STATEMENT OF INVESTMENTS
BNY Mellon Municipal Bond Fund
November 30, 2020 (Unaudited)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Bonds and Notes - .3% | |||||||||
Collateralized Municipal-Backed Securities - .3% | |||||||||
Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2 | 3.63 | 5/20/2033 | 3,436,280 | 3,636,271 | |||||
Long-Term Municipal Investments - 98.7% | |||||||||
Alabama - 5.6% | |||||||||
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2036 | 6,000,000 | 7,523,580 | |||||
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B | 5.00 | 7/1/2043 | 7,500,000 | 7,752,000 | |||||
Black Belt Energy Gas District, Revenue Bonds (Project No. 5) Ser. A1 | 4.00 | 10/1/2026 | 1,000,000 | 1,172,560 | |||||
Black Belt Energy Gas District, Revenue Bonds, Ser. B1, 1 Month LIBOR x.67 +.90% | 1.00 | 12/1/2023 | 5,000,000 | a | 5,010,300 | ||||
Jefferson County, Revenue Bonds, Refunding | 5.00 | 9/15/2035 | 2,500,000 | 3,040,775 | |||||
Jefferson County, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 6.60 | 10/1/2042 | 20,000,000 | b | 19,905,600 | ||||
The Lower Alabama Gas District, Revenue Bonds (Gas Project) | 4.00 | 12/1/2025 | 5,000,000 | 5,773,150 | |||||
The Lower Alabama Gas District, Revenue Bonds, Ser. A | 5.00 | 9/1/2028 | 3,300,000 | 4,185,984 | |||||
The Southeast Alabama Gas Supply District, Revenue Bonds (Project No. 2) Ser. A | 4.00 | 6/1/2024 | 7,960,000 | 8,857,410 | |||||
University of Alabama at Birmingham, Revenue Bonds, Ser. B | 4.00 | 10/1/2035 | 4,005,000 | 4,835,477 | |||||
68,056,836 | |||||||||
Arizona - 1.5% | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 5.00 | 11/1/2044 | 1,975,000 | 2,405,155 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Arizona - 1.5% (continued) | |||||||||
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A | 5.00 | 11/15/2054 | 4,000,000 | 4,481,720 | |||||
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A | 5.00 | 11/15/2048 | 1,500,000 | 1,685,895 | |||||
La Paz County Industrial Development Authority, Revenue Bonds (Charter School Solutions) Ser. A | 5.00 | 2/15/2046 | 1,500,000 | c | 1,655,160 | ||||
Maricopa County Industrial Development Authority, Revenue Bonds (Banner Health Obligated Group) Ser. A | 5.00 | 1/1/2041 | 2,500,000 | 3,039,325 | |||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Banner Health Obligated Group) | 5.00 | 1/1/2031 | 1,750,000 | 2,172,223 | |||||
Phoenix Civic Improvement Corp., Revenue Bonds, Ser. B | 4.00 | 7/1/2044 | 2,000,000 | 2,230,960 | |||||
17,670,438 | |||||||||
California - 7.5% | |||||||||
California, GO | 5.00 | 10/1/2030 | 8,000,000 | 10,591,200 | |||||
California, GO, Refunding | 5.00 | 4/1/2033 | 7,900,000 | 10,405,327 | |||||
California, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.25 | 8/1/2032 | 5,500,000 | 7,887,660 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding | 5.00 | 6/1/2034 | 5,295,000 | 5,529,780 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 11/15/2046 | 4,000,000 | 4,752,880 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 11/15/2026 | 2,750,000 | d | 3,498,963 | ||||
California Public Works Board, Revenue Bonds (Various Capital Projects) Ser. I | 5.00 | 11/1/2038 | 2,500,000 | 2,806,225 | |||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) | 5.25 | 12/1/2048 | 1,800,000 | c | 2,054,700 | ||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2028 | 3,265,000 | 4,068,288 |
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
California - 7.5% (continued) | |||||||||
Jefferson Union High School District, COP (Teacher & Staff Housing Project) (Insured; Build America Mutual) | 4.00 | 8/1/2050 | 3,255,000 | 3,769,257 | |||||
Los Angeles Department of Airports, Revenue Bonds, Ser. A | 5.00 | 5/15/2033 | 5,000,000 | 5,456,450 | |||||
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2043 | 6,000,000 | 6,487,560 | |||||
San Francisco City & County Airport Commission, Revenue Bonds, Refunding (San Francisco International Airport) Ser. B | 5.00 | 5/1/2041 | 12,500,000 | 14,608,875 | |||||
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. E | 5.00 | 5/1/2050 | 3,500,000 | 4,290,055 | |||||
University of California Regents Medical Center, Revenue Bonds, Refunding, Ser. J | 5.00 | 5/15/2043 | 5,000,000 | 5,472,050 | |||||
91,679,270 | |||||||||
Colorado - 4.7% | |||||||||
Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement Communities and Services Obligated Group) | 5.00 | 12/1/2048 | 6,000,000 | 6,886,800 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Adventist Health System Obligated Group) | 5.00 | 11/19/2026 | 5,000,000 | 6,283,100 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A | 5.00 | 8/1/2044 | 3,500,000 | 4,217,185 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Sisters of Charity of Leavenworth Health System Obligated Group) Ser. A | 4.00 | 1/1/2036 | 5,000,000 | 5,918,950 | |||||
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2031 | 2,000,000 | 2,509,540 | |||||
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2048 | 5,000,000 | 5,989,600 | |||||
Denver City & County Airport System, Revenue Bonds, Ser. A | 5.25 | 11/15/2043 | 6,000,000 | 6,568,380 | |||||
Denver City & County Airport System, Revenue Bonds, Ser. A | 5.50 | 11/15/2027 | 6,000,000 | 6,775,440 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Colorado - 4.7% (continued) | |||||||||
Denver City & County School District No. 1, GO (Insured; State Aid Withholding) Ser. A | 5.50 | 12/1/2041 | 1,550,000 | 1,975,832 | |||||
Denver Convention Center Hotel Authority, Revenue Bonds, Refunding | 5.00 | 12/1/2036 | 1,315,000 | 1,471,367 | |||||
Denver Convention Center Hotel Authority, Revenue Bonds, Refunding | 5.00 | 12/1/2027 | 3,860,000 | 4,480,379 | |||||
Dominion Water & Sanitation District, Revenue Bonds | 5.75 | 12/1/2036 | 3,500,000 | 3,653,650 | |||||
Dominion Water & Sanitation District, Revenue Bonds | 6.00 | 12/1/2046 | 490,000 | 511,717 | |||||
57,241,940 | |||||||||
Connecticut - 2.7% | |||||||||
Connecticut, GO, Ser. A | 5.00 | 10/15/2025 | 10,600,000 | 12,003,652 | |||||
Connecticut, GO, Ser. C | 5.00 | 6/15/2035 | 1,000,000 | 1,254,830 | |||||
Connecticut, GO, Ser. C | 5.00 | 6/15/2034 | 1,020,000 | 1,284,496 | |||||
Connecticut, Revenue Bonds, Ser. A | 5.00 | 9/1/2033 | 6,000,000 | 6,899,820 | |||||
Connecticut, Revenue Bonds, Ser. A | 5.00 | 10/1/2029 | 2,500,000 | 2,803,700 | |||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C1 | 3.25 | 5/15/2044 | 2,500,000 | 2,766,550 | |||||
The Metropolitan District, Revenue Bonds, Refunding (Green Bond) Ser. A | 5.00 | 11/1/2034 | 5,025,000 | 5,765,383 | |||||
32,778,431 | |||||||||
District of Columbia - 1.4% | |||||||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding | 5.00 | 10/1/2035 | 2,000,000 | 2,434,600 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2035 | 2,000,000 | 2,386,220 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2038 | 4,000,000 | 4,899,240 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2031 | 1,500,000 | 1,906,440 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2028 | 4,000,000 | 4,294,920 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. B | 4.00 | 10/1/2049 | 1,000,000 | 1,117,070 | |||||
17,038,490 |
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Florida - 5.6% | |||||||||
Broward County Airport System, Revenue Bonds | 5.00 | 10/1/2047 | 5,000,000 | 5,883,450 | |||||
Broward County School District, COP, Refunding, Ser. A | 5.00 | 7/1/2027 | 4,900,000 | 6,212,073 | |||||
Central Florida Expressway Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2038 | 2,500,000 | 3,076,650 | |||||
Escambia County, Revenue Bonds | 5.00 | 10/1/2046 | 5,000,000 | 6,036,800 | |||||
Gainesville Utilities System, Revenue Bonds, Ser. A | 5.00 | 10/1/2037 | 2,000,000 | 2,500,240 | |||||
Jacksonville, Revenue Bonds, Refunding (Brooks Rehabilitation Project) | 4.00 | 11/1/2045 | 3,000,000 | 3,342,090 | |||||
Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding | 5.00 | 2/1/2035 | 1,500,000 | 1,692,120 | |||||
Miami Beach Stormwater, Revenue Bonds, Refunding | 5.00 | 9/1/2047 | 7,000,000 | 7,468,860 | |||||
Orlando Utilities Commission, Revenue Bonds (Series 2018 Project) Ser. A | 5.00 | 10/1/2038 | 3,000,000 | 3,766,320 | |||||
Palm Beach County Health Facilities Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) | 5.00 | 11/15/2045 | 11,500,000 | 13,084,125 | |||||
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group) | 4.00 | 8/15/2049 | 4,760,000 | 5,410,502 | |||||
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group) | 5.00 | 8/15/2039 | 1,000,000 | 1,253,880 | |||||
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group) | 5.00 | 8/15/2038 | 1,200,000 | 1,507,776 | |||||
Sunshine Skyway Bridge, Revenue Bonds, Ser. A | 4.00 | 7/1/2035 | 5,875,000 | 7,040,776 | |||||
68,275,662 | |||||||||
Georgia - 4.1% | |||||||||
Atlanta Airport Passenger Facility Charge, Revenue Bonds, Ser. C | 5.00 | 7/1/2040 | 8,555,000 | 10,855,782 | |||||
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | 5.00 | 1/1/2039 | 1,000,000 | 1,232,590 | |||||
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Project No. 1) Ser. A | 5.00 | 1/1/2028 | 8,400,000 | 10,260,264 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Georgia - 4.1% (continued) | |||||||||
Main Street Natural Gas, Revenue Bonds, Ser. B, 1 Month LIBOR x.67 +.75% | 0.85 | 9/1/2023 | 7,500,000 | a | 7,513,125 | ||||
Main Street Natural Gas, Revenue Bonds, Ser. C | 4.00 | 9/1/2026 | 9,000,000 | 10,514,340 | |||||
Private Colleges & Universities Authority, Revenue Bonds, Refunding (Emory University) Ser. A | 5.00 | 10/1/2043 | 8,875,000 | 9,794,805 | |||||
50,170,906 | |||||||||
Hawaii - .6% | |||||||||
Hawaii Airports System, Revenue Bonds, Ser. A | 5.00 | 7/1/2043 | 5,000,000 | 6,022,100 | |||||
Honolulu City & County, GO, Ser. C | 4.00 | 7/1/2041 | 1,000,000 | 1,217,320 | |||||
7,239,420 | |||||||||
Idaho - .6% | |||||||||
Power County Industrial Development Corp., Revenue Bonds (FMC Corp. Project) | 6.45 | 8/1/2032 | 7,625,000 | 7,663,430 | |||||
Illinois - 9.6% | |||||||||
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 12/1/2035 | 1,000,000 | 1,217,130 | |||||
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 12/1/2034 | 1,000,000 | 1,220,940 | |||||
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 12/1/2030 | 1,500,000 | 1,864,065 | |||||
Chicago Board of Education, Revenue Bonds | 5.00 | 4/1/2042 | 2,500,000 | 2,740,750 | |||||
Chicago II Waterworks, Revenue Bonds | 5.00 | 11/1/2028 | 7,200,000 | 8,676,432 | |||||
Chicago II Waterworks, Revenue Bonds (Second Lien Project) | 5.00 | 11/1/2027 | 2,695,000 | 3,112,078 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2029 | 6,185,000 | 7,147,015 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2048 | 3,500,000 | 4,189,290 | |||||
Chicago Park District, GO, Refunding, Ser. B | 5.00 | 1/1/2027 | 3,000,000 | 3,302,070 | |||||
Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2055 | 2,500,000 | 2,979,950 | |||||
Cook County II, Revenue Bonds, Refunding | 5.00 | 11/15/2036 | 7,000,000 | 8,443,330 |
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Illinois - 9.6% (continued) | |||||||||
Greater Chicago Metropolitan Water Reclamation District, GO (Green Bond) Ser. A | 5.00 | 12/1/2044 | 5,000,000 | 5,737,200 | |||||
Illinois, Revenue Bonds (Insured; Build America Mutual) Ser. A | 5.00 | 6/15/2032 | 4,325,000 | 5,207,862 | |||||
Illinois, Revenue Bonds, Refunding | 5.00 | 6/15/2024 | 5,000,000 | 5,403,300 | |||||
Illinois Finance Authority, Revenue Bonds (University of Illinois At Urbana-Champaign Project) | 5.00 | 10/1/2044 | 1,100,000 | 1,301,729 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. A | 5.00 | 11/15/2045 | 2,500,000 | 2,844,100 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago) Ser. A | 4.00 | 4/1/2050 | 6,000,000 | 7,015,560 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A | 6.00 | 7/1/2043 | 3,250,000 | 3,589,853 | |||||
Illinois Municipal Electric Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2032 | 5,000,000 | 5,890,800 | |||||
Illinois Toll Highway Authority, Revenue Bonds, Ser. B | 5.00 | 1/1/2036 | 1,500,000 | 1,773,660 | |||||
Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place Project) Ser. A | 5.00 | 6/15/2042 | 13,090,000 | 13,448,666 | |||||
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | 5.00 | 6/15/2050 | 1,000,000 | 1,119,700 | |||||
Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. B | 4.00 | 4/1/2036 | 650,000 | 746,480 | |||||
Railsplitter Tobacco Settlement Authority, Revenue Bonds | 5.00 | 6/1/2026 | 4,290,000 | 5,270,737 | |||||
Sales Tax Securitization Corp., Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. A | 4.00 | 1/1/2040 | 6,175,000 | 6,874,874 | |||||
University of Illinois, Revenue Bonds, Refunding (Auxiliary Facilities System) Ser. A | 5.00 | 4/1/2027 | 5,000,000 | 5,436,050 | |||||
116,553,621 | |||||||||
Indiana - .4% | |||||||||
Indiana Municipal Power Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2037 | 2,500,000 | 3,007,800 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Indiana - .4% (continued) | |||||||||
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds, Refunding, Ser. A1 | 5.00 | 1/1/2026 | 2,000,000 | 2,393,180 | |||||
5,400,980 | |||||||||
Iowa - .7% | |||||||||
Iowa Finance Authority, Revenue Bonds (Genesis Health System Obligated Group) | 5.00 | 7/1/2025 | 4,910,000 | 5,455,452 | |||||
Iowa Finance Authority, Revenue Bonds, Refunding, Ser. E | 5.00 | 8/15/2032 | 2,500,000 | 2,961,625 | |||||
8,417,077 | |||||||||
Kentucky - 2.6% | |||||||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | 4.00 | 4/1/2024 | 2,780,000 | 3,082,242 | |||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | 4.00 | 4/1/2024 | 1,040,000 | 1,152,767 | |||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | 4.00 | 6/1/2026 | 4,500,000 | 5,247,135 | |||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. B | 4.00 | 1/1/2025 | 19,625,000 | 22,106,777 | |||||
31,588,921 | |||||||||
Louisiana - 3.2% | |||||||||
East Baton Rouge Sewerage Commission, Revenue Bonds, Refunding, Ser. B | 5.00 | 2/1/2025 | 3,500,000 | d | 4,184,985 | ||||
Lafayette Utilities, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 11/1/2044 | 1,500,000 | 1,875,945 | |||||
Louisiana Public Facilities Authority, Revenue Bonds (Franciscan Missionaries of Our Lady Health System Obligated Group) Ser. A | 5.00 | 7/1/2047 | 4,250,000 | 4,982,232 | |||||
New Orleans Aviation Board, Revenue Bonds, Refunding (Consolidated Rental Car Project) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2037 | 1,750,000 | 2,135,875 | |||||
New Orleans Aviation Board, Revenue Bonds, Ser. B | 5.00 | 1/1/2045 | 5,000,000 | 5,592,800 | |||||
New Orleans Aviation Board, Revenue Bonds, Ser. B | 5.00 | 1/1/2040 | 7,825,000 | 8,815,019 | |||||
St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.) | 2.20 | 7/1/2026 | 1,000,000 | 1,021,680 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.25 | 5/15/2035 | 9,140,000 | 9,955,379 | |||||
38,563,915 |
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Maine - .4% | |||||||||
Maine Health & Higher Educational Facilities Authority, Revenue Bonds (Maine General Medical Center Obligated Group) | 7.50 | 7/1/2032 | 5,000,000 | 5,133,200 | |||||
Maryland - .8% | |||||||||
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (MedStar Health Obligated Group) | 5.00 | 8/15/2038 | 4,000,000 | 4,567,680 | |||||
Maryland Transportation Authority, Revenue Bonds | 5.00 | 6/1/2029 | 4,360,000 | 5,490,330 | |||||
10,058,010 | |||||||||
Massachusetts - .9% | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2044 | 1,000,000 | 1,171,000 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. K | 5.25 | 7/1/2029 | 2,455,000 | 2,584,477 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2029 | 1,450,000 | 1,786,516 | |||||
Massachusetts Transportation Trust Fund Metropolitan Highway System, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2034 | 4,000,000 | 5,125,680 | |||||
10,667,673 | |||||||||
Michigan - 4.0% | |||||||||
Great Lakes Water Authority Water Supply System, Revenue Bonds, Ser. B | 5.00 | 7/1/2046 | 10,000,000 | 11,804,000 | |||||
Karegnondi Water Authority, Revenue Bonds, Refunding | 5.00 | 11/1/2045 | 4,690,000 | 5,640,944 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding | 5.00 | 11/15/2034 | 2,965,000 | 3,397,119 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. C3 | 5.00 | 7/1/2030 | 6,000,000 | 6,901,980 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. C3 | 5.00 | 7/1/2032 | 3,500,000 | 4,011,420 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Credit Obligated Group) Ser. A | 5.00 | 12/1/2042 | 1,000,000 | 1,214,940 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Michigan - 4.0% (continued) | |||||||||
Michigan Housing Development Authority, Revenue Bonds, Ser. A | 3.50 | 12/1/2050 | 1,500,000 | 1,672,485 | |||||
Michigan Strategic Fund, Revenue Bonds (AMT-I-75 Improvement Project) | 5.00 | 6/30/2048 | 7,000,000 | 8,232,910 | |||||
Wayne County Airport Authority, Revenue Bonds, Ser. D | 5.00 | 12/1/2045 | 5,000,000 | 5,802,950 | |||||
48,678,748 | |||||||||
Missouri - 1.1% | |||||||||
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds, Refunding (Iatan 2 Project) Ser. A | 5.00 | 1/1/2033 | 2,200,000 | 2,465,144 | |||||
St. Louis County Industrial Development Authority, Revenue Bonds, Refunding (Friendship Village St. Louis Obligated Group) | 5.00 | 9/1/2048 | 2,250,000 | 2,407,860 | |||||
The Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (CoxHealth Obligated Group) Ser. A | 5.00 | 11/15/2029 | 3,770,000 | 4,455,311 | |||||
The Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (CoxHealth Obligated Group) Ser. A | 5.00 | 11/15/2030 | 3,725,000 | 4,389,167 | |||||
13,717,482 | |||||||||
Nebraska - .3% | |||||||||
Public Power Generation Agency, Revenue Bonds, Refunding | 5.00 | 1/1/2041 | 3,050,000 | 3,663,294 | |||||
Nevada - 2.1% | |||||||||
Clark County, GO | 5.00 | 11/1/2023 | 3,945,000 | d | 4,491,185 | ||||
Clark County Department of Aviation, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2040 | 14,000,000 | 16,166,780 | |||||
Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project) | 5.00 | 6/1/2048 | 1,000,000 | 1,108,230 | |||||
Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project) Ser. C | 0.00 | 7/1/2058 | 22,500,000 | c,e | 3,248,325 | ||||
25,014,520 | |||||||||
New Jersey - 4.2% | |||||||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding | 5.00 | 6/15/2028 | 2,250,000 | 2,300,423 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. NN | 5.00 | 3/1/2028 | 3,250,000 | 3,493,458 |
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
New Jersey - 4.2% (continued) | |||||||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. WW | 5.25 | 6/15/2029 | 3,130,000 | 3,587,481 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. WW | 5.25 | 6/15/2031 | 7,550,000 | 8,598,695 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX | 5.25 | 6/15/2027 | 5,000,000 | 5,783,500 | |||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Virtua Health Obligated Group) | 5.00 | 7/1/2028 | 3,000,000 | 3,406,020 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.00 | 6/15/2032 | 1,250,000 | 1,501,850 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB | 5.00 | 6/15/2044 | 1,000,000 | 1,155,780 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2046 | 10,490,000 | 12,469,987 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2037 | 5,000,000 | 6,208,900 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2046 | 1,860,000 | 2,244,797 | |||||
50,750,891 | |||||||||
New York - 6.2% | |||||||||
Long Island Power Authority, Revenue Bonds | 5.00 | 9/1/2034 | 1,000,000 | 1,249,130 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | 5.00 | 11/15/2031 | 4,170,000 | 4,768,103 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. D | 5.00 | 11/15/2030 | 1,000,000 | 1,118,680 | |||||
New York City, GO, Refunding, Ser. A1 | 4.00 | 8/1/2034 | 2,525,000 | 3,070,678 | |||||
New York City, GO, Ser. C | 4.00 | 8/1/2040 | 3,000,000 | 3,564,900 | |||||
New York City, GO, Ser. D1 | 4.00 | 3/1/2041 | 4,000,000 | 4,714,760 | |||||
New York City, GO, Ser. D1 | 4.00 | 3/1/2050 | 3,710,000 | 4,292,655 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (TrIPs Obligated Group) Ser. A | 5.00 | 7/1/2021 | 6,150,000 | 6,303,258 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 5/1/2036 | 7,780,000 | 9,459,313 | |||||
New York City Water & Sewer System, Revenue Bonds, Ser. DD1 | 4.00 | 6/15/2050 | 3,500,000 | 4,143,090 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
New York - 6.2% (continued) | |||||||||
New York Liberty Development Corp., Revenue Bonds, Refunding (4 World Trade Center Project) | 5.00 | 11/15/2031 | 5,000,000 | 5,195,000 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 7,500,000 | c | 7,774,350 | ||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Goldman Sachs Headquarters) | 5.25 | 10/1/2035 | 1,000,000 | 1,444,760 | |||||
New York State Dormitory Authority, Revenue Bonds (New York University) (Insured; National Public Finance Guarantee Corp.) Ser. A | 5.75 | 7/1/2027 | 4,500,000 | 5,365,125 | |||||
New York State Thruway Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 1/1/2050 | 3,655,000 | 4,220,648 | |||||
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A | 5.25 | 1/1/2050 | 6,500,000 | 7,139,470 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A | 5.00 | 11/15/2049 | 1,000,000 | 1,287,730 | |||||
75,111,650 | |||||||||
North Carolina - .5% | |||||||||
North Carolina Medical Care Commission, Revenue Bonds, Ser. A | 5.00 | 1/1/2049 | 3,000,000 | 3,243,510 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2039 | 2,000,000 | 2,376,560 | |||||
5,620,070 | |||||||||
Ohio - 1.2% | |||||||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2 | 4.00 | 6/1/2048 | 7,500,000 | 8,479,725 | |||||
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | 5.25 | 2/15/2047 | 2,500,000 | 2,928,775 | |||||
Ohio Turnpike & Infrastructure Commission, Revenue Bonds (Infrastructure Projects) Ser. A1 | 5.25 | 2/15/2039 | 3,000,000 | 3,244,500 | |||||
14,653,000 |
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Oregon - .2% | |||||||||
Medford Hospital Facilities Authority, Revenue Bonds, Refunding (Asante Project) Ser. A | 5.00 | 8/15/2045 | 1,500,000 | 1,895,895 | |||||
Pennsylvania - 6.7% | |||||||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. A | 4.00 | 7/15/2035 | 2,000,000 | 2,324,520 | |||||
Berks County Industrial Development Authority, Revenue Bonds, Refunding (The Highlands at Wyomissing Obligated Group) | 5.00 | 5/15/2048 | 1,000,000 | 1,069,890 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2035 | 3,500,000 | 4,371,185 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2031 | 1,250,000 | 1,586,500 | |||||
Delaware Valley Regional Finance Authority, Revenue Bonds, Ser. C, 1 Month MUNIPSA +.53% | 0.64 | 9/1/2023 | 11,000,000 | a | 10,907,930 | ||||
Lancaster County Hospital Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) | 5.00 | 8/15/2042 | 5,240,000 | 6,240,264 | |||||
Luzerne County Industrial Development Authority, Revenue Bonds, Refunding (Pennsylvania-American Water Co.) | 2.45 | 12/3/2029 | 2,500,000 | 2,759,600 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B | 5.00 | 6/1/2028 | 4,500,000 | 5,424,750 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B | 5.00 | 12/1/2034 | 2,160,000 | 2,561,911 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B | 5.25 | 12/1/2048 | 16,855,000 | 20,552,481 | |||||
Philadelphia Gas Works, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 8/1/2045 | 1,500,000 | 1,759,080 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2044 | 7,500,000 | 9,254,625 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. B | 5.00 | 9/1/2043 | 5,280,000 | 6,400,258 | |||||
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F | 5.00 | 9/1/2027 | 5,000,000 | 6,140,500 | |||||
81,353,494 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
South Carolina - 2.7% | |||||||||
South Carolina Ports Authority, Revenue Bonds | 5.00 | 7/1/2038 | 1,600,000 | 1,953,952 | |||||
South Carolina Ports Authority, Revenue Bonds | 5.00 | 7/1/2037 | 2,965,000 | 3,629,397 | |||||
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper Project) Ser. B | 5.13 | 12/1/2043 | 16,000,000 | 17,876,800 | |||||
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper Project) Ser. C | 5.00 | 12/1/2036 | 5,000,000 | 5,214,300 | |||||
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2042 | 3,000,000 | 3,524,670 | |||||
32,199,119 | |||||||||
South Dakota - .7% | |||||||||
South Dakota Health & Educational Facilities Authority, Revenue Bonds (Avera Health Obligated Group) | 5.00 | 7/1/2044 | 5,000,000 | 5,529,200 | |||||
South Dakota Health & Educational Facilities Authority, Revenue Bonds, Refunding (Sanford Obligated Group) | 5.00 | 11/1/2035 | 3,000,000 | 3,531,480 | |||||
9,060,680 | |||||||||
Tennessee - 1.0% | |||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Revenue Bonds, Refunding (Lipscomb University Project) | 5.00 | 10/1/2037 | 1,000,000 | 1,110,590 | |||||
Tennessee Housing Development Agency, Revenue Bonds, Refunding, Ser. 3A | 3.50 | 7/1/2050 | 1,000,000 | 1,116,370 | |||||
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2044 | 8,000,000 | 9,873,760 | |||||
12,100,720 | |||||||||
Texas - 6.7% | |||||||||
Austin Water & Wastewater System, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2043 | 10,500,000 | 11,530,890 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. E | 5.00 | 1/1/2045 | 3,000,000 | 3,753,750 | |||||
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. C | 5.00 | 8/15/2031 | 5,000,000 | 5,732,200 | |||||
Corpus Christi Utility System, Revenue Bonds | 5.00 | 7/15/2040 | 5,000,000 | 5,912,450 |
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Texas - 6.7% (continued) | |||||||||
Corpus Christi Utility System, Revenue Bonds, Refunding, Ser. A | 4.00 | 7/15/2036 | 1,500,000 | 1,857,045 | |||||
Garland Electric Utility System, Revenue Bonds, Refunding | 5.00 | 3/1/2044 | 3,000,000 | 3,773,670 | |||||
Love Field Airport Modernization Corp., Revenue Bonds (Southwest Airlines Co. Project) | 5.00 | 11/1/2028 | 4,450,000 | 4,778,632 | |||||
Lower Colorado River Authority, Revenue Bonds, Refunding | 5.00 | 5/15/2039 | 6,750,000 | 7,376,535 | |||||
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp.) Ser. A | 4.00 | 5/15/2049 | 1,500,000 | 1,706,010 | |||||
Lubbock Electric Light & Power System, Revenue Bonds | 5.00 | 4/15/2048 | 5,000,000 | 6,104,000 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding | 5.00 | 1/1/2048 | 1,750,000 | 2,097,078 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2039 | 14,250,000 | 16,784,220 | |||||
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Baylor Scott & White Health Obligated Group) Ser. A | 5.00 | 11/15/2045 | 2,500,000 | 2,924,750 | |||||
Texas A&M University, Revenue Bonds, Refunding, Ser. E | 5.00 | 5/15/2047 | 2,485,000 | 3,034,508 | |||||
West Harris County Regional Water Authority, Revenue Bonds, Refunding | 4.00 | 12/15/2049 | 3,850,000 | 4,572,221 | |||||
81,937,959 | |||||||||
U.S. Related - .5% | |||||||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) Ser. L | 5.25 | 7/1/2041 | 4,900,000 | 5,837,076 | |||||
Utah - .6% | |||||||||
Salt Lake City, Revenue Bonds, Ser. A | 5.00 | 7/1/2037 | 4,500,000 | 5,395,500 | |||||
Utah Charter School Finance Authority, Revenue Bonds | 5.00 | 10/15/2048 | 1,200,000 | 1,409,208 | |||||
6,804,708 | |||||||||
Virginia - .6% | |||||||||
Danville Industrial Development Authority, Revenue Bonds, Refunding (Danville Regional Medical Center) (Insured; American Municipal Bond Assurance Corp.) | 5.25 | 10/1/2028 | 1,090,000 | 1,229,825 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Virginia - .6% (continued) | |||||||||
Virginia College Building Authority, Revenue Bonds | 4.00 | 2/1/2036 | 2,000,000 | 2,470,680 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes) | 5.00 | 7/1/2034 | 3,400,000 | 3,534,470 | |||||
7,234,975 | |||||||||
Washington - 3.5% | |||||||||
Grant County Public Utility District No. 2, Revenue Bonds, Refunding, Ser. 2017-O | 5.00 | 1/1/2047 | 3,400,000 | 4,204,916 | |||||
Port of Seattle, Revenue Bonds | 5.00 | 4/1/2044 | 5,000,000 | 6,040,500 | |||||
Washington, GO, Ser. A1 | 5.00 | 8/1/2035 | 4,500,000 | 5,392,485 | |||||
Washington Convention Center Public Facilities District, Revenue Bonds | 5.00 | 7/1/2048 | 5,440,000 | 6,097,533 | |||||
Washington Convention Center Public Facilities District, Revenue Bonds | 5.00 | 7/1/2043 | 6,560,000 | 7,385,773 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2042 | 12,375,000 | 13,061,689 | |||||
42,182,896 | |||||||||
Wisconsin - 3.0% | |||||||||
Public Finance Authority, Revenue Bonds (KU Campus Development Corporation Project) | 5.00 | 3/1/2046 | 5,000,000 | 5,720,300 | |||||
Public Finance Authority, Revenue Bonds, Refunding (Renown Regional Medical Center) Ser. A | 5.00 | 6/1/2040 | 6,000,000 | 7,015,800 | |||||
Public Finance Authority, Revenue Bonds, Refunding (WakeMed Hospital Obligated Group) Ser. A | 5.00 | 10/1/2044 | 3,890,000 | 4,742,610 | |||||
Tender Option Bond Trust Receipts (Series 2017-XF2418), (Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Ascension Health Alliance Senior Credit Group)) Recourse, Underlying Coupon Rate (%) 5.00 | 9.38 | 11/15/2043 | 5,000,000 | c,f,g | 6,006,850 | ||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Children's Hospital of Wisconsin Obligated Group) | 4.00 | 8/15/2050 | 4,000,000 | 4,641,560 | |||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (ProHealth Care Obligated Group) | 5.00 | 8/15/2039 | 6,100,000 | 6,872,992 |
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Wisconsin - 3.0% (continued) | |||||||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Rogers Memorial Hospital Obligated Group) Ser. A | 5.00 | 7/1/2049 | 1,500,000 | 1,733,145 | |||||
36,733,257 | |||||||||
Total Long-Term Municipal Investments | 1,198,748,654 | ||||||||
Total Investments (cost $1,118,257,382) | 99.0% | 1,202,384,925 | |||||||
Cash and Receivables (Net) | 1.0% | 12,463,973 | |||||||
Net Assets | 100.0% | 1,214,848,898 |
GO—General Obligation
LIBOR—London Interbank Offered Rate
MUNIPSA—Securities Industry and Financial Markets Association Municipal Swap Index Yield
a Variable rate security—rate shown is the interest rate in effect at period end.
b Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2020, these securities were valued at $20,739,385 or 1.71% of net assets.
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
e Security issued with a zero coupon. Income is recognized through the accretion of discount.
f The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
g Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.
STATEMENT OF INVESTMENTS
BNY Mellon Municipal Bond Fund
November 30, 2020 (Unaudited)
The following is a summary of the inputs used as of November 30, 2020 in valuing the fund’s investments:
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |
Assets ($) |
|
|
|
|
Investments in Securities: † | ||||
Collateralized Municipal-Backed Securities | - | 3,636,271 | - | 3,636,271 |
Municipal Securities | - | 1,198,748,654 | - | 1,198,748,654 |
† 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 Securities and Exchange Commission (“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:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board Members (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). Debt 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. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general oversight of the Board.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.
The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.
The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity
Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.
At November 30, 2020, accumulated net unrealized appreciation on investments was $84,127,543, consisting of $85,172,304 gross unrealized appreciation and $1,044,761 gross unrealized depreciation.
At November 30, 2020, 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.