STATEMENT
OF INVESTMENTS
BNY Mellon Municipal Opportunities Fund
May 31, 2021 (Unaudited)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Bonds and Notes - 1.2% | |||||||||
Commercial & Professional Services - .6% | |||||||||
Novant Health, Unscd. Bonds | 2.64 | 11/1/2036 | 5,000,000 | 5,019,559 | |||||
Novant Health, Unscd. Bonds | 3.17 | 11/1/2051 | 3,000,000 | 3,018,827 | |||||
University of Southern California, Sr. Unscd. Bonds, Ser. 21A | 2.95 | 10/1/2051 | 8,000,000 | 8,029,733 | |||||
16,068,119 | |||||||||
Health Care - .6% | |||||||||
AHS Hospital, Sr. Unscd. Bonds, Ser. 2021 | 2.78 | 7/1/2051 | 5,000,000 | 4,764,694 | |||||
Rady Children's Hospital-San Diego, Scd. Bonds, Ser. 21A | 3.15 | 8/15/2051 | 5,000,000 | 5,108,124 | |||||
West Virginia United Health System Obligated Group, Scd. Bonds, Ser. 2020 | 3.13 | 6/1/2050 | 4,000,000 | 3,866,990 | |||||
13,739,808 | |||||||||
Total Bonds and Notes | 29,807,927 | ||||||||
Long-Term Municipal Investments - 102.4% | |||||||||
Alabama - 1.6% | |||||||||
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2040 | 5,000,000 | 6,110,431 | |||||
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2038 | 10,000,000 | 12,277,273 | |||||
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/1/2039 | 10,000,000 | 13,218,923 | |||||
Auburn University, Revenue Bonds, Ser. A | 5.00 | 6/1/2048 | 5,000,000 | 6,135,760 | |||||
Auburn University, Revenue Bonds, Ser. A | 5.00 | 6/1/2043 | 3,500,000 | 4,318,910 | |||||
42,061,297 | |||||||||
Arizona - 2.2% | |||||||||
Arizona Health Facilities Authority, Revenue Bonds, Refunding (Phoenix Children's Hospital Obligated Group) Ser. A | 5.00 | 2/1/2042 | 6,000,000 | 6,188,778 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) | 5.00 | 7/1/2049 | 1,000,000 | a | 1,151,842 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Arizona - 2.2% (continued) | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | 5.50 | 7/1/2038 | 1,165,000 | a | 1,349,255 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | 5.63 | 7/1/2048 | 2,000,000 | a | 2,302,246 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | 5.75 | 7/1/2053 | 3,260,000 | a | 3,764,508 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of Nevada) Ser. A | 5.00 | 7/15/2049 | 1,675,000 | a | 1,900,013 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of Nevada) Ser. A | 5.00 | 7/15/2039 | 1,325,000 | a | 1,523,199 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 4.00 | 11/1/2049 | 2,000,000 | 2,253,005 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 5.00 | 11/1/2044 | 1,625,000 | 1,969,026 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities) Ser. A | 5.00 | 1/1/2043 | 1,750,000 | 1,790,800 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities) Ser. B | 5.00 | 1/1/2049 | 1,400,000 | 1,365,169 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities) Ser. B | 5.00 | 1/1/2043 | 1,650,000 | 1,634,882 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Lone Mountain Campus Project) Ser. A | 5.00 | 12/15/2039 | 400,000 | a | 462,824 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Lone Mountain Campus Project) Ser. A | 5.00 | 12/15/2049 | 700,000 | a | 798,121 | ||||
Arizona Industrial Development Authority, Revenue Bonds (NCCU Properties) (Insured; Build America Mutual) Ser. A | 4.00 | 6/1/2044 | 2,000,000 | 2,266,009 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Arizona - 2.2% (continued) | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Phoenix Children's Hospital Obligated Group) | 3.00 | 2/1/2045 | 1,600,000 | 1,700,403 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Somerset Academy of Las Vegas) | 4.00 | 12/15/2041 | 500,000 | a | 549,656 | ||||
Maricopa County Special Health Care District, GO, Ser. C | 5.00 | 7/1/2036 | 7,500,000 | 9,327,691 | |||||
Pinal County Industrial Development Authority, Revenue Bonds (Green Bond) (WOF SW GGP 1) | 7.25 | 10/1/2033 | 2,000,000 | a | 2,216,088 | ||||
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding (Salt River Project Agricultural Project) | 5.00 | 1/1/2029 | 6,250,000 | 8,028,074 | |||||
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding (Salt River Project Agricultural Project) | 5.00 | 1/1/2028 | 4,500,000 | 5,648,399 | |||||
58,189,988 | |||||||||
Arkansas - .5% | |||||||||
Arkansas Development Finance Authority, Revenue Bonds | 4.00 | 6/1/2045 | 4,500,000 | 5,157,688 | |||||
Arkansas Development Finance Authority, Revenue Bonds | 4.00 | 6/1/2039 | 1,085,000 | 1,261,235 | |||||
University of Arkansas, Revenue Bonds | 5.00 | 11/1/2042 | 5,990,000 | 7,469,302 | |||||
13,888,225 | |||||||||
California - 21.6% | |||||||||
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 10/1/2035 | 1,500,000 | 1,691,571 | |||||
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 10/1/2037 | 1,000,000 | 1,117,087 | |||||
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2036 | 2,500,000 | 2,957,025 | |||||
Anaheim Public Financing Authority, Revenue Bonds, Refunding (Anaheim Convention Center Expansion Project) Ser. A | 5.00 | 5/1/2046 | 6,450,000 | 7,028,660 | |||||
Bay Area Toll Authority, Revenue Bonds, Refunding | 4.00 | 4/1/2042 | 5,000,000 | 5,781,174 | |||||
California, GO | 5.00 | 4/1/2049 | 2,500,000 | 3,172,543 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
California - 21.6% (continued) | |||||||||
California, GO | 5.00 | 4/1/2033 | 1,205,000 | 1,564,409 | |||||
California, GO, Refunding | 4.00 | 10/1/2039 | 5,000,000 | 6,025,035 | |||||
California, GO, Refunding | 5.00 | 12/1/2031 | 1,200,000 | 1,658,383 | |||||
California, GO, Refunding | 5.00 | 12/1/2030 | 1,700,000 | 2,301,639 | |||||
California, GO, Refunding | 5.00 | 9/1/2034 | 7,000,000 | 8,554,577 | |||||
California, GO, Refunding | 5.00 | 4/1/2035 | 9,000,000 | 10,127,674 | |||||
California, GO, Refunding | 5.00 | 9/1/2041 | 10,000,000 | 13,135,186 | |||||
California, GO, Refunding | 5.00 | 9/1/2031 | 5,500,000 | 7,462,816 | |||||
California, GO, Refunding (Construction Bonds) | 4.00 | 10/1/2044 | 5,000,000 | 5,949,718 | |||||
California Community College Financing Authority, Revenue Bonds (Orange Coast Properties) | 5.25 | 5/1/2043 | 1,250,000 | 1,403,656 | |||||
California Community College Financing Authority, Revenue Bonds (Orange Coast Properties) | 5.25 | 5/1/2048 | 2,000,000 | 2,234,039 | |||||
California Community Housing Agency, Revenue Bonds (Creekwood) Ser. A | 4.00 | 2/1/2056 | 5,000,000 | a | 5,403,192 | ||||
California Community Housing Agency, Revenue Bonds (Verdant At Green Valley Project) | 5.00 | 8/1/2049 | 5,000,000 | a | 5,762,156 | ||||
California Community Housing Agency, Revenue Bonds, Ser. A | 4.00 | 2/1/2056 | 3,250,000 | a | 3,515,121 | ||||
California Community Housing Agency, Revenue Bonds, Ser. A | 5.00 | 4/1/2049 | 3,500,000 | a | 3,999,976 | ||||
California Community Housing Agency, Revenue Bonds, Ser. A | 5.00 | 8/1/2050 | 4,000,000 | a | 4,657,573 | ||||
California Community Housing Agency, Revenue Bonds, Ser. A | 5.00 | 2/1/2050 | 5,000,000 | a | 5,782,552 | ||||
California Community Housing Agency, Revenue Bonds, Ser. A1 | 4.00 | 2/1/2056 | 5,000,000 | a | 5,664,546 | ||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2049 | 1,750,000 | 2,051,034 | |||||
California Educational Facilities Authority, Revenue Bonds (Green Bond) (Loyola Marymount University) | 5.00 | 10/1/2048 | 3,000,000 | 3,659,536 | |||||
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A | 5.00 | 4/1/2042 | 2,000,000 | 2,378,791 | |||||
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A | 5.00 | 4/1/2047 | 2,500,000 | 2,956,595 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
California - 21.6% (continued) | |||||||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Children's Hospital Los Angeles Obligated Group) Ser. A | 5.00 | 8/15/2047 | 1,000,000 | 1,176,001 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Lucile Salter Packard Children's Hospital at Stanford Obligated Group) | 4.00 | 5/15/2046 | 5,000,000 | 5,762,537 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Lucile Salter Packard Children's Hospital at Stanford Obligated Group) | 4.00 | 5/15/2051 | 5,000,000 | 5,718,844 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. A | 5.00 | 7/1/2037 | 2,270,000 | 2,487,413 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding, Ser. A2 | 4.00 | 11/1/2044 | 12,000,000 | 13,905,665 | |||||
California Infrastructure & Economic Development Bank, Revenue Bonds (WFCS Holdings) | 0.00 | 1/1/2060 | 5,000,000 | b | 567,564 | ||||
California Infrastructure & Economic Development Bank, Revenue Bonds (WFCS Holdings) Ser. A | 5.00 | 1/1/2055 | 1,000,000 | a | 1,156,201 | ||||
California Infrastructure & Economic Development Bank, Revenue Bonds, Refunding (The J. David Gladstone Institutes Project) Ser. A | 5.25 | 10/1/2021 | 900,000 | c | 915,039 | ||||
California Municipal Finance Authority, Revenue Bonds | 5.00 | 5/15/2049 | 2,000,000 | 2,428,059 | |||||
California Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation) Ser. A | 5.00 | 6/1/2050 | 2,750,000 | 3,040,878 | |||||
California Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation) Ser. A | 5.00 | 6/1/2035 | 600,000 | 673,978 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | 5.00 | 5/15/2048 | 6,000,000 | 7,158,029 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | 5.00 | 5/15/2043 | 5,000,000 | 5,999,273 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
California - 21.6% (continued) | |||||||||
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | 5.00 | 5/15/2040 | 5,000,000 | 6,045,296 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2043 | 2,000,000 | 2,395,071 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2052 | 7,500,000 | 8,907,648 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2039 | 3,265,000 | 3,950,095 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2034 | 2,250,000 | 2,760,602 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2037 | 2,605,000 | 3,167,725 | |||||
California Municipal Finance Authority, Revenue Bonds (Claremont Colleges Project) Ser. A | 5.00 | 7/1/2040 | 1,515,000 | a | 1,746,208 | ||||
California Municipal Finance Authority, Revenue Bonds (Claremont Colleges Project) Ser. A | 5.00 | 7/1/2052 | 2,075,000 | a | 2,353,263 | ||||
California Municipal Finance Authority, Revenue Bonds (Emerson College) | 6.00 | 1/1/2022 | 6,000,000 | c | 6,197,851 | ||||
California Municipal Finance Authority, Revenue Bonds (Green Bond) (Insured; Build America Mutual) | 4.00 | 5/15/2046 | 1,000,000 | 1,192,152 | |||||
California Municipal Finance Authority, Revenue Bonds (John Adams Academy - Lincoln) Ser. A | 5.00 | 10/1/2049 | 1,515,000 | a | 1,628,715 | ||||
California Municipal Finance Authority, Revenue Bonds (John Adams Academy - Lincoln) Ser. A | 5.00 | 10/1/2057 | 1,650,000 | a | 1,766,146 | ||||
California Municipal Finance Authority, Revenue Bonds (LAX Integrated Express Solutions Project) | 5.00 | 12/31/2047 | 2,250,000 | 2,730,503 | |||||
California Municipal Finance Authority, Revenue Bonds (Northbay Healthcare Group Obligated Group) Ser. A | 5.25 | 11/1/2041 | 1,200,000 | 1,409,864 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
California - 21.6% (continued) | |||||||||
California Municipal Finance Authority, Revenue Bonds (Northbay Healthcare Group Obligated Group) Ser. A | 5.25 | 11/1/2047 | 700,000 | 816,812 | |||||
California Municipal Finance Authority, Revenue Bonds (Palmdale Aerospace Academy Project) Ser. A | 5.00 | 7/1/2038 | 1,100,000 | a | 1,275,099 | ||||
California Municipal Finance Authority, Revenue Bonds (Southwestern Law School) | 6.50 | 11/1/2031 | 300,000 | 306,747 | |||||
California Municipal Finance Authority, Revenue Bonds (United Airlines Project) | 4.00 | 7/15/2029 | 3,000,000 | 3,482,142 | |||||
California Municipal Finance Authority, Revenue Bonds, Refunding (William Jessup University) | 5.00 | 8/1/2039 | 1,500,000 | 1,696,025 | |||||
California Municipal Finance Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2042 | 1,000,000 | 1,196,561 | |||||
California Pollution Control Financing Authority, Revenue Bonds (Rialto Bioenergy Facility Project) | 7.50 | 12/1/2040 | 5,000,000 | a | 5,208,868 | ||||
California Pollution Control Financing Authority, Revenue Bonds (Waste Management Project) Ser. A | 2.50 | 5/1/2024 | 2,870,000 | 3,051,315 | |||||
California Public Finance Authority, Revenue Bonds (ENSO Village Project) Ser. 85 | 3.13 | 5/15/2029 | 1,000,000 | a | 1,010,168 | ||||
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | 5.00 | 11/15/2036 | 500,000 | a | 573,701 | ||||
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | 5.00 | 11/15/2046 | 500,000 | a | 559,081 | ||||
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | 5.00 | 11/15/2051 | 250,000 | a | 278,569 | ||||
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | 5.00 | 11/15/2056 | 500,000 | a | 554,049 | ||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2036 | 2,500,000 | 3,197,157 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2031 | 3,500,000 | 4,583,684 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
California - 21.6% (continued) | |||||||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2033 | 2,295,000 | 2,957,752 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2032 | 2,035,000 | 2,635,516 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2034 | 1,920,000 | 2,467,341 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2032 | 3,500,000 | 4,677,714 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2035 | 2,415,000 | 3,097,473 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2030 | 3,500,000 | 4,511,047 | |||||
California School Finance Authority, Revenue Bonds (Green Dot Public Schools California Project) Ser. A | 5.00 | 8/1/2038 | 1,000,000 | a | 1,200,751 | ||||
California School Finance Authority, Revenue Bonds (Green Dot Public Schools California Project) Ser. A | 5.00 | 8/1/2048 | 2,750,000 | a | 3,244,994 | ||||
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A | 5.00 | 7/1/2037 | 590,000 | a | 701,068 | ||||
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A | 5.00 | 7/1/2047 | 870,000 | a | 1,019,826 | ||||
California School Finance Authority, Revenue Bonds (Summit Public Schools Obligated Group) | 5.00 | 6/1/2047 | 1,500,000 | a | 1,727,608 | ||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) | 5.00 | 12/1/2033 | 1,000,000 | a | 1,191,867 | ||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) | 5.25 | 12/1/2038 | 1,500,000 | a | 1,793,996 | ||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A | 5.00 | 12/1/2041 | 2,500,000 | a | 2,825,268 | ||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A | 5.00 | 12/1/2036 | 6,500,000 | a | 7,405,492 | ||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding | 5.38 | 5/15/2038 | 1,900,000 | 1,906,235 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
California - 21.6% (continued) | |||||||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding (CHF-Irvine) | 5.00 | 5/15/2040 | 2,000,000 | 2,320,466 | |||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group) | 4.00 | 4/1/2042 | 1,600,000 | 1,717,196 | |||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group) | 5.00 | 4/1/2047 | 1,500,000 | 1,719,196 | |||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Loma Linda University Medical Center Obligated Group) | 5.25 | 12/1/2044 | 3,000,000 | 3,406,626 | |||||
California University, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2045 | 500,000 | 565,156 | |||||
Capistrano Unified School Community Facilities District No. 90-2, Special Tax Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 9/1/2032 | 4,000,000 | 4,410,074 | |||||
Chino Valley Unified School District, GO, Ser. B | 4.00 | 8/1/2045 | 2,610,000 | 3,104,372 | |||||
Cloverdale Unified School District, GO, Refunding, Ser. B | 4.00 | 8/1/2049 | 5,000,000 | 5,757,478 | |||||
CSCDA Community Improvement Authority, Revenue Bonds, Ser. A2 | 4.00 | 9/1/2056 | 5,000,000 | a | 5,505,820 | ||||
Desert Sands Unified School District, GO | 5.00 | 8/1/2040 | 7,680,000 | 9,523,752 | |||||
Foothill Eastern Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. B1 | 3.95 | 1/15/2053 | 5,000,000 | 5,647,342 | |||||
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 2.96 | 1/15/2046 | 2,000,000 | 1,916,365 | |||||
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. D | 3.06 | 1/15/2043 | 1,000,000 | 964,397 | |||||
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. A | 4.09 | 1/15/2049 | 7,500,000 | 7,828,432 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
California - 21.6% (continued) | |||||||||
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Ser. A | 4.00 | 1/15/2046 | 3,345,000 | 3,972,844 | |||||
Fowler Unified School District, GO (Insured; Build America Mutual) Ser. B | 3.38 | 8/1/2045 | 1,200,000 | 1,309,823 | |||||
Fowler Unified School District, GO (Insured; Build America Mutual) Ser. B | 5.00 | 8/1/2050 | 3,000,000 | 3,754,036 | |||||
Galt Redevelopment Agency, Tax Allocation Bonds | 7.38 | 9/1/2033 | 2,000,000 | 2,033,071 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2047 | 5,000,000 | 5,178,141 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2032 | 5,000,000 | 6,169,538 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A2 | 5.00 | 6/1/2047 | 5,000,000 | 5,178,141 | |||||
Grant Joint Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) | 0.00 | 2/1/2033 | 4,380,000 | b | 3,477,190 | ||||
Grant Joint Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) | 0.00 | 8/1/2029 | 2,080,000 | b | 1,820,642 | ||||
Irvine, Special Assessment Bonds, Refunding | 4.00 | 9/2/2029 | 1,000,000 | 1,037,443 | |||||
Long Beach Marina System, Revenue Bonds | 5.00 | 5/15/2045 | 2,000,000 | 2,211,704 | |||||
Long Beach Marina System, Revenue Bonds | 5.00 | 5/15/2040 | 2,500,000 | 2,781,621 | |||||
Los Angeles Airports Department, Revenue Bonds, Refunding, Ser. B | 5.00 | 5/15/2048 | 10,000,000 | 12,999,107 | |||||
Los Angeles Airports Department, Revenue Bonds, Refunding, Ser. B | 5.00 | 5/15/2045 | 3,000,000 | 3,912,653 | |||||
Los Angeles Community College District, GO, Refunding | 1.81 | 8/1/2030 | 4,000,000 | 3,983,795 | |||||
Los Angeles County Public Works Financing Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2034 | 1,000,000 | 1,149,203 | |||||
Los Angeles County Public Works Financing Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2039 | 1,000,000 | 1,144,717 | |||||
Los Angeles Unified School District, GO, Ser. RYQ | 4.00 | 7/1/2044 | 7,500,000 | 8,972,598 | |||||
New Haven Unified School District, GO (Insured; Assured Guaranty Corp.) | 0.00 | 8/1/2032 | 2,500,000 | b | 2,015,915 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
California - 21.6% (continued) | |||||||||
Norman Y Mineta San Jose International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 3/1/2047 | 8,500,000 | 10,181,168 | |||||
Northern California Energy Authority, Revenue Bonds, Ser. A | 4.00 | 7/1/2024 | 10,000,000 | 11,033,374 | |||||
Northern California Gas Authority No. 1, Revenue Bonds, Ser. B, 3 Month LIBOR x .67 +.72% | 0.86 | 7/1/2027 | 605,000 | d | 608,228 | ||||
Oroville, Revenue Bonds (Oroville Hospital) | 5.25 | 4/1/2039 | 1,750,000 | 2,042,521 | |||||
Palomar Health, Revenue Bonds, Refunding | 5.00 | 11/1/2039 | 1,000,000 | 1,149,448 | |||||
Riverside County Transportation Commission, Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2023 | 2,000,000 | c | 2,203,760 | ||||
Riverside County Transportation Commission, Revenue Bonds, Ser. A | 5.75 | 6/1/2044 | 2,000,000 | 2,177,446 | |||||
Riverside County Transportation Commission, Revenue Bonds, Ser. A | 5.75 | 6/1/2048 | 5,000,000 | 5,443,424 | |||||
San Diego Unified School District, GO, Ser. A | 0.00 | 7/1/2025 | 1,615,000 | b | 1,575,356 | ||||
San Diego Unified School District, GO, Ser. A | 0.00 | 7/1/2025 | 2,385,000 | b | 2,317,012 | ||||
San Diego Unified School District, GO, Ser. F | 4.00 | 7/1/2035 | 2,205,000 | 2,487,834 | |||||
San Francisco Airport City & County, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2044 | 6,500,000 | 8,024,356 | |||||
San Francisco City & County Redevelopment Agency, Special Tax Bonds, Ser. C | 0.00 | 8/1/2038 | 2,000,000 | b | 784,063 | ||||
San Francisco City & County Redevelopment Agency, Special Tax Bonds, Ser. C | 0.00 | 8/1/2043 | 7,835,000 | b | 2,270,719 | ||||
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/15/2050 | 5,000,000 | 5,627,685 | |||||
Sierra Joint Community College District School Facilities District No. 2, GO (Insured; National Public Finance Guarantee Corp.) Ser. B | 0.00 | 8/1/2031 | 5,330,000 | b | 4,474,962 | ||||
Sierra Joint Community College District School Facilities District No. 2, GO (Insured; National Public Finance Guarantee Corp.) Ser. B | 0.00 | 8/1/2030 | 3,020,000 | b | 2,600,063 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
California - 21.6% (continued) | |||||||||
The Morongo Band of Mission Indians, Revenue Bonds, Ser. A | 5.00 | 10/1/2042 | 1,000,000 | a | 1,167,178 | ||||
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization) | 5.00 | 6/1/2039 | 2,000,000 | 2,545,531 | |||||
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization) | 5.00 | 6/1/2048 | 4,000,000 | 4,997,226 | |||||
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2049 | 2,500,000 | 2,950,448 | |||||
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2040 | 500,000 | 601,454 | |||||
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2037 | 500,000 | 608,247 | |||||
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2038 | 800,000 | 968,544 | |||||
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2039 | 1,000,000 | 1,206,622 | |||||
Transbay Joint Powers Authority, Tax Allocation Bonds (Green Bond) Ser. A | 5.00 | 10/1/2045 | 1,000,000 | 1,266,164 | |||||
Transbay Joint Powers Authority, Tax Allocation Bonds (Green Bond) Ser. A | 5.00 | 10/1/2049 | 1,000,000 | 1,260,738 | |||||
Transbay Joint Powers Authority, Tax Allocation Bonds (Green Bond) Ser. A | 5.00 | 10/1/2039 | 900,000 | 1,154,829 | |||||
Transbay Joint Powers Authority, Tax Allocation Bonds (Green Bond) Ser. A | 5.00 | 10/1/2040 | 1,000,000 | 1,280,567 | |||||
University of California, Revenue Bonds, Refunding (Limited Project) Ser. G | 5.00 | 5/15/2037 | 7,325,000 | 7,656,359 | |||||
University of California, Revenue Bonds, Refunding, Ser. AZ | 5.00 | 5/15/2043 | 5,000,000 | 6,256,968 | |||||
University of California, Revenue Bonds, Refunding, Ser. BH | 4.00 | 5/15/2046 | 5,000,000 | 6,046,530 | |||||
University of California, Revenue Bonds, Refunding, Ser. BH | 4.00 | 5/15/2051 | 15,000,000 | 18,031,714 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
California - 21.6% (continued) | |||||||||
University of California, Revenue Bonds, Refunding, Ser. S | 5.00 | 5/15/2034 | 3,000,000 | 3,976,801 | |||||
University of California, Revenue Bonds, Refunding, Ser. S | 5.00 | 5/15/2033 | 5,000,000 | 6,650,449 | |||||
University of California, Revenue Bonds, Refunding, Ser. S | 5.00 | 5/15/2035 | 2,000,000 | 2,639,431 | |||||
University of California, Revenue Bonds, Ser. AV | 5.00 | 5/15/2042 | 2,525,000 | 3,117,065 | |||||
563,263,948 | |||||||||
Colorado - 1.4% | |||||||||
Colorado Board Governors University System, Revenue Bonds, Refunding, Ser. C | 5.00 | 3/1/2043 | 2,995,000 | 3,666,869 | |||||
Colorado Board Governors University System, Revenue Bonds, Refunding, Ser. C | 5.00 | 3/1/2028 | 2,005,000 | c | 2,549,474 | ||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Evangelical Lutheran Good Samaritan Society Project) Ser. R | 5.00 | 6/1/2027 | 2,500,000 | c | 3,105,365 | ||||
Denver City & County, Revenue Bonds, Ser. A | 4.00 | 8/1/2051 | 10,000,000 | 11,934,836 | |||||
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2048 | 1,250,000 | 1,413,994 | |||||
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | 5.25 | 12/1/2048 | 3,500,000 | 4,326,842 | |||||
Denver Urban Renewal Authority, Tax Allocation Bonds, Ser. A | 5.25 | 12/1/2039 | 2,000,000 | a | 2,199,680 | ||||
Denver Urban Renewal Authority, Tax Allocation Bonds, Ser. A | 5.25 | 12/1/2039 | 2,500,000 | a | 2,750,765 | ||||
E-470 Public Highway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 9/1/2040 | 1,725,000 | 1,932,538 | |||||
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | 3.00 | 7/15/2037 | 1,000,000 | 1,070,210 | |||||
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | 4.00 | 7/15/2033 | 1,000,000 | 1,256,144 | |||||
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | 4.00 | 7/15/2035 | 1,000,000 | 1,204,263 | |||||
37,410,980 | |||||||||
Connecticut - 1.7% | |||||||||
Connecticut, GO, Ser. 2021 A | 3.00 | 1/15/2040 | 5,000,000 | 5,475,679 | |||||
Connecticut, GO, Ser. 2021 A | 3.00 | 1/15/2038 | 5,000,000 | 5,512,634 | |||||
Connecticut, GO, Ser. 2021 A | 3.00 | 1/15/2037 | 5,000,000 | 5,538,179 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Connecticut - 1.7% (continued) | |||||||||
Connecticut, Revenue Bonds (Special Tax Obligation) Ser. A | 5.00 | 5/1/2038 | 2,000,000 | 2,593,247 | |||||
Connecticut, Revenue Bonds, Ser. A | 4.00 | 5/1/2039 | 2,695,000 | 3,276,067 | |||||
Connecticut, Revenue Bonds, Ser. A | 4.00 | 5/1/2040 | 3,000,000 | 3,633,369 | |||||
Connecticut, Revenue Bonds, Ser. A | 5.00 | 5/1/2041 | 2,000,000 | 2,624,740 | |||||
Connecticut, Special Tax Bonds, Ser. A | 4.00 | 5/1/2036 | 1,725,000 | 2,088,431 | |||||
Connecticut, Special Tax Bonds, Ser. A | 4.00 | 5/1/2039 | 1,500,000 | 1,795,855 | |||||
Connecticut, Special Tax Bonds, Ser. A | 5.00 | 5/1/2037 | 3,500,000 | 4,552,629 | |||||
Connecticut, Special Tax Bonds, Ser. A | 5.00 | 5/1/2034 | 2,000,000 | 2,620,911 | |||||
The Metropolitan District, GO, Ser. A | 4.00 | 7/15/2037 | 1,125,000 | 1,343,355 | |||||
The Metropolitan District, GO, Ser. A | 4.00 | 7/15/2039 | 500,000 | 594,342 | |||||
The Metropolitan District, GO, Ser. A | 4.00 | 7/15/2035 | 500,000 | 600,283 | |||||
The Metropolitan District, GO, Ser. A | 4.00 | 7/15/2036 | 1,200,000 | 1,436,870 | |||||
43,686,591 | |||||||||
Delaware - .2% | |||||||||
Kent County, Revenue Bonds (CHF-Dover University Project) Ser. A | 5.00 | 7/1/2048 | 1,000,000 | 1,128,794 | |||||
Kent County, Revenue Bonds (CHF-Dover University Project) Ser. A | 5.00 | 7/1/2040 | 750,000 | 856,262 | |||||
University of Delaware, Revenue Bonds, Refunding (Liquidity Agreement; TD Bank NA) Ser. C | 0.02 | 11/1/2037 | 2,500,000 | e | 2,500,000 | ||||
4,485,056 | |||||||||
District of Columbia - 2.8% | |||||||||
District of Columbia, Revenue Bonds (District of Columbia International School Obligated Group) | 5.00 | 7/1/2049 | 1,275,000 | 1,477,573 | |||||
District of Columbia, Revenue Bonds (Friendship Public Charter School) | 5.00 | 12/1/2022 | 3,500,000 | c | 3,748,840 | ||||
District of Columbia, Revenue Bonds (KIPP DC Project) | 4.00 | 7/1/2039 | 1,275,000 | 1,439,018 | |||||
District of Columbia, Revenue Bonds (KIPP DC Project) | 4.00 | 7/1/2049 | 1,375,000 | 1,533,574 | |||||
District of Columbia, Revenue Bonds (KIPP DC Project) | 4.00 | 7/1/2044 | 1,240,000 | 1,389,623 | |||||
District of Columbia, Revenue Bonds, Refunding | 6.00 | 7/1/2023 | 1,700,000 | c | 1,904,232 | ||||
District of Columbia, Revenue Bonds, Refunding | 6.00 | 7/1/2023 | 1,100,000 | c | 1,232,150 | ||||
District of Columbia, Revenue Bonds, Refunding | 6.00 | 7/1/2023 | 1,450,000 | c | 1,624,198 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
District of Columbia - 2.8% (continued) | |||||||||
District of Columbia, Revenue Bonds, Refunding (KIPP DC Project) Ser. A | 5.00 | 7/1/2048 | 5,000,000 | 5,862,586 | |||||
District of Columbia, Revenue Bonds, Refunding (KIPP DC Project) Ser. B | 5.00 | 7/1/2042 | 4,000,000 | 4,716,371 | |||||
District of Columbia, Revenue Bonds, Ser. A | 5.00 | 3/1/2026 | 10,000,000 | 12,119,636 | |||||
District of Columbia, Revenue Bonds, Ser. C | 4.00 | 5/1/2039 | 4,000,000 | 4,833,208 | |||||
District of Columbia, Revenue Bonds, Ser. C | 4.00 | 5/1/2038 | 2,605,000 | 3,155,692 | |||||
District of Columbia, Revenue Bonds, Ser. C | 4.00 | 5/1/2045 | 5,000,000 | 5,957,280 | |||||
District of Columbia, Revenue Bonds, Ser. C | 4.00 | 5/1/2040 | 3,000,000 | 3,618,221 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds (Dulles Metrorail & Capital Improvement Projects) (Insured; Assured Guaranty Corp.) Ser. B | 0.00 | 10/1/2036 | 6,275,000 | b | 4,613,861 | ||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 10/1/2053 | 5,000,000 | 5,751,597 | |||||
Washington Metropolitan Area Transit Authority, Revenue Bonds (Green Bond) Ser. A | 3.00 | 7/15/2043 | 4,250,000 | 4,627,723 | |||||
Washington Metropolitan Area Transit Authority, Revenue Bonds (Green Bond) Ser. A | 4.00 | 7/15/2046 | 3,000,000 | 3,614,253 | |||||
73,219,636 | |||||||||
Florida - 4.1% | |||||||||
Capital Trust Agency, Revenue Bonds (Franklin Academy Project) | 5.00 | 12/15/2035 | 1,085,000 | a | 1,207,131 | ||||
Capital Trust Agency, Revenue Bonds (Franklin Academy Project) | 5.00 | 12/15/2040 | 1,220,000 | a | 1,345,011 | ||||
Capital Trust Agency, Revenue Bonds (H-Bay Ministries Inc-Superior Residences Project) Ser. A1 | 5.00 | 7/1/2048 | 750,000 | 430,988 | |||||
Capital Trust Agency, Revenue Bonds (H-Bay Ministries Inc-Superior Residences Project) Ser. B | 5.00 | 7/1/2053 | 250,000 | 102,050 | |||||
Collier County Health Facilities Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2045 | 2,500,000 | 2,792,117 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Florida - 4.1% (continued) | |||||||||
Florida Development Finance Corp., Revenue Bonds (Green Bond) Ser. B | 7.38 | 1/1/2049 | 5,000,000 | a | 5,428,685 | ||||
Florida Development Finance Corp., Revenue Bonds (Mater Academy Project) Ser. A | 5.00 | 6/15/2040 | 1,650,000 | 1,896,446 | |||||
Florida Development Finance Corp., Revenue Bonds (Mater Academy Project) Ser. A | 5.00 | 6/15/2050 | 6,500,000 | 7,391,614 | |||||
Florida Development Finance Corp., Revenue Bonds, Refunding (Glenridge on Palmer Ranch Obligated Group) | 5.00 | 6/1/2051 | 1,250,000 | 1,433,744 | |||||
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, Refunding (Rollins College Project) Ser. A | 3.00 | 12/1/2048 | 7,500,000 | 7,939,309 | |||||
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, Refunding (Rollins College Project) Ser. A | 4.00 | 12/1/2050 | 10,000,000 | 11,590,777 | |||||
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, Refunding (The University of Tampa Project) Ser. A | 5.25 | 4/1/2022 | 1,100,000 | c | 1,146,829 | ||||
Hillsborough County Industrial Development Authority, Revenue Bonds (Tampa General Hospital Project) Ser. A | 4.00 | 8/1/2045 | 2,220,000 | 2,594,902 | |||||
Jacksonville, Revenue Bonds, Refunding | 5.00 | 10/1/2030 | 750,000 | 797,213 | |||||
Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 2/1/2040 | 7,545,000 | 8,379,334 | |||||
Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2041 | 1,250,000 | 1,485,459 | |||||
Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2040 | 1,625,000 | 1,936,493 | |||||
Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2039 | 1,500,000 | 1,791,395 | |||||
Miami-Dade County Expressway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2040 | 1,050,000 | 1,052,912 | |||||
Miami-Dade County Health Facilities Authority, Revenue Bonds, Refunding (Nicklaus Children's Hospital Obligated Group) | 5.00 | 8/1/2042 | 2,000,000 | 2,422,889 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Florida - 4.1% (continued) | |||||||||
Miami-Dade County Seaport Department, Revenue Bonds, Ser. A | 5.50 | 10/1/2042 | 14,145,000 | 15,583,051 | |||||
Miami-Dade County Water & Sewer System, Revenue Bonds | 3.00 | 10/1/2040 | 1,875,000 | 2,074,337 | |||||
Miami-Dade County Water & Sewer System, Revenue Bonds | 3.00 | 10/1/2043 | 3,000,000 | 3,288,578 | |||||
Miami-Dade County Water & Sewer System, Revenue Bonds | 4.00 | 10/1/2046 | 1,250,000 | 1,503,012 | |||||
Miami-Dade County Water & Sewer System, Revenue Bonds | 4.00 | 10/1/2048 | 1,500,000 | 1,799,582 | |||||
Miami-Dade County Water & Sewer System, Revenue Bonds | 4.00 | 10/1/2051 | 1,000,000 | 1,195,464 | |||||
Orange County Health Facilities Authority, Revenue Bonds (Orlando Health Obligated Group) Ser. B | 5.00 | 4/1/2022 | 5,000,000 | c | 5,202,486 | ||||
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group) | 4.00 | 8/15/2049 | 6,500,000 | 7,493,801 | |||||
Tampa, Revenue Bonds (H. Lee Moffitt Cancer Center & Research Institute Obligated Group) Ser. B | 4.00 | 7/1/2045 | 3,700,000 | 4,297,606 | |||||
Tampa, Revenue Bonds, Ser. A | 0.00 | 9/1/2049 | 1,800,000 | b | 650,035 | ||||
Tampa, Revenue Bonds, Ser. A | 0.00 | 9/1/2042 | 1,000,000 | b | 493,063 | ||||
Tampa, Revenue Bonds, Ser. A | 0.00 | 9/1/2041 | 1,000,000 | b | 517,049 | ||||
Tampa, Revenue Bonds, Ser. A | 0.00 | 9/1/2045 | 1,850,000 | b | 798,215 | ||||
108,061,577 | |||||||||
Georgia - 1.3% | |||||||||
Atlanta Water & Wastewater, Revenue Bonds, Refunding | 2.26 | 11/1/2035 | 8,000,000 | 7,965,132 | |||||
Fulton County Development Authority, Revenue Bonds, Refunding (Robert W. Woodruff Arts Center) | 5.00 | 3/15/2044 | 6,000,000 | 7,242,428 | |||||
George L Smith II Congress Center Authority, Revenue Bonds | 4.00 | 1/1/2054 | 5,000,000 | 5,838,515 | |||||
George L Smith II Congress Center Authority, Revenue Bonds | 5.00 | 1/1/2054 | 3,000,000 | a | 3,556,213 | ||||
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | 4.00 | 1/1/2049 | 2,155,000 | 2,406,355 | |||||
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | 4.00 | 1/1/2049 | 2,000,000 | 2,268,332 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Georgia - 1.3% (continued) | |||||||||
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | 5.00 | 1/1/2056 | 1,000,000 | 1,204,317 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2043 | 1,500,000 | 1,809,991 | |||||
The Atlanta Development Authority, Revenue Bonds, Ser. A1 | 5.25 | 7/1/2044 | 1,500,000 | 1,726,229 | |||||
34,017,512 | |||||||||
Hawaii - .4% | |||||||||
Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Kahala Senior Living Community Obligated Group) | 5.13 | 11/15/2032 | 2,050,000 | 2,163,394 | |||||
Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Kahala Senior Living Community Obligated Group) | 5.25 | 11/15/2037 | 1,000,000 | 1,054,170 | |||||
Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (The Queen's Health Systems Obligated Group) Ser. A | 5.00 | 7/1/2035 | 7,000,000 | 8,117,174 | |||||
11,334,738 | |||||||||
Idaho - .2% | |||||||||
Idaho Health Facilities Authority, Revenue Bonds, Refunding (Trinity Health Obligated Group) Ser. D | 5.00 | 6/1/2022 | 3,900,000 | c | 4,089,218 | ||||
Illinois - 8.2% | |||||||||
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 12/1/2026 | 1,170,000 | 1,426,532 | |||||
Chicago Board of Education, GO, Refunding, Ser. A | 4.00 | 12/1/2027 | 750,000 | 874,090 | |||||
Chicago Board of Education, GO, Refunding, Ser. A | 7.00 | 12/1/2044 | 2,500,000 | 3,048,135 | |||||
Chicago Board of Education, GO, Refunding, Ser. B | 5.00 | 12/1/2033 | 600,000 | 749,048 | |||||
Chicago Board of Education, GO, Refunding, Ser. B | 6.75 | 12/1/2030 | 7,500,000 | a | 9,962,207 | ||||
Chicago Board of Education, GO, Refunding, Ser. B | 7.00 | 12/1/2042 | 10,000,000 | a | 13,117,186 | ||||
Chicago Board of Education, GO, Ser. A | 5.00 | 12/1/2041 | 1,000,000 | 1,238,904 | |||||
Chicago Board of Education, GO, Ser. A | 5.00 | 12/1/2038 | 2,000,000 | 2,495,910 | |||||
Chicago Board of Education, GO, Ser. A | 7.00 | 12/1/2046 | 5,000,000 | a | 6,523,481 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Illinois - 8.2% (continued) | |||||||||
Chicago Board of Education, GO, Ser. B | 6.50 | 12/1/2046 | 4,500,000 | 5,554,701 | |||||
Chicago Board of Education, Revenue Bonds | 5.00 | 4/1/2046 | 1,600,000 | 1,833,473 | |||||
Chicago Board of Education, Revenue Bonds | 5.00 | 4/1/2042 | 1,700,000 | 1,961,328 | |||||
Chicago Board of Education, Revenue Bonds | 6.00 | 4/1/2046 | 1,500,000 | 1,809,360 | |||||
Chicago II, GO, Refunding, Ser. 2005D | 5.50 | 1/1/2040 | 5,000,000 | 5,604,055 | |||||
Chicago II, GO, Refunding, Ser. 2007E | 5.50 | 1/1/2042 | 1,750,000 | 1,957,196 | |||||
Chicago II, GO, Refunding, Ser. 2007F | 5.50 | 1/1/2042 | 1,250,000 | 1,397,997 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2035 | 5,000,000 | 5,403,495 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2032 | 600,000 | 749,932 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2031 | 1,300,000 | 1,632,066 | |||||
Chicago II, GO, Ser. A | 5.50 | 1/1/2049 | 4,000,000 | 4,869,545 | |||||
Chicago II, GO, Ser. B | 7.75 | 1/1/2042 | 1,272,000 | 1,424,055 | |||||
Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2046 | 5,000,000 | 5,895,869 | |||||
Chicago O'Hare International Airport, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.50 | 1/1/2043 | 4,000,000 | 4,310,638 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2039 | 3,710,000 | 4,576,085 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2038 | 3,250,000 | 4,017,243 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2036 | 3,130,000 | 3,887,551 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2037 | 3,000,000 | 3,716,711 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2041 | 6,800,000 | 8,034,403 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2033 | 10,425,000 | 12,044,790 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2031 | 15,000,000 | 17,330,632 | |||||
Illinois, GO | 5.50 | 5/1/2039 | 2,500,000 | 3,209,695 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Illinois - 8.2% (continued) | |||||||||
Illinois, GO | 5.50 | 5/1/2030 | 2,500,000 | 3,299,484 | |||||
Illinois, GO | 5.50 | 7/1/2038 | 10,000,000 | 10,829,435 | |||||
Illinois, GO | 5.50 | 7/1/2033 | 2,500,000 | 2,719,615 | |||||
Illinois, GO, Refunding, Ser. B | 5.00 | 10/1/2025 | 15,000,000 | 17,716,144 | |||||
Illinois, GO, Ser. A | 5.00 | 3/1/2046 | 2,500,000 | 3,108,535 | |||||
Illinois, GO, Ser. A | 5.00 | 5/1/2042 | 2,500,000 | 2,964,056 | |||||
Illinois, GO, Ser. D | 5.00 | 11/1/2028 | 5,000,000 | 6,089,743 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (Franciscan Communities Obligated Group) Ser. A | 5.00 | 5/15/2037 | 3,000,000 | 3,385,847 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (Rehab Institute of Chicago) Ser. A | 6.00 | 7/1/2043 | 5,000,000 | 5,426,694 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 5/15/2047 | 3,715,000 | 3,893,246 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A | 5.50 | 7/1/2028 | 1,560,000 | 1,680,972 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 5/15/2023 | 535,000 | c | 586,966 | ||||
Metropolitan Pier & Exposition Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | 0.00 | 12/15/2040 | 10,000,000 | b | 6,060,515 | ||||
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding | 4.00 | 6/15/2050 | 2,000,000 | 2,296,759 | |||||
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | 5.00 | 6/15/2050 | 2,000,000 | 2,452,356 | |||||
213,166,680 | |||||||||
Indiana - .4% | |||||||||
Indiana Finance Authority, Revenue Bonds (Butler University Project) | 4.00 | 2/1/2044 | 2,595,000 | 2,969,601 | |||||
Indiana Finance Authority, Revenue Bonds (United States Steel) Ser. A | 6.75 | 5/1/2039 | 1,000,000 | 1,287,495 | |||||
Indiana Finance Authority, Revenue Bonds, Refunding (Duke Energy Indiana Project) (LOC; Sumitomo Mitsui Banking) Ser. A4 | 0.03 | 12/1/2039 | 100,000 | e | 100,000 | ||||
Indiana Finance Authority, Revenue Bonds, Refunding (Duke Energy Indiana Project) (LOC; Sumitomo Mitsui Banking) Ser. A5 | 0.03 | 10/1/2040 | 500,000 | e | 500,000 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Indiana - .4% (continued) | |||||||||
Indiana Finance Authority, Revenue Bonds, Refunding (Stadium Project) Ser. A | 5.25 | 2/1/2035 | 5,000,000 | 5,932,397 | |||||
10,789,493 | |||||||||
Iowa - .0% | |||||||||
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2 | 4.00 | 6/1/2040 | 1,000,000 | 1,192,394 | |||||
Kentucky - 1.2% | |||||||||
Kentucky Economic Development Finance Authority, Revenue Bonds, Refunding (Louisville Arena Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 12/1/2047 | 3,500,000 | 3,725,145 | |||||
Kentucky Property & Building Commission, Revenue Bonds, Refunding (Project No. 112) Ser. B | 5.00 | 11/1/2027 | 10,000,000 | 12,196,845 | |||||
Kentucky Public Energy Authority, Revenue Bonds (Gas Supply) Ser. C1 | 4.00 | 6/1/2025 | 10,000,000 | 11,273,445 | |||||
Kentucky Public Transportation Infrastructure Authority, Revenue Bonds (Downtown Crossing Project) Ser. A | 5.75 | 7/1/2049 | 3,000,000 | 3,312,357 | |||||
30,507,792 | |||||||||
Louisiana - 1.1% | |||||||||
Jefferson Parish Economic Development & Port District, Revenue Bonds (Kenner Discovery Health Sciences Foundation) Ser. A | 5.50 | 6/15/2038 | 3,200,000 | a | 3,664,713 | ||||
Jefferson Parish Economic Development & Port District, Revenue Bonds (Kenner Discovery Health Sciences Foundation) Ser. A | 5.63 | 6/15/2048 | 4,350,000 | a | 4,930,728 | ||||
Jefferson Parish Hospital Service District No. 2, Revenue Bonds, Refunding | 6.25 | 7/1/2021 | 5,000,000 | c | 5,024,634 | ||||
Louisiana Public Facilities Authority, Revenue Bonds (Louisiana Children's Medical Center Obligated Group) | 4.00 | 6/1/2050 | 2,750,000 | 3,148,630 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Louisiana - 1.1% (continued) | |||||||||
Louisiana Public Facilities Authority, Revenue Bonds (Louisiana Children's Medical Center Obligated Group) (Insured; Assured Guaranty Municipal Corp.) | 3.00 | 6/1/2050 | 4,000,000 | 4,238,363 | |||||
Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Tulane University) | 4.00 | 4/1/2050 | 2,000,000 | 2,292,353 | |||||
New Orleans Water System, Revenue Bonds, Refunding | 5.00 | 12/1/2024 | 500,000 | c | 578,851 | ||||
St. James Parish, Revenue Bonds (NuStar Logistics Project) Ser. 2 | 6.35 | 7/1/2040 | 4,115,000 | a | 5,365,091 | ||||
29,243,363 | |||||||||
Maine - .5% | |||||||||
Maine Finance Authority, Revenue Bonds (Coastal Resources of Maine Project) | 5.25 | 6/15/2034 | 1,000,000 | f | 550,000 | ||||
Maine Finance Authority, Revenue Bonds (Coastal Resources of Maine Project) | 5.38 | 12/15/2033 | 4,400,000 | a,f | 2,420,000 | ||||
Maine Health & Higher Educational Facilities Authority, Revenue Bonds (MaineGeneral Health Medical Center Obligated Group) | 6.00 | 7/1/2021 | 825,000 | c | 828,933 | ||||
Maine Health & Higher Educational Facilities Authority, Revenue Bonds (MaineGeneral Health Medical Center Obligated Group) | 7.00 | 7/1/2021 | 4,240,000 | c | 4,263,591 | ||||
Maine Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (Bowdoin College) | 5.00 | 7/1/2038 | 5,000,000 | 6,105,236 | |||||
14,167,760 | |||||||||
Maryland - .0% | |||||||||
Maryland Economic Development Corp., Revenue Bonds (Seagirt Marine Terminal Project) | 5.00 | 6/1/2049 | 750,000 | 881,666 | |||||
Maryland Economic Development Corp., Revenue Bonds (Seagirt Marine Terminal Project) | 5.00 | 6/1/2044 | 200,000 | 236,696 | |||||
1,118,362 | |||||||||
Massachusetts - 3.2% | |||||||||
Commonwealth of Massachusetts, GO, Refunding, Ser. D | 4.00 | 11/1/2040 | 2,500,000 | 3,042,952 | |||||
Commonwealth of Massachusetts, GO, Refunding, Ser. D | 4.00 | 11/1/2041 | 2,250,000 | 2,719,964 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Massachusetts - 3.2% (continued) | |||||||||
Commonwealth of Massachusetts, GO, Refunding, Ser. E | 1.77 | 11/1/2032 | 5,590,000 | 5,547,242 | |||||
Lowell Collegiate Charter School, Revenue Bonds | 5.00 | 6/15/2049 | 755,000 | 829,528 | |||||
Lowell Collegiate Charter School, Revenue Bonds | 5.00 | 6/15/2054 | 770,000 | 844,495 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Bentley University) | 5.00 | 7/1/2040 | 5,500,000 | 6,472,369 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer Institute Obligated Group) Ser. N | 5.00 | 12/1/2041 | 3,000,000 | 3,563,592 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) Ser. A | 5.25 | 1/1/2042 | 5,500,000 | 6,513,718 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Linden Ponds Obligated Group) | 5.13 | 11/15/2046 | 1,500,000 | a | 1,665,310 | ||||
Massachusetts Development Finance Agency, Revenue Bonds (Wentworth Institute of Technology) | 5.00 | 10/1/2046 | 2,015,000 | 2,329,122 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Berklee College of Music) | 5.00 | 10/1/2039 | 5,000,000 | 5,931,087 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Cape Cod Healthcare Obligated Group) | 5.25 | 11/15/2023 | 4,370,000 | c | 4,900,515 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) Ser. A | 5.00 | 1/1/2040 | 1,000,000 | 1,204,517 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (International Charter School) | 5.00 | 4/15/2040 | 1,500,000 | 1,625,432 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | 5.00 | 10/1/2057 | 2,000,000 | a | 2,185,893 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | 5.00 | 10/1/2047 | 3,000,000 | a | 3,283,093 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Massachusetts - 3.2% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | 5.00 | 10/1/2037 | 1,000,000 | a | 1,098,206 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. K1 | 5.00 | 10/1/2036 | 2,115,000 | 2,441,910 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 4.00 | 10/1/2045 | 500,000 | 586,781 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2044 | 1,375,000 | 1,667,944 | |||||
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 2/15/2048 | 9,500,000 | 12,007,600 | |||||
Massachusetts School Building Authority, Revenue Bonds, Ser. B | 5.25 | 2/15/2048 | 10,000,000 | 12,639,579 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding, Ser. A | 5.75 | 8/1/2029 | 50,000 | 50,198 | |||||
83,151,047 | |||||||||
Michigan - 2.0% | |||||||||
Detroit, GO | 5.00 | 4/1/2034 | 1,000,000 | 1,190,150 | |||||
Detroit, GO | 5.00 | 4/1/2033 | 1,150,000 | 1,371,966 | |||||
Detroit, GO | 5.00 | 4/1/2035 | 1,660,000 | 1,972,726 | |||||
Detroit, GO | 5.00 | 4/1/2038 | 1,235,000 | 1,458,386 | |||||
Detroit, GO | 5.00 | 4/1/2036 | 1,200,000 | 1,423,152 | |||||
Detroit, GO | 5.00 | 4/1/2029 | 1,000,000 | 1,201,249 | |||||
Detroit, GO | 5.00 | 4/1/2028 | 900,000 | 1,092,009 | |||||
Detroit, GO | 5.00 | 4/1/2030 | 700,000 | 838,267 | |||||
Detroit, GO | 5.00 | 4/1/2032 | 850,000 | 1,015,415 | |||||
Detroit, GO | 5.00 | 4/1/2031 | 1,000,000 | 1,195,462 | |||||
Detroit, GO, Ser. A | 5.00 | 4/1/2050 | 2,000,000 | 2,429,129 | |||||
Detroit, GO, Ser. A | 5.00 | 4/1/2046 | 1,250,000 | 1,526,586 | |||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 7/1/2043 | 10,000,000 | 11,242,102 | |||||
Michigan Building Authority, Revenue Bonds, Refunding, Ser. IA | 5.38 | 10/15/2021 | 3,000,000 | c | 3,058,890 | ||||
Michigan Building Authority, Revenue Bonds, Refunding, Ser. II | 2.71 | 10/15/2040 | 5,000,000 | 4,953,689 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Michigan - 2.0% (continued) | |||||||||
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont Health Obligated Group) | 5.00 | 8/1/2032 | 2,000,000 | 2,271,789 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2049 | 4,000,000 | 4,684,868 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2038 | 1,500,000 | 1,809,941 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2040 | 2,100,000 | 2,513,880 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2037 | 900,000 | 1,145,513 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2039 | 850,000 | 1,076,574 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2035 | 1,050,000 | 1,344,454 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2036 | 325,000 | 414,861 | |||||
51,231,058 | |||||||||
Minnesota - .4% | |||||||||
Forest Lake, Revenue Bonds, Refunding (North Lakes Academy Project) | 5.00 | 7/1/2056 | 4,000,000 | 4,412,848 | |||||
Western Minnesota Municipal Power Agency, Revenue Bonds (Red Rock Hydroelectric Project) Ser. A | 5.00 | 1/1/2049 | 5,390,000 | 6,627,864 | |||||
11,040,712 | |||||||||
Mississippi - .1% | |||||||||
Mississippi Development Bank, Revenue Bonds (Jackson Water & Sewer System Project) (Insured; Assured Guaranty Municipal Corp.) | 6.88 | 12/1/2040 | 1,625,000 | 1,859,076 | |||||
Missouri - .1% | |||||||||
Kansas City Industrial Development Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 3/1/2057 | 3,000,000 | 3,441,377 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Nebraska - .9% | |||||||||
Central Plains Energy Project, Revenue Bonds, Refunding | 4.00 | 8/1/2025 | 10,000,000 | 11,379,976 | |||||
Omaha Public Power District, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2042 | 10,000,000 | 12,375,440 | |||||
23,755,416 | |||||||||
Nevada - .5% | |||||||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 6/15/2040 | 750,000 | 893,735 | |||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 6/15/2038 | 1,700,000 | 2,034,735 | |||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 6/15/2037 | 850,000 | 1,019,890 | |||||
Henderson, GO, Ser. A1 | 4.00 | 6/1/2045 | 3,000,000 | 3,584,204 | |||||
Nevada Department of Business & Industry, Revenue Bonds (Green Bond) (Fulcrum Sierra Biofuels Project) | 6.25 | 12/15/2037 | 5,000,000 | a | 4,984,544 | ||||
Nevada Department of Business & Industry, Revenue Bonds (Green Bond) (Fulcrum Sierra Biofuels Project) Ser. B | 5.13 | 12/15/2037 | 1,500,000 | a | 1,323,315 | ||||
13,840,423 | |||||||||
New Jersey - 5.1% | |||||||||
New Jersey, GO (COVID-19 Government Bonds) Ser. A | 4.00 | 6/1/2031 | 2,500,000 | 3,135,849 | |||||
New Jersey, GO (COVID-19 Government Bonds) Ser. A | 4.00 | 6/1/2030 | 3,250,000 | 4,017,565 | |||||
New Jersey, GO (COVID-19 Government Bonds) Ser. A | 5.00 | 6/1/2029 | 5,000,000 | 6,502,500 | |||||
New Jersey Economic Development Authority, Revenue Bonds (Beloved Community Charter School Project) Ser. A | 5.00 | 6/15/2054 | 725,000 | a | 788,411 | ||||
New Jersey Economic Development Authority, Revenue Bonds (Beloved Community Charter School Project) Ser. A | 5.00 | 6/15/2049 | 1,105,000 | a | 1,205,065 | ||||
New Jersey Economic Development Authority, Revenue Bonds (The Goethals Bridge Replacement Project) | 5.13 | 1/1/2034 | 5,325,000 | 5,942,524 | |||||
New Jersey Economic Development Authority, Revenue Bonds (The Goethals Bridge Replacement Project) | 5.38 | 1/1/2043 | 5,500,000 | 6,163,927 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
New Jersey - 5.1% (continued) | |||||||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding | 5.00 | 6/15/2026 | 2,500,000 | 2,592,513 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (School Facilities Construction) (Insured; Assured Guaranty Municipal Corp.) Ser. PP | 5.00 | 6/15/2029 | 13,000,000 | 14,725,950 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2033 | 2,500,000 | 2,962,998 | |||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (St. Peter's University Hospital Obligated Group) | 6.25 | 7/1/2035 | 1,500,000 | 1,504,917 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.00 | 6/15/2030 | 1,500,000 | 1,776,705 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | 4.00 | 12/15/2039 | 1,500,000 | 1,731,367 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2031 | 2,000,000 | 2,362,491 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2029 | 15,000,000 | 17,854,998 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2030 | 3,000,000 | 3,553,410 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. A | 4.00 | 6/15/2041 | 3,000,000 | 3,368,755 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. A | 4.00 | 6/15/2042 | 3,000,000 | 3,358,764 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA | 4.00 | 6/15/2045 | 5,000,000 | 5,742,079 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA | 4.00 | 6/15/2050 | 5,000,000 | 5,691,803 | |||||
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B | 1.86 | 1/1/2031 | 3,500,000 | 3,386,318 | |||||
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B | 2.78 | 1/1/2040 | 2,000,000 | 1,925,572 | |||||
New Jersey Turnpike Authority, Revenue Bonds, Ser. A | 4.00 | 1/1/2042 | 4,000,000 | 4,787,940 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
New Jersey - 5.1% (continued) | |||||||||
New Jersey Turnpike Authority, Revenue Bonds, Ser. A | 4.00 | 1/1/2051 | 5,000,000 | 5,900,772 | |||||
South Jersey Port Corp., Revenue Bonds, Ser. B | 5.00 | 1/1/2048 | 1,500,000 | 1,738,391 | |||||
South Jersey Port Corp., Revenue Bonds, Ser. B | 5.00 | 1/1/2042 | 1,250,000 | 1,459,473 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2046 | 3,000,000 | 3,584,948 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2033 | 7,000,000 | 8,698,318 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2046 | 5,000,000 | 6,092,618 | |||||
132,556,941 | |||||||||
New York - 14.1% | |||||||||
Build New York City Resource Corp., Revenue Bonds (Hellenic Classical Charter Schools) Ser. A | 5.00 | 12/1/2051 | 1,450,000 | a | 1,657,914 | ||||
Build New York City Resource Corp., Revenue Bonds (Hellenic Classical Charter Schools) Ser. A | 5.00 | 12/1/2041 | 1,200,000 | a | 1,391,522 | ||||
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | 5.00 | 6/1/2032 | 500,000 | a | 568,663 | ||||
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | 5.00 | 6/1/2037 | 700,000 | a | 789,164 | ||||
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | 5.00 | 6/1/2047 | 1,000,000 | a | 1,114,273 | ||||
Hudson Yards Infrastructure Corp., Revenue Bonds | 5.75 | 2/15/2047 | 1,895,000 | 1,902,359 | |||||
Metropolitan Transportation Authority, Revenue Bonds (Green Bond) Ser. C1 | 5.00 | 11/15/2050 | 6,000,000 | 7,374,273 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding | 4.00 | 11/15/2045 | 1,630,000 | 1,875,784 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | 4.75 | 11/15/2045 | 10,000,000 | 12,136,078 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C2 | 5.18 | 11/15/2049 | 10,000,000 | 12,794,149 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
New York - 14.1% (continued) | |||||||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2056 | 5,000,000 | 5,406,761 | |||||
New York City, GO (LOC; Bank of America NA) Ser. E2 | 0.02 | 8/1/2034 | 450,000 | e | 450,000 | ||||
New York City, GO (LOC; Bank of America NA) Ser. L3 | 0.02 | 4/1/2036 | 400,000 | e | 400,000 | ||||
New York City, GO (LOC; U.S. Bank NA) Ser. L4 | 0.02 | 4/1/2038 | 1,350,000 | e | 1,350,000 | ||||
New York City, GO, Refunding Ser. D | 1.82 | 8/1/2030 | 5,000,000 | 4,907,065 | |||||
New York City, GO, Refunding, Ser. E | 5.00 | 8/1/2034 | 1,250,000 | 1,582,460 | |||||
New York City, GO, Refunding, Ser. F1 | 5.00 | 8/1/2034 | 2,220,000 | 2,810,449 | |||||
New York City, GO, Ser. AA1 | 4.00 | 8/1/2038 | 5,000,000 | 5,919,047 | |||||
New York City, GO, Ser. AA1 | 5.00 | 8/1/2035 | 2,500,000 | 3,198,250 | |||||
New York City, GO, Ser. B1 | 5.00 | 10/1/2043 | 4,000,000 | 5,039,250 | |||||
New York City, GO, Ser. B1 | 5.00 | 12/1/2035 | 2,000,000 | 2,445,729 | |||||
New York City, GO, Ser. F1 | 3.00 | 3/1/2041 | 7,800,000 | 8,453,573 | |||||
New York City, GO, Ser. F1 | 4.00 | 3/1/2047 | 3,000,000 | 3,562,402 | |||||
New York City Industrial Development Agency, Revenue Bonds (LOC; Bank of America NA) Ser. B | 0.02 | 5/1/2033 | 3,400,000 | e | 3,400,000 | ||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 3.00 | 1/1/2037 | 2,250,000 | 2,450,189 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 3.00 | 1/1/2040 | 1,750,000 | 1,888,949 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 3.00 | 1/1/2039 | 2,285,000 | 2,472,099 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 3.00 | 1/1/2046 | 5,000,000 | 5,317,411 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
New York - 14.1% (continued) | |||||||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Yankee Stadium Project) (Insured; Assured Guaranty Municipal Corp.) | 3.00 | 3/1/2036 | 2,500,000 | 2,729,205 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Yankee Stadium Project) (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 3/1/2045 | 5,000,000 | 5,848,135 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 5/1/2045 | 3,500,000 | 4,157,878 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 5/1/2039 | 5,000,000 | 6,032,581 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 8/1/2038 | 1,250,000 | 1,467,050 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 5/1/2042 | 5,000,000 | 5,982,548 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 5/1/2041 | 5,000,000 | 5,999,869 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 5.25 | 8/1/2037 | 10,000,000 | 12,852,869 | |||||
New York City Transitional Finance Authority, Revenue Bonds (Insured; State Aid Withholding) Ser. S3 | 5.25 | 7/15/2035 | 10,000,000 | 12,802,579 | |||||
New York City Transitional Finance Authority, Revenue Bonds (Liquidity Agreement; Mizuho Bank, Ltd.) Ser. D3 | 0.03 | 2/1/2044 | 1,300,000 | e | 1,300,000 | ||||
New York City Transitional Finance Authority, Revenue Bonds, Refunding (Insured; State Aid Withholding) Ser. S2A | 4.00 | 7/15/2037 | 2,500,000 | 2,935,898 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Refunding (Insured; State Aid Withholding) Ser. S2A | 5.00 | 7/15/2033 | 3,250,000 | 4,118,642 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. A1 | 4.00 | 8/1/2041 | 5,000,000 | 5,830,513 | |||||
New York City Water & Sewer System, Revenue Bonds (LOC; Citibank NA) Ser. F2 | 0.02 | 6/15/2035 | 4,025,000 | e | 4,025,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. B1 | 0.02 | 6/15/2049 | 300,000 | e | 300,000 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
New York - 14.1% (continued) | |||||||||
New York Counties Tobacco Trust VI, Revenue Bonds, Refunding, Ser. A2B | 5.00 | 6/1/2051 | 4,585,000 | 4,893,471 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (4 World Trade Center Project) | 5.75 | 11/15/2051 | 5,000,000 | 5,118,945 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (7 World Trade Center Project) | 5.00 | 3/15/2044 | 2,000,000 | 2,066,583 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of America Tower) | 2.80 | 9/15/2069 | 4,000,000 | 4,057,433 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 5,000,000 | a | 5,533,257 | ||||
New York State Dormitory Authority, Revenue Bonds (Columbia University) Ser. A | 5.00 | 10/1/2048 | 2,000,000 | 3,169,674 | |||||
New York State Dormitory Authority, Revenue Bonds (Maimonides Medical Center) | 4.00 | 8/1/2043 | 750,000 | 867,445 | |||||
New York State Dormitory Authority, Revenue Bonds (New York University) Ser. A | 5.00 | 7/1/2042 | 5,500,000 | 6,914,876 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Pace University) Ser. A | 5.00 | 5/1/2038 | 500,000 | 530,429 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. D | 5.00 | 2/15/2028 | 14,510,000 | 18,489,649 | |||||
New York State Urban Development Corp., Revenue Bonds (State of New York Personal Income Tax) Ser. A | 4.00 | 3/15/2049 | 10,000,000 | 11,765,986 | |||||
New York State Urban Development Corp., Revenue Bonds (State of New York Personal Income Tax) Ser. A | 4.00 | 3/15/2045 | 2,500,000 | 2,955,618 | |||||
New York State Urban Development Corp., Revenue Bonds, Refunding (State of New York Personal Income Tax) | 3.00 | 3/15/2048 | 10,000,000 | 10,696,174 | |||||
New York State Urban Development Corp., Revenue Bonds, Refunding (State of New York Personal Income Tax) | 3.00 | 3/15/2040 | 5,000,000 | 5,423,377 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
New York - 14.1% (continued) | |||||||||
New York Transportation Development Corp., Revenue Bonds | 4.00 | 4/30/2053 | 1,500,000 | 1,713,252 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 4.38 | 10/1/2045 | 5,000,000 | 5,934,789 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 10/1/2035 | 8,000,000 | 10,286,839 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 10/1/2040 | 5,000,000 | 6,321,730 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2036 | 2,500,000 | 3,025,682 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2034 | 4,000,000 | 4,853,010 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) | 4.00 | 12/1/2040 | 3,455,000 | 4,113,001 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) | 4.00 | 12/1/2041 | 3,600,000 | 4,276,854 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 4.00 | 12/1/2039 | 2,000,000 | 2,350,191 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 5.00 | 12/1/2035 | 400,000 | 513,937 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 5.00 | 12/1/2037 | 700,000 | 894,146 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Airport) Ser. A | 5.25 | 8/1/2031 | 1,750,000 | 2,090,300 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Airport) Ser. A | 5.38 | 8/1/2036 | 1,000,000 | 1,255,558 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
New York - 14.1% (continued) | |||||||||
Oneida County Local Development Corp., Revenue Bonds, Refunding (Mohawk Valley Health System Obligated Group) (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 12/1/2049 | 4,000,000 | 4,510,156 | |||||
Oneida County Local Development Corp., Revenue Bonds, Refunding (Utica College Project) | 4.00 | 7/1/2039 | 750,000 | 808,486 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222 | 4.00 | 7/15/2037 | 3,000,000 | 3,618,096 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222nd | 4.00 | 7/15/2040 | 1,620,000 | 1,937,205 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222nd | 4.00 | 7/15/2039 | 2,250,000 | 2,695,774 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222nd | 4.00 | 7/15/2038 | 2,500,000 | 3,005,178 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2030 | 1,675,000 | 2,208,745 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2028 | 3,250,000 | 4,140,932 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2027 | 3,500,000 | 4,362,186 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A | 0.00 | 11/15/2031 | 5,000,000 | b | 4,069,804 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 5/15/2046 | 4,000,000 | 4,792,694 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A1 | 5.00 | 5/15/2051 | 5,000,000 | 6,464,870 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. B | 0.00 | 11/15/2028 | 4,715,000 | b | 4,257,244 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. B | 0.00 | 11/15/2027 | 2,000,000 | b | 1,847,193 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A | 4.00 | 11/15/2054 | 1,750,000 | 2,053,273 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A | 5.00 | 11/15/2051 | 4,000,000 | 5,148,686 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
New York - 14.1% (continued) | |||||||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A | 5.00 | 11/15/2049 | 3,500,000 | 4,470,995 | |||||
369,544,303 | |||||||||
North Carolina - .8% | |||||||||
North Carolina, Revenue Bonds, Ser. B | 4.00 | 5/1/2035 | 3,250,000 | 4,006,702 | |||||
North Carolina Turnpike Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2049 | 1,500,000 | 1,888,035 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2038 | 5,000,000 | 6,277,503 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 7/1/2039 | 750,000 | 1,002,193 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 7/1/2038 | 755,000 | 1,011,604 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 7/1/2041 | 1,000,000 | 1,329,731 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 7/1/2040 | 750,000 | 1,000,172 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 7/1/2035 | 750,000 | 1,014,019 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 7/1/2034 | 1,000,000 | 1,354,680 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 7/1/2037 | 750,000 | 1,007,582 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 7/1/2036 | 750,000 | 1,010,880 | |||||
20,903,101 | |||||||||
North Dakota - .2% | |||||||||
Grand Forks County, Revenue Bonds, Refunding (Green Bond) (Red River Biorefinery) | 6.38 | 12/15/2043 | 6,000,000 | 5,603,386 | |||||
Ohio - 2.4% | |||||||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B2 | 5.00 | 6/1/2055 | 16,500,000 | 19,127,429 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Ohio - 2.4% (continued) | |||||||||
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | 5.25 | 12/1/2038 | 2,420,000 | 2,813,122 | |||||
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | 5.50 | 12/1/2053 | 1,500,000 | 1,749,006 | |||||
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | 5.50 | 12/1/2043 | 1,580,000 | 1,842,286 | |||||
Franklin County, Revenue Bonds, Ser. A | 4.00 | 12/1/2049 | 2,500,000 | 2,928,042 | |||||
Hamilton County Sewer System, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2032 | 9,350,000 | 12,272,426 | |||||
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | 3.00 | 8/1/2051 | 1,625,000 | 1,717,587 | |||||
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | 3.00 | 8/1/2040 | 1,600,000 | 1,725,763 | |||||
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | 4.00 | 8/1/2051 | 1,000,000 | 1,172,280 | |||||
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | 4.00 | 8/1/2041 | 500,000 | 593,659 | |||||
Ohio, Revenue Bonds (Portsmouth Bypass Project) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/31/2039 | 2,000,000 | 2,269,185 | |||||
Ohio, Revenue Bonds (Portsmouth Bypass Project) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/31/2035 | 3,000,000 | 3,417,796 | |||||
Ohio Air Quality Development Authority, Revenue Bonds (Pratt Paper Project) | 4.25 | 1/15/2038 | 2,500,000 | a | 2,822,263 | ||||
Ohio Turnpike & Infrastructure Commission, Revenue Bonds | 5.70 | 2/15/2034 | 3,000,000 | g | 3,751,298 | ||||
Southern Ohio Port Authority, Revenue Bonds (PureCycle Project) Ser. A | 7.00 | 12/1/2042 | 4,000,000 | a | 4,531,011 | ||||
62,733,153 | |||||||||
Oregon - 1.0% | |||||||||
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | 5.00 | 6/15/2027 | 1,275,000 | 1,604,013 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Oregon - 1.0% (continued) | |||||||||
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | 5.00 | 6/15/2022 | 1,745,000 | 1,833,796 | |||||
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | 5.00 | 6/15/2021 | 1,800,000 | 1,803,196 | |||||
Oregon Business Development Commission, Revenue Bonds, Refunding (RED Rock Biofuels) Ser. 248A | 6.50 | 4/1/2031 | 2,000,000 | a,f | 430,000 | ||||
Oregon Business Development Commission, Revenue Bonds, Refunding (RED Rock Biofuels) Ser. 248D | 6.50 | 4/1/2031 | 2,000,000 | a,f | 430,000 | ||||
Oregon Business Development Commission, Revenue Bonds, Refunding (RED Rock Biofuels) Ser. 248F | 11.50 | 4/1/2031 | 1,000,000 | f | 215,000 | ||||
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | 5.00 | 6/15/2035 | 2,425,000 | g | 3,188,787 | ||||
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | 5.00 | 6/15/2032 | 2,700,000 | g | 3,589,848 | ||||
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | 5.00 | 6/15/2031 | 2,500,000 | g | 3,333,751 | ||||
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | 5.00 | 6/15/2034 | 3,000,000 | g | 3,951,774 | ||||
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | 5.00 | 6/15/2033 | 2,200,000 | g | 2,915,476 | ||||
Warm Springs Reservation Confederated Tribe, Revenue Bonds, Refunding (Green Bond) Ser. B | 5.00 | 11/1/2039 | 700,000 | a | 830,591 | ||||
Warm Springs Reservation Confederated Tribe, Revenue Bonds, Refunding (Green Bond) Ser. B | 5.00 | 11/1/2036 | 700,000 | a | 836,063 | ||||
24,962,295 | |||||||||
Pennsylvania - 1.2% | |||||||||
Allegheny County Industrial Development Authority, Revenue Bonds, Refunding (United States Steel Corp.) | 4.88 | 11/1/2024 | 2,000,000 | 2,185,339 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Pennsylvania - 1.2% (continued) | |||||||||
Allegheny County Industrial Development Authority, Revenue Bonds, Refunding (United States Steel Corp.) | 5.13 | 5/1/2030 | 1,750,000 | 2,113,438 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2035 | 3,500,000 | 4,291,128 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2034 | 4,000,000 | 4,910,790 | |||||
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | 4.00 | 4/1/2050 | 4,070,000 | 4,743,159 | |||||
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | 4.00 | 4/1/2039 | 1,500,000 | 1,782,785 | |||||
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | 5.00 | 4/1/2050 | 3,000,000 | 3,780,030 | |||||
Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton Hill University) | 4.00 | 3/1/2051 | 700,000 | 762,274 | |||||
Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton Hill University) | 4.00 | 3/1/2046 | 685,000 | 749,066 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | 4.00 | 9/1/2044 | 1,750,000 | 2,015,301 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (Tapestry Moon Senior Housing Project) | 6.50 | 12/1/2038 | 3,000,000 | a | 1,770,000 | ||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A | 3.00 | 12/1/2042 | 2,000,000 | 2,147,917 | |||||
31,251,227 | |||||||||
Rhode Island - .4% | |||||||||
Rhode Island Health & Educational Building Corp., Revenue Bonds | 5.25 | 8/15/2043 | 1,000,000 | 1,239,280 | |||||
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence College) | 5.00 | 11/1/2045 | 7,000,000 | 8,118,263 | |||||
9,357,543 | |||||||||
South Carolina - .1% | |||||||||
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2036 | 2,000,000 | 2,388,722 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Tennessee - .6% | |||||||||
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.04 | 11/1/2035 | 8,025,000 | e | 8,025,000 | ||||
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.04 | 2/1/2038 | 225,000 | e | 225,000 | ||||
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.04 | 1/1/2033 | 700,000 | e | 700,000 | ||||
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.04 | 7/1/2034 | 700,000 | e | 700,000 | ||||
Memphis-Shelby County Industrial Development Board, Tax Allocation Bonds, Refunding (Senior Tax Increment-Graceland Project) Ser. A | 4.75 | 7/1/2027 | 740,000 | 742,217 | |||||
Memphis-Shelby County Industrial Development Board, Tax Allocation Bonds, Refunding (Senior Tax Increment-Graceland Project) Ser. A | 5.50 | 7/1/2037 | 1,100,000 | 1,110,656 | |||||
Memphis-Shelby County Industrial Development Board, Tax Allocation Bonds, Refunding (Senior Tax Increment-Graceland Project) Ser. A | 5.63 | 1/1/2046 | 750,000 | 758,281 | |||||
Montgomery County, Revenue Bonds (LOC; Bank of America NA) | 0.04 | 4/1/2032 | 400,000 | e | 400,000 | ||||
Montgomery County Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.04 | 2/1/2036 | 1,500,000 | e | 1,500,000 | ||||
Montgomery County Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.04 | 7/1/2034 | 700,000 | e | 700,000 | ||||
14,861,154 | |||||||||
Texas - 9.6% | |||||||||
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift Education) Ser. A | 5.00 | 12/1/2046 | 1,100,000 | 1,248,779 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift Education) Ser. A | 5.00 | 12/1/2036 | 1,315,000 | 1,512,557 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 8/15/2046 | 860,000 | 911,850 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 8/15/2041 | 610,000 | 650,441 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Texas - 9.6% (continued) | |||||||||
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 8/15/2036 | 330,000 | 355,585 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 8/15/2053 | 925,000 | 1,011,966 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 8/15/2048 | 1,900,000 | 2,084,216 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 8/15/2038 | 1,000,000 | 1,114,184 | |||||
Austin Airport System, Revenue Bonds, Ser. A | 5.00 | 11/15/2046 | 13,120,000 | 15,881,603 | |||||
Bexar County Health Facilities Development Corp., Revenue Bonds, Refunding (Army Retirement Residence Foundation Project) | 5.00 | 7/15/2041 | 1,750,000 | 1,914,898 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding | 5.00 | 1/1/2046 | 1,500,000 | 1,744,611 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. A | 5.00 | 1/1/2040 | 7,300,000 | 8,382,064 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. B | 4.00 | 1/1/2051 | 4,255,000 | 4,993,111 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. E | 5.00 | 1/1/2045 | 1,250,000 | 1,565,839 | |||||
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/15/2022 | 6,000,000 | c | 6,354,059 | ||||
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. B | 5.00 | 8/15/2037 | 16,235,000 | 18,212,019 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 5.00 | 8/15/2032 | 2,745,000 | 2,852,699 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 6.00 | 8/15/2043 | 2,770,000 | 3,019,736 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 6.00 | 8/15/2033 | 1,500,000 | 1,646,316 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 5.50 | 8/15/2021 | 1,250,000 | c | 1,263,524 | ||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 5.75 | 8/15/2021 | 1,000,000 | c | 1,011,326 | ||||
Clifton Higher Education Finance Corp., Revenue Bonds (Uplift Education) Ser. A | 5.00 | 12/1/2045 | 3,855,000 | 4,242,885 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds, Ser. D | 6.13 | 8/15/2048 | 18,000,000 | 20,914,934 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Texas - 9.6% (continued) | |||||||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding | 4.00 | 11/1/2034 | 6,500,000 | 7,971,190 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding | 4.00 | 11/1/2045 | 2,000,000 | 2,370,515 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding | 4.00 | 11/1/2035 | 5,000,000 | 6,117,637 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. C | 2.92 | 11/1/2050 | 3,000,000 | 2,959,535 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Ser. H | 5.00 | 11/1/2021 | 7,500,000 | c | 7,650,121 | ||||
Danbury Higher Education Authority, Revenue Bonds, Ser. A | 4.00 | 8/15/2049 | 5,000,000 | 5,073,770 | |||||
Danbury Higher Education Authority, Revenue Bonds, Ser. A | 5.13 | 8/15/2049 | 2,240,000 | 2,309,380 | |||||
Grand Parkway Transportation Corp., Revenue Bonds, Refunding | 4.00 | 10/1/2049 | 5,000,000 | 5,856,973 | |||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. A | 5.00 | 10/1/2043 | 5,000,000 | 6,227,913 | |||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. A | 5.50 | 10/1/2023 | 4,500,000 | c | 5,062,135 | ||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | 5.20 | 10/1/2031 | 2,000,000 | g | 2,317,651 | ||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | 5.40 | 10/1/2033 | 2,500,000 | g | 2,904,259 | ||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | 5.45 | 10/1/2034 | 2,235,000 | g | 2,595,634 | ||||
Houston Airport System, Revenue Bonds, Refunding (United Airlines) | 5.00 | 7/15/2027 | 1,000,000 | 1,188,845 | |||||
Houston Airport System, Revenue Bonds, Refunding (United Airlines) Ser. A | 5.00 | 7/1/2027 | 1,000,000 | 1,188,037 | |||||
Houston Airport System, Revenue Bonds, Refunding (United Airlines) Ser. C | 5.00 | 7/15/2027 | 1,000,000 | 1,188,845 | |||||
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project) | 4.63 | 10/1/2031 | 3,250,000 | a | 3,445,778 | ||||
Newark Higher Education Finance Corp., Revenue Bonds (A+ Charter Schools) Ser. A | 5.50 | 8/15/2035 | 750,000 | a | 856,807 | ||||
Newark Higher Education Finance Corp., Revenue Bonds (A+ Charter Schools) Ser. A | 5.75 | 8/15/2045 | 1,000,000 | a | 1,138,542 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Texas - 9.6% (continued) | |||||||||
North Texas Tollway Authority, Revenue Bonds, Refunding | 5.00 | 1/1/2036 | 2,800,000 | 3,447,937 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 1/2/2038 | 5,000,000 | 5,895,933 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | 3.00 | 1/1/2046 | 5,000,000 | 5,348,586 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | 3.00 | 1/1/2051 | 4,000,000 | 4,253,271 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | 4.00 | 1/1/2041 | 2,000,000 | 2,416,594 | |||||
Port Beaumont Navigation District, Revenue Bonds, Refunding, Ser. A | 3.63 | 1/1/2035 | 1,500,000 | a | 1,553,999 | ||||
Port Beaumont Navigation District, Revenue Bonds, Refunding, Ser. A | 4.00 | 1/1/2050 | 1,500,000 | a | 1,554,368 | ||||
Pottsboro Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 8/15/2046 | 1,000,000 | 1,090,601 | |||||
San Antonio Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. B | 5.00 | 8/1/2044 | 7,140,000 | 8,258,374 | |||||
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Methodist Hospitals of Dallas Obligated Group) (LOC; TD Bank NA) Ser. B | 0.02 | 10/1/2041 | 500,000 | e | 500,000 | ||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2030 | 2,000,000 | 2,623,258 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2031 | 1,700,000 | 2,254,071 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2032 | 1,500,000 | 2,021,518 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Blueridge Transportation Group) | 5.00 | 12/31/2045 | 1,000,000 | 1,131,174 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (NTE Mobility Partners Segments 3) | 6.75 | 6/30/2043 | 5,000,000 | 5,676,843 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (NTE Mobility Partners Segments 3) | 7.00 | 12/31/2038 | 10,000,000 | 11,416,616 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Texas - 9.6% (continued) | |||||||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 6/30/2039 | 1,500,000 | 1,776,177 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 12/31/2039 | 1,600,000 | 1,892,797 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 6/30/2040 | 1,500,000 | 1,771,232 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 6/30/2037 | 1,250,000 | 1,490,356 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 6/30/2036 | 3,100,000 | 3,707,924 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 12/31/2037 | 1,250,000 | 1,488,426 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 12/31/2038 | 2,000,000 | 2,373,207 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 6/30/2038 | 2,000,000 | 2,376,436 | |||||
Texas Transportation Commission, Revenue Bonds | 5.00 | 8/1/2057 | 2,000,000 | 2,341,228 | |||||
249,973,695 | |||||||||
U.S. Related - 4.3% | |||||||||
Antonio B Won Pat International Airport Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 6.00 | 10/1/2034 | 2,000,000 | 2,186,939 | |||||
Antonio B Won Pat International Airport Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 6.13 | 10/1/2043 | 2,000,000 | 2,192,692 | |||||
Antonio B Won Pat International Airport Authority, Revenue Bonds, Refunding, Ser. C | 6.25 | 10/1/2034 | 1,000,000 | 1,085,040 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
U.S. Related - 4.3% (continued) | |||||||||
Antonio B Won Pat International Airport Authority, Revenue Bonds, Refunding, Ser. C | 6.38 | 10/1/2043 | 1,000,000 | 1,081,503 | |||||
Guam, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2046 | 1,500,000 | 1,717,861 | |||||
Guam, Revenue Bonds, Refunding, Ser. F | 4.00 | 1/1/2036 | 1,750,000 | 2,034,547 | |||||
Guam, Revenue Bonds, Refunding, Ser. F | 4.00 | 1/1/2042 | 2,250,000 | 2,565,115 | |||||
Guam Government Waterworks Authority, Revenue Bonds, Ser. A | 5.00 | 1/1/2050 | 2,000,000 | 2,442,474 | |||||
Puerto Rico, GO, Refunding, Ser. A | 5.00 | 7/1/2041 | 2,500,000 | f | 2,012,500 | ||||
Puerto Rico, GO, Refunding, Ser. A | 8.00 | 7/1/2035 | 10,000,000 | f | 8,075,000 | ||||
Puerto Rico, GO, Ser. A | 5.00 | 7/1/2027 | 2,555,000 | f | 2,293,113 | ||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2047 | 7,500,000 | a | 8,802,769 | ||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2030 | 15,000,000 | a | 18,211,650 | ||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2035 | 5,000,000 | a | 5,957,494 | ||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Ser. A | 5.25 | 7/1/2042 | 2,000,000 | 2,116,720 | |||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Ser. A | 5.75 | 7/1/2037 | 2,500,000 | 2,660,758 | |||||
Puerto Rico Electric Power Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. SS | 5.00 | 7/1/2021 | 500,000 | 503,580 | |||||
Puerto Rico Electric Power Authority, Revenue Bonds, Refunding, Ser. DDD | 5.00 | 7/1/2022 | 2,000,000 | f | 1,832,500 | ||||
Puerto Rico Electric Power Authority, Revenue Bonds, Ser. A | 6.75 | 7/1/2036 | 10,000,000 | f | 9,425,000 | ||||
Puerto Rico GDB Debt Recovery Authority, Revenue Bonds | 7.50 | 8/20/2040 | 5,200,940 | 4,589,830 | |||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding, Ser. M | 5.00 | 7/1/2032 | 220,000 | f | 112,475 | ||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding, Ser. M | 5.00 | 7/1/2025 | 110,000 | f | 56,238 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
U.S. Related - 4.3% (continued) | |||||||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Ser. G | 5.00 | 7/1/2042 | 120,000 | f | 61,350 | ||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Ser. K | 5.00 | 7/1/2030 | 120,000 | f | 61,350 | ||||
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2021 | 500,000 | f | 130,000 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2031 | 498,000 | b | 392,594 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2029 | 387,000 | b | 329,770 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2033 | 561,000 | b | 409,737 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2051 | 4,348,000 | b | 1,028,229 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2046 | 5,338,000 | b | 1,737,893 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2027 | 397,000 | b | 356,816 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2024 | 207,000 | b | 197,191 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 4.50 | 7/1/2034 | 4,311,000 | 4,745,493 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 4.55 | 7/1/2040 | 208,000 | 233,731 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 4.75 | 7/1/2053 | 1,526,000 | 1,715,474 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 5.00 | 7/1/2058 | 8,783,000 | 10,019,694 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | 4.33 | 7/1/2040 | 2,112,000 | 2,343,321 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | 4.54 | 7/1/2053 | 63,000 | 69,877 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | 4.78 | 7/1/2058 | 847,000 | 951,690 | |||||
Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2029 | 2,250,000 | 2,161,086 | |||||
Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2034 | 1,500,000 | 1,408,254 | |||||
Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A | 6.75 | 10/1/2037 | 1,250,000 | 1,259,805 | |||||
111,569,153 | |||||||||
Utah - .5% | |||||||||
Mida Mountain Village Public Infrastructure District, Special Assesment Bonds (Mountain Village Assignment Area #2) | 4.00 | 8/1/2050 | 2,000,000 | a | 2,089,295 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Utah - .5% (continued) | |||||||||
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A | 5.00 | 4/15/2044 | 625,000 | 747,063 | |||||
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A | 5.00 | 4/15/2049 | 1,150,000 | 1,366,271 | |||||
Utah County, Revenue Bonds (IHC Health Services Inc Obligated Group) Ser. A | 4.00 | 5/15/2043 | 2,750,000 | 3,276,237 | |||||
Utah County, Revenue Bonds (IHC Health Services Inc Obligated Group) Ser. A | 5.00 | 5/15/2043 | 2,000,000 | 2,577,036 | |||||
Utah County, Revenue Bonds (IHC Health Services Inc Obligated Group) Ser. A | 5.00 | 5/15/2050 | 3,000,000 | 3,815,064 | |||||
13,870,966 | |||||||||
Virginia - 2.8% | |||||||||
Arlington County Industrial Development Authority, Revenue Bonds, Refunding (Virginia Hospital Center) | 4.00 | 7/1/2045 | 5,000,000 | 5,898,333 | |||||
Chesapeake Expressway, Revenue Bonds, Refunding, Ser. B | 4.88 | 7/15/2040 | 2,000,000 | g | 2,183,406 | ||||
Richmond Public Utility, Revenue Bonds, Ser. A | 4.00 | 1/15/2050 | 3,000,000 | 3,556,726 | |||||
Roanoke County Economic Development Authority, Revenue Bonds, Refunding (Richfield Living Obligated Group) Ser. A | 5.25 | 9/1/2049 | 10,000,000 | 10,065,676 | |||||
University of Virginia, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 4/1/2045 | 3,950,000 | 4,371,311 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes Project) | 5.00 | 1/1/2040 | 7,510,000 | 7,707,869 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes Project) | 5.00 | 1/1/2040 | 12,395,000 | 12,721,576 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (Elizabeth River Crossing Opco Project) | 5.25 | 1/1/2032 | 4,000,000 | 4,198,674 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (Elizabeth River Crossing Opco Project) | 6.00 | 1/1/2037 | 1,665,000 | 1,762,058 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Virginia - 2.8% (continued) | |||||||||
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | 5.00 | 12/31/2049 | 4,500,000 | 5,423,204 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | 5.00 | 12/31/2056 | 4,000,000 | 4,800,014 | |||||
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (National Senior Campuses Inc Obligated Group) Ser. A | 4.00 | 1/1/2045 | 3,000,000 | 3,333,773 | |||||
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (National Senior Campuses Inc Obligated Group) Ser. A | 4.00 | 1/1/2040 | 3,000,000 | 3,369,531 | |||||
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (National Senior Campuses Inc Obligated Group) Ser. A | 4.00 | 1/1/2051 | 2,750,000 | 3,037,175 | |||||
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (Virginia State University Real Estate Foundation) (LOC; Bank of America NA) | 0.03 | 7/1/2030 | 100,000 | e | 100,000 | ||||
72,529,326 | |||||||||
Washington - .7% | |||||||||
Washington, GO, Refunding, Ser. R-2021A | 5.00 | 6/1/2035 | 1,250,000 | 1,652,012 | |||||
Washington, GO, Refunding, Ser. R-2021A | 5.00 | 6/1/2034 | 1,250,000 | 1,654,805 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Fred Hutchinson Cancer Research Center) Ser. C, 1 Month MUNIPSA +1.05% | 1.10 | 7/3/2023 | 7,965,000 | d | 8,026,260 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 4.00 | 12/1/2040 | 1,000,000 | a | 1,192,372 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 4.00 | 12/1/2045 | 1,200,000 | a | 1,406,878 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 4.00 | 12/1/2048 | 1,000,000 | a | 1,163,794 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Washington - .7% (continued) | |||||||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 4.00 | 9/1/2050 | 1,000,000 | 1,157,349 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 9/1/2050 | 1,500,000 | 1,897,367 | |||||
18,150,837 | |||||||||
West Virginia - .7% | |||||||||
West Virginia, GO, Ser. B | 5.00 | 6/1/2041 | 10,000,000 | 12,553,908 | |||||
West Virginia Economic Development Authority, Revenue Bonds (Arch Resources) | 5.00 | 7/1/2025 | 1,000,000 | 1,058,329 | |||||
West Virginia Hospital Finance Authority, Revenue Bonds, Refunding (Charleston Area Medical Center Obligated Group) | 5.00 | 9/1/2039 | 1,450,000 | 1,771,318 | |||||
West Virginia Hospital Finance Authority, Revenue Bonds, Refunding (Charleston Area Medical Center Obligated Group) | 5.00 | 9/1/2038 | 1,500,000 | 1,836,327 | |||||
17,219,882 | |||||||||
Wisconsin - 1.3% | |||||||||
Public Finance Authority, Revenue Bonds (Maryland Proton Treatment Center) Ser. A1 | 6.38 | 1/1/2048 | 2,500,000 | a | 2,099,272 | ||||
Public Finance Authority, Revenue Bonds (Nevada State College) | 5.00 | 5/1/2055 | 5,000,000 | a | 4,477,001 | ||||
Public Finance Authority, Revenue Bonds (Piedmont Community Charter School) | 5.00 | 6/15/2049 | 3,440,000 | 4,002,911 | |||||
Public Finance Authority, Revenue Bonds (Piedmont Community Charter School) | 5.00 | 6/15/2053 | 1,000,000 | 1,156,824 | |||||
Public Finance Authority, Revenue Bonds, Refunding (Friends Homes Obligated Group) | 5.00 | 9/1/2039 | 2,230,000 | a | 2,551,649 | ||||
Public Finance Authority, Revenue Bonds, Refunding (Renown Regional Medical Center) | 4.00 | 6/1/2045 | 6,515,000 | 7,611,719 | |||||
Wisconsin, GO, Refunding, Ser. 2021-2 | 5.00 | 5/1/2031 | 1,500,000 | 2,000,442 | |||||
Wisconsin Center District, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | 0.00 | 12/15/2046 | 3,990,000 | b | 1,646,742 | ||||
Wisconsin Center District, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | 0.00 | 12/15/2044 | 8,735,000 | b | 3,912,067 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Wisconsin - 1.3% (continued) | |||||||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Marshfield Clinic Health System Obligated Group) Ser. C | 5.00 | 2/15/2047 | 4,500,000 | 5,207,022 | |||||
34,665,649 | |||||||||
Total Long-Term Municipal Investments | 2,674,355,052 | ||||||||
Total Investments (cost $2,500,670,694) | 103.6% | 2,704,162,979 | |||||||
Liabilities, Less Cash and Receivables | (3.6%) | (92,967,773) | |||||||
Net Assets | 100.0% | 2,611,195,206 | |||||||
GO—General Obligation
LIBOR—London Interbank Offered Rate
MUNIPSA—Securities Industry and Financial Markets Association Municipal Swap Index Yield
a 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, 2021, these securities were valued at $254,907,921 or 9.76% of net assets.
b Security issued with a zero coupon. Income is recognized through the accretion of discount.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
d Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
e The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
f Non-income producing—security in default.
g Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
STATEMENT
OF FINANCIAL FUTURES
BNY Mellon Municipal Opportunities Fund
May 31, 2021 (Unaudited)
Description | Number of | Expiration | Notional | Market | Unrealized Appreciation ($) | |
Futures Short | ||||||
U.S. Treasury 10 Year Notes | 50 | 9/21/2021 | 6,599,741 | 6,596,875 | 2,866 | |
U.S. Treasury Long Bond | 100 | 9/21/2021 | 15,692,778 | 15,653,125 | 39,653 | |
U.S. Treasury Ultra Long Bond | 950 | 9/21/2021 | 176,345,004 | 175,987,500 | 357,504 | |
Ultra 10 Year U.S. Treasury Notes | 300 | 9/21/2021 | 43,508,802 | 43,485,939 | 22,863 | |
Gross Unrealized Appreciation | 422,886 | |||||
See notes to financial statements.
STATEMENT
OF INVESTMENTS
BNY Mellon Municipal Opportunities Fund
May 31, 2021 (Unaudited)
The following is a summary of the inputs used as of May 31, 2021 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: † | ||||
Corporate Bonds | - | 29,807,927 | - | 29,807,927 |
Municipal Securities | - | 2,674,355,052 | - | 2,674,355,052 |
Other Financial Instruments: | ||||
Futures†† | 422,886 | - | - | 422,886 |
† See Statement of Investments for additional detailed categorizations, if any
†† Amount shown represents unrealized appreciation at period end.
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:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board Members (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as
calculated by the Service based upon its evaluation of the market for such securities). Debt investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general oversight of the Board.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
Options and financial futures on municipal and U.S. Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at May 31, 2021 is discussed below.
Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement
of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default.
At May 31, 2021, accumulated net unrealized appreciation on investments was $203,492,285, consisting of $215,683,734 gross unrealized appreciation and $12,191,449 gross unrealized depreciation.
At May 31, 2021, 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.