STATEMENT OF INVESTMENTS
BNY Mellon Intermediate Municipal Bond Fund, Inc.
August 31, 2024 (Unaudited)
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - .6% | |||||||||
Collateralized Municipal-Backed Securities - .6% | |||||||||
Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2 | 3.63 | 5/20/2033 | 1,594,995 | 1,542,236 | |||||
Washington Housing Finance Commission, Revenue Bonds, Ser. A1 | 3.50 | 12/20/2035 | 951,360 | 903,816 | |||||
Total Bonds and Notes | 2,446,052 | ||||||||
Long-Term Municipal Investments - 98.6% | |||||||||
Alabama - 3.8% | |||||||||
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B | 5.00 | 7/1/2038 | 2,975,000 | 3,109,682 | |||||
Black Belt Energy Gas District, Revenue Bonds, Refunding | 4.00 | 12/1/2031 | 1,300,000 | a | 1,313,543 | ||||
Jefferson County, Revenue Bonds, Refunding | 5.00 | 10/1/2038 | 3,250,000 | 3,594,961 | |||||
Jefferson County, Revenue Bonds, Refunding | 5.25 | 10/1/2040 | 1,250,000 | 1,391,631 | |||||
The Lower Alabama Gas District, Revenue Bonds (Gas Project) | 4.00 | 12/1/2025 | 3,500,000 | a | 3,517,015 | ||||
The Lower Alabama Gas District, Revenue Bonds, Ser. A | 5.00 | 9/1/2031 | 2,000,000 | 2,155,569 | |||||
15,082,401 | |||||||||
Arizona - 1.1% | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) Ser. A | 5.00 | 11/1/2037 | 1,375,000 | 1,521,438 | |||||
Chandler Industrial Development Authority, Revenue Bonds (Intel Corp. Project) | 4.00 | 6/1/2029 | 1,000,000 | a | 1,013,062 | ||||
Phoenix Civic Improvement Corp., Revenue Bonds, Ser. B | 5.00 | 7/1/2030 | 1,500,000 | 1,607,240 | |||||
4,141,740 | |||||||||
Arkansas - .4% | |||||||||
Fort Smith Water & Sewer, Revenue Bonds, Refunding | 5.00 | 10/1/2035 | 1,500,000 | 1,597,984 | |||||
California - 1.2% | |||||||||
California Housing Finance Agency, Revenue Bonds, Ser. 2021-1 | 3.50 | 11/20/2035 | 1,422,216 | 1,384,082 | |||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A | 5.00 | 12/1/2031 | 1,000,000 | b | 1,023,434 | ||||
San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2039 | 1,960,000 | 2,147,722 | |||||
4,555,238 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.6% (continued) | |||||||||
Colorado - 1.2% | |||||||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (AdventHealth Obligated Group) | 5.00 | 11/19/2026 | 230,000 | a,c | 241,496 | ||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A | 5.00 | 8/1/2034 | 1,000,000 | 1,069,885 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (School Health System) Ser. A | 5.00 | 1/1/2030 | 1,750,000 | 1,949,789 | |||||
Weld County School District No. RE-4, GO (Insured; State Aid Withholding) | 5.00 | 12/1/2041 | 1,450,000 | 1,613,378 | |||||
4,874,548 | |||||||||
Connecticut - 1.6% | |||||||||
Connecticut, GO (Sustainable Bond) Ser. F | 5.00 | 11/15/2038 | 2,000,000 | 2,258,255 | |||||
Connecticut, GO, Ser. A | 4.00 | 1/15/2036 | 3,000,000 | 3,099,914 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Covenant Home) Ser. B | 5.00 | 12/1/2032 | 1,000,000 | 1,028,639 | |||||
6,386,808 | |||||||||
Delaware - .3% | |||||||||
Delaware Economic Development Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) Ser. B | 5.00 | 11/15/2043 | 1,260,000 | 1,310,955 | |||||
District of Columbia - .6% | |||||||||
District of Columbia, Revenue Bonds, Ser. A | 5.00 | 7/1/2041 | 2,000,000 | 2,230,994 | |||||
Florida - 3.4% | |||||||||
Broward County Airport System, Revenue Bonds | 5.00 | 10/1/2036 | 2,000,000 | 2,067,822 | |||||
Central Florida Expressway Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. D | 5.00 | 7/1/2035 | 1,500,000 | 1,689,052 | |||||
Florida Municipal Power Agency, Revenue Bonds (Requirements Power Supply Project) | 5.00 | 10/1/2030 | 1,250,000 | 1,275,014 | |||||
Hillsborough County Industrial Development Authority, Revenue Bonds (BayCare Obligated Group) Ser. C | 5.00 | 11/15/2034 | 2,000,000 | 2,332,565 | |||||
JEA Electric System, Revenue Bonds, Refunding, Ser. 3A | 4.00 | 10/1/2036 | 1,700,000 | 1,726,820 | |||||
South Miami Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group) | 5.00 | 8/15/2031 | 1,750,000 | 1,836,822 | |||||
Sunshine Skyway Bridge, Revenue Bonds, Ser. A | 4.00 | 7/1/2033 | 2,500,000 | 2,566,600 | |||||
13,494,695 | |||||||||
Georgia - 1.6% | |||||||||
Fulton County Development Authority, Revenue Bonds, Ser. A | 5.00 | 4/1/2036 | 1,350,000 | 1,398,941 |
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.6% (continued) | |||||||||
Georgia - 1.6% (continued) | |||||||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.50 | 9/15/2028 | 2,530,000 | 2,719,996 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. C | 5.00 | 9/1/2030 | 2,000,000 | a | 2,140,786 | ||||
6,259,723 | |||||||||
Hawaii - .8% | |||||||||
Hawaii Airports System, Revenue Bonds, Ser. A | 5.00 | 7/1/2031 | 1,615,000 | 1,697,696 | |||||
Hawaii Airports System, Revenue Bonds, Ser. A | 5.00 | 7/1/2030 | 1,500,000 | 1,580,351 | |||||
3,278,047 | |||||||||
Illinois - 8.5% | |||||||||
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 12/1/2030 | 2,500,000 | 2,646,663 | |||||
Chicago Board of Education, GO, Ser. A | 5.50 | 12/1/2038 | 1,500,000 | 1,643,646 | |||||
Chicago II, GO (Chicago Recovery Plan) Ser. A | 5.00 | 1/1/2044 | 1,000,000 | 1,054,552 | |||||
Chicago II, GO, Refunding, Ser. A | 4.00 | 1/1/2035 | 3,000,000 | 3,013,677 | |||||
Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2034 | 1,900,000 | 2,093,165 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2029 | 2,400,000 | 2,411,522 | |||||
Chicago Wastewater, Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. A | 5.00 | 1/1/2041 | 1,350,000 | 1,509,109 | |||||
Cook County II, Revenue Bonds, Refunding | 5.00 | 11/15/2041 | 1,250,000 | 1,378,695 | |||||
Greater Chicago Metropolitan Water Reclamation District, GO, Refunding, Ser. A | 5.00 | 12/1/2031 | 2,275,000 | 2,373,041 | |||||
Illinois, GO, Ser. B | 5.25 | 5/1/2038 | 1,250,000 | 1,390,260 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. A | 5.00 | 11/15/2028 | 1,205,000 | 1,229,268 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (Rush University Medical Center) Ser. B | 5.00 | 11/15/2033 | 2,140,000 | 2,161,152 | |||||
Illinois Municipal Electric Agency, Revenue Bonds, Refunding, Ser. A | 4.00 | 2/1/2035 | 1,750,000 | 1,750,118 | |||||
Regional Transportation Authority, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) | 6.50 | 7/1/2030 | 2,500,000 | 2,865,004 | |||||
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2036 | 2,750,000 | 2,970,503 | |||||
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2034 | 1,500,000 | 1,700,182 | |||||
The Illinois Sports Facilities Authority, Revenue Bonds, Refunding (Insured; Build America Mutual) | 5.00 | 6/15/2029 | 1,000,000 | 1,080,119 | |||||
33,270,676 | |||||||||
Indiana - 2.1% | |||||||||
Indiana Finance Authority, Revenue Bonds, Refunding (CWA Authority Project) Ser. 1 | 4.00 | 10/1/2036 | 1,250,000 | 1,303,607 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.6% (continued) | |||||||||
Indiana - 2.1% (continued) | |||||||||
Indiana Finance Authority, Revenue Bonds, Refunding (CWA Authority Project) Ser. 1 | 4.00 | 10/1/2035 | 1,500,000 | 1,574,868 | |||||
Indiana Municipal Power Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2036 | 3,000,000 | 3,099,163 | |||||
Richmond Hospital Authority, Revenue Bonds, Refunding (Reid Hospital & Health Care Services Obligated Group) Ser. A | 5.00 | 1/1/2028 | 2,440,000 | 2,449,766 | |||||
8,427,404 | |||||||||
Iowa - 1.3% | |||||||||
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project) | 4.00 | 12/1/2032 | 1,000,000 | a,c | 1,089,790 | ||||
Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. B | 7.25 | 5/15/2038 | 2,000,000 | 2,296,102 | |||||
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2 | 4.00 | 6/1/2034 | 500,000 | 512,493 | |||||
PEFA, Revenue Bonds (Gas Project) | 5.00 | 9/1/2026 | 1,000,000 | a | 1,021,628 | ||||
4,920,013 | |||||||||
Kentucky - 1.2% | |||||||||
Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. A1 | 5.25 | 2/1/2032 | 1,000,000 | a | 1,097,185 | ||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | 4.00 | 6/1/2026 | 1,500,000 | a | 1,507,885 | ||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A1 | 4.00 | 8/1/2030 | 1,000,000 | a | 1,005,526 | ||||
Louisville & Jefferson County Metropolitan Government, Revenue Bonds (Norton Healthcare) Ser. C | 5.00 | 10/1/2026 | 1,000,000 | a | 1,033,470 | ||||
4,644,066 | |||||||||
Louisiana - .8% | |||||||||
Jefferson Sales Tax District, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 12/1/2032 | 2,250,000 | 2,329,441 | |||||
St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.) | 2.20 | 7/1/2026 | 1,000,000 | a | 976,981 | ||||
3,306,422 | |||||||||
Maryland - 1.5% | |||||||||
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Maryland Medical System Obligated Group) Ser. B2 | 5.00 | 7/1/2027 | 2,350,000 | a | 2,457,502 | ||||
Maryland Stadium Authority, Revenue Bonds | 5.00 | 5/1/2037 | 3,090,000 | 3,250,759 | |||||
5,708,261 |
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.6% (continued) | |||||||||
Massachusetts - 1.6% | |||||||||
Massachusetts, GO, Ser. D | 4.00 | 5/1/2034 | 3,500,000 | 3,616,722 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) | 5.00 | 7/1/2034 | 2,630,000 | 2,706,395 | |||||
6,323,117 | |||||||||
Michigan - 4.8% | |||||||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) | 5.00 | 7/1/2039 | 1,500,000 | 1,667,820 | |||||
Detroit Regional Convention Facility Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 10/1/2037 | 1,250,000 | 1,404,731 | |||||
Great Lakes Water Authority Water Supply System, Revenue Bonds, Refunding, Ser. D | 5.00 | 7/1/2036 | 5,000,000 | 5,131,369 | |||||
Michigan Finance Authority, Revenue Bonds (Sustainable Bond) (Henry Ford) | 5.00 | 2/28/2038 | 1,550,000 | 1,731,170 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont-Spectrum) | 5.00 | 4/15/2034 | 1,190,000 | 1,339,073 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Corp. Obligated Group) Ser. A | 5.00 | 12/1/2034 | 2,000,000 | 2,099,420 | |||||
Michigan Strategic Fund, Revenue Bonds (AMT-I-75 Improvement Project) | 5.00 | 6/30/2031 | 4,395,000 | 4,613,092 | |||||
Utica Community Schools, GO, Refunding (Insured; Qualified School Bond Loan Fund) | 5.00 | 5/1/2032 | 940,000 | 1,032,368 | |||||
19,019,043 | |||||||||
Missouri - 1.8% | |||||||||
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (CoxHealth Obligated Group) Ser. A | 5.00 | 11/15/2035 | 3,705,000 | 3,748,744 | |||||
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds, Refunding (Prairie State Project) Ser. A | 5.00 | 12/1/2030 | 3,270,000 | 3,310,115 | |||||
7,058,859 | |||||||||
Nebraska - 1.4% | |||||||||
Omaha Public Power District, Revenue Bonds, Ser. A | 5.00 | 2/1/2040 | 2,000,000 | 2,213,751 | |||||
Public Power Generation Agency, Revenue Bonds, Refunding | 5.00 | 1/1/2038 | 1,000,000 | 1,029,817 | |||||
Public Power Generation Agency, Revenue Bonds, Refunding (Whelan Energy Center Unit) | 5.00 | 1/1/2030 | 2,250,000 | 2,263,520 | |||||
5,507,088 | |||||||||
Nevada - .6% | |||||||||
Clark County School District, GO, Ser. A | 5.00 | 6/15/2039 | 1,500,000 | 1,664,364 | |||||
Reno, Revenue Bonds, Refunding | 5.00 | 6/1/2035 | 500,000 | 532,901 | |||||
2,197,265 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.6% (continued) | |||||||||
New Jersey - 4.0% | |||||||||
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2030 | 1,400,000 | 1,510,348 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.25 | 6/15/2039 | 2,500,000 | 2,830,270 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. AA | 5.00 | 6/15/2038 | 1,000,000 | 1,123,033 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB | 5.00 | 6/15/2038 | 1,000,000 | 1,129,337 | |||||
The Camden County Improvement Authority, Revenue Bonds, Refunding (Rowan University Project) (Insured; Build America Mutual) Ser. A | 5.00 | 7/1/2033 | 3,070,000 | 3,397,468 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2037 | 3,150,000 | 3,294,019 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2036 | 2,175,000 | 2,277,552 | |||||
15,562,027 | |||||||||
New York - 7.3% | |||||||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Sustainable Bond) Ser. C1 | 5.00 | 11/15/2031 | 2,135,000 | 2,285,356 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. D | 5.00 | 11/15/2030 | 15,000 | 15,595 | |||||
New York City, GO, Ser. A1 | 4.00 | 8/1/2037 | 2,195,000 | 2,243,833 | |||||
New York City, GO, Ser. C | 4.00 | 8/1/2036 | 1,250,000 | 1,279,004 | |||||
New York City, GO, Ser. F1 | 4.00 | 3/1/2038 | 1,000,000 | 1,020,444 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. B1 | 4.00 | 11/1/2043 | 1,200,000 | 1,194,338 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. B1 | 4.00 | 8/1/2038 | 2,680,000 | 2,756,023 | |||||
New York State Urban Development Corp., Revenue Bonds (State of New York Personal Income Tax) Ser. A | 4.00 | 3/15/2039 | 1,920,000 | 1,951,111 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 4.00 | 10/1/2030 | 2,500,000 | 2,500,456 | |||||
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal) | 5.00 | 12/1/2035 | 3,850,000 | 4,160,923 | |||||
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A | 5.00 | 7/1/2034 | 1,000,000 | 1,001,042 | |||||
New York Transportation Development Corp., Revenue Bonds (Sustainable Bond) (Insured; Assured Guaranty Municipal Corp.) | 4.25 | 6/30/2042 | 2,000,000 | 2,005,471 | |||||
New York Transportation Development Corp., Revenue Bonds (Sustainable Bond) (Insured; Assured Guaranty Municipal Corp.) | 5.50 | 6/30/2043 | 800,000 | 875,159 |
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.6% (continued) | |||||||||
New York - 7.3% (continued) | |||||||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding | 5.00 | 1/15/2035 | 2,000,000 | 2,215,213 | |||||
TSASC, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2032 | 3,000,000 | 3,113,457 | |||||
28,617,425 | |||||||||
North Carolina - .8% | |||||||||
Charlotte Airport, Revenue Bonds, Refunding (Charlotte Douglas International) Ser. B | 5.00 | 7/1/2038 | 1,360,000 | 1,468,705 | |||||
North Carolina Medical Care Commission, Revenue Bonds (The United Methodist Retirement Homes Inc Obligated Group) Ser. A | 5.00 | 10/1/2039 | 500,000 | 536,915 | |||||
The Charlotte-Mecklenburg Hospital Authority, Revenue Bonds (Atrium Health Obligated Group) | 5.00 | 12/1/2028 | 1,000,000 | a | 1,083,329 | ||||
3,088,949 | |||||||||
Ohio - 5.6% | |||||||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2 | 5.00 | 6/1/2034 | 3,075,000 | 3,302,744 | |||||
Ohio, Revenue Bonds (Childrens Hospital Center) Ser. B | 5.00 | 8/15/2032 | 1,000,000 | a | 1,121,346 | ||||
Ohio, Revenue Bonds (Cleveland Clinic Health System Obligated Group) | 2.75 | 5/1/2028 | 1,500,000 | a | 1,476,419 | ||||
Ohio, Revenue Bonds, Refunding (Cleveland Clinic Health Systems Obligated Group) Ser. A | 5.00 | 1/1/2031 | 1,250,000 | 1,331,783 | |||||
Ohio, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/15/2033 | 1,650,000 | 1,779,684 | |||||
Ohio Water Development Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2041 | 2,750,000 | 3,119,368 | |||||
Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds (Sustainable Bond) Ser. A | 5.00 | 12/1/2041 | 1,500,000 | 1,710,732 | |||||
Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds (Sustainable Bond) Ser. B | 5.00 | 12/1/2042 | 3,500,000 | 3,917,019 | |||||
Sycamore Community School District, GO, Refunding | 4.00 | 12/1/2030 | 4,115,000 | 4,340,913 | |||||
22,100,008 | |||||||||
Oklahoma - .8% | |||||||||
Grand River Dam Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2042 | 2,965,000 | 3,331,498 | |||||
Oregon - 2.1% | |||||||||
Medford Hospital Facilities Authority, Revenue Bonds, Refunding (Asante Project) Ser. A | 5.00 | 8/15/2033 | 500,000 | 544,838 | |||||
Oregon, GO (Article XI Q Project) Ser. A | 5.00 | 5/1/2040 | 1,500,000 | 1,699,806 | |||||
Oregon Facilities Authority, Revenue Bonds, Refunding (Legacy Health Project) Ser. A | 5.00 | 6/1/2035 | 2,500,000 | 2,554,225 | |||||
Portland Sewer System, Revenue Bonds, Ser. A | 3.00 | 3/1/2036 | 3,500,000 | 3,288,307 | |||||
8,087,176 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.6% (continued) | |||||||||
Pennsylvania - 9.6% | |||||||||
Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/1/2030 | 1,675,000 | 1,802,169 | |||||
Commonwealth Financing Authority, Revenue Bonds (Tobacco Master Settlement Payment) | 5.00 | 6/1/2031 | 2,500,000 | 2,672,921 | |||||
Luzerne County Industrial Development Authority, Revenue Bonds, Refunding (Pennsylvania-American Water Co.) | 2.45 | 12/3/2029 | 1,000,000 | a | 911,524 | ||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Obligated Group) Ser. A | 5.00 | 9/1/2032 | 1,000,000 | 1,054,870 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (The Penndot Major Bridges) | 5.00 | 12/31/2033 | 4,125,000 | 4,477,029 | |||||
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Ser. A | 5.00 | 6/1/2031 | 1,000,000 | 1,083,075 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | 5.00 | 12/1/2031 | 2,400,000 | 2,536,850 | |||||
Philadelphia, GO, Ser. A | 5.00 | 5/1/2033 | 3,080,000 | 3,415,159 | |||||
Philadelphia Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2031 | 1,000,000 | 1,036,837 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds (Rebuild Project) | 5.00 | 5/1/2039 | 2,250,000 | 2,538,156 | |||||
Philadelphia Water & Wastewater, Revenue Bonds, Refunding | 5.00 | 10/1/2033 | 1,500,000 | 1,666,201 | |||||
Philadelphia Water & Wastewater, Revenue Bonds, Refunding, Ser. B | 4.00 | 7/1/2035 | 2,000,000 | 2,006,501 | |||||
Southeastern Pennsylvania Transportation Authority, Revenue Bonds | 5.25 | 6/1/2039 | 1,700,000 | 1,929,553 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 4.00 | 9/1/2037 | 2,725,000 | 2,785,755 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 4.00 | 9/1/2035 | 1,500,000 | 1,540,560 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2032 | 2,000,000 | 2,115,856 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.25 | 9/1/2036 | 1,250,000 | 1,425,059 | |||||
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F | 5.00 | 9/1/2030 | 2,490,000 | 2,573,432 | |||||
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F | 5.00 | 9/1/2026 | 10,000 | c | 10,471 | ||||
37,581,978 | |||||||||
Rhode Island - 1.3% | |||||||||
Rhode Island Health & Educational Building Corp., Revenue Bonds (Central Falls Public School) | 4.00 | 5/15/2043 | 5,000,000 | 4,915,049 | |||||
South Carolina - 2.1% | |||||||||
South Carolina Ports Authority, Revenue Bonds | 5.00 | 7/1/2031 | 2,000,000 | 2,110,475 |
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.6% (continued) | |||||||||
South Carolina - 2.1% (continued) | |||||||||
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper) Ser. B | 5.00 | 12/1/2041 | 4,500,000 | 4,961,856 | |||||
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2036 | 1,000,000 | 1,013,972 | |||||
8,086,303 | |||||||||
Tennessee - .8% | |||||||||
Tennessee Energy Acquisition Corp., Revenue Bonds, Ser. A | 5.25 | 9/1/2026 | 1,505,000 | 1,548,546 | |||||
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2030 | 1,350,000 | 1,456,488 | |||||
3,005,034 | |||||||||
Texas - 9.6% | |||||||||
Arlington, Special Tax Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 2/15/2034 | 1,500,000 | 1,507,803 | |||||
Dayton Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 4.00 | 2/15/2040 | 2,000,000 | 2,000,539 | |||||
Garland Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. A | 5.00 | 2/15/2042 | 1,500,000 | 1,660,804 | |||||
Georgetown Utility System, Revenue Bonds (Insured; Assured Guaranteed Municipal Corp.) | 5.00 | 8/15/2035 | 1,000,000 | 1,118,340 | |||||
Harris County-Houston Sports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2029 | 2,325,000 | 2,331,938 | |||||
Harris County-Houston Sports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2028 | 2,770,000 | 2,778,366 | |||||
Houston Airport System, Revenue Bonds, Refunding (Insured; Assured Guaranteed Municipal Corp.) Ser. B | 5.00 | 7/1/2032 | 1,685,000 | 1,936,570 | |||||
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp.) | 5.00 | 5/15/2032 | 2,000,000 | 2,173,823 | |||||
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp.) | 5.00 | 5/15/2037 | 3,225,000 | 3,396,554 | |||||
Northwest Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 4.00 | 2/15/2042 | 5,000,000 | 5,110,513 | |||||
Plano Independent School District, GO | 5.00 | 2/15/2043 | 1,000,000 | 1,102,754 | |||||
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds (CHRISTUS Health Obligated Group) Ser. A | 5.00 | 7/1/2032 | 1,500,000 | a | 1,676,925 | ||||
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Baylor Scott & White Health Project) Ser. A | 5.00 | 11/15/2031 | 1,400,000 | 1,437,075 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.6% (continued) | |||||||||
Texas - 9.6% (continued) | |||||||||
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Trinity Terrace Project) | 5.00 | 10/1/2038 | 1,405,000 | 1,550,314 | |||||
Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds, Ser. B | 5.50 | 1/1/2034 | 5,465,000 | a | 6,158,963 | ||||
University of Texas System Board of Regents, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/15/2037 | 1,600,000 | 1,869,851 | |||||
37,811,132 | |||||||||
U.S. Related - .7% | |||||||||
Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2029 | 2,430,000 | 2,614,134 | |||||
Utah - 2.2% | |||||||||
Intermountain Power Agency, Revenue Bonds, Ser. A | 5.00 | 7/1/2038 | 3,000,000 | 3,374,032 | |||||
Salt Lake City, Revenue Bonds, Ser. A | 5.00 | 7/1/2036 | 5,000,000 | 5,145,104 | |||||
8,519,136 | |||||||||
Virginia - 1.4% | |||||||||
Virginia Commonwealth Transportation Board, Revenue Bonds, Refunding (Trans Capital Project) | 4.00 | 5/15/2035 | 2,855,000 | 3,034,614 | |||||
Virginia Small Business Financing Authority, Revenue Bonds, Refunding | 5.00 | 12/31/2042 | 1,000,000 | 1,063,487 | |||||
Winchester Economic Development Authority, Revenue Bonds, Refunding (Valley Health Obligated Group) Ser. A | 5.00 | 1/1/2040 | 1,350,000 | 1,504,002 | |||||
5,602,103 | |||||||||
Washington - 6.3% | |||||||||
Energy Northwest, Revenue Bonds, Refunding (Project 1) Ser. A | 5.00 | 7/1/2035 | 4,000,000 | 4,578,923 | |||||
King County Public Hospital District No. 1, GO, Refunding (Valley Medical Center) | 5.00 | 12/1/2030 | 6,930,000 | 7,190,025 | |||||
Kitsap County School District No. 100, GO (Insured; School Board Guaranty) Ser. C | 5.00 | 12/1/2041 | 1,000,000 | 1,131,581 | |||||
Port of Seattle, Revenue Bonds, Refunding | 5.00 | 8/1/2041 | 1,000,000 | 1,052,284 | |||||
Port of Seattle, Revenue Bonds, Refunding (Intermediate Lien) Ser. B | 5.25 | 7/1/2042 | 2,500,000 | 2,727,982 | |||||
Washington, GO, Refunding, Ser. R | 4.00 | 7/1/2036 | 2,270,000 | 2,389,320 | |||||
Washington, GO, Ser. B | 5.00 | 2/1/2043 | 2,500,000 | 2,768,242 | |||||
Washington Convention Center Public Facilities District, Revenue Bonds | 5.00 | 7/1/2033 | 1,330,000 | 1,384,714 | |||||
Washington Housing Finance Commission, Revenue Bonds, Refunding (Emerald Heights Project) Ser. A | 5.00 | 7/1/2038 | 1,590,000 | 1,710,922 | |||||
24,933,993 | |||||||||
Wisconsin - 2.4% | |||||||||
Milwaukee, GO (Insured; Assured Guarantee Municipal Corp.) Ser. B4 | 5.00 | 4/1/2036 | 1,515,000 | 1,714,013 |
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.6% (continued) | |||||||||
Wisconsin - 2.4% (continued) | |||||||||
Public Finance Authority, Revenue Bonds (Astro Texas Land Project) | 5.50 | 12/15/2028 | 1,250,000 | b | 1,257,435 | ||||
Public Finance Authority, Revenue Bonds (KU Campus Development Project) | 5.00 | 3/1/2036 | 4,500,000 | 4,636,153 | |||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Children's Hospital of Wisconsin Obligated Group) | 5.00 | 8/15/2034 | 1,835,000 | 1,921,276 | |||||
9,528,877 | |||||||||
Total Long-Term Municipal Investments | 386,980,169 | ||||||||
Total Investments (cost $391,828,697) | 99.2% | 389,426,221 | |||||||
Cash and Receivables (Net) | 0.8% | 3,282,465 | |||||||
Net Assets | 100.0% | 392,708,686 |
GO—General Obligation
a These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2024, these securities were valued at $2,280,869 or .58% of net assets.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
STATEMENT OF INVESTMENTS (Unaudited) (continued)
The following is a summary of the inputs used as of August 31, 2024 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Collateralized Municipal-Backed Securities | - | 2,446,052 | - | 2,446,052 | ||
Municipal Securities | - | 386,980,169 | - | 386,980,169 |
† See Statement of Investments for additional detailed categorizations, if any.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
The fund’s Board of Directors (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.
Investments in municipal securities are valued each business day by an independent pricing service (the “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Municipal investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Service is engaged under the general oversight of the Board. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
At August 31, 2024, accumulated net unrealized depreciation on investments was $2,402,476, consisting of $4,888,710 gross unrealized appreciation and $7,291,186 gross unrealized depreciation.
At August 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.