STATEMENT OF INVESTMENTS
BNY Mellon California AMT-Free Municipal Bond Fund
August 31, 2024 (Unaudited)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Bonds and Notes - 2.2% | | | | | |
Collateralized Municipal-Backed Securities - 2.2% | | | | | |
California Housing Finance Agency, Revenue Bonds (Sustainable Bond) (Noble Towers) (Insured; Federal National Mortgage Association) | | 2.35 | | 12/1/2035 | | 4,613,668 | | 3,968,403 | |
California Housing Finance Agency, Revenue Bonds, Ser. A | | 3.25 | | 8/20/2036 | | 4,785,402 | | 4,539,540 | |
California Housing Finance Agency, Revenue Bonds, Ser. A | | 4.25 | | 1/15/2035 | | 4,149,281 | | 4,340,364 | |
Total Bonds and Notes
(cost $14,603,814) | | 12,848,307 | |
| | | | | | | | | |
Long-Term Municipal Investments - 99.3% | | | | | |
California - 97.7% | | | | | |
Alameda Corridor Transportation Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 10/1/2052 | | 2,500,000 | | 2,695,242 | |
Allan Hancock Joint Community College District, GO, Ser. C | | 5.60 | | 8/1/2047 | | 11,375,000 | a | 8,455,737 | |
Anaheim Community Facilities District, Special Tax Bonds, Refunding (Platinum Triangle) | | 4.00 | | 9/1/2046 | | 1,690,000 | | 1,557,165 | |
Anaheim Community Facilities District, Special Tax Bonds, Refunding (Platinum Triangle) | | 4.00 | | 9/1/2041 | | 4,325,000 | | 4,148,714 | |
Bay Area Toll Authority, Revenue Bonds (Sustainable Bond) Ser. F2 | | 5.00 | | 4/1/2045 | | 1,750,000 | | 1,927,977 | |
Bay Area Toll Authority, Revenue Bonds, Ser. F1 | | 5.00 | | 4/1/2052 | | 1,700,000 | | 1,886,385 | |
Burbank-Glendale-Pasadena Airport Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 4.38 | | 7/1/2049 | | 1,500,000 | | 1,506,147 | |
California, GO | | 4.00 | | 11/1/2035 | | 1,000,000 | | 1,048,374 | |
California, GO, Refunding | | 4.00 | | 10/1/2050 | | 2,000,000 | | 2,002,344 | |
California, GO, Refunding | | 4.00 | | 9/1/2043 | | 3,500,000 | | 3,567,105 | |
California, GO, Refunding | | 5.00 | | 4/1/2042 | | 1,500,000 | | 1,669,497 | |
California, GO, Refunding | | 5.00 | | 4/1/2042 | | 2,000,000 | | 2,097,372 | |
California, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.25 | | 8/1/2032 | | 5,000,000 | | 5,809,288 | |
California Community Choice Financing Authority, Revenue Bonds (Sustainable Bond) (Clean Energy Project) | | 4.00 | | 12/1/2027 | | 2,000,000 | b | 2,025,187 | |
California Community Choice Financing Authority, Revenue Bonds (Sustainable Bond) (Clean Energy Project) Ser. E1 | | 5.00 | | 3/1/2031 | | 3,000,000 | b | 3,223,921 | |
California Community Choice Financing Authority, Revenue Bonds (Sustainable Bond) (Clean Energy Project) Ser. G | | 5.25 | | 4/1/2030 | | 10,000,000 | b | 10,786,644 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 99.3% (continued) | | | | | |
California - 97.7% (continued) | | | | | |
California Community Choice Financing Authority, Revenue Bonds (Sustainable Bond) Ser. B1 | | 4.00 | | 8/1/2031 | | 11,500,000 | b | 11,698,619 | |
California Community Choice Financing Authority, Revenue Bonds (Sustainable Bond) Ser. D | | 5.50 | | 11/1/2028 | | 10,000,000 | b | 10,718,111 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding | | 5.00 | | 6/1/2034 | | 4,810,000 | | 4,811,564 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding (Sonoma County Securitization Corp.) | | 4.00 | | 6/1/2049 | | 1,000,000 | | 934,277 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding (Sonoma County Securitization Corp.) | | 5.00 | | 6/1/2049 | | 460,000 | | 471,865 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2049 | | 1,750,000 | | 1,634,985 | |
California Educational Facilities Authority, Revenue Bonds (Chapman University) | | 5.00 | | 4/1/2040 | | 5,000,000 | | 5,027,705 | |
California Educational Facilities Authority, Revenue Bonds (Chapman University) | | 5.00 | | 4/1/2045 | | 2,305,000 | | 2,314,547 | |
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A | | 5.00 | | 4/1/2037 | | 1,500,000 | | 1,554,590 | |
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A | | 5.00 | | 4/1/2036 | | 3,845,000 | | 3,990,328 | |
California Health Facilities Financing Authority, Revenue Bonds (Adventist Health System/West Obligated Group) Ser. A | | 5.25 | | 12/1/2044 | | 3,380,000 | | 3,730,533 | |
California Health Facilities Financing Authority, Revenue Bonds (Adventist Health System/West Obligated Group) Ser. A | | 5.25 | | 12/1/2043 | | 1,000,000 | | 1,109,631 | |
California Health Facilities Financing Authority, Revenue Bonds (City of Hope Obligated Group) | | 4.00 | | 11/15/2045 | | 6,000,000 | | 5,789,346 | |
California Health Facilities Financing Authority, Revenue Bonds (CommonSpirit Health Obligated Group) Ser. A | | 5.00 | | 12/1/2054 | | 2,250,000 | | 2,427,503 | |
California Health Facilities Financing Authority, Revenue Bonds (Episcopal Communities & Services for Seniors Obligated Group) Ser. B | | 5.25 | | 11/15/2053 | | 1,000,000 | | 1,061,836 | |
California Health Facilities Financing Authority, Revenue Bonds (Sutter Health Obligated Group) Ser. A | | 5.00 | | 11/15/2048 | | 3,000,000 | | 3,101,058 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Adventist Health System/West Obligated Group) Ser. A | | 4.00 | | 3/1/2039 | | 2,665,000 | | 2,598,115 | |
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 | | 2,045,698 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 99.3% (continued) | | | | | |
California - 97.7% (continued) | | | | | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A | | 4.00 | | 4/1/2044 | | 1,000,000 | | 969,562 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A | | 4.00 | | 4/1/2045 | | 3,000,000 | | 2,881,592 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. A | | 5.00 | | 10/1/2030 | | 3,500,000 | | 3,505,474 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. A | | 5.00 | | 10/1/2031 | | 4,430,000 | | 4,436,011 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Stanford Health Care Obligated Group) Ser. A | | 5.00 | | 11/15/2037 | | 3,360,000 | | 3,556,496 | |
California Housing Finance Agency, Revenue Bonds, Ser. 2 | | 4.00 | | 3/20/2033 | | 2,768,489 | | 2,850,611 | |
California Housing Finance Agency, Revenue Bonds, Ser. 2021-1 | | 3.50 | | 11/20/2035 | | 2,844,432 | | 2,768,164 | |
California Infrastructure & Economic Development Bank, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) | | 5.00 | | 11/1/2039 | | 550,000 | | 579,803 | |
California Infrastructure & Economic Development Bank, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) | | 5.00 | | 11/1/2044 | | 625,000 | | 650,013 | |
California Infrastructure & Economic Development Bank, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) | | 5.00 | | 11/1/2049 | | 1,500,000 | | 1,549,765 | |
California Infrastructure & Economic Development Bank, Revenue Bonds (WFCS Portfolio Project) Ser. A-1 | | 5.00 | | 1/1/2056 | | 1,250,000 | c | 1,255,296 | |
California Infrastructure & Economic Development Bank, Revenue Bonds, Refunding (Academy of Motion Picture Arts & Sciences Obligated Group) Ser. A | | 4.00 | | 11/1/2041 | | 1,000,000 | | 1,040,840 | |
California Infrastructure & Economic Development Bank, Revenue Bonds, Refunding (WFCS Portfolio Project) | | 5.00 | | 1/1/2055 | | 1,000,000 | c | 1,003,942 | |
California Municipal Finance Authority, Revenue Bonds (Aldersly Project) Ser. B2 | | 3.75 | | 11/15/2028 | | 2,990,000 | | 2,991,642 | |
California Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation) Ser. A | | 5.00 | | 6/1/2050 | | 1,500,000 | | 1,506,164 | |
California Municipal Finance Authority, Revenue Bonds (California Baptist University) Ser. A | | 5.00 | | 11/1/2046 | | 2,500,000 | c | 2,504,395 | |
California Municipal Finance Authority, Revenue Bonds (Channing House Project) Ser. B | | 5.00 | | 5/15/2047 | | 2,500,000 | | 2,569,494 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 99.3% (continued) | | | | | |
California - 97.7% (continued) | | | | | |
California Municipal Finance Authority, Revenue Bonds (Gibson Drive Apartments Project) (Insured; Federal National Mortgage Association) Ser. A | | 4.45 | | 12/1/2042 | | 5,000,000 | | 5,100,477 | |
California Municipal Finance Authority, Revenue Bonds (HumanGood California Obligated Group) | | 4.00 | | 10/1/2049 | | 2,000,000 | | 1,863,991 | |
California Municipal Finance Authority, Revenue Bonds (LAX Integrated Express Solutions APM Project) | | 5.00 | | 12/31/2035 | | 1,500,000 | | 1,553,519 | |
California Municipal Finance Authority, Revenue Bonds (LAX Integrated Express Solutions APM Project) | | 5.00 | | 6/30/2031 | | 3,100,000 | | 3,236,059 | |
California Municipal Finance Authority, Revenue Bonds (Sustainable Bond) (Orchard Park) (Insured; Build America Mutual) | | 4.00 | | 5/15/2032 | | 1,155,000 | | 1,202,414 | |
California Municipal Finance Authority, Revenue Bonds (The Palmdale Aerospace Academy Project) | | 5.00 | | 7/1/2041 | | 1,750,000 | c | 1,756,242 | |
California Municipal Finance Authority, Revenue Bonds (The Palmdale Aerospace Academy Project) | | 5.00 | | 7/1/2046 | | 2,170,000 | c | 2,164,132 | |
California Municipal Finance Authority, Revenue Bonds (UCR North District Phase 1 Student) (Insured; Build America Mutual) | | 5.00 | | 5/15/2044 | | 1,890,000 | | 1,979,073 | |
California Municipal Finance Authority, Revenue Bonds (UCR North District Phase 1 Student) (Insured; Build America Mutual) | | 5.00 | | 5/15/2043 | | 3,040,000 | | 3,190,459 | |
California Municipal Finance Authority, Revenue Bonds (United Airlines Project) | | 4.00 | | 7/15/2029 | | 5,000,000 | | 5,015,177 | |
California Municipal Finance Authority, Revenue Bonds (Westside Neighborhood School) | | 6.38 | | 6/15/2064 | | 2,000,000 | c | 2,166,913 | |
California Municipal Finance Authority, Revenue Bonds, (St. Ignatius College Preparatory) Ser. A | | 5.00 | | 9/1/2054 | | 3,000,000 | | 3,270,181 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Biola University) | | 5.00 | | 10/1/2039 | | 1,000,000 | | 1,034,359 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Community Medical Centers) Ser. A | | 5.00 | | 2/1/2036 | | 1,000,000 | | 1,028,094 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Community Medical Centers) Ser. A | | 5.00 | | 2/1/2037 | | 1,000,000 | | 1,026,028 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. A | | 5.00 | | 7/1/2036 | | 1,100,000 | | 1,130,439 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. A | | 5.00 | | 7/1/2042 | | 3,500,000 | | 3,552,089 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 99.3% (continued) | | | | | |
California - 97.7% (continued) | | | | | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. A | | 5.00 | | 7/1/2037 | | 1,000,000 | | 1,026,447 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. B | | 5.00 | | 7/1/2042 | | 2,500,000 | | 2,537,207 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (HumanGood California Obligated Group) Ser. A | | 5.00 | | 10/1/2044 | | 2,000,000 | | 2,028,418 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Town & Country Manor of the Christian & Missionary Alliance) | | 5.00 | | 7/1/2049 | | 2,100,000 | | 2,225,316 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Town & Country Manor of the Christian & Missionary Alliance) | | 5.00 | | 7/1/2034 | | 1,720,000 | | 1,880,151 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (William Jessup University) | | 5.00 | | 8/1/2048 | | 8,765,000 | c | 7,530,168 | |
California Public Finance Authority, Revenue Bonds (Hoag Memorial Hospital Presbyterian Obligated Group) Ser. A | | 4.00 | | 7/15/2051 | | 3,000,000 | | 2,955,160 | |
California Public Finance Authority, Revenue Bonds (Hoag Memorial Hospital Presbyterian Obligated Group) Ser. A | | 5.00 | | 7/15/2046 | | 2,000,000 | | 2,200,994 | |
California Public Finance Authority, Revenue Bonds, Refunding (Henry Mayo Newhall Hospital Obligated Group) | | 5.00 | | 10/15/2047 | | 3,000,000 | | 3,015,498 | |
California School Finance Authority, Revenue Bonds (Alliance for College-Ready Public Schools Obligated Group) Ser. A | | 5.00 | | 7/1/2045 | | 3,500,000 | c | 3,515,244 | |
California School Finance Authority, Revenue Bonds (Granada Hills Charter High School Obligated Group) | | 5.00 | | 7/1/2049 | | 1,100,000 | c | 1,111,929 | |
California School Finance Authority, Revenue Bonds (Granada Hills Charter High School Obligated Group) | | 5.00 | | 7/1/2043 | | 1,255,000 | c | 1,270,719 | |
California School Finance Authority, Revenue Bonds (Granada Hills Charter High School Obligated Group) Ser. A | | 5.00 | | 7/1/2064 | | 1,000,000 | c | 1,034,813 | |
California School Finance Authority, Revenue Bonds (Granada Hills Charter High School Obligated Group) Ser. A | | 5.00 | | 7/1/2054 | | 525,000 | c | 547,364 | |
California School Finance Authority, Revenue Bonds (Green Dot Public Schools California Project) Ser. A | | 5.00 | | 8/1/2048 | | 1,650,000 | c | 1,678,331 | |
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A | | 5.00 | | 7/1/2047 | | 875,000 | c | 885,098 | |
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A | | 5.00 | | 7/1/2037 | | 590,000 | c | 606,080 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 99.3% (continued) | | | | | |
California - 97.7% (continued) | | | | | |
California School Finance Authority, Revenue Bonds (KIPP SoCal Public Schools Obligated Group) Ser. A | | 5.00 | | 7/1/2049 | | 1,650,000 | c | 1,689,460 | |
California School Finance Authority, Revenue Bonds (KIPP Social Projects) Ser. A | | 4.00 | | 7/1/2050 | | 1,135,000 | c | 1,056,439 | |
California School Finance Authority, Revenue Bonds, Refunding (Aspire Public Schools Obligated Group) | | 5.00 | | 8/1/2041 | | 1,600,000 | c | 1,609,392 | |
California School Finance Authority, Revenue Bonds, Refunding (Aspire Public Schools Obligated Group) | | 5.00 | | 8/1/2025 | | 150,000 | c,d | 153,198 | |
California School Finance Authority, Revenue Bonds, Refunding (Classical Academies Oceans) Ser. A | | 5.00 | | 10/1/2052 | | 1,500,000 | c | 1,532,540 | |
California State University, Revenue Bonds, Ser. A | | 4.00 | | 11/1/2049 | | 1,855,000 | | 1,858,841 | |
California State University, Revenue Bonds, Ser. A | | 5.25 | | 11/1/2053 | | 1,000,000 | | 1,130,774 | |
California Statewide Communities Development Authority, Revenue Bonds (Enloe Medical Center Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.25 | | 8/15/2052 | | 1,000,000 | | 1,082,694 | |
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 | 5,350,879 | |
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A | | 5.25 | | 12/1/2056 | | 1,500,000 | c | 1,517,232 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (American Baptist Homes) | | 5.00 | | 10/1/2045 | | 3,550,000 | | 3,576,873 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (California Baptist University) Ser. A | | 5.00 | | 11/1/2032 | | 1,855,000 | c | 1,912,781 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (California Baptist University) Ser. A | | 5.00 | | 11/1/2041 | | 700,000 | c | 705,853 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group) | | 4.00 | | 4/1/2051 | | 5,500,000 | | 5,081,462 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group) | | 5.00 | | 4/1/2047 | | 4,555,000 | | 4,623,198 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (John Muir Health Obligated Group) Ser. A | | 5.25 | | 12/1/2054 | | 3,500,000 | | 3,919,854 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 99.3% (continued) | | | | | |
California - 97.7% (continued) | | | | | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (John Muir Health) Ser. A | | 5.00 | | 8/15/2041 | | 1,200,000 | | 1,226,585 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Odd Fellows Home of California Poject) | | 4.00 | | 4/1/2043 | | 1,900,000 | | 1,920,010 | |
Escondido Union High School District, GO, Ser. C | | 0.00 | | 8/1/2046 | | 3,000,000 | e | 1,153,137 | |
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M049 | | 3.05 | | 4/15/2034 | | 4,615,000 | | 4,241,889 | |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 0.00 | | 1/15/2035 | | 10,000,000 | e | 7,065,786 | |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Ser. A | | 4.00 | | 1/15/2046 | | 1,500,000 | | 1,459,902 | |
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 | | 888,587 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding (Tobacco Settlement Asset) Ser. B | | 5.00 | | 6/1/2051 | | 8,500,000 | | 8,828,800 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. B2 | | 0.00 | | 6/1/2066 | | 47,000,000 | e | 5,488,528 | |
Grossmont Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) | | 0.00 | | 8/1/2026 | | 3,265,000 | e | 3,094,824 | |
Hesperia Community Redevelopment Agency, Tax Allocation Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 9/1/2035 | | 6,835,000 | | 7,349,572 | |
Hesperia Community Redevelopment Agency, Tax Allocation Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 9/1/2034 | | 3,255,000 | | 3,506,573 | |
Imperial Irrigation District Electric System, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 11/1/2038 | | 1,800,000 | | 1,852,759 | |
Imperial Irrigation District Electric System, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 11/1/2037 | | 2,500,000 | | 2,575,674 | |
Irvine, Special Tax Bonds (Community Facilities District No. 2013-3) | | 5.00 | | 9/1/2048 | | 4,250,000 | | 4,373,039 | |
Irvine, Special Tax Bonds (Community Facilities District No. 2013-3) | | 5.00 | | 9/1/2043 | | 2,500,000 | | 2,589,866 | |
Irvine, Special Tax Bonds (Community Facilities District No. 2013-3) | | 5.00 | | 9/1/2044 | | 2,500,000 | | 2,500,000 | |
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) (Insured; Build America Mutual) Ser. A | | 4.00 | | 9/1/2044 | | 1,110,000 | | 1,111,177 | |
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) Ser. A | | 5.00 | | 9/1/2042 | | 400,000 | | 411,958 | |
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) Ser. B | | 5.00 | | 9/1/2042 | | 990,000 | | 1,019,596 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 99.3% (continued) | | | | | |
California - 97.7% (continued) | | | | | |
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) Ser. C | | 5.00 | | 9/1/2042 | | 995,000 | | 1,024,745 | |
Jurupa Public Financing Authority, Special Tax Bonds, Refunding, Ser. A | | 5.00 | | 9/1/2042 | | 3,420,000 | | 3,420,000 | |
Lancaster Redevelopment Agency, Tax Allocation Bonds, Refunding (Comb Redevelopment Project Areas) (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 8/1/2033 | | 1,200,000 | | 1,251,203 | |
Los Angeles County Public Works Financing Authority, Revenue Bonds, Refunding, Ser. H | | 4.00 | | 12/1/2053 | | 1,500,000 | | 1,493,257 | |
Los Angeles Department of Airports, Revenue Bonds, Refunding | | 5.00 | | 5/15/2032 | | 16,985,000 | | 18,154,568 | |
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/15/2027 | | 2,370,000 | | 2,483,269 | |
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/15/2028 | | 3,215,000 | | 3,423,621 | |
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2040 | | 1,500,000 | | 1,657,186 | |
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2045 | | 4,000,000 | | 4,335,466 | |
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. E | | 5.00 | | 7/1/2053 | | 5,000,000 | | 5,503,818 | |
Monterey Peninsula Community College District, GO, Ser. B | | 4.00 | | 8/1/2051 | | 3,500,000 | | 3,464,352 | |
Norman Y. Mineta San Jose International Airport, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 3/1/2029 | | 1,795,000 | | 1,859,688 | |
Norman Y. Mineta San Jose International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 3/1/2042 | | 2,550,000 | | 2,642,958 | |
Northern California Transmission Agency, Revenue Bonds, Refunding (California-Oregon Transmission Project) Ser. A | | 5.00 | | 5/1/2038 | | 1,565,000 | | 1,604,629 | |
Northern California Transmission Agency, Revenue Bonds, Refunding (California-Oregon Transmission Project) Ser. A | | 5.00 | | 5/1/2039 | | 1,500,000 | | 1,536,078 | |
Oakland Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. TE | | 5.00 | | 9/1/2036 | | 3,000,000 | | 3,045,735 | |
Orange County Community Facilities District, Special Tax Bonds (Community Facilities District No. 2021-1) Ser. A | | 5.00 | | 8/15/2047 | | 4,000,000 | | 4,173,628 | |
Orange County Community Facilities District, Special Tax Bonds (Esencia Village) Ser. A | | 5.00 | | 8/15/2047 | | 1,000,000 | | 1,024,137 | |
Orange County Community Facilities District, Special Tax Bonds (Esencia Village) Ser. A | | 5.00 | | 8/15/2041 | | 6,000,000 | | 6,101,030 | |
Orange County Community Facilities District, Special Tax Bonds (Esencia Village) Ser. A | | 5.00 | | 8/15/2042 | | 3,000,000 | | 3,093,956 | |
Palomar Community College District, GO, Ser. B | | 6.38 | | 8/1/2045 | | 16,615,000 | a | 15,762,032 | |
Palomar Health, Revenue Bonds, Refunding | | 5.00 | | 11/1/2026 | | 1,845,000 | | 1,876,017 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 99.3% (continued) | | | | | |
California - 97.7% (continued) | | | | | |
Peralta Community College District, GO, Refunding, Ser. A | | 4.00 | | 8/1/2039 | | 5,000,000 | | 4,999,884 | |
Perris Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.00 | | 9/1/2035 | | 1,740,000 | | 1,805,687 | |
Perris Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.00 | | 9/1/2036 | | 1,850,000 | | 1,908,533 | |
Pomona Redevelopment Agency, Tax Allocation Bonds, Refunding, Ser. Y | | 5.50 | | 5/1/2032 | | 2,520,000 | | 2,796,643 | |
River Islands Public Financing Authority, Special Tax Bonds (Community Facilities District No. 2023-1) | | 5.00 | | 9/1/2048 | | 1,650,000 | | 1,689,773 | |
River Islands Public Financing Authority, Special Tax Bonds (Community Facilities District No. 2023-1) | | 5.00 | | 9/1/2054 | | 4,250,000 | | 4,329,330 | |
Riverside County Transportation Commission, Revenue Bonds, Refunding, Ser. B1 | | 4.00 | | 6/1/2037 | | 1,750,000 | | 1,792,959 | |
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2041 | | 3,250,000 | | 3,330,699 | |
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 7/1/2033 | | 6,120,000 | | 6,407,289 | |
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 7/1/2028 | | 5,615,000 | | 5,978,743 | |
Sacramento Municipal Utility District, Revenue Bonds, Refunding (Sustainable Bond) Ser. M | | 5.00 | | 11/15/2054 | | 3,000,000 | | 3,350,775 | |
Sacramento Unified School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. G | | 4.00 | | 8/1/2044 | | 1,000,000 | | 1,003,470 | |
San Diego Association of Governments, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2038 | | 2,000,000 | | 2,096,666 | |
San Diego Association of Governments, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2042 | | 6,000,000 | | 6,232,865 | |
San Diego County Regional Airport Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2042 | | 3,000,000 | | 3,123,143 | |
San Diego County Regional Airport Authority, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 7/1/2044 | | 1,000,000 | | 960,680 | |
San Diego County Regional Airport Authority, Revenue Bonds, Ser. A | | 4.00 | | 7/1/2051 | | 5,000,000 | | 4,900,363 | |
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2053 | | 3,000,000 | | 3,156,420 | |
San Diego Unified School District, GO (Sustainable Bond) Ser. G3 | | 4.00 | | 7/1/2053 | | 1,000,000 | | 995,938 | |
San Francisco Bay Area Rapid Transit District, Revenue Bonds, Ser. A | | 4.00 | | 7/1/2037 | | 2,500,000 | | 2,525,022 | |
San Francisco City & County Airport Commission, Revenue Bonds, Refunding (SFO Fuel Co.) Ser. A | | 5.00 | | 1/1/2047 | | 4,000,000 | | 4,107,993 | |
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. D | | 5.00 | | 5/1/2048 | | 5,000,000 | | 5,077,315 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 99.3% (continued) | | | | | |
California - 97.7% (continued) | | | | | |
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. E | | 5.00 | | 5/1/2040 | | 8,405,000 | | 8,764,398 | |
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 | | 1,127,873 | |
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 | | 1,798,490 | |
San Jose Evergreen Community College District, GO, Ser. C | | 4.00 | | 9/1/2043 | | 2,500,000 | | 2,560,709 | |
San Mateo Foster Public Financing Authority, Revenue Bonds (Clean Water Program) | | 4.00 | | 8/1/2039 | | 1,500,000 | | 1,532,384 | |
San Mateo Foster Public Financing Authority, Revenue Bonds (Clean Water Program) | | 4.00 | | 8/1/2037 | | 2,200,000 | | 2,273,335 | |
South San Francisco Unified School District, GO | | 4.00 | | 9/1/2052 | | 10,000,000 | | 9,877,222 | |
Southern California Tobacco Securitization Authority, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization) | | 5.00 | | 6/1/2048 | | 5,750,000 | | 5,950,404 | |
Tender Option Bond Trust Receipts (Series 2019-XF0761), (Los Angeles Department of Harbors, Revenue Bonds, Refunding (Sustainable Bond) Ser. C) Non-Recourse, Underlying Coupon Rate 4.00% | | 3.64 | | 8/1/2039 | | 10,000,000 | c,f,g | 10,023,715 | |
Tender Option Bond Trust Receipts (Series 2019-XF0762), (California Health Facilities Financing Authority, Revenue Bonds, Refunding (Sutter Health) Ser. B) Non-Recourse, Underlying Coupon Rate 5.00% | | 4.68 | | 11/15/2046 | | 12,275,000 | c,f,g | 12,734,984 | |
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual) | | 4.00 | | 8/1/2035 | | 650,000 | | 664,449 | |
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual) | | 4.00 | | 8/1/2039 | | 1,900,000 | | 1,936,346 | |
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual) | | 4.00 | | 8/1/2032 | | 695,000 | | 720,606 | |
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual) | | 4.00 | | 8/1/2033 | | 1,500,000 | | 1,546,732 | |
University of California, Revenue Bonds, Refunding, Ser. BH | | 4.00 | | 5/15/2040 | | 3,000,000 | | 3,100,960 | |
University of California, Revenue Bonds, Refunding, Ser. BS | | 5.00 | | 5/15/2043 | | 4,000,000 | | 4,572,156 | |
University of California Regents Medical Center, Revenue Bonds, Refunding, Ser. L | | 4.00 | | 5/15/2044 | | 3,000,000 | | 3,003,044 | |
Vernon Electric System, Revenue Bonds, Ser. A | | 5.00 | | 10/1/2027 | | 1,500,000 | | 1,587,143 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 99.3% (continued) | | | | | |
California - 97.7% (continued) | | | | | |
Vernon Electric System, Revenue Bonds, Ser. A | | 5.00 | | 4/1/2027 | | 1,750,000 | | 1,835,618 | |
Yosemite Community College District, GO, Ser. D | | 0.00 | | 8/1/2031 | | 5,545,000 | e | 4,507,470 | |
| | 573,444,590 | |
Multi-State - .8% | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. MO50 | | 3.05 | | 6/15/2037 | | 5,300,000 | c | 4,911,441 | |
U.S. Related - .8% | | | | | |
Guam Government Waterworks Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2043 | | 1,300,000 | | 1,410,559 | |
Puerto Rico, GO, Ser. A1 | | 5.63 | | 7/1/2029 | | 1,900,000 | | 2,043,973 | |
Puerto Rico, GO, Ser. A1 | | 5.63 | | 7/1/2027 | | 1,000,000 | | 1,041,621 | |
| | 4,496,153 | |
Total Long-Term Municipal Investments
(cost $596,921,701) | | 582,852,184 | |
Total Investments (cost $611,525,515) | | 101.5% | 595,700,491 | |
Liabilities, Less Cash and Receivables | | (1.5%) | (8,885,252) | |
Net Assets | | 100.0% | 586,815,239 | |
a Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
b 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.
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, 2024, these securities were valued at $72,228,580 or 12.31% of net assets.
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
e Security issued with a zero coupon. Income is recognized through the accretion of discount.
f The Variable Rate is determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
g Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.
STATEMENT OF INVESTMENTS (Unaudited) (continued)
The following is a summary of the inputs used as of August 31, 2024 in valuing the fund’s investments:
| | | | | | | |
| | Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | | Level 3-Significant Unobservable Inputs | Total | |
Assets ($) | | |
Investments in Securities:† | | |
Collateralized Municipal-Backed Securities | - | 12,848,307 | | - | 12,848,307 | |
Municipal Securities | - | 582,852,184 | | - | 582,852,184 | |
Liabilities ($) | | |
Other Financial Instruments: | | |
Inverse Floater Notes†† | - | (13,365,000) | | - | (13,365,000) | |
† 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 August 31, 2024, accumulated net unrealized depreciation on investments was $15,825,024, consisting of $8,047,587 gross unrealized appreciation and $23,872,611 gross unrealized depreciation.
At August 31, 2024, 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.
