STATEMENT
OF INVESTMENTS
BNY Mellon National Short-Term Municipal Bond Fund
May 31, 2021 (Unaudited)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% | |||||||||
Alabama - 1.6% | |||||||||
Black Belt Energy Gas District, Revenue Bonds (Project No. 4) Ser. A1 | 4.00 | 12/1/2025 | 5,000,000 | 5,710,811 | |||||
Black Belt Energy Gas District, Revenue Bonds, Ser. A | 4.00 | 7/1/2022 | 9,125,000 | 9,461,111 | |||||
15,171,922 | |||||||||
Arizona - 2.9% | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 4.00 | 11/1/2024 | 870,000 | 967,767 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 4.00 | 11/1/2023 | 800,000 | 866,703 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 4.00 | 11/1/2022 | 500,000 | 524,763 | |||||
Chandler Industrial Development Authority, Revenue Bonds (Intel Corp.) | 5.00 | 6/3/2024 | 7,000,000 | 7,928,068 | |||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Honorhealth Obligated Group) Ser. A | 5.00 | 9/1/2021 | 725,000 | 733,717 | |||||
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding | 5.00 | 1/1/2024 | 6,000,000 | 6,648,885 | |||||
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding | 5.00 | 1/1/2023 | 6,000,000 | 6,376,848 | |||||
The Yavapai County Industrial Development Authority, Revenue Bonds (Waste Management Project) Ser. A2 | 2.20 | 6/3/2024 | 3,350,000 | 3,532,898 | |||||
27,579,649 | |||||||||
Arkansas - .3% | |||||||||
Arkansas Development Finance Authority, Revenue Bonds (Arkansas Division of Emergency Management Project) | 4.00 | 6/1/2029 | 1,000,000 | 1,196,646 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Arkansas - .3% (continued) | |||||||||
Arkansas Development Finance Authority, Revenue Bonds (Arkansas Division of Emergency Management Project) | 5.00 | 6/1/2027 | 1,000,000 | 1,250,074 | |||||
2,446,720 | |||||||||
California - 7.6% | |||||||||
Bay Area Toll Authority, Revenue Bonds, Refunding, Ser. B | 2.25 | 4/1/2022 | 7,500,000 | 7,552,273 | |||||
California, GO, Refunding | 5.00 | 12/1/2025 | 3,500,000 | 4,218,195 | |||||
California, GO, Refunding | 5.00 | 9/1/2024 | 5,000,000 | 5,700,067 | |||||
California, GO, Refunding | 5.00 | 9/1/2025 | 5,000,000 | 5,896,716 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2022 | 350,000 | 363,894 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2025 | 400,000 | 473,417 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2024 | 380,000 | 434,023 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Ser. D | 5.00 | 11/1/2022 | 1,100,000 | 1,176,041 | |||||
California Infrastructure & Economic Development Bank, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. B | 4.00 | 11/1/2025 | 1,025,000 | 1,178,818 | |||||
California Infrastructure & Economic Development Bank, Revenue Bonds, Refunding (The J. Paul Getty Trust) Ser. A, 1 Month LIBOR x.7 +.33% | 0.41 | 4/1/2022 | 5,000,000 | a | 5,004,362 | ||||
California Infrastructure & Economic Development Bank, Revenue Bonds, Ser. A | 0.45 | 7/1/2021 | 5,000,000 | b | 5,000,320 | ||||
California Pollution Control Financing Authority, Revenue Bonds, Refunding (American Water Capital Project) | 0.60 | 9/1/2023 | 1,000,000 | 1,000,180 | |||||
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | 2.13 | 11/15/2027 | 3,000,000 | b | 3,024,704 | ||||
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | 2.38 | 11/15/2028 | 1,000,000 | b | 1,008,209 | ||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2023 | 5,000,000 | 5,307,777 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
California - 7.6% (continued) | |||||||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2024 | 1,520,000 | 1,677,171 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2026 | 5,000,000 | 5,899,252 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2023 | 2,460,000 | 2,606,878 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2024 | 4,350,000 | 4,800,105 | |||||
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 6/1/2023 | 260,000 | 278,464 | |||||
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 6/1/2022 | 250,000 | 259,092 | |||||
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 6/1/2021 | 240,000 | 240,000 | |||||
University of California, Revenue Bonds, Refunding, Ser. S | 5.00 | 5/15/2024 | 4,825,000 | 5,308,215 | |||||
University of California, Revenue Bonds, Refunding, Ser. S | 5.00 | 5/15/2023 | 3,000,000 | 3,172,529 | |||||
Western Placer Unified School District, BAN | 2.00 | 6/1/2025 | 1,000,000 | 1,031,798 | |||||
72,612,500 | |||||||||
Colorado - 3.0% | |||||||||
Colorado Housing & Finance Authority, Revenue Bonds (Multi-Family Project) Ser. B2 | 1.35 | 2/1/2022 | 5,000,000 | 5,008,315 | |||||
Colorado Housing & Finance Authority, Revenue Bonds, Refunding (Insured; Government National Mortgage Association Collateral) Ser. K | 3.88 | 5/1/2050 | 2,855,000 | 3,179,697 | |||||
Colorado Housing & Finance Authority, Revenue Bonds, Refunding (Insured; Government National Mortgage Association) Ser. B | 3.00 | 5/1/2051 | 2,750,000 | 3,003,046 | |||||
Colorado Housing & Finance Authority, Revenue Bonds, Ser. B | 3.75 | 5/1/2050 | 2,065,000 | 2,281,475 | |||||
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. D | 5.00 | 11/15/2022 | 6,500,000 | 6,945,472 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Colorado - 3.0% (continued) | |||||||||
University of Colorado, Revenue Bonds, Refunding (Green Bond) Ser. C | 2.00 | 10/15/2024 | 7,500,000 | 7,888,395 | |||||
28,306,400 | |||||||||
Connecticut - 2.8% | |||||||||
Connecticut, GO, Ser. C | 4.00 | 6/1/2023 | 400,000 | 430,655 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | 4.00 | 7/1/2022 | 500,000 | 519,902 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | 4.00 | 7/1/2023 | 550,000 | 590,932 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | 4.00 | 7/1/2024 | 650,000 | 718,356 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | 4.00 | 7/1/2025 | 600,000 | 679,029 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Yale University) Ser. A2 | 5.00 | 7/1/2022 | 11,960,000 | 12,600,796 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Yale University) Ser. C2 | 5.00 | 2/1/2023 | 5,000,000 | 5,408,081 | |||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 11/15/2045 | 4,055,000 | 4,480,387 | |||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. E-E3 | 1.63 | 11/15/2022 | 1,105,000 | 1,106,054 | |||||
26,534,192 | |||||||||
District of Columbia - .8% | |||||||||
District of Columbia Water & Sewer Authority, Revenue Bonds, Ser. C | 1.75 | 10/1/2024 | 7,000,000 | 7,295,109 | |||||
Florida - 3.0% | |||||||||
Alachua County Health Facilities Authority, Revenue Bonds, Refunding (Shands Teaching Hospital & Clinics Obligated Group) | 4.00 | 12/1/2023 | 1,100,000 | 1,197,196 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Florida - 3.0% (continued) | |||||||||
Alachua County Health Facilities Authority, Revenue Bonds, Refunding (Shands Teaching Hospital & Clinics Obligated Group) | 5.00 | 12/1/2024 | 1,900,000 | 2,192,048 | |||||
Broward County Airport System, Revenue Bonds, Ser. A | 5.00 | 10/1/2024 | 1,250,000 | 1,434,460 | |||||
Broward County Airport System, Revenue Bonds, Ser. A | 5.00 | 10/1/2023 | 1,250,000 | 1,382,915 | |||||
Broward County Airport System, Revenue Bonds, Ser. A | 5.00 | 10/1/2022 | 1,250,000 | 1,329,381 | |||||
Florida Housing Finance Corp., Revenue Bonds (Parrish Oaks) Ser. A | 1.25 | 2/1/2022 | 1,500,000 | 1,511,211 | |||||
JEA Electric System, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2023 | 800,000 | 889,636 | |||||
Lake County School Board, COP, Refunding, Ser. B | 5.00 | 6/1/2022 | 1,620,000 | c | 1,698,598 | ||||
Orange County Health Facilities Authority, Revenue Bonds, Refunding (Orlando Health Obligated Group) | 5.00 | 10/1/2021 | 3,890,000 | 3,951,222 | |||||
Palm Beach County Airport System, Revenue Bonds, Refunding | 5.00 | 10/1/2022 | 710,000 | 755,088 | |||||
Palm Beach County School District, COP, Refunding, Ser. A | 5.00 | 8/1/2022 | 1,875,000 | 1,981,373 | |||||
State Board of Administration Finance Corp., Revenue Bonds, Ser. A | 1.26 | 7/1/2025 | 10,000,000 | 10,123,469 | |||||
28,446,597 | |||||||||
Georgia - 2.7% | |||||||||
Atlanta Department of Aviation, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2024 | 1,400,000 | 1,596,401 | |||||
Atlanta Department of Aviation, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2023 | 1,500,000 | 1,610,639 | |||||
Atlanta Department of Aviation, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2024 | 1,000,000 | 1,119,150 | |||||
Fayette County Hospital Authority, Revenue Bonds, Refunding (Piedmont Healthcare Obligated Group) | 5.00 | 7/1/2024 | 2,000,000 | 2,233,357 | |||||
Georgia Housing & Finance Authority, Revenue Bonds, Refunding, Ser. A2 | 3.75 | 12/1/2023 | 1,765,000 | 1,878,622 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2022 | 1,000,000 | 1,044,745 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. B | 4.00 | 12/2/2024 | 2,600,000 | 2,905,391 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Georgia - 2.7% (continued) | |||||||||
The Burke County Development Authority, Revenue Bonds (Georgia Power Company Plant Vogtle Project) | 2.25 | 5/25/2023 | 8,000,000 | 8,289,265 | |||||
The Burke County Development Authority, Revenue Bonds (Georgia Power Company Plant Vogtle Project) | 2.25 | 5/25/2023 | 5,000,000 | 5,180,790 | |||||
25,858,360 | |||||||||
Hawaii - 1.1% | |||||||||
Honolulu City & County, GO (Honolulu Rail Transit Project) Ser. E | 5.00 | 9/1/2023 | 5,000,000 | 5,460,716 | |||||
Honolulu City & County, GO (Honolulu Rail Transit Project) Ser. E | 5.00 | 9/1/2023 | 5,000,000 | 5,465,977 | |||||
10,926,693 | |||||||||
Idaho - .1% | |||||||||
Idaho Health Facilities Authority, Revenue Bonds, Refunding (St. Luke's Health System Obligated Group) (LOC; U.S Bank NA) Ser. C | 0.02 | 3/1/2048 | 500,000 | d | 500,000 | ||||
Illinois - 7.5% | |||||||||
Chicago II, GO, Refunding, Ser. A | 3.00 | 1/1/2023 | 730,000 | 754,630 | |||||
Chicago II, GO, Refunding, Ser. A | 3.00 | 1/1/2024 | 850,000 | 894,968 | |||||
Chicago II, GO, Refunding, Ser. A | 3.00 | 1/1/2022 | 710,000 | 718,764 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2025 | 5,000,000 | 5,712,757 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2024 | 500,000 | 552,814 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2023 | 500,000 | 532,942 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding (Passenger Facility Charge) Ser. B | 5.00 | 1/1/2025 | 3,440,000 | 3,533,227 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2022 | 3,000,000 | c | 3,082,433 | ||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2026 | 1,000,000 | 1,070,790 | |||||
Illinois, GO | 5.00 | 6/1/2024 | 5,000,000 | 5,663,901 | |||||
Illinois, GO, Ser. A | 5.00 | 3/1/2024 | 2,000,000 | 2,245,068 | |||||
Illinois, GO, Ser. D | 5.00 | 11/1/2021 | 5,000,000 | 5,097,751 | |||||
Illinois Finance Authority, Revenue Bonds (Northwestern Memorial Healthcare Obligated Group) Ser. B | 5.00 | 12/15/2022 | 10,680,000 | 11,465,862 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Illinois - 7.5% (continued) | |||||||||
Illinois Finance Authority, Revenue Bonds, Refunding (Advocate Health Care Network Obligated Group) | 5.00 | 8/1/2024 | 10,000,000 | c | 11,478,848 | ||||
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. B1 | 5.00 | 11/15/2024 | 2,750,000 | 3,113,400 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago) Ser. A | 5.00 | 10/1/2023 | 1,400,000 | 1,544,514 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago) Ser. A | 5.00 | 10/1/2025 | 3,500,000 | 4,143,982 | |||||
Illinois Housing Development Authority, Revenue Bonds (Century Woods) (Insured; Government National Mortgage Association Collateral) | 1.90 | 10/1/2021 | 5,000,000 | 5,028,516 | |||||
Railsplitter Tobacco Settlement Authority, Revenue Bonds | 5.00 | 6/1/2022 | 5,000,000 | 5,234,142 | |||||
71,869,309 | |||||||||
Indiana - 1.0% | |||||||||
Indiana Finance Authority, Revenue Bonds, Refunding, Ser. B | 0.95 | 4/1/2026 | 3,300,000 | 3,301,358 | |||||
Whiting, Revenue Bonds (BP Products North America) | 5.00 | 11/1/2022 | 6,000,000 | 6,407,297 | |||||
9,708,655 | |||||||||
Iowa - .5% | |||||||||
Iowa Finance Authority, Revenue Bonds (Green Bond) (LOC; CITIBANK NA) | 1.50 | 4/1/2024 | 3,000,000 | 3,033,845 | |||||
Iowa Higher Education Loan Authority, Revenue Bonds (Des Moines University Project) | 5.00 | 10/1/2023 | 515,000 | 569,507 | |||||
Iowa Higher Education Loan Authority, Revenue Bonds (Des Moines University Project) | 5.00 | 10/1/2025 | 570,000 | 671,029 | |||||
Iowa Higher Education Loan Authority, Revenue Bonds (Des Moines University Project) | 5.00 | 10/1/2024 | 540,000 | 618,143 | |||||
4,892,524 | |||||||||
Kansas - .5% | |||||||||
Johnson County Unified School District No. 512, GO, Refunding, Ser. A | 2.25 | 10/1/2023 | 3,790,000 | 3,790,448 | |||||
Lenexa, GO, Ser. B | 1.63 | 9/1/2021 | 1,000,000 | 1,000,742 | |||||
4,791,190 | |||||||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Kentucky - 2.4% | |||||||||
Carroll County, Revenue Bonds, Refunding (Kentucky Utilities Co.) | 1.20 | 6/1/2021 | 6,000,000 | 6,000,000 | |||||
Kentucky Property & Building Commission, Revenue Bonds (Project No. 122) Ser. A | 5.00 | 11/1/2023 | 1,250,000 | 1,392,173 | |||||
Kentucky Property & Building Commission, Revenue Bonds, Refunding, Ser. C | 5.00 | 11/1/2021 | 10,000,000 | 10,201,721 | |||||
Kentucky Public Energy Authority, Revenue Bonds (Gas Supply) Ser. B | 4.00 | 1/1/2025 | 1,500,000 | 1,669,848 | |||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | 4.00 | 6/1/2026 | 1,000,000 | 1,155,367 | |||||
Owen County, Revenue Bonds, Refunding (Kentucky-American Water Obligated Group) Ser. 2020 | 0.70 | 9/1/2023 | 2,500,000 | 2,502,154 | |||||
22,921,263 | |||||||||
Louisiana - .8% | |||||||||
Louisiana Gasoline & Fuels, Revenue Bonds, Refunding, Ser. A | 0.60 | 5/1/2023 | 4,000,000 | 4,006,191 | |||||
Metropolitan Council of Baton Rouge & Parish of East Baton Rouge, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 8/1/2023 | 1,100,000 | 1,208,830 | |||||
Metropolitan Council of Baton Rouge & Parish of East Baton Rouge, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 8/1/2025 | 1,100,000 | 1,304,353 | |||||
Metropolitan Council of Baton Rouge & Parish of East Baton Rouge, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 8/1/2024 | 1,000,000 | 1,143,009 | |||||
7,662,383 | |||||||||
Maine - .8% | |||||||||
Maine Housing Authority, Revenue Bonds, Refunding, Ser. E-1 | 3.60 | 11/15/2026 | 1,470,000 | 1,598,454 | |||||
Maine Housing Authority, Revenue Bonds, Ser. C | 4.00 | 11/15/2050 | 2,665,000 | 2,955,889 | |||||
Maine Housing Authority, Revenue Bonds, Ser. F | 4.25 | 11/15/2048 | 3,115,000 | 3,451,982 | |||||
8,006,325 | |||||||||
Maryland - 1.3% | |||||||||
Harford County, GO, Refunding, Ser. B | 5.00 | 7/1/2023 | 6,125,000 | 6,745,343 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Maryland - 1.3% (continued) | |||||||||
Maryland, GO, Refunding, Ser. B | 5.00 | 8/1/2022 | 5,000,000 | 5,286,083 | |||||
12,031,426 | |||||||||
Massachusetts - 3.2% | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare) Ser. S5, 1 Month MUNIPSA +.42% | 0.47 | 1/27/2022 | 5,500,000 | a | 5,503,644 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2022 | 550,000 | 577,636 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2021 | 575,000 | 577,158 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 10/1/2024 | 720,000 | 821,369 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 10/1/2021 | 250,000 | 253,901 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 10/1/2022 | 275,000 | 292,197 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 10/1/2023 | 300,000 | 330,644 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2022 | 3,000,000 | 3,155,780 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 7/1/2021 | 1,000,000 | 1,003,023 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2022 | 2,000,000 | 2,103,853 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2021 | 1,150,000 | 1,154,401 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds (University of Massachusetts) Ser. A | 1.85 | 4/1/2022 | 5,000,000 | 5,070,103 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Massachusetts - 3.2% (continued) | |||||||||
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | 5.00 | 7/1/2023 | 350,000 | 383,445 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | 5.00 | 7/1/2022 | 500,000 | 524,900 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | 5.00 | 7/1/2024 | 500,000 | 568,821 | |||||
Massachusetts Transportation Trust Fund Metropolitan Highway System, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2023 | 5,000,000 | 5,379,365 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding | 2.17 | 8/1/2023 | 2,600,000 | e | 2,734,507 | ||||
30,434,747 | |||||||||
Michigan - 1.3% | |||||||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 7/1/2021 | 500,000 | 501,963 | |||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 7/1/2021 | 1,000,000 | 1,003,926 | |||||
Grand Traverse County Hospital Finance Authority, Revenue Bonds, Refunding (Munson Healthcare Obligated Group) (LOC; PNC Bank NA) Ser. C | 0.02 | 7/1/2041 | 500,000 | d | 500,000 | ||||
Michigan Housing Development Authority, Revenue Bonds, Ser. A1 | 1.50 | 10/1/2022 | 1,000,000 | 1,000,802 | |||||
Michigan Strategic Fund, Revenue Bonds (Consumers Energy Co.) | 1.80 | 10/1/2024 | 6,650,000 | 6,867,256 | |||||
Michigan Strategic Fund, Revenue Bonds, Refunding, Ser. CC | 1.45 | 9/1/2021 | 1,000,000 | 1,003,062 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2026 | 450,000 | 547,704 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2024 | 570,000 | 652,631 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Michigan - 1.3% (continued) | |||||||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2023 | 225,000 | 248,241 | |||||
12,325,585 | |||||||||
Minnesota - 1.6% | |||||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2023 | 6,340,000 | 6,804,492 | |||||
Minnesota Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. B | 3.50 | 7/1/2050 | 1,415,000 | 1,557,923 | |||||
Rochester, Revenue Bonds, Refunding (Mayo Clinic) Ser. C | 4.50 | 11/15/2021 | 5,110,000 | 5,207,941 | |||||
Rochester Independent School District No. 535, COP, Ser. B | 5.00 | 2/1/2022 | 1,560,000 | 1,609,935 | |||||
15,180,291 | |||||||||
Missouri - 1.5% | |||||||||
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | 5.00 | 6/1/2025 | 650,000 | 735,242 | |||||
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | 5.00 | 6/1/2024 | 1,000,000 | 1,094,837 | |||||
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | 5.00 | 6/1/2023 | 700,000 | 738,074 | |||||
Kansas City Industrial Development Authority, Revenue Bonds (Kansas City International Airport) | 5.00 | 3/1/2025 | 1,250,000 | 1,458,146 | |||||
Kansas City Industrial Development Authority, Revenue Bonds (Kansas City International Airport) | 5.00 | 3/1/2025 | 1,740,000 | 2,019,174 | |||||
Missouri Board of Public Buildings, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2026 | 2,000,000 | 2,097,541 | |||||
Missouri Development Finance Board, Revenue Bonds, Refunding (The Nelson Gallery Foundation) Ser. A | 3.00 | 12/1/2022 | 3,540,000 | 3,682,444 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Missouri - 1.5% (continued) | |||||||||
Missouri Housing Development Commission, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | 3.50 | 11/1/2050 | 2,360,000 | 2,604,202 | |||||
14,429,660 | |||||||||
Nebraska - 1.0% | |||||||||
Nebraska Investment Finance Authority, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | 3.00 | 9/1/2045 | 5,000,000 | 5,475,614 | |||||
Nebraska Investment Finance Authority, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. E | 3.75 | 9/1/2049 | 4,150,000 | 4,480,259 | |||||
9,955,873 | |||||||||
Nevada - 1.8% | |||||||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 3.00 | 6/15/2024 | 1,175,000 | 1,269,439 | |||||
Clark County School District, GO, Refunding, Ser. A | 5.00 | 6/15/2022 | 8,220,000 | 8,629,455 | |||||
Washoe County, Revenue Bonds, Refunding (Sierra Pacific Power Co.) | 2.05 | 4/15/2022 | 7,500,000 | 7,613,211 | |||||
17,512,105 | |||||||||
New Hampshire - .7% | |||||||||
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Waste Management) Ser. A3 | 2.15 | 7/1/2024 | 4,000,000 | 4,200,486 | |||||
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Waste Management) Ser. A4 | 2.15 | 7/1/2024 | 2,000,000 | 2,100,243 | |||||
6,300,729 | |||||||||
New Jersey - 6.6% | |||||||||
New Jersey, GO (COVID-19 Emergency Bond) Ser. A | 4.00 | 6/1/2023 | 5,000,000 | 5,373,797 | |||||
New Jersey, GO (COVID-19 Emergency Bond) Ser. A | 5.00 | 6/1/2024 | 6,000,000 | 6,826,962 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding | 5.00 | 6/15/2023 | 1,500,000 | 1,563,759 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (American Water Co.) Ser. B | 1.20 | 6/1/2023 | 2,500,000 | 2,531,414 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
New Jersey - 6.6% (continued) | |||||||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. N1 | 5.50 | 9/1/2025 | 1,250,000 | 1,512,312 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (New Jersey-American Water Co.) Ser. E | 0.85 | 12/1/2025 | 3,100,000 | 3,079,281 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (School Facilities Construction) Ser. GGG | 5.25 | 9/1/2024 | 10,000,000 | b | 11,514,325 | ||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | 5.00 | 6/15/2023 | 220,000 | 241,306 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | 5.00 | 6/15/2022 | 200,000 | 209,855 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | 5.00 | 6/15/2025 | 400,000 | 470,222 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | 5.00 | 6/15/2024 | 300,000 | 341,799 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | 5.00 | 12/15/2024 | 1,750,000 | 2,029,941 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2022 | 10,000,000 | 10,494,901 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 12/15/2021 | 10,000,000 | 10,268,619 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. AA | 5.00 | 6/15/2025 | 5,125,000 | 5,737,325 | |||||
The Bergen County Improvement Authority, Revenue Bonds, Refunding (Insured; County Guaranteed) Ser. A | 3.00 | 8/15/2022 | 1,000,000 | 1,032,464 | |||||
63,228,282 | |||||||||
New Mexico - 1.2% | |||||||||
New Mexico Finance Authority, Revenue Bonds, Ser. C | 5.00 | 6/1/2022 | 4,200,000 | 4,200,000 | |||||
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2021 | 1,210,000 | 1,229,046 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
New Mexico - 1.2% (continued) | |||||||||
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2025 | 5,500,000 | 6,430,997 | |||||
11,860,043 | |||||||||
New York - 13.2% | |||||||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/15/2023 | 1,225,000 | 1,364,317 | |||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/15/2022 | 875,000 | 935,512 | |||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/15/2021 | 840,000 | 860,334 | |||||
Long Island Power Authority, Revenue Bonds, Ser. B | 1.65 | 9/1/2024 | 7,000,000 | 7,233,964 | |||||
Metropolitan Transportation Authority, BAN, Ser. A | 5.00 | 3/1/2022 | 10,000,000 | 10,358,959 | |||||
Metropolitan Transportation Authority, BAN, Ser. A1 | 5.00 | 2/1/2023 | 10,000,000 | 10,774,268 | |||||
Metropolitan Transportation Authority, BAN, Ser. D1 | 5.00 | 9/1/2022 | 10,000,000 | 10,588,505 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A2 | 5.00 | 5/15/2024 | 2,200,000 | 2,481,616 | |||||
New York City, GO, Refunding, Ser. D | 1.22 | 8/1/2026 | 3,920,000 | 3,916,051 | |||||
New York City, GO, Ser. D3 | 5.00 | 2/1/2024 | 5,000,000 | 5,480,191 | |||||
New York City Housing Development Corp., Revenue Bonds (Sustainable Development Bond) (LOC; Federal Housing Administration) Ser. D2 | 0.70 | 11/1/2024 | 2,000,000 | 2,007,458 | |||||
New York City Housing Development Corp., Revenue Bonds (Sustainable Neighborhood Fund) Ser. C2 | 1.70 | 7/1/2021 | 4,280,000 | 4,285,070 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | 5.00 | 7/1/2023 | 4,100,000 | 4,487,289 | |||||
New York City Industrial Development Agency, Revenue Bonds (Yankee Stadium Project) (Insured; National Public Finance Guarantee Corp.) | 3.47 | 3/1/2023 | 2,000,000 | e | 2,051,804 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. BB-4 | 0.02 | 6/15/2050 | 1,000,000 | d | 1,000,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Ser. BB | 0.02 | 6/15/2049 | 440,000 | d | 440,000 | ||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
New York - 13.2% (continued) | |||||||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Rochester Institute of Technology) Ser. 2020A | 5.00 | 7/1/2021 | 1,000,000 | 1,003,959 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Rochester Institute of Technology) Ser. 2020A | 5.00 | 7/1/2023 | 1,000,000 | 1,098,854 | |||||
New York State Housing Finance Agency, Revenue Bonds (Green Bond) Ser. I | 2.55 | 11/1/2022 | 1,390,000 | 1,435,877 | |||||
New York State Housing Finance Agency, Revenue Bonds (Green Bond) Ser. I | 2.65 | 5/1/2023 | 2,000,000 | 2,092,319 | |||||
New York State Housing Finance Agency, Revenue Bonds (Insured; SONYMA) Ser. M-2 | 0.75 | 11/1/2025 | 5,000,000 | 5,002,784 | |||||
New York State Housing Finance Agency, Revenue Bonds (Insured; SONYMA, FNMA, FHLMC) Ser. N | 1.50 | 11/1/2023 | 1,000,000 | 1,003,037 | |||||
New York State Housing Finance Agency, Revenue Bonds (Insured; SONYMA, FNMA, FHLMC) Ser. O | 1.45 | 5/1/2023 | 1,500,000 | 1,500,818 | |||||
New York State Housing Finance Agency, Revenue Bonds, Ser. E | 0.85 | 11/1/2024 | 1,250,000 | 1,253,947 | |||||
New York State Housing Finance Agency, Revenue Bonds, Ser. E | 0.95 | 5/1/2025 | 1,000,000 | 1,002,232 | |||||
New York State Housing Finance Agency, Revenue Bonds, Ser. J | 2.50 | 5/1/2022 | 1,020,000 | 1,021,049 | |||||
New York State Housing Finance Agency, Revenue Bonds, Ser. P | 1.60 | 11/1/2024 | 5,000,000 | 5,034,893 | |||||
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 186 | 3.95 | 4/1/2025 | 4,880,000 | 5,182,961 | |||||
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 191 | 3.00 | 10/1/2024 | 1,000,000 | 1,056,408 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) | 5.00 | 12/1/2023 | 1,000,000 | 1,114,230 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 5.00 | 12/1/2024 | 1,000,000 | 1,152,957 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 5.00 | 12/1/2023 | 1,300,000 | 1,444,711 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
New York - 13.2% (continued) | |||||||||
Oneida County Local Development Corp., Revenue Bonds, Refunding (Mohawk Valley Health System Obligated Group) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/1/2027 | 1,425,000 | 1,573,038 | |||||
Oneida County Local Development Corp., Revenue Bonds, Refunding (Mohawk Valley Health System Obligated Group) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/1/2026 | 1,625,000 | 1,800,128 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2024 | 3,750,000 | 4,280,638 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2023 | 2,710,000 | 2,986,258 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding (LOC; State Street Bank & Trust Co.) Ser. B3 | 0.02 | 1/1/2032 | 350,000 | d | 350,000 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A2 | 2.00 | 5/15/2024 | 14,375,000 | 15,107,239 | |||||
125,763,675 | |||||||||
North Carolina - .1% | |||||||||
North Carolina Eastern Municipal Power Agency, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. B | 6.00 | 1/1/2022 | 1,250,000 | 1,292,942 | |||||
Ohio - 2.2% | |||||||||
Allen County Hospital Facilities, Revenue Bonds (Catholic Healthcare) (LOC; Bank of Montreal) Ser. C | 0.02 | 6/1/2034 | 600,000 | d | 600,000 | ||||
Allen County Hospital Facilities, Revenue Bonds (Mercy Health) Ser. B | 5.00 | 5/5/2022 | 3,000,000 | 3,129,280 | |||||
American Municipal Power, Revenue Bonds, Refunding, A2 | 1.00 | 8/15/2024 | 2,000,000 | 2,032,383 | |||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B1 | 1.85 | 6/1/2029 | 2,360,000 | 2,360,000 | |||||
Cincinnati School District, GO, Refunding (Insured; National Public Finance Guarantee Corp.) | 5.25 | 12/1/2025 | 1,000,000 | 1,211,353 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Ohio - 2.2% (continued) | |||||||||
Miami University, Revenue Bonds, Refunding | 5.00 | 9/1/2022 | 1,590,000 | 1,609,211 | |||||
Ohio Higher Educational Facility Commission, Revenue Bonds, Refunding (Cleveland Clinic Health System Obligated Group) | 5.00 | 1/1/2025 | 5,000,000 | 5,137,886 | |||||
Ohio Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. B | 3.25 | 3/1/2050 | 1,995,000 | 2,194,292 | |||||
Ohio Housing Finance Agency, Revenue Bonds (Neilan Park Apartments) | 1.75 | 6/1/2021 | 3,150,000 | 3,150,000 | |||||
21,424,405 | |||||||||
Oklahoma - 2.5% | |||||||||
The University of Oklahoma, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2023 | 1,860,000 | 2,041,004 | |||||
The University of Oklahoma, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2024 | 1,955,000 | 2,227,320 | |||||
The University of Oklahoma, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2025 | 1,815,000 | 2,137,343 | |||||
Tulsa, GO | 5.00 | 3/1/2023 | 5,000,000 | 5,424,398 | |||||
Tulsa County Independent School District No. 1, GO, Ser. B | 2.00 | 8/1/2024 | 5,000,000 | 5,260,479 | |||||
Tulsa County Independent School District No. 1, GO, Ser. B | 2.00 | 8/1/2025 | 6,150,000 | 6,530,342 | |||||
23,620,886 | |||||||||
Oregon - 1.2% | |||||||||
Gilliam County, Revenue Bonds (Waste Management) Ser. A | 2.40 | 5/2/2022 | 2,375,000 | 2,422,826 | |||||
Gilliam County, Revenue Bonds (Waste Management) Ser. A | 2.40 | 5/2/2022 | 2,500,000 | 2,504,059 | |||||
Oregon Housing & Community Services Department, Revenue Bonds, Ser. C | 3.00 | 1/1/2052 | 2,295,000 | 2,508,033 | |||||
Oregon Housing & Community Services Department, Revenue Bonds, Ser. D | 4.75 | 1/1/2050 | 3,635,000 | 4,049,335 | |||||
11,484,253 | |||||||||
Pennsylvania - 4.4% | |||||||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. A | 5.00 | 7/15/2022 | 1,500,000 | 1,582,231 | |||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. B | 5.00 | 10/15/2024 | 705,000 | 806,141 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Pennsylvania - 4.4% (continued) | |||||||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. B | 5.00 | 10/15/2023 | 950,000 | 1,047,846 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2022 | 3,000,000 | 3,141,722 | |||||
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | 5.00 | 4/1/2022 | 1,000,000 | 1,040,468 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (AICUP Financing Program Gwynedd Mercy University Project) | 4.00 | 5/1/2022 | 965,000 | 978,332 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Gwynedd Mercy University Project) | 1.13 | 5/1/2023 | 1,250,000 | 1,249,761 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | 5.00 | 9/1/2023 | 500,000 | 550,310 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | 5.00 | 9/1/2022 | 600,000 | 634,812 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds | 0.74 | 6/15/2024 | 4,000,000 | 4,002,607 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Project) | 1.75 | 8/1/2024 | 5,000,000 | 5,199,789 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Project) Ser. A | 0.70 | 8/2/2021 | 1,250,000 | 1,250,978 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (Shippensburg University of Pennsylvania) | 6.00 | 10/1/2021 | 2,000,000 | c | 2,038,782 | ||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) Ser. B | 5.00 | 8/15/2024 | 1,000,000 | 1,092,687 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Pennsylvania - 4.4% (continued) | |||||||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) Ser. B | 5.00 | 8/15/2023 | 1,000,000 | 1,052,835 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. Joseph's University) | 4.00 | 11/1/2024 | 500,000 | 554,934 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. Joseph's University) | 4.00 | 11/1/2022 | 225,000 | 236,143 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. Joseph's University) | 4.00 | 11/1/2021 | 200,000 | 202,912 | |||||
Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C, 1 Month MUNIPSA +.65% | 0.70 | 12/1/2023 | 3,000,000 | a | 3,029,189 | ||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2023 | 1,100,000 | 1,207,816 | |||||
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. 2020 | 5.00 | 9/1/2021 | 5,000,000 | 5,058,980 | |||||
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F | 5.00 | 9/1/2023 | 5,000,000 | 5,490,073 | |||||
41,449,348 | |||||||||
Rhode Island - .9% | |||||||||
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | 3.00 | 10/1/2050 | 1,995,000 | 2,176,117 | |||||
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | 3.50 | 10/1/2050 | 2,585,000 | 2,857,266 | |||||
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | 0.45 | 10/1/2023 | 3,250,000 | 3,252,134 | |||||
8,285,517 | |||||||||
South Carolina - 1.2% | |||||||||
Patriots Energy Group Financing Agency, Revenue Bonds, Ser. A | 4.00 | 2/1/2024 | 5,000,000 | 5,450,957 | |||||
Renewable Water Resources, Revenue Bonds, Refunding | 5.00 | 1/1/2022 | 1,865,000 | c | 1,918,469 | ||||
South Carolina Housing Finance & Development Authority, Revenue Bonds, Ser. B | 3.25 | 1/1/2052 | 3,250,000 | 3,577,606 | |||||
10,947,032 | |||||||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Texas - 13.4% | |||||||||
Alvin Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 1.25 | 8/15/2022 | 1,000,000 | 1,013,698 | |||||
Amarillo Drainage Utility , Revenue Bonds (Drainage Utility System) | 5.00 | 8/15/2026 | 420,000 | 514,306 | |||||
Amarillo Drainage Utility , Revenue Bonds (Drainage Utility System) | 5.00 | 8/15/2025 | 375,000 | 445,409 | |||||
Amarillo Drainage Utility , Revenue Bonds (Drainage Utility System) | 5.00 | 8/15/2024 | 370,000 | 424,898 | |||||
Austin Affordable Public Facility Corp., Revenue Bonds (Bridge at Turtle Creek) | 0.42 | 12/1/2023 | 3,350,000 | 3,356,983 | |||||
Austin Airport System, Revenue Bonds, Refunding | 5.00 | 11/15/2021 | 2,500,000 | 2,552,969 | |||||
Austin Airport System, Revenue Bonds, Ser. B | 5.00 | 11/15/2024 | 600,000 | 691,405 | |||||
Central Texas Regional Mobility Authority, BAN | 4.00 | 1/1/2022 | 4,000,000 | 4,011,531 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) (Insured; Permanent School Fund) Ser. T | 0.75 | 8/15/2050 | 2,000,000 | b | 1,999,877 | ||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding | 5.00 | 11/1/2025 | 2,500,000 | 2,984,026 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding | 5.00 | 11/1/2026 | 2,400,000 | 2,948,299 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/1/2023 | 1,000,000 | 1,113,739 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/1/2024 | 2,000,000 | 2,312,724 | |||||
Dallas Housing Finance Corp., Revenue Bonds | 1.25 | 7/1/2023 | 2,000,000 | 2,040,742 | |||||
Deer Park Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 0.28 | 10/1/2021 | 1,000,000 | 1,000,363 | |||||
Denton Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 2.00 | 8/1/2023 | 5,000,000 | 5,187,267 | |||||
Fort Bend Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. A | 1.95 | 8/1/2022 | 845,000 | 863,079 | |||||
Georgetown Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 2.75 | 8/1/2022 | 5,000,000 | 5,153,488 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Texas - 13.4% (continued) | |||||||||
Georgetown Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 2.00 | 8/1/2023 | 5,000,000 | 5,182,856 | |||||
Grand Parkway Transportation Corp., Revenue Bonds, Refunding | 1.59 | 10/1/2022 | 2,625,000 | 2,667,910 | |||||
Harris County-Houston Sports Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 11/15/2022 | 1,310,000 | 1,384,939 | |||||
Houston Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. A2 | 2.25 | 6/1/2022 | 3,500,000 | 3,574,631 | |||||
Hutto Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. 2015 | 2.00 | 8/1/2025 | 2,000,000 | 2,113,493 | |||||
Mansfield Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 2.50 | 8/1/2021 | 3,500,000 | 3,512,889 | |||||
Matagorda County Navigation District No. 1, Revenue Bonds, Refunding | 0.90 | 9/1/2023 | 3,750,000 | 3,769,915 | |||||
New Caney Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 3.00 | 8/15/2021 | 3,000,000 | 3,017,694 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2025 | 2,500,000 | 2,912,638 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2023 | 2,500,000 | 2,690,606 | |||||
Northside Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 2.00 | 6/1/2021 | 100,000 | 100,000 | |||||
Pasadena Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 1.50 | 8/15/2024 | 4,000,000 | 4,131,040 | |||||
Pflugerville Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. A | 2.25 | 8/15/2022 | 3,450,000 | 3,538,715 | |||||
Pflugerville Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 2.50 | 8/15/2023 | 9,725,000 | 10,186,164 | |||||
Round Rock Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 1.50 | 8/1/2021 | 6,355,000 | 6,369,364 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Texas - 13.4% (continued) | |||||||||
San Antonio Airport System, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2023 | 1,230,000 | 1,346,187 | |||||
San Antonio Airport System, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2023 | 1,000,000 | 1,095,996 | |||||
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding | 1.75 | 12/1/2025 | 2,500,000 | 2,620,284 | |||||
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding, Ser. 2019 | 2.75 | 12/1/2022 | 2,250,000 | 2,332,288 | |||||
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding, Ser. B | 2.00 | 12/1/2021 | 5,000,000 | 5,006,311 | |||||
Sherman Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 2.00 | 8/1/2048 | 4,400,000 | 4,558,974 | |||||
Sherman Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 2.00 | 8/1/2023 | 600,000 | c | 622,645 | ||||
Texas Department of Housing & Community Affairs, Revenue Bonds (FishPond Living at Corpus Christi) | 0.50 | 6/1/2023 | 2,000,000 | 2,005,811 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2025 | 875,000 | 1,038,537 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2024 | 625,000 | 719,863 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2022 | 500,000 | 535,619 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2023 | 750,000 | 835,902 | |||||
Travis County, GO, Refunding | 5.00 | 3/1/2023 | 1,100,000 | 1,139,701 | |||||
University of Houston, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/15/2022 | 10,000,000 | 10,346,798 | |||||
127,972,573 | |||||||||
U.S. Related - .7% | |||||||||
Antonio B. Won International Airport Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2023 | 825,000 | 897,608 | |||||
Antonio B. Won International Airport Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2022 | 1,000,000 | 1,051,393 | |||||
Puerto Rico Highways & Transportation Authority, TRAN, Ser. K | 5.00 | 12/31/2049 | 2,885,000 | f | 1,467,744 | ||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
U.S. Related - .7% (continued) | |||||||||
Puerto Rico Housing Finance Authority, Revenue Bonds, Refunding (Puerto Rico Public Housing Project) | 5.00 | 12/1/2023 | 2,500,000 | 2,783,586 | |||||
6,200,331 | |||||||||
Utah - .4% | |||||||||
Utah County, Revenue Bonds (IHC Health Services Obligated Group) Ser. B | 5.00 | 8/1/2024 | 3,000,000 | 3,435,448 | |||||
Virginia - 2.3% | |||||||||
Charles City County Economic Development Authority, Revenue Bonds (Waste Management) | 2.40 | 5/2/2022 | 1,750,000 | 1,785,240 | |||||
Gloucester County Economic Development Authority, Revenue Bonds (Waste Management) Ser. A | 2.40 | 5/2/2022 | 1,500,000 | 1,530,206 | |||||
King George County Economic Development Authority, Revenue Bonds (Waste Management) Ser. A | 2.50 | 6/1/2023 | 2,000,000 | d | 2,088,367 | ||||
Peninsula Ports Authority, Revenue Bonds, Refunding (Dominion Terminal Associates Project) | 1.70 | 10/1/2022 | 4,500,000 | 4,583,190 | |||||
Sussex County Industrial Development Authority, Revenue Bonds (Waste Management) Ser. A | 2.40 | 5/2/2022 | 1,750,000 | 1,785,240 | |||||
Virginia Port Authority Commonwealth Port Fund, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2025 | 1,090,000 | 1,280,689 | |||||
Virginia Port Authority Commonwealth Port Fund, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2024 | 1,250,000 | 1,422,466 | |||||
Westmoreland County Industrial Development Authority, Revenue Bonds | 2.00 | 6/1/2022 | 7,500,000 | 7,568,044 | |||||
22,043,442 | |||||||||
Washington - 2.6% | |||||||||
Everett Housing Authority, Revenue Bonds (Baker Heights Legacy) | 0.30 | 9/1/2023 | 1,000,000 | 999,063 | |||||
Port of Seattle, Revenue Bonds, Refunding, Ser. B | 5.00 | 9/1/2025 | 3,000,000 | 3,033,491 | |||||
University of Washington, Revenue Bonds, Refunding, Ser. C | 5.00 | 4/1/2023 | 1,480,000 | 1,611,509 | |||||
University of Washington, Revenue Bonds, Refunding, Ser. C | 5.00 | 4/1/2022 | 1,500,000 | 1,561,217 | |||||
University of Washington, Revenue Bonds, Ser. A | 5.00 | 5/1/2022 | 7,575,000 | 7,726,943 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 106.3% (continued) | |||||||||
Washington - 2.6% (continued) | |||||||||
Vancouver Housing Authority, Revenue Bonds (Anthem Park & Columbia Housing Project) | 2.00 | 6/1/2023 | 5,000,000 | 5,068,221 | |||||
Washington, GO, Refunding, Ser. R-2021A | 5.00 | 6/1/2024 | 1,500,000 | 1,713,030 | |||||
Washington, GO, Refunding, Ser. R-2021A | 5.00 | 6/1/2022 | 1,110,000 | 1,164,614 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2024 | 200,000 | b | 231,572 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2025 | 275,000 | b | 329,119 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2022 | 250,000 | b | 267,875 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2023 | 250,000 | b | 279,022 | ||||
Whatcom County School District No. 502, GO (Insured; School Board Guaranty) | 3.00 | 12/1/2023 | 1,015,000 | 1,085,012 | |||||
25,070,688 | |||||||||
Wisconsin - 1.6% | |||||||||
Howard, NAN | 4.00 | 12/1/2022 | 5,000,000 | 5,095,028 | |||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding, Ser. B5 | 5.00 | 12/3/2024 | 5,000,000 | 5,803,613 | |||||
Wisconsin Housing & Economic Development Authority, Revenue Bonds, Refunding, Ser. B | 0.40 | 11/1/2023 | 2,000,000 | 2,000,294 | |||||
Wisconsin Housing & Economic Development Authority, Revenue Bonds, Refunding, Ser. B | 0.50 | 11/1/2024 | 2,000,000 | 1,998,976 | |||||
14,897,911 | |||||||||
Total Long-Term Municipal Investments | 1,012,676,983 | ||||||||
Short-Term Municipal Investments - 2.4% | |||||||||
California - .7% | |||||||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 3.00 | 6/1/2021 | 400,000 | 400,000 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Short-Term Municipal Investments - 2.4% (continued) | |||||||||
California - .7% (continued) | |||||||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2022 | 3,355,000 | 3,411,937 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2022 | 2,365,000 | 2,398,107 | |||||
6,210,044 | |||||||||
Missouri - .1% | |||||||||
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | 5.00 | 6/1/2022 | 1,000,000 | 1,010,812 | |||||
New York - 1.6% | |||||||||
Board of Cooperative Educational Services for the Sole Supervisory District, RAN (Insured; State Aid Withholding) | 2.00 | 6/23/2021 | 5,000,000 | 5,005,309 | |||||
East Ramapo Central School District, GO (Insured; State Aid Withholding) | 1.25 | 5/5/2022 | 1,250,000 | 1,260,527 | |||||
East Ramapo Central School District, GO (Insured; State Aid Withholding) | 1.25 | 5/5/2022 | 1,600,000 | 1,613,475 | |||||
Suffolk County, TAN, Ser. I | 2.00 | 7/22/2021 | 4,330,000 | 4,340,906 | |||||
Suffolk County, TAN, Ser. II | 2.00 | 8/19/2021 | 3,000,000 | 3,011,097 | |||||
15,231,314 | |||||||||
Washington - .0% | |||||||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2021 | 200,000 | b | 204,775 | ||||
Total Short-Term
Municipal Investments | 22,656,945 | ||||||||
Total Investments (cost $1,022,761,308) | 108.7% | 1,035,333,928 | |||||||
Liabilities, Less Cash and Receivables | (8.7%) | (82,448,642) | |||||||
Net Assets | 100.0% | 952,885,286 | |||||||
GO—General Obligation
LIBOR—London Interbank Offered Rate
MUNIPSA—Securities Industry and Financial Markets Association Municipal Swap Index Yield
a 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.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2021, these securities were valued at $23,859,798 or 2.5% of net assets.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
d The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
STATEMENT OF INVESTMENTS (Unaudited) (continued)
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Non-income producing—security in default.
STATEMENT
OF INVESTMENTS
BNY Mellon National Short-Term Municipal Bond Fund
May 31, 2021 (Unaudited)
The following is a summary of the inputs used as of May 31, 2021 in valuing the fund’s investments:
Assets ($) | Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 -Significant Unobservable Inputs | Total |
Investments in Securities: † | ||||
Municipal Securities | − | 1,035,333,928 | − | 1,035,333,928 |
† See Statement of Investments for additional detailed categorizations, if any.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
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.
At May 31, 2021, accumulated net unrealized appreciation on investments was $12,572,620, consisting of $14,318,535 gross unrealized appreciation and $1,745,915 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.