STATEMENT
OF INVESTMENTS
BNY Mellon Strategic Municipals, Inc.
December 31, 2021 (Unaudited)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - .3% | |||||||||
Collateralized Municipal-Backed Securities - .3% | |||||||||
Arizona
Industrial Development Authority, Revenue Bonds, Ser. 2019-2 | 3.63 | 5/20/2033 | 1,684,683 | 1,888,144 | |||||
| |||||||||
Long-Term Municipal Investments - 147.3% | |||||||||
Alabama - 3.7% | |||||||||
Alabama Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group) | 5.75 | 6/1/2045 | 6,000,000 | 6,427,786 | |||||
Jefferson County, Revenue Bonds, Refunding, Ser. F | 7.90 | 10/1/2050 | 2,500,000 | a | 2,587,070 | ||||
The Lower Alabama Gas District, Revenue Bonds, Ser. A | 5.00 | 9/1/2046 | 6,000,000 | 8,877,703 | |||||
University of Alabama at Birmingham, Revenue Bonds, Ser. B | 4.00 | 10/1/2036 | 2,000,000 | 2,368,006 | |||||
20,260,565 | |||||||||
Arizona - 7.7% | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Academics of Math & Science Project) | 5.00 | 7/1/2054 | 1,275,000 | b | 1,460,597 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Cadence Campus Project) Ser. A | 4.00 | 7/15/2030 | 625,000 | b | 687,051 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Cadence Campus Project) Ser. A | 4.00 | 7/15/2040 | 925,000 | b | 1,000,003 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project) Ser. A | 6.00 | 7/1/2051 | 1,000,000 | b | 1,107,158 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project) Ser. A | 7.75 | 7/1/2050 | 5,770,000 | b | 6,976,199 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Phoenix Children's Hospital Obligated Group) | 4.00 | 2/1/2050 | 1,500,000 | 1,730,217 | |||||
Arizona Industrial Development Authority, Revenue Bonds, Refunding (Basis Schools Projects) Ser. D | 5.00 | 7/1/2051 | 380,000 | b | 434,756 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
Arizona - 7.7% (continued) | |||||||||
Arizona Industrial Development Authority, Revenue Bonds, Refunding (Basis Schools Projects) Ser. D | 5.00 | 7/1/2047 | 1,035,000 | b | 1,187,022 | ||||
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A | 5.00 | 11/15/2054 | 1,000,000 | 1,146,884 | |||||
La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public Schools) Ser. A | 5.00 | 2/15/2036 | 2,480,000 | b | 2,779,054 | ||||
Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin Franklin Charter School Obligated Group) | 6.00 | 7/1/2052 | 3,000,000 | b | 3,562,310 | ||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Paradise Schools Projects Paragon Management) | 5.00 | 7/1/2047 | 2,000,000 | b | 2,211,156 | ||||
Salt Verde Financial Corp., Revenue Bonds | 5.00 | 12/1/2037 | 1,000,000 | 1,402,798 | |||||
Tender Option Bond Trust Receipts (Series 2018-XF2537), (Salt Verde Financial Corporation, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00 | 17.03 | 12/1/2037 | 4,030,000 | b,c,d | 5,572,899 | ||||
The Phoenix Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A | 5.00 | 7/1/2035 | 2,360,000 | b | 2,614,463 | ||||
The Phoenix Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A | 5.00 | 7/1/2046 | 2,000,000 | b | 2,198,537 | ||||
The Pima County Industrial Development Authority, Revenue Bonds (American Leadership Academy Project) | 5.00 | 6/15/2047 | 6,000,000 | b | 6,126,407 | ||||
42,197,511 | |||||||||
California - 5.7% | |||||||||
California Municipal Finance Authority, Revenue Bonds, Refunding (William Jessup University) | 5.00 | 8/1/2039 | 1,000,000 | 1,113,776 | |||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) | 5.50 | 12/1/2058 | 1,000,000 | b | 1,225,050 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
California - 5.7% (continued) | |||||||||
Jefferson Union High School District, COP (Teacher & Staff Housing Project) (Insured; Build America Mutual) | 4.00 | 8/1/2055 | 1,000,000 | 1,152,656 | |||||
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | 4.00 | 7/1/2051 | 1,000,000 | 1,159,980 | |||||
San Francisco City & County Redevelopment Agency, Special Tax Bonds, Refunding, Ser. A | 5.00 | 8/1/2023 | 1,000,000 | 1,026,077 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0379), (Los Angeles Department of Water & Power, Revenue Bonds, Refunding) Non-recourse, Underlying Coupon Rate (%) 5.00 | 17.92 | 7/1/2043 | 5,000,000 | b,c,d | 5,113,653 | ||||
Tender Option Bond Trust Receipts (Series 2016-XM0434), (The Regents of the University of California, Revenue Bonds, Refunding) Recourse, Underlying Coupon Rate (%) 5.00 | 17.61 | 5/15/2038 | 10,000,000 | b,c,d | 10,588,816 | ||||
Tender Option Bond Trust Receipts (Series 2020-XF2876), (San Francisco California City & County Airport Commission, Revenue Bonds, Refunding, Ser. E) Recourse, Underlying Coupon Rate (%) 5.00 | 17.27 | 5/1/2050 | 7,780,000 | b,c,d | 9,485,203 | ||||
30,865,211 | |||||||||
Colorado - 7.6% | |||||||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Covenant Living Communities & Services Obligated Group) Ser. A | 4.00 | 12/1/2050 | 4,500,000 | 5,133,471 | |||||
Denver City & County, Revenue Bonds, Refunding (United Airlines Project) | 5.00 | 10/1/2032 | 1,000,000 | 1,056,458 | |||||
Dominion Water & Sanitation District, Revenue Bonds | 6.00 | 12/1/2046 | 4,560,000 | 4,665,193 | |||||
Hess Ranch Metropolitan District No. 6, GO, Ser. A1 | 5.00 | 12/1/2049 | 2,000,000 | 2,171,307 | |||||
Rampart Range Metropolitan District No. 5, Revenue Bonds | 4.00 | 12/1/2051 | 2,000,000 | 2,047,422 | |||||
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | 4.00 | 7/15/2035 | 1,250,000 | 1,497,963 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
Colorado - 7.6% (continued) | |||||||||
Tender Option Bond Trust Receipts (Series 2016-XM0385), (Board of Governors of the Colorado State University, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00 | 17.89 | 3/1/2038 | 7,500,000 | b,c,d | 7,555,832 | ||||
Tender Option Bond Trust Receipts (Series 2016-XM0433), (Colorado Springs, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00 | 17.56 | 11/15/2043 | 9,752,907 | b,c,d | 10,479,374 | ||||
Tender Option Bond Trust Receipts (Series 2020-XM0829), (Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group, Ser. A1)) Recourse, Underlying Coupon Rate (%) 4.00 | 16.67 | 8/1/2044 | 4,440,000 | b,c,d | 6,066,867 | ||||
Vauxmont Metropolitan District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 3.25 | 12/15/2050 | 770,000 | 831,663 | |||||
41,505,550 | |||||||||
Connecticut - 2.5% | |||||||||
Connecticut, Revenue Bonds, Ser. A | 5.00 | 5/1/2040 | 1,000,000 | 1,276,818 | |||||
Connecticut, Revenue Bonds, Ser. A | 5.00 | 5/1/2034 | 2,000,000 | 2,645,599 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Trinity Health Obligated Group) | 5.00 | 12/1/2045 | 2,500,000 | 2,928,808 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding, Ser. S | 4.00 | 6/1/2051 | 2,000,000 | 2,377,768 | |||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1 | 3.65 | 11/15/2032 | 410,000 | 420,783 | |||||
Harbor Point Infrastructure Improvement District, Tax Allocation Bonds, Refunding (Harbor Point Project) | 5.00 | 4/1/2039 | 3,500,000 | b | 4,001,691 | ||||
13,651,467 | |||||||||
District of Columbia - 4.3% | |||||||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Dulles Metrorail & Capital Improvement Projects) Ser. A | 5.00 | 10/1/2039 | 1,000,000 | 1,234,802 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. B | 4.00 | 10/1/2049 | 1,000,000 | 1,133,126 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
District of Columbia - 4.3% (continued) | |||||||||
Tender Option Bond Trust Receipts (Series 2016-XM0437), (District of Columbia, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00 | 17.56 | 12/1/2035 | 19,992,830 | b,c,d | 20,799,783 | ||||
23,167,711 | |||||||||
Florida - 7.7% | |||||||||
Alachua County Health Facilities Authority, Revenue Bonds (Shands Teaching Hospital & Clinics Obligated Group) | 4.00 | 12/1/2049 | 1,625,000 | 1,858,344 | |||||
Atlantic Beach, Revenue Bonds (Fleet Landing Project) Ser. A | 5.00 | 11/15/2053 | 3,000,000 | 3,380,140 | |||||
Capital Trust Agency, Revenue Bonds (WFCS Portfolio Projects) Ser. A | 5.00 | 1/1/2056 | 750,000 | b | 834,919 | ||||
Florida Development Finance Corp., Revenue Bonds (Miami Arts Charter School Project) Ser. A | 6.00 | 6/15/2044 | 5,000,000 | b | 4,712,279 | ||||
Greater Orlando Aviation Authority, Revenue Bonds, Ser. A | 4.00 | 10/1/2044 | 2,000,000 | 2,297,825 | |||||
Miami-Dade County, Revenue Bonds | 0.00 | 10/1/2045 | 3,000,000 | e | 1,556,626 | ||||
Palm Beach County Health Facilities Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) | 5.00 | 11/15/2045 | 2,850,000 | 3,268,658 | |||||
Palm Beach County Health Facilities Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) Ser. B | 5.00 | 11/15/2042 | 735,000 | 889,314 | |||||
Palm Beach County Health Facilities Authority, Revenue Bonds (Lifespace Communities Obligated Group) Ser. B | 4.00 | 5/15/2053 | 2,600,000 | 2,809,016 | |||||
Pinellas County Industrial Development Authority, Revenue Bonds (Foundation for Global Understanding) | 5.00 | 7/1/2029 | 900,000 | 1,017,229 | |||||
Seminole County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Pointe at UCF Project) | 5.75 | 11/15/2054 | 2,500,000 | 2,794,814 | |||||
Tender Option Bond Trust Receipts (Series 2019-XF0813), (Fort Myers Florida Utility, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 4.00 | 14.13 | 10/1/2049 | 3,435,000 | b,c,d | 3,937,377 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
Florida - 7.7% (continued) | |||||||||
Tender Option Bond Trust Receipts (Series 2019-XM0782), (Palm Beach County Florida Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group)) Recourse, Underlying Coupon Rate (%) 4.00 | 13.81 | 8/15/2049 | 5,535,000 | b,c,d | 6,357,847 | ||||
Tender Option Bond Trust Receipts (Series 2020-XF2877), (Greater Orlando Aviation Authority, Revenue Bonds, Ser. A) Recourse, Underlying Coupon Rate (%) 4.00 | 13.72 | 10/1/2049 | 4,685,000 | b,c,d | 5,327,573 | ||||
Village Community Development District No. 10, Special Assessment Bonds | 6.00 | 5/1/2044 | 900,000 | 955,616 | |||||
41,997,577 | |||||||||
Georgia - 5.3% | |||||||||
Atlanta Water & Wastewater, Revenue Bonds, Ser. D | 3.50 | 11/1/2028 | 1,275,000 | b | 1,393,510 | ||||
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Plant Vogtle Units 3&4 Project) Ser. A | 5.00 | 1/1/2056 | 1,250,000 | 1,524,713 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0435), (Private Colleges & Universities Authority, Revenue Bonds, Refunding (Emory University)) Recourse, Underlying Coupon Rate (%) 5.00 | 17.57 | 10/1/2043 | 10,000,000 | b,c,d | 10,748,477 | ||||
Tender Option Bond Trust Receipts (Series 2019-XF2847), (Municipal Electric Authority of Georgia, Revenue Bonds (Plant Vogtle Unis 3&4 Project, Ser. A)) Recourse, Underlying Coupon Rate (%) 5.00 | 17.43 | 1/1/2056 | 3,600,000 | b,c,d | 4,335,564 | ||||
Tender Option Bond Trust Receipts (Series 2020-XM0825), (Brookhaven Development Authority, Revenue Bonds (Children's Healthcare of Atlanta, Ser. A)) Recourse, Underlying Coupon Rate (%) 4.00 | 15.11 | 7/1/2044 | 6,340,000 | b,c,d | 7,897,662 | ||||
The Burke County Development Authority, Revenue Bonds, Refunding (Oglethorpe Power Corp.) Ser. D | 4.13 | 11/1/2045 | 2,400,000 | 2,722,288 | |||||
28,622,214 | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
Hawaii - .6% | |||||||||
Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Hawaiian Electric Co.) | 4.00 | 3/1/2037 | 1,500,000 | 1,661,417 | |||||
Honolulu City & County, GO, Ser. C | 4.00 | 7/1/2044 | 1,500,000 | 1,775,575 | |||||
3,436,992 | |||||||||
Idaho - 1.3% | |||||||||
Power County Industrial Development Corp., Revenue Bonds (FMC Corp. Project) | 6.45 | 8/1/2032 | 5,000,000 | 5,024,231 | |||||
Spring Valley Community Infrastructure District No. 1, Special Assessment Bonds | 3.75 | 9/1/2051 | 2,000,000 | b | 2,013,581 | ||||
7,037,812 | |||||||||
Illinois - 13.0% | |||||||||
Chicago Board of Education, GO, Refunding, Ser. A | 5.00 | 12/1/2034 | 1,400,000 | 1,695,093 | |||||
Chicago Board of Education, GO, Ser. D | 5.00 | 12/1/2046 | 2,000,000 | 2,379,610 | |||||
Chicago Board of Education, GO, Ser. H | 5.00 | 12/1/2036 | 2,000,000 | 2,362,420 | |||||
Chicago II, GO, Refunding, Ser. A | 6.00 | 1/1/2038 | 3,000,000 | 3,657,150 | |||||
Chicago II, GO, Ser. A | 5.00 | 1/1/2044 | 4,000,000 | 4,778,389 | |||||
Chicago II, GO, Ser. A | 5.50 | 1/1/2049 | 1,000,000 | 1,229,164 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2048 | 3,585,000 | 4,300,876 | |||||
Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2045 | 1,000,000 | 1,238,818 | |||||
Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2029 | 1,100,000 | 1,353,685 | |||||
Illinois, GO, Ser. A | 5.00 | 5/1/2038 | 3,900,000 | 4,699,757 | |||||
Illinois, GO, Ser. C | 5.00 | 11/1/2029 | 1,120,000 | 1,346,155 | |||||
Illinois, GO, Ser. D | 5.00 | 11/1/2028 | 2,825,000 | 3,402,441 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (Lutheran Life Communities Obligated Group) Ser. A | 5.00 | 11/1/2040 | 1,750,000 | 1,953,222 | |||||
Illinois Toll Highway Authority, Revenue Bonds, Ser. A | 4.00 | 1/1/2044 | 1,500,000 | 1,745,108 | |||||
Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place Expansion Project) | 5.00 | 6/15/2057 | 2,000,000 | 2,330,087 | |||||
Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place Project) (Insured; National Public Finance Guarantee Corp.) Ser. A | 0.00 | 12/15/2036 | 2,500,000 | e | 1,766,800 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
Illinois - 13.0% (continued) | |||||||||
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | 0.00 | 12/15/2054 | 21,800,000 | e | 8,147,818 | ||||
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Project) Ser. B | 5.00 | 6/15/2052 | 1,650,000 | 1,684,928 | |||||
Sales Tax Securitization, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2033 | 2,500,000 | 3,347,721 | |||||
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 1/1/2038 | 2,000,000 | 2,354,015 | |||||
Tender Option Bond Trust Receipts (Series 2017-XM0492), (Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago)) Non-recourse, Underlying Coupon Rate (%) 5.00 | 17.89 | 10/1/2040 | 12,000,000 | b,c,d | 13,716,792 | ||||
University of Illinois, Revenue Bonds (Auxiliary Facilities System) Ser. A | 5.00 | 4/1/2044 | 1,000,000 | 1,089,711 | |||||
70,579,760 | |||||||||
Indiana - 1.7% | |||||||||
Indiana Finance Authority, Revenue Bonds (Green Bond) | 7.00 | 3/1/2039 | 6,025,000 | b | 5,435,948 | ||||
Indiana Finance Authority, Revenue Bonds (Ohio Valley Electric Project) Ser. A | 5.00 | 6/1/2039 | 1,585,000 | 1,606,194 | |||||
Indiana Finance Authority, Revenue Bonds (Ohio Valley Electric Project) Ser. B | 3.00 | 11/1/2030 | 1,000,000 | 1,066,488 | |||||
Indiana Finance Authority, Revenue Bonds (Parkview Health System Obligated Group) Ser. A | 5.00 | 11/1/2043 | 1,000,000 | 1,233,313 | |||||
9,341,943 | |||||||||
Iowa - 2.4% | |||||||||
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project) | 5.25 | 12/1/2025 | 7,375,000 | 7,923,685 | |||||
Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. A | 4.00 | 5/15/2046 | 1,500,000 | 1,629,920 | |||||
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2 | 4.00 | 6/1/2049 | 1,500,000 | 1,732,443 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
Iowa - 2.4% (continued) | |||||||||
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. B1 | 4.00 | 6/1/2049 | 1,500,000 | 1,725,555 | |||||
13,011,603 | |||||||||
Kansas - .1% | |||||||||
Kansas Development Finance Authority, Revenue Bonds, Ser. B | 4.00 | 11/15/2025 | 300,000 | 303,418 | |||||
Kentucky - .5% | |||||||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A1 | 4.00 | 6/1/2025 | 2,500,000 | f | 2,741,484 | ||||
Louisiana - 3.2% | |||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Refunding (Westlake Chemical Project) | 3.50 | 11/1/2032 | 3,100,000 | 3,400,905 | |||||
Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Tulane University) | 4.00 | 4/1/2050 | 1,000,000 | 1,150,635 | |||||
Tender Option Bond Trust Receipts (Series 2018-XF2584), (Louisiana Public Facilities Authority, Revenue Bonds (Franciscan Missionaries of Our Lady Health System Project)) Non-recourse, Underlying Coupon Rate (%) 5.00 | 17.37 | 7/1/2047 | 10,755,000 | b,c,d | 12,699,438 | ||||
17,250,978 | |||||||||
Maryland - 2.9% | |||||||||
Maryland Economic Development Corp., Tax Allocation Bonds (Port Covington Project) | 4.00 | 9/1/2050 | 1,000,000 | 1,132,849 | |||||
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds (Adventist Healthcare Obligated Group) Ser. A | 5.50 | 1/1/2046 | 3,250,000 | 3,893,928 | |||||
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (Stevenson University Project) | 4.00 | 6/1/2051 | 1,000,000 | 1,143,113 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0391), (Mayor & City Council of Baltimore, Revenue Bonds, Refunding (Water Projects)) Non-recourse, Underlying Coupon Rate (%) 5.00 | 17.89 | 7/1/2042 | 9,000,000 | b,c,d | 9,814,889 | ||||
15,984,779 | |||||||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
Massachusetts - 5.6% | |||||||||
Lowell Collegiate Charter School, Revenue Bonds | 5.00 | 6/15/2049 | 1,750,000 | 1,884,847 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | 5.00 | 10/1/2057 | 1,000,000 | b | 1,079,338 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2025 | 1,400,000 | 1,604,031 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0389), (Massachusetts School Building Authority, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00 | 17.89 | 5/15/2043 | 10,000,000 | b,c,d | 10,630,494 | ||||
Tender Option Bond Trust Receipts (Series 2018-XF0610), (Massachusetts Transportation Fund, Revenue Bonds (Rail Enhancement & Accelerated Bridge Programs)) Non-recourse, Underlying Coupon Rate (%) 5.00 | 18.19 | 6/1/2047 | 12,750,000 | b,c,d | 15,376,750 | ||||
30,575,460 | |||||||||
Michigan - 5.7% | |||||||||
Detroit, GO, Ser. A | 5.00 | 4/1/2050 | 2,305,000 | 2,814,508 | |||||
Great Lakes Water Authority Sewage Disposal System, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2036 | 3,000,000 | 3,537,244 | |||||
Michigan Finance Authority, Revenue Bonds (Beaumont Health Credit Obligated Group) | 5.00 | 11/1/2044 | 5,165,000 | 5,936,668 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. C3 | 5.00 | 7/1/2031 | 2,000,000 | 2,221,709 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. D6 | 5.00 | 7/1/2036 | 2,000,000 | 2,208,045 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A2 | 5.00 | 6/1/2040 | 4,435,000 | 5,604,114 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. D2 | 5.00 | 7/1/2034 | 2,000,000 | 2,284,032 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
Michigan - 5.7% (continued) | |||||||||
Tender Option Bond Trust Receipts (Series 2019-XF2837), (Michigan State Finance Authority, Revenue Bonds (Henry Ford Health System)) Recourse, Underlying Coupon Rate (%) 4.00 | 13.74 | 11/15/2050 | 5,840,000 | b,c,d | 6,620,072 | ||||
31,226,392 | |||||||||
Minnesota - .6% | |||||||||
Duluth Economic Development Authority, Revenue Bonds, Refunding (Essentia Health Obligated Group) Ser. A | 5.00 | 2/15/2058 | 3,000,000 | 3,547,755 | |||||
Missouri - 3.3% | |||||||||
Kansas City Industrial Development Authority, Revenue Bonds (Kansas City International Airport) Ser. A | 5.00 | 3/1/2044 | 1,000,000 | 1,217,716 | |||||
St. Louis County Industrial Development Authority, Revenue Bonds (Friendship Village St. Louis Obligated Group) Ser. A | 5.13 | 9/1/2049 | 2,975,000 | 3,324,440 | |||||
St. Louis County Industrial Development Authority, Revenue Bonds (Friendship Village St. Louis Obligated Group) Ser. A | 5.13 | 9/1/2048 | 2,025,000 | 2,263,615 | |||||
St. Louis Land Clearance for Redevelopment Authority, Revenue Bonds | 5.13 | 6/1/2046 | 4,725,000 | 5,334,332 | |||||
The Missouri Health & Educational Facilities Authority, Revenue Bonds (Mercy Health) | 4.00 | 6/1/2050 | 2,000,000 | 2,316,944 | |||||
The St. Louis Missouri Industrial Development Authority, Tax Allocation Bonds (St. Louis Innovation District Project) | 4.38 | 5/15/2036 | 3,500,000 | 3,567,975 | |||||
18,025,022 | |||||||||
Multi-State - .5% | |||||||||
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M048 | 3.15 | 1/15/2036 | 2,370,000 | b | 2,637,807 | ||||
Nevada - .9% | |||||||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 6/15/2036 | 1,500,000 | 1,789,145 | |||||
Reno, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 6/1/2058 | 2,750,000 | 3,060,094 | |||||
4,849,239 | |||||||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
New Hampshire - .2% | |||||||||
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Green Bond) Ser. B | 3.75 | 7/2/2040 | 1,000,000 | b,f | 1,053,543 | ||||
New Jersey - 4.8% | |||||||||
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | 4.00 | 6/1/2031 | 1,000,000 | 1,231,620 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX | 5.25 | 6/15/2027 | 4,000,000 | 4,613,009 | |||||
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Refunding, Ser. D | 4.00 | 4/1/2025 | 1,560,000 | 1,703,887 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.00 | 6/15/2046 | 1,775,000 | 2,136,357 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.25 | 6/15/2043 | 2,000,000 | 2,456,011 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA | 5.25 | 6/15/2033 | 1,500,000 | 1,726,338 | |||||
New Jersey Turnpike Authority, Revenue Bonds, Ser. A | 4.00 | 1/1/2051 | 3,000,000 | 3,526,734 | |||||
Tender Option Bond Trust Receipts (Series 2018-XF2538), (New Jersey Economic Development Authority, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.25 | 18.06 | 6/15/2040 | 3,250,000 | b,c,d | 3,698,350 | ||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2046 | 750,000 | 896,408 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. B | 5.00 | 6/1/2046 | 3,410,000 | 3,973,288 | |||||
25,962,002 | |||||||||
New York - 8.4% | |||||||||
Monroe County Industrial Development Corp., Revenue Bonds, Refunding (University of Rochester Project) Ser. A | 4.00 | 7/1/2050 | 1,500,000 | 1,741,169 | |||||
New York City, GO, Ser. D1 | 4.00 | 3/1/2050 | 5,040,000 | 5,829,093 | |||||
New York Convention Center Development Corp., Revenue Bonds (Hotel Unit Fee) (Insured; Assured Guaranty Municipal Corp.) Ser. B | 0.00 | 11/15/2049 | 6,885,000 | e | 3,365,327 | ||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 7,000,000 | b | 7,673,819 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
New York - 8.4% (continued) | |||||||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Montefiore Obligated Group) Ser. A | 4.00 | 9/1/2045 | 1,000,000 | 1,143,152 | |||||
New York State Thruway Authority, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 3/15/2053 | 2,600,000 | 3,042,069 | |||||
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A | 5.25 | 1/1/2050 | 3,500,000 | 3,863,558 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 4.00 | 12/1/2039 | 1,475,000 | 1,699,668 | |||||
Niagara Area Development Corp., Revenue Bonds, Refunding (Covanta Holding Project) Ser. A | 4.75 | 11/1/2042 | 2,000,000 | b | 2,076,830 | ||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 223 | 4.00 | 7/15/2046 | 3,000,000 | 3,493,122 | |||||
Tender Option Bond Trust Receipts (Series 2020-XM0826), (Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) (Insured; Assured Guaranty Municipal Corp., Ser. C)) Non-recourse, Underlying Coupon Rate (%) 4.00 | 13.98 | 11/15/2046 | 7,045,000 | b,c,d | 8,135,942 | ||||
TSASC, Revenue Bonds, Refunding, Ser. B | 5.00 | 6/1/2045 | 1,165,000 | 1,295,865 | |||||
Westchester County Local Development Corp., Revenue Bonds, Refunding (Purchase Senior Learning Community Obligated Group) | 5.00 | 7/1/2056 | 2,000,000 | b | 2,140,348 | ||||
45,499,962 | |||||||||
North Carolina - 2.9% | |||||||||
North Carolina Medical Care Commission, Revenue Bonds, Refunding (Lutheran Services for the Aging Obligated Group) | 4.00 | 3/1/2051 | 3,000,000 | 3,254,821 | |||||
North Carolina Medical Care Commission, Revenue Bonds, Refunding (Pennybyrn at Maryfield Obligated Group) | 5.00 | 10/1/2035 | 1,005,000 | 1,066,196 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
North Carolina - 2.9% (continued) | |||||||||
Tender Option Bond Trust Receipts (Series 2019-XF0792), (North Carolina Medical Care Commission, Revenue Bonds, Ser. A) Non-recourse, Underlying Coupon Rate (%) 4.00 | 14.28 | 11/1/2049 | 10,000,000 | b,c,d | 11,588,221 | ||||
15,909,238 | |||||||||
Ohio - 9.9% | |||||||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2 | 4.00 | 6/1/2048 | 1,250,000 | 1,406,511 | |||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B2 | 5.00 | 6/1/2055 | 14,250,000 | 16,560,280 | |||||
Canal Winchester Local School District, GO, Refunding (Insured; National Public Finance Guarantee Corp.) | 0.00 | 12/1/2031 | 3,955,000 | e | 3,341,153 | ||||
Canal Winchester Local School District, GO, Refunding (Insured; National Public Finance Guarantee Corp.) | 0.00 | 12/1/2029 | 3,955,000 | e | 3,517,106 | ||||
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | 5.00 | 2/15/2052 | 2,000,000 | 2,334,783 | |||||
Franklin County Convention Facilities Authority, Revenue Bonds (Columbus Convention Center) | 5.00 | 12/1/2044 | 1,250,000 | 1,426,662 | |||||
Muskingum County, Revenue Bonds (Genesis HealthCare System Project) | 5.00 | 2/15/2022 | 4,590,000 | 4,610,495 | |||||
Ohio Air Quality Development Authority, Revenue Bonds (Pratt Paper OH Project) | 4.50 | 1/15/2048 | 2,250,000 | b | 2,602,652 | ||||
Tender Option Bond Trust Receipts (Series 2016-XM0380), (Hamilton County, Revenue Bonds, Refunding (The Metropolitan Sewer District of Greater Cincinnati)) Non-recourse, Underlying Coupon Rate (%) 5.00 | 17.89 | 12/1/2038 | 17,000,000 | b,c,d | 18,333,694 | ||||
54,133,336 | |||||||||
Oklahoma - .3% | |||||||||
Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine Project) Ser. B | 5.25 | 8/15/2048 | 1,500,000 | 1,834,608 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
Oregon - .6% | |||||||||
Clackamas County Hospital Facility Authority, Revenue Bonds, Refunding (Senior Living-Willamette View Project) Ser. A | 5.00 | 11/15/2047 | 1,500,000 | 1,641,148 | |||||
Yamhill County Hospital Authority, Revenue Bonds, Refunding (Friendsview Manor Obligated Group) Ser. A | 5.00 | 11/15/2036 | 1,220,000 | 1,456,704 | |||||
3,097,852 | |||||||||
Pennsylvania - 3.2% | |||||||||
Allentown School District, GO, Refunding (Insured; Build America Mutual) Ser. B | 5.00 | 2/1/2031 | 1,500,000 | 1,903,663 | |||||
Crawford County Hospital Authority, Revenue Bonds, Refunding (Meadville Medical Center Project) Ser. A | 6.00 | 6/1/2046 | 1,175,000 | 1,315,441 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Sciences) | 5.00 | 11/1/2036 | 3,675,000 | 4,116,994 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A | 4.00 | 12/1/2050 | 1,500,000 | 1,737,370 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B | 4.00 | 12/1/2051 | 1,500,000 | 1,746,505 | |||||
Philadelphia Water & Wastewater, Revenue Bonds, Refunding | 5.00 | 10/1/2033 | 1,250,000 | 1,633,869 | |||||
Philadelphia Water & Wastewater, Revenue Bonds, Ser. A | 5.00 | 11/1/2050 | 1,500,000 | 1,891,765 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 4.00 | 9/1/2036 | 2,740,000 | 3,210,900 | |||||
17,556,507 | |||||||||
Rhode Island - 1.6% | |||||||||
Providence Public Building Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 9/15/2038 | 7,035,000 | 8,698,132 | |||||
South Carolina - 3.2% | |||||||||
South Carolina Jobs-Economic Development Authority, Revenue Bonds (Bishop Gadsden Episcopal Retirement Community Obligated Group) | 5.00 | 4/1/2054 | 1,000,000 | 1,130,413 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
South Carolina - 3.2% (continued) | |||||||||
Tender Option Bond Trust Receipts (Series 2016-XM0384), (South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper)) Non-recourse, Underlying Coupon Rate (%) 5.13 | 13.85 | 12/1/2043 | 15,000,000 | b,c,d | 16,251,185 | ||||
17,381,598 | |||||||||
Tennessee - 1.0% | |||||||||
Tender Option Bond Trust Receipts (Series 2016-XM0388), (Metropolitan Government of Nashville & Davidson County, Revenue Bonds, Refunding) Non-recourse, Underlying Coupon Rate (%) 5.00 | 17.68 | 7/1/2040 | 5,000,000 | b,c,d | 5,343,202 | ||||
Texas - 10.1% | |||||||||
Central Texas Regional Mobility Authority, Revenue Bonds | 5.00 | 1/1/2048 | 2,500,000 | 2,972,341 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. A | 5.00 | 7/1/2025 | 1,500,000 | g | 1,732,088 | ||||
Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership) Ser. A | 5.75 | 8/15/2045 | 4,500,000 | 5,087,075 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership) Ser. D | 6.13 | 8/15/2048 | 6,000,000 | 6,854,074 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (Uplift Education) Ser. A | 4.50 | 12/1/2044 | 2,500,000 | 2,663,243 | |||||
Grand Parkway Transportation Corp., Revenue Bonds, Refunding | 4.00 | 10/1/2049 | 1,000,000 | 1,159,850 | |||||
Harris County-Houston Sports Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 0.00 | 11/15/2050 | 6,500,000 | e | 1,922,801 | ||||
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project) | 4.63 | 10/1/2031 | 1,500,000 | b | 1,577,547 | ||||
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (MRC Stevenson Oaks Project) | 6.75 | 11/15/2051 | 1,000,000 | 1,173,699 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0377), (San Antonio, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00 | 17.89 | 2/1/2043 | 16,750,000 | b,c,d | 17,587,270 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
Texas - 10.1% (continued) | |||||||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Blueridge Transportation Group) | 5.00 | 12/31/2050 | 1,300,000 | 1,450,630 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Segment 3C Project) | 5.00 | 6/30/2058 | 8,930,000 | 10,702,233 | |||||
54,882,851 | |||||||||
U.S. Related - 2.1% | |||||||||
Guam Housing Corp., Revenue Bonds (Insured; Federal Home Loan Mortgage Corp.) Ser. A | 5.75 | 9/1/2031 | 965,000 | 997,404 | |||||
Puerto Rico, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 7/1/2035 | 3,500,000 | 3,525,249 | |||||
Puerto Rico, GO, Refunding, Ser. A | 8.00 | 7/1/2035 | 8,010,000 | h | 7,128,900 | ||||
11,651,553 | |||||||||
Utah - .8% | |||||||||
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A | 5.00 | 4/15/2049 | 1,190,000 | 1,421,332 | |||||
Utah Infrastructure Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/15/2037 | 2,345,000 | 2,755,803 | |||||
4,177,135 | |||||||||
Virginia - 3.2% | |||||||||
Chesterfield County Economic Development Authority, Revenue Bonds, Refunding (Brandermill Woods Project) | 5.13 | 1/1/2043 | 2,100,000 | 2,100,000 | |||||
Tender Option Bond Trust Receipts (Series 2018-XM0593), (Hampton Roads Transportation Accountability Commission, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.50 | 20.23 | 7/1/2057 | 7,500,000 | b,c,d | 9,266,645 | ||||
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | 5.00 | 12/31/2056 | 3,380,000 | 3,998,612 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | 5.00 | 12/31/2052 | 1,620,000 | 1,918,618 | |||||
17,283,875 | |||||||||
Washington - 6.0% | |||||||||
King County School District No. 210, GO (Insured; School Bond Guaranty) | 4.00 | 12/1/2034 | 2,000,000 | 2,343,691 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 147.3% (continued) | |||||||||
Washington - 6.0% (continued) | |||||||||
Port of Seattle, Revenue Bonds, Ser. D | 5.00 | 5/1/2027 | 4,300,000 | 5,192,464 | |||||
Tender Option Bond Trust Receipts (Series 2018-XM0680), (Washington Convention Center Public Facilities District, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00 | 8.92 | 7/1/2058 | 17,000,000 | b,c,d | 20,348,331 | ||||
Washington Housing Finance Commission, Revenue Bonds, Refunding (Presbyterian Retirement Communities Northwest Obligated Group) Ser. A | 5.00 | 1/1/2051 | 3,200,000 | b | 3,460,536 | ||||
Washington Housing Finance Commission, Revenue Bonds, Ser. A1 | 3.50 | 12/20/2035 | 991,801 | 1,149,941 | |||||
32,494,963 | |||||||||
Wisconsin - 2.2% | |||||||||
Public Finance Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) Ser. A | 5.00 | 11/15/2041 | 1,000,000 | 1,211,838 | |||||
Public Finance Authority, Revenue Bonds (Appalachian State University Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 7/1/2059 | 2,050,000 | 2,289,242 | |||||
Public Finance Authority, Revenue Bonds (Roseman University of Health Sciences) | 5.00 | 4/1/2040 | 1,175,000 | b | 1,402,171 | ||||
Public Finance Authority, Revenue Bonds (Southminster Obligated Group) | 5.00 | 10/1/2048 | 2,000,000 | b | 2,193,408 | ||||
Public Finance Authority, Revenue Bonds, Refunding (Blue Ridge Healthcare Obligated Group) Ser. 2020 | 4.00 | 1/1/2045 | 1,835,000 | 2,102,966 | |||||
Public Finance Authority, Revenue Bonds, Refunding (Mary's Woods at Marylhurst Project) | 5.25 | 5/15/2047 | 750,000 | b | 818,168 | ||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Camillus Health System Obligated Group) | 5.00 | 11/1/2054 | 2,000,000 | 2,215,937 | |||||
12,233,730 | |||||||||
Total Long-Term
Municipal Investments | 802,012,337 | ||||||||
Total Investments (cost $728,161,886) | 147.6% | 803,900,481 | |||||||
Liabilities, Less Cash and Receivables | (33.1%) | (180,467,029) | ||
Preferred Stock, at redemption value | (14.5%) | (78,900,000) | ||
Net Assets Applicable to Common Shareholders | 100.0% | 544,533,452 |
a Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
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 December 31, 2021, these securities were valued at $374,356,060 or 68.75% of net assets.
c The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
d Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.
e Security issued with a zero coupon. Income is recognized through the accretion of discount.
f These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
g These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
h Non-income producing—security in default.
STATEMENT
OF FINANCIAL FUTURES
BNY Mellon Strategic Municipals, Inc.
December 31, 2021 (Unaudited)
The following is a summary of the inputs used as of December 31, 2021 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Collateralized Municipal-Backed Securities | - | 1,888,144 | - | 1,888,144 | ||
Municipal Securities | - | 802,012,337 | - | 802,012,337 | ||
Liabilities ($) | ||||||
Other Financial Instruments: | ||||||
Floating Rate Notes†† | - | (190,230,737) | - | (190,230,737) | ||
† See Statement of Investments for additional detailed categorizations, if any.
†† Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.
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.
Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.
The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.
The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity
Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.
At December 31, 2021, accumulated net unrealized appreciation on investments was $75,738,595, consisting of $76,684,995 gross unrealized appreciation and $946,400 gross unrealized depreciation.
At December 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.