STATEMENT
OF INVESTMENTS
BNY Mellon High Yield 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 | 945,752 | 910,892 | |||||
| |||||||||
Long-Term Municipal Investments - 102.4% | |||||||||
Alabama - 4.0% | |||||||||
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B | 5.00 | 7/1/2031 | 1,850,000 | 2,001,470 | |||||
Black Belt Energy Gas District, Revenue Bonds, Refunding | 4.00 | 12/1/2031 | 5,000,000 | a | 4,911,189 | ||||
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1 | 4.00 | 6/1/2027 | 1,000,000 | a | 1,004,272 | ||||
Jefferson County, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 6.60 | 10/1/2042 | 2,000,000 | b | 2,042,859 | ||||
Southeast Energy Authority, Revenue Bonds (Project No. 2) Ser. B | 4.00 | 12/1/2031 | 1,000,000 | a | 962,658 | ||||
10,922,448 | |||||||||
Arizona - 7.4% | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Academics of Math & Science Project) | 5.00 | 7/1/2054 | 1,000,000 | c | 907,431 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Cadence Campus Project) Ser. A | 4.00 | 7/15/2050 | 1,600,000 | c | 1,215,972 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of Nevada) Ser. A | 5.00 | 7/15/2049 | 1,675,000 | c | 1,496,366 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project) Ser. A | 6.00 | 7/1/2051 | 1,000,000 | c | 700,000 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project) Ser. A | 7.75 | 7/1/2050 | 2,725,000 | c | 1,907,500 | ||||
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A | 5.00 | 11/15/2048 | 1,500,000 | 1,513,548 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Arizona - 7.4% (continued) | |||||||||
La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public Schools) Ser. A | 5.00 | 2/15/2048 | 1,600,000 | 1,587,192 | |||||
La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public Schools) Ser. A | 5.00 | 2/15/2036 | 1,000,000 | c | 1,010,295 | ||||
Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin Franklin Charter School Obligated Group) | 6.00 | 7/1/2038 | 2,250,000 | c | 2,340,524 | ||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Traditional Schools Project) | 5.00 | 7/1/2054 | 1,000,000 | c | 892,617 | ||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Traditional Schools Project) | 5.00 | 7/1/2049 | 700,000 | c | 637,750 | ||||
Tempe Industrial Development Authority, Revenue Bonds, Refunding (Friendship Village of Tempe) Ser. A | 4.00 | 12/1/2046 | 2,000,000 | 1,428,827 | |||||
The Phoenix Industrial Development Authority, Revenue Bonds (Legacy Traditional Schools Project) Ser. A | 6.75 | 7/1/2044 | 1,000,000 | c | 1,023,934 | ||||
The Phoenix Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A | 5.00 | 7/1/2046 | 2,250,000 | c | 2,085,460 | ||||
The Phoenix Industrial Development Authority, Revenue Bonds, Refunding (Downtown Phoenix Student Housing LLC) Ser. A | 5.00 | 7/1/2042 | 1,500,000 | 1,483,326 | |||||
20,230,742 | |||||||||
California - 6.8% | |||||||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2049 | 1,805,000 | 1,555,888 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. B1 | 5.00 | 6/1/2049 | 780,000 | 780,288 | |||||
California Municipal Finance Authority, Revenue Bonds (Green Bond) (Insured; Build America Mutual) | 4.00 | 5/15/2046 | 3,450,000 | 3,269,667 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
California - 6.8% (continued) | |||||||||
California Municipal Finance Authority, Revenue Bonds, Refunding (William Jessup University) | 5.00 | 8/1/2039 | 1,000,000 | c | 939,590 | ||||
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | 5.00 | 11/15/2056 | 750,000 | c | 611,385 | ||||
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | 5.00 | 11/15/2051 | 500,000 | c | 416,237 | ||||
California Statewide Communities Development Authority, Revenue Bonds (California Baptist University) Ser. A | 6.38 | 11/1/2043 | 2,000,000 | c | 2,031,315 | ||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) | 5.50 | 12/1/2058 | 1,000,000 | c | 1,008,220 | ||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. B2 | 0.00 | 6/1/2066 | 23,000,000 | d | 2,476,237 | ||||
Orange County Community Facilities District, Special Tax Bonds, Ser. A | 5.00 | 8/15/2052 | 1,500,000 | 1,519,984 | |||||
Tender Option Bond Trust Receipts (Series 2022-XF3024), (San Franscisco City & County, Revenue Bonds, Refunding, Ser. A) Recourse, Underlying Coupon Rate (%) 5.00 | 12.73 | 5/1/2044 | 4,000,000 | c,e,f | 4,103,487 | ||||
18,712,298 | |||||||||
Colorado - 5.7% | |||||||||
Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement Communities & Services Obligated Group) | 5.00 | 12/1/2048 | 1,500,000 | 1,496,532 | |||||
Denver International Business Center Metropolitan District No.1, GO, Ser. B | 6.00 | 12/1/2048 | 1,000,000 | 979,512 | |||||
Dominion Water & Sanitation District, Revenue Bonds, Refunding | 5.88 | 12/1/2052 | 2,750,000 | 2,668,963 | |||||
Hess Ranch Metropolitan District No. 6, GO, Ser. A1 | 5.00 | 12/1/2049 | 1,500,000 | 1,296,917 | |||||
Hunters Overlook Metropolitan District No. 5, GO, Ser. A | 5.00 | 12/1/2049 | 1,000,000 | 889,316 | |||||
Hunters Overlook Metropolitan District No. 5, GO, Ser. A | 5.00 | 12/1/2039 | 900,000 | 844,834 | |||||
Rampart Range Metropolitan District No. 5, Revenue Bonds | 4.00 | 12/1/2051 | 2,000,000 | 1,350,360 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Colorado - 5.7% (continued) | |||||||||
STC Metropolitan District No. 2, GO, Refunding, Ser. A | 5.00 | 12/1/2049 | 1,000,000 | 902,852 | |||||
Sterling Ranch Community Authority Board, Revenue Bonds (Insured; Municipal Government Guaranteed) Ser. A | 5.00 | 12/1/2047 | 2,250,000 | 2,295,000 | |||||
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 | 11.63 | 8/1/2044 | 2,200,000 | c,e,f | 2,308,249 | ||||
Vauxmont Metropolitan District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 3.25 | 12/15/2050 | 765,000 | 632,273 | |||||
15,664,808 | |||||||||
Connecticut - .5% | |||||||||
Harbor Point Infrastructure Improvement District, Tax Allocation Bonds, Refunding (Harbor Point Project) | 5.00 | 4/1/2039 | 1,500,000 | c | 1,462,798 | ||||
District of Columbia - 1.9% | |||||||||
District of Columbia, Revenue Bonds (Ingleside Rock Creek Project) Ser. A | 5.00 | 7/1/2052 | 2,000,000 | 1,669,347 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Dulles Metrorail) Ser. B | 4.00 | 10/1/2049 | 4,090,000 | 3,565,376 | |||||
5,234,723 | |||||||||
Florida - 5.3% | |||||||||
Florida Development Finance Corp., Revenue Bonds (Miami Arts Charter School Project) Ser. A | 5.88 | 6/15/2034 | 1,250,000 | c | 1,119,837 | ||||
Florida Higher Educational Facilities Financial Authority, Revenue Bonds (Jacksonville University) Ser. A1 | 5.00 | 6/1/2048 | 1,500,000 | c | 1,300,111 | ||||
Florida Municipal Power Agency, Revenue Bonds, Ser. A | 3.00 | 10/1/2032 | 1,000,000 | 944,310 | |||||
Lee County Industrial Development Authority, Revenue Bonds (Shell Point/Waterside Health Project) | 5.00 | 11/15/2049 | 2,500,000 | 2,470,748 | |||||
Palm Beach County Health Facilities Authority, Revenue Bonds (Lifespace Communities Inc. Obligated Group) Ser. B | 4.00 | 5/15/2053 | 1,400,000 | 936,906 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Florida - 5.3% (continued) | |||||||||
Pinellas County Industrial Development Authority, Revenue Bonds (Foundation for Global Understanding Inc.) | 5.00 | 7/1/2039 | 1,000,000 | 972,061 | |||||
Seminole County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Pointe at UCF Project) | 5.75 | 11/15/2054 | 2,000,000 | 1,682,407 | |||||
St. Johns County Industrial Development Authority, Revenue Bonds, Refunding (Vicars Landing Project) | 4.00 | 12/15/2041 | 500,000 | 392,687 | |||||
St. Johns County Industrial Development Authority, Revenue Bonds, Refunding (Vicars Landing Project) | 4.00 | 12/15/2046 | 1,000,000 | 743,034 | |||||
Tender Option Bond Trust Receipts (Series 2020-XF2877), (Greater Orlando Aviation Authority, Revenue Bonds, Ser. A) Recourse, Underlying Coupon Rate (%) 4.00 | 8.71 | 10/1/2049 | 2,280,000 | c,e,f | 2,073,003 | ||||
Tender Option Bond Trust Receipts (Series 2022-XF1385), (Fort Myers FL Utility, Revenue Bonds, Refunding, Ser. A) Non-recourse, Underlying Coupon Rate (%) 4.00 | 7.14 | 10/1/2044 | 1,500,000 | c,e,f | 1,458,211 | ||||
Village Community Development District No. 10, Special Assessment Bonds | 6.00 | 5/1/2044 | 600,000 | 603,190 | |||||
14,696,505 | |||||||||
Georgia - 3.4% | |||||||||
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A | 5.00 | 7/1/2052 | 1,225,000 | 1,228,141 | |||||
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Plant Vogtle Units 3&4 Project) Ser. A | 5.00 | 1/1/2056 | 1,000,000 | 1,001,997 | |||||
Marietta Development Authority, Revenue Bonds, Refunding (Life University Inc.) Ser. A | 5.00 | 11/1/2047 | 2,000,000 | c | 1,847,308 | ||||
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 | 12.41 | 1/1/2056 | 1,850,000 | c,e,f | 1,855,653 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Georgia - 3.4% (continued) | |||||||||
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 | 10.08 | 7/1/2044 | 3,180,000 | c,e,f | 3,360,559 | ||||
9,293,658 | |||||||||
Idaho - 1.2% | |||||||||
Idaho Health Facilities Authority, Revenue Bonds, Refunding (St. Luke's Health System Project) Ser. A | 5.00 | 3/1/2037 | 1,000,000 | 1,045,466 | |||||
Spring Valley Community Infrastructure District No. 1, Special Assessment Bonds | 3.75 | 9/1/2051 | 3,000,000 | c | 2,169,534 | ||||
3,215,000 | |||||||||
Illinois - 7.8% | |||||||||
Chicago Board of Education, GO, Refunding, Ser. A | 5.00 | 12/1/2033 | 1,000,000 | 1,001,024 | |||||
Chicago Board of Education, GO, Refunding, Ser. B | 5.00 | 12/1/2033 | 500,000 | 499,735 | |||||
Chicago Board of Education, GO, Ser. A | 5.00 | 12/1/2047 | 1,500,000 | 1,400,942 | |||||
Chicago Board of Education, GO, Ser. D | 5.00 | 12/1/2046 | 1,000,000 | 941,031 | |||||
Chicago Board of Education, GO, Ser. H | 5.00 | 12/1/2036 | 2,000,000 | 1,970,393 | |||||
Chicago II, GO, Refunding, Ser. A | 6.00 | 1/1/2038 | 1,000,000 | 1,039,809 | |||||
Chicago II, GO, Refunding, Ser. C | 5.00 | 1/1/2024 | 1,000,000 | 1,008,632 | |||||
Chicago II Wastewater Transmission, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2039 | 1,000,000 | 1,004,613 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2048 | 1,000,000 | 1,014,295 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Ser. A | 5.50 | 1/1/2055 | 2,000,000 | 2,105,670 | |||||
Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2045 | 1,000,000 | 1,027,938 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (Lutheran Life Communities Obligated Group) Ser. A | 5.00 | 11/1/2049 | 2,100,000 | 1,692,876 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (Rosalind Franklin University of Medicine & Science) | 5.00 | 8/1/2036 | 1,075,000 | 1,105,411 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Illinois - 7.8% (continued) | |||||||||
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | 5.00 | 6/15/2050 | 1,000,000 | 1,001,986 | |||||
Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America Mutual) | 4.00 | 10/1/2043 | 1,000,000 | 930,430 | |||||
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 1/1/2038 | 1,400,000 | 1,364,280 | |||||
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 1/1/2039 | 850,000 | 821,315 | |||||
The Illinois Sports Facilities Authority, Revenue Bonds, Refunding (Insured; Build America Mutual) | 5.00 | 6/15/2030 | 1,500,000 | 1,582,249 | |||||
21,512,629 | |||||||||
Indiana - 1.0% | |||||||||
Indiana Finance Authority, Revenue Bonds (Green Bond) | 7.00 | 3/1/2039 | 3,525,000 | c | 2,658,288 | ||||
Iowa - 2.8% | |||||||||
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project) | 5.00 | 12/1/2050 | 1,500,000 | 1,422,164 | |||||
Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities Inc. Obligated Group) Ser. A | 4.00 | 5/15/2046 | 3,500,000 | 2,493,590 | |||||
Iowa Student Loan Liquidity Corp., Revenue Bonds, Ser. B | 5.00 | 12/1/2029 | 1,575,000 | 1,707,117 | |||||
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2 | 4.00 | 6/1/2049 | 2,500,000 | 2,109,175 | |||||
7,732,046 | |||||||||
Kansas - .1% | |||||||||
Kansas Development Finance Authority, Revenue Bonds, Ser. B | 4.00 | 11/15/2025 | 150,000 | 139,648 | |||||
Kentucky - .8% | |||||||||
Henderson, Revenue Bonds (Pratt Paper Project) Ser. A | 4.70 | 1/1/2052 | 500,000 | c | 442,923 | ||||
Louisville & Jefferson County Metropolitan Government, Revenue Bonds (Norton Healthcare Obligated Group) Ser. D | 5.00 | 10/1/2029 | 1,000,000 | a | 1,081,582 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Kentucky - .8% (continued) | |||||||||
Paducah Electric Plant Board, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 10/1/2035 | 750,000 | 808,125 | |||||
2,332,630 | |||||||||
Louisiana - 1.6% | |||||||||
Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Tulane University) Ser. A | 4.00 | 4/1/2030 | 240,000 | g | 257,071 | ||||
Louisiana Public Facilities Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 4/1/2050 | 1,760,000 | 1,607,886 | |||||
New Orleans Aviation Board, Revenue Bonds, Ser. B | 5.00 | 1/1/2048 | 1,500,000 | 1,507,848 | |||||
St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.) | 2.20 | 7/1/2026 | 1,000,000 | a | 919,403 | ||||
4,292,208 | |||||||||
Maryland - .5% | |||||||||
Maryland Economic Development Corp., Revenue Bonds (Green Bond) (Purple Line Transit Partners LLC) Ser. B | 5.25 | 6/30/2052 | 1,375,000 | 1,427,842 | |||||
Massachusetts - 1.5% | |||||||||
Lowell Collegiate Charter School, Revenue Bonds | 5.00 | 6/15/2049 | 1,750,000 | 1,633,189 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Bentley University) Ser. A | 4.00 | 7/1/2040 | 650,000 | 625,303 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2028 | 1,775,000 | 1,906,864 | |||||
4,165,356 | |||||||||
Michigan - 2.2% | |||||||||
Detroit, GO, Ser. A | 5.00 | 4/1/2046 | 1,000,000 | 981,302 | |||||
Michigan Tobacco Settlement Finance Authority, Revenue Bonds, Refunding, Ser. C | 0.00 | 6/1/2058 | 114,680,000 | d | 5,149,327 | ||||
6,130,629 | |||||||||
Missouri - 1.8% | |||||||||
The Missouri Health & Educational Facilities Authority, Revenue Bonds (Lutheran Senior Services Projects) Ser. A | 5.00 | 2/1/2036 | 1,000,000 | 986,657 | |||||
The Missouri Health & Educational Facilities Authority, Revenue Bonds (Lutheran Senior Services Projects) Ser. A | 5.00 | 2/1/2042 | 1,000,000 | 974,664 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Missouri - 1.8% (continued) | |||||||||
The St. Louis Missouri Industrial Development Authority, Revenue Bonds, Refunding (Ballpark Village Development Project) Ser. A | 4.75 | 11/15/2047 | 2,500,000 | 1,863,609 | |||||
The St. Louis Missouri Industrial Development Authority, Tax Allocation Bonds (St. Louis Innovation District Project) | 4.38 | 5/15/2036 | 1,200,000 | 1,113,812 | |||||
4,938,742 | |||||||||
Nevada - .9% | |||||||||
North Las Vegas, Special Assessment Bonds | 4.63 | 6/1/2049 | 955,000 | 866,087 | |||||
North Las Vegas, Special Assessment Bonds | 4.63 | 6/1/2043 | 475,000 | 442,108 | |||||
Reno, Revenue Bonds, Refunding, Ser. D | 0.00 | 7/1/2058 | 13,000,000 | c,d | 1,256,087 | ||||
2,564,282 | |||||||||
New Hampshire - .3% | |||||||||
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Springpoint Senior Living Obligated Group) | 4.00 | 1/1/2041 | 1,000,000 | 848,904 | |||||
New Jersey - 3.4% | |||||||||
New Jersey Economic Development Authority, Revenue Bonds (Beloved Community Charter School Project) Ser. A | 5.00 | 6/15/2039 | 825,000 | c | 789,190 | ||||
New Jersey Economic Development Authority, Revenue Bonds (Continental Airlines Project) | 5.13 | 9/15/2023 | 275,000 | 275,703 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.00 | 6/15/2046 | 1,500,000 | 1,527,490 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.25 | 6/15/2043 | 1,000,000 | 1,039,086 | |||||
South Jersey Port Corp., Revenue Bonds, Ser. B | 5.00 | 1/1/2042 | 1,500,000 | 1,503,322 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2046 | 780,000 | 765,201 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2046 | 350,000 | 352,655 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. B | 5.00 | 6/1/2046 | 3,190,000 | 3,087,221 | |||||
9,339,868 | |||||||||
New York - 6.6% | |||||||||
New York Convention Center Development Corp., Revenue Bonds, Ser. B | 0.00 | 11/15/2042 | 10,815,000 | d | 3,898,876 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
New York - 6.6% (continued) | |||||||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines Inc.) | 5.00 | 1/1/2032 | 1,000,000 | 1,015,108 | |||||
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal LLC) | 5.00 | 12/1/2039 | 2,000,000 | 2,008,988 | |||||
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal LLC) | 5.00 | 12/1/2036 | 1,750,000 | 1,776,135 | |||||
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A | 5.25 | 1/1/2050 | 2,000,000 | 2,006,376 | |||||
Oneida County Local Development Corp., Revenue Bonds, Refunding (Mohawk Valley Health System Obligated Group) (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 12/1/2033 | 1,200,000 | 1,214,259 | |||||
Tender Option Bond Trust Receipts (Series 2022-XM1004), (Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) (Insured; Assured Guaranty Municipal Corp., Ser. C)) Non-recourse, Underlying Coupon Rate (%) 4.00 | 5.54 | 11/15/2047 | 3,000,000 | c,e,f | 2,730,352 | ||||
TSASC Inc., Revenue Bonds, Refunding, Ser. B | 5.00 | 6/1/2045 | 2,335,000 | 2,199,707 | |||||
Westchester County Local Development Corp., Revenue Bonds, Refunding (Purchase Senior Learning Community Obligated Group) | 5.00 | 7/1/2056 | 1,500,000 | c | 1,162,570 | ||||
18,012,371 | |||||||||
North Carolina - 1.5% | |||||||||
North Carolina Medical Care Commission, Revenue Bonds, Refunding (Lutheran Services for the Aging Inc. Obligated Group) | 4.00 | 3/1/2051 | 4,500,000 | 3,187,461 | |||||
North Carolina Turnpike Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 1/1/2055 | 1,000,000 | 898,392 | |||||
4,085,853 | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Ohio - 3.5% | |||||||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B2 | 5.00 | 6/1/2055 | 6,900,000 | 6,331,628 | |||||
Centerville, Revenue Bonds, Refunding (Graceworks Lutheran Services Obligated Group) | 5.25 | 11/1/2047 | 1,200,000 | 1,078,618 | |||||
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System) | 5.00 | 2/15/2052 | 1,000,000 | 1,000,845 | |||||
Franklin County Convention Facilities Authority, Revenue Bonds | 5.00 | 12/1/2044 | 1,250,000 | 1,241,767 | |||||
9,652,858 | |||||||||
Oklahoma - .9% | |||||||||
Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine Project) Ser. B | 5.50 | 8/15/2057 | 1,500,000 | 1,361,556 | |||||
Tulsa County Industrial Authority, Revenue Bonds, Refunding (Montereau Project) | 5.25 | 11/15/2037 | 1,000,000 | 1,010,821 | |||||
2,372,377 | |||||||||
Oregon - 1.6% | |||||||||
Clackamas County Hospital Facility Authority, Revenue Bonds, Refunding (Willamette View Obligated Group) Ser. A | 5.00 | 11/15/2047 | 1,500,000 | 1,396,885 | |||||
Salem Hospital Facility Authority, Revenue Bonds, Refunding (Capital Manor Project) | 4.00 | 5/15/2047 | 1,000,000 | 769,550 | |||||
Warm Springs Reservation Confederated Tribe, Revenue Bonds, Refunding (Green Bond) Ser. B | 5.00 | 11/1/2039 | 600,000 | c | 645,841 | ||||
Yamhill County Hospital Authority, Revenue Bonds, Refunding (Friendsview Manor Obligated Group) Ser. A | 5.00 | 11/15/2056 | 1,970,000 | 1,527,704 | |||||
4,339,980 | |||||||||
Pennsylvania - 4.6% | |||||||||
Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds (City Center Project) | 5.00 | 5/1/2042 | 1,500,000 | c | 1,362,004 | ||||
Allentown School District, GO (Insured; Build America Mutual) Ser. C | 5.00 | 2/1/2037 | 1,000,000 | 1,086,400 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Pennsylvania - 4.6% (continued) | |||||||||
Chester County Industrial Development Authority, Special Assessment Bonds (Woodlands at Graystone Project) | 5.13 | 3/1/2048 | 837,000 | c | 787,841 | ||||
Crawford County Hospital Authority, Revenue Bonds, Refunding (Meadville Medical Center Project) Ser. A | 6.00 | 6/1/2046 | 1,000,000 | 1,018,635 | |||||
Lancaster County Hospital Authority, Revenue Bonds, Refunding (Brethren Village Project) | 5.25 | 7/1/2041 | 1,000,000 | 933,590 | |||||
Lancaster County Hospital Authority, Revenue Bonds, Refunding (St. Anne's Retirement Community Obligated Group) | 5.00 | 3/1/2050 | 500,000 | 411,893 | |||||
Lancaster County Hospital Authority, Revenue Bonds, Refunding (St. Anne's Retirement Community Obligated Group) | 5.00 | 3/1/2045 | 500,000 | 423,263 | |||||
Lancaster County Hospital Authority, Revenue Bonds, Refunding (St. Anne's Retirement Community Obligated Group) | 5.00 | 3/1/2040 | 500,000 | 439,832 | |||||
Lancaster Industrial Development Authority, Revenue Bonds, Refunding (Landis Homes Obligated Group) | 4.00 | 7/1/2051 | 1,500,000 | 1,147,523 | |||||
Luzerne County Industrial Development Authority, Revenue Bonds, Refunding (Pennsylvania-American Water Co.) | 2.45 | 12/3/2029 | 2,270,000 | a | 2,043,910 | ||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Greed Bond) (Covanta Project) | 3.25 | 8/1/2039 | 850,000 | c | 645,344 | ||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding | 5.00 | 11/1/2033 | 1,000,000 | 1,032,522 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 4.00 | 9/1/2039 | 1,350,000 | 1,326,223 | |||||
12,658,980 | |||||||||
Rhode Island - .5% | |||||||||
Rhode Island Student Loan Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2030 | 1,175,000 | 1,284,043 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
South Carolina - 1.0% | |||||||||
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2036 | 1,500,000 | 1,473,157 | |||||
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. E | 5.25 | 12/1/2055 | 1,400,000 | 1,408,643 | |||||
2,881,800 | |||||||||
South Dakota - .9% | |||||||||
Tender Option Bond Trust Receipts (Series 2022-XF1409), (South Dakota Heath & Educational Facilities Authority, Revenue Bonds, Refunding (Avera Health Obligated Group)) Non-recourse, Underlying Coupon Rate (%) 5.00 | 13.01 | 7/1/2046 | 2,400,000 | c,e,f | 2,402,690 | ||||
Tennessee - 1.6% | |||||||||
Tennergy Corp., Revenue Bonds, Ser. A | 4.00 | 9/1/2028 | 4,500,000 | a | 4,411,570 | ||||
Texas - 7.0% | |||||||||
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift Education) Ser. A | 5.00 | 12/1/2046 | 1,100,000 | 1,105,614 | |||||
Brazos Higher Education Authority Inc., Revenue Bonds, Ser. 1A | 5.00 | 4/1/2027 | 1,210,000 | 1,267,090 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas Inc.) Ser. A | 5.75 | 8/15/2045 | 1,500,000 | 1,510,280 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas Inc.) Ser. D | 6.13 | 8/15/2048 | 3,950,000 | 4,018,756 | |||||
Houston Airport System, Revenue Bonds, Refunding (United Airlines Inc.) Ser. A | 6.50 | 7/15/2030 | 1,500,000 | 1,500,523 | |||||
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project) | 4.63 | 10/1/2031 | 2,000,000 | c | 1,938,527 | ||||
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Westminster Manor Project) | 5.00 | 11/1/2040 | 2,070,000 | 2,048,181 | |||||
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Westminster Project) | 4.00 | 11/1/2055 | 1,250,000 | 926,928 | |||||
Port Beaumont Navigation District, Revenue Bonds | 3.00 | 1/1/2050 | 1,000,000 | c | 603,624 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Texas - 7.0% (continued) | |||||||||
San Antonio Education Facilities Corp., Revenue Bonds, Refunding (University of The Incarnate Word) | 4.00 | 4/1/2051 | 1,750,000 | 1,392,286 | |||||
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (MRC Stevenson Oaks Project) | 6.75 | 11/15/2051 | 1,000,000 | 932,924 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Blueridge Transportation Group LLC) | 5.00 | 12/31/2055 | 1,000,000 | 1,003,197 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Blueridge Transportation Group LLC) | 5.00 | 12/31/2050 | 1,000,000 | 1,006,059 | |||||
19,253,989 | |||||||||
U.S. Related - 4.2% | |||||||||
Puerto Rico, GO, Ser. A | 0.00 | 7/1/2024 | 96,481 | d | 88,661 | ||||
Puerto Rico, GO, Ser. A | 0.00 | 7/1/2033 | 373,154 | d | 204,832 | ||||
Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2033 | 289,963 | 252,656 | |||||
Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2035 | 260,638 | 222,275 | |||||
Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2041 | 304,141 | 244,446 | |||||
Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2037 | 223,696 | 186,959 | |||||
Puerto Rico, GO, Ser. A1 | 4.00 | 7/1/2046 | 316,303 | 244,296 | |||||
Puerto Rico, GO, Ser. A1 | 5.25 | 7/1/2023 | 161,919 | 162,629 | |||||
Puerto Rico, GO, Ser. A1 | 5.38 | 7/1/2025 | 322,938 | 327,600 | |||||
Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2027 | 320,013 | 327,768 | |||||
Puerto Rico, GO, Ser. A1 | 5.63 | 7/1/2029 | 314,821 | 322,710 | |||||
Puerto Rico, GO, Ser. A1 | 5.75 | 7/1/2031 | 305,783 | 314,096 | |||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) Ser. L | 5.25 | 7/1/2041 | 1,500,000 | 1,484,842 | |||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. CC | 5.25 | 7/1/2034 | 1,000,000 | 992,636 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2033 | 4,031,000 | d | 2,328,239 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | 4.33 | 7/1/2040 | 4,344,000 | 3,935,319 | |||||
11,639,964 | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Utah - .7% | |||||||||
Utah Infrastructure Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/15/2037 | 2,000,000 | 2,015,115 | |||||
Virginia - 1.6% | |||||||||
Norfolk Redevelopment & Housing Authority, Revenue Bonds (Fort Norfolk Retirement Community Inc. Obligated Group) Ser. A | 5.00 | 1/1/2049 | 1,000,000 | 905,501 | |||||
Virginia College Building Authority, Revenue Bonds (Green Bond) (Marymount University Project) | 5.00 | 7/1/2045 | 500,000 | c | 482,557 | ||||
Virginia College Building Authority, Revenue Bonds, Refunding (Marymount University Project) Ser. A | 5.00 | 7/1/2045 | 1,000,000 | c | 965,063 | ||||
Virginia Small Business Financing Authority, Revenue Bonds (Covanta Project) | 5.00 | 7/1/2038 | 750,000 | a,c | 720,157 | ||||
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | 5.00 | 12/31/2052 | 1,400,000 | 1,397,778 | |||||
4,471,056 | |||||||||
Washington - 1.5% | |||||||||
Washington Housing Finance Commission, Revenue Bonds, Refunding (Presbyterian Retirement Communities Northwest Obligated Group) Ser. A | 5.00 | 1/1/2051 | 1,120,000 | c | 893,465 | ||||
Washington Housing Finance Commission, Revenue Bonds, Refunding (Presbyterian Retirement Communities Northwest Obligated Group) Ser. A | 5.00 | 1/1/2046 | 1,680,000 | c | 1,375,609 | ||||
Washington Housing Finance Commission, Revenue Bonds, Ser. A1 | 3.50 | 12/20/2035 | 1,956,840 | 1,755,365 | |||||
4,024,439 | |||||||||
Wisconsin - 3.8% | |||||||||
Public Finance Authority, Revenue Bonds (Appalachian State University Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 7/1/2045 | 1,850,000 | 1,632,783 | |||||
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 (Roseman University of Heath Sciences) | 5.00 | 4/1/2050 | 1,850,000 | c | 1,650,038 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Long-Term Municipal Investments - 102.4% (continued) | |||||||||
Wisconsin - 3.8% (continued) | |||||||||
Public Finance Authority, Revenue Bonds (Southminster Inc. Obligated Group) | 5.00 | 10/1/2043 | 2,000,000 | c | 1,735,967 | ||||
Public Finance Authority, Revenue Bonds (WFCS Holdings LLC) Ser. A1 | 5.00 | 1/1/2055 | 2,000,000 | c | 1,555,844 | ||||
Public Finance Authority, Revenue Bonds (WFCS Portfolio Project) Ser. A1 | 5.00 | 1/1/2056 | 1,000,000 | c | 774,893 | ||||
Public Finance Authority, Revenue Bonds, Refunding (Mary's Woods At Marylhurst Obligated Group) | 5.25 | 5/15/2037 | 625,000 | c | 578,960 | ||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Camillus Health System Obligated Group) | 5.00 | 11/1/2054 | 1,250,000 | 1,020,327 | |||||
10,502,285 | |||||||||
Total Long-Term
Municipal Investments | 281,525,422 | ||||||||
Total Investments (cost $318,876,059) | 102.7% | 282,436,314 | |||||||
Liabilities, Less Cash and Receivables | (2.7%) | (7,370,828) | |||||||
Net Assets | 100.0% | 275,065,486 | |||||||
GO—General Obligation
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 $70,441,180 or 25.61% of net assets.
d Security issued with a zero coupon. Income is recognized through the accretion of discount.
e The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
f Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.
g These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
STATEMENT
OF FINANCIAL FUTURES
BNY Mellon High Yield Municipal Bond Fund
November 30, 2022 (Unaudited)
The following is a summary of the inputs used as of November 30, 2022 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Collateralized Municipal-Backed Securities | - | 910,892 | - | 910,892 | ||
Municipal Securities | - | 281,525,422 | - | 281,525,422 | ||
Liabilities ($) | ||||||
Other Financial Instruments: | ||||||
Inverse Floater Notes†† | - | (14,435,000) | - | (14,435,000) | ||
† 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:
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.
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 November 30, 2022, accumulated net unrealized depreciation on investments was $36,439,745, consisting of $1,989,095 gross unrealized appreciation and $38,428,840 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.