STATEMENT OF INVESTMENTS
BNY Mellon Municipal Opportunities Fund
May 31, 2024 (Unaudited)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - .5% | | | | | |
Health Care - .3% | | | | | |
AHS Hospital Corp., Sr. Unscd. Bonds, Ser. 2021 | | 2.78 | | 7/1/2051 | | 5,000,000 | | 3,148,913 | |
WakeMed, Unscd. Notes, Ser. A | | 3.29 | | 10/1/2052 | | 5,000,000 | | 3,474,557 | |
| 6,623,470 | |
Industrial - .2% | | | | | |
LBJ Infrastructure Group LLC, Sr. Scd. Bonds | | 3.80 | | 12/31/2057 | | 5,000,000 | a | 3,235,848 | |
Total Bonds and Notes (cost $15,000,000) | | 9,859,318 | |
| | | | | | | | |
Long-Term Municipal Investments - 98.4% | | | | | |
Alabama - 1.5% | | | | | |
Auburn University, Revenue Bonds, Ser. A | | 5.00 | | 6/1/2048 | | 5,000,000 | | 5,157,053 | |
Black Belt Energy Gas District, Revenue Bonds (Project No. 6) Ser. B | | 4.00 | | 12/1/2026 | | 10,000,000 | b | 9,979,802 | |
Jefferson County, Revenue Bonds, Refunding | | 5.25 | | 10/1/2049 | | 1,000,000 | | 1,063,164 | |
Jefferson County, Revenue Bonds, Refunding | | 5.50 | | 10/1/2053 | | 5,000,000 | | 5,395,274 | |
Southeast Energy Authority A Cooperative District, Revenue Bonds (Project No. 3) Ser. A1 | | 5.50 | | 12/1/2029 | | 5,000,000 | b | 5,301,006 | |
Southeast Energy Authority A Cooperative District, Revenue Bonds (Project No. 5) Ser. A | | 5.25 | | 7/1/2029 | | 2,500,000 | b | 2,623,820 | |
| 29,520,119 | |
Arizona - 2.1% | | | | | |
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) | | 5.00 | | 7/1/2049 | | 1,000,000 | a | 953,268 | |
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | | 5.50 | | 7/1/2038 | | 1,240,000 | a | 1,257,159 | |
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | | 5.63 | | 7/1/2048 | | 2,000,000 | a | 2,014,417 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
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|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Arizona - 2.1% (continued) | | | | | |
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | | 5.75 | | 7/1/2053 | | 3,260,000 | a | 3,287,732 | |
Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of Nevada) Ser. A | | 5.00 | | 7/15/2039 | | 1,325,000 | | 1,328,938 | |
Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of Nevada) Ser. A | | 5.00 | | 7/15/2049 | | 1,675,000 | | 1,617,863 | |
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities) Ser. A | | 5.00 | | 1/1/2043 | | 1,750,000 | | 1,150,736 | |
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities) Ser. B | | 5.00 | | 1/1/2049 | | 1,400,000 | | 667,789 | |
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities) Ser. B | | 5.00 | | 1/1/2043 | | 1,650,000 | | 808,621 | |
Arizona Industrial Development Authority, Revenue Bonds (JEROME Facility Project) Ser. B | | 4.00 | | 7/1/2051 | | 1,750,000 | | 1,515,678 | |
Arizona Industrial Development Authority, Revenue Bonds (JEROME Facility Project) Ser. B | | 4.00 | | 7/1/2061 | | 3,700,000 | | 3,083,516 | |
Arizona Industrial Development Authority, Revenue Bonds (JEROME Facility Project) Ser. B | | 4.00 | | 7/1/2041 | | 720,000 | | 670,965 | |
Arizona Industrial Development Authority, Revenue Bonds (Lone Mountain Campus Project) Ser. A | | 5.00 | | 12/15/2039 | | 400,000 | a | 400,633 | |
Arizona Industrial Development Authority, Revenue Bonds (Lone Mountain Campus Project) Ser. A | | 5.00 | | 12/15/2049 | | 700,000 | a | 663,290 | |
Arizona Industrial Development Authority, Revenue Bonds (MACOMBS Facility Project) Ser. A | | 4.00 | | 7/1/2041 | | 1,000,000 | | 931,896 | |
Arizona Industrial Development Authority, Revenue Bonds (NCCU Properties) (Insured; Build America Mutual) Ser. A | | 4.00 | | 6/1/2044 | | 2,000,000 | | 1,881,522 | |
Arizona Industrial Development Authority, Revenue Bonds (Phoenix Children's Hospital Obligated Group) | | 3.00 | | 2/1/2045 | | 1,600,000 | | 1,231,966 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Arizona - 2.1% (continued) | | | | | |
Arizona Industrial Development Authority, Revenue Bonds (Somerset Academy of Las Vegas) | | 4.00 | | 12/15/2041 | | 500,000 | a | 432,035 | |
Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) Ser. A | | 4.00 | | 11/1/2049 | | 2,000,000 | | 1,805,738 | |
Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) Ser. A | | 5.00 | | 11/1/2044 | | 1,625,000 | | 1,671,396 | |
Maricopa County Industrial Development Authority, Revenue Bonds (Banner Health Obligated Group) Ser. 2019 F | | 3.00 | | 1/1/2049 | | 3,000,000 | | 2,252,468 | |
Maricopa County Pollution Control Corp., Revenue Bonds, Refunding (Southern California Edison) | | 2.40 | | 6/1/2035 | | 5,000,000 | | 4,005,942 | |
Maricopa County Special Health Care District, GO, Ser. C | | 5.00 | | 7/1/2036 | | 7,500,000 | | 7,847,243 | |
| 41,480,811 | |
Arkansas - 1.0% | | | | | |
Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond) (Hybar Steel Project) Ser. A | | 6.88 | | 7/1/2048 | | 2,500,000 | a | 2,708,638 | |
Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond) (U.S. Steel Corp.) | | 5.45 | | 9/1/2052 | | 2,500,000 | | 2,543,393 | |
Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond) (U.S. Steel Corp.) | | 5.70 | | 5/1/2053 | | 7,000,000 | | 7,233,467 | |
Arkansas University, Revenue Bonds (Fayetteville Campus) | | 5.00 | | 11/1/2042 | | 5,990,000 | | 6,180,348 | |
| 18,665,846 | |
California - 13.9% | | | | | |
California, GO | | 5.00 | | 9/1/2044 | | 2,000,000 | | 2,214,114 | |
California, GO | | 5.00 | | 9/1/2041 | | 2,000,000 | | 2,230,237 | |
California, GO, Refunding | | 5.00 | | 9/1/2043 | | 3,000,000 | | 3,318,825 | |
California, GO, Refunding | | 5.25 | | 10/1/2045 | | 4,000,000 | | 4,472,430 | |
California, GO, Refunding | | 5.25 | | 9/1/2047 | | 1,000,000 | | 1,105,830 | |
California University, Revenue Bonds, Refunding, Ser. AZ | | 5.00 | | 5/15/2043 | | 5,000,000 | | 5,242,193 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
California - 13.9% (continued) | | | | | |
California Community Choice Financing Authority, Revenue Bonds (Sustainable Bond) (Clean Energy Project) | | 5.25 | | 10/1/2031 | | 6,000,000 | b | 6,274,055 | |
California Community Choice Financing Authority, Revenue Bonds (Sustainable Bond) Ser. B1 | | 4.00 | | 8/1/2031 | | 3,000,000 | b | 2,978,490 | |
California Community College Financing Authority, Revenue Bonds (Orange Coast Properties) | | 5.25 | | 5/1/2048 | | 2,750,000 | | 2,794,509 | |
California Community College Financing Authority, Revenue Bonds (Orange Coast Properties) | | 5.25 | | 5/1/2043 | | 1,250,000 | | 1,276,037 | |
California Community Housing Agency, Revenue Bonds (Creekwood Apartments) Ser. A | | 4.00 | | 2/1/2056 | | 5,000,000 | a | 3,330,347 | |
California Community Housing Agency, Revenue Bonds (Fountains at Emerald Park) | | 3.00 | | 8/1/2056 | | 3,000,000 | a | 2,139,029 | |
California Community Housing Agency, Revenue Bonds (Serenity at Larkspur Apartments) Ser. A | | 5.00 | | 2/1/2050 | | 5,000,000 | a | 3,498,369 | |
California Community Housing Agency, Revenue Bonds (Stoneridge Apartments) Ser. A | | 4.00 | | 2/1/2056 | | 3,250,000 | a | 2,585,100 | |
California Community Housing Agency, Revenue Bonds (Verdant at Green Valley Project) | | 5.00 | | 8/1/2049 | | 5,000,000 | a | 4,739,275 | |
California Educational Facilities Authority, Revenue Bonds (Sustainable Bond) (Loyola Marymount University) | | 5.00 | | 10/1/2048 | | 3,000,000 | | 3,082,101 | |
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A | | 5.00 | | 4/1/2047 | | 2,500,000 | | 2,527,711 | |
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A | | 5.00 | | 4/1/2042 | | 2,000,000 | | 2,031,680 | |
California Health Facilities Financing Authority, Revenue Bonds (Sustainable Bond) | | 4.35 | | 6/1/2041 | | 2,000,000 | | 1,799,976 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Children's Hospital Los Angeles Obligated Group) Ser. A | | 5.00 | | 8/15/2047 | | 1,000,000 | | 1,012,148 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
California - 13.9% (continued) | | | | | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Lucile Salter Packard Children's Hospital at Stanford Obligated Group) | | 4.00 | | 5/15/2046 | | 5,000,000 | | 4,854,866 | |
California Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation) Ser. A | | 5.00 | | 6/1/2035 | | 600,000 | | 604,561 | |
California Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation) Ser. A | | 5.00 | | 6/1/2050 | | 2,750,000 | | 2,756,592 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | | 5.00 | | 5/15/2040 | | 5,000,000 | | 5,125,004 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | | 5.00 | | 5/15/2048 | | 6,000,000 | | 6,064,480 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | | 5.00 | | 5/15/2043 | | 5,000,000 | | 5,091,432 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | | 5.00 | | 5/15/2037 | | 2,605,000 | | 2,695,239 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | | 5.00 | | 5/15/2052 | | 7,500,000 | | 7,554,518 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | | 5.00 | | 5/15/2043 | | 2,000,000 | | 2,036,573 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | | 5.00 | | 5/15/2039 | | 3,265,000 | | 3,357,410 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | | 5.00 | | 5/15/2034 | | 2,250,000 | | 2,341,865 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside II) | | 5.00 | | 5/15/2049 | | 2,000,000 | | 2,023,169 | |
California Municipal Finance Authority, Revenue Bonds (Claremont Colleges Project) Ser. A | | 5.00 | | 7/1/2052 | | 2,075,000 | a | 1,894,277 | |
California Municipal Finance Authority, Revenue Bonds (Claremont Colleges Project) Ser. A | | 5.00 | | 7/1/2040 | | 1,515,000 | a | 1,455,076 | |
California Municipal Finance Authority, Revenue Bonds (John Adams Academy - Lincoln) Ser. A | | 5.00 | | 10/1/2049 | | 1,515,000 | a | 1,429,775 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
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|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
California - 13.9% (continued) | | | | | |
California Municipal Finance Authority, Revenue Bonds (John Adams Academy - Lincoln) Ser. A | | 5.00 | | 10/1/2057 | | 1,650,000 | a | 1,512,734 | |
California Municipal Finance Authority, Revenue Bonds (LAX Integrated Express Solutions Project) | | 5.00 | | 12/31/2047 | | 2,250,000 | | 2,242,116 | |
California Municipal Finance Authority, Revenue Bonds (Northbay Healthcare Group Obligated Group) Ser. A | | 5.25 | | 11/1/2041 | | 1,200,000 | | 1,160,223 | |
California Municipal Finance Authority, Revenue Bonds (Northbay Healthcare Group Obligated Group) Ser. A | | 5.25 | | 11/1/2047 | | 700,000 | | 672,165 | |
California Municipal Finance Authority, Revenue Bonds (Palmdale Aerospace Academy Project) Ser. A | | 5.00 | | 7/1/2038 | | 1,100,000 | a | 1,107,087 | |
California Municipal Finance Authority, Revenue Bonds (United Airlines Project) | | 4.00 | | 7/15/2029 | | 3,000,000 | | 2,980,858 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Community Medical Centers) Ser. A | | 5.00 | | 2/1/2042 | | 1,000,000 | | 1,005,364 | |
California Pollution Control Financing Authority, Revenue Bonds (Rialto Bioenergy Facility Project) | | 7.50 | | 12/1/2040 | | 5,000,000 | a,c | 375,000 | |
California Public Finance Authority, Revenue Bonds (ENSO Village Project) Ser. 85 | | 3.13 | | 5/15/2029 | | 1,000,000 | a | 972,430 | |
California Public Finance Authority, Revenue Bonds (Hoag Memorial Hospital Presbyterian Obligated Group) Ser. A | | 4.00 | | 7/15/2051 | | 3,555,000 | | 3,447,424 | |
California Public Finance Authority, Revenue Bonds (Sustainable Bond) (ENSO Village Project) | | 5.00 | | 11/15/2051 | | 250,000 | a | 220,818 | |
California Public Finance Authority, Revenue Bonds (Sustainable Bond) (ENSO Village Project) | | 5.00 | | 11/15/2036 | | 500,000 | a | 491,803 | |
California Public Works Board, Revenue Bonds (May Lee State Office Complex) Ser. A | | 5.00 | | 4/1/2039 | | 1,650,000 | | 1,856,595 | |
California Public Works Board, Revenue Bonds (May Lee State Office Complex) Ser. A | | 5.00 | | 4/1/2041 | | 1,500,000 | | 1,671,289 | |
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|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
California - 13.9% (continued) | | | | | |
California School Finance Authority, Revenue Bonds (Aspire Public Schools Obligated Group) Ser. A | | 4.00 | | 8/1/2036 | | 300,000 | a | 288,482 | |
California School Finance Authority, Revenue Bonds (Aspire Public Schools Obligated Group) Ser. A | | 4.00 | | 8/1/2061 | | 2,270,000 | a | 1,820,439 | |
California School Finance Authority, Revenue Bonds (Aspire Public Schools Obligated Group) Ser. A | | 4.00 | | 8/1/2051 | | 750,000 | a | 628,628 | |
California School Finance Authority, Revenue Bonds (Aspire Public Schools Obligated Group) Ser. A | | 4.00 | | 8/1/2041 | | 500,000 | a | 455,265 | |
California School Finance Authority, Revenue Bonds (Green Dot Public Schools California Project) Ser. A | | 5.00 | | 8/1/2048 | | 2,750,000 | a | 2,738,842 | |
California School Finance Authority, Revenue Bonds (Green Dot Public Schools California Project) Ser. A | | 5.00 | | 8/1/2038 | | 1,000,000 | a | 1,016,874 | |
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A | | 5.00 | | 7/1/2037 | | 590,000 | a | 603,143 | |
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A | | 5.00 | | 7/1/2047 | | 870,000 | a | 874,761 | |
California School Finance Authority, Revenue Bonds (Summit Public Schools Obligated Group) | | 5.00 | | 6/1/2047 | | 700,000 | a | 659,860 | |
California School Finance Authority, Revenue Bonds (Summit Public Schools Obligated Group) | | 5.00 | | 6/1/2027 | | 800,000 | a,d | 828,144 | |
California School Finance Authority, Revenue Bonds, Refunding (New Designs Charter School) Ser. A | | 5.00 | | 6/1/2064 | | 1,100,000 | a | 1,079,460 | |
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) | | 5.00 | | 12/1/2033 | | 1,000,000 | a | 1,028,850 | |
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) | | 5.25 | | 12/1/2038 | | 1,500,000 | a | 1,547,298 | |
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A | | 5.00 | | 12/1/2036 | | 6,500,000 | a | 6,569,302 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (CHF-Irvine) | | 5.00 | | 5/15/2040 | | 2,000,000 | | 2,015,635 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
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|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
California - 13.9% (continued) | | | | | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group) | | 4.00 | | 4/1/2042 | | 1,600,000 | | 1,531,757 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group) | | 5.00 | | 4/1/2047 | | 1,500,000 | | 1,523,386 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Loma Linda University Medical Center Obligated Group) | | 5.25 | | 12/1/2044 | | 3,000,000 | | 3,007,345 | |
CMFA Special Finance Agency, Revenue Bonds, Ser. A1 | | 3.00 | | 12/1/2056 | | 1,000,000 | a | 698,937 | |
CMFA Special Finance Agency VIII, Revenue Bonds, Ser. A2 | | 4.00 | | 8/1/2047 | | 3,400,000 | a | 2,944,875 | |
Foothill Eastern Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. B1 | | 3.95 | | 1/15/2053 | | 5,000,000 | | 4,549,160 | |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 2.96 | | 1/15/2046 | | 2,000,000 | | 1,417,070 | |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. D | | 3.06 | | 1/15/2043 | | 1,000,000 | | 714,519 | |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. A | | 4.09 | | 1/15/2049 | | 7,500,000 | | 6,161,534 | |
Fowler Unified School District, GO (Insured; Build America Mutual) Ser. B | | 3.38 | | 8/1/2045 | | 1,200,000 | | 1,005,588 | |
Fowler Unified School District, GO (Insured; Build America Mutual) Ser. B | | 5.00 | | 8/1/2050 | | 3,000,000 | | 3,156,716 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding (Insured; State Appropriation) Ser. B | | 2.75 | | 6/1/2034 | | 5,000,000 | | 4,185,205 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding (Insured; State Appropriation) Ser. B | | 3.29 | | 6/1/2042 | | 6,000,000 | | 4,575,638 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | | 4.21 | | 6/1/2050 | | 10,410,000 | | 7,645,629 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
California - 13.9% (continued) | | | | | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. B2 | | 0.00 | | 6/1/2066 | | 10,000,000 | e | 1,093,624 | |
Grant Joint Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) | | 0.00 | | 2/1/2033 | | 4,380,000 | e | 3,139,764 | |
Grant Joint Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) | | 0.00 | | 8/1/2029 | | 2,080,000 | e | 1,714,587 | |
Irvine, Special Assessment Bonds, Refunding | | 4.00 | | 9/2/2029 | | 1,000,000 | | 1,001,127 | |
Los Angeles Unified School District, GO, Refunding, Ser. A | | 5.00 | | 7/1/2033 | | 5,000,000 | | 5,722,485 | |
Los Angeles Unified School District, GO, Refunding, Ser. A | | 5.00 | | 7/1/2034 | | 4,000,000 | | 4,631,158 | |
New Haven Unified School District, GO (Insured; Assured Guaranty Corp.) | | 0.00 | | 8/1/2032 | | 2,500,000 | e | 1,851,321 | |
Norman Y. Mineta San Jose International Airport SJC, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 3/1/2047 | | 8,500,000 | | 8,554,492 | |
Northern California Gas Authority No. 1, Revenue Bonds (Gas Project) Ser. B, (3 Month TSFR +0.72%) | | 4.45 | | 7/1/2027 | | 400,000 | f | 397,848 | |
Oroville, Revenue Bonds (Oroville Hospital) | | 5.25 | | 4/1/2039 | | 1,750,000 | | 1,202,635 | |
Palomar Health, Revenue Bonds, Refunding | | 5.00 | | 11/1/2039 | | 1,000,000 | | 928,413 | |
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | | 4.00 | | 7/1/2051 | | 2,500,000 | | 2,284,248 | |
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | | 4.00 | | 7/1/2046 | | 2,000,000 | | 1,854,263 | |
San Diego County Regional Transportation Commission, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 4/1/2041 | | 1,900,000 | | 2,131,782 | |
San Diego County Regional Transportation Commission, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 4/1/2042 | | 1,750,000 | | 1,951,189 | |
San Diego County Regional Transportation Commission, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 4/1/2040 | | 3,000,000 | | 3,386,453 | |
San Diego Unified School District, GO, Ser. A | | 0.00 | | 7/1/2025 | | 2,385,000 | e | 2,292,571 | |
San Diego Unified School District, GO, Ser. A | | 0.00 | | 7/1/2025 | | 1,615,000 | e | 1,554,056 | |
San Francisco Airport City & County, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/1/2044 | | 6,500,000 | | 6,649,617 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
California - 13.9% (continued) | | | | | |
Sierra Joint Community College District School Facilities District No. 2, GO (Insured; National Public Finance Guarantee Corp.) Ser. B | | 0.00 | | 8/1/2031 | | 5,330,000 | e | 4,114,601 | |
Sierra Joint Community College District School Facilities District No. 2, GO (Insured; National Public Finance Guarantee Corp.) Ser. B | | 0.00 | | 8/1/2030 | | 3,020,000 | e | 2,413,198 | |
Tender Option Bond Trust Receipts (Series 2022-XL0357), (Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. H) Non-recourse, Underlying Coupon Rate 5.50% | | 11.08 | | 5/15/2047 | | 8,010,000 | a,g,h | 8,608,083 | |
The Morongo Band of Mission Indians, Revenue Bonds, Ser. A | | 5.00 | | 10/1/2042 | | 1,000,000 | a | 1,002,630 | |
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization) | | 5.00 | | 6/1/2039 | | 2,000,000 | | 2,089,748 | |
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2040 | | 500,000 | | 487,298 | |
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2037 | | 500,000 | | 498,994 | |
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2038 | | 800,000 | | 793,225 | |
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2039 | | 1,000,000 | | 983,377 | |
Transbay Joint Powers Authority, Tax Allocation Bonds (Sustainable Bond) Ser. A | | 5.00 | | 10/1/2049 | | 1,000,000 | | 1,003,156 | |
Transbay Joint Powers Authority, Tax Allocation Bonds (Sustainable Bond) Ser. A | | 5.00 | | 10/1/2045 | | 1,000,000 | | 1,009,451 | |
Transbay Joint Powers Authority, Tax Allocation Bonds (Sustainable Bond) Ser. A | | 5.00 | | 10/1/2039 | | 900,000 | | 919,368 | |
Transbay Joint Powers Authority, Tax Allocation Bonds (Sustainable Bond) Ser. A | | 5.00 | | 10/1/2040 | | 1,000,000 | | 1,017,368 | |
Vernon Electric System, Revenue Bonds, Refunding, Ser. 2022-A | | 5.00 | | 8/1/2041 | | 420,000 | | 438,594 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
California - 13.9% (continued) | | | | | |
Vernon Electric System, Revenue Bonds, Refunding, Ser. 2022-A | | 5.00 | | 8/1/2040 | | 365,000 | | 382,025 | |
Vernon Electric System, Revenue Bonds, Refunding, Ser. 2022-A | | 5.00 | | 8/1/2039 | | 425,000 | | 446,050 | |
| 271,474,340 | |
Colorado - 1.4% | | | | | |
Board of Governors of Colorado University System, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 3/1/2028 | | 1,720,000 | d | 1,821,268 | |
Centennial Water & Sanitation District, Revenue Bonds | | 5.00 | | 12/1/2053 | | 2,500,000 | | 2,674,650 | |
Colorado Educational & Cultural Facilities Authority, Revenue Bonds, Refunding (Ascent Classical Academy Charter Schools) | | 5.75 | | 4/1/2059 | | 2,000,000 | a | 2,027,443 | |
Colorado Educational & Cultural Facilities Authority, Revenue Bonds, Refunding (Ascent Classical Academy Charter Schools) | | 5.80 | | 4/1/2054 | | 3,000,000 | a | 3,068,326 | |
Colorado Health Facilities Authority, Revenue Bonds (CommonSpirit Health Obligated Group) | | 5.25 | | 11/1/2052 | | 1,500,000 | | 1,585,607 | |
Colorado School of Mines, Revenue Bonds, Ser. A | | 5.00 | | 12/1/2054 | | 3,750,000 | | 3,948,769 | |
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | | 5.25 | | 12/1/2048 | | 3,500,000 | | 3,577,351 | |
Denver Urban Renewal Authority, Tax Allocation Bonds, Ser. A | | 5.25 | | 12/1/2039 | | 900,000 | a | 901,354 | |
Denver Urban Renewal Authority, Tax Allocation Bonds, Ser. A | | 5.25 | | 12/1/2039 | | 2,305,000 | a | 2,308,467 | |
E-470 Public Highway Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 9/1/2040 | | 1,725,000 | | 1,727,999 | |
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | | 3.00 | | 7/15/2037 | | 1,000,000 | | 857,705 | |
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | | 4.00 | | 7/15/2033 | | 1,000,000 | | 1,002,496 | |
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | | 4.00 | | 7/15/2035 | | 1,000,000 | | 1,000,783 | |
| 26,502,218 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Connecticut - .5% | | | | | |
Connecticut, GO (Sustainable Bond) Ser. B | | 3.00 | | 6/1/2038 | | 5,250,000 | | 4,483,831 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. M | | 4.00 | | 7/1/2037 | | 5,000,000 | | 4,890,466 | |
| 9,374,297 | |
District of Columbia - 2.3% | | | | | |
District of Columbia, GO, Refunding, Ser. A | | 5.25 | | 1/1/2048 | | 5,375,000 | | 5,864,839 | |
District of Columbia, Revenue Bonds (District of Columbia International School Obligated Group) | | 5.00 | | 7/1/2049 | | 4,265,000 | | 4,249,330 | |
District of Columbia, Revenue Bonds (KIPP DC Project) | | 4.00 | | 7/1/2049 | | 1,375,000 | | 1,214,508 | |
District of Columbia, Revenue Bonds (KIPP DC Project) | | 4.00 | | 7/1/2044 | | 1,240,000 | | 1,138,265 | |
District of Columbia, Revenue Bonds (KIPP DC Project) | | 4.00 | | 7/1/2039 | | 1,275,000 | | 1,217,306 | |
District of Columbia, Revenue Bonds, Refunding (KIPP DC Project) Ser. A | | 5.00 | | 7/1/2048 | | 5,000,000 | | 5,052,171 | |
District of Columbia Income Tax Revenue, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2042 | | 6,000,000 | | 6,500,316 | |
Metropolitan Washington Airports Authority, Revenue Bonds (Dulles Metrorail & Capital Improvement Projects) (Insured; Assured Guaranty Corp.) Ser. B | | 0.00 | | 10/1/2036 | | 6,275,000 | e | 3,712,576 | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Dulles Metrorail) (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 4.00 | | 10/1/2053 | | 5,000,000 | | 4,661,942 | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. C2 | | 3.36 | | 10/1/2039 | | 1,000,000 | g | 1,000,000 | |
Washington Metropolitan Area Transit Authority, Revenue Bonds (Sustainable Bond) Ser. A | | 3.00 | | 7/15/2040 | | 9,520,000 | | 7,828,207 | |
Washington Metropolitan Area Transit Authority, Revenue Bonds (Sustainable Bond) Ser. A | | 4.00 | | 7/15/2046 | | 3,000,000 | | 2,868,603 | |
| 45,308,063 | |
Florida - 3.0% | | | | | |
Capital Trust Agency, Revenue Bonds (Franklin Academy Project) | | 5.00 | | 12/15/2040 | | 1,220,000 | a | 1,130,541 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Florida - 3.0% (continued) | | | | | |
Capital Trust Agency, Revenue Bonds (Franklin Academy Project) | | 5.00 | | 12/15/2035 | | 1,085,000 | a | 1,057,157 | |
Capital Trust Agency, Revenue Bonds (H-Bay Ministries-Superior Residences Project) Ser. A1 | | 5.00 | | 7/1/2048 | | 750,000 | c | 150,000 | |
Capital Trust Agency, Revenue Bonds (H-Bay Ministries-Superior Residences Project) Ser. B | | 5.00 | | 7/1/2053 | | 250,000 | c | 2,975 | |
Collier County Health Facilities Authority, Revenue Bonds, Refunding (Moorings, Inc.) Ser. A | | 5.00 | | 5/1/2045 | | 2,500,000 | | 2,509,368 | |
Florida Development Finance Corp., Revenue Bonds (Mater Academy Project) Ser. A | | 5.00 | | 6/15/2050 | | 6,500,000 | | 6,453,063 | |
Florida Development Finance Corp., Revenue Bonds (Mater Academy Project) Ser. A | | 5.00 | | 6/15/2040 | | 1,650,000 | | 1,663,117 | |
Florida Development Finance Corp., Revenue Bonds, Refunding | | 5.50 | | 7/1/2053 | | 7,000,000 | | 7,284,639 | |
Florida Development Finance Corp., Revenue Bonds, Refunding (Glenridge on Palmer Ranch Obligated Group) | | 5.00 | | 6/1/2051 | | 1,250,000 | a | 1,034,799 | |
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, Refunding (Rollins College Project) Ser. A | | 3.00 | | 12/1/2048 | | 7,500,000 | | 5,528,308 | |
Hillsborough County Industrial Development Authority, Revenue Bonds (Tampa General Hospital Project) Ser. A | | 4.00 | | 8/1/2045 | | 2,220,000 | | 2,009,977 | |
Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 2/1/2040 | | 7,545,000 | | 7,545,639 | |
Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 10/1/2040 | | 1,625,000 | | 1,582,108 | |
Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 10/1/2039 | | 1,500,000 | | 1,462,316 | |
Miami-Dade County Expressway Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2040 | | 1,050,000 | | 1,050,006 | |
Miami-Dade County Health Facilities Authority, Revenue Bonds, Refunding (Nicklaus Children's Hospital Obligated Group) | | 5.00 | | 8/1/2042 | | 2,000,000 | | 2,018,175 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Florida - 3.0% (continued) | | | | | |
Miami-Dade County Seaport Department, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A1 | | 4.00 | | 10/1/2045 | | 2,500,000 | | 2,299,877 | |
Miami-Dade County Water & Sewer System, Revenue Bonds | | 4.00 | | 10/1/2051 | | 1,000,000 | | 935,643 | |
Miami-Dade County Water & Sewer System, Revenue Bonds, Ser. A | | 5.25 | | 10/1/2054 | | 5,000,000 | | 5,435,404 | |
Pasco County, Revenue Bonds (H Lee Moffitt Cancer Center Project) (Insured; Assured Guaranty Municipal Corp.) | | 5.75 | | 9/1/2054 | | 1,000,000 | | 1,110,796 | |
Seminole County, Revenue Bonds, Refunding | | 5.00 | | 10/1/2052 | | 3,600,000 | | 3,795,616 | |
Tampa, Revenue Bonds, Ser. A | | 0.00 | | 9/1/2045 | | 1,850,000 | e | 643,808 | |
Tampa, Revenue Bonds, Ser. A | | 0.00 | | 9/1/2049 | | 1,800,000 | e | 496,736 | |
Tampa, Revenue Bonds, Ser. A | | 0.00 | | 9/1/2041 | | 1,000,000 | e | 437,714 | |
Tampa, Revenue Bonds, Ser. A | | 0.00 | | 9/1/2042 | | 1,000,000 | e | 413,763 | |
| 58,051,545 | |
Georgia - 2.4% | | | | | |
DeKalb County Development Authority, Revenue Bonds (The Globe Academy Project), Ser. A | | 5.00 | | 6/1/2050 | | 300,000 | | 294,011 | |
DeKalb County Development Authority, Revenue Bonds (The Globe Academy Project), Ser. A | | 5.00 | | 6/1/2040 | | 250,000 | | 253,137 | |
DeKalb County Development Authority, Revenue Bonds (The Globe Academy Project), Ser. A | | 5.00 | | 6/1/2055 | | 400,000 | | 385,920 | |
Fulton County Development Authority, Revenue Bonds, Refunding (Robert W. Woodruff Arts Center) | | 5.00 | | 3/15/2044 | | 6,000,000 | | 6,178,978 | |
George L Smith II Congress Center Authority, Revenue Bonds (Convention Center Hotel) | | 5.00 | | 1/1/2054 | | 3,000,000 | a | 2,673,692 | |
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | | 4.00 | | 1/1/2049 | | 2,155,000 | | 1,881,901 | |
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | | 4.00 | | 1/1/2049 | | 2,000,000 | | 1,793,900 | |
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | | 5.00 | | 1/1/2056 | | 1,000,000 | | 1,013,545 | |
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A | | 5.00 | | 7/1/2052 | | 2,250,000 | | 2,310,695 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Georgia - 2.4% (continued) | | | | | |
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Plant Vogtle Units 3&4 Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.00 | | 1/1/2046 | | 1,200,000 | | 1,118,406 | |
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Plant Vogtle Units 3&4 Project) Ser. A | | 4.00 | | 1/1/2051 | | 1,000,000 | | 887,294 | |
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Plant Vogtle Units 3&4 Project) Ser. A | | 5.00 | | 1/1/2056 | | 1,200,000 | | 1,221,524 | |
Georgia Ports Authority, Revenue Bonds | | 5.25 | | 7/1/2043 | | 6,245,000 | | 6,901,197 | |
Main Street Natural Gas, Revenue Bonds, Ser. A | | 5.00 | | 5/15/2043 | | 1,500,000 | | 1,509,042 | |
Main Street Natural Gas, Revenue Bonds, Ser. B | | 5.00 | | 6/1/2029 | | 5,000,000 | b | 5,197,725 | |
Main Street Natural Gas, Revenue Bonds, Ser. D | | 5.00 | | 12/1/2030 | | 5,000,000 | b | 5,230,865 | |
Metropolitan Atlanta Rapid Transit Authority, Revenue Bonds (Sustainable Bond) Ser. B | | 5.00 | | 7/1/2042 | | 1,000,000 | | 1,100,126 | |
Metropolitan Atlanta Rapid Transit Authority, Revenue Bonds (Sustainable Bond) Ser. B | | 5.00 | | 7/1/2045 | | 2,000,000 | | 2,177,577 | |
Metropolitan Atlanta Rapid Transit Authority, Revenue Bonds (Sustainable Bond) Ser. B | | 5.00 | | 7/1/2044 | | 1,250,000 | | 1,365,058 | |
The Atlanta Development Authority, Revenue Bonds, Ser. A1 | | 5.25 | | 7/1/2044 | | 1,500,000 | | 1,516,346 | |
Valdosta & Lowndes County Hospital Authority, Revenue Bonds (South Georgia Medical Center Obligated Group) (Insured; County Guaranteed) | | 5.00 | | 10/1/2054 | | 2,000,000 | | 2,120,677 | |
| 47,131,616 | |
Hawaii - .4% | | | | | |
Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (The Queen's Health Systems Obligated Group) Ser. A | | 5.00 | | 7/1/2035 | | 7,000,000 | | 7,070,370 | |
Idaho - .8% | | | | | |
Idaho Health Facilities Authority, Revenue Bonds, Refunding (St. Luke's Health System Obligated Group) | | 4.00 | | 3/1/2051 | | 2,500,000 | | 2,243,489 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Idaho - .8% (continued) | | | | | |
Idaho Health Facilities Authority, Revenue Bonds, Refunding (St. Luke's Health System Obligated Group) | | 4.00 | | 3/1/2046 | | 2,000,000 | | 1,844,710 | |
Idaho Housing & Finance Association, Revenue Bonds, Ser. A | | 5.00 | | 8/15/2043 | | 9,655,000 | | 10,499,311 | |
| 14,587,510 | |
Illinois - 8.9% | | | | | |
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 12/1/2026 | | 1,170,000 | | 1,194,425 | |
Chicago Board of Education, GO, Refunding, Ser. A | | 4.00 | | 12/1/2027 | | 750,000 | | 741,700 | |
Chicago Board of Education, GO, Refunding, Ser. A | | 7.00 | | 12/1/2044 | | 2,500,000 | | 2,581,679 | |
Chicago Board of Education, GO, Refunding, Ser. B | | 5.00 | | 12/1/2033 | | 600,000 | | 623,504 | |
Chicago Board of Education, GO, Refunding, Ser. B | | 6.75 | | 12/1/2030 | | 7,500,000 | a | 8,198,854 | |
Chicago Board of Education, GO, Refunding, Ser. B | | 7.00 | | 12/1/2042 | | 10,000,000 | a | 10,826,247 | |
Chicago Board of Education, GO, Ser. A | | 5.00 | | 12/1/2041 | | 1,000,000 | | 1,011,600 | |
Chicago Board of Education, GO, Ser. A | | 5.88 | | 12/1/2047 | | 2,500,000 | | 2,724,900 | |
Chicago Board of Education, GO, Ser. A | | 7.00 | | 12/1/2046 | | 5,000,000 | a | 5,383,151 | |
Chicago Board of Education, GO, Ser. B | | 6.50 | | 12/1/2046 | | 4,500,000 | | 4,665,125 | |
Chicago Board of Education, Revenue Bonds | | 5.00 | | 4/1/2042 | | 1,700,000 | | 1,712,745 | |
Chicago Board of Education, Revenue Bonds | | 5.00 | | 4/1/2046 | | 1,600,000 | | 1,604,520 | |
Chicago Board of Education, Revenue Bonds | | 6.00 | | 4/1/2046 | | 1,500,000 | | 1,570,363 | |
Chicago II, GO, Refunding, Ser. 2005D | | 5.50 | | 1/1/2040 | | 5,000,000 | | 5,013,672 | |
Chicago II, GO, Refunding, Ser. 2007E | | 5.50 | | 1/1/2042 | | 1,750,000 | | 1,753,670 | |
Chicago II, GO, Refunding, Ser. 2007F | | 5.50 | | 1/1/2042 | | 1,250,000 | | 1,252,622 | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2032 | | 600,000 | | 637,793 | |
Chicago II, GO, Ser. A | | 5.50 | | 1/1/2049 | | 4,000,000 | | 4,117,204 | |
Chicago II, GO, Ser. B | | 7.75 | | 1/1/2042 | | 1,272,000 | | 1,282,496 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Illinois - 8.9% (continued) | | | | | |
Chicago IL Wastewater Transmission, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.25 | | 1/1/2041 | | 7,225,000 | | 7,894,653 | |
Chicago IL Waterworks, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 5.00 | | 11/1/2039 | | 6,080,000 | | 6,594,952 | |
Chicago IL Waterworks, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 5.00 | | 11/1/2038 | | 1,150,000 | | 1,247,136 | |
Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2046 | | 5,000,000 | | 5,030,285 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2037 | | 3,000,000 | | 3,092,416 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2041 | | 6,800,000 | | 6,869,675 | |
Chicago Wastewater, Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. A | | 5.00 | | 1/1/2041 | | 1,350,000 | | 1,467,417 | |
Cook County II, Revenue Bonds, Refunding, Ser. A | | 5.25 | | 11/15/2045 | | 5,000,000 | | 5,362,315 | |
Illinois, GO | | 5.50 | | 5/1/2039 | | 2,500,000 | | 2,707,255 | |
Illinois, GO | | 5.50 | | 5/1/2030 | | 2,500,000 | | 2,639,992 | |
Illinois, GO, Ser. A | | 5.00 | | 3/1/2046 | | 2,500,000 | | 2,591,841 | |
Illinois, GO, Ser. A | | 5.00 | | 5/1/2042 | | 2,500,000 | | 2,564,706 | |
Illinois, GO, Ser. B | | 5.00 | | 5/1/2039 | | 1,000,000 | | 1,088,418 | |
Illinois, GO, Ser. B | | 5.00 | | 5/1/2038 | | 2,000,000 | | 2,187,940 | |
Illinois, GO, Ser. B | | 5.25 | | 5/1/2048 | | 2,500,000 | | 2,669,031 | |
Illinois, GO, Ser. B | | 5.25 | | 5/1/2049 | | 2,000,000 | | 2,130,150 | |
Illinois, GO, Ser. B | | 5.25 | | 5/1/2045 | | 2,000,000 | | 2,155,334 | |
Illinois, GO, Ser. B | | 5.25 | | 5/1/2044 | | 1,000,000 | | 1,081,109 | |
Illinois, GO, Ser. B | | 5.25 | | 5/1/2047 | | 1,000,000 | | 1,070,699 | |
Illinois, GO, Ser. D | | 5.00 | | 11/1/2028 | | 5,150,000 | | 5,337,830 | |
Illinois, Revenue Bonds, Ser. B | | 5.00 | | 6/15/2039 | | 5,000,000 | | 5,426,239 | |
Illinois Finance Authority, Revenue Bonds (The Chicago School) | | 5.25 | | 4/1/2043 | | 1,445,000 | | 1,519,560 | |
Illinois Finance Authority, Revenue Bonds, Refunding (Franciscan Communities Obligated Group) Ser. A | | 5.00 | | 5/15/2037 | | 3,000,000 | | 3,010,516 | |
Illinois Finance Authority, Revenue Bonds, Refunding (University of Chicago) Ser. A | | 5.25 | | 4/1/2042 | | 1,000,000 | | 1,111,364 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Illinois - 8.9% (continued) | | | | | |
Illinois Finance Authority, Revenue Bonds, Refunding (University of Chicago) Ser. A | | 5.25 | | 4/1/2041 | | 500,000 | | 559,019 | |
Illinois Finance Authority, Revenue Bonds, Refunding (University of Chicago) Ser. A | | 5.25 | | 4/1/2043 | | 900,000 | | 995,958 | |
Illinois Finance Authority, Revenue Bonds, Refunding (University of Chicago) Ser. A | | 5.25 | | 4/1/2044 | | 750,000 | | 827,330 | |
Illinois Finance Authority, Revenue Bonds, Refunding (University of Chicago) Ser. B | | 5.25 | | 4/1/2039 | | 1,000,000 | i | 1,130,688 | |
Illinois Finance Authority, Revenue Bonds, Refunding (University of Chicago) Ser. B | | 5.25 | | 4/1/2038 | | 3,000,000 | i | 3,413,301 | |
Illinois Toll Highway Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2038 | | 6,000,000 | | 6,762,910 | |
Illinois Toll Highway Authority, Revenue Bonds, Ser. A | | 5.00 | | 1/1/2042 | | 4,000,000 | | 4,360,418 | |
Illinois Toll Highway Authority, Revenue Bonds, Ser. A | | 5.25 | | 1/1/2045 | | 10,000,000 | | 10,776,961 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 0.00 | | 12/15/2040 | | 10,000,000 | e | 4,810,844 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | | 4.00 | | 12/15/2047 | | 2,000,000 | | 1,824,743 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | | 4.00 | | 12/15/2042 | | 3,000,000 | | 2,872,524 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | | 5.00 | | 6/15/2050 | | 2,000,000 | | 2,040,613 | |
| 174,122,412 | |
Indiana - 1.0% | | | | | |
Indiana Finance Authority, Revenue Bonds (Butler University Project) | | 4.00 | | 2/1/2044 | | 2,595,000 | | 2,381,457 | |
Indiana Finance Authority, Revenue Bonds (Tippecanoe Student Housing Project) Ser. A | | 5.00 | | 6/1/2053 | | 2,300,000 | | 2,315,881 | |
Indiana Finance Authority, Revenue Bonds (Tippecanoe Student Housing Project) Ser. A | | 5.00 | | 6/1/2032 | | 320,000 | | 336,020 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Indiana - 1.0% (continued) | | | | | |
Indiana Finance Authority, Revenue Bonds (Tippecanoe Student Housing Project) Ser. A | | 5.00 | | 6/1/2043 | | 855,000 | | 872,951 | |
Indiana Finance Authority, Revenue Bonds (Tippecanoe Student Housing Project) Ser. A | | 5.00 | | 6/1/2033 | | 410,000 | | 431,024 | |
Indiana Finance Authority, Revenue Bonds (Tippecanoe Student Housing Project) Ser. A | | 5.00 | | 6/1/2038 | | 750,000 | | 777,059 | |
Indiana Finance Authority, Revenue Bonds (Tippecanoe Student Housing Project) Ser. A | | 5.13 | | 6/1/2058 | | 1,650,000 | | 1,664,712 | |
Indiana Finance Authority, Revenue Bonds (U.S. Steel Corp.) Ser. A | | 6.75 | | 5/1/2039 | | 1,000,000 | | 1,110,539 | |
Northern Indiana Commuter Transportation District, Revenue Bonds | | 5.00 | | 1/1/2054 | | 4,000,000 | | 4,186,682 | |
Northern Indiana Commuter Transportation District, Revenue Bonds | | 5.25 | | 1/1/2049 | | 3,000,000 | | 3,237,194 | |
Valparaiso, Revenue Bonds, Refunding (Pratt Paper (IN) LLC Project) | | 5.00 | | 1/1/2054 | | 3,000,000 | a | 3,066,334 | |
| 20,379,853 | |
Iowa - .5% | | | | | |
Iowa Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) | | 5.00 | | 8/1/2042 | | 4,000,000 | | 4,395,564 | |
Iowa Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) | | 5.00 | | 8/1/2041 | | 4,000,000 | | 4,407,630 | |
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2 | | 4.00 | | 6/1/2040 | | 1,000,000 | | 954,502 | |
| 9,757,696 | |
Kentucky - .6% | | | | | |
Henderson, Revenue Bonds (Pratt Paper Project) Ser. B | | 3.70 | | 1/1/2032 | | 1,295,000 | a | 1,263,167 | |
Kentucky Economic Development Finance Authority, Revenue Bonds, Refunding (Louisville Arena Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 12/1/2047 | | 1,660,000 | | 1,622,916 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Kentucky - .6% (continued) | | | | | |
Kentucky Property & Building Commission, Revenue Bonds (Project No. 126) Ser. A | | 5.00 | | 5/1/2041 | | 3,060,000 | | 3,273,245 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | | 5.00 | | 5/1/2055 | | 5,000,000 | b | 5,227,036 | |
| 11,386,364 | |
Louisiana - 1.1% | | | | | |
Jefferson Parish Economic Development & Port District, Revenue Bonds (Kenner Discovery Health Sciences Foundation) Ser. A | | 5.50 | | 6/15/2038 | | 3,200,000 | a | 3,219,439 | |
Jefferson Parish Economic Development & Port District, Revenue Bonds (Kenner Discovery Health Sciences Foundation) Ser. A | | 5.63 | | 6/15/2048 | | 4,350,000 | a | 4,307,472 | |
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds (Louisiana Utilities Restoration Corp.) Ser. A1A3 | | 5.20 | | 12/1/2039 | | 8,000,000 | | 7,938,551 | |
Louisiana Public Facilities Authority, Revenue Bonds (Louisiana Children's Medical Center Obligated Group) (Insured; Assured Guaranty Municipal Corp.) | | 3.00 | | 6/1/2050 | | 1,000,000 | | 746,417 | |
Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Tulane University) Ser. A | | 4.00 | | 4/1/2030 | | 240,000 | d | 247,953 | |
New Orleans Water System, Revenue Bonds, Refunding | | 5.00 | | 12/1/2024 | | 500,000 | d | 502,941 | |
St. James Parish, Revenue Bonds (NuStar Logistics Project) Ser. 2 | | 6.35 | | 7/1/2040 | | 4,115,000 | a | 4,472,834 | |
| 21,435,607 | |
Maine - .1% | | | | | |
Maine Housing Authority, Revenue Bonds (Sustainable Bond) Ser. D | | 4.70 | | 11/15/2053 | | 2,500,000 | | 2,434,952 | |
Maryland - .4% | | | | | |
Maryland Economic Development Corp., Revenue Bonds (Seagirt Marine Terminal Project) | | 5.00 | | 6/1/2049 | | 750,000 | | 759,723 | |
Maryland Economic Development Corp., Revenue Bonds (Seagirt Marine Terminal Project) | | 5.00 | | 6/1/2044 | | 200,000 | | 203,695 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Maryland - .4% (continued) | | | | | |
Maryland Stadium Authority, Revenue Bonds (Football Stadium) Ser. A | | 5.00 | | 3/1/2036 | | 3,000,000 | | 3,348,501 | |
Maryland Stadium Authority, Revenue Bonds (Football Stadium) Ser. A | | 5.00 | | 3/1/2035 | | 3,500,000 | | 3,914,564 | |
| 8,226,483 | |
Massachusetts - 3.5% | | | | | |
Lowell Collegiate Charter School, Revenue Bonds | | 5.00 | | 6/15/2054 | | 770,000 | | 735,458 | |
Lowell Collegiate Charter School, Revenue Bonds | | 5.00 | | 6/15/2049 | | 755,000 | | 731,924 | |
Massachusetts, GO, Refunding, Ser. E | | 1.77 | | 11/1/2032 | | 90,000 | | 71,324 | |
Massachusetts, GO, Ser. 2020 | | 5.00 | | 7/1/2045 | | 5,000,000 | | 5,283,613 | |
Massachusetts, GO, Ser. E | | 5.00 | | 11/1/2045 | | 7,070,000 | | 7,490,378 | |
Massachusetts Bay Transportation Authority, Revenue Bond, Refunding (Sustainable Bond) Ser. A2 | | 5.00 | | 7/1/2052 | | 2,000,000 | | 2,124,643 | |
Massachusetts Development Finance Agency, Revenue Bonds (Bentley University) | | 5.00 | | 7/1/2040 | | 5,500,000 | | 5,598,863 | |
Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer Institute Obligated Group) Ser. N | | 5.00 | | 12/1/2041 | | 3,000,000 | | 3,054,668 | |
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) Ser. A | | 5.25 | | 1/1/2042 | | 5,500,000 | | 5,574,304 | |
Massachusetts Development Finance Agency, Revenue Bonds (Linden Ponds) | | 5.13 | | 11/15/2046 | | 1,500,000 | a | 1,531,620 | |
Massachusetts Development Finance Agency, Revenue Bonds (Wentworth Institute of Technology) | | 5.00 | | 10/1/2046 | | 2,015,000 | | 1,994,767 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) Ser. A | | 5.00 | | 1/1/2040 | | 1,000,000 | | 1,013,843 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | | 5.00 | | 10/1/2047 | | 3,000,000 | a | 3,001,611 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | | 5.00 | | 10/1/2037 | | 1,000,000 | a | 1,017,086 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Massachusetts - 3.5% (continued) | | | | | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | | 5.00 | | 10/1/2057 | | 2,000,000 | a | 1,946,092 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (SABIS International Charter School) | | 5.00 | | 4/15/2040 | | 1,500,000 | | 1,478,111 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. K1 | | 5.00 | | 10/1/2036 | | 2,115,000 | | 2,132,068 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons University) Ser. N | | 5.00 | | 10/1/2043 | | 1,000,000 | | 996,140 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 4.00 | | 10/1/2045 | | 500,000 | | 472,337 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2044 | | 1,375,000 | | 1,325,682 | |
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. A | | 5.25 | | 2/15/2048 | | 9,500,000 | | 9,854,842 | |
Massachusetts School Building Authority, Revenue Bonds, Ser. B | | 5.25 | | 2/15/2048 | | 10,000,000 | | 10,373,518 | |
| 67,802,892 | |
Michigan - 2.3% | | | | | |
Detroit, GO | | 5.00 | | 4/1/2034 | | 1,000,000 | | 1,020,559 | |
Detroit, GO | | 5.00 | | 4/1/2033 | | 1,150,000 | | 1,173,750 | |
Detroit, GO | | 5.00 | | 4/1/2035 | | 1,660,000 | | 1,694,003 | |
Detroit, GO | | 5.00 | | 4/1/2038 | | 1,235,000 | | 1,252,364 | |
Detroit, GO | | 5.00 | | 4/1/2036 | | 1,200,000 | | 1,223,251 | |
Detroit, GO | | 5.00 | | 4/1/2029 | | 1,000,000 | | 1,022,565 | |
Detroit, GO | | 5.00 | | 4/1/2028 | | 900,000 | | 924,845 | |
Detroit, GO | | 5.00 | | 4/1/2030 | | 700,000 | | 714,153 | |
Detroit, GO | | 5.00 | | 4/1/2032 | | 850,000 | | 867,608 | |
Detroit, GO | | 5.00 | | 4/1/2031 | | 1,000,000 | | 1,020,725 | |
Detroit, GO (Sustainable Bond) Ser. A | | 5.00 | | 4/1/2050 | | 2,000,000 | | 1,999,854 | |
Detroit, GO (Sustainable Bond) Ser. A | | 5.00 | | 4/1/2046 | | 1,250,000 | | 1,255,284 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Michigan - 2.3% (continued) | | | | | |
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 7/1/2043 | | 10,000,000 | | 9,999,423 | |
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2038 | | 1,500,000 | | 1,473,167 | |
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2040 | | 2,100,000 | | 2,037,136 | |
Michigan Finance Authority, Revenue Bonds, Ser. A | | 5.00 | | 10/1/2041 | | 5,075,000 | | 5,520,633 | |
Michigan Finance Authority, Revenue Bonds, Ser. A | | 5.00 | | 10/1/2042 | | 5,330,000 | | 5,781,962 | |
Michigan Tobacco Settlement Finance Authority, Revenue Bonds, Refunding, Ser. C | | 0.00 | | 6/1/2058 | | 30,000,000 | e | 913,179 | |
Michigan University, Revenue Bonds, Ser. A | | 3.50 | | 4/1/2052 | | 7,290,000 | | 5,517,289 | |
| 45,411,750 | |
Minnesota - .4% | | | | | |
Forest Lake, Revenue Bonds, Refunding (North Lakes Academy Project) | | 5.00 | | 7/1/2056 | | 4,000,000 | | 3,398,260 | |
Minneapolis, Revenue Bonds (Allina Health System Obligated Group) | | 4.00 | | 11/15/2038 | | 5,000,000 | | 4,946,759 | |
| 8,345,019 | |
Mississippi - .2% | | | | | |
Mississippi Development Bank, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 12/1/2025 | | 2,500,000 | d | 2,558,501 | |
Mississippi Development Bank, Revenue Bonds (Jackson Water & Sewer System Project) (Insured; Assured Guaranty Municipal Corp.) | | 6.88 | | 12/1/2040 | | 1,625,000 | | 1,630,525 | |
| 4,189,026 | |
Missouri - .4% | | | | | |
Metropolitan St. Louis Sewer District, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 5/1/2047 | | 2,805,000 | | 3,004,938 | |
Metropolitan St. Louis Sewer District, Revenue Bonds, Refunding, Ser. B | | 5.25 | | 5/1/2052 | | 3,000,000 | | 3,244,799 | |
The Missouri Health & Educational Facilities Authority, Revenue Bonds (The Washington University) Ser. C | | 4.10 | | 3/1/2040 | | 2,200,000 | g | 2,200,000 | |
| 8,449,737 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Montana - .1% | | | | | |
Montana Facility Finance Authority, Revenue Bonds, Refunding (Billings Clinic Obligated Group) Ser. 2022A | | 4.00 | | 8/15/2036 | | 1,250,000 | | 1,220,659 | |
Nebraska - 1.0% | | | | | |
Central Plains Energy, Revenue Bonds, Refunding (Central Plains Energy Project) | | 4.00 | | 8/1/2025 | | 10,000,000 | b | 10,012,440 | |
Tender Option Bond Trust Receipts (Series 2022-XL0356), (Omaha Public Power District, Revenue Bonds, Refunding, Ser. A) Non-recourse, Underlying Coupon Rate 5.00% | | 8.31 | | 2/1/2042 | | 10,000,000 | a,g,h | 10,370,200 | |
| 20,382,640 | |
Nevada - .1% | | | | | |
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.00 | | 6/15/2037 | | 850,000 | | 852,843 | |
Nevada Department of Business & Industry, Revenue Bonds (Sustainable Bond) (Fulcrum Sierra Biofuels Project) | | 6.25 | | 12/15/2037 | | 5,000,000 | a,c | 1,000,000 | |
Nevada Department of Business & Industry, Revenue Bonds (Sustainable Bond) (Fulcrum Sierra Biofuels Project) Ser. B | | 5.13 | | 12/15/2037 | | 1,351,434 | a | 270,287 | |
| 2,123,130 | |
New Hampshire - .1% | | | | | |
New Hampshire Business Finance Authority, Revenue Bonds (Presbyterian Senior Living Poject) Ser. A | | 5.25 | | 7/1/2048 | | 2,500,000 | | 2,554,344 | |
New Jersey - 2.8% | | | | | |
New Jersey Economic Development Authority, Revenue Bonds (Beloved Community Charter School Project) Ser. A | | 5.00 | | 6/15/2054 | | 725,000 | a | 669,997 | |
New Jersey Economic Development Authority, Revenue Bonds (Beloved Community Charter School Project) Ser. A | | 5.00 | | 6/15/2049 | | 1,105,000 | a | 1,034,565 | |
New Jersey Economic Development Authority, Revenue Bonds (The Goethals) | | 5.13 | | 1/1/2034 | | 5,325,000 | | 5,327,473 | |
New Jersey Economic Development Authority, Revenue Bonds (The Goethals) | | 5.38 | | 1/1/2043 | | 5,500,000 | | 5,502,204 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
New Jersey - 2.8% (continued) | | | | | |
New Jersey Educational Facilities Authority, Revenue Bonds, Refunding (Inst Advanced Study), Ser. B | | 3.35 | | 7/1/2031 | | 1,200,000 | g | 1,200,000 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds | | 5.50 | | 6/15/2050 | | 1,000,000 | | 1,085,747 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/15/2031 | | 2,000,000 | | 2,039,754 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/15/2030 | | 3,000,000 | | 3,063,075 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | | 5.25 | | 6/15/2042 | | 2,000,000 | | 2,190,114 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. AA | | 4.25 | | 6/15/2044 | | 1,000,000 | | 982,502 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. A1 | | 5.00 | | 6/15/2030 | | 1,500,000 | | 1,531,832 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB | | 5.25 | | 6/15/2050 | | 3,000,000 | | 3,216,075 | |
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 1/1/2035 | | 2,000,000 | i | 2,083,611 | |
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B | | 2.78 | | 1/1/2040 | | 2,000,000 | | 1,474,415 | |
New Jersey Turnpike Authority, Revenue Bonds, Ser. B | | 4.13 | | 1/1/2054 | | 3,000,000 | | 2,889,226 | |
New Jersey Turnpike Authority, Revenue Bonds, Ser. B | | 5.25 | | 1/1/2054 | | 2,000,000 | | 2,176,968 | |
New Jersey Turnpike Authority, Revenue Bonds, Ser. B | | 5.25 | | 1/1/2049 | | 7,000,000 | | 7,644,568 | |
South Jersey Port Corp., Revenue Bonds, Ser. B | | 5.00 | | 1/1/2048 | | 1,500,000 | | 1,521,028 | |
South Jersey Port Corp., Revenue Bonds, Ser. B | | 5.00 | | 1/1/2042 | | 1,250,000 | | 1,278,090 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2046 | | 3,000,000 | | 3,052,082 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.25 | | 6/1/2046 | | 5,000,000 | | 5,150,430 | |
| 55,113,756 | |
New York - 11.0% | | | | | |
Albany Capital Resource Corp., Revenue Bonds (KIPP Capital Region Public Charter Schools) | | 4.50 | | 6/1/2044 | | 400,000 | | 387,596 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
New York - 11.0% (continued) | | | | | |
Albany Capital Resource Corp., Revenue Bonds (KIPP Capital Region Public Charter Schools) | | 4.75 | | 6/1/2054 | | 1,000,000 | | 979,526 | |
Albany Capital Resource Corp., Revenue Bonds (KIPP Capital Region Public Charter Schools) | | 5.00 | | 6/1/2064 | | 2,600,000 | | 2,602,709 | |
Build New York City Resource Corp., Revenue Bonds (Hellenic Classical Charter Schools) Ser. A | | 5.00 | | 12/1/2041 | | 1,200,000 | a | 1,116,551 | |
Build New York City Resource Corp., Revenue Bonds (Hellenic Classical Charter Schools) Ser. A | | 5.00 | | 12/1/2051 | | 1,450,000 | a | 1,266,428 | |
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | | 5.00 | | 6/1/2032 | | 500,000 | a | 507,325 | |
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | | 5.00 | | 6/1/2037 | | 700,000 | a | 705,035 | |
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | | 5.00 | | 6/1/2047 | | 1,000,000 | a | 974,251 | |
Build New York City Resource Corp., Revenue Bonds (NY Preparatory Charter School Project) Ser. A | | 4.00 | | 6/15/2056 | | 450,000 | a | 339,559 | |
Build New York City Resource Corp., Revenue Bonds (NY Preparatory Charter School Project) Ser. A | | 4.00 | | 6/15/2051 | | 690,000 | a | 536,342 | |
Build New York City Resource Corp., Revenue Bonds (NY Preparatory Charter School Project) Ser. A | | 4.00 | | 6/15/2041 | | 525,000 | a | 446,938 | |
Build New York City Resource Corp., Revenue Bonds (Shefa School Project) Ser. A | | 2.50 | | 6/15/2031 | | 250,000 | a | 216,834 | |
Build New York City Resource Corp., Revenue Bonds (Shefa School Project) Ser. A | | 5.00 | | 6/15/2051 | | 1,250,000 | a | 1,155,943 | |
Build New York City Resource Corp., Revenue Bonds (Sustainable Bond) (KIPP NYC Public Charter Schools) | | 5.25 | | 7/1/2057 | | 1,750,000 | | 1,785,627 | |
Build New York City Resource Corp., Revenue Bonds (Sustainable Bond) (KIPP NYC Public Charter Schools) | | 5.25 | | 7/1/2052 | | 1,500,000 | | 1,534,022 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
New York - 11.0% (continued) | | | | | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Sustainable Bond) Ser. C1 | | 5.00 | | 11/15/2050 | | 6,000,000 | | 6,182,615 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Sustainable Bond) Ser. C2 | | 5.18 | | 11/15/2049 | | 780,000 | | 698,315 | |
Metropolitan Transportation Authority Hudson Rail Yards Trust, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 11/15/2056 | | 5,000,000 | | 4,912,660 | |
Monroe County Industrial Development Corp., Revenue Bonds (Sustainable Bond) Ser. A | | 4.72 | | 1/1/2044 | | 1,500,000 | | 1,475,597 | |
New York City, GO (LOC; Mizuho Bank Ltd.) Ser. G6 | | 3.95 | | 4/1/2042 | | 5,200,000 | g | 5,200,000 | |
New York City, GO, Refunding, Ser. F1 | | 5.00 | | 8/1/2034 | | 5,705,000 | | 6,418,365 | |
New York City, GO, Ser. D | | 5.00 | | 4/1/2038 | | 5,000,000 | | 5,582,136 | |
New York City, GO, Ser. D | | 5.25 | | 4/1/2047 | | 5,000,000 | | 5,492,729 | |
New York City, GO, Ser. F1 | | 3.00 | | 3/1/2041 | | 1,215,000 | | 1,002,729 | |
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 3.00 | | 1/1/2046 | | 5,000,000 | | 3,864,748 | |
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 3.00 | | 1/1/2040 | | 1,750,000 | | 1,451,151 | |
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 3.00 | | 1/1/2039 | | 4,285,000 | | 3,635,811 | |
New York City Industrial Development Agency, Revenue Bonds, Refunding (Yankee Stadium Project) (Insured; Assured Guaranty Municipal Corp.) | | 3.00 | | 3/1/2036 | | 2,500,000 | | 2,189,296 | |
New York City Municipal Water Finance Authority, Revenue Bonds (LOC; Citibank NA) Ser. F2 | | 4.15 | | 6/15/2035 | | 500,000 | g | 500,000 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
New York - 11.0% (continued) | | | | | |
New York City Municipal Water Finance Authority, Revenue Bonds, Ser. BB | | 3.31 | | 6/15/2051 | | 5,500,000 | g | 5,500,000 | |
New York City Transitional Finance Authority, Revenue Bonds, Refunding (Insured; State Aid Withholding) Ser. S1A | | 3.00 | | 7/15/2039 | | 1,750,000 | | 1,476,470 | |
New York City Transitional Finance Authority, Revenue Bonds, Ser. A1 | | 5.00 | | 5/1/2041 | | 6,775,000 | | 7,390,419 | |
New York City Transitional Finance Authority, Revenue Bonds, Ser. F1 | | 5.25 | | 2/1/2053 | | 2,500,000 | | 2,718,133 | |
New York City Transitional Finance Authority, Revenue Bonds, Ser. G1 | | 5.00 | | 5/1/2044 | | 5,000,000 | | 5,430,443 | |
New York Counties Tobacco Trust VI, Revenue Bonds, Refunding, Ser. A2B | | 5.00 | | 6/1/2045 | | 4,500,000 | | 4,158,608 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of America Tower) | | 2.80 | | 9/15/2069 | | 4,000,000 | | 3,557,738 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | | 5.00 | | 11/15/2044 | | 8,000,000 | a | 8,014,410 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Sustainable Bond) Ser. A | | 3.00 | | 11/15/2051 | | 2,500,000 | | 1,825,230 | |
New York State Dormitory Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. D | | 5.00 | | 10/1/2038 | | 5,000,000 | | 5,460,599 | |
New York State Dormitory Authority, Revenue Bonds, Refunding (Pace University) Ser. A | | 5.00 | | 5/1/2038 | | 500,000 | | 488,202 | |
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 3/15/2054 | | 2,500,000 | | 2,327,219 | |
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 3/15/2047 | | 5,000,000 | | 4,736,680 | |
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | | 5.25 | | 3/15/2052 | | 3,500,000 | | 3,807,973 | |
New York State Thruway Authority, Revenue Bonds, Refunding, Ser. P | | 5.25 | | 1/1/2054 | | 1,500,000 | | 1,637,690 | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 4.38 | | 10/1/2045 | | 5,000,000 | | 4,862,843 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
New York - 11.0% (continued) | | | | | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 5.00 | | 10/1/2035 | | 8,000,000 | | 8,482,380 | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 5.00 | | 10/1/2040 | | 5,000,000 | | 5,183,395 | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 5.00 | | 1/1/2034 | | 4,000,000 | | 4,126,200 | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 5.00 | | 1/1/2036 | | 2,500,000 | | 2,571,826 | |
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal) | | 5.00 | | 12/1/2042 | | 3,000,000 | | 3,103,666 | |
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal) | | 5.00 | | 12/1/2038 | | 2,805,000 | | 2,945,350 | |
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal) | | 5.00 | | 12/1/2039 | | 4,000,000 | | 4,190,551 | |
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal) | | 5.00 | | 12/1/2041 | | 5,335,000 | | 5,537,262 | |
New York Transportation Development Corp., Revenue Bonds (Sustainable Bond) (JFK International Airport Terminal) (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 6/30/2049 | | 2,000,000 | | 2,054,383 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (American Airlines) | | 2.25 | | 8/1/2026 | | 620,000 | | 601,634 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (American Airlines) | | 3.00 | | 8/1/2031 | | 1,000,000 | | 934,768 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | | 4.00 | | 12/1/2039 | | 2,000,000 | | 1,923,018 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | | 5.00 | | 12/1/2035 | | 400,000 | | 420,348 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
New York - 11.0% (continued) | | | | | |
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | | 5.00 | | 12/1/2037 | | 700,000 | | 730,128 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Airport) | | 5.25 | | 8/1/2031 | | 1,380,000 | | 1,451,724 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Airport) | | 5.38 | | 8/1/2036 | | 1,000,000 | | 1,056,124 | |
Oneida County Local Development Corp., Revenue Bonds, Refunding (Mohawk Valley Health System Obligated Group) (Insured; Assured Guaranty Municipal Corp.) | | 4.00 | | 12/1/2049 | | 4,000,000 | | 3,507,881 | |
Oneida Indian Nation of New York, Revenue Bonds, Ser. B | | 6.00 | | 9/1/2043 | | 1,150,000 | a | 1,216,739 | |
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | | 5.00 | | 10/15/2030 | | 1,675,000 | | 1,783,816 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A | | 5.00 | | 11/15/2049 | | 5,000,000 | | 5,159,927 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1 | | 5.25 | | 5/15/2059 | | 5,000,000 | | 5,401,876 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1 | | 5.25 | | 5/15/2064 | | 5,000,000 | | 5,385,048 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A2 | | 5.25 | | 5/15/2059 | | 6,000,000 | | 6,442,376 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A3 | | 5.25 | | 5/15/2064 | | 10,000,000 | | 10,673,734 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. C1A | | 5.00 | | 5/15/2040 | | 4,000,000 | | 4,345,312 | |
| 215,782,961 | |
North Carolina - .1% | | | | | |
North Carolina Turnpike Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 1/1/2049 | | 1,500,000 | | 1,554,117 | |
North Dakota - .3% | | | | | |
North Dakota Housing Finance Agency, Revenue Bonds (Sustainable Bond) | | 4.50 | | 7/1/2043 | | 2,835,000 | | 2,847,585 | |
North Dakota Housing Finance Agency, Revenue Bonds (Sustainable Bond) | | 4.55 | | 7/1/2048 | | 3,410,000 | | 3,370,082 | |
| 6,217,667 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Ohio - 2.4% | | | | | |
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B2 | | 5.00 | | 6/1/2055 | | 3,000,000 | | 2,688,118 | |
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | | 5.25 | | 12/1/2038 | | 2,420,000 | | 2,455,739 | |
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | | 5.50 | | 12/1/2053 | | 1,500,000 | | 1,505,317 | |
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | | 5.50 | | 12/1/2043 | | 1,580,000 | | 1,601,300 | |
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | | 3.00 | | 8/1/2040 | | 1,600,000 | | 1,251,691 | |
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | | 4.00 | | 8/1/2041 | | 500,000 | | 479,737 | |
Ohio, GO, Ser. A | | 3.00 | | 5/1/2039 | | 5,000,000 | | 4,236,625 | |
Ohio, Revenue Bonds (Portsmouth Bypass Project) (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 12/31/2035 | | 3,000,000 | | 3,013,419 | |
Ohio, Revenue Bonds (Portsmouth Bypass Project) (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 12/31/2039 | | 2,000,000 | | 2,004,993 | |
Ohio, Revenue Bonds, Refunding (University Hospitals Health System Obligated Group) Ser. E | | 4.00 | | 1/15/2039 | | 800,000 | | 780,984 | |
Ohio, Revenue Bonds, Refunding (University Hospitals Health System Obligated Group) Ser. E | | 4.00 | | 1/15/2038 | | 1,600,000 | | 1,571,576 | |
Ohio, Revenue Bonds, Refunding (University Hospitals Health System Obligated Group) Ser. E | | 4.00 | | 1/15/2040 | | 1,300,000 | | 1,253,264 | |
Ohio, Revenue Bonds, Refunding (University Hospitals Health System Obligated Group) Ser. E | | 5.00 | | 1/15/2036 | | 1,400,000 | | 1,465,218 | |
Ohio Air Quality Development Authority, Revenue Bonds (Pratt Paper Project) | | 4.25 | | 1/15/2038 | | 2,500,000 | a | 2,474,413 | |
Ohio Air Quality Development Authority, Revenue Bonds, Refunding (Duke Energy) Ser. A | | 4.25 | | 6/1/2027 | | 1,000,000 | b | 996,747 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Ohio - 2.4% (continued) | | | | | |
Ohio Higher Educational Facility Commission, Revenue Bonds, Refunding (John Carroll University) | | 4.00 | | 10/1/2047 | | 5,000,000 | | 4,451,514 | |
Ohio Higher Educational Facility Commission, Revenue Bonds, Refunding (John Carroll University) | | 4.00 | | 10/1/2042 | | 5,000,000 | | 4,592,614 | |
Ohio Turnpike & Infrastructure Commission, Revenue Bonds (Convertible Cabs) | | 5.70 | | 2/15/2034 | | 3,000,000 | | 3,422,052 | |
Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds (Sustainable Bond) Ser. B | | 5.00 | | 12/1/2043 | | 5,000,000 | | 5,457,118 | |
Toledo-Lucas County Port Authority, Revenue Bonds (University of Toledo Parking Project) | | 4.00 | | 1/1/2051 | | 1,000,000 | | 864,357 | |
| 46,566,796 | |
Oklahoma - 1.0% | | | | | |
Oklahoma City Water Utilities Trust, Revenue Bonds | | 5.00 | | 7/1/2054 | | 7,000,000 | | 7,509,223 | |
Oklahoma City Water Utilities Trust, Revenue Bonds | | 5.00 | | 7/1/2049 | | 6,500,000 | | 7,042,628 | |
Oklahoma Water Resources Board, Revenue Bonds, Ser. B | | 4.25 | | 10/1/2050 | | 5,420,000 | | 5,277,198 | |
| 19,829,049 | |
Oregon - .2% | | | | | |
Oregon, GO (Veterans Wellfare) Ser. M | | 4.10 | | 12/1/2044 | | 2,700,000 | g | 2,700,000 | |
Warm Springs Reservation Confederated Tribe, Revenue Bonds, Refunding (Sustainable Bond) Ser. B | | 5.00 | | 11/1/2039 | | 700,000 | a | 737,620 | |
Warm Springs Reservation Confederated Tribe, Revenue Bonds, Refunding (Sustainable Bond) Ser. B | | 5.00 | | 11/1/2036 | | 700,000 | a | 747,192 | |
| 4,184,812 | |
Pennsylvania - 2.1% | | | | | |
Allegheny County Industrial Development Authority, Revenue Bonds, Refunding (U.S. Steel Corp.) | | 4.88 | | 11/1/2024 | | 2,000,000 | | 2,004,658 | |
Allegheny County Industrial Development Authority, Revenue Bonds, Refunding (U.S. Steel Corp.) | | 5.13 | | 5/1/2030 | | 1,750,000 | | 1,827,372 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Pennsylvania - 2.1% (continued) | | | | | |
Commonwealth Financing Authority, Revenue Bonds (Tobacco Master Settlement) | | 5.00 | | 6/1/2035 | | 3,500,000 | | 3,654,132 | |
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | | 4.00 | | 4/1/2039 | | 1,500,000 | | 1,450,991 | |
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | | 5.00 | | 4/1/2050 | | 3,000,000 | | 3,053,245 | |
Lancaster County Hospital Authority, Revenue Bonds (Penn State Health Obligated Group) | | 5.00 | | 11/1/2040 | | 1,300,000 | | 1,355,994 | |
Lancaster County Hospital Authority, Revenue Bonds (Penn State Health Obligated Group) | | 5.00 | | 11/1/2041 | | 1,750,000 | | 1,819,768 | |
Lancaster County Hospital Authority, Revenue Bonds (Penn State Health Obligated Group) | | 5.00 | | 11/1/2046 | | 2,000,000 | | 2,052,123 | |
Lancaster County Hospital Authority, Revenue Bonds (Penn State Health Obligated Group) | | 5.00 | | 11/1/2037 | | 600,000 | | 631,357 | |
Lancaster County Hospital Authority, Revenue Bonds (Penn State Health Obligated Group) | | 5.00 | | 11/1/2038 | | 1,085,000 | | 1,137,756 | |
Lancaster County Hospital Authority, Revenue Bonds (Penn State Health Obligated Group) | | 5.00 | | 11/1/2039 | | 1,100,000 | | 1,151,393 | |
Lancaster County Hospital Authority, Revenue Bonds, Refunding (Masonic Homes Project) (LOC; JPMorgan Chase Bank NA) Ser. D | | 4.00 | | 7/1/2034 | | 1,400,000 | g | 1,400,000 | |
Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton Hill University) | | 4.00 | | 3/1/2051 | | 700,000 | | 530,733 | |
Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton Hill University) | | 4.00 | | 3/1/2046 | | 685,000 | | 544,824 | |
Lehigh County General Purpose Authority, Revenue Bonds, Refunding (Muhlenberg College Project) | | 5.25 | | 2/1/2054 | | 1,600,000 | | 1,653,658 | |
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | | 4.00 | | 9/1/2044 | | 1,750,000 | | 1,628,585 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Pennsylvania - 2.1% (continued) | | | | | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds (The Penndot Major Bridges) (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 12/31/2057 | | 1,000,000 | | 1,025,912 | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (Tapestry Moon Senior Housing Project) | | 6.50 | | 12/1/2038 | | 3,000,000 | a,c | 1,143,750 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (LOC; TD Bank NA) | | 3.34 | | 12/1/2039 | | 1,300,000 | g | 1,300,000 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. B | | 3.34 | | 12/1/2043 | | 10,000,000 | g | 10,000,000 | |
Pennsylvania Turnpike Commission Oil Franchise, Revenue Bonds, Refunding, Ser. A | | 3.00 | | 12/1/2051 | | 3,000,000 | | 2,220,711 | |
| 41,586,962 | |
Rhode Island - .5% | | | | | |
Rhode Island Health & Educational Building Corp., Revenue Bonds | | 5.25 | | 8/15/2043 | | 1,000,000 | | 1,054,008 | |
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence College) | | 5.00 | | 11/1/2045 | | 7,000,000 | | 7,032,159 | |
Rhode Island Infrastructure Bank Revolving Fund, Revenue Bonds, Ser. A | | 5.00 | | 10/1/2049 | | 1,585,000 | | 1,715,753 | |
| 9,801,920 | |
South Carolina - .7% | | | | | |
South Carolina Housing Finance & Development Authority, Revenue Bonds (Edgewood Place Apartment) (Insured; Federal National Mortgage Association) Ser. A | | 4.80 | | 7/1/2045 | | 2,000,000 | | 1,938,399 | |
South Carolina Jobs-Economic Development Authority, Revenue Bonds (Novant Health Obligated Group) Ser. A | | 5.50 | | 11/1/2045 | | 4,715,000 | | 5,227,429 | |
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2036 | | 2,000,000 | | 2,019,423 | |
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 12/1/2046 | | 1,370,000 | | 1,365,385 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
South Carolina - .7% (continued) | | | | | |
Spartanburg Regional Health Services District, Revenue Bonds, Refunding | | 4.00 | | 4/15/2037 | | 835,000 | | 807,137 | |
Spartanburg Regional Health Services District, Revenue Bonds, Refunding | | 4.00 | | 4/15/2036 | | 1,370,000 | | 1,338,119 | |
| 12,695,892 | |
Tennessee - 1.2% | | | | | |
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | | 4.12 | | 2/1/2038 | | 3,200,000 | g | 3,200,000 | |
Metropolitan Government Nashville & Davidson County Sports Authority, Revenue Bonds (Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.25 | | 7/1/2053 | | 1,000,000 | | 1,067,097 | |
Metropolitan Government Nashville & Davidson County Sports Authority, Revenue Bonds (Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.25 | | 7/1/2048 | | 1,500,000 | | 1,613,452 | |
Montgomery County Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | | 4.17 | | 4/1/2032 | | 1,100,000 | g | 1,100,000 | |
New Memphis Arena Public Building Authority, Revenue Bonds | | 0.00 | | 4/1/2031 | | 750,000 | j | 669,602 | |
New Memphis Arena Public Building Authority, Revenue Bonds (Memphis Project) | | 0.00 | | 4/1/2032 | | 775,000 | e | 551,064 | |
Tennessee, GO, Ser. A | | 5.00 | | 5/1/2041 | | 8,430,000 | | 9,350,489 | |
Tennessee Energy Acquisition Corp., Revenue Bonds, Refunding (Gas Project) Ser A1 | | 5.00 | | 5/1/2028 | | 5,000,000 | b | 5,167,010 | |
| 22,718,714 | |
Texas - 12.2% | | | | | |
Arlington Higher Education Finance Corp., Revenue Bonds (Harmony Public Schools) (Insured; Permanent School Fund Guarantee Program) | | 4.00 | | 2/15/2049 | | 6,000,000 | | 5,657,239 | |
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift Education) Ser. A | | 5.00 | | 12/1/2036 | | 1,315,000 | | 1,326,477 | |
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift Education) Ser. A | | 5.00 | | 12/1/2046 | | 1,100,000 | | 1,081,741 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Texas - 12.2% (continued) | | | | | |
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding, Ser. A | | 4.00 | | 8/15/2046 | | 860,000 | | 713,081 | |
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding, Ser. A | | 4.00 | | 8/15/2036 | | 330,000 | | 304,952 | |
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding, Ser. A | | 4.00 | | 8/15/2041 | | 610,000 | | 529,924 | |
Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | | 5.00 | | 8/15/2038 | | 1,000,000 | | 990,904 | |
Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | | 5.00 | | 8/15/2053 | | 925,000 | | 854,299 | |
Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | | 5.00 | | 8/15/2048 | | 1,900,000 | | 1,778,402 | |
Austin Airport System, Revenue Bonds, Ser. A | | 5.00 | | 11/15/2046 | | 13,120,000 | | 13,271,726 | |
Bexar County Health Facilities Development Corp., Revenue Bonds, Refunding (Army Retirement Residence Foundation) | | 5.00 | | 7/15/2041 | | 1,750,000 | | 1,588,623 | |
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. E | | 5.00 | | 1/1/2045 | | 1,250,000 | | 1,297,288 | |
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | | 5.00 | | 8/15/2032 | | 2,525,000 | | 2,529,901 | |
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | | 6.00 | | 8/15/2043 | | 2,770,000 | | 2,780,493 | |
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | | 6.00 | | 8/15/2033 | | 1,500,000 | | 1,505,682 | |
Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas) (Insured; Permanent School Fund Guaranteed) | | 5.00 | | 8/15/2047 | | 4,305,000 | | 4,559,286 | |
Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas) Ser. D | | 6.13 | | 8/15/2048 | | 18,000,000 | | 18,273,622 | |
Clifton Higher Education Finance Corp., Revenue Bonds (Uplift Education) Ser. A | | 5.00 | | 12/1/2045 | | 3,855,000 | | 3,809,577 | |
Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (Insured; Permanent School Fund Guarantee Program) | | 4.00 | | 8/15/2049 | | 2,000,000 | | 1,868,488 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Texas - 12.2% (continued) | | | | | |
Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (Insured; Permanent School Fund Guarantee Program) | | 4.00 | | 8/15/2044 | | 5,000,000 | | 4,758,454 | |
Collin County, GO | | 5.00 | | 2/15/2040 | | 5,000,000 | | 5,454,356 | |
Columbia-Brazoria Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | | 5.00 | | 2/1/2044 | | 2,025,000 | | 2,178,303 | |
Columbia-Brazoria Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | | 5.00 | | 2/1/2043 | | 1,935,000 | | 2,087,215 | |
Dallas Area Rapid Transit, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 12/1/2051 | | 10,000,000 | | 9,340,240 | |
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 11/1/2047 | | 3,625,000 | | 3,890,599 | |
Danbury Higher Education Authority, Revenue Bonds, Ser. A | | 4.00 | | 8/15/2049 | | 2,290,000 | | 1,859,311 | |
Fort Bend Independent School District, Revenue Bonds, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. A | | 4.25 | | 8/15/2054 | | 6,300,000 | | 6,070,870 | |
Grand Parkway Transportation Corp., Revenue Bonds, Refunding | | 4.00 | | 10/1/2049 | | 5,000,000 | | 4,599,610 | |
Grand Parkway Transportation Corp., Revenue Bonds, Ser. A | | 5.00 | | 10/1/2043 | | 5,000,000 | | 5,156,210 | |
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | | 5.20 | | 10/1/2031 | | 2,000,000 | | 2,147,010 | |
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | | 5.40 | | 10/1/2033 | | 2,500,000 | | 2,696,327 | |
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | | 5.45 | | 10/1/2034 | | 2,235,000 | | 2,414,116 | |
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds (Texas Children's Hospital Obligated Group) Ser. A | | 3.00 | | 10/1/2051 | | 5,000,000 | | 3,699,122 | |
Hidalgo County Regional Mobility Authority, Revenue Bonds, Ser. A | | 4.00 | | 12/1/2041 | | 750,000 | | 710,322 | |
Hidalgo County Regional Mobility Authority, Revenue Bonds, Ser. A | | 4.00 | | 12/1/2040 | | 1,000,000 | | 953,262 | |
Hidalgo County Regional Mobility Authority, Revenue Bonds, Ser. A | | 4.00 | | 12/1/2039 | | 900,000 | | 868,067 | |
Houston Airport System, Revenue Bonds (United Airlines) | | 4.00 | | 7/15/2041 | | 2,250,000 | | 2,114,217 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Texas - 12.2% (continued) | | | | | |
Houston Airport System, Revenue Bonds, Refunding (United Airlines) | | 4.75 | | 7/1/2024 | | 1,355,000 | | 1,355,704 | |
Houston Airport System, Revenue Bonds, Refunding (United Airlines) | | 5.00 | | 7/15/2027 | | 1,000,000 | | 1,014,050 | |
Houston Airport System, Revenue Bonds, Refunding (United Airlines) Ser. A | | 5.00 | | 7/1/2027 | | 1,000,000 | | 1,013,899 | |
Houston Airport System, Revenue Bonds, Refunding (United Airlines) Ser. C | | 5.00 | | 7/15/2027 | | 1,000,000 | | 1,014,050 | |
Marshall Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | | 4.00 | | 2/15/2039 | | 1,720,000 | | 1,728,667 | |
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project) | | 4.63 | | 10/1/2031 | | 3,250,000 | a | 3,230,862 | |
Montgomery Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | | 5.00 | | 2/15/2040 | | 4,425,000 | | 4,790,292 | |
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds (Sanctuary LTC Project) Ser. A1 | | 5.25 | | 1/1/2042 | | 5,000,000 | | 4,636,803 | |
Newark Higher Education Finance Corp., Revenue Bonds (A+ Charter Schools) Ser. A | | 5.50 | | 8/15/2035 | | 750,000 | a | 759,234 | |
Newark Higher Education Finance Corp., Revenue Bonds (A+ Charter Schools) Ser. A | | 5.75 | | 8/15/2045 | | 1,000,000 | a | 1,008,769 | |
Permanent University Fund - University of Texas System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2041 | | 10,300,000 | | 11,358,516 | |
Port of Beaumont Navigation District, Revenue Bonds (Jefferson Gulf Coast Energy) | | 2.75 | | 1/1/2036 | | 1,000,000 | a | 802,483 | |
Port of Beaumont Navigation District, Revenue Bonds (Jefferson Gulf Coast Energy) | | 2.88 | | 1/1/2041 | | 1,000,000 | a | 744,686 | |
Port of Beaumont Navigation District, Revenue Bonds, Refunding (Jefferson Gulf Coast Energy) Ser. A | | 3.63 | | 1/1/2035 | | 1,500,000 | a | 1,335,529 | |
Port of Beaumont Navigation District, Revenue Bonds, Refunding (Jefferson Gulf Coast Energy) Ser. A | | 4.00 | | 1/1/2050 | | 1,500,000 | a | 1,234,024 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Texas - 12.2% (continued) | | | | | |
Port of Beaumont Navigation District, Revenue Bonds, Refunding (Jefferson Gulf Coast Energy) Ser. B | | 10.00 | | 7/1/2026 | | 5,000,000 | | 5,000,000 | |
Pottsboro Higher Education Finance Corp., Revenue Bonds, Ser. A | | 5.00 | | 8/15/2046 | | 1,000,000 | | 919,452 | |
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding | | 5.00 | | 2/1/2044 | | 2,000,000 | | 2,124,649 | |
Temple Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | | 5.00 | | 2/1/2044 | | 3,005,000 | | 3,233,244 | |
Texas, GO, Ser. B | | 3.45 | | 12/1/2043 | | 1,750,000 | g | 1,750,000 | |
Texas Natural Gas Securitization Finance Corp., Revenue Bonds | | 5.10 | | 4/1/2035 | | 9,700,402 | | 9,691,384 | |
Texas Natural Gas Securitization Finance Corp., Revenue Bonds | | 5.17 | | 4/1/2041 | | 10,000,000 | | 9,929,120 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds | | 5.50 | | 12/31/2058 | | 7,500,000 | | 8,011,471 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Blueridge Transportation Group) | | 5.00 | | 12/31/2045 | | 1,000,000 | | 1,003,104 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 6/30/2040 | | 1,500,000 | | 1,457,454 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 6/30/2037 | | 1,250,000 | | 1,236,241 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 6/30/2036 | | 3,100,000 | | 3,095,614 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 12/31/2039 | | 1,600,000 | | 1,559,370 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 6/30/2038 | | 2,000,000 | | 1,963,368 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 12/31/2037 | | 1,250,000 | | 1,230,387 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Texas - 12.2% (continued) | | | | | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 6/30/2039 | | 1,500,000 | | 1,462,791 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 12/31/2038 | | 2,000,000 | | 1,957,440 | |
Texas Public Finance Authority, Revenue Bonds (Texas Southern University) (Insured; Build America Mutual) | | 5.25 | | 5/1/2041 | | 1,000,000 | | 1,053,101 | |
Texas Public Finance Authority, Revenue Bonds (Texas Southern University) (Insured; Build America Mutual) | | 5.25 | | 5/1/2039 | | 300,000 | | 317,849 | |
Texas Public Finance Authority, Revenue Bonds (Texas Southern University) (Insured; Build America Mutual) | | 5.25 | | 5/1/2040 | | 520,000 | | 549,327 | |
Texas Transportation Commission Highway 249 System, Revenue Bonds | | 5.00 | | 8/1/2057 | | 2,000,000 | | 2,018,841 | |
Texas Water Development Board, Revenue Bonds | | 5.00 | | 8/1/2044 | | 5,600,000 | | 6,033,800 | |
Texas Water Development Board, Revenue Bonds (Master Trust) | | 5.00 | | 10/15/2057 | | 3,565,000 | | 3,743,590 | |
Travis County, GO | | 4.00 | | 3/1/2042 | | 3,000,000 | | 2,962,545 | |
University of Texas System Board of Regents, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/15/2043 | | 5,000,000 | | 5,433,943 | |
| 239,484,969 | |
U.S. Related - 5.2% | | | | | |
Antonio B. Won Pat International Airport Authority, Revenue Bonds, Refunding | | 5.00 | | 10/1/2028 | | 980,000 | | 974,957 | |
Antonio B. Won Pat International Airport Authority, Revenue Bonds, Refunding | | 5.25 | | 10/1/2036 | | 685,000 | | 678,634 | |
Antonio B. Won Pat International Airport Authority, Revenue Bonds, Refunding | | 5.25 | | 10/1/2031 | | 1,515,000 | | 1,515,528 | |
Antonio B. Won Pat International Airport Authority, Revenue Bonds, Refunding | | 5.25 | | 10/1/2035 | | 265,000 | | 263,559 | |
Antonio B. Won Pat International Airport Authority, Revenue Bonds, Refunding | | 5.38 | | 10/1/2040 | | 525,000 | | 517,111 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
U.S. Related - 5.2% (continued) | | | | | |
Antonio B. Won Pat International Airport Authority, Revenue Bonds, Refunding | | 5.38 | | 10/1/2033 | | 1,000,000 | | 1,001,919 | |
Antonio B. Won Pat International Airport Authority, Revenue Bonds, Refunding | | 5.38 | | 10/1/2043 | | 1,250,000 | | 1,213,943 | |
Guam, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2046 | | 1,500,000 | | 1,498,960 | |
Guam, Revenue Bonds, Refunding, Ser. F | | 4.00 | | 1/1/2042 | | 2,250,000 | | 2,094,614 | |
Guam, Revenue Bonds, Refunding, Ser. F | | 4.00 | | 1/1/2036 | | 1,750,000 | | 1,719,239 | |
Guam Government Waterworks Authority, Revenue Bonds, Ser. A | | 5.00 | | 1/1/2050 | | 2,000,000 | | 2,036,615 | |
Matching Fund Special Purpose Securitization Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/1/2032 | | 2,090,000 | | 2,236,844 | |
Matching Fund Special Purpose Securitization Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/1/2039 | | 8,000,000 | | 8,302,690 | |
Matching Fund Special Purpose Securitization Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/1/2030 | | 3,000,000 | | 3,178,598 | |
Puerto Rico, GO, Ser. A | | 0.00 | | 7/1/2033 | | 1,034,664 | e | 687,151 | |
Puerto Rico, GO, Ser. A | | 0.00 | | 7/1/2024 | | 130,448 | e | 129,988 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2033 | | 803,995 | | 803,974 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2035 | | 722,684 | | 709,966 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2037 | | 620,253 | | 601,770 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2041 | | 843,308 | | 783,877 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2046 | | 877,029 | | 793,217 | |
Puerto Rico, GO, Ser. A1 | | 5.38 | | 7/1/2025 | | 895,428 | | 903,265 | |
Puerto Rico, GO, Ser. A1 | | 5.63 | | 7/1/2027 | | 887,317 | | 927,867 | |
Puerto Rico, GO, Ser. A1 | | 5.63 | | 7/1/2029 | | 872,922 | | 939,570 | |
Puerto Rico, GO, Ser. A1 | | 5.75 | | 7/1/2031 | | 847,862 | | 945,142 | |
Puerto Rico, Notes | | N.A. | | 11/1/2043 | | 3,557,658 | g | 2,210,195 | |
Puerto Rico, Notes | | 0.01 | | 11/1/2051 | | 7,060,081 | g | 3,653,592 | |
Puerto Rico, Notes | | 0.01 | | 11/1/2051 | | 327,159 | g | 206,519 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2047 | | 7,500,000 | a | 7,577,895 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2030 | | 15,000,000 | a | 15,768,705 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2035 | | 5,000,000 | a | 5,215,163 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
U.S. Related - 5.2% (continued) | | | | | |
Puerto Rico Electric Power Authority, Revenue Bonds, Refunding, Ser. DDD | | 5.00 | | 7/1/2022 | | 2,000,000 | c | 525,000 | |
Puerto Rico Electric Power Authority, Revenue Bonds, Ser. A | | 6.75 | | 7/1/2036 | | 10,000,000 | c | 2,650,000 | |
Puerto Rico GDB Debt Recovery Authority, Revenue Bonds | | 7.50 | | 8/20/2040 | | 3,069,810 | | 2,989,227 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 0.00 | | 7/1/2031 | | 498,000 | e | 379,490 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 0.00 | | 7/1/2029 | | 387,000 | e | 319,986 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 0.00 | | 7/1/2033 | | 561,000 | e | 392,279 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 0.00 | | 7/1/2051 | | 4,350,000 | e | 1,034,592 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 0.00 | | 7/1/2046 | | 5,340,000 | e | 1,710,417 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 0.00 | | 7/1/2027 | | 397,000 | e | 353,996 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 0.00 | | 7/1/2024 | | 81,000 | e | 80,759 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 4.50 | | 7/1/2034 | | 4,311,000 | | 4,320,301 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 4.55 | | 7/1/2040 | | 208,000 | | 209,486 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 4.75 | | 7/1/2053 | | 1,526,000 | | 1,516,418 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 5.00 | | 7/1/2058 | | 8,783,000 | | 8,785,848 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | | 4.33 | | 7/1/2040 | | 2,112,000 | | 2,105,392 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | | 4.54 | | 7/1/2053 | | 63,000 | | 60,501 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | | 4.78 | | 7/1/2058 | | 847,000 | | 839,508 | |
Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A | | 5.00 | | 10/1/2034 | | 1,500,000 | a | 1,417,644 | |
Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A | | 5.00 | | 10/1/2029 | | 2,250,000 | a | 2,187,079 | |
| 101,968,990 | |
Utah - 1.7% | | | | | |
Intermountain Power Agency, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2042 | | 15,000,000 | | 16,281,523 | |
Mida Mountain Village Public Infrastructure District, Special Assessment Bonds | | 4.00 | | 8/1/2050 | | 2,000,000 | a | 1,643,193 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Utah - 1.7% (continued) | | | | | |
Mida Mountain Village Public Infrastructure District, Special Assessment Bonds | | 4.00 | | 8/1/2030 | | 1,000,000 | a | 961,813 | |
Military Installation Development Authority, Revenue Bonds, Ser. A1 | | 4.00 | | 6/1/2052 | | 2,000,000 | | 1,492,116 | |
Military Installation Development Authority, Revenue Bonds, Ser. A1 | | 4.00 | | 6/1/2041 | | 2,025,000 | | 1,667,092 | |
Military Installation Development Authority, Revenue Bonds, Ser. A1 | | 4.00 | | 6/1/2036 | | 1,000,000 | | 859,344 | |
Military Installation Development Authority, Revenue Bonds, Ser. A2 | | 4.00 | | 6/1/2052 | | 2,250,000 | | 1,678,630 | |
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A | | 5.00 | | 4/15/2044 | | 625,000 | | 635,979 | |
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A | | 5.00 | | 4/15/2049 | | 1,150,000 | | 1,161,518 | |
Utah County, Revenue Bonds (IHC Health Services Obligated Group) Ser. A | | 4.00 | | 5/15/2043 | | 2,750,000 | | 2,664,910 | |
Utah County, Revenue Bonds (IHC Health Services Obligated Group) Ser. A | | 5.00 | | 5/15/2050 | | 3,000,000 | | 3,096,533 | |
| 32,142,651 | |
Virginia - 3.1% | | | | | |
Arlington County Industrial Development Authority, Revenue Bonds, Refunding (Virginia Hospital Center) | | 4.00 | | 7/1/2045 | | 5,000,000 | | 4,699,446 | |
Chesapeake Expressway, Revenue Bonds, Refunding, Ser. B | | 4.88 | | 7/15/2040 | | 2,000,000 | | 2,021,435 | |
Fairfax County, Revenue Bonds, Ser. A | | 5.00 | | 7/15/2054 | | 1,950,000 | | 2,110,744 | |
Hampton Roads Transportation Accountability Commission, Revenue Bonds, Ser. A | | 4.00 | | 7/1/2052 | | 13,000,000 | | 12,434,009 | |
Roanoke County Economic Development Authority, Revenue Bonds, Refunding (Richfield Living Obligated Group) Ser. A | | 5.25 | | 9/1/2049 | | 4,555,000 | c | 4,245,163 | |
Virginia College Building Authority, Revenue Bonds (21st Century College) | | 5.25 | | 2/1/2042 | | 6,105,000 | | 6,768,464 | |
Virginia Port Authority Commonwealth Port Fund, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2043 | | 6,550,000 | | 7,153,296 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Virginia - 3.1% (continued) | | | | | |
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | | 5.00 | | 12/31/2052 | | 4,000,000 | | 4,021,333 | |
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | | 5.00 | | 12/31/2049 | | 4,500,000 | | 4,532,947 | |
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (95 Express Lanes) | | 4.00 | | 1/1/2048 | | 3,500,000 | | 3,107,783 | |
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (Elizabeth River Crossings OpCo) | | 4.00 | | 1/1/2040 | | 1,000,000 | | 952,495 | |
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (National Senior Campuses Obligated Group) Ser. A | | 4.00 | | 1/1/2045 | | 3,000,000 | | 2,691,647 | |
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (National Senior Campuses Obligated Group) Ser. A | | 4.00 | | 1/1/2036 | | 2,500,000 | | 2,411,530 | |
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (National Senior Campuses Obligated Group) Ser. A | | 4.00 | | 1/1/2051 | | 2,750,000 | | 2,377,767 | |
| 59,528,059 | |
Washington - 1.6% | | | | | |
Central Puget Sound Regional Transit Authority, Revenue Bonds, Refunding (Sustainable Bond) Ser. S1 | | 3.00 | | 11/1/2036 | | 5,000,000 | | 4,452,628 | |
Tacoma Electric System, Revenue Bonds, Refunding (Sustainable Bond) Ser. A | | 5.00 | | 1/1/2054 | | 2,500,000 | | 2,642,023 | |
Tacoma Electric System, Revenue Bonds, Refunding (Sustainable Bond) Ser. A | | 5.00 | | 1/1/2049 | | 3,500,000 | | 3,725,737 | |
Washington, GO, Refunding, Ser. R-2024C | | 5.00 | | 8/1/2039 | | 3,340,000 | | 3,757,871 | |
Washington, GO, Ser. A | | 5.00 | | 8/1/2040 | | 10,000,000 | | 11,079,688 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance) | | 4.00 | | 9/1/2050 | | 1,000,000 | | 894,396 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance) | | 4.00 | | 12/1/2048 | | 1,000,000 | a | 896,495 | |
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Washington - 1.6% (continued) | | | | | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance) | | 5.00 | | 9/1/2050 | | 1,500,000 | | 1,536,893 | |
Washington Housing Finance Commission, Revenue Bonds (Sustainable Bond) (Insured; GNMA/FNMA/FHLMC) Ser. 2N | | 4.80 | | 12/1/2043 | | 2,000,000 | | 2,029,061 | |
Washington Housing Finance Commission, Revenue Bonds, Refunding (Seattle Academy of Arts) | | 6.13 | | 7/1/2053 | | 1,000,000 | a | 1,086,907 | |
| 32,101,699 | |
West Virginia - .7% | | | | | |
West Virginia, GO, Ser. B | | 5.00 | | 6/1/2041 | | 10,000,000 | | 10,429,888 | |
West Virginia Economic Development Authority, Revenue Bonds (Arch Resources) | | 5.00 | | 7/1/2025 | | 1,000,000 | b | 1,002,671 | |
West Virginia Hospital Finance Authority, Revenue Bonds, Refunding (Charleston Area Medical Center) | | 5.00 | | 9/1/2039 | | 1,450,000 | | 1,458,264 | |
West Virginia Hospital Finance Authority, Revenue Bonds, Refunding (Charleston Area Medical Center) | | 5.00 | | 9/1/2038 | | 1,500,000 | | 1,515,439 | |
| 14,406,262 | |
Wisconsin - 1.6% | | | | | |
Public Finance Authority, Revenue Bonds (Maryland Proton Treatment Center) Ser. A1 | | 6.38 | | 1/1/2048 | | 2,500,000 | a | 1,125,000 | |
Public Finance Authority, Revenue Bonds (Piedmont Community Charter School) | | 5.00 | | 6/15/2053 | | 1,000,000 | | 913,846 | |
Public Finance Authority, Revenue Bonds (Piedmont Community Charter School) | | 5.00 | | 6/15/2049 | | 3,440,000 | | 3,196,299 | |
Public Finance Authority, Revenue Bonds (Sky Harbour Capital Obligated Group) | | 4.25 | | 7/1/2054 | | 2,500,000 | | 1,899,382 | |
Public Finance Authority, Revenue Bonds, Refunding (Friends Homes Obligated Group) | | 5.00 | | 9/1/2039 | | 2,230,000 | a | 2,176,391 | |
Public Finance Authority, Revenue Bonds, Refunding (Nevada State College) Ser. A | | 5.00 | | 5/1/2060 | | 3,925,000 | a | 2,866,435 | |
Public Finance Authority, Revenue Bonds, Refunding (Nevada State College) Ser. B | | 9.00 | | 5/1/2071 | | 1,815,000 | a | 1,575,492 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | |
|
Description | Coupon Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.4% (continued) | | | | | |
Wisconsin - 1.6% (continued) | | | | | |
Public Finance Authority, Revenue Bonds, Refunding (Renown Regional Medical Center) | | 4.00 | | 6/1/2045 | | 6,515,000 | | 5,909,934 | |
Public Finance Authority, Revenue Bonds, Ser. A | | 5.00 | | 2/1/2062 | | 2,500,000 | | 2,441,542 | |
Wisconsin Center District, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 0.00 | | 12/15/2046 | | 3,990,000 | e | 1,306,887 | |
Wisconsin Center District, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 0.00 | | 12/15/2044 | | 8,735,000 | e | 3,205,755 | |
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Marshfield Clinic Health System Obligated Group) Ser. C | | 5.00 | | 2/15/2047 | | 4,500,000 | | 4,336,866 | |
| 30,953,829 | |
Total Long-Term Municipal Investments (cost $2,017,075,302) | | 1,924,028,404 | |
Description | Annualized Yield (%) | | MaturityDate | | Principal Amount ($) | | Value ($) | |
Short-Term Investments - 2.5% | | | | | |
U.S. Government Securities | | | | | |
U.S. Treasury Bills | | 5.38 | | 8/20/2024 | | 10,000,000 | k | 9,886,467 | |
U.S. Treasury Bills | | 5.39 | | 8/27/2024 | | 10,000,000 | k | 9,876,632 | |
U.S. Treasury Bills | | 5.36 | | 7/2/2024 | | 10,000,000 | k | 9,957,648 | |
U.S. Treasury Bills | | 5.36 | | 7/18/2024 | | 10,000,000 | k | 9,934,340 | |
U.S. Treasury Bills | | 5.38 | | 8/1/2024 | | 10,000,000 | k | 9,913,958 | |
Total Short-Term Investments (cost $49,553,622) | | 49,569,045 | |
Total Investments (cost $2,081,628,924) | | 101.4% | 1,983,456,767 | |
Liabilities, Less Cash and Receivables | | (1.4%) | (27,106,555) | |
Net Assets | | 100.0% | 1,956,350,212 | |
GO—General Obligation
TSFR—Term Secured Overnight Financing Rate Reference Rates
a 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 May 31, 2024, these securities were valued at $225,091,877 or 11.51% of net assets.
b These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
c Non-income producing—security in default.
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
e Security issued with a zero coupon. Income is recognized through the accretion of discount.
f Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
g The Variable Rate is determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may,
but need not, be established by reference to one or more financial indices.
h Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.
i Security purchased on a when-issued or delayed basis for which the fund has not taken delivery as of May 31, 2024.
j Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
k Security is a discount security. Income is recognized through the accretion of discount.
| | | | | | |
Futures | | | |
Description | Number of Contracts | Expiration | Notional Value ($) | Market Value ($) | Unrealized (Depreciation) ($) | |
Futures Short | | |
10 Year U.S. Treasury Notes | 281 | 9/19/2024 | 31,417,017 | 31,480,781 | (63,764) | |
U.S. Treasury Long Bond | 125 | 9/19/2024 | 14,484,918 | 14,507,813 | (22,895) | |
U.S. Treasury Ultra Long Bond | 219 | 9/19/2024 | 26,791,661 | 26,813,813 | (22,152) | |
Gross Unrealized Depreciation | | (108,811) | |
See notes to financial statements.
STATEMENT OF INVESTMENTS
BNY Mellon Municipal Opportunities Fund
May 31, 2024 (Unaudited)
The following is a summary of the inputs used as of May 31, 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 ($) | | |
Investments in Securities:† | | |
Corporate Bonds | - | 9,859,318 | | - | 9,859,318 | |
Municipal Securities | - | 1,924,028,404 | | - | 1,924,028,404 | |
U.S. Treasury Securities | - | 49,569,045 | | - | 49,569,045 | |
Liabilities ($) | | |
Other Financial Instruments: | | |
Futures††† | (108,811) | - | | - | (108,811) | |
Inverse Floater Notes†† | - | (13,505,000) | | - | (13,505,000) | |
† 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.
††† Amount shown represents unrealized appreciation (depreciation) at period end.
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.
Options and financial futures on municipal and U.S. Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 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.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at May 31, 2024 is discussed below.
Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default.
At May 31, 2024, accumulated net unrealized depreciation on investments was $98,280,968, consisting of $20,228,480 gross unrealized appreciation and $118,509,448 gross unrealized depreciation.
At May 31, 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.