STATEMENT OF INVESTMENTS
BNY Mellon Opportunistic Municipal Securities Fund
July 31, 2023 (Unaudited)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - .2% | | | | | |
Collateralized Municipal-Backed Securities - .2% | | | | | |
Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2
(cost $1,075,248) | | 3.63 | | 5/20/2033 | | 979,645 | | 897,588 | |
| | | | | | | | | |
Long-Term Municipal Investments - 98.6% | | | | | |
Alabama - 4.4% | | | | | |
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B | | 5.00 | | 7/1/2043 | | 2,500,000 | | 2,585,340 | |
Black Belt Energy Gas District, Revenue Bonds (Project No. 4) Ser. A1 | | 4.00 | | 12/1/2025 | | 1,250,000 | a | 1,244,532 | |
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | | 4.00 | | 6/1/2027 | | 1,000,000 | a | 996,533 | |
Black Belt Energy Gas District, Revenue Bonds, Ser. B1, (1 Month LIBOR +0.90%) | | 4.39 | | 12/1/2023 | | 1,405,000 | a,b | 1,404,316 | |
Jefferson County, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 6.60 | | 10/1/2042 | | 7,835,000 | c | 8,162,949 | |
The Lower Alabama Gas District, Revenue Bonds (Gas Project) | | 4.00 | | 12/1/2025 | | 1,750,000 | a | 1,736,702 | |
The Southeast Alabama Gas Supply District, Revenue Bonds (Project No. 2) Ser. A | | 4.00 | | 6/1/2024 | | 2,240,000 | a | 2,234,885 | |
University of Alabama at Birmingham, Revenue Bonds, Ser. B | | 4.00 | | 10/1/2035 | | 2,000,000 | | 2,052,472 | |
| | 20,417,729 | |
Arizona - 3.1% | | | | | |
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | | 4.00 | | 11/1/2038 | | 3,065,000 | | 2,957,713 | |
Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Project) Ser. A | | 5.38 | | 7/1/2050 | | 2,500,000 | d | 2,375,554 | |
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A | | 5.00 | | 11/15/2054 | | 1,500,000 | | 1,453,676 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
Arizona - 3.1% (continued) | | | | | |
La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public Schools) Ser. A | | 5.00 | | 2/15/2048 | | 1,000,000 | | 967,356 | |
La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public Schools) Ser. A | | 5.00 | | 2/15/2046 | | 2,000,000 | d | 1,949,930 | |
Maricopa County Industrial Development Authority, Revenue Bonds (Banner Health Obligated Group) Ser. A | | 5.00 | | 1/1/2041 | | 1,175,000 | | 1,220,048 | |
Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin Franklin Charter School Obligated Group) | | 6.00 | | 7/1/2038 | | 2,750,000 | d | 2,868,365 | |
The Phoenix Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A | | 5.00 | | 7/1/2046 | | 1,000,000 | d | 916,999 | |
| | 14,709,641 | |
Arkansas - 1.0% | | | | | |
Arkansas Development Finance Authority, Revenue Bonds (Green Bond) (U.S. Steel Corp.) | | 5.70 | | 5/1/2053 | | 4,800,000 | | 4,871,467 | |
California - 5.0% | | | | | |
Alameda Corridor Transportation Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 10/1/2052 | | 2,500,000 | | 2,692,593 | |
California, GO, Refunding | | 5.00 | | 4/1/2042 | | 1,400,000 | | 1,571,389 | |
California, GO, Refunding | | 5.25 | | 9/1/2047 | | 1,000,000 | | 1,138,889 | |
California Community Choice Financing Authority, Revenue Bonds (Green Bond) (Clean Energy Project) | | 5.25 | | 10/1/2031 | | 2,000,000 | a | 2,090,216 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2040 | | 400,000 | | 393,242 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Sutter Health Obligated Group) Ser. B | | 5.00 | | 11/15/2046 | | 1,480,000 | | 1,524,164 | |
California Housing Finance Agency, Revenue Bonds, Ser. 2021-1 | | 3.50 | | 11/20/2035 | | 1,448,142 | | 1,356,924 | |
California Municipal Finance Authority, Revenue Bonds (Green Bond) (Insured; Build America Mutual) | | 5.00 | | 5/15/2027 | | 450,000 | | 475,421 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
California - 5.0% (continued) | | | | | |
California Municipal Finance Authority, Revenue Bonds (United Airlines Project) | | 4.00 | | 7/15/2029 | | 3,675,000 | | 3,648,035 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (HumanGood California Obligated Group) Ser. A | | 5.00 | | 10/1/2044 | | 2,500,000 | | 2,548,159 | |
California University, Revenue Bonds, Refunding, Ser. B2 | | 0.55 | | 11/1/2026 | | 1,000,000 | a | 888,707 | |
Orange County Community Facilities District, Special Tax Bonds, Ser. A | | 5.00 | | 8/15/2047 | | 1,000,000 | | 1,016,367 | |
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | | 4.00 | | 7/1/2046 | | 1,750,000 | | 1,652,065 | |
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 5/1/2041 | | 1,500,000 | | 1,530,265 | |
San Jose Evergreen Community College District, GO, Ser. C | | 4.00 | | 9/1/2045 | | 1,000,000 | | 999,680 | |
| | 23,526,116 | |
Colorado - 4.4% | | | | | |
Colorado Health Facilities Authority, Revenue Bonds (Children's Hospital Colorado Obligated Group) Ser. A | | 5.00 | | 12/1/2041 | | 2,500,000 | | 2,542,557 | |
Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement Communities & Services Obligated Group) | | 5.00 | | 12/1/2043 | | 3,280,000 | | 3,245,669 | |
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A | | 5.00 | | 8/1/2044 | | 1,250,000 | | 1,289,836 | |
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Intermountain Healthcare Obligated Group) Ser. A | | 4.00 | | 5/15/2052 | | 2,000,000 | | 1,905,352 | |
Colorado Health Facilities Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 1/1/2036 | | 2,000,000 | | 2,044,555 | |
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2048 | | 3,000,000 | | 3,067,678 | |
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | | 5.50 | | 11/15/2053 | | 3,000,000 | | 3,297,035 | |
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. D | | 5.00 | | 11/15/2024 | | 2,400,000 | | 2,440,102 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
Colorado - 4.4% (continued) | | | | | |
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | | 5.00 | | 1/15/2031 | | 950,000 | | 1,049,088 | |
| | 20,881,872 | |
Connecticut - .8% | | | | | |
Connecticut, GO, Ser. F | | 5.00 | | 11/15/2041 | | 2,500,000 | | 2,765,322 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Fairfield University) Ser. T | | 4.00 | | 7/1/2055 | | 1,000,000 | | 882,906 | |
| | 3,648,228 | |
District of Columbia - 2.7% | | | | | |
District of Columbia, Revenue Bonds, Ser. A | | 5.50 | | 7/1/2047 | | 3,000,000 | | 3,430,113 | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding | | 5.00 | | 10/1/2035 | | 1,500,000 | | 1,568,521 | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Dulles Metrorail) Ser. B | | 4.00 | | 10/1/2049 | | 2,500,000 | | 2,365,137 | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/1/2035 | | 1,000,000 | | 1,029,327 | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/1/2027 | | 3,340,000 | | 3,377,278 | |
Washington Metropolitan Area Transit Authority, Revenue Bonds (Green Bond) Ser. A | | 4.13 | | 7/15/2047 | | 1,000,000 | | 992,668 | |
| | 12,763,044 | |
Florida - 4.1% | | | | | |
Broward County Airport System, Revenue Bonds | | 5.00 | | 10/1/2037 | | 1,560,000 | | 1,609,315 | |
Escambia County, Revenue Bonds | | 5.00 | | 10/1/2046 | | 2,000,000 | | 2,097,844 | |
Florida Municipal Power Agency, Revenue Bonds, Ser. A | | 3.00 | | 10/1/2032 | | 1,000,000 | | 950,456 | |
Hillsborough County Aviation Authority, Revenue Bonds (Tampa International Airport) | | 5.00 | | 10/1/2034 | | 1,000,000 | | 1,098,368 | |
Jacksonville, Revenue Bonds, Refunding (Brooks Rehabilitation Project) | | 4.00 | | 11/1/2045 | | 1,500,000 | | 1,355,599 | |
JEA Water & Sewer System, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 10/1/2040 | | 800,000 | | 792,689 | |
Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding | | 5.00 | | 2/1/2033 | | 1,000,000 | | 1,006,546 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
Florida - 4.1% (continued) | | | | | |
Miami Beach Stormwater, Revenue Bonds, Refunding | | 5.00 | | 9/1/2047 | | 2,500,000 | | 2,500,439 | |
Mid-Bay Bridge Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/1/2040 | | 1,000,000 | | 1,004,730 | |
Orange County Health Facilities Authority, Revenue Bonds (Orlando Health Obligated Group) Ser. A | | 5.00 | | 10/1/2053 | | 2,000,000 | | 2,096,667 | |
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group) | | 4.00 | | 8/15/2049 | | 3,305,000 | | 3,132,229 | |
Village Community Development District No. 15, Special Assessment Bonds | | 5.25 | | 5/1/2054 | | 1,500,000 | d | 1,521,788 | |
| | 19,166,670 | |
Georgia - 3.8% | | | | | |
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | | 5.00 | | 1/1/2037 | | 1,100,000 | | 1,154,868 | |
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 7/1/2055 | | 1,000,000 | | 1,051,282 | |
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A | | 5.00 | | 7/1/2052 | | 3,250,000 | | 3,332,717 | |
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Project No. 1) Ser. A | | 5.00 | | 1/1/2028 | | 2,500,000 | | 2,597,192 | |
Georgia Ports Authority, Revenue Bonds | | 4.00 | | 7/1/2052 | | 1,250,000 | | 1,208,856 | |
Main Street Natural Gas, Revenue Bonds, Ser. A | | 5.00 | | 6/1/2030 | | 2,500,000 | a | 2,587,459 | |
Main Street Natural Gas, Revenue Bonds, Ser. B | | 5.00 | | 6/1/2029 | | 2,000,000 | a | 2,067,504 | |
Main Street Natural Gas, Revenue Bonds, Ser. C | | 4.00 | | 9/1/2026 | | 3,750,000 | a | 3,731,197 | |
| | 17,731,075 | |
Hawaii - .3% | | | | | |
Hawaii Airports System, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2047 | | 1,250,000 | | 1,314,688 | |
Illinois - 9.1% | | | | | |
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 12/1/2033 | | 1,000,000 | | 1,054,438 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
Illinois - 9.1% (continued) | | | | | |
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 12/1/2030 | | 1,500,000 | | 1,584,246 | |
Chicago Board of Education Dedicated Capital Improvement Tax, Revenue Bonds | | 5.00 | | 4/1/2042 | | 1,000,000 | | 1,018,117 | |
Chicago II Wastewater Transmission, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 1/1/2033 | | 2,490,000 | | 2,509,710 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2034 | | 2,100,000 | | 2,126,128 | |
Chicago O'Hare International Airport, Revenue Bonds, Ser. A | | 5.50 | | 1/1/2055 | | 1,500,000 | | 1,603,997 | |
Chicago Park District, GO, Refunding, Ser. C | | 5.00 | | 1/1/2027 | | 2,030,000 | | 2,040,759 | |
Cook County II, GO, Refunding, Ser. A | | 5.00 | | 11/15/2025 | | 2,000,000 | | 2,071,761 | |
Cook County II, Revenue Bonds, Refunding | | 5.00 | | 11/15/2035 | | 2,500,000 | | 2,651,019 | |
Illinois, GO, Refunding, Ser. D | | 4.00 | | 7/1/2037 | | 1,750,000 | | 1,738,870 | |
Illinois, Revenue Bonds (Insured; Build America Mutual) Ser. A | | 5.00 | | 6/15/2030 | | 2,000,000 | | 2,139,687 | |
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. A | | 5.00 | | 11/15/2045 | | 1,000,000 | | 1,006,748 | |
Illinois Finance Authority, Revenue Bonds, Refunding (Rush University Medical Center Obligated Group) Ser. A | | 5.00 | | 11/15/2033 | | 3,000,000 | | 3,069,910 | |
Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago) Ser. A | | 4.00 | | 4/1/2050 | | 3,760,000 | | 3,565,587 | |
Illinois Housing Development Authority, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | | 3.00 | | 4/1/2051 | | 1,805,000 | | 1,737,676 | |
Illinois Municipal Electric Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2032 | | 1,500,000 | | 1,533,667 | |
Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. B | | 4.00 | | 4/1/2040 | | 1,475,000 | | 1,402,825 | |
Regional Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 6.00 | | 6/1/2025 | | 1,000,000 | | 1,023,930 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
Illinois - 9.1% (continued) | | | | | |
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | | 4.00 | | 1/1/2039 | | 2,350,000 | | 2,337,490 | |
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | | 4.00 | | 1/1/2038 | | 1,000,000 | | 1,000,801 | |
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2034 | | 1,400,000 | | 1,566,819 | |
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2036 | | 3,500,000 | | 3,749,853 | |
| | 42,534,038 | |
Indiana - .6% | | | | | |
Indiana Finance Authority, Revenue Bonds, Refunding (CWA Authority Project) Ser. 1 | | 4.00 | | 10/1/2036 | | 2,980,000 | | 3,045,521 | |
Iowa - 2.0% | | | | | |
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project) | | 5.00 | | 12/1/2050 | | 2,730,000 | | 2,762,303 | |
Iowa Student Loan Liquidity Corp., Revenue Bonds, Ser. B | | 5.00 | | 12/1/2030 | | 1,500,000 | | 1,641,841 | |
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2 | | 4.00 | | 6/1/2049 | | 2,000,000 | | 1,797,268 | |
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. B1 | | 4.00 | | 6/1/2049 | | 1,220,000 | | 1,208,300 | |
PEFA, Revenue Bonds (Gas Project) | | 5.00 | | 9/1/2026 | | 2,000,000 | a | 2,037,211 | |
| | 9,446,923 | |
Kansas - .0% | | | | | |
Kansas Development Finance Authority, Revenue Bonds, Ser. B | | 4.00 | | 11/15/2025 | | 250,000 | | 236,242 | |
Kentucky - 2.0% | | | | | |
Henderson, Revenue Bonds (Pratt Paper Project) Ser. A | | 4.70 | | 1/1/2052 | | 1,015,000 | d | 969,028 | |
Kentucky Economic Development Finance Authority, Revenue Bonds, Refunding (Louisville Arena Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 12/1/2045 | | 2,000,000 | | 2,047,361 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | | 4.00 | | 4/1/2024 | | 1,010,000 | a | 1,009,380 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. A1 | | 4.00 | | 8/1/2030 | | 1,500,000 | a | 1,471,505 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. B | | 4.00 | | 1/1/2025 | | 4,000,000 | a | 3,999,512 | |
| | 9,496,786 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
Louisiana - 1.8% | | | | | |
Louisiana Public Facilities Authority, Revenue Bonds (Franciscan Missionaries of Our Lady Health System Obligated Group) Ser. A | | 5.00 | | 7/1/2047 | | 1,500,000 | | 1,521,497 | |
New Orleans Aviation Board, Revenue Bonds (Parking Facilities Corp.) (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 10/1/2048 | | 1,250,000 | | 1,300,764 | |
New Orleans Aviation Board, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 1/1/2036 | | 1,135,000 | | 1,197,507 | |
New Orleans Aviation Board, Revenue Bonds, Ser. B | | 5.00 | | 1/1/2040 | | 2,175,000 | | 2,183,023 | |
St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.) | | 2.20 | | 7/1/2026 | | 1,000,000 | a | 944,091 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.25 | | 5/15/2035 | | 1,220,000 | | 1,230,668 | |
| | 8,377,550 | |
Maryland - .5% | | | | | |
Maryland Economic Development Corp., Revenue Bonds (Green Bond) (Purple Line Transit Partners) Ser. B | | 5.25 | | 6/30/2055 | | 900,000 | | 921,804 | |
Maryland Economic Development Corp., Revenue Bonds (Green Bond) (Purple Line Transit Partners) Ser. B | | 5.25 | | 6/30/2052 | | 1,590,000 | | 1,631,171 | |
| | 2,552,975 | |
Massachusetts - 1.4% | | | | | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group) | | 4.38 | | 7/1/2052 | | 1,000,000 | | 958,407 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | | 5.00 | | 7/1/2027 | | 1,750,000 | | 1,830,863 | |
Massachusetts Educational Financing Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2027 | | 2,350,000 | | 2,451,624 | |
Massachusetts Port Authority, Revenue Bonds (Green Bond) Ser. A | | 5.00 | | 7/1/2034 | | 1,000,000 | | 1,117,703 | |
| | 6,358,597 | |
Michigan - 4.6% | | | | | |
Great Lakes Water Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2046 | | 3,000,000 | | 3,070,068 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
Michigan - 4.6% (continued) | | | | | |
Karegnondi Water Authority, Revenue Bonds, Refunding | | 5.00 | | 11/1/2041 | | 1,000,000 | | 1,031,859 | |
Lansing Board of Water & Light, Revenue Bonds, Ser. B | | 2.00 | | 7/1/2026 | | 2,500,000 | a | 2,353,738 | |
Michigan Finance Authority, Revenue Bonds (Henry Ford Health System Obligated Group) Ser. A | | 4.00 | | 11/15/2050 | | 1,665,000 | | 1,566,222 | |
Michigan Finance Authority, Revenue Bonds, Refunding | | 4.00 | | 4/15/2042 | | 2,425,000 | | 2,326,292 | |
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. D1 | | 5.00 | | 7/1/2037 | | 2,000,000 | | 2,017,294 | |
Michigan Housing Development Authority, Revenue Bonds, Ser. A | | 3.50 | | 12/1/2050 | | 1,455,000 | | 1,422,806 | |
Michigan Strategic Fund, Revenue Bonds (I-75 Improvement Project) | | 5.00 | | 6/30/2033 | | 3,900,000 | | 4,085,286 | |
Michigan Trunk Line, Revenue Bonds | | 4.00 | | 11/15/2046 | | 1,140,000 | | 1,117,985 | |
Pontiac School District, GO (Insured; Qualified School Board Loan Fund) | | 4.00 | | 5/1/2045 | | 1,800,000 | | 1,708,965 | |
Wayne County Airport Authority, Revenue Bonds, Ser. D | | 5.00 | | 12/1/2045 | | 1,000,000 | | 1,017,706 | |
| | 21,718,221 | |
Missouri - .7% | | | | | |
Kansas City Industrial Development Authority, Revenue Bonds (Kansas City International Airport) Ser. B | | 5.00 | | 3/1/2054 | | 3,060,000 | | 3,119,465 | |
Multi-State - .2% | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M048 | | 3.15 | | 1/15/2036 | | 1,175,000 | d | 1,037,503 | |
Nebraska - .4% | | | | | |
Public Power Generation Agency, Revenue Bonds, Refunding | | 5.00 | | 1/1/2037 | | 2,000,000 | | 2,067,695 | |
Nevada - 1.4% | | | | | |
Clark County School District, GO, Ser. A | | 5.00 | | 6/15/2039 | | 5,000,000 | | 5,552,727 | |
Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project) | | 5.00 | | 6/1/2048 | | 1,070,000 | | 1,104,368 | |
| | 6,657,095 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
New Hampshire - .3% | | | | | |
New Hampshire Business Finance Authority, Revenue Bonds (University of Nevada Reno Project) (Insured; Build America Mutual) Ser. A | | 4.00 | | 12/1/2040 | | 515,000 | | 498,427 | |
New Hampshire Business Finance Authority, Revenue Bonds (University of Nevada Reno Project) (Insured; Build America Mutual) Ser. A | | 4.13 | | 12/1/2043 | | 1,000,000 | | 962,907 | |
| | 1,461,334 | |
New Jersey - 3.6% | | | | | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX | | 5.25 | | 6/15/2027 | | 465,000 | | 480,564 | |
New Jersey Educational Facilities Authority, Revenue Bonds, Refunding (Stockton University) Ser. A | | 5.00 | | 7/1/2041 | | 1,000,000 | | 1,017,791 | |
New Jersey Health Care Facilities Financing Authority, Revenue Bonds (Inspira Health Obligated Group) | | 5.00 | | 7/1/2037 | | 1,600,000 | | 1,660,872 | |
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Ser. B | | 5.00 | | 12/1/2024 | | 570,000 | | 577,295 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds | | 5.50 | | 6/15/2050 | | 1,000,000 | | 1,104,340 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. AA | | 4.25 | | 6/15/2044 | | 1,000,000 | | 1,006,393 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB | | 5.00 | | 6/15/2044 | | 2,000,000 | | 2,089,810 | |
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. D | | 5.00 | | 1/1/2028 | | 1,000,000 | | 1,052,400 | |
South Jersey Transportation Authority, Revenue Bonds | | 4.63 | | 11/1/2047 | | 1,000,000 | | 1,015,770 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2046 | | 3,880,000 | | 3,968,221 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2036 | | 2,000,000 | | 2,121,973 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.25 | | 6/1/2046 | | 620,000 | | 643,490 | |
| | 16,738,919 | |
New Mexico - 1.0% | | | | | |
New Mexico Educational Assistance Foundation, Revenue Bonds, Refunding, Ser. 1A | | 5.00 | | 9/1/2025 | | 2,080,000 | | 2,127,392 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
New Mexico - 1.0% (continued) | | | | | |
New Mexico Mortgage Finance Authority, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. C | | 3.00 | | 1/1/2052 | | 2,575,000 | | 2,470,301 | |
| | 4,597,693 | |
New York - 6.5% | | | | | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | | 5.00 | | 11/15/2050 | | 3,000,000 | | 3,109,762 | |
New York City, GO, Ser. F1 | | 4.00 | | 3/1/2047 | | 200,000 | | 195,385 | |
New York City Housing Development Corp., Revenue Bonds (Insured; Federal Housing Administration) Ser. F2 | | 0.60 | | 7/1/2025 | | 980,000 | a | 908,570 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | | 5.00 | | 11/15/2044 | | 2,500,000 | d | 2,458,006 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Goldman Sachs Headquarters) | | 5.25 | | 10/1/2035 | | 1,000,000 | | 1,144,115 | |
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E | | 4.00 | | 3/15/2038 | | 1,400,000 | | 1,419,831 | |
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 232 | | 5.00 | | 4/1/2026 | | 1,180,000 | | 1,213,908 | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 4.38 | | 10/1/2045 | | 2,500,000 | | 2,428,979 | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 5.00 | | 1/1/2032 | | 1,500,000 | | 1,554,035 | |
New York Transportation Development Corp., Revenue Bonds (JFK International Airport) | | 5.00 | | 12/1/2040 | | 2,000,000 | | 2,088,695 | |
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A | | 5.25 | | 1/1/2050 | | 2,500,000 | | 2,501,111 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. C | | 5.25 | | 5/15/2052 | | 5,000,000 | | 5,510,493 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. C2 | | 5.00 | | 11/15/2042 | | 1,500,000 | | 1,586,975 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A | | 5.25 | | 5/15/2057 | | 2,500,000 | | 2,756,489 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
New York - 6.5% (continued) | | | | | |
TSASC, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 6/1/2045 | | 815,000 | | 773,433 | |
Westchester County Local Development Corp., Revenue Bonds, Refunding (Purchase Senior Learning Community Obligated Group) | | 5.00 | | 7/1/2046 | | 1,000,000 | d | 821,434 | |
| | 30,471,221 | |
North Carolina - 1.6% | | | | | |
Charlotte Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2038 | | 1,000,000 | | 1,077,809 | |
North Carolina Medical Care Commission, Revenue Bonds (Twin Lakes Community) Ser. A | | 5.00 | | 1/1/2038 | | 1,000,000 | | 994,880 | |
The Charlotte-Mecklenburg Hospital Authority, Revenue Bonds (Atrium Health Obligated Group) | | 5.00 | | 12/1/2028 | | 1,500,000 | a | 1,638,944 | |
The Charlotte-Mecklenburg Hospital Authority, Revenue Bonds (Atrium Health Obligated Group) Ser. B | | 5.00 | | 12/2/2024 | | 3,500,000 | a | 3,571,884 | |
| | 7,283,517 | |
North Dakota - .3% | | | | | |
University of North Dakota, COP (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.00 | | 6/1/2046 | | 1,470,000 | | 1,430,184 | |
Ohio - 1.9% | | | | | |
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2 | | 4.00 | | 6/1/2048 | | 6,000,000 | | 5,530,216 | |
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | | 5.25 | | 2/15/2047 | | 1,000,000 | | 1,006,555 | |
Ohio, Revenue Bonds (Cleveland Clinic Health System Obligated Group) | | 2.75 | | 5/1/2028 | | 1,000,000 | a | 976,747 | |
Ohio, Revenue Bonds, Refunding (Lease Appropriations-Adult Correctional Building Fund Projects) Ser. A | | 5.00 | | 10/1/2037 | | 1,430,000 | | 1,517,837 | |
| | 9,031,355 | |
Oregon - 1.2% | | | | | |
Port of Portland, Revenue Bonds, Refunding (Green Bond) Ser. 29 | | 5.50 | | 7/1/2053 | | 3,250,000 | | 3,589,489 | |
Port of Portland, Revenue Bonds, Refunding, Ser. 28 | | 4.00 | | 7/1/2047 | | 2,250,000 | | 2,128,908 | |
| | 5,718,397 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
Pennsylvania - 5.9% | | | | | |
Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds (City Center Project) | | 5.00 | | 5/1/2033 | | 2,750,000 | d | 2,804,605 | |
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | | 5.00 | | 2/15/2027 | | 1,350,000 | a | 1,412,082 | |
Luzerne County Industrial Development Authority, Revenue Bonds, Refunding (Pennsylvania-American Water Co.) | | 2.45 | | 12/3/2029 | | 1,750,000 | a | 1,608,940 | |
Montgomery County Industrial Development Authority, Revenue Bonds, Refunding (ACTS Retirement-Life Communities Obligated Group) | | 5.00 | | 11/15/2036 | | 3,500,000 | | 3,501,835 | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds (The Penndot Major Bridges) (Insured; Assured Guaranteed Municipal Corp.) | | 5.00 | | 12/31/2057 | | 2,000,000 | | 2,073,051 | |
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Ser. A | | 5.00 | | 6/1/2029 | | 1,400,000 | | 1,480,987 | |
Pennsylvania Turnpike Commission Oil Franchise, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2046 | | 3,000,000 | | 3,226,111 | |
Pennsylvania Turnpike Commission Oil Franchise, Revenue Bonds, Ser. B | | 5.25 | | 12/1/2048 | | 4,000,000 | | 4,214,558 | |
The Philadelphia Redevelopment Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 4/15/2024 | | 1,500,000 | | 1,514,040 | |
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | | 4.00 | | 9/1/2036 | | 1,420,000 | | 1,427,441 | |
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | | 5.00 | | 9/1/2038 | | 1,000,000 | | 1,058,481 | |
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | | 5.00 | | 9/1/2044 | | 3,000,000 | | 3,148,885 | |
| | 27,471,016 | |
Rhode Island - .4% | | | | | |
Providence Public Building Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 9/15/2037 | | 1,695,000 | | 1,804,044 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
South Carolina - 2.3% | | | | | |
Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2029 | | 1,000,000 | | 1,085,923 | |
Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. D | | 4.00 | | 1/1/2033 | | 3,000,000 | | 3,046,092 | |
South Carolina Public Service Authority, Revenue Bonds, Refunding | | 5.13 | | 12/1/2043 | | 5,000,000 | | 5,007,196 | |
South Carolina Public Service Authority, Revenue Bonds, Ser. A | | 4.00 | | 12/1/2055 | | 2,000,000 | | 1,808,090 | |
| | 10,947,301 | |
Tennessee - 1.0% | | | | | |
Tennergy Corp., Revenue Bonds, Ser. A | | 4.00 | | 9/1/2028 | | 2,000,000 | a | 1,978,039 | |
Tennessee Energy Acquisition Corp., Revenue Bonds | | 4.00 | | 11/1/2025 | | 1,000,000 | a | 994,709 | |
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | | 5.50 | | 7/1/2052 | | 1,500,000 | | 1,642,820 | |
| | 4,615,568 | |
Texas - 9.7% | | | | | |
Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas) Ser. D | | 5.75 | | 8/15/2033 | | 4,500,000 | | 4,578,398 | |
Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (IDEA Public Schools) (Insured; Permanent School Fund Guarantee Program) | | 5.00 | | 8/15/2031 | | 3,825,000 | | 3,881,024 | |
Corpus Christi Utility System, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 7/15/2035 | | 1,000,000 | | 1,027,339 | |
Dallas Area Rapid Transit, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 12/1/2051 | | 1,925,000 | | 1,848,558 | |
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 11/1/2040 | | 2,500,000 | | 2,753,619 | |
Garland Electric Utility System, Revenue Bonds, Refunding | | 5.00 | | 3/1/2044 | | 1,500,000 | | 1,575,859 | |
Georgetown Utility System, Revenue Bonds (Insured; Assured Guaranteed Municipal Corp.) | | 5.25 | | 8/15/2052 | | 3,000,000 | | 3,256,055 | |
Houston Airport System, Revenue Bonds (United Airlines) Ser. C | | 5.00 | | 7/15/2028 | | 1,000,000 | | 1,016,342 | |
Houston Airport System, Revenue Bonds, Refunding (Insured; Assured Guaranteed Municipal Corp.) Ser. B | | 4.25 | | 7/1/2053 | | 3,080,000 | | 3,028,434 | |
Lamar Consolidated Independent School District, GO | | 4.00 | | 2/15/2053 | | 1,225,000 | | 1,180,818 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
Texas - 9.7% (continued) | | | | | |
Love Field Airport Modernization Corp., Revenue Bonds | | 5.00 | | 11/1/2034 | | 3,500,000 | | 3,578,977 | |
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp.) Ser. A | | 4.00 | | 5/15/2049 | | 1,000,000 | | 917,340 | |
Lubbock Electric Light & Power System, Revenue Bonds | | 5.00 | | 4/15/2048 | | 2,475,000 | | 2,539,662 | |
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project) | | 4.63 | | 10/1/2031 | | 4,175,000 | d | 4,073,572 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2039 | | 4,000,000 | | 4,114,565 | |
Plano Independent School District, GO | | 5.00 | | 2/15/2043 | | 1,000,000 | | 1,109,391 | |
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 | 2,208,435 | |
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds (CHRISTUS Health Obligated Group) Ser. A | | 5.00 | | 7/1/2032 | | 1,500,000 | a | 1,670,765 | |
Waxahachie Independent School District, GO, (Insured; Permanent School Fund Guarantee Program) | | 4.25 | | 2/15/2053 | | 1,000,000 | | 988,300 | |
| | 45,347,453 | |
U.S. Related - 2.4% | | | | | |
Puerto Rico, GO, Ser. A1 | | 5.63 | | 7/1/2029 | | 3,000,000 | | 3,210,353 | |
Puerto Rico, GO, Ser. A1 | | 5.63 | | 7/1/2027 | | 7,500,000 | | 7,890,028 | |
| | 11,100,381 | |
Utah - 1.0% | | | | | |
Salt Lake City Airport, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2034 | | 3,000,000 | | 3,134,770 | |
Utah Telecommunication Open Infrastructure Agency, Revenue Bonds, Refunding | | 5.50 | | 6/1/2040 | | 1,200,000 | | 1,357,122 | |
| | 4,491,892 | |
Virginia - 1.8% | | | | | |
Virginia Public Building Authority, Revenue Bonds, Ser. A | | 4.00 | | 8/1/2039 | | 2,500,000 | | 2,540,229 | |
Virginia Public Building Authority, Revenue Bonds, Ser. C | | 5.00 | | 8/1/2030 | | 1,275,000 | | 1,334,651 | |
Virginia Small Business Financing Authority, Revenue Bonds, Refunding | | 5.00 | | 12/31/2047 | | 1,500,000 | | 1,548,307 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 98.6% (continued) | | | | | |
Virginia - 1.8% (continued) | | | | | |
Williamsburg Economic Development Authority, Revenue Bonds (William & Marry Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.13 | | 7/1/2058 | | 1,250,000 | | 1,201,779 | |
Winchester Economic Development Authority, Revenue Bonds, Refunding (Valley Health System Obligated Group) | | 5.00 | | 1/1/2035 | | 1,560,000 | | 1,610,081 | |
| | 8,235,047 | |
Washington - 2.0% | | | | | |
Port of Seattle, Revenue Bonds, Refunding | | 4.00 | | 8/1/2047 | | 1,500,000 | | 1,387,576 | |
Washington, GO, Ser. B | | 5.00 | | 2/1/2043 | | 2,710,000 | | 3,019,219 | |
Washington Convention Center Public Facilities District, Revenue Bonds | | 5.00 | | 7/1/2058 | | 2,450,000 | | 2,484,993 | |
Washington Convention Center Public Facilities District, Revenue Bonds, Ser. B | | 4.00 | | 7/1/2058 | | 2,000,000 | | 1,739,221 | |
Washington Housing Finance Commission, Revenue Bonds, Ser. A1 | | 3.50 | | 12/20/2035 | | 968,351 | | 895,291 | |
| | 9,526,300 | |
Wisconsin - 1.4% | | | | | |
Public Finance Authority, Revenue Bonds (Cone Health) Ser. A | | 5.00 | | 10/1/2052 | | 1,500,000 | | 1,561,735 | |
Public Finance Authority, Revenue Bonds, Refunding (Duke Energy Progress) Ser. B | | 4.00 | | 10/1/2030 | | 2,855,000 | a | 2,885,875 | |
Public Finance Authority, Revenue Bonds, Refunding (Renown Regional Medical Center) Ser. A | | 5.00 | | 6/1/2040 | | 2,000,000 | | 2,026,486 | |
| | 6,474,096 | |
Total Long-Term Municipal Investments
(cost $474,556,026) | | 462,424,859 | |
Total Investments (cost $475,631,274) | | 98.8% | 463,322,447 | |
Cash and Receivables (Net) | | 1.2% | 5,731,135 | |
Net Assets | | 100.0% | 469,053,582 | |
GO—General Obligation
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 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 July 31, 2023, these securities were valued at
$21,796,784 or 4.65% of net assets.
STATEMENT OF FINANCIAL FUTURES
BNY Mellon Opportunistic Municipal Securities Fund
July 31, 2023 (Unaudited)
The following is a summary of the inputs used as of July 31, 2023 in valuing the fund’s investments:
| | | | | | | |
| | Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | | Level 3-Significant Unobservable Inputs | Total | |
Assets ($) | | |
Investments in Securities:† | | |
Collateralized Municipal-Backed Securities | - | 897,588 | | - | 897,588 | |
Municipal Securities | - | 462,424,859 | | - | 462,424,859 | |
† 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 Trustees (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.
Investments in municipal securities are valued each business day by an independent pricing service (the “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Municipal investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Service is engaged under the general oversight of the Board. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
At July 31, 2023, accumulated net unrealized depreciation on investments was $12,308,827, consisting of $3,502,884 gross unrealized appreciation and $15,811,711 gross unrealized depreciation.
At July 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.
