Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)
01 3월 2025 - 3:32AM
Edgar (US Regulatory)
STATEMENT OF INVESTMENTS
December 31, 2024 (Unaudited)
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Long-Term Municipal Investments — 128.1%
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Alabama Special Care Facilities
Financing Authority,
Revenue Bonds (Methodist
Home for the Aging
Obligated Group)
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Black Belt Energy Gas District,
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Black Belt Energy Gas District,
Revenue Bonds, Refunding
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Jefferson County, Revenue
Bonds, Refunding
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Jefferson County, Revenue
Bonds, Refunding
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Mobile County Industrial
Development Authority,
Revenue Bonds, Ser. B
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Selma Industrial Development
Board, Revenue Bonds,
Refunding (International
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Northern Tobacco
Securitization Corp.,
Revenue Bonds, Refunding,
Ser. A
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Arizona Industrial
Development Authority,
Revenue Bonds (Academics
of Math & Science Project)(b)
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Arizona Industrial
Development Authority,
Revenue Bonds (Legacy
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Arizona Industrial
Development Authority,
Revenue Bonds (Legacy
Cares Project) Ser. A(b),(c)
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STATEMENT OF INVESTMENTS (Unaudited) (continued)
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Long-Term Municipal Investments — 128.1% (continued)
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Arizona — 4.8% (continued)
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Arizona Industrial
Development Authority,
Revenue Bonds (Sustainable
Bond) (Equitable Schools)
Ser. A
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Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
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Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
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Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Project) Ser.
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Glendale Industrial
Development Authority,
Revenue Bonds, Refunding
(Sun Health Services
Obligated Group) Ser. A
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La Paz County Industrial
Development Authority,
Revenue Bonds (Harmony
Public Schools) Ser. A(b)
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Maricopa County Industrial
Development Authority,
Revenue Bonds (Benjamin
Franklin Charter School
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Maricopa County Industrial
Development Authority,
Revenue Bonds, Refunding
(Paradise Schools Projects
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Sierra Vista Industrial
Development Authority,
Revenue Bonds (American
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Long-Term Municipal Investments — 128.1% (continued)
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Arizona — 4.8% (continued)
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Tender Option Bond Trust
Receipts (Series 2018-
XF2537), (Salt Verde
Financial Corporation,
Revenue Bonds) Recourse,
Underlying Coupon Rate
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The Phoenix Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Projects) Ser.
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The Phoenix Arizona Industrial
Development Authority,
Revenue Bonds, Refunding
(BASIS Schools Projects) Ser.
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Arkansas Development
Finance Authority, Revenue
Bonds (Sustainable Bond)
(U.S. Steel Corp.)
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California Community Choice
Financing
Authority, Revenue Bonds
(Sustainable Bond) (Clean
Energy Project) Ser. D(a)
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California County Tobacco
Securitization Agency,
Revenue Bonds, Refunding
Ser. A
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California Municipal Finance
Authority, Revenue Bonds,
Refunding (HumanGood
California Obligated Group)
Ser. A
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California Municipal Finance
Authority, Revenue Bonds,
Refunding (William Jessup
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STATEMENT OF INVESTMENTS (Unaudited) (continued)
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Long-Term Municipal Investments — 128.1% (continued)
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California — 4.1% (continued)
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California Statewide
Communities Development
Authority, Revenue Bonds
(Loma Linda University
Medical Center Obligated
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Golden State Tobacco
Securitization Corp.,
Revenue Bonds, Refunding
(Tobacco Settlement Asset)
Ser. B
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Orange County Community
Facilities District, Special
Tax Bonds, Ser. A
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San Diego County Regional
Airport Authority, Revenue
Bonds, Ser. B
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Tender Option Bond Trust
Receipts (Series 2022-
XF3024), (San Francisco City
& County, Revenue Bonds,
Refunding, Ser. A) Recourse,
Underlying Coupon Rate
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City & County of Denver
Company, Revenue Bonds,
Refunding (United Airlines
Project)
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Colorado Health Facilities
Authority, Revenue Bonds
(CommonSpirit Health
Obligated Group)
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Colorado Health Facilities
Authority, Revenue Bonds
(Covenant Retirement
Communities & Services
Obligated Group)
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Long-Term Municipal Investments — 128.1% (continued)
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Colorado — 5.7% (continued)
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Colorado Health Facilities
Authority, Revenue Bonds,
Refunding (Covenant Living
Communities & Services
Obligated Group) Ser. A
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Colorado High Performance
Transportation Enterprise,
Revenue Bonds (C-
470 Express Lanes System)
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Dominion Water & Sanitation
District, Revenue Bonds,
Refunding
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Hess Ranch Metropolitan
District No. 6, GO, Ser. A1
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Rampart Range Metropolitan
District No. 5, Revenue
Bonds
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Regional Transportation
District, Revenue Bonds,
Refunding (Denver Transit
Partners) Ser. A
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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%(b),(d),(e)
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STATEMENT OF INVESTMENTS (Unaudited) (continued)
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Long-Term Municipal Investments — 128.1% (continued)
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Colorado — 5.7% (continued)
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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
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Vauxmont Metropolitan
District, GO, Refunding
(Insured; Assured Guaranty
Municipal Corp.)
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Connecticut Health &
Educational Facilities
Authority, Revenue Bonds,
Refunding (Fairfield
University) Ser. T
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Connecticut Housing Finance
Authority, Revenue Bonds,
Refunding, Ser. A1
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Harbor Point Infrastructure
Improvement District, Tax
Allocation Bonds, Refunding
(Harbor Point Project)(b)
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Delaware Economic
Development Authority,
Revenue Bonds (ACTS
Retirement-Life
Communities Obligated
Group) Ser. B
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District of Columbia — .4%
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Metropolitan Washington
Airports Authority, Revenue
Bonds, Refunding
(Dulles Metrorail) Ser. B
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Long-Term Municipal Investments — 128.1% (continued)
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Atlantic Beach, Revenue Bonds
(Fleet Landing Project) Ser.
A
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Capital Trust Agency, Revenue
Bonds (WFCS Portfolio
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Collier County Industrial
Development Authority,
Revenue Bonds (NCH
Healthcare System Project)
(Insured; Assured Guaranty
Municipal Corp.) Ser. A
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Florida Housing Finance Corp.,
Revenue Bonds (Insured;
GNMA,FNMA,FHLMC) Ser. 1
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Greater Orlando Aviation
Authority, Revenue Bonds,
Ser. A
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Hillsborough County Port
District, Revenue Bonds
(Tampa Port Authority
Project) Ser. B
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Lee County Industrial
Development Authority,
Revenue Bonds, Refunding,
Ser. 1
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Miami-Dade County, Revenue
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Miami-Dade County, Revenue
Bonds (Insured; Build
America Mutual)
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Palm Beach County Health
Facilities Authority, Revenue
Bonds (ACTS Retirement-
Life Communities Obligated
Group)
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Palm Beach County Health
Facilities Authority, Revenue
Bonds (ACTS Retirement-
Life Communities Obligated
Group) Ser. B
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STATEMENT OF INVESTMENTS (Unaudited) (continued)
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Long-Term Municipal Investments — 128.1% (continued)
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Florida — 8.5% (continued)
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Palm Beach County Health
Facilities Authority, Revenue
Bonds, Ser. B
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Palm Beach County Health
Facilities Authority, Revenue
Bonds, Refunding (Lifespace
Communities Obligated
Group) Ser. C
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Seminole County Industrial
Development Authority,
Revenue Bonds, Refunding
(Legacy Pointe at UCF
Project)
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Tender Option Bond Trust
Receipts (Series 2023-
XM1122), (Miami-Dade FL
County Water & Sewer
System, Revenue Bonds,
Refunding, Ser. B) Recourse,
Underlying Coupon Rate
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Venice, Revenue Bonds Ser.
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Village Community
Development District No. 15,
Special Assessment Bonds(b)
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Georgia Municipal Electric
Authority, Revenue Bonds
(Plant Vogtle Units
3&4 Project) Ser. A
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Long-Term Municipal Investments — 128.1% (continued)
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Georgia — 6.1% (continued)
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Tender Option Bond Trust
Receipts (Series 2016-
XM0435), (Private Colleges
& Universities Authority,
Revenue Bonds, Refunding
(Emory University))
Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
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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%(b),(d),(e)
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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%(b),(d),(e)
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The Burke County
Development Authority,
Revenue Bonds, Refunding
(Oglethorpe Power Corp.
Vogtle Project) Ser. D
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Guam Housing Corp., Revenue
Bonds (Insured; Federal
Home Loan Mortgage Corp.)
Ser. A
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Hawaii Airports System,
Revenue Bonds, Ser. A
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Power County Industrial
Development Corp., Revenue
Bonds (FMC Corp. Project)
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STATEMENT OF INVESTMENTS (Unaudited) (continued)
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Long-Term Municipal Investments — 128.1% (continued)
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Chicago, GO, Refunding, Ser. A
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Chicago Board of Education,
GO, Ser. D
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Chicago Board of Education,
GO, Ser. H
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Chicago Board of Education,
GO, Refunding Ser. A
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Chicago Midway International
Airport, Revenue Bonds,
Refunding Ser. C
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Chicago Transit Authority,
Revenue Bonds, Refunding
Ser. A
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Illinois, GO, Refunding, Ser. A
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Illinois Finance Authority,
Revenue Bonds (Plymouth
Place Obligated Group) Ser.
A
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Illinois Finance Authority,
Revenue Bonds, Refunding
(Lutheran Life Communities
Obligated Group) Ser. A
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Metropolitan Pier & Exposition
Authority, Revenue Bonds
(McCormick Place Expansion
Project)
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Metropolitan Pier & Exposition
Authority, Revenue Bonds
(McCormick Place Project)
(Insured; National Public
Finance Guarantee Corp.)
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Metropolitan Pier & Exposition
Authority, Revenue Bonds,
Refunding (McCormick Place
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Long-Term Municipal Investments — 128.1% (continued)
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Illinois — 10.1% (continued)
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Sales Tax Securitization Corp.,
Revenue Bonds, Refunding,
Ser. A
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Tender Option Bond Trust
Receipts (Series 2023-
XF1623), (Regional
Transportation Authority
Illinois, Revenue Bonds, Ser.
B) Non-Recourse,
Underlying Coupon Rate
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Tender Option Bond Trust
Receipts (Series 2024-
XF3244), (Chicago O’Hare
International Airport,
Revenue Bonds, Refunding)
Recourse, Underlying
Coupon Rate 5.50%(b),(d),(e)
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Tender Option Bond Trust
Receipts (Series 2024-
XF3290), (Chicago Transit
Authority, Sales Tax
Revenue Bonds, Refunding,
Ser. A) Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
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Indiana Finance Authority,
Revenue Bonds (Sustainable
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Indianapolis Local Public
Improvement Bond Bank,
Revenue Bonds (City Moral
Obligation) (Insured; Build
America Mutual) Ser. F1
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Iowa Finance Authority,
Revenue Bonds, Refunding
(Iowa Fertilizer Co.
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STATEMENT OF INVESTMENTS (Unaudited) (continued)
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Long-Term Municipal Investments — 128.1% (continued)
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Iowa Finance Authority,
Revenue Bonds, Refunding
(Lifespace Communities
Obligated Group) Ser. A
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Iowa Finance Authority,
Revenue Bonds, Refunding
(Lifespace Communities
Obligated Group) Ser. A
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Iowa Student Loan Liquidity
Corp., Revenue Bonds Ser. B
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Henderson, Revenue Bonds
(Pratt Paper Project) Ser.
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Kentucky Public Energy
Authority, Revenue Bonds,
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Kentucky Public Energy
Authority, Revenue Bonds,
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Louisiana Local Government
Environmental Facilities &
Community Development
Authority, Revenue Bonds,
Refunding (Westlake
Chemical Project)
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Louisiana Public Facilities
Authority, Revenue Bonds
(I-10 Calcasieu River Bridge
Public-Private Partnership
Project)
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Long-Term Municipal Investments — 128.1% (continued)
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Louisiana — 3.1% (continued)
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New Orleans Aviation Board,
Revenue Bonds (General
Airport-N Terminal Project)
Ser. A
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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%(b),(d),(e)
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Maryland Economic
Development Corp., Revenue
Bonds (College Park -
Leonardtown Project)
(Insured; Assured Guaranty
Municipal Corp.)
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Maryland Economic
Development Corp., Revenue
Bonds (Sustainable Bond)
(Purple Line Transit
Partners) Ser. B
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Maryland Economic
Development Corp., Tax
Allocation Bonds (Port
Covington Project)
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Maryland Health & Higher
Educational Facilities
Authority, Revenue Bonds
(Adventist Healthcare
Obligated Group) Ser. A
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Tender Option Bond Trust
Receipts (Series 2024-
XF1758), (Maryland Stadium
Authority, Revenue Bonds)
Underlying Coupon Rate
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STATEMENT OF INVESTMENTS (Unaudited) (continued)
|
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Long-Term Municipal Investments — 128.1% (continued)
|
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Collegiate Charter School of
Lowell, Revenue Bonds
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Massachusetts Development
Finance Agency, Revenue
Bonds, Ser. T
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Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding (Boston
Medical Center Corp.
Obligated Group)
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Massachusetts Development
Finance Agency, Revenue
Bonds, Refunding
(NewBridge
Charles Obligated Group)(b)
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Tender Option Bond Trust
Receipts (Series 2023-
XF1604), (Massachusetts
State Transportation Fund,
Revenue Bonds, Ser. B) Non-
Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
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Great Lakes Water Authority,
Revenue Bonds, Refunding,
Ser. C
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Michigan Finance Authority,
Revenue Bonds (Beaumont
Health Credit Group)
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Michigan Finance Authority,
Revenue Bonds (Sustainable
Bond)
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Michigan Finance Authority,
Revenue Bonds, Refunding
Ser. A2
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Michigan Finance Authority,
Revenue Bonds, Refunding
(Beaumont-Spectrum)
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Long-Term Municipal Investments — 128.1% (continued)
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Michigan — 5.8% (continued)
|
Michigan State Finance
Authority Revenue, Revenue
Bonds, Refunding (Great
Lakes Water Authority) Ser.
D2
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Tender Option Bond Trust
Receipts (Series 2024-
XM1171), (Michigan State
University, Revenue Bonds,
Refunding, Ser. A) Non-
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
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Duluth Economic Development
Authority, Revenue Bonds,
Refunding (Essentia Health
Obligated Group) Ser. A
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Missouri Housing Development
Commission, Revenue Bonds
(First Place Homeownership
Loan) (Insured;
GNMA,FNMA, FHLMC) Ser. A
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St. Louis County Industrial
Development Authority,
Revenue Bonds (Friendship
Village St. Louis Obligated
Group) Ser. A
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St. Louis County Industrial
Development Authority,
Revenue Bonds (Friendship
Village St. Louis Obligated
Group) Ser. A
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St. Louis Land Clearance for
Redevelopment Authority,
Revenue Bonds (National
Geospatial Intelligence)
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STATEMENT OF INVESTMENTS (Unaudited) (continued)
|
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Long-Term Municipal Investments — 128.1% (continued)
|
Missouri — 3.3% (continued)
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Tender Option Bond Trust
Receipts (Series 2023-
XM1116), (Jackson County
Missouri Special Obligation,
Revenue Bonds, Refunding,
Ser. A) Non-Recourse,
Underlying Coupon Rate
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The St. Louis Missouri
Industrial Development
Authority, Tax Industrial
Development Authority,
Allocation Bonds (St. Louis
Innovation District Project)
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|
|
Omaha Public Power District,
Revenue Bonds, Ser. A
|
|
|
|
|
|
|
|
Clark County School District,
GO (Insured; Assured
Guaranty Municipal Corp.)
Ser. A
|
|
|
|
|
|
Reno, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Municipal Corp.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire Business
Finance Authority, Revenue
Bonds, Refunding
(Sustainable Bond) Ser.
|
|
|
|
|
|
|
|
New Jersey Economic
Development Authority,
Revenue Bonds, Refunding
Ser. XX
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Municipal Investments — 128.1% (continued)
|
New Jersey — 4.1% (continued)
|
New Jersey Health Care
Facilities Financing
Authority, Revenue Bonds
(RWJ Barnabas Health
Obligated Group)
|
|
|
|
|
|
New Jersey Higher Education
Student Assistance
Authority, Revenue Bonds,
Refunding, Ser. A
|
|
|
|
|
|
New Jersey Housing &
Mortgage Finance Agency,
Revenue Bonds, Refunding
Ser. D
|
|
|
|
|
|
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds
|
|
|
|
|
|
New Jersey Transportation
Trust Fund Authority,
|
|
|
|
|
|
New Jersey Transportation
Trust Fund Authority,
Revenue Bonds, Refunding,
Ser. AA
|
|
|
|
|
|
Tender Option Bond Trust
Receipts (Series 2018-
XF2538), (New Jersey
Economic Development
Authority, Revenue Bonds)
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
|
|
|
|
|
|
Tobacco Settlement Financing
Corp., Revenue Bonds,
Refunding, Ser. B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico Mortgage Finance
Authority, Revenue Bonds
(Insured;
GNMA,FNMA,FHLMC) Ser. E
|
|
|
|
|
|
STATEMENT OF INVESTMENTS (Unaudited) (continued)
|
|
|
|
|
|
|
Long-Term Municipal Investments — 128.1% (continued)
|
|
|
New York Convention Center
Development Corp., Revenue
Bonds (Hotel Unit Fee)
(Insured; Assured Guaranty
Municipal Corp.) Ser. B(f)
|
|
|
|
|
|
New York Liberty
Development Corp., Revenue
Bonds, Refunding (Class
1-3 World Trade Center
|
|
|
|
|
|
New York State Dormitory
Authority, Revenue Bonds,
Refunding (Montefiore
Obligated Group) Ser. A
|
|
|
|
|
|
New York Transportation
Development Corp., Revenue
Bonds (Delta Air Lines)
|
|
|
|
|
|
New York Transportation
Development Corp., Revenue
Bonds (JFK International
Airport Terminal)
|
|
|
|
|
|
New York Transportation
Development Corp., Revenue
Bonds (LaGuardia Airport
Terminal B Redevelopment
Project)
|
|
|
|
|
|
New York Transportation
Development Corp., Revenue
Bonds (LaGuardia Airport
Terminal B Redevelopment
Project) Ser. A
|
|
|
|
|
|
New York Transportation
Development Corp., Revenue
Bonds (Sustainable Bond)
(JFK International Airport
Terminal One Project)
(Insured; Assured Guaranty
Municipal Corp.)
|
|
|
|
|
|
Niagara Area Development
Corp., Revenue Bonds,
Refunding (Covanta Project)
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Municipal Investments — 128.1% (continued)
|
New York — 7.9% (continued)
|
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
|
|
|
|
|
|
Tender Option Bond Trust
Receipts (Series 2024-
XM1174), (New York State
Transportation
Development Corp., Revenue
Bonds (Sustainable Bond)
(JFK International Airport
Terminal one Project)
(Insured; Assured Guaranty
Municipal Corp.)) Recourse,
Underlying Coupon Rate
|
|
|
|
|
|
Tender Option Bond Trust
Receipts (Series 2024-
XM1181), (Triborough New
York Bridge & Tunnel
Authority, Revenue Bonds,
Ser. A1) Non-Recourse,
Underlying Coupon Rate
|
|
|
|
|
|
STATEMENT OF INVESTMENTS (Unaudited) (continued)
|
|
|
|
|
|
|
Long-Term Municipal Investments — 128.1% (continued)
|
New York — 7.9% (continued)
|
Tender Option Bond Trust
Receipts (Series 2024-
XM1194), (New York
Transportation
Development Corp., Revenue
Bonds, Refunding
(Sustainable Bond) (JFK
International Airport
Terminal Six Redevelopment
Project) (Insured; Assured
Guaranty Municipal Corp.))
Recourse, Underlying
Coupon Rate 5.20%(b),(d),(e)
|
|
|
|
|
|
Westchester County Local
Development Corp., Revenue
Bonds, Refunding (Purchase
Senior Learning Community
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Medical Care
Commission, Revenue Bonds
|
|
|
|
|
|
North Carolina Medical Care
Commission, Revenue Bonds
(The United Methodist
Retirement Homes) Ser. A
|
|
|
|
|
|
North Carolina Medical Care
Commission, Revenue
Bonds, Refunding (Lutheran
Services for the Aging
Obligated Group)
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Municipal Investments — 128.1% (continued)
|
North Carolina — 3.2% (continued)
|
North Carolina Medical Care
Commission, Revenue
Bonds, Refunding
(Pennybyrn at Maryfield)
|
|
|
|
|
|
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%(b),(d),(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buckeye Tobacco Settlement
Financing Authority,
Revenue Bonds, Refunding,
Ser. B2
|
|
|
|
|
|
Canal Winchester Local School
District, GO (Insured;
National Public Finance
|
|
|
|
|
|
Canal Winchester Local School
District, GO (Insured;
National Public Finance
|
|
|
|
|
|
Cuyahoga County, Revenue
Bonds, Refunding (The
MetroHealth System)
|
|
|
|
|
|
Franklin County Convention
Facilities Authority, Revenue
Bonds (GRTR Columbus
Convention Center)
|
|
|
|
|
|
Ohio Air Quality Development
Authority, Revenue Bonds
(Pratt Paper OH Project)(b)
|
|
|
|
|
|
STATEMENT OF INVESTMENTS (Unaudited) (continued)
|
|
|
|
|
|
|
Long-Term Municipal Investments — 128.1% (continued)
|
|
|
Port of Greater Cincinnati
Development Authority,
Revenue Bonds, Refunding
(Duke Energy Co.) (Insured;
Assured Guaranty Municipal
Corp.) Ser. B
|
|
|
|
|
|
Tender Option Bond Trust
Receipts (Series 2024-
XF1711), (University of
Cincinnati Ohio Receipt,
Revenue Bonds, Ser. A) Non-
Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma Development
Finance Authority, Revenue
Bonds (OU Medicine Project)
Ser. B
|
|
|
|
|
|
Tender Option Bond Trust
Receipts (Series 2024-
XM1163), (Oklahoma City
Water Utilities Trust,
Revenue Bonds, Refunding)
Non-Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clackamas County Hospital
Facility Authority, Revenue
Bonds, Refunding
(Willamette View Obligated
Group) Ser. A
|
|
|
|
|
|
|
|
Clairton Municipal Authority,
Revenue Bonds, Refunding
Ser. B
|
|
|
|
|
|
Crawford County Hospital
Authority, Revenue Bonds,
Refunding (Meadville
Medical Center Project) Ser.
A
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Municipal Investments — 128.1% (continued)
|
Pennsylvania — 5.6% (continued)
|
Pennsylvania Economic
Development Financing
Authority, Revenue Bonds
(The Penndot Major
Bridges)
|
|
|
|
|
|
Pennsylvania Higher
Educational Facilities
Authority, Revenue Bonds,
Refunding (University of
Sciences in Philadelphia)
|
|
|
|
|
|
Pennsylvania Turnpike
Commission, Revenue
Bonds, Ser. A
|
|
|
|
|
|
Philadelphia, Revenue Bonds,
Refunding (Private Activity)
|
|
|
|
|
|
Tender Option Bond Trust
Receipts (Series 2022-
XF1525), (Pennsylvania
Economic Development
Financing Authority UPMC,
Revenue Bonds, Ser. A)
Recourse, Underlying
Coupon Rate 4.00%(b),(d),(e)
|
|
|
|
|
|
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%(b),(d),(e)
|
|
|
|
|
|
Tender Option Bond Trust
Receipts (Series 2024-
XF1750), (Philadelphia Gas
Works, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Corp.) Non-
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF INVESTMENTS (Unaudited) (continued)
|
|
|
|
|
|
|
Long-Term Municipal Investments — 128.1% (continued)
|
|
|
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%(b),(d),(e)
|
|
|
|
|
|
|
|
South Carolina Jobs-Economic
Development Authority,
Revenue Bonds, Refunding
(Bon Secours Mercy Health)
|
|
|
|
|
|
South Carolina Public Service
Authority, Revenue Bonds,
Refunding (Santee Cooper)
Ser. A
|
|
|
|
|
|
Tender Option Bond Trust
Receipts (Series 2024-
XM1175), (South Carolina
Public Service Authority,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Municipal Corp.) Ser. B))
Non-Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tender Option Bond Trust
Receipts (Series 2022-
XF1409), (South Dakota
Health & Educational
Facilities Authority, Revenue
Bonds, Refunding (Avera
Health Obligated Group))
Non-Recourse, Underlying
Coupon Rate 5.00%(b),(d),(e)
|
|
|
|
|
|
|
|
Arlington Higher Education
Finance Corp., Revenue
Bonds (BASIS Texas Charter
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Municipal Investments — 128.1% (continued)
|
Texas — 12.9% (continued)
|
Arlington Higher Education
Finance Corp., Revenue
Bonds (Uplift Education)
(Insured; Permanent School
Fund Guarantee Program)
Ser. A
|
|
|
|
|
|
Central Texas Regional
Mobility Authority, Revenue
Bonds
|
|
|
|
|
|
Clifton Higher Education
Finance Corp., Revenue
Bonds (IDEA Public Schools)
Ser. A
|
|
|
|
|
|
Clifton Higher Education
Finance Corp., Revenue
Bonds (International
Leadership of Texas) Ser. A
|
|
|
|
|
|
Clifton Higher Education
Finance Corp., Revenue
Bonds (International
Leadership of Texas) Ser. D
|
|
|
|
|
|
Clifton Higher Education
Finance Corp., Revenue
Bonds (International
Leadership of Texas) Ser. D
|
|
|
|
|
|
Clifton Higher Education
Finance Corp., Revenue
Bonds (Uplift Education)
Ser. A
|
|
|
|
|
|
Clifton Higher Education
Finance Corp., Revenue
Bonds, Refunding (IDEA
Public Schools) (Insured;
Permanent School Fund
Guarantee Program)
|
|
|
|
|
|
Clifton Higher Education
Finance Corp., Revenue
Bonds, Refunding
(International Leadership of
Texas) (Insured: Permanent
School Fund Guarantee
Program) Ser. A
|
|
|
|
|
|
STATEMENT OF INVESTMENTS (Unaudited) (continued)
|
|
|
|
|
|
|
Long-Term Municipal Investments — 128.1% (continued)
|
Texas — 12.9% (continued)
|
Dallas Independent School
District, GO, Refunding
(Insured; Permanent School
Fund Guarantee Program)
|
|
|
|
|
|
Fort Bend County Toll Road,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Municipal Corp.)
|
|
|
|
|
|
Grand Parkway Transportation
Corp., Revenue Bonds,
Refunding
|
|
|
|
|
|
Harris County-Houston Sports
Authority, Revenue Bonds,
Refunding (Insured; Assured
Guaranty Municipal Corp.)
|
|
|
|
|
|
Houston Airport System,
Revenue Bonds, (United
Airlines) Ser. B
|
|
|
|
|
|
Houston Airport System,
Revenue Bonds, Refunding
(Insured; Assured Guaranty
Municipal Corp.) Ser. A
|
|
|
|
|
|
Houston Airport System,
Revenue Bonds, Refunding,
Ser. A
|
|
|
|
|
|
Lamar Consolidated
Independent School District,
GO
|
|
|
|
|
|
Mission Economic
Development Corp., Revenue
Bonds, Refunding
|
|
|
|
|
|
North Texas Tollway
Authority, Revenue Bonds,
Refunding
|
|
|
|
|
|
Port of Beaumont Navigation
District, Revenue Bonds
(Jefferson Gulf Coast Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Municipal Investments — 128.1% (continued)
|
Texas — 12.9% (continued)
|
Tarrant County Cultural
Education Facilities Finance
Corp., Revenue Bonds
(Baylor Scott & White
Health)
|
|
|
|
|
|
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
|
|
|
|
|
|
Tender Option Bond Trust
Receipts (Series 2024-
XM1164), (Texas University
System, Revenue Bonds,
Refunding) Non-Recourse,
Underlying Coupon Rate
|
|
|
|
|
|
Texas Municipal Gas
Acquisition & Supply Corp.
IV, Revenue Bonds, Ser. B(a)
|
|
|
|
|
|
Texas Private Activity Bond
Surface Transportation
Corp., Revenue Bonds
(Segment 3C Project)
|
|
|
|
|
|
Waxahachie Independent
School District, GO (Insured;
Permanent School Fund
Guarantee Program)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico, GO, Ser. A(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF INVESTMENTS (Unaudited) (continued)
|
|
|
|
|
|
|
Long-Term Municipal Investments — 128.1% (continued)
|
U.S. Related — 1.0% (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah Charter School Finance
Authority, Revenue Bonds,
Refunding (Summit
Academy) Ser. A
|
|
|
|
|
|
Utah Infrastructure Agency,
Revenue Bonds, Refunding,
Ser. A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tender Option Bond Trust
Receipts (Series 2018-
XM0593), (Hampton Roads
Transportation
Accountability Commission,
Revenue Bonds) Non-
Recourse, Underlying
Coupon Rate 5.50%(b),(d),(e)
|
|
|
|
|
|
Tender Option Bond Trust
Receipts (Series 2024-
XM1176), (Virginia State
Housing Development
Authority, Revenue Bonds,
Ser. A) Recourse, Underlying
Coupon Rate 4.80%(b),(d),(e)
|
|
|
|
|
|
Virginia Small Business
Financing Authority,
Revenue Bonds (Transform
66 P3 Project)
|
|
|
|
|
|
Williamsburg Economic
Development Authority,
Revenue Bonds (William &
Mary Project) (Insured;
Assured Guaranty Municipal
Corp.) Ser. A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Municipal Investments — 128.1% (continued)
|
|
|
Tender Option Bond Trust
Receipts (Series 2024-
XF1730), (Port of Seattle
Washington, Revenue Bonds,
Refunding, Ser.B) Non-
Recourse, Underlying
Coupon Rate 5.25%(b),(d),(e)
|
|
|
|
|
|
Washington State Housing
Finance Commission,
Revenue Bonds, Refunding
(Presbyterian Retirement
Communities Northwest
Obligated Group) Ser. A(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Finance Authority,
|
|
|
|
|
|
Public Finance Authority,
Revenue Bonds (Cone
Health) Ser. A
|
|
|
|
|
|
Public Finance Authority,
Revenue Bonds (EMU
Campus Living) (Insured;
Build America Mutual) Ser.
A1
|
|
|
|
|
|
Public Finance Authority,
Revenue Bonds (EMU
Campus Living) (Insured;
Build America Mutual) Ser.
A1
|
|
|
|
|
|
Public Finance Authority,
Revenue Bonds
(Southminster Obligated
|
|
|
|
|
|
Public Finance Authority,
Revenue Bonds, Ser. 1
|
|
|
|
|
|
Public Finance Authority,
Revenue Bonds, (Roseman
University of Health
|
|
|
|
|
|
STATEMENT OF INVESTMENTS (Unaudited) (continued)
|
|
|
|
|
|
|
Long-Term Municipal Investments — 128.1% (continued)
|
Wisconsin — 3.5% (continued)
|
Public Finance Authority,
Revenue Bonds, Refunding
(Mary’s Woods at
|
|
|
|
|
|
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds
(Bellin Memorial Hospital
Obligated Group)
|
|
|
|
|
|
Wisconsin Health &
Educational Facilities
Authority, Revenue Bonds,
Refunding (St.
Camillus Health System
Obligated Group)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (cost
$663,063,212)
|
|
|
|
|
|
Liabilities, Less Cash and
Receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLMC—Federal Home Loan Mortgage Corporation
|
FNMA—Federal National Mortgage Association
|
GNMA—Government National Mortgage Association
|
|
|
|
|
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.
|
|
|
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, 2024, these securities amounted to $273,619,561 or 53.1% of net assets
applicable to
Common Stockholders.
|
|
|
Defaulted security. Currently, the issuer is in default with respect to principal
and/or interest payments. The
aggregate value of these securities at December 31, 2024 was $203,100, which represented
.00% of net
assets.
|
|
|
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.
|
|
|
Collateral for floating rate borrowings. The coupon rate given represents the current
interest rate for the
inverse floating rate security.
|
|
|
Security issued with a zero coupon. Income is recognized through the accretion of
discount.
|
|
|
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.
|
See notes to statement of investments.
Statement of Investments
BNY Mellon Strategic Municipals, Inc.
December 31, 2024 (Unaudited)
The following is a summary of the inputs used as of December 31, 2024 in valuing the
fund’s investments:
|
|
Level 1 -
Unadjusted
Quoted Prices
|
Level 2- Other
Significant
Observable Inputs
|
Level 3-
Significant
Unobservable
Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial
Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Securities and Exchange Commission (“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 reflect accurately 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 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, 2024, accumulated net unrealized depreciation on investments was $2,731,368, consisting of $16,466,784 gross unrealized appreciation and $19,198,152 gross unrealized depreciation.
At December 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.
BNY Mellon Strategic Mun... (NYSE:LEO)
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BNY Mellon Strategic Mun... (NYSE:LEO)
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