 | 155,116 | |||||
Port of Seattle, GO, Ser. A | 5.00 | 12/1/2025 | 1,860,000 | 1,972,817 | |||||
Port of Seattle, GO, Ser. A | 5.00 | 12/1/2024 | 1,775,000 | 1,850,391 | |||||
Port of Seattle, Revenue Bonds, Refunding, Ser. B | 5.00 | 8/1/2026 | 4,600,000 | 4,868,601 | |||||
Seattle Housing Authority, Revenue Bonds (LAM BOW Apartments Project) | 1.25 | 6/1/2024 | 1,500,000 | 1,462,321 | |||||
Vancouver Housing Authority, Revenue Bonds (Anthem Park & Columbia Housing Project) | 2.00 | 6/1/2023 | 5,000,000 | 4,975,160 | |||||
Washington, GO, Refunding, Ser. B | 5.00 | 7/1/2028 | 4,000,000 | 4,271,826 | |||||
Washington, GO, Refunding, Ser. R-C | 5.00 | 7/1/2025 | 2,435,000 | 2,469,492 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2024 | 200,000 | b | 207,901 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2025 | 275,000 | b | 289,254 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2022 | 250,000 | b | 250,000 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2023 | 250,000 | b | 255,279 | ||||
24,353,755 | |||||||||
Wisconsin - 1.2% | |||||||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding, Ser. B5 | 5.00 | 12/3/2024 | 4,660,000 | a | 4,838,131 | ||||
Wisconsin Housing & Economic Development Authority Housing Revenue, Revenue Bonds, Refunding, Ser. B | 0.40 | 11/1/2023 | 2,000,000 | a | 1,942,949 | ||||
Wisconsin Housing & Economic Development Authority Housing Revenue, Revenue Bonds, Refunding, Ser. B | 0.50 | 11/1/2024 | 2,000,000 | a | 1,877,327 | ||||
8,658,407 | |||||||||
Total Long-Term Municipal Investments | 706,720,601 |
| |||||||||
Short-Term Municipal Investments - 4.5% | |||||||||
Alabama - .1% | |||||||||
Black Belt Energy Gas District, Revenue Bonds (Gas Project) | 4.00 | 12/1/2022 | 750,000 | 750,000 | |||||
California - .0% | |||||||||
California Public Finance Authority, Revenue Bonds, Refunding (O'Connor Woods Housing) | 4.00 | 1/1/2023 | 200,000 | 200,231 | |||||
Indiana - .1% | |||||||||
Indianapolis Board of School Commissioners, GO | 5.00 | 1/15/2023 | 1,000,000 | 1,002,924 | |||||
Massachusetts - .2% | |||||||||
Norton, BAN | 1.50 | 12/15/2022 | 1,400,000 | 1,399,469 | |||||
New York - 3.8% | |||||||||
Adirondack Central School District, BAN, Refunding (Insured; State Aid Withholding) | 3.25 | 6/28/2023 | 10,000,000 | 10,036,606 | |||||
Monticello Central School District, BAN, Refunding (Insured; State Aid Withholding) | 3.25 | 6/28/2023 | 10,177,500 | 10,215,336 | |||||
Oneida School District, BAN (Insured; State Aid Withholding) Ser. B | 3.50 | 7/7/2023 | 7,500,000 | 7,524,757 | |||||
27,776,699 | |||||||||
Texas - .3% | |||||||||
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding | 5.00 | 2/1/2023 | 2,000,000 | 2,008,348 | |||||
Total Short-Term Municipal Investments | 33,137,671 | ||||||||
Total Investments (cost $761,409,394) | 99.9% | 739,858,272 | |||||||
Cash and Receivables (Net) | 0.1% | 955,934 | |||||||
Net Assets | 100.0% | 740,814,206 |
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 November 30, 2022, these securities were valued at $15,103,800 or 2.04% of net assets.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
d Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
e Security purchased on a when-issued or delayed basis for which the fund has not taken delivery as of November 30, 2022.
f The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
g Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
h Non-income producing—security in default.
STATEMENT OF INVESTMENTS
BNY Mellon National Short-Term Municipal Bond Fund
November 30, 2022 (Unaudited)
The following is a summary of the inputs used as of November 30, 2022 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Municipal Securities | - | 739,858,272 | - | 739,858,272 |
† See Statement of Investments for additional detailed categorizations, if any.
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 Trust’s Board of Trustees (the “Board”) has designated the Adviser as the fund’s valuation designee, effective September 8, 2022, 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.
At November 30, 2022, accumulated net unrealized depreciation on investments was $21,551,122, consisting of $681,736 gross unrealized appreciation and $22,232,858 gross unrealized depreciation.
At November 30, 2022, 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.