STATEMENT OF INVESTMENTS
BNY Mellon National Short-Term Municipal Bond Fund
November 30, 2023 (Unaudited)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 1.2% | |||||||||
U.S. Treasury Securities - 1.2% | |||||||||
U.S. Treasury Notes | 1.88 | 8/31/2024 | 2,500,000 | 2,437,589 | |||||
U.S. Treasury Notes | 2.25 | 10/31/2024 | 2,500,000 | 2,433,897 | |||||
Total Bonds and Notes | 4,871,486 | ||||||||
| |||||||||
Long-Term Municipal Investments - 97.9% | |||||||||
Alabama - 2.9% | |||||||||
Black Belt Energy Gas District, Revenue Bonds (Gas Project) | 4.00 | 12/1/2024 | 3,000,000 | 2,997,883 | |||||
Black Belt Energy Gas District, Revenue Bonds (Project No. 4) Ser. A1 | 4.00 | 12/1/2025 | 5,000,000 | a | 4,971,308 | ||||
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | 4.00 | 6/1/2026 | 450,000 | 452,219 | |||||
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | 4.00 | 12/1/2025 | 420,000 | 421,631 | |||||
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | 4.00 | 6/1/2024 | 275,000 | 275,328 | |||||
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | 4.00 | 12/1/2024 | 325,000 | 325,805 | |||||
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | 4.00 | 6/1/2025 | 300,000 | 300,994 | |||||
Southeast Energy Authority A Cooperative District, Revenue Bonds (Project No. 4) Ser. B1 | 5.00 | 8/1/2025 | 1,500,000 | 1,521,717 | |||||
Southeast Energy Authority A Cooperative District, Revenue Bonds (Project No. 4) Ser. B1 | 5.00 | 8/1/2024 | 1,000,000 | 1,005,619 | |||||
12,272,504 | |||||||||
Arizona - 4.0% | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) Ser. A | 4.00 | 11/1/2024 | 870,000 | 872,485 | |||||
Chandler Industrial Development Authority, Revenue Bonds (Intel Corp.) | 5.00 | 6/3/2024 | 7,000,000 | a | 7,021,391 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Arizona - 4.0% (continued) | |||||||||
Maricopa County Industrial Development Authority, Revenue Bonds (Banner Health Obligated Group) Ser. A1 | 5.00 | 5/15/2026 | 2,750,000 | a | 2,855,192 | ||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Banner Health Obligated Group) Ser. D | 5.00 | 5/15/2026 | 3,000,000 | a | 3,118,337 | ||||
The Yavapai County Industrial Development Authority, Revenue Bonds (Waste Management Project) Ser. A2 | 2.20 | 6/3/2024 | 3,350,000 | a | 3,315,426 | ||||
17,182,831 | |||||||||
Arkansas - .2% | |||||||||
Arkansas Development Finance Authority, Revenue Bonds (Arkansas Division of Emergency Management Project) | 4.00 | 6/1/2029 | 1,000,000 | 1,022,325 | |||||
California - 4.7% | |||||||||
California Infrastructure & Economic Development Bank, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) Ser. B | 4.00 | 11/1/2025 | 1,025,000 | 1,032,698 | |||||
California Infrastructure & Economic Development Bank, Revenue Bonds, Ser. A | 3.65 | 1/31/2024 | 6,500,000 | a,b | 6,483,374 | ||||
California Public Finance Authority, Revenue Bonds (ENSO Village Project) Ser. B3 | 2.13 | 11/15/2027 | 3,000,000 | b | 2,859,797 | ||||
California Public Finance Authority, Revenue Bonds (Sustainable Bond) (ENSO Village Project) | 2.38 | 11/15/2028 | 1,000,000 | b | 942,755 | ||||
Vernon Electric System, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2025 | 500,000 | 507,881 | |||||
Vernon Electric System, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2024 | 700,000 | 705,477 | |||||
Vernon Electric System, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2026 | 600,000 | 617,211 | |||||
Vernon Electric System, Revenue Bonds, Ser. A | 5.00 | 10/1/2024 | 1,250,000 | 1,262,410 | |||||
Western Placer Unified School District, BAN | 2.00 | 6/1/2025 | 5,000,000 | 4,825,817 | |||||
Western Placer Unified School District, BAN | 2.00 | 6/1/2025 | 1,000,000 | 967,958 | |||||
20,205,378 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Colorado - 1.8% | |||||||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Intermountain Healthcare Obligated Group) Ser. B | 5.00 | 8/17/2026 | 2,805,000 | a | 2,935,008 | ||||
Colorado Housing & Finance Authority, Revenue Bonds, Refunding (Insured; Government National Mortgage Association Collateral) Ser. K | 3.88 | 5/1/2050 | 1,800,000 | 1,781,673 | |||||
Colorado Housing & Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) (Insured; Government National Mortgage Association) Ser. B | 3.00 | 5/1/2051 | 2,045,000 | 1,975,760 | |||||
Colorado Housing & Finance Authority, Revenue Bonds, Ser. B | 3.75 | 5/1/2050 | 1,275,000 | 1,258,376 | |||||
7,950,817 | |||||||||
Connecticut - .9% | |||||||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) | 5.00 | 7/1/2024 | 340,000 | 341,929 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) | 5.00 | 7/1/2026 | 200,000 | 206,441 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | 4.00 | 7/1/2025 | 600,000 | 599,105 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | 4.00 | 7/1/2024 | 650,000 | 649,161 | |||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 11/15/2045 | 2,260,000 | 2,243,046 | |||||
4,039,682 | |||||||||
District of Columbia - 4.6% | |||||||||
District of Columbia Water & Sewer Authority, Revenue Bonds, Ser. C | 1.75 | 10/1/2024 | 18,500,000 | a | 18,144,602 | ||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2025 | 1,500,000 | 1,535,893 | |||||
19,680,495 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Florida - 3.8% | |||||||||
Alachua County Health Facilities Authority, Revenue Bonds, Refunding (Shands Teaching Hospital & Clinics Obligated Group) | 5.00 | 12/1/2024 | 1,900,000 | 1,926,366 | |||||
Broward County Port Facilities, Revenue Bonds, Ser. B | 5.00 | 9/1/2025 | 1,875,000 | 1,920,666 | |||||
Broward County School District, COP, Ser. A | 5.00 | 7/1/2025 | 5,660,000 | 5,830,364 | |||||
Florida Insurance Assistance Interlocal Agency, Revenue Bonds, Refunding, Ser. A1 | 5.00 | 9/1/2027 | 2,500,000 | 2,621,642 | |||||
Palm Beach County Housing Finance Authority, Revenue Bonds (Lakeside Commons) | 5.00 | 4/1/2025 | 4,060,000 | a | 4,110,936 | ||||
16,409,974 | |||||||||
Georgia - 1.0% | |||||||||
Main Street Natural Gas, Revenue Bonds, Ser. B | 4.00 | 12/2/2024 | 2,600,000 | a | 2,594,642 | ||||
Main Street Natural Gas, Revenue Bonds, Ser. C | 4.00 | 12/1/2025 | 1,000,000 | 995,732 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. C | 4.00 | 12/1/2024 | 700,000 | 697,691 | |||||
4,288,065 | |||||||||
Illinois - 5.3% | |||||||||
Chicago II, GO, Refunding, Ser. A | 3.00 | 1/1/2024 | 850,000 | 849,263 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2024 | 500,000 | 500,300 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2025 | 2,000,000 | 2,025,394 | |||||
Chicago Park District, GO, Refunding, Ser. C | 5.00 | 1/1/2027 | 2,050,000 | 2,154,127 | |||||
Chicago Park District, GO, Refunding, Ser. C | 5.00 | 1/1/2026 | 1,025,000 | 1,059,200 | |||||
Illinois Finance Authority, Revenue Bonds | 5.00 | 1/1/2026 | 1,000,000 | 1,040,918 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. B1 | 5.00 | 11/15/2024 | 2,750,000 | a | 2,759,326 | ||||
Illinois Housing Development Authority, Revenue Bonds (Ogden Commons) | 4.00 | 7/1/2025 | 2,315,000 | a | 2,316,780 | ||||
Illinois Housing Development Authority, Revenue Bonds (South Shore) (Insured; Federal Housing Administration) | 4.00 | 6/1/2025 | 1,000,000 | a | 1,001,586 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Illinois - 5.3% (continued) | |||||||||
Illinois Housing Development Authority, Revenue Bonds, Refunding (Insured; GNMA,FNMA,FHLMC) Ser. A2 | 3.15 | 8/1/2024 | 1,185,000 | 1,178,118 | |||||
Illinois Toll Highway Authority, Revenue Bonds, Ser. B | 5.00 | 1/1/2033 | 2,500,000 | 2,502,366 | |||||
Springfield IL Electric, Revenue Bonds, Refunding | 5.00 | 3/1/2027 | 5,200,000 | 5,278,393 | |||||
22,665,771 | |||||||||
Indiana - 2.3% | |||||||||
Indiana Finance Authority, Revenue Bonds (Indiana University Health Obligated Group) Ser. B1 | 5.00 | 7/1/2028 | 1,000,000 | a | 1,073,523 | ||||
Indiana Finance Authority, Revenue Bonds, Refunding (Indianapolis Power & Light Co.) Ser. B | 0.95 | 4/1/2026 | 3,300,000 | a | 2,993,554 | ||||
Indiana Finance Authority, Revenue Bonds, Ser. D | 5.00 | 8/1/2031 | 5,000,000 | 5,254,923 | |||||
Indiana Health Facility Financing Authority, Revenue Bonds (Ascension Health Credit Group) Ser. A | 4.00 | 11/1/2025 | 690,000 | 701,690 | |||||
10,023,690 | |||||||||
Iowa - 3.3% | |||||||||
Iowa Finance Authority, Revenue Bonds (Green Bond) (Gevo NW Iowa RNG) (LOC; Citibank NA) | 1.50 | 4/1/2024 | 3,000,000 | a | 2,969,951 | ||||
Iowa Higher Education Loan Authority, Revenue Bonds (Des Moines University Project) | 5.00 | 10/1/2025 | 570,000 | 581,515 | |||||
Iowa Higher Education Loan Authority, Revenue Bonds (Des Moines University Project) | 5.00 | 10/1/2024 | 540,000 | 544,616 | |||||
PEFA, Revenue Bonds (Gas Project) | 5.00 | 9/1/2026 | 10,000,000 | a | 10,146,625 | ||||
14,242,707 | |||||||||
Kentucky - 1.3% | |||||||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. B | 4.00 | 1/1/2025 | 2,500,000 | a | 2,481,954 | ||||
Rural Water Financing Agency, Revenue Bonds (Public Construction Project) Ser. A | 3.90 | 11/1/2025 | 3,250,000 | 3,249,937 | |||||
5,731,891 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Louisiana - .8% | |||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds (Louisiana Insurance Guaranty Association) | 5.00 | 8/15/2025 | 3,150,000 | 3,239,701 | |||||
Maine - .9% | |||||||||
Maine Housing Authority, Revenue Bonds, Ser. C | 4.00 | 11/15/2050 | 1,945,000 | 1,930,351 | |||||
Maine Housing Authority, Revenue Bonds, Ser. F | 4.25 | 11/15/2048 | 2,150,000 | 2,144,147 | |||||
4,074,498 | |||||||||
Maryland - .5% | |||||||||
Maryland Stadium Authority, Revenue Bonds (Football Stadium) Ser. A | 5.00 | 3/1/2026 | 2,000,000 | 2,084,099 | |||||
Massachusetts - 2.3% | |||||||||
Massachusetts, Revenue Bonds (Sustainable Bond) Ser. A | 3.68 | 7/15/2026 | 10,000,000 | 9,688,954 | |||||
Michigan - 1.5% | |||||||||
Michigan Strategic Fund, Revenue Bonds (Consumers Energy Co.) | 1.80 | 10/1/2024 | 6,650,000 | a | 6,522,811 | ||||
Minnesota - .2% | |||||||||
Minnesota Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. B | 3.50 | 7/1/2050 | 985,000 | 965,937 | |||||
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 | 664,056 | |||||
Jackson County, Revenue Bonds (RIRR Right of Way Project) | 4.00 | 12/1/2026 | 1,345,000 | 1,368,823 | |||||
Missouri Board of Public Buildings, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2026 | 2,000,000 | 2,001,536 | |||||
Missouri Housing Development Commission, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | 3.50 | 11/1/2050 | 1,565,000 | 1,534,132 | |||||
5,568,547 | |||||||||
Nebraska - 1.4% | |||||||||
Nebraska Investment Finance Authority, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | 3.00 | 9/1/2045 | 3,840,000 | 3,695,356 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Nebraska - 1.4% (continued) | |||||||||
Nebraska Investment Finance Authority, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. E | 3.75 | 9/1/2049 | 2,260,000 | 2,227,204 | |||||
5,922,560 | |||||||||
Nevada - 1.2% | |||||||||
Clark County, GO, Refunding, Ser. B | 5.00 | 11/1/2028 | 5,000,000 | 5,289,634 | |||||
New Hampshire - 1.4% | |||||||||
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Waste Management) Ser. A3 | 2.15 | 7/1/2024 | 4,000,000 | a | 3,951,164 | ||||
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Waste Management) Ser. A4 | 2.15 | 7/1/2024 | 2,000,000 | a | 1,975,582 | ||||
5,926,746 | |||||||||
New Jersey - 1.9% | |||||||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. GGG | 5.25 | 9/1/2024 | 5,000,000 | b | 5,067,227 | ||||
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds (Sustainable Bond) Ser. H | 3.00 | 10/1/2052 | 3,080,000 | 2,944,989 | |||||
8,012,216 | |||||||||
New Mexico - .5% | |||||||||
New Mexico Mortgage Finance Authority, Revenue Bonds (Sante Fe Apartments) | 5.00 | 6/1/2025 | 2,100,000 | a | 2,120,775 | ||||
New York - 12.3% | |||||||||
Long Island Power Authority, Revenue Bonds, Ser. B | 1.65 | 9/1/2024 | 7,000,000 | a | 6,889,386 | ||||
New York City, GO, Refunding, Ser. F1 | 5.00 | 8/1/2026 | 2,000,000 | 2,113,877 | |||||
New York City Housing Development Corp., Revenue Bonds (Sustainable Bond) (Insured; Federal Housing Administration) Ser. D2 | 0.70 | 11/1/2024 | 2,000,000 | a | 1,930,095 | ||||
New York City Housing Development Corp., Revenue Bonds (Sustainable Bond) (Insured; Federal Housing Administration) Ser. F2 | 0.60 | 7/1/2025 | 1,965,000 | a | 1,847,531 | ||||
New York City Municipal Water Finance Authority, Revenue Bonds, Refunding | 3.25 | 6/15/2045 | 3,200,000 | c | 3,200,000 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
New York - 12.3% (continued) | |||||||||
New York State Housing Finance Agency, Revenue Bonds (Sustainable Bond) (Insured; SONYMA) Ser. M2 | 0.75 | 11/1/2025 | 5,000,000 | 4,622,533 | |||||
New York State Housing Finance Agency, Revenue Bonds (Sustainable Bond) Ser. E | 0.85 | 11/1/2024 | 415,000 | 402,825 | |||||
New York State Housing Finance Agency, Revenue Bonds (Sustainable Bond) Ser. E | 0.95 | 5/1/2025 | 1,000,000 | 947,917 | |||||
New York State Housing Finance Agency, Revenue Bonds (Sustainable Bond) Ser. P | 1.60 | 11/1/2024 | 3,895,000 | 3,809,946 | |||||
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 186 | 3.95 | 4/1/2025 | 2,435,000 | 2,435,028 | |||||
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 191 | 3.00 | 10/1/2024 | 1,000,000 | 993,290 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 5.00 | 12/1/2024 | 1,000,000 | 1,009,498 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2025 | 2,260,000 | 2,324,508 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A2 | 2.00 | 5/15/2024 | 16,875,000 | a | 16,714,912 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. B2 | 5.00 | 5/15/2026 | 3,500,000 | a | 3,629,709 | ||||
52,871,055 | |||||||||
Ohio - 3.1% | |||||||||
American Municipal Power, Revenue Bonds, Refunding (Combined Hydroelectric) Ser. A2 | 1.00 | 8/15/2024 | 2,000,000 | a | 1,958,812 | ||||
Lancaster Port Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2025 | 9,760,000 | a | 9,855,256 | ||||
Ohio Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. B | 3.25 | 3/1/2050 | 1,580,000 | 1,539,483 | |||||
13,353,551 | |||||||||
Oklahoma - 1.1% | |||||||||
Tulsa County Independent School District No. 1, GO, Ser. B | 2.00 | 8/1/2024 | 5,000,000 | 4,943,954 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Oregon - 1.2% | |||||||||
Oregon Business Development Commission, Revenue Bonds (Intel Corp. Project) Ser. 232 | 3.80 | 6/15/2028 | 3,000,000 | a | 3,033,032 | ||||
Oregon Housing & Community Services Department, Revenue Bonds, Ser. D | 4.75 | 1/1/2050 | 2,080,000 | 2,093,639 | |||||
5,126,671 | |||||||||
Pennsylvania - 2.5% | |||||||||
Allegheny County Higher Education Building Authority, Revenue Bonds, Refunding (Duquesne University of the Holy Spirit) Ser. 20 | 5.00 | 3/1/2026 | 1,660,000 | 1,719,573 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (System of Higher Education) | 0.74 | 6/15/2024 | 4,000,000 | 3,903,503 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Project) | 1.75 | 8/1/2024 | 5,000,000 | a | 4,933,249 | ||||
10,556,325 | |||||||||
Rhode Island - 3.1% | |||||||||
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 | 10,136,965 | |||||
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | 3.00 | 10/1/2050 | 1,465,000 | 1,415,754 | |||||
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | 3.50 | 10/1/2050 | 1,790,000 | 1,758,628 | |||||
13,311,347 | |||||||||
South Carolina - 2.1% | |||||||||
South Carolina Housing Finance & Development Authority, Revenue Bonds, Ser. B | 3.25 | 1/1/2052 | 2,625,000 | 2,559,085 | |||||
South Carolina Ports Authority, Revenue Bonds | 5.25 | 7/1/2025 | 1,445,000 | d | 1,479,654 | ||||
South Carolina Ports Authority, Revenue Bonds | 5.25 | 7/1/2025 | 5,000,000 | d | 5,119,911 | ||||
9,158,650 | |||||||||
Texas - 16.2% | |||||||||
Alamo Heights Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 3.00 | 2/1/2026 | 2,500,000 | a | 2,485,091 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Texas - 16.2% (continued) | |||||||||
Aldine Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) | 4.00 | 2/15/2032 | 3,000,000 | 3,008,457 | |||||
Austin Affordable Public Facility Corp., Revenue Bonds (Bridge at Turtle Creek) | 0.42 | 12/1/2023 | 3,350,000 | a | 3,350,000 | ||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 11/1/2027 | 1,250,000 | 1,353,024 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 11/1/2026 | 1,250,000 | 1,324,833 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 11/1/2026 | 2,085,000 | 2,167,783 | |||||
Dallas Housing Finance Corp., Revenue Bonds (Ash Creek Housing) (Insured; Federal Housing Administration) | 5.00 | 12/1/2025 | 1,750,000 | a | 1,792,765 | ||||
Dallas Waterworks & Sewer System, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2029 | 2,500,000 | 2,627,955 | |||||
Denton County, GO, Refunding | 4.00 | 7/15/2032 | 3,700,000 | 3,714,497 | |||||
El Paso Housing Finance Corp., Revenue Bonds (Columbia Apartments Project) | 4.50 | 3/1/2025 | 2,000,000 | a | 2,012,702 | ||||
Fort Bend Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. B | 0.72 | 8/1/2026 | 1,680,000 | a | 1,569,222 | ||||
Housing Options, Revenue Bonds (Estelle Village Apartments) | 3.90 | 2/1/2025 | 3,150,000 | a | 3,144,627 | ||||
Houston Housing Finance Corp., Revenue Bonds (Summerdale Apartments) | 5.00 | 8/1/2026 | 2,500,000 | a | 2,562,574 | ||||
Hutto Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. 2015 | 2.00 | 8/1/2025 | 2,000,000 | a | 1,947,176 | ||||
Lone Star College System, GO, Refunding | 5.00 | 2/15/2027 | 3,750,000 | 3,904,771 | |||||
Pasadena Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 1.50 | 8/15/2024 | 4,000,000 | a | 3,939,823 | ||||
Permanent University Fund - University of Texas System, Revenue Bonds, Refunding, Ser. B | 3.50 | 7/1/2027 | 9,740,000 | 9,781,232 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Texas - 16.2% (continued) | |||||||||
Prosper Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 3.00 | 8/15/2025 | 5,805,000 | a | 5,743,374 | ||||
Rankin Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 5.00 | 2/15/2028 | 2,555,000 | 2,656,581 | |||||
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding | 1.75 | 12/1/2025 | 2,500,000 | a | 2,390,775 | ||||
San Antonio Water System, Revenue Bonds, Ser. 2013-F | 1.00 | 11/1/2026 | 1,275,000 | a | 1,147,177 | ||||
Texas A&M University, Revenue Bonds, Refunding, Ser. E | 5.00 | 5/15/2028 | 1,710,000 | 1,828,229 | |||||
Ysleta Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 5.00 | 8/15/2025 | 5,000,000 | d | 5,163,658 | ||||
69,616,326 | |||||||||
U.S. Related - .3% | |||||||||
Puerto Rico, Notes | 0.01 | 11/1/2051 | 1,665,535 | c | 874,406 | ||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Ser. A | 5.00 | 7/1/2062 | 271,068 | 268,357 | |||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Ser. B | 0.00 | 7/1/2032 | 176,158 | e | 114,269 | ||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Ser. C | 5.00 | 7/1/2053 | 301,333 | f | 195,112 | ||||
1,452,144 | |||||||||
Virginia - 1.4% | |||||||||
Greater Richmond Convention Center Authority, Revenue Bonds, Refunding | 5.00 | 6/15/2025 | 1,250,000 | d | 1,284,669 | ||||
Halifax County Industrial Development Authority, Revenue Bonds (Virginia Electric & Power Co.) | 1.65 | 5/31/2024 | 1,750,000 | a | 1,725,406 | ||||
Louisa Industrial Development Authority, Revenue Bonds (Virginia Electric & Power Co.) | 1.65 | 5/31/2024 | 3,000,000 | a | 2,957,839 | ||||
5,967,914 | |||||||||
Washington - 2.6% | |||||||||
Benton County School District No. 17, GO (Insured; School Bond Guaranty) | 5.00 | 12/1/2031 | 1,100,000 | 1,126,767 | |||||
King County Housing Authority, Revenue Bonds, Refunding | 3.00 | 10/1/2025 | 150,000 | 148,707 | |||||
King County Housing Authority, Revenue Bonds, Refunding | 3.00 | 10/1/2024 | 100,000 | 99,610 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Washington - 2.6% (continued) | |||||||||
King County Housing Authority, Revenue Bonds, Refunding | 4.00 | 10/1/2026 | 150,000 | 152,100 | |||||
Port of Seattle, Revenue Bonds, Refunding | 5.00 | 8/1/2026 | 4,600,000 | 4,767,293 | |||||
Seattle Housing Authority, Revenue Bonds (LAM BOW Apartments Project) | 1.25 | 6/1/2024 | 1,500,000 | 1,482,165 | |||||
Spokane County School District No. 356, GO (Insured; School Bond Guaranty) | 5.00 | 12/1/2031 | 2,500,000 | 2,559,001 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance) | 5.00 | 12/1/2025 | 275,000 | b | 282,466 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance) | 5.00 | 12/1/2024 | 200,000 | b | 203,069 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance) | 5.00 | 12/1/2023 | 250,000 | b | 250,000 | ||||
11,071,178 | |||||||||
Wisconsin - 2.0% | |||||||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Advocate Aurora Health Obligated Group) | 5.00 | 6/24/2026 | 1,200,000 | a | 1,248,106 | ||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Advocate Aurora Health Obligated Group) Ser. B2 | 5.00 | 6/24/2026 | 1,000,000 | a | 1,040,089 | ||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding, Ser. B5 | 5.00 | 12/3/2024 | 4,245,000 | a | 4,301,375 | ||||
Wisconsin Housing & Economic Development Authority, Revenue Bonds, Refunding, Ser. B | 0.50 | 11/1/2024 | 2,000,000 | a | 1,924,192 | ||||
8,513,762 | |||||||||
Total Long-Term Municipal Investments | 421,075,485 | ||||||||
Description | Annualized | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Short-Term Investments - .9% | |||||||||
U.S. Government Securities | |||||||||
U.S. Treasury Bills | 5.48 | 5/2/2024 | 4,100,000 | g | 4,010,139 | ||||
Total Investments (cost $439,819,382) | 100.0% | 429,957,110 |
Cash and Receivables (Net) | 0.0% | 147,820 | ||
Net Assets | 100.0% | 430,104,930 |
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 November 30, 2023, these securities were valued at $16,088,688 or 3.74% of net assets.
c The Variable Rate is determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
e Security issued with a zero coupon. Income is recognized through the accretion of discount.
f Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
g Security is a discount security. Income is recognized through the accretion of discount.
STATEMENT OF INVESTMENTS (Unaudited) (continued)
The following is a summary of the inputs used as of November 30, 2023 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Municipal Securities | - | 421,075,485 | - | 421,075,485 | ||
U.S. Treasury Securities | - | 8,881,625 | - | 8,881,625 |
† 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 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, 2023, accumulated net unrealized depreciation on investments was $9,862,272, consisting of $649,565 gross unrealized appreciation and $10,511,837 gross unrealized depreciation.
At November 30, 2023, 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.