NPORT-EX 2 c10287bnymello-december20211.htm Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon Strategic Municipals, Inc.

December 31, 2021 (Unaudited)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Bonds and Notes - .3%

     

Collateralized Municipal-Backed Securities - .3%

     

Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2
(cost $1,849,091)

 

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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
Rate (%)

 

 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
(cost $726,312,795)

 

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.