STATEMENT OF INVESTMENTS
BNY Mellon California AMT-Free Municipal Bond Fund
August 31, 2021 (Unaudited)
| | | | | | | | | | |
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Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 1.2% | | | | | |
Collateralized Municipal-Backed Securities - .6% | | | | | |
California Housing Finance, Revenue Bonds, Ser. A | | 4.25 | | 1/15/2035 | | 4,369,664 | | 5,386,673 | |
U.S. Government Agencies Collateralized Municipal-Backed Securities - .6% | | | | | |
California Housing Finance, Revenue Bonds (Noble Towers Apartments) (Green Bond) (Insured; Federal National Mortgage Association) | | 2.35 | | 12/1/2035 | | 4,868,519 | | 5,040,286 | |
Total Bonds and Notes
(cost $9,904,208) | | 10,426,959 | |
| | | | | | | | | |
Long-Term Municipal Investments - 101.6% | | | | | |
California - 100.8% | | | | | |
ABAG Finance Authority for Nonprofit Corp., Revenue Bonds, Refunding (Sharp HealthCare Obligated Group) Ser. A | | 5.00 | | 8/1/2043 | | 13,250,000 | | 14,408,208 | |
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 10/1/2037 | | 1,650,000 | | 1,952,922 | |
Allan Hancock Joint Community College District, GO, Ser. C | | 5.60 | | 8/1/2047 | | 11,375,000 | a | 10,430,740 | |
Anaheim Community Facilities District No. 08-1, Special Tax Bonds, Refunding | | 4.00 | | 9/1/2046 | | 1,690,000 | | 1,800,582 | |
Anaheim Community Facilities District No. 08-1, Special Tax Bonds, Refunding | | 4.00 | | 9/1/2041 | | 4,325,000 | | 4,620,839 | |
California, GO | | 4.00 | | 11/1/2035 | | 1,000,000 | | 1,238,770 | |
California, GO, Refunding | | 5.00 | | 2/1/2038 | | 5,000,000 | | 5,098,107 | |
California, GO, Refunding | | 5.00 | | 8/1/2036 | | 7,000,000 | | 8,447,491 | |
California, GO, Refunding | | 5.25 | | 9/1/2032 | | 19,500,000 | | 19,533,524 | |
California, GO, Refunding | | 5.25 | | 10/1/2032 | | 9,170,000 | | 9,207,504 | |
California, GO, Refunding | | 5.25 | | 2/1/2029 | | 13,835,000 | | 14,129,561 | |
California, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.25 | | 8/1/2032 | | 7,000,000 | | 9,870,438 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding | | 5.00 | | 6/1/2034 | | 5,000,000 | | 5,225,341 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding (Sonoma County Securitization) | | 4.00 | | 6/1/2049 | | 1,000,000 | | 1,185,680 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding (Sonoma County Securitization) | | 5.00 | | 6/1/2049 | | 1,000,000 | | 1,249,793 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2049 | | 1,750,000 | | 2,074,423 | |
California Educational Facilities Authority, Revenue Bonds (Chapman University) | | 5.00 | | 4/1/2045 | | 2,305,000 | | 2,617,231 | |
California Educational Facilities Authority, Revenue Bonds (Chapman University) | | 5.00 | | 4/1/2040 | | 5,000,000 | | 5,708,361 | |
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A | | 5.00 | | 4/1/2037 | | 1,500,000 | | 1,796,183 | |
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A | | 5.00 | | 4/1/2036 | | 3,845,000 | | 4,611,167 | |
California Educational Facilities Authority, Revenue Bonds, Refunding (Occidental College) | | 5.00 | | 10/1/2045 | | 500,000 | | 584,298 | |
California Educational Facilities Authority, Revenue Bonds, Refunding (Pepperdine University) | | 5.00 | | 9/1/2045 | | 5,000,000 | | 5,828,159 | |
California Educational Facilities Authority, Revenue Bonds, Refunding (Pooled College & University Projects) Ser. A | | 5.63 | | 7/1/2023 | | 35,000 | | 36,838 | |
California Health Facilities Financing Authority, Revenue Bonds (City of Hope Obligated Group) | | 4.00 | | 11/15/2045 | | 6,000,000 | | 7,007,831 | |
California Health Facilities Financing Authority, Revenue Bonds (Sutter Health Obligated Group) Ser. A | | 5.00 | | 11/15/2048 | | 3,000,000 | | 3,663,768 | |
California Health Facilities Financing Authority, Revenue Bonds (Sutter Health Obligated Group) Ser. A | | 5.00 | | 11/15/2025 | | 750,000 | b | 898,148 | |
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| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
California Health Facilities Financing Authority, Revenue Bonds (Sutter Health Obligated Group) Ser. A | | 5.00 | | 11/15/2025 | | 1,150,000 | b | 1,377,161 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Adventist Health System/West Obligated Group) Ser. A | | 4.00 | | 3/1/2039 | | 2,665,000 | | 2,966,524 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Children's Hospital Los Angeles Obligated Group) Ser. A | | 5.00 | | 8/15/2047 | | 2,000,000 | | 2,384,918 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A | | 4.00 | | 4/1/2045 | | 3,000,000 | | 3,512,418 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Providence Health & Services Obligated Group) Ser. A | | 5.00 | | 10/1/2031 | | 4,430,000 | | 5,048,601 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Providence Health & Services Obligated Group) Ser. A | | 5.00 | | 10/1/2030 | | 3,500,000 | | 3,994,529 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. A | | 5.00 | | 7/1/2037 | | 7,500,000 | | 8,149,189 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Stanford Health Care Obligated Group) Ser. A | | 5.00 | | 11/15/2037 | | 3,360,000 | | 4,189,649 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Sutter Health Obligated Group) Ser. A | | 5.00 | | 8/15/2025 | | 2,000,000 | b | 2,369,956 | |
California Housing Finance, Revenue Bonds, Cl. A, Ser. 2 | | 4.00 | | 3/20/2033 | | 2,923,165 | | 3,492,385 | |
California Housing Finance, Revenue Bonds, Ser. 2021-1 | | 3.50 | | 11/20/2035 | | 2,982,243 | | 3,533,776 | |
California Infrastructure & Economic Development Bank, Revenue Bonds (Equitable School Revolving Fund Obligated Group) | | 5.00 | | 11/1/2039 | | 550,000 | | 675,014 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
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| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
California Infrastructure & Economic Development Bank, Revenue Bonds (Equitable School Revolving Fund Obligated Group) | | 5.00 | | 11/1/2044 | | 625,000 | | 758,592 | |
California Infrastructure & Economic Development Bank, Revenue Bonds (Equitable School Revolving Fund Obligated Group) | | 5.00 | | 11/1/2049 | | 1,500,000 | | 1,810,981 | |
California Infrastructure & Economic Development Bank, Revenue Bonds (WFCS Holdings) Ser. A | | 5.00 | | 1/1/2055 | | 1,000,000 | c | 1,181,319 | |
California Infrastructure & Economic Development Bank, Revenue Bonds (WFCS Portfolio Project) Ser. A-1 | | 5.00 | | 1/1/2056 | | 1,250,000 | c | 1,486,824 | |
California Infrastructure & Economic Development Bank, Revenue Bonds, Refunding (Academy of Motion Pictures Arts & Sciences Obligated Group) | | 5.00 | | 11/1/2041 | | 2,250,000 | | 2,477,765 | |
California Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation) Ser. A | | 5.00 | | 6/1/2050 | | 1,500,000 | | 1,696,432 | |
California Municipal Finance Authority, Revenue Bonds (California Baptist University) Ser. A | | 5.00 | | 11/1/2046 | | 2,500,000 | c | 2,906,149 | |
California Municipal Finance Authority, Revenue Bonds (Channing House Project) Ser. B | | 5.00 | | 5/15/2047 | | 2,500,000 | | 2,916,707 | |
California Municipal Finance Authority, Revenue Bonds (Green Bond) (Insured; Build America Mutual) | | 4.00 | | 5/15/2032 | | 1,155,000 | | 1,425,243 | |
California Municipal Finance Authority, Revenue Bonds (Insured; Build America Mutual) | | 5.00 | | 5/15/2044 | | 1,890,000 | | 2,351,627 | |
California Municipal Finance Authority, Revenue Bonds (Insured; Build America Mutual) | | 5.00 | | 5/15/2043 | | 3,040,000 | | 3,790,375 | |
California Municipal Finance Authority, Revenue Bonds (LAX Integrated Express Solutions Project) | | 5.00 | | 12/31/2035 | | 1,500,000 | | 1,843,593 | |
California Municipal Finance Authority, Revenue Bonds (LAX Integrated Express Solutions Project) | | 5.00 | | 12/31/2033 | | 3,800,000 | | 4,689,089 | |
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Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
California Municipal Finance Authority, Revenue Bonds (The Palmdale Aerospace Academy Project) | | 5.00 | | 7/1/2046 | | 2,170,000 | c | 2,455,448 | |
California Municipal Finance Authority, Revenue Bonds (The Palmdale Aerospace Academy Project) | | 5.00 | | 7/1/2041 | | 1,750,000 | c | 1,991,411 | |
California Municipal Finance Authority, Revenue Bonds (United Airlines Project) | | 4.00 | | 7/15/2029 | | 3,000,000 | | 3,503,775 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Biola University) | | 5.00 | | 10/1/2039 | | 1,000,000 | | 1,185,688 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Community Medical Centers Obligated Group) Ser. A | | 5.00 | | 2/1/2037 | | 1,000,000 | | 1,204,531 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Community Medical Centers Obligated Group) Ser. A | | 5.00 | | 2/1/2036 | | 1,000,000 | | 1,208,060 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. A | | 5.00 | | 7/1/2042 | | 3,500,000 | | 4,207,860 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. A | | 5.00 | | 7/1/2037 | | 1,000,000 | | 1,209,708 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. A | | 5.00 | | 7/1/2036 | | 1,100,000 | | 1,332,770 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. B | | 5.00 | | 7/1/2042 | | 2,500,000 | | 3,005,615 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (HumanGood Obligated Group) Ser. A | | 5.00 | | 10/1/2044 | | 2,000,000 | | 2,379,416 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Town & Country Manor of the Christian & Missionary Alliance) | | 5.00 | | 7/1/2034 | | 1,720,000 | | 2,183,800 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
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| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Town & Country Manor of the Christian & Missionary Alliance) | | 5.00 | | 7/1/2049 | | 2,100,000 | | 2,576,414 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (William Jessup University) | | 5.00 | | 8/1/2048 | | 9,115,000 | | 10,172,814 | |
California Pollution Control Financing Authority, Revenue Bonds (San Jose Water Company Project) | | 5.10 | | 6/1/2040 | | 5,500,000 | | 5,519,061 | |
California Pollution Control Financing Authority, Revenue Bonds (Waste Management Project) Ser. A | | 2.50 | | 5/1/2024 | | 3,000,000 | d | 3,171,689 | |
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | | 5.00 | | 11/15/2036 | | 500,000 | c | 598,259 | |
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | | 5.00 | | 11/15/2046 | | 1,000,000 | c | 1,168,076 | |
California Public Finance Authority, Revenue Bonds, Refunding (Henry Mayo Newhall Hospital) | | 5.00 | | 10/15/2047 | | 3,000,000 | | 3,517,502 | |
California Public Works Board, Revenue Bonds (Judicial Council Projects) Ser. D | | 5.00 | | 12/1/2031 | | 8,500,000 | | 8,600,979 | |
California School Finance Authority, Revenue Bonds (Alliance for College-Ready Public Schools Obligated Group Projects) Ser. A | | 5.00 | | 7/1/2045 | | 3,500,000 | c | 3,936,346 | |
California School Finance Authority, Revenue Bonds (Granada Hills Charter High School Obligated Group) | | 5.00 | | 7/1/2043 | | 1,255,000 | c | 1,440,883 | |
California School Finance Authority, Revenue Bonds (Granada Hills Charter High School Obligated Group) | | 5.00 | | 7/1/2049 | | 1,100,000 | c | 1,256,568 | |
California School Finance Authority, Revenue Bonds (Green Dot Public Schools California Project) Ser. A | | 5.00 | | 8/1/2048 | | 1,650,000 | c | 1,949,658 | |
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A | | 5.00 | | 7/1/2047 | | 875,000 | c | 1,022,559 | |
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A | | 5.00 | | 7/1/2037 | | 590,000 | c | 700,578 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
California School Finance Authority, Revenue Bonds (Kipp SoCal Public Schools Obligated Group) Ser. A | | 5.00 | | 7/1/2049 | | 1,650,000 | c | 2,006,892 | |
California School Finance Authority, Revenue Bonds (Kipp Social Project) Ser. A | | 4.00 | | 7/1/2050 | | 1,135,000 | c | 1,298,875 | |
California School Finance Authority, Revenue Bonds, Refunding | | 5.00 | | 8/1/2041 | | 1,600,000 | c | 1,819,886 | |
California School Finance Authority, Revenue Bonds, Refunding | | 5.00 | | 8/1/2025 | | 150,000 | b,c | 177,153 | |
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) | | 5.50 | | 12/1/2058 | | 1,500,000 | c | 1,777,701 | |
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A | | 5.00 | | 12/1/2036 | | 5,250,000 | c | 5,962,858 | |
California Statewide Communities Development Authority, Revenue Bonds (Viamonte Senior Living Project) | | 3.00 | | 7/1/2025 | | 3,700,000 | | 3,707,779 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (American Baptist Homes) | | 5.00 | | 10/1/2045 | | 3,550,000 | | 3,993,625 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (California Baptist University) Ser. A | | 5.00 | | 11/1/2032 | | 1,855,000 | c | 2,244,355 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (California Baptist University) Ser. A | | 5.00 | | 11/1/2041 | | 700,000 | c | 830,117 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Cottage Health System Obligated Group) | | 5.00 | | 11/1/2024 | | 4,000,000 | b | 4,605,236 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group) | | 4.00 | | 4/1/2051 | | 5,500,000 | | 6,452,686 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group) | | 5.00 | | 4/1/2047 | | 4,555,000 | | 5,430,189 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
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| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Henry Mayo Newhall Memorial Hospital) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.25 | | 10/1/2024 | | 2,100,000 | b | 2,411,513 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 11/15/2024 | | 2,390,000 | b | 2,760,216 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (John Muir Health) Ser. A | | 5.00 | | 8/15/2041 | | 1,200,000 | | 1,428,777 | |
California University, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 11/1/2038 | | 5,000,000 | | 6,138,411 | |
Eastern Municipal Water District Financing Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2037 | | 1,500,000 | | 1,985,334 | |
Eastern Municipal Water District Financing Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2036 | | 1,725,000 | | 2,290,005 | |
Eastern Municipal Water District Financing Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2035 | | 825,000 | | 1,098,677 | |
Escondido Union High School District, GO, Ser. C | | 0.00 | | 8/1/2046 | | 3,000,000 | e | 1,571,248 | |
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Cl. A, Ser. MO50 | | 3.05 | | 6/15/2037 | | 6,170,000 | c | 6,806,650 | |
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M049 | | 3.05 | | 4/15/2034 | | 5,090,000 | | 5,621,630 | |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 0.00 | | 1/15/2035 | | 10,000,000 | e | 7,639,012 | |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Ser. A | | 4.00 | | 1/15/2046 | | 1,500,000 | | 1,746,041 | |
Fresno Joint Powers Financing Authority, Revenue Bonds, Refunding (Master Lease Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 4/1/2037 | | 850,000 | | 1,016,320 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
Fresno Joint Powers Financing Authority, Revenue Bonds, Refunding (Master Lease Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 4/1/2035 | | 1,000,000 | | 1,200,351 | |
Glendale Community College District, GO, Ser. B | | 4.00 | | 8/1/2050 | | 7,750,000 | | 9,106,982 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | | 5.00 | | 6/1/2047 | | 4,500,000 | | 4,649,985 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | | 5.00 | | 6/1/2029 | | 8,000,000 | | 9,788,665 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | | 5.00 | | 6/1/2026 | | 2,500,000 | | 3,011,553 | |
Grossmont Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) | | 0.00 | | 8/1/2026 | | 3,265,000 | e | 3,154,736 | |
Grossmont Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) | | 0.00 | | 8/1/2023 | | 4,850,000 | e | 4,829,637 | |
Grossmont Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) | | 0.00 | | 8/1/2022 | | 2,105,000 | e | 2,102,923 | |
Hesperia Community Redevelopment Agency, Tax Allocation Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 9/1/2035 | | 6,835,000 | | 8,594,317 | |
Hesperia Community Redevelopment Agency, Tax Allocation Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 9/1/2034 | | 3,255,000 | | 4,098,763 | |
Imperial Irrigation District Electric System, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 11/1/2038 | | 1,800,000 | | 2,131,683 | |
Imperial Irrigation District Electric System, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 11/1/2037 | | 2,500,000 | | 2,966,958 | |
Irvine, Special Tax Bonds (Community Facilities District No. 2013-3) | | 5.00 | | 9/1/2048 | | 4,250,000 | | 4,921,924 | |
Irvine, Special Tax Bonds (Community Facilities District No. 2013-3) | | 5.00 | | 9/1/2043 | | 2,500,000 | | 2,908,312 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
Irvine, Special Tax Bonds (Community Facilities District No. 2013-3) | | 5.00 | | 9/1/2044 | | 2,500,000 | | 2,775,305 | |
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) (Insured; Build America Mutual) Ser. A | | 4.00 | | 9/1/2044 | | 1,115,000 | | 1,311,888 | |
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) Ser. A | | 5.00 | | 9/1/2042 | | 400,000 | | 479,810 | |
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) Ser. B | | 5.00 | | 9/1/2042 | | 1,000,000 | | 1,199,526 | |
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) Ser. C | | 5.00 | | 9/1/2042 | | 1,000,000 | | 1,201,432 | |
Jefferson Union High School District, COP (Teacher & Staff Housing Project) (Insured; Build America Mutual) | | 4.00 | | 8/1/2055 | | 7,000,000 | | 8,094,182 | |
Jurupa Public Financing Authority, Special Tax Bonds, Refunding, Ser. A | | 5.00 | | 9/1/2042 | | 3,420,000 | | 3,836,133 | |
Lancaster Redevelopment Agency, Tax Allocation Bonds, Refunding (Comb Redevelopment Project Areas) (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 8/1/2033 | | 1,200,000 | | 1,427,304 | |
Lodi Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 9/1/2030 | | 1,275,000 | | 1,608,211 | |
Long Beach Harbor, Revenue Bonds, Ser. D | | 5.00 | | 5/15/2042 | | 3,500,000 | | 4,029,594 | |
Los Angeles Community Facilities District, Special Tax Bonds, Refunding (Playa Vista) | | 5.00 | | 9/1/2030 | | 1,095,000 | | 1,235,526 | |
Los Angeles Community Facilities District, Special Tax Bonds, Refunding (Playa Vista) | | 5.00 | | 9/1/2029 | | 1,170,000 | | 1,322,292 | |
Los Angeles County Metropolitan Transportation Authority, Revenue Bonds (Green Bond) Ser. A | | 4.00 | | 6/1/2036 | | 5,000,000 | | 6,160,184 | |
Los Angeles County Public Works Financing Authority, Revenue Bonds, Refunding, Ser. D | | 5.00 | | 12/1/2045 | | 4,000,000 | | 4,674,131 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
Los Angeles County Regional Financing Authority, Revenue Bonds (MonteCedro Project) Ser. A | | 5.00 | | 11/15/2044 | | 2,000,000 | | 2,093,271 | |
Los Angeles Department of Airports, Revenue Bonds (Los Angeles International Airport) Ser. B | | 5.00 | | 5/15/2038 | | 3,500,000 | | 3,772,751 | |
Los Angeles Department of Airports, Revenue Bonds, Refunding (Los Angeles International Airport) | | 5.00 | | 5/15/2032 | | 16,985,000 | | 21,718,400 | |
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/15/2027 | | 2,370,000 | | 2,932,557 | |
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/15/2028 | | 4,215,000 | | 5,335,538 | |
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 5/15/2038 | | 4,500,000 | | 5,216,647 | |
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2050 | | 5,000,000 | | 6,412,517 | |
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2045 | | 4,000,000 | | 5,154,183 | |
Los Angeles Department of Water & Power Water System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2040 | | 3,000,000 | | 3,924,659 | |
Metropolitan Water District of Southern California, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/1/2034 | | 5,000,000 | | 5,135,760 | |
Metropolitan Water District of Southern California, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2040 | | 2,000,000 | | 2,334,838 | |
Norman Y. Mineta San Jose International Airport, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 3/1/2029 | | 1,795,000 | | 2,202,427 | |
Norman Y. Mineta San Jose International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 3/1/2042 | | 2,550,000 | | 3,079,418 | |
North Natomas Community Facilities District No. 4, Special Tax Bonds, Refunding, Ser. E | | 5.25 | | 9/1/2026 | | 2,760,000 | | 3,022,522 | |
Northern California Transmission Agency, Revenue Bonds, Refunding (California-Oregon Transmission Project) Ser. A | | 5.00 | | 5/1/2039 | | 1,500,000 | | 1,779,077 | |
Northern California Transmission Agency, Revenue Bonds, Refunding (California-Oregon Transmission Project) Ser. A | | 5.00 | | 5/1/2038 | | 1,565,000 | | 1,858,887 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
Oakland Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. TE | | 5.00 | | 9/1/2036 | | 3,000,000 | | 3,501,440 | |
Oakland Unified School District, GO, Ser. A | | 5.00 | | 8/1/2040 | | 3,500,000 | | 4,091,288 | |
Orange County Community Facilities District, Special Tax Bonds (Esencia Village) Ser. A | | 5.00 | | 8/15/2047 | | 1,000,000 | | 1,191,837 | |
Orange County Community Facilities District, Special Tax Bonds (Esencia Village) Ser. A | | 5.00 | | 8/15/2041 | | 6,000,000 | | 6,927,209 | |
Orange County Community Facilities District, Special Tax Bonds (Esencia Village) Ser. A | | 5.00 | | 8/15/2042 | | 3,000,000 | | 3,603,487 | |
Palomar Community College District, GO, Ser. B | | 6.38 | | 8/1/2045 | | 16,615,000 | a | 18,585,707 | |
Palomar Health, Revenue Bonds, Refunding | | 5.00 | | 11/1/2026 | | 1,845,000 | | 2,232,921 | |
Palomar Health, Revenue Bonds, Refunding (Palomar Health & Arch Health Partners Obligated Group) | | 5.00 | | 11/1/2042 | | 5,000,000 | | 5,962,288 | |
Peralta Community College District, GO, Refunding, Ser. A | | 4.00 | | 8/1/2039 | | 5,000,000 | | 5,472,254 | |
Perris Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.00 | | 9/1/2036 | | 1,850,000 | | 2,253,667 | |
Perris Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.00 | | 9/1/2034 | | 1,310,000 | | 1,607,297 | |
Perris Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.00 | | 9/1/2035 | | 1,740,000 | | 2,131,324 | |
Pittsburg Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 9/1/2028 | | 3,000,000 | | 3,629,400 | |
Pomona Redevelopment Agency, Tax Allocation Bonds, Refunding, Ser. Y | | 5.50 | | 5/1/2032 | | 3,000,000 | | 3,809,779 | |
Pomona Unified School District, GO (Insured; Build America Mutual) Ser. F | | 5.00 | | 8/1/2039 | | 2,000,000 | | 2,264,531 | |
Port of Los Angeles, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 8/1/2039 | | 2,050,000 | | 2,299,652 | |
Sacramento City Unified School District, GO (Insured; Assured Guaranty Municipal Corp.) | | 4.00 | | 8/1/2049 | | 2,000,000 | | 2,344,398 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
Sacramento City Unified School District, GO (Insured; Assured Guaranty Municipal Corp.) | | 4.00 | | 8/1/2044 | | 1,000,000 | | 1,180,835 | |
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2041 | | 3,250,000 | | 3,871,575 | |
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2035 | | 1,000,000 | | 1,245,839 | |
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2036 | | 1,375,000 | | 1,708,723 | |
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 7/1/2033 | | 6,120,000 | | 7,576,279 | |
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 7/1/2028 | | 5,615,000 | | 7,124,637 | |
San Diego Association of Governments, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2038 | | 2,000,000 | | 2,437,897 | |
San Diego Association of Governments, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2042 | | 6,000,000 | | 7,280,947 | |
San Diego County Regional Airport Authority, Revenue Bonds, Refunding | | 5.00 | | 7/1/2028 | | 2,000,000 | | 2,560,564 | |
San Diego County Regional Airport Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2042 | | 3,000,000 | | 3,653,693 | |
San Diego County Regional Airport Authority, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 7/1/2044 | | 1,000,000 | | 1,148,540 | |
San Diego County Regional Transportation Commission, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 4/1/2024 | | 4,000,000 | b | 4,503,899 | |
San Diego County Water Authority, Revenue Bonds (Green Bond) Ser. B | | 4.00 | | 5/1/2033 | | 5,000,000 | | 6,365,458 | |
San Francisco Bay Area Rapid Transit District, Revenue Bonds, Ser. A | | 4.00 | | 7/1/2037 | | 2,500,000 | | 2,911,686 | |
San Francisco City & County, GO, Ser. C1 | | 4.00 | | 6/15/2037 | | 3,710,000 | | 4,471,318 | |
San Francisco City & County Airport Commission, Revenue Bonds, Refunding | | 5.00 | | 5/1/2029 | | 2,000,000 | | 2,063,582 | |
San Francisco City & County Airport Commission, Revenue Bonds, Refunding | | 5.00 | | 5/1/2028 | | 1,000,000 | | 1,031,996 | |
San Francisco City & County Airport Commission, Revenue Bonds, Refunding (SFO Fuel Co.) Ser. A | | 5.00 | | 1/1/2027 | | 2,000,000 | | 2,450,002 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
San Francisco City & County Airport Commission, Revenue Bonds, Refunding (SFO Fuel Co.) Ser. A | | 5.00 | | 1/1/2047 | | 4,000,000 | | 4,869,838 | |
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/1/2032 | | 1,000,000 | | 1,195,472 | |
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/1/2029 | | 1,000,000 | | 1,198,832 | |
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. D | | 5.00 | | 5/1/2048 | | 5,000,000 | | 6,106,459 | |
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. E | | 5.00 | | 5/1/2040 | | 9,905,000 | | 12,361,288 | |
San Francisco City & County Redevelopment Agency, Tax Allocation Bonds (Mission Bay South Redevelopment Project) (Insured; National Public Finance Guarantee Corp.) Ser. B | | 5.00 | | 8/1/2043 | | 1,100,000 | | 1,296,828 | |
San Francisco City & County Redevelopment Agency, Tax Allocation Bonds, Refunding (Mission Bay North Redevelopment Project) Ser. A | | 5.00 | | 8/1/2036 | | 1,555,000 | | 1,852,698 | |
San Francisco City & County Redevelopment Agency, Tax Allocation Bonds, Refunding (Mission Bay South Redevelopment Project) (Insured; National Public Finance Guarantee Corp.) Ser. C | | 5.00 | | 8/1/2041 | | 1,750,000 | | 2,069,090 | |
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/15/2050 | | 5,000,000 | | 5,593,412 | |
San Mateo Foster City Public Financing Authority, Revenue Bonds (Clean Water Program) | | 4.00 | | 8/1/2039 | | 1,500,000 | | 1,811,691 | |
San Mateo Foster City Public Financing Authority, Revenue Bonds (Clean Water Program) | | 4.00 | | 8/1/2037 | | 2,200,000 | | 2,669,612 | |
Santa Margarita Water District, Special Tax Bonds (Community Facilities District No. 2013-1) | | 5.63 | | 9/1/2043 | | 6,720,000 | | 7,252,969 | |
Santa Margarita Water District, Special Tax Bonds, Refunding (Community Facilities District No. 99-1) Ser. B | | 5.00 | | 9/1/2027 | | 1,945,000 | | 2,190,224 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
South Orange County Public Financing Authority, Special Tax Bonds, Refunding, Ser. A | | 5.00 | | 8/15/2029 | | 1,500,000 | | 1,538,121 | |
South Orange County Public Financing Authority, Special Tax Bonds, Refunding, Ser. A | | 5.00 | | 8/15/2030 | | 1,000,000 | | 1,025,314 | |
Stockton Unified School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 8/1/2038 | | 2,500,000 | | 2,812,028 | |
Stockton Unified School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 7/1/2025 | | 1,620,000 | | 1,685,231 | |
Tender Option Bond Trust Receipts (Series 2016-XM0375), (Riverside County Transportation Commission, Revenue Bonds, Refunding) Recourse, Underlying Coupon Rate (%) 5.25 | | 8.49 | | 6/1/2039 | | 7,500,000 | c,f,g | 8,157,687 | |
Tender Option Bond Trust Receipts (Series 2016-XM0379), (Los Angeles Department of Water & Power, Revenue Bonds, Refunding) Non-recourse, Underlying Coupon Rate (%) 5.00 | | 15.53 | | 7/1/2043 | | 12,000,000 | c,f,g | 12,449,393 | |
Tender Option Bond Trust Receipts (Series 2019-XF0761), (Los Angeles Department of Harbors, Revenue Bonds, Refunding (Green Bond)) Recourse, Underlying Coupon Rate (%) 4.00 | | 12.45 | | 8/1/2039 | | 10,000,000 | c,f,g | 11,276,436 | |
Tender Option Bond Trust Receipts (Series 2019-XF0762), (California Health Facilities Financing Authority, Revenue Bonds, Refunding (Sutter Health)) Recourse, Underlying Coupon Rate (%) 5.00 | | 15.80 | | 11/15/2046 | | 12,275,000 | c,f,g | 14,864,952 | |
Tobacco Securitization Authority Of Southern California, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization) | | 5.00 | | 6/1/2048 | | 5,750,000 | | 7,239,535 | |
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual) | | 4.00 | | 8/1/2035 | | 650,000 | | 781,051 | |
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual) | | 4.00 | | 8/1/2039 | | 1,900,000 | | 2,257,320 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 101.6% (continued) | | | | | |
California - 100.8% (continued) | | | | | |
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual) | | 4.00 | | 8/1/2032 | | 695,000 | | 843,970 | |
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual) | | 4.00 | | 8/1/2033 | | 1,500,000 | | 1,815,108 | |
University of California, Revenue Bonds, Refunding (Limited Project) Ser. G | | 5.00 | | 5/15/2042 | | 10,000,000 | | 10,346,313 | |
University of California, Revenue Bonds, Refunding, Ser. BH | | 4.00 | | 5/15/2040 | | 3,000,000 | | 3,661,269 | |
University of California, Revenue Bonds, Ser. AM | | 5.25 | | 5/15/2030 | | 3,000,000 | | 3,401,603 | |
University of California Regents Medical Center, Revenue Bonds, Refunding, Ser. J | | 5.00 | | 5/15/2043 | | 10,000,000 | | 10,788,206 | |
University of California Regents Medical Center, Revenue Bonds, Refunding, Ser. L | | 4.00 | | 5/15/2044 | | 3,000,000 | | 3,368,976 | |
Walnut Energy Center Authority, Revenue Bonds, Refunding | | 5.00 | | 1/1/2027 | | 2,150,000 | | 2,433,774 | |
Yosemite Community College District, GO, Ser. D | | 0.00 | | 8/1/2031 | | 5,545,000 | e | 4,845,327 | |
| | 838,927,112 | |
U.S. Related - .8% | | | | | |
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. CC | | 5.25 | | 7/1/2034 | | 5,905,000 | | 6,611,191 | |
Total Long-Term Municipal Investments
(cost $778,740,171) | | 845,538,303 | |
Total Investments (cost $788,644,379) | | 102.8% | 855,965,262 | |
Liabilities, Less Cash and Receivables | | (2.8%) | (23,403,701) | |
Net Assets | | 100.0% | 832,561,561 | |
a Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
b 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.
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 August 31, 2021, these securities were valued at $91,767,033 or 11.02% of net assets.
d These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
e Security issued with a zero coupon. Income is recognized through the accretion of discount.
f The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
g Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.
STATEMENT OF INVESTMENTS
BNY Mellon California AMT-Free Municipal Bond Fund
August 31, 2021 (Unaudited)
The following is a summary of the inputs used as of August 31, 2021 in valuing the fund’s investments:
| | | | | |
| | Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total |
Assets ($) | | | | |
Investments in Securities: † | | | | |
Collateralized Municipal-Backed Securities | - | 5,386,673 | - | 5,386,673 |
Municipal Securities | - | 845,538,303 | - | 845,538,303 |
U.S. Government Agencies Collateralized Municipal-Backed Securities | - | 5,040,286 | - | 5,040,286 |
Liabilities ($) | | | | |
Floating Rate Notes†† | - | (29,455,000) | - | (29,455,000) |
† 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:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board Members (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as
calculated by the Service based upon its evaluation of the market for such securities). Debt investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general oversight of the Board.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.
The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.
The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity
Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.
At August 31, 2021, accumulated net unrealized appreciation on investments was $67,320,883, consisting of $67,429,003 gross unrealized appreciation and $108,120 gross unrealized depreciation.
At August 31, 2021, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
