STATEMENT
OF INVESTMENTS
BNY Mellon AMT-Free Municipal Bond Fund
November 30, 2022 (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 | 2,837,256 | 2,732,677 | |||||
| |||||||||
Long-Term Municipal Investments - 99.4% | |||||||||
Alabama - 4.5% | |||||||||
Auburn University, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2036 | 1,000,000 | 1,008,089 | |||||
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. A | 5.00 | 7/1/2031 | 1,100,000 | 1,190,063 | |||||
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B | 5.00 | 7/1/2043 | 3,555,000 | 3,703,516 | |||||
Black Belt Energy Gas District, Revenue Bonds (Project No. 4) Ser. A1 | 4.00 | 12/1/2025 | 1,500,000 | a | 1,494,538 | ||||
Black Belt Energy Gas District, Revenue Bonds (Project No. 5) Ser. A1 | 4.00 | 10/1/2026 | 4,250,000 | a | 4,209,587 | ||||
Jefferson County, Revenue Bonds, Refunding | 5.00 | 9/15/2032 | 2,665,000 | 2,885,939 | |||||
Jefferson County, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 6.60 | 10/1/2042 | 14,000,000 | b | 14,300,016 | ||||
Selma Industrial Development Board, Revenue Bonds, Refunding (International Paper Co.) | 2.00 | 10/1/2024 | 1,875,000 | a | 1,803,319 | ||||
Southeast Energy Authority, Revenue Bonds (Project No. 2) Ser. B | 4.00 | 12/1/2031 | 1,000,000 | a | 962,658 | ||||
The Lower Alabama Gas District, Revenue Bonds (Gas Project) | 4.00 | 12/1/2025 | 5,000,000 | a | 4,983,976 | ||||
University of Alabama at Birmingham, Revenue Bonds, Ser. B | 4.00 | 10/1/2037 | 3,595,000 | 3,598,536 | |||||
40,140,237 | |||||||||
Arizona - 3.1% | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund LLC Obligated Group) Ser. A | 4.00 | 11/1/2051 | 10,000,000 | 8,813,460 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
Arizona - 3.1% (continued) | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Phoenix Children's Hospital Obligated Group) | 5.00 | 2/1/2027 | 1,050,000 | 1,135,635 | |||||
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A | 5.00 | 11/15/2048 | 4,500,000 | 4,540,644 | |||||
La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public Schools) Ser. A | 5.00 | 2/15/2036 | 1,750,000 | c | 1,768,016 | ||||
Maricopa County Industrial Development Authority, Revenue Bonds (Banner Health Obligated Group) Ser. A | 5.00 | 1/1/2041 | 2,500,000 | 2,583,331 | |||||
Phoenix Civic Improvement Corp., Revenue Bonds | 4.00 | 7/1/2044 | 4,000,000 | 3,821,436 | |||||
The Phoenix Industrial Development Authority, Revenue Bonds, Refunding (Downtown Phoenix Student Housing LLC) Ser. A | 5.00 | 7/1/2037 | 1,000,000 | 1,008,676 | |||||
The University of Arizona, Revenue Bonds, Refunding | 5.00 | 8/1/2037 | 615,000 | 679,443 | |||||
The University of Arizona, Revenue Bonds, Refunding | 5.00 | 8/1/2038 | 3,000,000 | 3,304,235 | |||||
27,654,876 | |||||||||
California - 3.4% | |||||||||
California, GO, Refunding | 5.25 | 9/1/2047 | 2,500,000 | 2,836,817 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. A | 4.00 | 10/1/2036 | 5,000,000 | 5,010,140 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Sutter Health Obligated Group) Ser. B | 5.00 | 11/15/2046 | 2,810,000 | 2,866,622 | |||||
California Housing Finance Agency, Revenue Bonds, Ser. 2021-1 | 3.50 | 11/20/2035 | 2,926,999 | 2,641,472 | |||||
California Housing Finance Agency, Revenue Bonds, Ser. A | 3.25 | 8/20/2036 | 1,969,885 | 1,702,406 | |||||
California Municipal Finance Authority, Revenue Bonds (Green Bond) (Insured; Build America Mutual) | 5.00 | 5/15/2026 | 350,000 | 369,760 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
California - 3.4% (continued) | |||||||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) | 5.00 | 12/1/2033 | 1,000,000 | c | 1,010,767 | ||||
Los Angeles Airports Department, Revenue Bonds (Green Bond) Ser. G | 5.25 | 5/15/2047 | 5,000,000 | 5,331,298 | |||||
Pittsburg Successor Agency Redevelopment, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 9/1/2029 | 2,020,000 | 2,163,698 | |||||
Sacramento North Natomas Community Facilities District No. 4, Special Tax Bonds, Refunding, Ser. E | 5.00 | 9/1/2030 | 1,000,000 | 1,009,151 | |||||
San Francisco City & County Ineternational Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2039 | 2,000,000 | 2,015,041 | |||||
San Francisco City & County Public Utilities Commission Power, Revenue Bonds, Refunding, Ser. B | 4.00 | 11/1/2051 | 2,780,000 | 2,642,946 | |||||
San Mateo Foster Public Financing Authority, Revenue Bonds (Clean Water Program) | 4.00 | 8/1/2035 | 1,100,000 | 1,150,780 | |||||
30,750,898 | |||||||||
Colorado - 5.3% | |||||||||
Colorado Health Facilities Authority, Revenue Bonds (Children's Hospital Obligated Group) Ser. A | 5.00 | 12/1/2041 | 1,500,000 | 1,531,188 | |||||
Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement Communities & Services Obligated Group) | 5.00 | 12/1/2043 | 6,885,000 | 6,905,185 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding | 5.00 | 11/19/2026 | 510,000 | d,e | 549,766 | ||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding | 5.00 | 11/19/2026 | 5,025,000 | a | 5,374,028 | ||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A | 5.00 | 8/1/2044 | 3,000,000 | 3,040,525 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 1/1/2036 | 2,525,000 | 2,563,677 | |||||
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/1/2043 | 4,000,000 | 4,178,255 | |||||
Denver City & County Airport System, Revenue Bonds, Ser. B | 5.00 | 11/15/2043 | 15,000,000 | 15,117,183 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
Colorado - 5.3% (continued) | |||||||||
Denver City & County Airport System, Revenue Bonds, Ser. D | 5.00 | 11/15/2024 | 4,620,000 | 4,766,680 | |||||
Denver Convention Center Hotel Authority, Revenue Bonds, Refunding | 5.00 | 12/1/2031 | 1,500,000 | 1,528,482 | |||||
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners LLC) Ser. A | 4.00 | 7/15/2034 | 2,000,000 | 1,928,942 | |||||
47,483,911 | |||||||||
Connecticut - .9% | |||||||||
Connecticut, GO, Ser. C | 5.00 | 6/15/2038 | 1,000,000 | 1,070,192 | |||||
Connecticut, Revenue Bonds, Ser. A | 5.00 | 5/1/2034 | 1,390,000 | 1,589,710 | |||||
Connecticut, Revenue Bonds, Ser. A | 5.00 | 5/1/2038 | 1,000,000 | 1,108,863 | |||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C1 | 3.25 | 5/15/2044 | 2,020,000 | 1,971,433 | |||||
Waterbury, GO, Ser. A | 4.00 | 2/1/2039 | 2,200,000 | 2,200,648 | |||||
7,940,846 | |||||||||
District of Columbia - .6% | |||||||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Dulles Metrorail) Ser. A | 5.00 | 10/1/2037 | 2,000,000 | 2,128,374 | |||||
Washington Metropolitan Area Transit Authority Dedicated, Revenue Bonds (Green Bond) Ser. A | 4.00 | 7/15/2039 | 3,500,000 | 3,536,567 | |||||
5,664,941 | |||||||||
Florida - 6.7% | |||||||||
Central Florida Expressway Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2042 | 1,000,000 | 1,046,591 | |||||
Escambia County, Revenue Bonds | 5.00 | 10/1/2046 | 2,500,000 | 2,679,232 | |||||
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Refunding (Nova Southeastern University Project) | 5.00 | 4/1/2035 | 1,500,000 | 1,556,758 | |||||
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Refunding (Nova Southeastern University Project) | 5.00 | 4/1/2028 | 1,250,000 | 1,309,713 | |||||
Florida Housing Finance Corp., Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. 2 | 3.00 | 7/1/2051 | 1,895,000 | 1,841,427 | |||||
Florida Municipal Power Agency, Revenue Bonds, Ser. A | 3.00 | 10/1/2032 | 1,360,000 | 1,284,261 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
Florida - 6.7% (continued) | |||||||||
Gainesville Utilities System, Revenue Bonds, Ser. A | 5.00 | 10/1/2037 | 2,000,000 | 2,131,928 | |||||
Hillsborough County Aviation Authority, Revenue Bonds (Tampa International Airport) | 5.00 | 10/1/2034 | 2,110,000 | 2,274,316 | |||||
Hillsborough County Aviation Authority, Revenue Bonds (Tampa International Airport) Ser. A | 5.00 | 10/1/2044 | 3,500,000 | 3,530,211 | |||||
Jacksonville, Revenue Bonds, Refunding (Brooks Rehabilitation Project) | 4.00 | 11/1/2045 | 3,000,000 | 2,688,994 | |||||
JEA Electric System, Revenue Bonds, Refunding, Ser. 3A | 4.00 | 10/1/2037 | 2,850,000 | 2,856,817 | |||||
JEA Water & Sewer System, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2039 | 1,500,000 | 1,500,929 | |||||
Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding | 5.00 | 2/1/2035 | 1,500,000 | 1,530,126 | |||||
Miami Beach Stormwater, Revenue Bonds, Refunding | 5.00 | 9/1/2047 | 4,500,000 | 4,501,900 | |||||
Miami-Dade County Expressway Authority, Revenue Bonds, Ser. A | 5.00 | 7/1/2039 | 5,000,000 | 5,045,043 | |||||
Mid-Bay Bridge Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2040 | 1,500,000 | 1,510,505 | |||||
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group) | 4.00 | 8/15/2049 | 7,455,000 | 6,821,444 | |||||
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group) | 5.00 | 8/15/2037 | 1,000,000 | 1,062,296 | |||||
Pasco County School Board, COP (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 8/1/2035 | 4,000,000 | 4,368,408 | |||||
Polk County Utility System, Revenue Bonds, Refunding | 4.00 | 10/1/2043 | 1,250,000 | 1,222,760 | |||||
Sunshine Skyway Bridge, Revenue Bonds, Ser. A | 4.00 | 7/1/2034 | 5,650,000 | 5,836,813 | |||||
Tampa, Revenue Bonds (BayCare Obligated Group) Ser. A | 5.00 | 11/15/2046 | 3,500,000 | 3,546,603 | |||||
60,147,075 | |||||||||
Georgia - 3.1% | |||||||||
Atlanta Water & Wastewater, Revenue Bonds, Refunding | 5.00 | 11/1/2041 | 1,100,000 | 1,168,118 | |||||
Fulton County Development Authority, Revenue Bonds, Ser. A | 5.00 | 4/1/2034 | 2,800,000 | 2,920,189 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
Georgia - 3.1% (continued) | |||||||||
Fulton County Development Authority, Revenue Bonds, Ser. A | 5.00 | 4/1/2036 | 1,000,000 | 1,038,357 | |||||
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | 5.00 | 1/1/2038 | 1,100,000 | 1,136,134 | |||||
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A | 5.00 | 7/1/2052 | 3,000,000 | 3,007,692 | |||||
Main Street Natural Gas Inc., Revenue Bonds, Ser. B | 5.00 | 6/1/2029 | 2,000,000 | a | 2,064,265 | ||||
Main Street Natural Gas Inc., Revenue Bonds, Ser. B, 1 Month LIBOR x0.67 +0.75% | 3.27 | 9/1/2023 | 5,250,000 | a,f | 5,222,248 | ||||
Main Street Natural Gas Inc., Revenue Bonds, Ser. C | 4.00 | 9/1/2026 | 8,000,000 | a | 7,905,149 | ||||
The Atlanta Development Authority, Revenue Bonds, Ser. A1 | 5.25 | 7/1/2040 | 1,750,000 | 1,809,571 | |||||
The Burke County Development Authority, Revenue Bonds, Refunding (Oglethorpe Power Corp.) Ser. A | 1.50 | 2/3/2025 | 2,000,000 | a | 1,878,719 | ||||
28,150,442 | |||||||||
Hawaii - .1% | |||||||||
Honolulu City & County, GO, Ser. C | 4.00 | 7/1/2039 | 1,000,000 | 1,013,536 | |||||
Illinois - 8.7% | |||||||||
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 12/1/2029 | 2,000,000 | 2,097,921 | |||||
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 12/1/2030 | 1,500,000 | 1,571,021 | |||||
Chicago Board of Education, Revenue Bonds | 5.00 | 4/1/2042 | 1,500,000 | 1,502,969 | |||||
Chicago II Waterworks, Revenue Bonds | 5.00 | 11/1/2028 | 1,000,000 | 1,040,387 | |||||
Chicago II Waterworks, Revenue Bonds (2nd Lien Project) | 5.00 | 11/1/2028 | 1,455,000 | 1,489,676 | |||||
Chicago II Waterworks, Revenue Bonds, Refunding | 5.00 | 11/1/2025 | 2,940,000 | 3,064,278 | |||||
Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2034 | 2,865,000 | 2,872,821 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2034 | 7,300,000 | 7,502,287 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Ser. A | 5.50 | 1/1/2055 | 2,000,000 | 2,105,670 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
Illinois - 8.7% (continued) | |||||||||
Cook County II, Revenue Bonds, Refunding | 5.00 | 11/15/2036 | 5,000,000 | 5,259,738 | |||||
Cook County II, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/15/2040 | 2,500,000 | 2,479,083 | |||||
Greater Chicago Metropolitan Water Reclamation District, GO, Refunding, Ser. D | 5.00 | 12/1/2031 | 2,000,000 | 2,322,624 | |||||
Illinois, Revenue Bonds (Insured; Build America Mutual) Ser. A | 5.00 | 6/15/2031 | 3,600,000 | 3,915,759 | |||||
Illinois Finance Authority, Revenue Bonds (Green Bond) | 4.00 | 7/1/2038 | 4,500,000 | 4,583,880 | |||||
Illinois Finance Authority, Revenue Bonds (University of Illinois) | 5.00 | 10/1/2049 | 1,250,000 | 1,283,340 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (Advocate Health Care Project) | 4.00 | 11/1/2030 | 1,000,000 | 1,008,531 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. A | 5.00 | 11/15/2045 | 1,500,000 | 1,511,840 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. B2 | 5.00 | 11/15/2026 | 2,000,000 | a | 2,110,907 | ||||
Illinois Finance Authority, Revenue Bonds, Refunding (Rush University Medical Center Obligated Group) Ser. A | 5.00 | 11/15/2034 | 3,000,000 | 3,068,672 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago) Ser. A | 4.00 | 4/1/2050 | 4,770,000 | 4,485,319 | |||||
Illinois Housing Development Authority, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | 3.00 | 4/1/2051 | 4,540,000 | 4,391,133 | |||||
Illinois Municipal Electric Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2032 | 3,900,000 | 4,097,593 | |||||
Illinois Toll Highway Authority, Revenue Bonds, Ser. B | 5.00 | 1/1/2036 | 4,000,000 | 4,166,390 | |||||
Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. B | 4.00 | 4/1/2035 | 600,000 | 592,578 | |||||
Sales Tax Securitization Corp., Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. A | 4.00 | 1/1/2040 | 6,175,000 | 5,959,398 | |||||
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 1/1/2039 | 1,500,000 | 1,449,379 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
Illinois - 8.7% (continued) | |||||||||
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2033 | 1,500,000 | 1,652,078 | |||||
77,585,272 | |||||||||
Indiana - 1.4% | |||||||||
Ball University, Revenue Bonds, Refunding, Ser. S | 4.00 | 7/1/2035 | 1,200,000 | 1,223,499 | |||||
Indiana Health Facility Financing Authority, Revenue Bonds (Ascension Health Credit Group) | 5.00 | 11/15/2036 | 3,890,000 | 4,023,784 | |||||
Indiana Municipal Power Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2036 | 3,765,000 | 3,967,503 | |||||
Richmond Hospital Authority, Revenue Bonds, Refunding (Reid Hospital & Health Care Services Inc. Obligated Group) Ser. A | 5.00 | 1/1/2035 | 3,400,000 | 3,460,288 | |||||
12,675,074 | |||||||||
Iowa - 1.3% | |||||||||
Iowa Finance Authority, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. A | 3.00 | 1/1/2047 | 4,350,000 | 4,209,942 | |||||
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project) | 5.00 | 12/1/2050 | 2,500,000 | 2,370,274 | |||||
Iowa Student Loan Liquidity Corp., Revenue Bonds, Ser. B | 5.00 | 12/1/2032 | 1,000,000 | 1,095,997 | |||||
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. B1 | 4.00 | 6/1/2049 | 1,890,000 | 1,879,597 | |||||
PEFA Inc., Revenue Bonds (Gas Project) | 5.00 | 9/1/2026 | 2,000,000 | a | 2,049,211 | ||||
11,605,021 | |||||||||
Kentucky - 1.2% | |||||||||
Kentucky Economic Development Finance Authority, Revenue Bonds, Refunding (Louisville Arena Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 12/1/2047 | 3,500,000 | 3,501,047 | |||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | 4.00 | 6/1/2026 | 2,500,000 | a | 2,482,712 | ||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A1 | 4.00 | 8/1/2030 | 2,500,000 | a | 2,431,376 | ||||
Louisville & Jefferson County Metropolitan Government, Revenue Bonds (Norton Healthcare Obligated Group) Ser. D | 5.00 | 10/1/2029 | 1,970,000 | a | 2,130,717 | ||||
10,545,852 | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
Louisiana - 2.6% | |||||||||
Lafayette Utilities, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 11/1/2044 | 1,500,000 | 1,608,624 | |||||
Louisiana Public Facilities Authority, Revenue Bonds (Franciscan Missionaries of Our Lady Health System Obligated Group) Ser. A | 5.00 | 7/1/2047 | 4,250,000 | 4,291,670 | |||||
Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Ochsner Clinic Foundation Obligated Group) Ser. B | 5.00 | 5/15/2025 | 5,400,000 | a | 5,602,896 | ||||
New Orleans Aviation Board, Revenue Bonds (General Airport-N Terminal Project) Ser. A | 5.00 | 1/1/2048 | 3,500,000 | 3,581,996 | |||||
New Orleans Aviation Board, Revenue Bonds (Parking Facilities Corp.) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 10/1/2048 | 2,375,000 | 2,468,983 | |||||
New Orleans Aviation Board, Revenue Bonds, Refunding (Consolidated Rental Car Project) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2038 | 1,500,000 | 1,562,674 | |||||
New Orleans Aviation Board, Revenue Bonds, Ser. A | 5.00 | 1/1/2045 | 3,250,000 | 3,281,193 | |||||
St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.) | 2.20 | 7/1/2026 | 1,000,000 | a | 919,403 | ||||
23,317,439 | |||||||||
Maryland - 1.1% | |||||||||
Maryland Economic Development Corp., Revenue Bonds (Green Bond) (Purple Line Transit Partners LLC) Ser. B | 5.25 | 6/30/2052 | 4,000,000 | 4,153,721 | |||||
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (MedStar Health Obligated Group) | 5.00 | 8/15/2038 | 1,000,000 | 1,018,072 | |||||
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Maryland Medical System Obligated Group) Ser. B2 | 5.00 | 7/1/2027 | 4,000,000 | a | 4,248,937 | ||||
9,420,730 | |||||||||
Massachusetts - .7% | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) | 5.00 | 7/1/2031 | 4,710,000 | 5,026,220 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
Massachusetts - .7% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2044 | 1,000,000 | 1,001,521 | |||||
6,027,741 | |||||||||
Michigan - 4.5% | |||||||||
Great Lakes Water Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2046 | 9,995,000 | 10,383,199 | |||||
Karegnondi Water Authority, Revenue Bonds, Refunding | 5.00 | 11/1/2041 | 2,620,000 | 2,709,441 | |||||
Lansing Board of Water & Light, Revenue Bonds, Ser. B | 2.00 | 7/1/2026 | 3,000,000 | a | 2,827,553 | ||||
Michigan Building Authority, Revenue Bonds, Refunding, Ser. I | 5.00 | 10/15/2045 | 5,000,000 | 5,134,095 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. C3 | 5.00 | 7/1/2032 | 500,000 | 514,677 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. D1 | 5.00 | 7/1/2035 | 1,520,000 | 1,554,924 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Credit Obligated Group) Ser. A | 5.00 | 12/1/2042 | 1,000,000 | 1,024,885 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Credit Obligated Group) Ser. MI1 | 5.00 | 12/1/2048 | 5,000,000 | 5,083,866 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. D1 | 5.00 | 7/1/2035 | 1,190,000 | 1,225,547 | |||||
Pontiac School District, GO | 4.00 | 5/1/2045 | 2,440,000 | 2,425,766 | |||||
Wayne County Airport Authority, Revenue Bonds (Detroit Metropolitan Wayne County Airport) | 5.00 | 12/1/2038 | 5,000,000 | 5,296,986 | |||||
Wayne County Airport Authority, Revenue Bonds, Ser. D | 5.00 | 12/1/2029 | 1,700,000 | 1,792,687 | |||||
39,973,626 | |||||||||
Minnesota - .3% | |||||||||
Minnesota Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. E | 3.50 | 7/1/2050 | 2,490,000 | 2,456,482 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
Mississippi - .4% | |||||||||
Mississippi Home Corp., Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. A | 3.75 | 6/1/2049 | 3,540,000 | 3,520,787 | |||||
Missouri - .5% | |||||||||
The Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (CoxHealth Obligated Group) Ser. A | 5.00 | 11/15/2030 | 3,000,000 | 3,139,655 | |||||
The Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Lukes Health System Obligated Group) Ser. A | 5.00 | 11/15/2043 | 1,000,000 | 1,029,133 | |||||
4,168,788 | |||||||||
Multi-State - .2% | |||||||||
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M048 | 3.15 | 1/15/2036 | 2,350,000 | c | 2,047,178 | ||||
Nebraska - 1.2% | |||||||||
Public Power Generation Agency, Revenue Bonds, Refunding | 5.00 | 1/1/2038 | 3,655,000 | 3,810,217 | |||||
Public Power Generation Agency, Revenue Bonds, Refunding | 5.00 | 1/1/2037 | 5,050,000 | 5,269,624 | |||||
Public Power Generation Agency, Revenue Bonds, Refunding (Whelan Energy Center) | 5.00 | 1/1/2030 | 1,380,000 | 1,428,154 | |||||
10,507,995 | |||||||||
Nevada - .7% | |||||||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 6/15/2037 | 1,700,000 | 1,729,513 | |||||
Clark County School District, GO, Ser. A | 5.00 | 6/15/2039 | 2,500,000 | 2,750,155 | |||||
Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project) | 5.00 | 6/1/2048 | 2,000,000 | 2,071,606 | |||||
6,551,274 | |||||||||
New Hampshire - .2% | |||||||||
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Covanta Project) Ser. B | 4.63 | 11/1/2042 | 2,000,000 | c | 1,778,631 | ||||
New Jersey - 4.4% | |||||||||
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | 4.00 | 6/1/2031 | 1,000,000 | 1,059,895 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
New Jersey - 4.4% (continued) | |||||||||
New Jersey Economic Development Authority, Revenue Bonds (Continental Airlines Inc. Project) | 5.25 | 9/15/2029 | 4,070,000 | 4,083,562 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX | 5.25 | 6/15/2027 | 3,500,000 | 3,677,045 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB | 5.00 | 6/15/2044 | 2,000,000 | 2,043,835 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. CC | 5.50 | 6/15/2050 | 1,000,000 | 1,073,694 | |||||
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. D | 5.00 | 1/1/2028 | 2,000,000 | 2,145,834 | |||||
The Camden County Improvement Authority, Revenue Bonds, Refunding (Rowan University Foundation Project) (Insured; Build America Mutual) Ser. A | 5.00 | 7/1/2034 | 6,360,000 | 7,093,811 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2046 | 13,655,000 | 13,395,915 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2036 | 5,000,000 | 5,124,572 | |||||
39,698,163 | |||||||||
New Mexico - .2% | |||||||||
New Mexico Mortgage Finance Authority, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. C | 3.00 | 1/1/2052 | 1,465,000 | 1,411,275 | |||||
New York - 9.5% | |||||||||
Long Island Power Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 9/1/2038 | 1,100,000 | 1,193,929 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | 5.00 | 11/15/2050 | 5,000,000 | 4,906,082 | |||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2051 | 5,000,000 | 5,001,342 | |||||
New York City, GO, Ser. C | 4.00 | 8/1/2041 | 3,000,000 | 2,954,073 | |||||
New York City, GO, Ser. D1 | 4.00 | 3/1/2050 | 3,500,000 | 3,308,050 | |||||
New York City, GO, Ser. D1 | 4.00 | 3/1/2041 | 2,000,000 | 1,968,782 | |||||
New York City Housing Development Corp., Revenue Bonds (Insured; Federal Housing Administration) Ser. F2 | 0.60 | 7/1/2025 | 1,000,000 | a | 922,203 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
New York - 9.5% (continued) | |||||||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 1/1/2032 | 1,000,000 | 1,043,242 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 1/1/2029 | 1,500,000 | 1,652,485 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Yankee Stadium Project) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 3/1/2029 | 1,250,000 | 1,376,308 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 5/1/2037 | 1,000,000 | 1,005,190 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. D | 4.00 | 11/1/2035 | 5,000,000 | 5,077,646 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 4,000,000 | c | 3,780,837 | ||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Goldman Sachs Headquarters LLC) | 5.25 | 10/1/2035 | 2,500,000 | 2,746,504 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 10/1/2034 | 4,240,000 | 4,665,034 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 10/1/2028 | 10,000 | e | 11,195 | ||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 3/15/2037 | 3,000,000 | 3,270,594 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E | 4.00 | 3/15/2040 | 5,000,000 | 4,956,471 | |||||
New York State Thruway Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 1/1/2045 | 5,000,000 | 4,812,395 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
New York - 9.5% (continued) | |||||||||
New York State Thruway Authority, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 3/15/2036 | 3,380,000 | 3,453,518 | |||||
New York State Urban Development Corp., Revenue Bonds (State of New York Personal Income Tax) Ser. A | 4.00 | 3/15/2039 | 1,480,000 | 1,468,991 | |||||
New York State Urban Development Corp., Revenue Bonds (State of New York Personal Income Tax) Ser. A | 5.00 | 3/15/2036 | 1,750,000 | 1,935,972 | |||||
New York State Urban Development Corp., Revenue Bonds, Refunding (State of New York Personal Income Tax) | 4.00 | 3/15/2042 | 4,250,000 | 4,116,742 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines Inc.) | 5.00 | 1/1/2032 | 1,310,000 | 1,329,792 | |||||
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal LLC) | 5.00 | 12/1/2036 | 2,455,000 | 2,491,664 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal LLC) | 5.00 | 12/1/2035 | 1,750,000 | 1,821,723 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Ser. 184 | 5.00 | 9/1/2039 | 5,000,000 | 5,132,779 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. C | 5.25 | 5/15/2052 | 2,500,000 | 2,746,913 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. C2 | 5.00 | 11/15/2042 | 5,000,000 | 5,257,117 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A | 5.00 | 11/15/2049 | 1,000,000 | 1,061,901 | |||||
85,469,474 | |||||||||
North Carolina - 3.3% | |||||||||
Charlotte, COP, Refunding (Convention Facility Project) | 5.00 | 6/1/2034 | 2,370,000 | 2,642,046 | |||||
Charlotte Airport, Revenue Bonds, Ser. A | 5.00 | 7/1/2042 | 3,000,000 | 3,143,621 | |||||
North Carolina Housing Finance Agency, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. 45 | 3.00 | 7/1/2051 | 5,770,000 | 5,592,752 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
North Carolina - 3.3% (continued) | |||||||||
North Carolina Medical Care Commission, Revenue Bonds (Caromont Health Obligated Group) Ser. B | 5.00 | 2/1/2026 | 2,250,000 | a | 2,381,387 | ||||
North Carolina Medical Care Commission, Revenue Bonds (Twin Lakes Community) Ser. A | 5.00 | 1/1/2044 | 2,000,000 | 1,949,056 | |||||
North Carolina Turnpike Authority, BAN | 5.00 | 2/1/2024 | 7,500,000 | 7,677,463 | |||||
North Caroline Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2029 | 1,775,000 | 1,897,710 | |||||
The Charlotte-Mecklenburg Hospital Authority, Revenue Bonds (Atrium Health Obligated Group) Ser. B | 5.00 | 12/2/2024 | 4,000,000 | a | 4,162,192 | ||||
29,446,227 | |||||||||
North Dakota - .3% | |||||||||
University of North Dakota, COP (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 6/1/2051 | 2,500,000 | 2,265,001 | |||||
Ohio - 1.8% | |||||||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2 | 4.00 | 6/1/2048 | 7,500,000 | 6,534,715 | |||||
Cleveland Airport System, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 1/1/2031 | 1,000,000 | 1,036,844 | |||||
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | 5.25 | 2/15/2047 | 2,000,000 | 2,013,445 | |||||
Ohio, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/15/2037 | 1,315,000 | 1,383,010 | |||||
Ohio, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/15/2036 | 1,045,000 | 1,108,252 | |||||
Ohio Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | 3.75 | 9/1/2050 | 4,130,000 | 4,098,724 | |||||
The Ohio University, Revenue Bonds, Refunding, Ser. D | 5.00 | 12/1/2023 | 40,000 | 40,924 | |||||
16,215,914 | |||||||||
Oregon - .4% | |||||||||
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | 5.00 | 6/15/2038 | 1,750,000 | 1,896,592 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
Oregon - .4% (continued) | |||||||||
Medford Hospital Facilities Authority, Revenue Bonds, Refunding (Asante Project) Ser. A | 5.00 | 8/15/2045 | 2,000,000 | 2,086,900 | |||||
3,983,492 | |||||||||
Pennsylvania - 8.1% | |||||||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. A | 4.00 | 7/15/2035 | 1,850,000 | 1,848,191 | |||||
Allentown School District, GO, Refunding (Insured; Build America Mutual) Ser. B | 5.00 | 2/1/2030 | 2,300,000 | 2,560,712 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2032 | 3,500,000 | 3,808,765 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2031 | 1,250,000 | 1,364,331 | |||||
Delaware Valley Regional Finance Authority, Revenue Bonds, Ser. C, 1 Month MUNIPSA +0.53% | 2.38 | 9/1/2023 | 8,000,000 | a,f | 7,990,858 | ||||
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | 5.00 | 2/15/2027 | 3,000,000 | a | 3,172,487 | ||||
Lancaster County Hospital Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) | 5.00 | 8/15/2046 | 9,185,000 | 9,479,168 | |||||
Montgomery County Industrial Development Authority, Revenue Bonds, Refunding (ACTS Retirement-Life Communities Inc. Obligated Group) | 5.00 | 11/15/2036 | 5,000,000 | 5,005,192 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (UPMC Obligated Group) | 4.00 | 3/15/2034 | 1,000,000 | 1,003,905 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. A | 5.00 | 10/15/2031 | 2,400,000 | 2,697,621 | |||||
Pennsylvania Turnpike Commission Oil Franchise, Revenue Bonds, Ser. B | 5.25 | 12/1/2048 | 4,000,000 | 4,210,665 | |||||
Philadelphia, GO, Ser. A | 5.00 | 5/1/2033 | 3,000,000 | 3,343,010 | |||||
Philadelphia, GO, Ser. A | 5.00 | 5/1/2032 | 500,000 | 559,181 | |||||
Philadelphia Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2047 | 5,040,000 | 5,174,915 | |||||
Philadelphia Water & Wastewater, Revenue Bonds, Refunding | 5.00 | 10/1/2032 | 4,460,000 | 5,058,802 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
Pennsylvania - 8.1% (continued) | |||||||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 4.00 | 9/1/2036 | 2,000,000 | 2,000,010 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2044 | 8,500,000 | 8,997,829 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2038 | 1,000,000 | 1,061,889 | |||||
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F | 5.00 | 9/1/2035 | 3,500,000 | 3,638,212 | |||||
72,975,743 | |||||||||
South Carolina - 3.6% | |||||||||
Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2029 | 3,175,000 | 3,473,853 | |||||
South Carolina Jobs-Economic Development Authority, Revenue Bonds, Refunding (ACTS Retirement-Life Communities Obligated Group) | 5.00 | 11/15/2047 | 5,500,000 | 5,339,589 | |||||
South Carolina Ports Authority, Revenue Bonds, Ser. A | 5.00 | 7/1/2044 | 10,380,000 | 11,061,615 | |||||
South Carolina Public Service Authority, Revenue Bonds, Refunding | 5.13 | 12/1/2043 | 7,500,000 | 7,535,556 | |||||
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper) Ser. A | 4.00 | 12/1/2055 | 5,000,000 | 4,245,697 | |||||
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2025 | 800,000 | 840,530 | |||||
32,496,840 | |||||||||
South Dakota - .3% | |||||||||
South Dakota Housing Development Authority, Revenue Bonds, Refunding, Ser. A | 3.75 | 11/1/2050 | 3,125,000 | 3,105,288 | |||||
Tennessee - 1.1% | |||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Revenue Bonds, Refunding (Lipscomb University Project) | 5.00 | 10/1/2036 | 1,000,000 | 1,026,624 | |||||
Nashville & Davidson County Metropolitan Government, GO, Refunding, Ser. C | 4.00 | 1/1/2032 | 1,000,000 | 1,058,071 | |||||
Tennergy Corp., Revenue Bonds, Ser. A | 4.00 | 9/1/2028 | 4,000,000 | a | 3,921,396 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
Tennessee - 1.1% (continued) | |||||||||
Tennessee Energy Acquisition Corp., Revenue Bonds | 4.00 | 11/1/2025 | 2,700,000 | a | 2,688,153 | ||||
Tennessee Housing Development Agency, Revenue Bonds, Refunding, Ser. 3A | 3.50 | 7/1/2050 | 1,335,000 | 1,317,029 | |||||
10,011,273 | |||||||||
Texas - 6.5% | |||||||||
Central Texas Regional Mobility Authority, BAN, Ser. F | 5.00 | 1/1/2025 | 2,000,000 | 2,050,940 | |||||
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. C | 5.00 | 8/15/2031 | 2,500,000 | 2,560,385 | |||||
Corpus Christi Utility System, Revenue Bonds, Refunding, Ser. A | 4.00 | 7/15/2037 | 1,250,000 | 1,264,887 | |||||
Dallas Area Rapid Transit, Revenue Bonds, Refunding, Ser. B | 4.00 | 12/1/2051 | 3,550,000 | 3,318,899 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2035 | 2,000,000 | 2,016,054 | |||||
Garland Electric Utility System, Revenue Bonds, Refunding | 5.00 | 3/1/2044 | 2,500,000 | 2,666,741 | |||||
Grand Parkway Transportation Corp., Revenue Bonds, Refunding | 4.00 | 10/1/2049 | 5,000,000 | 4,561,113 | |||||
Houston Airport System, Revenue Bonds, Refunding, Ser. D | 5.00 | 7/1/2039 | 4,000,000 | 4,230,453 | |||||
Lower Colorado River Authority, Revenue Bonds, Refunding | 5.00 | 5/15/2039 | 2,000,000 | 2,010,352 | |||||
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp.) | 5.00 | 5/15/2046 | 3,800,000 | 3,883,454 | |||||
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp.) | 5.00 | 5/15/2046 | 3,750,000 | 3,932,159 | |||||
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp.) Ser. A | 4.00 | 5/15/2049 | 1,500,000 | 1,346,667 | |||||
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project) | 4.63 | 10/1/2031 | 2,500,000 | c | 2,423,159 | ||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2038 | 5,815,000 | 5,967,176 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2038 | 105,000 | 105,145 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2023 | 820,000 | e | 821,625 | ||||
San Antonio Texas Electric & Gas Systems, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2037 | 1,750,000 | 1,911,190 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
Texas - 6.5% (continued) | |||||||||
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Baylor Scott & White Health Obligated Group) Ser. A | 5.00 | 11/15/2045 | 2,500,000 | 2,567,683 | |||||
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Cook Children's Medical Center Obligated Group) | 5.00 | 12/1/2033 | 1,750,000 | 1,913,377 | |||||
Texas Department of Housing & Community Affairs, Revenue Bonds (Insured; Government National Mortgage Association) Ser. A | 3.50 | 3/1/2051 | 1,785,000 | 1,752,367 | |||||
Texas Department of Housing & Community Affairs, Revenue Bonds (Insured; Government National Mortgage Association) Ser. A | 3.50 | 7/1/2052 | 1,985,000 | 1,933,386 | |||||
Texas Public Finance Authority, Revenue Bonds, Refunding | 4.00 | 2/1/2036 | 2,675,000 | 2,740,167 | |||||
West Harris County Regional Water Authority, Revenue Bonds, Refunding | 4.00 | 12/15/2045 | 2,750,000 | 2,525,005 | |||||
58,502,384 | |||||||||
U.S. Related - 1.1% | |||||||||
Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2029 | 5,704,781 | 5,847,742 | |||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) Ser. L | 5.25 | 7/1/2041 | 3,700,000 | 3,662,609 | |||||
9,510,351 | |||||||||
Utah - .6% | |||||||||
Salt Lake City Airport, Revenue Bonds, Ser. B | 5.00 | 7/1/2037 | 1,000,000 | 1,050,727 | |||||
Salt Lake City Airport, Revenue Bonds, Ser. B | 5.00 | 7/1/2036 | 1,350,000 | 1,425,154 | |||||
Utah Charter School Finance Authority, Revenue Bonds | 5.00 | 10/15/2043 | 1,150,000 | 1,175,697 | |||||
Utah Telecommunication Open Infrastructure Agency, Revenue Bonds, Refunding | 4.38 | 6/1/2040 | 1,500,000 | 1,509,831 | |||||
5,161,409 | |||||||||
Virginia - 1.1% | |||||||||
Fairfax County, Revenue Bonds, Refunding, Ser. B | 3.00 | 7/15/2036 | 3,585,000 | 3,237,432 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
Virginia - 1.1% (continued) | |||||||||
Virginia College Building Authority, Revenue Bonds | 4.00 | 2/1/2036 | 2,015,000 | 2,087,889 | |||||
Virginia Public Building Authority, Revenue Bonds, Ser. C | 5.00 | 8/1/2030 | 2,430,000 | 2,571,525 | |||||
Winchester Economic Development Authority, Revenue Bonds, Refunding (Valley Health System Obligated Group) | 5.00 | 1/1/2035 | 1,560,000 | 1,613,870 | |||||
9,510,716 | |||||||||
Washington - 1.9% | |||||||||
Energy Northwest, Revenue Bonds, Refunding | 5.00 | 7/1/2040 | 2,750,000 | 3,051,191 | |||||
Grant County Public Utility District No. 2, Revenue Bonds, Refunding, Ser. R | 2.00 | 12/1/2025 | 3,500,000 | a | 3,418,716 | ||||
Washington, GO, Ser. A | 5.00 | 8/1/2036 | 3,290,000 | 3,599,352 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Providence Health & Services) Ser. A | 5.00 | 10/1/2042 | 5,000,000 | 5,002,215 | |||||
Washington Housing Finance Commission, Revenue Bonds, Ser. A1 | 3.50 | 12/20/2035 | 1,956,840 | 1,755,365 | |||||
16,826,839 | |||||||||
Wisconsin - 2.5% | |||||||||
Public Finance Authority, Revenue Bonds (Cone Health) Ser. A | 5.00 | 10/1/2052 | 1,500,000 | 1,553,473 | |||||
Public Finance Authority, Revenue Bonds (KU Campus Development Corp. Project) | 5.00 | 3/1/2035 | 7,000,000 | 7,327,819 | |||||
Public Finance Authority, Revenue Bonds, Refunding (Duke Energy Progress LLC) Ser. B | 4.00 | 10/1/2030 | 5,645,000 | a | 5,755,259 | ||||
Public Finance Authority, Revenue Bonds, Refunding (Renown Regional Medical Center) Ser. A | 5.00 | 6/1/2040 | 4,000,000 | 4,053,688 | |||||
Public Finance Authority, Revenue Bonds, Refunding (WakeMed Hospital Obligated Group) Ser. A | 5.00 | 10/1/2044 | 1,610,000 | 1,637,851 | |||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Advocate Aurora Health Obligated Group) | 5.00 | 7/29/2026 | 2,000,000 | a | 2,119,463 | ||||
22,447,553 | |||||||||
Total Long-Term
Municipal Investments | 890,166,594 | ||||||||
Total Investments (cost $944,579,495) | 99.7% | 892,899,271 | |||||||
Cash and Receivables (Net) | 0.3% | 2,317,806 | |||||||
Net Assets | 100.0% | 895,217,077 |
a These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
b Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
c 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 November 30, 2022, these securities were valued at $12,808,588 or 1.43% of net assets.
d The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
e These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
f Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
STATEMENT
OF INVESTMENTS
BNY Mellon AMT-Free Municipal Bond Fund
November 30, 2022 (Unaudited)
The following is a summary of the inputs used as of November 30, 2022 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Collateralized Municipal-Backed Securities | - | 2,732,677 | - | 2,732,677 | ||
Municipal Securities | - | 890,166,594 | - | 890,166,594 | ||
† See Statement of Investments for additional detailed categorizations, if any.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
The Company's Board of Directors (the "Board") has designated the Adviser as the fund’s valuation designee, effective September 8, 2022, to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.
Investments in municipal securities are valued each business day by an independent pricing service (the “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Municipal investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Service is engaged under the general oversight of the Board. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
At November 30, 2022, accumulated net unrealized depreciation on investments was $51,680,224, consisting of $3,049,687 gross unrealized appreciation and $54,729,911 gross unrealized depreciation.
At November 30, 2022, 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.