STATEMENT OF INVESTMENTS
BNY Mellon Strategic Municipals, Inc.

December 31, 2023 (Unaudited)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0%

     

Alabama - 3.4%

     

Alabama Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group)

 

6.00

 

6/1/2050

 

5,970,000

 

5,178,434

 

Black Belt Energy Gas District, Revenue Bonds, Refunding (Gas Project) Ser. D1

 

5.50

 

2/1/2029

 

5,555,000

a 

5,947,145

 

Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1

 

4.00

 

6/1/2027

 

1,000,000

a 

1,005,822

 

Jefferson County, Revenue Bonds, Refunding, Ser. F

 

7.90

 

10/1/2050

 

2,500,000

 

2,625,058

 
 

14,756,459

 

Alaska - .6%

     

Northern Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A

 

4.00

 

6/1/2050

 

3,000,000

 

2,782,561

 

Arizona - 6.0%

     

Arizona Industrial Development Authority, Revenue Bonds (Academics of Math & Science Project)

 

5.00

 

7/1/2054

 

1,275,000

b 

1,174,196

 

Arizona Industrial Development Authority, Revenue Bonds (Cadence Campus Project) Ser. A

 

4.00

 

7/15/2030

 

535,000

b 

517,055

 

Arizona Industrial Development Authority, Revenue Bonds (Cadence Campus Project) Ser. A

 

4.00

 

7/15/2040

 

925,000

b 

784,545

 

Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project) Ser. A

 

6.00

 

7/1/2051

 

1,000,000

b,c 

60,000

 

Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project) Ser. A

 

7.75

 

7/1/2050

 

5,770,000

b,c 

346,200

 

Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group)

 

5.25

 

11/1/2053

 

2,000,000

 

2,148,200

 

Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A

 

5.25

 

7/1/2047

 

1,600,000

b 

1,537,406

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

Arizona - 6.0% (continued)

     

Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. D

 

5.00

 

7/1/2051

 

380,000

b 

347,210

 

Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. D

 

5.00

 

7/1/2047

 

1,035,000

b 

960,771

 

Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A

 

5.00

 

11/15/2054

 

1,170,000

 

1,165,482

 

La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public Schools) Ser. A

 

5.00

 

2/15/2036

 

2,480,000

b 

2,521,751

 

Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin Franklin Charter School Obligated Group)

 

6.00

 

7/1/2052

 

3,000,000

b 

3,039,969

 

Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Paradise Schools Projects Paragon Management)

 

5.00

 

7/1/2047

 

2,000,000

b 

1,899,311

 

Salt Verde Financial Corp., Revenue Bonds

 

5.00

 

12/1/2037

 

1,000,000

 

1,115,204

 

Tender Option Bond Trust Receipts (Series 2018-XF2537), (Salt Verde Financial Corporation, Revenue Bonds) Recourse, Underlying Coupon Rate 5.00%

 

4.08

 

12/1/2037

 

4,030,000

b,d,e 

4,494,343

 

The Phoenix Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A

 

5.00

 

7/1/2046

 

2,000,000

b 

1,864,503

 

The Phoenix Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A

 

5.00

 

7/1/2035

 

2,360,000

b 

2,366,722

 
 

26,342,868

 

Arkansas - .6%

     

Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond) (U.S. Steel Corp.)

 

5.70

 

5/1/2053

 

2,600,000

 

2,638,615

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

California - 5.5%

     

California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A

 

4.00

 

6/1/2049

 

1,400,000

 

1,324,235

 

California Housing Finance Agency, Revenue Bonds, Ser. A

 

3.25

 

8/20/2036

 

2,710,168

 

2,550,941

 

California Municipal Finance Authority, Revenue Bonds, Refunding (HumanGood California Obligated Group) Ser. A

 

5.00

 

10/1/2044

 

1,000,000

 

1,024,334

 

California Municipal Finance Authority, Revenue Bonds, Refunding (William Jessup University)

 

5.00

 

8/1/2039

 

1,000,000

b 

937,146

 

California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A

 

5.25

 

12/1/2056

 

1,000,000

b 

1,003,217

 

Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. B

 

5.00

 

6/1/2051

 

1,500,000

 

1,572,772

 

Jefferson Union High School District, COP (Teacher & Staff Housing Project) (Insured; Build America Mutual)

 

4.00

 

8/1/2055

 

1,000,000

 

997,416

 

Orange County Community Facilities District, Special Tax Bonds, Ser. A

 

5.00

 

8/15/2052

 

1,500,000

 

1,542,697

 

San Diego County Regional Airport Authority, Revenue Bonds, Ser. B

 

5.00

 

7/1/2051

 

4,750,000

 

4,965,571

 

Tender Option Bond Trust Receipts (Series 2022-XF3024), (San Francisco City & County, Revenue Bonds, Refunding, Ser. A) Recourse, Underlying Coupon Rate 5.00%

 

4.73

 

5/1/2044

 

7,860,000

b,d,e 

8,206,061

 
 

24,124,390

 

Colorado - 6.8%

     

Colorado Health Facilities Authority, Revenue Bonds (CommonSpirit Health Obligated Group)

 

5.25

 

11/1/2052

 

1,500,000

 

1,593,216

 

Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement Communities & Services Obligated Group)

 

5.00

 

12/1/2048

 

1,250,000

 

1,258,859

 

Colorado Health Facilities Authority, Revenue Bonds, Refunding (Covenant Living Communities & Services Obligated Group) Ser. A

 

4.00

 

12/1/2050

 

4,500,000

 

3,906,236

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

Colorado - 6.8% (continued)

     

Colorado High Performance Transportation Enterprise, Revenue Bonds (C-470 Express Lanes System)

 

5.00

 

12/31/2056

 

1,245,000

 

1,247,266

 

Denver City & County, Revenue Bonds, Refunding (United Airlines Project)

 

5.00

 

10/1/2032

 

1,000,000

 

999,945

 

Dominion Water & Sanitation District, Revenue Bonds, Refunding

 

5.88

 

12/1/2052

 

4,500,000

 

4,508,747

 

Hess Ranch Metropolitan District No. 6, GO, Ser. A1

 

5.00

 

12/1/2049

 

2,000,000

 

1,811,291

 

Rampart Range Metropolitan District No. 5, Revenue Bonds

 

4.00

 

12/1/2051

 

2,000,000

 

1,467,724

 

Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A

 

4.00

 

7/15/2034

 

1,500,000

 

1,547,157

 

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%

 

3.67

 

8/1/2044

 

4,440,000

b,d,e 

5,257,569

 

Tender Option Bond Trust Receipts (Series 2023-XM1124), (Colorado Health Facilities Authority, Revenue Bonds (Adventist Health System/Sunbelt Obligated Group) Ser. A) Recourse, Underlying Coupon Rate 4.00%

 

0.83

 

11/15/2048

 

5,535,000

b,d,e 

5,306,226

 

Vauxmont Metropolitan District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.)

 

3.25

 

12/15/2050

 

650,000

 

555,641

 
 

29,459,877

 

Connecticut - 1.4%

     

Connecticut Health & Educational Facilities Authority, Revenue Bonds (The Hartford University) Ser. P

 

5.38

 

7/1/2052

 

1,500,000

 

1,374,639

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Fairfield University) Ser. T

 

4.00

 

7/1/2055

 

1,000,000

 

971,306

 

Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1

 

3.65

 

11/15/2032

 

410,000

 

386,857

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

Connecticut - 1.4% (continued)

     

Harbor Point Infrastructure Improvement District, Tax Allocation Bonds, Refunding (Harbor Point Project)

 

5.00

 

4/1/2039

 

3,500,000

b 

3,541,503

 
 

6,274,305

 

Delaware - .2%

     

Delaware Economic Development Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group)

 

5.25

 

11/15/2053

 

1,000,000

 

1,024,238

 

District of Columbia - .5%

     

Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Dulles Metrorail) Ser. A

 

5.00

 

10/1/2039

 

1,000,000

 

1,062,911

 

Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Dulles Metrorail) Ser. B

 

4.00

 

10/1/2049

 

1,000,000

 

946,524

 
 

2,009,435

 

Florida - 9.2%

     

Atlantic Beach, Revenue Bonds (Fleet Landing Project) Ser. A

 

5.00

 

11/15/2053

 

3,000,000

 

2,814,398

 

Capital Trust Agency, Revenue Bonds (WFCS Portfolio Projects) Ser. A

 

5.00

 

1/1/2056

 

750,000

b 

570,903

 

Florida Development Finance Corp., Revenue Bonds (Miami Arts Charter School Project) Ser. A

 

6.00

 

6/15/2044

 

5,000,000

b 

4,207,886

 

Greater Orlando Aviation Authority, Revenue Bonds, Ser. A

 

4.00

 

10/1/2049

 

4,685,000

 

4,504,731

 

Hillsborough County Port District, Revenue Bonds (Tampa Port Authority Project) Ser. B

 

5.00

 

6/1/2046

 

3,500,000

 

3,582,996

 

Lee Memorial Health System, Revenue Bonds, Refunding, Ser. A1

 

4.00

 

4/1/2049

 

1,650,000

 

1,588,095

 

Miami-Dade County, Revenue Bonds

 

0.00

 

10/1/2045

 

3,000,000

f 

1,189,769

 

Palm Beach County Health Facilities Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group)

 

5.00

 

11/15/2045

 

2,850,000

 

2,891,601

 

Palm Beach County Health Facilities Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) Ser. B

 

5.00

 

11/15/2042

 

735,000

 

756,026

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

Florida - 9.2% (continued)

     

Palm Beach County Health Facilities Authority, Revenue Bonds (Lifespace Communities Obligated Group) Ser. B

 

4.00

 

5/15/2053

 

2,600,000

 

1,606,502

 

Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. C

 

7.63

 

5/15/2058

 

1,000,000

 

1,027,096

 

Pinellas County Industrial Development Authority, Revenue Bonds (Foundation for Global Understanding)

 

5.00

 

7/1/2029

 

700,000

 

718,136

 

Seminole County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Pointe at UCF Project)

 

5.75

 

11/15/2054

 

2,500,000

 

1,978,988

 

Tender Option Bond Trust Receipts (Series 2023-XM1122), (Miami-Dade FL County Water & Sewer System, Revenue Bonds, Refunding, Ser. B) Recourse, Underlying Coupon Rate 4.00%

 

1.87

 

10/1/2049

 

12,750,000

b,d,e 

12,485,228

 
 

39,922,355

 

Georgia - 6.9%

     

Atlanta Water & Wastewater, Revenue Bonds (Proctor Creek Watershed) Ser. D

 

3.50

 

11/1/2028

 

880,000

b 

893,402

 

Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A

 

5.00

 

7/1/2052

 

3,250,000

 

3,381,004

 

Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Plant Vogtle Units 3&4 Project) Ser. A

 

5.00

 

1/1/2056

 

1,250,000

 

1,281,568

 

Main Street Natural Gas, Revenue Bonds, Ser. A

 

5.00

 

6/1/2030

 

1,500,000

a 

1,591,478

 

Tender Option Bond Trust Receipts (Series 2016-XM0435), (Private Colleges & Universities Authority, Revenue Bonds, Refunding (Emory University)) Recourse, Underlying Coupon Rate 5.00%

 

4.57

 

10/1/2043

 

10,000,000

b,d,e 

10,002,423

 

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%

 

2.11

 

7/1/2044

 

6,340,000

b,d,e 

6,845,009

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

Georgia - 6.9% (continued)

     

Tender Option Bond Trust Receipts (Series 2023-XF3183), (Municipal Electric Authority of Georgia, Revenue Bonds (Plant Vogtle Units 3 & 4 Project) Ser. A) Recourse, Underlying Coupon Rate 5.00%

 

4.64

 

1/1/2059

 

3,600,000

b,d,e 

3,637,294

 

The Burke County Development Authority, Revenue Bonds, Refunding (Oglethorpe Power Corp.) Ser. D

 

4.13

 

11/1/2045

 

2,400,000

 

2,222,400

 
 

29,854,578

 

Hawaii - .5%

     

Hawaii Airports System, Revenue Bonds, Ser. A

 

5.00

 

7/1/2047

 

1,000,000

 

1,055,221

 

Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Hawaiian Electric Co.)

 

4.00

 

3/1/2037

 

1,500,000

 

1,021,315

 
 

2,076,536

 

Idaho - 1.5%

     

Power County Industrial Development Corp., Revenue Bonds (FMC Corp. Project)

 

6.45

 

8/1/2032

 

5,000,000

 

5,016,866

 

Spring Valley Community Infrastructure District No. 1, Special Assessment Bonds

 

3.75

 

9/1/2051

 

2,000,000

b 

1,577,795

 
 

6,594,661

 

Illinois - 11.4%

     

Chicago Board of Education, GO, Refunding, Ser. A

 

5.00

 

12/1/2034

 

1,400,000

 

1,434,187

 

Chicago Board of Education, GO, Ser. D

 

5.00

 

12/1/2046

 

2,000,000

 

1,994,500

 

Chicago Board of Education, GO, Ser. H

 

5.00

 

12/1/2036

 

2,000,000

 

2,024,852

 

Chicago II, GO, Refunding, Ser. A

 

6.00

 

1/1/2038

 

3,000,000

 

3,151,254

 

Chicago II, GO, Ser. A

 

5.00

 

1/1/2044

 

4,000,000

 

4,106,554

 

Chicago II, GO, Ser. A

 

5.50

 

1/1/2049

 

1,000,000

 

1,042,485

 

Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. C

 

5.00

 

1/1/2041

 

1,550,000

 

1,684,968

 

Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A

 

5.00

 

12/1/2057

 

2,000,000

 

2,039,924

 

Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A

 

5.00

 

12/1/2045

 

1,000,000

 

1,041,181

 

Illinois, GO, Refunding, Ser. A

 

5.00

 

10/1/2029

 

1,100,000

 

1,195,706

 

Illinois, GO, Ser. A

 

5.00

 

5/1/2038

 

3,400,000

 

3,572,906

 

Illinois, GO, Ser. C

 

5.00

 

11/1/2029

 

1,120,000

 

1,199,578

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

Illinois - 11.4% (continued)

     

Illinois, GO, Ser. D

 

5.00

 

11/1/2028

 

2,825,000

 

3,033,599

 

Illinois, Revenue Bonds (Auxiliary Facilities System) Ser. A

 

5.00

 

4/1/2044

 

1,000,000

 

1,001,001

 

Illinois Finance Authority, Revenue Bonds (Plymouth Place Obligated Group) Ser. A

 

6.63

 

5/15/2052

 

1,000,000

 

1,021,043

 

Illinois Finance Authority, Revenue Bonds, Refunding (Lutheran Life Communities Obligated Group) Ser. A

 

5.00

 

11/1/2049

 

1,750,000

 

1,425,262

 

Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place Expansion Project)

 

5.00

 

6/15/2057

 

2,000,000

 

2,041,258

 

Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place Project) (Insured; National Public Finance Guarantee Corp.) Ser. A

 

0.00

 

12/15/2036

 

2,500,000

f 

1,569,744

 

Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project)

 

0.00

 

12/15/2054

 

21,800,000

f 

4,985,300

 

Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A

 

4.00

 

1/1/2038

 

2,000,000

 

2,037,324

 

Tender Option Bond Trust Receipts (Series 2017-XM0492), (Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago)) Non-recourse, Underlying Coupon Rate 5.00%

 

3.97

 

4/1/2025

 

4,920,000

b,d,e 

5,007,298

 

Tender Option Bond Trust Receipts (Series 2023-XF1623), (Regional Transportation Authority Illinois, Revenue Bonds, Ser. B) Non-recourse, Underlying Coupon Rate 4.00%

 

4.37

 

6/1/2048

 

3,000,000

b,d,e 

2,989,664

 
 

49,599,588

 

Indiana - 1.7%

     

Indiana Finance Authority, Revenue Bonds (Ohio Valley Electric Project) Ser. B

 

3.00

 

11/1/2030

 

1,000,000

 

940,554

 

Indiana Finance Authority, Revenue Bonds (Sustainable Bond)

 

7.00

 

3/1/2039

 

5,825,000

b 

4,353,925

 

Indianapolis Local Public Improvement Bond Bank, Revenue Bonds (Insured; Build America Mutual) Ser. F1

 

5.25

 

3/1/2067

 

1,750,000

 

1,880,949

 
 

7,175,428

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

Iowa - 1.3%

     

Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project)

 

5.00

 

12/1/2050

 

2,515,000

 

2,634,600

 

Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. A

 

4.00

 

5/15/2053

 

1,000,000

 

617,885

 

Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. A

 

4.00

 

5/15/2046

 

500,000

 

333,780

 

Iowa Student Loan Liquidity Corp., Revenue Bonds, Ser. B

 

5.00

 

12/1/2031

 

2,000,000

 

2,195,671

 
 

5,781,936

 

Kentucky - 1.3%

     

Henderson, Revenue Bonds (Pratt Paper Project) Ser. A

 

4.70

 

1/1/2052

 

1,000,000

b 

950,720

 

Kentucky Public Energy Authority, Revenue Bonds, Ser. A1

 

4.00

 

6/1/2025

 

2,500,000

a 

2,504,799

 

Kentucky Public Energy Authority, Revenue Bonds, Ser. A1

 

4.00

 

8/1/2030

 

2,270,000

a 

2,279,664

 
 

5,735,183

 

Louisiana - 3.7%

     

Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Refunding (Westlake Chemical Project)

 

3.50

 

11/1/2032

 

3,100,000

 

2,945,586

 

Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Tulane University) Ser. A

 

4.00

 

4/1/2050

 

885,000

 

859,460

 

Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Tulane University) Ser. A

 

4.00

 

4/1/2030

 

115,000

g 

124,936

 

New Orleans Aviation Board, Revenue Bonds (General Airport-N Terminal Project) Ser. A

 

5.00

 

1/1/2048

 

1,000,000

 

1,026,957

 

Tender Option Bond Trust Receipts (Series 2018-XF2584), (Louisiana Public Facilities Authority, Revenue Bonds (Franciscan Missionaries of Our Lady Health System Project)) Non-recourse, Underlying Coupon Rate 5.00%

 

4.24

 

7/1/2047

 

10,755,000

b,d,e 

10,970,086

 
 

15,927,025

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

Maryland - 4.4%

     

Maryland Economic Development Corp., Revenue Bonds (Sustainable Bond) Ser. B

 

5.25

 

6/30/2055

 

3,120,000

 

3,216,003

 

Maryland Economic Development Corp., Tax Allocation Bonds (Port Covington Project)

 

4.00

 

9/1/2050

 

1,000,000

 

841,856

 

Maryland Health & Higher Educational Facilities Authority, Revenue Bonds (Adventist Healthcare Obligated Group) Ser. A

 

5.50

 

1/1/2046

 

3,250,000

 

3,316,111

 

Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (Stevenson University Project)

 

4.00

 

6/1/2051

 

1,000,000

 

872,437

 

Maryland State Transportation Authority, Revenue Bonds, Refunding, Ser. A

 

4.00

 

7/1/2037

 

2,000,000

 

2,116,785

 

Tender Option Bond Trust Receipts (Series 2016-XM0391), (Mayor & City Council of Baltimore, Revenue Bonds, Refunding (Water Projects)) Non-recourse, Underlying Coupon Rate 5.00%

 

0.01

 

1/1/2024

 

9,000,000

b,d,e 

9,000,000

 
 

19,363,192

 

Massachusetts - 4.8%

     

Lowell Collegiate Charter School, Revenue Bonds

 

5.00

 

6/15/2049

 

1,750,000

 

1,637,660

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group)

 

5.25

 

7/1/2052

 

1,500,000

 

1,631,400

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group)

 

5.00

 

10/1/2057

 

1,000,000

b 

896,907

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A

 

5.00

 

7/1/2025

 

1,400,000

 

1,423,980

 

Tender Option Bond Trust Receipts (Series 2023-XF1604), (Massachusetts State Transportation Fund, Revenue Bonds, Ser. B) Non-recourse, Underlying Coupon Rate 5.00%

 

4.30

 

6/1/2053

 

14,000,000

b,d,e 

15,436,523

 
 

21,026,470

 

Michigan - 5.0%

     

Detroit, GO (Sustainable Bond) Ser. A

 

5.00

 

4/1/2050

 

2,305,000

 

2,348,817

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

Michigan - 5.0% (continued)

     

Great Lakes Water Authority Sewage Disposal System, Revenue Bonds, Refunding, Ser. C

 

5.00

 

7/1/2036

 

3,000,000

 

3,116,594

 

Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont Health Credit Group)

 

5.00

 

11/1/2044

 

5,165,000

 

5,208,451

 

Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont-Spectrum)

 

4.00

 

4/15/2042

 

1,500,000

 

1,497,377

 

Michigan Finance Authority, Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. C3

 

5.00

 

7/1/2031

 

1,000,000

 

1,005,853

 

Michigan Finance Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. D6

 

5.00

 

7/1/2036

 

2,000,000

 

2,008,683

 

Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A2

 

5.00

 

6/1/2040

 

4,435,000

 

4,677,332

 

Michigan Finance Authority, Revenue Bonds, Refunding, Ser. D2

 

5.00

 

7/1/2034

 

2,000,000

 

2,036,580

 
 

21,899,687

 

Minnesota - .7%

     

Duluth Economic Development Authority, Revenue Bonds, Refunding (Essentia Health Obligated Group) Ser. A

 

5.00

 

2/15/2058

 

3,000,000

 

3,038,287

 

Missouri - 3.5%

     

St. Louis County Industrial Development Authority, Revenue Bonds (Friendship Village St. Louis Obligated Group) Ser. A

 

5.13

 

9/1/2049

 

2,975,000

 

2,636,071

 

St. Louis County Industrial Development Authority, Revenue Bonds (Friendship Village St. Louis Obligated Group) Ser. A

 

5.13

 

9/1/2048

 

2,025,000

 

1,805,397

 

St. Louis Land Clearance for Redevelopment Authority, Revenue Bonds

 

5.13

 

6/1/2046

 

4,580,000

 

4,636,796

 

Tender Option Bond Trust Receipts (Series 2023-XM1116), (Jackson County Missouri Special Obligation, Revenue Bonds, Refunding, Ser. A) Non-recourse, Underlying Coupon Rate 4.25%

 

2.27

 

12/1/2053

 

3,000,000

b,d,e 

2,983,716

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

Missouri - 3.5% (continued)

     

The St. Louis Missouri Industrial Development Authority, Tax Allocation Bonds (St. Louis Innovation District Project)

 

4.38

 

5/15/2036

 

3,365,000

 

3,226,544

 
 

15,288,524

 

Multi-State - .5%

     

Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M048

 

3.15

 

1/15/2036

 

2,325,000

b 

2,082,152

 

Nevada - 1.5%

     

Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

4.25

 

6/15/2041

 

3,745,000

 

3,908,516

 

Reno, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)

 

4.00

 

6/1/2058

 

2,750,000

 

2,512,957

 
 

6,421,473

 

New Hampshire - .2%

     

New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) Ser. B

 

3.75

 

7/2/2040

 

1,000,000

a,b 

784,172

 

New Jersey - 6.1%

     

New Jersey, GO (COVID-19 Emergency Bonds) Ser. A

 

4.00

 

6/1/2031

 

1,000,000

 

1,091,586

 

New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX

 

5.25

 

6/15/2027

 

1,855,000

 

1,912,214

 

New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX

 

5.25

 

6/15/2025

 

695,000

g 

719,461

 

New Jersey Health Care Facilities Financing Authority, Revenue Bonds (RWJ Barnabas Health Obligated Group)

 

4.00

 

7/1/2051

 

1,500,000

 

1,473,930

 

New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Refunding, Ser. A

 

5.00

 

12/1/2032

 

1,275,000

 

1,416,267

 

New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Refunding, Ser. D

 

4.00

 

4/1/2025

 

1,560,000

 

1,563,715

 

New Jersey Transportation Trust Fund Authority, Revenue Bonds

 

5.00

 

6/15/2044

 

2,000,000

 

2,202,647

 

New Jersey Transportation Trust Fund Authority, Revenue Bonds

 

5.25

 

6/15/2043

 

2,000,000

 

2,135,836

 

New Jersey Transportation Trust Fund Authority, Revenue Bonds

 

5.50

 

6/15/2050

 

2,700,000

 

3,025,519

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

New Jersey - 6.1% (continued)

     

New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA

 

5.25

 

6/15/2033

 

1,500,000

 

1,543,330

 

New Jersey Turnpike Authority, Revenue Bonds, Ser. A

 

4.00

 

1/1/2048

 

2,000,000

 

1,996,975

 

Tender Option Bond Trust Receipts (Series 2018-XF2538), (New Jersey Economic Development Authority, Revenue Bonds) Recourse, Underlying Coupon Rate 5.25%

 

5.07

 

6/15/2040

 

3,250,000

b,d,e 

3,358,927

 

Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A

 

5.25

 

6/1/2046

 

750,000

 

773,458

 

Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. B

 

5.00

 

6/1/2046

 

3,180,000

 

3,229,003

 
 

26,442,868

 

New York - 7.2%

     

New York Convention Center Development Corp., Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. B

 

0.00

 

11/15/2052

 

7,825,000

f 

1,937,072

 

New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project)

 

5.00

 

11/15/2044

 

7,000,000

b 

6,963,683

 

New York State Dormitory Authority, Revenue Bonds, Refunding (Montefiore Obligated Group) Ser. A

 

4.00

 

9/1/2045

 

1,000,000

 

923,540

 

New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal)

 

5.00

 

12/1/2040

 

3,535,000

 

3,779,119

 

New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A

 

5.00

 

7/1/2046

 

3,500,000

 

3,498,540

 

New York Transportation Development Corp., Revenue Bonds (LaGuradia Airport Terminal)

 

5.63

 

4/1/2040

 

1,000,000

 

1,077,753

 

New York Transportation Development Corp., Revenue Bonds (Sustainable Bond) (JFK International Airport Terminal One Project) (Insured; Assured Guaranty Municipal Corp.)

 

5.13

 

6/30/2060

 

1,000,000

 

1,049,462

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

New York - 7.2% (continued)

     

New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A

 

4.00

 

12/1/2039

 

1,475,000

 

1,441,363

 

Niagara Area Development Corp., Revenue Bonds, Refunding (Covanta Project) Ser. A

 

4.75

 

11/1/2042

 

2,000,000

b 

1,705,994

 

Tender Option Bond Trust Receipts (Series 2022-XM1004), (Metropolitan Transportation Authority, Revenue Bonds, Refunding (Sustainable Bond) (Insured; Assured Guaranty Municipal Corp.) Ser. C) Non-recourse, Underlying Coupon Rate 4.00%

 

4.03

 

11/15/2047

 

6,300,000

b,d,e 

6,191,443

 

TSASC, Revenue Bonds, Refunding, Ser. B

 

5.00

 

6/1/2045

 

1,165,000

 

1,064,817

 

Westchester County Local Development Corp., Revenue Bonds, Refunding (Purchase Senior Learning Community Obligated Group)

 

5.00

 

7/1/2046

 

2,150,000

b 

1,816,260

 
 

31,449,046

 

North Carolina - 2.9%

     

North Carolina Medical Care Commission, Revenue Bonds, Refunding (Lutheran Services for the Aging Obligated Group)

 

4.00

 

3/1/2051

 

3,000,000

 

2,138,011

 

North Carolina Medical Care Commission, Revenue Bonds, Refunding (Pennybyrn at Maryfield)

 

5.00

 

10/1/2035

 

1,005,000

 

971,984

 

Tender Option Bond Trust Receipts (Series 2022-XF1352), (North Carolina State Medical Care Commission Health Care Facilities, Revenue Bonds (Novant Health Obligated Group, Ser. A)) Non-recourse, Underlying Coupon Rate 4.00%

 

2.60

 

11/1/2052

 

10,000,000

b,d,e 

9,522,474

 
 

12,632,469

 

Ohio - 5.5%

     

Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B2

 

5.00

 

6/1/2055

 

12,850,000

 

12,094,330

 

Canal Winchester Local School District, GO, Refunding (Insured; National Public Finance Guarantee Corp.)

 

0.00

 

12/1/2031

 

3,955,000

f 

3,103,298

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

Ohio - 5.5% (continued)

     

Canal Winchester Local School District, GO, Refunding (Insured; National Public Finance Guarantee Corp.)

 

0.00

 

12/1/2029

 

3,955,000

f 

3,323,784

 

Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System)

 

5.00

 

2/15/2052

 

2,000,000

 

1,992,258

 

Franklin County Convention Facilities Authority, Revenue Bonds (GRTR Columbus Convention Center)

 

5.00

 

12/1/2044

 

1,250,000

 

1,196,525

 

Ohio Air Quality Development Authority, Revenue Bonds (Pratt Paper OH Project)

 

4.50

 

1/15/2048

 

2,250,000

b 

2,114,594

 
 

23,824,789

 

Oklahoma - .3%

     

Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine Project) Ser. B

 

5.50

 

8/15/2057

 

1,500,000

 

1,503,874

 

Oregon - .5%

     

Clackamas County Hospital Facility Authority, Revenue Bonds, Refunding (Willamette View Obligated Group) Ser. A

 

5.00

 

11/15/2047

 

1,500,000

 

1,378,500

 

Yamhill County Hospital Authority, Revenue Bonds, Refunding (Friendsview Retirement Community) Ser. A

 

5.00

 

11/15/2046

 

1,250,000

 

976,276

 
 

2,354,776

 

Pennsylvania - 7.1%

     

Allentown School District, GO, Refunding (Insured; Build America Mutual) Ser. B

 

5.00

 

2/1/2031

 

1,500,000

 

1,647,563

 

Crawford County Hospital Authority, Revenue Bonds, Refunding (Meadville Medical Center Project) Ser. A

 

6.00

 

6/1/2046

 

1,175,000

 

1,197,767

 

Pennsylvania Economic Development Financing Authority, Revenue Bonds (The Penndot Major Bridges)

 

6.00

 

6/30/2061

 

3,000,000

 

3,333,859

 

Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Sciences in Philadelphia)

 

5.00

 

11/1/2036

 

3,675,000

 

3,746,002

 

Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A

 

4.00

 

12/1/2050

 

1,500,000

 

1,472,090

 

Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A

 

4.00

 

12/1/2043

 

1,810,000

 

1,824,550

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

Pennsylvania - 7.1% (continued)

     

Philadelphia Airport, Revenue Bonds, Refunding

 

5.00

 

7/1/2027

 

4,300,000

 

4,541,040

 

Tender Option Bond Trust Receipts (Series 2023-XF1525), (Pennsylvania Economic Development Financing Authority UPMC, Revenue Bonds, Ser. A) Recourse, Underlying Coupon Rate 4.00%

 

2.37

 

5/15/2053

 

4,000,000

b,d,e 

3,889,553

 

Tender Option Bond Trust Receipts (Series 2023-XM1133), (Philadelphia Water & Wastewater, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B) Non-recourse, Underlying Coupon Rate 5.50%

 

4.84

 

9/1/2053

 

5,820,000

b,d,e 

6,655,429

 

The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A

 

4.00

 

9/1/2036

 

2,740,000

 

2,816,979

 
 

31,124,832

 

Rhode Island - 3.0%

     

Providence Public Building Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

5.00

 

9/15/2036

 

6,365,000

 

6,886,977

 

Tender Option Bond Trust Receipts (Series 2023-XM1117), (Rhode Island Infrastructure Bank State Revolving Fund, Revenue Bonds) Ser. A) Non-recourse, Underlying Coupon Rate 4.13%

 

4.14

 

10/1/2048

 

6,000,000

b,d,e 

6,083,263

 
 

12,970,240

 

South Carolina - 4.9%

     

South Carolina Jobs-Economic Development Authority, Revenue Bonds (Bishop Gadsden Episcopal Retirement Community Obligated Group)

 

5.00

 

4/1/2054

 

1,000,000

 

912,932

 

South Carolina Jobs-Economic Development Authority, Revenue Bonds, Refunding (Bon Secours Mercy Health)

 

4.00

 

12/1/2044

 

2,810,000

 

2,787,216

 

South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper) Ser. A

 

4.00

 

12/1/2055

 

3,000,000

 

2,812,600

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

South Carolina - 4.9% (continued)

     

Tender Option Bond Trust Receipts (Series 2016-XM0384), (South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper)) Non-recourse, Underlying Coupon Rate 5.13%

 

3.87

 

12/1/2043

 

15,000,000

b,d,e 

14,989,612

 
 

21,502,360

 

South Dakota - 1.1%

     

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%

 

4.21

 

7/1/2046

 

4,720,000

b,d,e 

4,820,608

 

Texas - 11.8%

     

Arlington Higher Education Finance Corp., Revenue Bonds (Uplift Education) (Insured; Permanent School Fund Guarantee Program) Ser. A

 

4.25

 

12/1/2053

 

1,500,000

 

1,464,457

 

Central Texas Regional Mobility Authority, Revenue Bonds

 

5.00

 

1/1/2048

 

2,500,000

 

2,605,018

 

Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) Ser. A

 

4.00

 

8/15/2047

 

3,100,000

 

2,743,864

 

Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas) Ser. A

 

5.75

 

8/15/2045

 

4,500,000

 

4,477,633

 

Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas) Ser. D

 

5.75

 

8/15/2033

 

1,000,000

 

1,022,701

 

Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas) Ser. D

 

6.13

 

8/15/2048

 

6,000,000

 

6,073,901

 

Clifton Higher Education Finance Corp., Revenue Bonds (Uplift Education) Ser. A

 

4.50

 

12/1/2044

 

2,500,000

 

2,459,378

 

Grand Parkway Transportation Corp., Revenue Bonds, Refunding

 

4.00

 

10/1/2049

 

1,000,000

 

987,413

 

Harris County-Houston Sports Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

0.00

 

11/15/2050

 

6,500,000

f 

1,832,650

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

Texas - 11.8% (continued)

     

Houston Airport System, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

4.50

 

7/1/2053

 

2,400,000

 

2,425,077

 

Houston Airport System, Revenue Bonds, Refunding, Ser. A

 

4.00

 

7/1/2046

 

1,610,000

 

1,571,929

 

Lamar Consolidated Independent School District, GO

 

4.00

 

2/15/2053

 

1,235,000

 

1,206,264

 

Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project)

 

4.63

 

10/1/2031

 

2,000,000

b 

1,976,174

 

Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds (Baylor Scott & White Health Obligated Group)

 

5.00

 

11/15/2051

 

2,000,000

 

2,133,620

 

Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (MRC Stevenson Oaks Project)

 

6.75

 

11/15/2051

 

1,000,000

 

908,424

 

Tender Option Bond Trust Receipts (Series 2023-XM1125), (Medina Valley Independent School District, GO (Insured; Permanent School Fund Guarantee Program)) Non-recourse, Underlying Coupon Rate 4.00%

 

1.72

 

2/15/2053

 

7,500,000

b,d,e 

7,453,914

 

Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Blueridge Transportation Group)

 

5.00

 

12/31/2050

 

1,300,000

 

1,304,730

 

Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Segment 3C Project)

 

5.00

 

6/30/2058

 

6,930,000

 

7,012,854

 

Waxahachie Independent School District, GO (Insured; Permanent School Fund Guarantee Program)

 

4.25

 

2/15/2053

 

1,500,000

 

1,528,675

 
 

51,188,676

 

U.S. Related - 1.4%

     

Guam Housing Corp., Revenue Bonds (Insured; Federal Home Loan Mortgage Corp.) Ser. A

 

5.75

 

9/1/2031

 

810,000

 

855,879

 

Puerto Rico, GO, Ser. A

 

0.00

 

7/1/2033

 

381,733

f 

238,502

 

Puerto Rico, GO, Ser. A

 

0.00

 

7/1/2024

 

48,128

f 

47,190

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2033

 

296,629

 

291,111

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2041

 

311,133

 

286,400

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2046

 

323,574

 

289,429

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2035

 

266,630

 

258,493

 

Puerto Rico, GO, Ser. A1

 

4.00

 

7/1/2037

 

228,839

 

219,148

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

U.S. Related - 1.4% (continued)

     

Puerto Rico, GO, Ser. A1

 

5.38

 

7/1/2025

 

330,362

 

337,803

 

Puerto Rico, GO, Ser. A1

 

5.63

 

7/1/2029

 

2,356,059

 

2,558,955

 

Puerto Rico, GO, Ser. A1

 

5.63

 

7/1/2027

 

327,370

 

346,528

 

Puerto Rico, GO, Ser. A1

 

5.75

 

7/1/2031

 

312,813

 

348,602

 
 

6,078,040

 

Utah - .8%

     

Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A

 

5.00

 

4/15/2049

 

1,190,000

 

1,223,432

 

Utah Infrastructure Agency, Revenue Bonds, Refunding, Ser. A

 

5.00

 

10/15/2037

 

2,345,000

 

2,372,997

 
 

3,596,429

 

Virginia - 3.7%

     

Tender Option Bond Trust Receipts (Series 2018-XM0593), (Hampton Roads Transportation Accountability Commission, Revenue Bonds) Non-recourse, Underlying Coupon Rate 5.50%

 

5.83

 

7/1/2057

 

7,500,000

b,d,e 

8,394,282

 

Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project)

 

5.00

 

12/31/2052

 

4,620,000

 

4,639,050

 

Virginia Small Business Financing Authority, Revenue Bonds, Refunding (95 Express Lanes)

 

4.00

 

1/1/2039

 

1,850,000

 

1,811,626

 

Williamsburg Economic Development Authority, Revenue Bonds (William & Mary Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

4.13

 

7/1/2058

 

1,250,000

 

1,250,059

 
 

16,095,017

 

Washington - .7%

     

King County School District No. 210, GO (Insured; School Bond Guaranty)

 

4.00

 

12/1/2034

 

1,000,000

 

1,036,566

 

Washington Housing Finance Commission, Revenue Bonds, Refunding (Presbyterian Retirement Communities Northwest Obligated Group) Ser. A

 

5.00

 

1/1/2051

 

3,200,000

b 

2,136,684

 
 

3,173,250

 

Wisconsin - 3.9%

     

Public Finance Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) Ser. A

 

5.00

 

11/15/2041

 

1,000,000

 

1,032,780

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 144.0% (continued)

     

Wisconsin - 3.9% (continued)

     

Public Finance Authority, Revenue Bonds (Cone Health) Ser. A

 

5.00

 

10/1/2052

 

1,500,000

 

1,597,071

 

Public Finance Authority, Revenue Bonds (EMU Campus Living) (Insured; Build America Mutual) Ser. A1

 

5.50

 

7/1/2052

 

2,500,000

 

2,776,279

 

Public Finance Authority, Revenue Bonds (EMU Campus Living) (Insured; Build America Mutual) Ser. A1

 

5.63

 

7/1/2055

 

2,035,000

 

2,275,154

 

Public Finance Authority, Revenue Bonds (Roseman University of Health Sciences)

 

5.00

 

4/1/2040

 

1,130,000

b 

1,095,684

 

Public Finance Authority, Revenue Bonds (Roseman University of Health Sciences)

 

5.00

 

4/1/2030

 

45,000

b,g 

51,475

 

Public Finance Authority, Revenue Bonds (Southminster Obligated Group)

 

5.00

 

10/1/2053

 

2,015,000

b 

1,660,073

 

Public Finance Authority, Revenue Bonds, Refunding (Mary's Woods at Marylhurst Project)

 

5.25

 

5/15/2047

 

750,000

b 

678,875

 

Public Finance Authority, Revenue Bonds, Ser. 1

 

5.75

 

7/1/2062

 

2,650,000

 

2,737,444

 

Wisconsin Health & Educational Facilities Authority, Revenue Bonds (Bellin Memorial Hospital Obligated Group)

 

5.50

 

12/1/2052

 

1,250,000

 

1,376,157

 

Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Camillus Health System Obligated Group)

 

5.00

 

11/1/2046

 

2,000,000

 

1,617,041

 
 

16,898,033

 

Total Investments (cost $632,845,016)

 

144.0%

627,639,302

 

Liabilities, Less Cash and Receivables

 

(44.0%)

(191,888,398)

 

Net Assets Applicable to Common Stockholders

 

100.0%

435,750,904

 

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 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2023, these securities were valued at $233,399,808 or 53.56% of net assets.

c Non-income producing—security in default.

d The Variable Rate is 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 Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.

f Security issued with a zero coupon. Income is recognized through the accretion of discount.

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 INVESTMENTS (Unaudited) (continued)

The following is a summary of the inputs used as of December 31, 2023 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:

  

Municipal Securities

-

627,639,302

 

-

627,639,302

 

Liabilities ($)

  

Other Financial Instruments:

  

Inverse Floater Notes††

-

(117,375,000)

 

-

(117,375,000)

 

VMTPS††

-

(78,900,000)

 

-

(78,900,000)

 

 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 fund’s Board of Directors (the “Board”) has designated the Adviser as the fund’s valuation designee 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 December 31, 2023, accumulated net unrealized depreciation on investments was $5,205,714, consisting of $19,539,184 gross unrealized appreciation and $24,744,898 gross unrealized depreciation.

At December 31, 2023, 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.



BNY Mellon Strategic Mun... (NYSE:LEO)
Historical Stock Chart
From Sep 2024 to Oct 2024 Click Here for more BNY Mellon Strategic Mun... Charts.
BNY Mellon Strategic Mun... (NYSE:LEO)
Historical Stock Chart
From Oct 2023 to Oct 2024 Click Here for more BNY Mellon Strategic Mun... Charts.