STATEMENT OF INVESTMENTS
BNY Mellon Municipal Bond Fund
May 31, 2023 (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 | 3,276,772 | 2,995,788 | |||||
| |||||||||
Long-Term Municipal Investments - 98.7% | |||||||||
Alabama - 6.6% | |||||||||
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2036 | 6,000,000 | 6,114,499 | |||||
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B | 5.00 | 7/1/2043 | 7,500,000 | 7,747,335 | |||||
Black Belt Energy Gas District, Revenue Bonds (Project No. 4) Ser. A1 | 4.00 | 12/1/2025 | 1,190,000 | a | 1,183,586 | ||||
Black Belt Energy Gas District, Revenue Bonds (Project No. 5) Ser. A1 | 4.00 | 10/1/2026 | 1,000,000 | a | 995,343 | ||||
Black Belt Energy Gas District, Revenue Bonds, Ser. B1, 1 Month LIBOR +0.90% | 4.27 | 12/1/2023 | 3,000,000 | a,b | 3,002,068 | ||||
Jefferson County, Revenue Bonds, Refunding | 5.00 | 9/15/2035 | 2,500,000 | 2,602,642 | |||||
Jefferson County, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 6.60 | 10/1/2042 | 20,000,000 | c | 20,670,696 | ||||
The Lower Alabama Gas District, Revenue Bonds (Gas Project) | 4.00 | 12/1/2025 | 5,000,000 | a | 4,976,960 | ||||
The Lower Alabama Gas District, Revenue Bonds, Ser. A | 5.00 | 9/1/2028 | 3,300,000 | 3,375,370 | |||||
The Southeast Alabama Gas Supply District, Revenue Bonds (Project No. 2) Ser. A | 4.00 | 6/1/2024 | 7,960,000 | a | 7,950,008 | ||||
University of Alabama at Birmingham, Revenue Bonds, Ser. B | 4.00 | 10/1/2035 | 4,005,000 | 4,092,877 | |||||
62,711,384 | |||||||||
Arizona - 2.0% | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 4.00 | 11/1/2037 | 4,885,000 | 4,667,317 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Arizona - 2.0% (continued) | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 5.00 | 11/1/2044 | 1,975,000 | 2,019,514 | |||||
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A | 5.00 | 11/15/2054 | 2,415,000 | 2,232,239 | |||||
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A | 5.00 | 11/15/2048 | 3,085,000 | 2,906,823 | |||||
La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public Schools) Ser. A | 5.00 | 2/15/2046 | 1,500,000 | d | 1,453,493 | ||||
Maricopa County Industrial Development Authority, Revenue Bonds (Banner Health Obligated Group) Ser. A | 5.00 | 1/1/2041 | 2,500,000 | 2,593,165 | |||||
Maricopa County Special Health Care District, GO, Ser. D | 4.00 | 7/1/2035 | 1,375,000 | 1,415,573 | |||||
Phoenix Civic Improvement Corp., Revenue Bonds, Ser. B | 4.00 | 7/1/2044 | 2,000,000 | 1,892,052 | |||||
19,180,176 | |||||||||
Arkansas - .3% | |||||||||
Arkansas Development Finance Authority, Revenue Bonds (Green Bond) (U.S. Steel Corp.) | 5.70 | 5/1/2053 | 2,450,000 | 2,462,246 | |||||
California - 4.4% | |||||||||
California, GO, Refunding | 5.00 | 4/1/2042 | 3,600,000 | 4,024,552 | |||||
California, GO, Refunding | 5.25 | 9/1/2047 | 1,500,000 | 1,700,904 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding | 5.00 | 6/1/2034 | 5,295,000 | 5,295,986 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Sutter Health Obligated Group) Ser. B | 5.00 | 11/15/2046 | 3,000,000 | 3,072,026 | |||||
California Housing Finance Agency, Revenue Bonds, Ser. 2021-1 | 3.50 | 11/20/2035 | 2,904,047 | 2,698,360 | |||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) | 5.25 | 12/1/2048 | 1,800,000 | d | 1,714,829 | ||||
Jefferson Union High School District, COP (Teacher & Staff Housing Project) (Insured; Build America Mutual) | 4.00 | 8/1/2050 | 3,255,000 | 3,131,857 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
California - 4.4% (continued) | |||||||||
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | 4.00 | 7/1/2046 | 2,780,000 | 2,587,514 | |||||
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. B | 5.00 | 5/1/2041 | 12,500,000 | 12,747,567 | |||||
San Francisco City & County Public Utilities Commission Power, Revenue Bonds, Refunding, Ser. B | 4.00 | 11/1/2051 | 3,030,000 | 2,952,266 | |||||
San Jose Evergreen Community College District, GO, Ser. C | 4.00 | 9/1/2042 | 2,000,000 | 2,023,145 | |||||
41,949,006 | |||||||||
Colorado - 3.5% | |||||||||
Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement Communities & Services Obligated Group) | 5.00 | 12/1/2048 | 6,000,000 | 5,830,913 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A | 5.00 | 8/1/2044 | 3,500,000 | 3,603,501 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Intermountain Healthcare Obligated Group) Ser. A | 4.00 | 5/15/2052 | 4,245,000 | 4,017,660 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 1/1/2036 | 5,000,000 | 5,057,645 | |||||
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2031 | 2,000,000 | 2,132,860 | |||||
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2048 | 5,000,000 | 5,103,280 | |||||
Denver City & County School District No. 1, GO (Insured; State Aid Withholding) Ser. A | 5.50 | 12/1/2041 | 1,550,000 | 1,666,462 | |||||
Denver Convention Center Hotel Authority, Revenue Bonds, Refunding | 5.00 | 12/1/2036 | 1,315,000 | 1,318,632 | |||||
Denver Convention Center Hotel Authority, Revenue Bonds, Refunding | 5.00 | 12/1/2027 | 3,860,000 | 3,950,362 | |||||
32,681,315 | |||||||||
Connecticut - .4% | |||||||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Fairfield University) Ser. T | 4.00 | 7/1/2055 | 1,845,000 | 1,617,140 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Connecticut - .4% (continued) | |||||||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C1 | 3.25 | 5/15/2044 | 1,835,000 | 1,772,296 | |||||
3,389,436 | |||||||||
District of Columbia - 1.3% | |||||||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding | 5.00 | 10/1/2035 | 2,000,000 | 2,089,333 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Dulles Metrorail) Ser. A | 5.00 | 10/1/2031 | 1,500,000 | 1,611,311 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2038 | 4,000,000 | 4,164,910 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2035 | 2,000,000 | 2,069,978 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. B | 4.00 | 10/1/2049 | 1,000,000 | 916,091 | |||||
Washington Metropolitan Area Transit Authority, Revenue Bonds (Green Bond) Ser. A | 4.13 | 7/15/2047 | 2,000,000 | 1,965,520 | |||||
12,817,143 | |||||||||
Florida - 5.5% | |||||||||
Broward County Airport System, Revenue Bonds | 5.00 | 10/1/2047 | 5,000,000 | 5,087,550 | |||||
Central Florida Expressway Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. D | 5.00 | 7/1/2035 | 2,000,000 | 2,264,071 | |||||
Central Florida Expressway Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2038 | 2,500,000 | 2,625,915 | |||||
Escambia County, Revenue Bonds | 5.00 | 10/1/2046 | 5,000,000 | 5,244,494 | |||||
Gainesville Utilities System, Revenue Bonds, Ser. A | 5.00 | 10/1/2037 | 2,000,000 | 2,123,157 | |||||
Jacksonville, Revenue Bonds, Refunding (Brooks Rehabilitation Project) | 4.00 | 11/1/2045 | 3,000,000 | 2,675,057 | |||||
Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding | 5.00 | 2/1/2035 | 1,500,000 | 1,509,665 | |||||
Miami Beach Stormwater, Revenue Bonds, Refunding | 5.00 | 9/1/2047 | 1,000,000 | 1,000,009 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Florida - 5.5% (continued) | |||||||||
Orange County Health Facilities Authority, Revenue Bonds (Orlando Health Obligated Group) Ser. A | 5.00 | 10/1/2053 | 2,715,000 | 2,839,552 | |||||
Orlando Utilities Commission, Revenue Bonds (Series 2018 Project) Ser. A | 5.00 | 10/1/2038 | 3,000,000 | 3,194,224 | |||||
Palm Beach County Health Facilities Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) | 5.00 | 11/15/2045 | 11,500,000 | 10,919,662 | |||||
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group) | 4.00 | 8/15/2049 | 4,760,000 | 4,341,189 | |||||
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group) | 5.00 | 8/15/2039 | 1,000,000 | 1,043,442 | |||||
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group) | 5.00 | 8/15/2038 | 1,200,000 | 1,255,926 | |||||
Sunshine Skyway Bridge, Revenue Bonds, Ser. A | 4.00 | 7/1/2035 | 5,875,000 | 6,054,150 | |||||
52,178,063 | |||||||||
Georgia - 3.4% | |||||||||
Atlanta Airport Passenger Facility Charge, Revenue Bonds, Ser. C | 5.00 | 7/1/2036 | 8,555,000 | 9,383,512 | |||||
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | 5.00 | 1/1/2039 | 1,000,000 | 1,034,093 | |||||
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 7/1/2055 | 1,500,000 | 1,565,056 | |||||
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A | 5.00 | 7/1/2052 | 2,865,000 | 2,932,927 | |||||
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Project No. 1) Ser. A | 5.00 | 1/1/2028 | 8,400,000 | 8,723,892 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. C | 4.00 | 9/1/2026 | 9,000,000 | a | 8,968,045 | ||||
32,607,525 | |||||||||
Hawaii - .6% | |||||||||
Hawaii Airports System, Revenue Bonds, Ser. A | 5.00 | 7/1/2043 | 5,000,000 | 5,135,013 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Hawaii - .6% (continued) | |||||||||
Honolulu County, GO, Ser. C | 4.00 | 7/1/2041 | 1,000,000 | 1,002,617 | |||||
6,137,630 | |||||||||
Idaho - .8% | |||||||||
Power County Industrial Development Corp., Revenue Bonds (FMC Corp. Project) | 6.45 | 8/1/2032 | 7,625,000 | 7,651,295 | |||||
Illinois - 8.7% | |||||||||
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 12/1/2035 | 1,000,000 | 1,047,934 | |||||
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 12/1/2034 | 1,000,000 | 1,053,286 | |||||
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 12/1/2030 | 1,500,000 | 1,587,811 | |||||
Chicago Board of Education Dedicated Capital Improvement Tax, Revenue Bonds | 5.00 | 4/1/2042 | 2,500,000 | 2,528,220 | |||||
Chicago II Waterworks, Revenue Bonds | 5.00 | 11/1/2028 | 7,200,000 | 7,498,943 | |||||
Chicago II Waterworks, Revenue Bonds (Second Lien Project) | 5.00 | 11/1/2027 | 2,695,000 | 2,742,724 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2039 | 6,530,000 | 7,130,923 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2029 | 6,185,000 | 6,275,611 | |||||
Chicago Park District, GO, Ser. A | 5.25 | 1/1/2046 | 2,500,000 | 2,706,355 | |||||
Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2055 | 2,500,000 | 2,571,327 | |||||
Cook County II, GO, Refunding, Ser. A | 5.00 | 11/15/2026 | 1,500,000 | 1,579,438 | |||||
Cook County II, Revenue Bonds, Refunding | 5.00 | 11/15/2036 | 7,000,000 | 7,344,518 | |||||
Cook County II, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2031 | 2,250,000 | 2,492,325 | |||||
Illinois, Revenue Bonds (Insured; Build America Mutual) Ser. A | 5.00 | 6/15/2032 | 4,325,000 | 4,607,007 | |||||
Illinois Finance Authority, Revenue Bonds (University of Illinois At Urbana-Champaign Project) | 5.00 | 10/1/2044 | 1,100,000 | 1,133,293 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. A | 5.00 | 11/15/2045 | 2,500,000 | 2,515,491 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Illinois - 8.7% (continued) | |||||||||
Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago) Ser. A | 4.00 | 4/1/2050 | 7,970,000 | 7,424,300 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A | 6.00 | 7/1/2043 | 3,250,000 | 3,256,254 | |||||
Illinois Toll Highway Authority, Revenue Bonds, Ser. A | 5.00 | 1/1/2041 | 4,500,000 | 4,918,152 | |||||
Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. B | 4.00 | 4/1/2036 | 650,000 | 637,094 | |||||
Sales Tax Securitization Corp., Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. A | 4.00 | 1/1/2040 | 6,175,000 | 5,989,386 | |||||
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2034 | 3,300,000 | 3,671,202 | |||||
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2033 | 1,500,000 | 1,686,989 | |||||
82,398,583 | |||||||||
Indiana - .6% | |||||||||
Indiana Finance Authority, Revenue Bonds, Refunding (CWA Authority Project) Ser. 1 | 4.00 | 10/1/2035 | 1,000,000 | 1,026,201 | |||||
Indiana Municipal Power Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2037 | 2,500,000 | 2,569,985 | |||||
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds, Refunding, Ser. A1 | 5.00 | 1/1/2026 | 2,000,000 | 2,056,154 | |||||
5,652,340 | |||||||||
Iowa - 1.1% | |||||||||
Iowa Finance Authority, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. A | 3.00 | 1/1/2047 | 3,265,000 | 3,132,389 | |||||
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project) | 5.00 | 12/1/2050 | 2,500,000 | 2,511,258 | |||||
Iowa Finance Authority, Revenue Bonds, Refunding (Unitypoint Health) Ser. E | 5.00 | 8/15/2032 | 2,500,000 | 2,566,175 | |||||
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. B1 | 4.00 | 6/1/2049 | 945,000 | 925,383 | |||||
PEFA, Revenue Bonds (Gas Project) | 5.00 | 9/1/2026 | 1,000,000 | a | 1,021,253 | ||||
10,156,458 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Kentucky - 3.1% | |||||||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | 4.00 | 4/1/2024 | 2,780,000 | 2,778,493 | |||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | 4.00 | 4/1/2024 | 1,040,000 | a | 1,038,685 | ||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | 4.00 | 6/1/2026 | 4,500,000 | a | 4,485,386 | ||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A1 | 4.00 | 8/1/2030 | 1,235,000 | a | 1,202,939 | ||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. B | 4.00 | 1/1/2025 | 19,625,000 | a | 19,609,689 | ||||
29,115,192 | |||||||||
Louisiana - 2.3% | |||||||||
Lafayette Utilities, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 11/1/2044 | 1,500,000 | 1,581,071 | |||||
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 | 4,293,793 | |||||
New Orleans Aviation Board, Revenue Bonds, Refunding (Consolidated Rental Car Project) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2037 | 1,750,000 | 1,826,760 | |||||
New Orleans Aviation Board, Revenue Bonds, Ser. B | 5.00 | 1/1/2045 | 5,000,000 | 5,008,186 | |||||
New Orleans Aviation Board, Revenue Bonds, Ser. B | 5.00 | 1/1/2040 | 7,825,000 | 7,873,755 | |||||
St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.) | 2.20 | 7/1/2026 | 1,000,000 | a | 940,822 | ||||
21,524,387 | |||||||||
Maryland - 1.4% | |||||||||
Maryland Economic Development Corp., Revenue Bonds (Green Bond) (Purple Line Transit Partners) Ser. B | 5.25 | 6/30/2052 | 4,100,000 | 4,172,085 | |||||
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (MedStar Health Obligated Group) | 5.00 | 8/15/2038 | 4,000,000 | 4,069,650 | |||||
Maryland Transportation Authority, Revenue Bonds | 5.00 | 6/1/2029 | 4,360,000 | 4,664,077 | |||||
12,905,812 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Massachusetts - .3% | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group) | 4.38 | 7/1/2052 | 1,250,000 | 1,175,339 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2029 | 1,450,000 | 1,539,498 | |||||
2,714,837 | |||||||||
Michigan - 5.2% | |||||||||
Great Lakes Water Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2046 | 10,000,000 | 10,207,006 | |||||
Karegnondi Water Authority, Revenue Bonds, Refunding | 5.00 | 11/1/2045 | 4,690,000 | 4,818,946 | |||||
Lansing Board of Water & Light, Revenue Bonds, Ser. B | 2.00 | 7/1/2026 | 2,500,000 | a | 2,334,867 | ||||
Michigan Finance Authority, Revenue Bonds, Refunding | 5.00 | 5/15/2025 | 2,965,000 | e | 3,058,035 | ||||
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont-Spectrum) | 5.00 | 4/15/2038 | 7,135,000 | 7,808,439 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Credit Group) Ser. A | 5.00 | 12/1/2042 | 1,000,000 | 1,030,431 | |||||
Michigan Housing Development Authority, Revenue Bonds, Ser. A | 3.50 | 12/1/2050 | 1,205,000 | 1,175,513 | |||||
Michigan Strategic Fund, Revenue Bonds (AMT-I-75 Improvement Project) | 5.00 | 12/31/2043 | 6,800,000 | 6,806,183 | |||||
Michigan Trunk Line, Revenue Bonds | 4.00 | 11/15/2046 | 7,280,000 | 7,059,319 | |||||
Wayne County Airport Authority, Revenue Bonds, Ser. D | 5.00 | 12/1/2045 | 5,000,000 | 5,077,491 | |||||
49,376,230 | |||||||||
Missouri - .6% | |||||||||
St. Louis County Industrial Development Authority, Revenue Bonds, Refunding (Friendship Village St. Louis Obligated Group) | 5.00 | 9/1/2048 | 2,250,000 | 1,872,590 | |||||
The Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (CoxHealth Obligated Group) Ser. A | 5.00 | 11/15/2030 | 3,725,000 | 3,835,736 | |||||
5,708,326 | |||||||||
Nebraska - .8% | |||||||||
Omaha Public Power District, Revenue Bonds, Ser. A | 5.25 | 2/1/2052 | 4,000,000 | 4,438,254 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Nebraska - .8% (continued) | |||||||||
Public Power Generation Agency, Revenue Bonds, Refunding | 5.00 | 1/1/2041 | 3,050,000 | 3,127,380 | |||||
7,565,634 | |||||||||
Nevada - 2.2% | |||||||||
Clark County Department of Aviation, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2040 | 14,000,000 | 14,334,205 | |||||
Clark County School District, GO, Ser. A | 5.00 | 6/15/2039 | 2,500,000 | 2,738,387 | |||||
Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project) | 5.00 | 6/1/2048 | 1,000,000 | 1,030,946 | |||||
Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project) Ser. C | 0.00 | 7/1/2058 | 19,000,000 | d,f | 2,415,438 | ||||
20,518,976 | |||||||||
New Jersey - 3.2% | |||||||||
New Jersey Economic Development Authority, Revenue Bonds (Continental Airlines Project) | 5.25 | 9/15/2029 | 4,380,000 | 4,391,397 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX | 5.25 | 6/15/2027 | 1,160,000 | 1,193,601 | |||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds (RWJ Barnabas Health Obligated Group) | 4.00 | 7/1/2051 | 2,500,000 | 2,346,412 | |||||
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2032 | 1,200,000 | 1,299,093 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.00 | 6/15/2032 | 1,250,000 | 1,342,731 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. AA | 4.25 | 6/15/2044 | 1,000,000 | 982,895 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB | 5.00 | 6/15/2044 | 1,000,000 | 1,035,384 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2046 | 10,490,000 | 10,752,238 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2037 | 5,000,000 | 5,225,069 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2046 | 1,860,000 | 1,935,562 | |||||
30,504,382 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
New Mexico - .3% | |||||||||
New Mexico Mortgage Finance Authority, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. C | 3.00 | 1/1/2052 | 3,130,000 | 2,988,061 | |||||
New York - 8.5% | |||||||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | 5.00 | 11/15/2031 | 4,170,000 | 4,434,712 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. D | 5.00 | 11/15/2030 | 1,000,000 | 1,034,362 | |||||
New York City, GO, Refunding, Ser. A1 | 4.00 | 8/1/2034 | 2,525,000 | 2,650,038 | |||||
New York City, GO, Ser. C | 4.00 | 8/1/2040 | 3,000,000 | 2,984,292 | |||||
New York City, GO, Ser. D1 | 4.00 | 3/1/2041 | 4,000,000 | 3,963,925 | |||||
New York City, GO, Ser. D1 | 4.00 | 3/1/2050 | 3,710,000 | 3,570,048 | |||||
New York City, GO, Ser. F1 | 4.00 | 3/1/2047 | 1,400,000 | 1,355,759 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 1/1/2027 | 1,000,000 | 1,053,544 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 5/1/2036 | 7,780,000 | 8,000,246 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 7,500,000 | d | 7,364,286 | ||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Goldman Sachs Headquarters) | 5.25 | 10/1/2035 | 1,000,000 | 1,120,838 | |||||
New York State Dormitory Authority, Revenue Bonds (New York University) (Insured; National Public Finance Guarantee Corp.) Ser. A | 5.75 | 7/1/2027 | 3,390,000 | 3,553,728 | |||||
New York State Thruway Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 1/1/2045 | 3,655,000 | 3,559,616 | |||||
New York State Thruway Authority, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 3/15/2036 | 2,915,000 | 3,008,260 | |||||
New York State Urban Development Corp., Revenue Bonds, Refunding (State of New York Personal Income Tax) | 4.00 | 3/15/2042 | 2,250,000 | 2,220,770 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
New York - 8.5% (continued) | |||||||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 4.00 | 1/1/2036 | 1,500,000 | 1,441,934 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 4.38 | 10/1/2045 | 3,000,000 | 2,846,006 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2032 | 1,500,000 | 1,548,150 | |||||
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal) | 5.00 | 12/1/2040 | 3,000,000 | 3,104,502 | |||||
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A | 5.25 | 1/1/2050 | 6,500,000 | 6,475,470 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. C | 5.25 | 5/15/2052 | 2,500,000 | 2,749,757 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. C2 | 5.00 | 11/15/2042 | 3,500,000 | 3,699,956 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A | 5.00 | 11/15/2049 | 1,000,000 | 1,066,555 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. C3 | 3.00 | 5/15/2051 | 10,000,000 | 7,463,510 | |||||
80,270,264 | |||||||||
North Carolina - .8% | |||||||||
North Carolina Medical Care Commission, Revenue Bonds (Caromont Health Obligated Group) Ser. B | 5.00 | 2/1/2026 | 2,250,000 | a | 2,348,270 | ||||
North Carolina Medical Care Commission, Revenue Bonds (Twin Lakes Community) Ser. A | 5.00 | 1/1/2049 | 3,000,000 | 2,787,439 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2039 | 2,000,000 | 2,062,934 | |||||
7,198,643 | |||||||||
Ohio - 1.0% | |||||||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2 | 4.00 | 6/1/2048 | 8,000,000 | 7,106,054 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Ohio - 1.0% (continued) | |||||||||
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | 5.25 | 2/15/2047 | 2,500,000 | 2,524,196 | |||||
9,630,250 | |||||||||
Oregon - 1.3% | |||||||||
Medford Hospital Facilities Authority, Revenue Bonds, Refunding (Asante Project) Ser. A | 5.00 | 8/15/2045 | 1,500,000 | 1,564,505 | |||||
Port of Portland, Revenue Bonds, Refunding (Green Bond) Ser. 29 | 5.50 | 7/1/2053 | 5,500,000 | 5,983,978 | |||||
Portland, Revenue Bonds, Ser. A | 3.00 | 3/1/2036 | 5,040,000 | 4,689,509 | |||||
12,237,992 | |||||||||
Pennsylvania - 7.2% | |||||||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. A | 4.00 | 7/15/2035 | 2,000,000 | 2,017,002 | |||||
Berks County Industrial Development Authority, Revenue Bonds, Refunding (The Highlands at Wyomissing Obligated Group) | 5.00 | 5/15/2025 | 1,000,000 | e | 1,051,105 | ||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2035 | 3,500,000 | 3,724,482 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2031 | 1,250,000 | 1,339,587 | |||||
Lancaster County Hospital Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) | 5.00 | 8/15/2042 | 5,240,000 | 5,383,140 | |||||
Luzerne County Industrial Development Authority, Revenue Bonds, Refunding (Pennsylvania-American Water Co.) | 2.45 | 12/3/2029 | 2,500,000 | a | 2,283,092 | ||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (The Penndot Major Bridges) (Insured; Assured Guaranteed Municipal Corp.) | 5.00 | 12/31/2057 | 3,500,000 | 3,581,059 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B | 4.00 | 12/1/2042 | 4,500,000 | 4,413,346 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B | 5.00 | 12/1/2034 | 1,160,000 | 1,203,985 | |||||
Pennsylvania Turnpike Commission Oil Franchise, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2046 | 6,250,000 | 6,708,403 | |||||
Pennsylvania Turnpike Commission Oil Franchise, Revenue Bonds, Ser. B | 5.25 | 12/1/2048 | 16,855,000 | 17,748,854 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Pennsylvania - 7.2% (continued) | |||||||||
Philadelphia Gas Works, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 8/1/2045 | 1,500,000 | 1,454,567 | |||||
The Philadelphia Redevelopment Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 4/15/2024 | 1,000,000 | 1,010,937 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2044 | 7,500,000 | 7,908,352 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. B | 5.00 | 9/1/2043 | 5,280,000 | 5,542,592 | |||||
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F | 5.00 | 9/1/2027 | 2,990,000 | 3,128,711 | |||||
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F | 5.00 | 9/1/2026 | 10,000 | e | 10,619 | ||||
68,509,833 | |||||||||
South Carolina - 3.4% | |||||||||
Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. B | 4.00 | 1/1/2034 | 3,180,000 | 3,200,418 | |||||
South Carolina Ports Authority, Revenue Bonds | 5.00 | 7/1/2038 | 1,600,000 | 1,669,920 | |||||
South Carolina Ports Authority, Revenue Bonds | 5.00 | 7/1/2037 | 2,965,000 | 3,102,899 | |||||
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper) | 5.13 | 12/1/2043 | 16,000,000 | 16,027,514 | |||||
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2042 | 3,000,000 | 2,829,886 | |||||
South Carolina Public Service Authority, Revenue Bonds, Ser. A | 4.00 | 12/1/2055 | 5,500,000 | 4,899,255 | |||||
31,729,892 | |||||||||
South Dakota - .9% | |||||||||
South Dakota Health & Educational Facilities Authority, Revenue Bonds (Avera Health Obligated Group) | 5.00 | 7/1/2044 | 5,000,000 | 5,037,700 | |||||
South Dakota Health & Educational Facilities Authority, Revenue Bonds, Refunding (Sanford Obligated Group) | 5.00 | 11/1/2035 | 3,000,000 | 3,094,151 | |||||
8,131,851 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Tennessee - .5% | |||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Revenue Bonds, Refunding (Lipscomb University Project) | 5.00 | 10/1/2037 | 1,000,000 | 995,321 | |||||
Tennergy Corp., Revenue Bonds, Ser. A | 4.00 | 9/1/2028 | 1,000,000 | a | 990,048 | ||||
Tennessee Housing Development Agency, Revenue Bonds, Refunding, Ser. 3A | 3.50 | 7/1/2050 | 770,000 | 751,295 | |||||
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | 5.50 | 7/1/2052 | 1,500,000 | 1,618,165 | |||||
4,354,829 | |||||||||
Texas - 6.7% | |||||||||
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. E | 5.00 | 1/1/2045 | 3,000,000 | 3,136,922 | |||||
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. C | 5.00 | 8/15/2031 | 5,000,000 | 5,058,996 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) (Insured; Permanent School Fund Guaranteed) Ser. T | 4.00 | 8/15/2050 | 2,500,000 | 2,324,244 | |||||
Corpus Christi Utility System, Revenue Bonds | 5.00 | 7/15/2040 | 5,000,000 | 5,109,168 | |||||
Corpus Christi Utility System, Revenue Bonds, Refunding, Ser. A | 4.00 | 7/15/2036 | 1,500,000 | 1,517,375 | |||||
Garland Electric Utility System, Revenue Bonds, Refunding | 5.00 | 3/1/2044 | 3,000,000 | 3,154,838 | |||||
Lamar Consolidated Independent School District, GO | 4.00 | 2/15/2053 | 2,000,000 | 1,886,137 | |||||
Love Field Airport Modernization Corp., Revenue Bonds (Southwest Airlines Co. Project) | 5.00 | 11/1/2028 | 3,450,000 | 3,450,482 | |||||
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp.) | 5.00 | 5/15/2046 | 3,750,000 | 3,988,927 | |||||
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp.) Ser. A | 4.00 | 5/15/2049 | 1,500,000 | 1,323,698 | |||||
Lubbock Electric Light & Power System, Revenue Bonds | 5.00 | 4/15/2048 | 5,000,000 | 5,125,375 | |||||
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project) | 4.63 | 10/1/2031 | 2,700,000 | d | 2,617,221 | ||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2039 | 14,250,000 | 14,628,672 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Texas - 6.7% (continued) | |||||||||
Plano Independent School District, GO | 5.00 | 2/15/2043 | 1,490,000 | 1,653,301 | |||||
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds (Baylor Scott & White Health Obligated Group) Ser. F | 5.00 | 11/15/2030 | 2,000,000 | a | 2,203,281 | ||||
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 | 2,552,272 | |||||
West Harris County Regional Water Authority, Revenue Bonds, Refunding | 4.00 | 12/15/2049 | 3,850,000 | 3,498,421 | |||||
63,229,330 | |||||||||
U.S. Related - .9% | |||||||||
Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2029 | 6,750,000 | 7,160,824 | |||||
Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2027 | 1,000,000 | 1,046,402 | |||||
8,207,226 | |||||||||
Utah - .6% | |||||||||
Salt Lake City, Revenue Bonds, Ser. A | 5.00 | 7/1/2037 | 4,500,000 | 4,635,408 | |||||
Utah Charter School Finance Authority, Revenue Bonds | 5.00 | 10/15/2048 | 1,200,000 | 1,216,806 | |||||
5,852,214 | |||||||||
Virginia - .8% | |||||||||
Danville Industrial Development Authority, Revenue Bonds, Refunding (Danville Regional Medical Center) (Insured; American Municipal Bond Assurance Corp.) | 5.25 | 10/1/2028 | 640,000 | 657,117 | |||||
Virginia College Building Authority, Revenue Bonds | 4.00 | 2/1/2036 | 2,000,000 | 2,060,061 | |||||
Virginia Public Building Authority, Revenue Bonds, Ser. C | 5.00 | 8/1/2030 | 2,615,000 | 2,736,888 | |||||
Virginia Small Business Financing Authority, Revenue Bonds, Refunding | 5.00 | 12/31/2047 | 2,500,000 | 2,534,420 | |||||
7,988,486 | |||||||||
Washington - 3.7% | |||||||||
Energy Northwest, Revenue Bonds, Refunding (Columbia Generating Station) | 5.00 | 7/1/2040 | 2,500,000 | 2,770,371 | |||||
Grant County Public Utility District No. 2, Revenue Bonds, Refunding, Ser. 2017-O | 5.00 | 1/1/2047 | 3,400,000 | 3,546,932 | |||||
Port of Seattle, Revenue Bonds | 5.00 | 4/1/2044 | 5,000,000 | 5,192,858 | |||||
Washington, GO, Refunding, Ser. R | 4.00 | 7/1/2036 | 4,500,000 | 4,669,246 |
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Washington - 3.7% (continued) | |||||||||
Washington, GO, Ser. B | 5.00 | 2/1/2048 | 5,130,000 | 5,640,858 | |||||
Washington Convention Center Public Facilities District, Revenue Bonds | 5.00 | 7/1/2048 | 5,440,000 | 5,451,674 | |||||
Washington Convention Center Public Facilities District, Revenue Bonds | 5.00 | 7/1/2043 | 6,560,000 | 6,621,134 | |||||
Washington Housing Finance Commission, Revenue Bonds, Ser. A1 | 3.50 | 12/20/2035 | 970,895 | 888,732 | |||||
34,781,805 | |||||||||
Wisconsin - 3.8% | |||||||||
Public Finance Authority, Revenue Bonds (KU Campus Development Corporation Project) | 5.00 | 3/1/2046 | 5,000,000 | 5,041,689 | |||||
Public Finance Authority, Revenue Bonds, Refunding (Duke Energy Progress LLC) Ser. A2 | 3.70 | 10/1/2030 | 8,900,000 | a | 8,922,151 | ||||
Public Finance Authority, Revenue Bonds, Refunding (Renown Regional Medical Center) Ser. A | 5.00 | 6/1/2040 | 6,000,000 | 6,074,129 | |||||
Public Finance Authority, Revenue Bonds, Refunding (WakeMed Hospital Obligated Group) Ser. A | 5.00 | 10/1/2044 | 3,890,000 | 3,957,573 | |||||
Public Finance Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2052 | 1,500,000 | 1,551,220 | |||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Children's Hospital of Wisconsin Obligated Group) | 4.00 | 8/15/2050 | 4,000,000 | 3,767,890 | |||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (ProHealth Care Obligated Group) | 5.00 | 8/15/2039 | 6,100,000 | 6,143,012 | |||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Rogers Memorial Hospital Obligated Group) Ser. A | 5.00 | 7/1/2049 | 500,000 | 510,274 | |||||
35,967,938 | |||||||||
Total Long-Term Municipal Investments | 932,984,990 | ||||||||
Total Investments (cost $977,461,216) | 99.0% | 935,980,778 | |||||||
Cash and Receivables (Net) | 1.0% | 9,556,867 | |||||||
Net Assets | 100.0% | 945,537,645 |
LIBOR—London Interbank Offered Rate
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
STATEMENT OF INVESTMENTS (Unaudited) (continued)
bond after the put date.
b 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.
c Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
d 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, 2023, these securities were valued at $15,565,267 or 1.65% of net assets.
e These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
f Security issued with a zero coupon. Income is recognized through the accretion of discount.
STATEMENT OF INVESTMENTS
BNY Mellon Municipal Bond Fund
May 31, 2023 (Unaudited)
The following is a summary of the inputs used as of May 31, 2023 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Collateralized Municipal-Backed Securities | - | 2,995,788 | - | 2,995,788 | ||
Municipal Securities | - | 932,984,990 | - | 932,984,990 |
† See Statement of Investments for additional detailed categorizations, if any.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
The Trust's Board of Trustees (the "Board") has designated the Adviser as the fund’s valuation designee, effective September 8, 2022, to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.
Investments in municipal securities are valued each business day by an independent pricing service (the “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Municipal investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Service is engaged under the general oversight of the Board. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
At May 31, 2023, accumulated net unrealized depreciation on investments was $41,480,438, consisting of $4,740,775 gross unrealized appreciation and $46,221,213 gross unrealized depreciation.
At May 31, 2023, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.