STATEMENT OF INVESTMENTS
BNY Mellon Short-Intermediate Municipal Bond Fund
June 30, 2023 (Unaudited)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 100.1% | | | | | |
Alabama - 1.3% | | | | | |
Black Belt Energy Gas District, Revenue Bonds (Project No. 4) Ser. A1 | | 4.00 | | 12/1/2025 | | 1,250,000 | a | 1,242,983 | |
Black Belt Energy Gas District, Revenue Bonds, Ser. B | | 5.00 | | 12/1/2028 | | 1,000,000 | | 1,053,797 | |
| | 2,296,780 | |
Arizona - 1.4% | | | | | |
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund LLC Obligated Group) Ser. A | | 4.00 | | 11/1/2025 | | 600,000 | | 604,155 | |
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund LLC Obligated Group) Ser. A | | 4.00 | | 11/1/2024 | | 600,000 | | 601,482 | |
The University of Arizona, Revenue Bonds (Green Bond) Ser. A | | 5.00 | | 6/1/2025 | | 1,140,000 | | 1,178,967 | |
| | 2,384,604 | |
California - 4.8% | | | | | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2025 | | 500,000 | | 514,625 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2024 | | 400,000 | | 406,109 | |
California Municipal Finance Authority, Revenue Bonds (Green Bond) (Insured; Build America Mutual) | | 5.00 | | 5/15/2025 | | 350,000 | | 358,608 | |
California Municipal Finance Authority, Revenue Bonds (United Airlines Project) | | 4.00 | | 7/15/2029 | | 1,285,000 | | 1,272,398 | |
California Pollution Control Financing Authority, Revenue Bonds (Waste Management Project) Ser. A | | 2.50 | | 5/1/2024 | | 2,625,000 | a | 2,594,637 | |
California University, Revenue Bonds, Refunding, Ser. B2 | | 0.55 | | 11/1/2026 | | 2,000,000 | a | 1,774,782 | |
Los Angeles Department of Airports, Revenue Bonds | | 5.00 | | 5/15/2024 | | 1,400,000 | | 1,418,039 | |
| | 8,339,198 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
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Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 100.1% (continued) | | | | | |
Colorado - 1.4% | | | | | |
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. D | | 5.00 | | 11/15/2024 | | 1,040,000 | | 1,059,255 | |
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners LLC) Ser. A | | 3.00 | | 1/15/2026 | | 600,000 | | 586,759 | |
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners LLC) Ser. A | | 5.00 | | 1/15/2025 | | 650,000 | | 658,183 | |
Vauxmont Metropolitan District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 12/15/2024 | | 130,000 | | 132,958 | |
| | 2,437,155 | |
Connecticut - 2.5% | | | | | |
Connecticut, Revenue Bonds, Ser. D | | 5.00 | | 11/1/2025 | | 1,300,000 | | 1,356,830 | |
Connecticut, Special Tax Bonds, Ser. A | | 5.00 | | 5/1/2025 | | 850,000 | | 879,101 | |
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C2 | | 5.00 | | 11/15/2025 | | 1,000,000 | | 1,030,039 | |
New Haven, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 8/1/2024 | | 1,140,000 | | 1,157,582 | |
| | 4,423,552 | |
District of Columbia - 1.7% | | | | | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/1/2027 | | 3,000,000 | | 3,031,313 | |
Florida - 2.8% | | | | | |
Florida Department of Management Services, COP, Ser. A | | 5.00 | | 11/1/2024 | | 2,000,000 | | 2,047,114 | |
Miami-Dade County Seaport Department, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/1/2026 | | 2,100,000 | | 2,192,365 | |
Village Community Development District No. 15, Special Assessment Bonds | | 4.25 | | 5/1/2028 | | 700,000 | b | 701,912 | |
| | 4,941,391 | |
Georgia - 1.2% | | | | | |
Main Street Natural Gas Inc., Revenue Bonds, Ser. A | | 5.00 | | 6/1/2026 | | 1,100,000 | | 1,118,297 | |
Savannah Economic Development Authority, Revenue Bonds, Refunding (International Paper Co.) | | 1.90 | | 8/1/2024 | | 1,000,000 | | 965,103 | |
| | 2,083,400 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 100.1% (continued) | | | | | |
Illinois - 7.8% | | | | | |
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 12/1/2023 | | 1,000,000 | | 1,003,809 | |
Chicago Metropolitan Water Reclamation District, GO, Refunding, Ser. C | | 5.00 | | 12/1/2025 | | 3,680,000 | | 3,843,158 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 1/1/2025 | | 1,000,000 | | 1,017,747 | |
Chicago Park District, GO, Refunding, Ser. B | | 5.00 | | 1/1/2025 | | 1,000,000 | | 1,007,381 | |
Cook County II, GO, Refunding, Ser. A | | 5.00 | | 11/15/2026 | | 1,000,000 | | 1,055,172 | |
Illinois, GO, Refunding, Ser. D | | 5.00 | | 7/1/2027 | | 1,000,000 | | 1,062,323 | |
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. B1 | | 5.00 | | 11/15/2024 | | 2,000,000 | a | 2,020,165 | |
Illinois Toll Highway Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2025 | | 1,500,000 | | 1,539,327 | |
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2025 | | 1,000,000 | | 1,024,018 | |
| | 13,573,100 | |
Indiana - 6.0% | | | | | |
Indiana Finance Authority, Revenue Bonds (Indiana University Health Obligated Group) Ser. B1 | | 5.00 | | 7/1/2028 | | 2,950,000 | a | 3,210,047 | |
Indiana Finance Authority, Revenue Bonds, Refunding (CWA Authority Project) | | 5.00 | | 10/1/2025 | | 1,240,000 | | 1,290,634 | |
Indiana Finance Authority, Revenue Bonds, Refunding (Indianapolis Power & Light Co.) Ser. A | | 3.13 | | 12/1/2024 | | 3,000,000 | | 2,969,420 | |
Indiana Health Facility Financing Authority, Revenue Bonds (Ascension Health Credit Group) Ser. A | | 4.00 | | 11/1/2025 | | 1,295,000 | | 1,314,643 | |
Indiana Health Facility Financing Authority, Revenue Bonds (Ascension Health Credit Group) Ser. A | | 4.00 | | 11/1/2024 | | 800,000 | | 807,330 | |
Indiana Health Facility Financing Authority, Revenue Bonds (Ascension Health Credit Group) Ser. A | | 4.00 | | 10/1/2024 | | 865,000 | | 872,376 | |
| | 10,464,450 | |
Iowa - 1.6% | | | | | |
PEFA, Revenue Bonds (Gas Project) | | 5.00 | | 9/1/2026 | | 2,715,000 | a | 2,769,043 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
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| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 100.1% (continued) | | | | | |
Louisiana - 2.6% | | | | | |
East Baton Rouge Sewerage Commission, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 2/1/2025 | | 1,000,000 | | 1,029,574 | |
Louisiana Offshore Terminal Authority, Revenue Bonds, Refunding (Loop Project) Ser. A | | 1.65 | | 12/1/2023 | | 2,500,000 | a | 2,475,438 | |
St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.) | | 2.10 | | 7/1/2024 | | 1,000,000 | a | 980,997 | |
| | 4,486,009 | |
Maine - .6% | | | | | |
Maine Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A1 | | 5.00 | | 12/1/2024 | | 1,000,000 | | 1,014,894 | |
Maryland - 2.4% | | | | | |
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Maryland Medical System Obligated Group) Ser. B1 | | 5.00 | | 7/1/2025 | | 4,000,000 | a | 4,085,548 | |
Massachusetts - 2.8% | | | | | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Northeastern University) Ser. A | | 5.00 | | 10/1/2024 | | 1,580,000 | | 1,615,969 | |
Massachusetts Educational Financing Authority, Revenue Bonds | | 5.00 | | 7/1/2025 | | 750,000 | | 765,913 | |
Massachusetts Port Authority, Revenue Bonds (Green Bond) Ser. A | | 5.00 | | 7/1/2028 | | 500,000 | | 534,747 | |
Massachusetts Transportation Trust Fund Metropolitan Highway System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2025 | | 1,950,000 | | 2,005,140 | |
| | 4,921,769 | |
Michigan - 4.3% | | | | | |
Lansing Board of Water & Light, Revenue Bonds, Ser. B | | 2.00 | | 7/1/2026 | | 2,000,000 | a | 1,880,764 | |
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont Health Credit Group) | | 5.00 | | 8/1/2024 | | 2,115,000 | c | 2,157,029 | |
Michigan Strategic Fund, Revenue Bonds (I-75 Improvement Project) | | 5.00 | | 6/30/2024 | | 2,000,000 | | 2,011,355 | |
Saginaw Hospital Finance Authority, Revenue Bonds, Refunding (Covenant Medical Center) | | 5.00 | | 7/1/2025 | | 625,000 | | 638,862 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 100.1% (continued) | | | | | |
Michigan - 4.3% (continued) | | | | | |
Saginaw Hospital Finance Authority, Revenue Bonds, Refunding (Covenant Medical Center) | | 5.00 | | 7/1/2024 | | 715,000 | | 725,162 | |
| | 7,413,172 | |
Minnesota - .7% | | | | | |
Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2025 | | 150,000 | | 154,131 | |
Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 1/1/2025 | | 1,000,000 | | 1,026,806 | |
| | 1,180,937 | |
Missouri - .6% | | | | | |
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds, Refunding (Iatan 2 Project) Ser. A | | 5.00 | | 1/1/2026 | | 1,000,000 | | 1,006,803 | |
Nevada - .7% | | | | | |
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 3.00 | | 6/15/2025 | | 1,300,000 | | 1,297,273 | |
New Jersey - 4.7% | | | | | |
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | | 5.00 | | 6/1/2025 | | 2,000,000 | | 2,070,993 | |
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2028 | | 1,300,000 | | 1,376,435 | |
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2027 | | 1,300,000 | | 1,362,245 | |
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Ser. B | | 5.00 | | 12/1/2025 | | 850,000 | | 872,960 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2024 | | 2,500,000 | | 2,528,818 | |
| | 8,211,451 | |
New Mexico - 1.0% | | | | | |
New Mexico Finance Authority, Revenue Bonds, Ser. A | | 5.00 | | 6/15/2025 | | 1,625,000 | | 1,683,305 | |
New York - 4.8% | | | | | |
New York City, GO, Refunding, Ser. A1 | | 5.00 | | 8/1/2025 | | 2,000,000 | | 2,076,909 | |
New York City Housing Development Corp., Revenue Bonds (Insured; Federal Housing Administration) Ser. F2 | | 0.60 | | 7/1/2025 | | 1,000,000 | a | 925,496 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
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| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 100.1% (continued) | | | | | |
New York - 4.8% (continued) | | | | | |
New York State Dormitory Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 10/1/2025 | | 1,450,000 | | 1,509,209 | |
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal LLC) | | 5.00 | | 12/1/2027 | | 1,000,000 | | 1,047,881 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal LLC) | | 5.00 | | 12/1/2025 | | 2,600,000 | | 2,688,987 | |
| | 8,248,482 | |
North Carolina - 4.3% | | | | | |
North Carolina Medical Care Commission, Revenue Bonds (Caromont Health Obligated Group) Ser. B | | 5.00 | | 2/1/2026 | | 2,000,000 | a | 2,089,717 | |
North Carolina Turnpike Authority, BAN | | 5.00 | | 2/1/2024 | | 2,500,000 | | 2,525,071 | |
The Charlotte-Mecklenburg Hospital Authority, Revenue Bonds (Atrium Health Obligated Group) Ser. B | | 5.00 | | 12/2/2024 | | 2,750,000 | a | 2,813,442 | |
| | 7,428,230 | |
Ohio - 2.8% | | | | | |
Miami University, Revenue Bonds, Refunding | | 5.00 | | 9/1/2024 | | 1,000,000 | | 1,019,832 | |
Ohio, Revenue Bonds (Cleveland Clinic Health System Obligated Group) | | 2.75 | | 5/1/2028 | | 1,000,000 | a | 977,634 | |
Ohio, Revenue Bonds, Ser. A | | 5.00 | | 6/1/2025 | | 2,790,000 | | 2,886,415 | |
| | 4,883,881 | |
Oklahoma - .6% | | | | | |
Oklahoma Turnpike Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2025 | | 1,000,000 | | 1,027,541 | |
Pennsylvania - 12.0% | | | | | |
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (Allegheny Health Network Obligated Group) Ser. A | | 5.00 | | 4/1/2024 | | 2,000,000 | | 2,020,268 | |
Delaware River Joint Toll Bridge Commission, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2025 | | 1,000,000 | | 1,037,332 | |
Pennsylvania, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. 1st | | 5.00 | | 9/15/2025 | | 3,000,000 | | 3,127,563 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 100.1% (continued) | | | | | |
Pennsylvania - 12.0% (continued) | | | | | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Project) | | 2.15 | | 7/1/2024 | | 2,500,000 | a | 2,455,585 | |
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Ser. A | | 5.00 | | 6/1/2029 | | 2,970,000 | | 3,155,761 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.25 | | 7/15/2028 | | 185,000 | | 207,886 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B | | 5.00 | | 12/1/2025 | | 1,000,000 | | 1,040,089 | |
Philadelphia, GO, Refunding, Ser. A | | 5.00 | | 8/1/2024 | | 2,000,000 | | 2,036,559 | |
Philadelphia, GO, Ser. A | | 5.00 | | 5/1/2025 | | 5,000,000 | | 5,157,706 | |
Philadelphia Gas Works, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 8/1/2025 | | 500,000 | | 517,902 | |
| | 20,756,651 | |
Rhode Island - .4% | | | | | |
Rhode Island Student Loan Authority, Revenue Bonds, Ser. A | | 5.00 | | 12/1/2026 | | 725,000 | | 755,646 | |
South Carolina - 2.6% | | | | | |
Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2027 | | 3,000,000 | | 3,155,997 | |
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 12/1/2024 | | 1,400,000 | | 1,428,551 | |
| | 4,584,548 | |
Tennessee - 1.2% | | | | | |
Memphis-Shelby County Airport Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2025 | | 2,000,000 | | 2,046,668 | |
Texas - 11.0% | | | | | |
Brazos Higher Education Authority Inc., Revenue Bonds, Ser. 1A | | 5.00 | | 4/1/2025 | | 685,000 | | 697,198 | |
Brazos Higher Education Authority Inc., Revenue Bonds, Ser. 1A | | 5.00 | | 4/1/2024 | | 600,000 | | 605,117 | |
Central Texas Regional Mobility Authority, BAN, Ser. F | | 5.00 | | 1/1/2025 | | 1,500,000 | | 1,520,467 | |
Houston Airport System, Revenue Bonds (United Airlines) Ser. C | | 5.00 | | 7/15/2028 | | 1,000,000 | | 1,018,817 | |
Houston Combined Utility System, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 5/15/2025 | | 1,705,000 | | 1,730,808 | |
Lewisville Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) | | 5.00 | | 8/15/2025 | | 1,000,000 | | 1,039,886 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
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| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 100.1% (continued) | | | | | |
Texas - 11.0% (continued) | | | | | |
Lower Colorado River Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 5/15/2026 | | 1,390,000 | | 1,430,520 | |
Lubbock Electric Light & Power System, Revenue Bonds, Refunding | | 5.00 | | 4/15/2026 | | 675,000 | | 706,649 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2025 | | 2,500,000 | | 2,564,810 | |
Pflugerville Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | | 2.50 | | 8/15/2023 | | 3,500,000 | a | 3,493,948 | |
Tarrant County College District, GO | | 5.00 | | 8/15/2025 | | 4,180,000 | | 4,346,724 | |
| | 19,154,944 | |
U.S. Related - 3.4% | | | | | |
Puerto Rico, GO, Ser. A1 | | 5.38 | | 7/1/2025 | | 2,000,000 | | 2,050,526 | |
Puerto Rico, GO, Ser. A1 | | 5.63 | | 7/1/2027 | | 2,000,000 | | 2,108,166 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2024 | | 1,725,000 | b | 1,741,554 | |
| | 5,900,246 | |
Virginia - 1.2% | | | | | |
Chesapeake Economic Development Authority, Revenue Bonds (Virginia Electric & Power Co.) | | 3.65 | | 10/1/2027 | | 1,000,000 | a | 997,165 | |
Roanoke Economic Development Authority, Revenue Bonds, Refunding (Carilion Clinic Obligated Group) | | 5.00 | | 7/1/2024 | | 1,000,000 | | 1,017,142 | |
| | 2,014,307 | |
Washington - 2.9% | | | | | |
Grant County Public Utility District No. 2, Revenue Bonds, Refunding, Ser. R | | 2.00 | | 12/1/2025 | | 2,000,000 | a | 1,914,733 | |
Port of Seattle, Revenue Bonds | | 5.00 | | 4/1/2024 | | 2,000,000 | | 2,018,224 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. B1 | | 5.00 | | 8/1/2024 | | 1,040,000 | a | 1,046,893 | |
| | 4,979,850 | |
Total Investments (cost $179,575,147) | | 100.1% | 173,826,141 | |
Liabilities, Less Cash and Receivables | | (0.1%) | (213,277) | |
Net Assets | | 100.0% | 173,612,864 | |
BAN—Bond Anticipation Notes
GO—General Obligation
a These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, these securities were valued at $2,443,466 or 1.41% of net assets.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
STATEMENT OF INVESTMENTS
BNY Mellon Short-Intermediate Municipal Bond Fund
June 30, 2023 (Unaudited)
The following is a summary of the inputs used as of June 30, 2023 in valuing the fund’s investments:
| | | | | | | |
| | Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | | Level 3-Significant Unobservable Inputs | Total | |
Assets ($) | | |
Investments in Securities:† | | |
Municipal Securities | - | 173,826,141 | | - | 173,826,141 | |
† 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, 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 June 30, 2023, accumulated net unrealized depreciation on investments was $5,749,006, consisting of $102,749 gross unrealized appreciation and $5,851,755 gross unrealized depreciation.
At June 30, 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.
