STATEMENT
OF INVESTMENTS
BNY Mellon Municipal Bond Infrastructure Fund, Inc.
May 31, 2024 (Unaudited)
| | | | | | | | | | |
| |
Description
| Coupon
Rate (%) | | Maturity Date | | Principal Amount
($) | | Value
($) | |
Bonds
and Notes - .6% | | | | | |
Collateralized
Municipal-Backed Securities - .6% | | | | | |
California Housing Finance Agency, Revenue
Bonds, Ser. A
(cost $1,277,682) | | 3.25 | | 8/20/2036 | | 1,441,753 | | 1,299,243 | |
| | | | | | | | | |
Long-Term
Municipal Investments - 147.3% | | | | | |
Alabama - 3.0% | | | | | |
Alabama
Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated
Group) | | 6.00 | | 6/1/2050 | | 3,820,000 | | 3,458,172 | |
Jefferson County, Revenue
Bonds, Refunding | | 5.25 | | 10/1/2049 | | 1,500,000 | | 1,594,745 | |
Jefferson County, Revenue
Bonds, Refunding | | 5.50 | | 10/1/2053 | | 1,250,000 | | 1,348,818 | |
| | 6,401,735 | |
Arizona
- 7.1% | | | | | |
Arizona Industrial Development Authority, Revenue Bonds (Legacy
Cares Project) Ser. A | | 7.75 | | 7/1/2050 | | 3,200,000 | a,b | 192,000 | |
Arizona Industrial Development Authority, Revenue Bonds (Sustainable
Bond) (Equitable School Revolving Fund Obligated Group) Ser. A | | 4.00 | | 11/1/2050 | | 3,425,000 | | 3,073,880 | |
Maricopa County Industrial Development Authority, Revenue
Bonds (Benjamin Franklin Charter School Obligated Group) | | 6.00 | | 7/1/2052 | | 2,000,000 | a | 2,042,561 | |
Maricopa County Industrial Development Authority, Revenue
Bonds, Refunding (Legacy Traditional Schools Project) | | 5.00 | | 7/1/2049 | | 1,025,000 | a | 982,563 | |
Phoenix Civic Improvement Corp., Revenue Bonds | | 4.00 | | 7/1/2044 | | 1,905,000 | | 1,835,605 | |
Salt Verde Financial
Corp., Revenue Bonds | | 5.00 | | 12/1/2037 | | 5,000,000 | | 5,310,716 | |
The Phoenix Arizona
Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A | | 5.00 | | 7/1/2046 | | 2,000,000 | a | 1,934,779 | |
| | 15,372,104 | |
STATEMENT
OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value
($) | |
Long-Term
Municipal Investments - 147.3% (continued) | | | | | |
Arkansas
- 1.7% | | | | | |
Arkansas Development Finance Authority, Revenue Bonds (Sustainable
Bond) (U.S. Steel Corp.) | | 5.70 | | 5/1/2053 | | 3,500,000 | | 3,616,734 | |
California
- 10.0% | | | | | |
California County Tobacco Securitization Agency, Revenue
Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2049 | | 1,000,000 | | 933,965 | |
California Municipal
Finance Authority, Revenue Bonds, Refunding (HumanGood California Obligated Group) Ser. A | | 5.00 | | 10/1/2044 | | 1,000,000 | | 1,014,142 | |
California Statewide
Communities Development Authority, Revenue Bonds (California Baptist University) Ser. A | | 6.38 | | 11/1/2043 | | 2,035,000 | a | 2,037,523 | |
California Statewide Communities Development Authority, Revenue
Bonds, Refunding (California Baptist University) Ser. A | | 5.00 | | 11/1/2041 | | 1,875,000 | a | 1,876,079 | |
Golden State Tobacco Securitization Corp., Revenue Bonds,
Refunding (Tobacco Settlement Asset) Ser. B | | 5.00 | | 6/1/2051 | | 1,000,000 | | 1,028,688 | |
Long Beach Bond Finance Authority, Revenue Bonds, Ser. A | | 5.50 | | 11/15/2037 | | 5,000,000 | | 5,547,618 | |
Orange County Community
Facilities District, Special Tax Bonds, Ser. A | | 5.00 | | 8/15/2052 | | 1,000,000 | | 996,044 | |
San Diego County Regional Airport Authority, Revenue Bonds,
Ser. B | | 5.00 | | 7/1/2051 | | 3,500,000 | | 3,579,842 | |
Tender Option Bond
Trust Receipts (Series 2022-XF3024), (San Francisco City & County, Revenue Bonds, Refunding, Ser.
A) Recourse, Underlying Coupon Rate 5.00% | | 5.67 | | 5/1/2044 | | 4,500,000 | a,c,d | 4,601,234 | |
| | 21,615,135 | |
Colorado
- 5.8% | | | | | |
Colorado Health Facilities Authority, Revenue Bonds (CommonSpirit
Health Obligated Group) | | 5.25 | | 11/1/2052 | | 1,000,000 | | 1,057,072 | |
Colorado Health Facilities
Authority, Revenue Bonds, Refunding (Covenant Living Communities & Services Obligated Group) Ser.
A | | 4.00 | | 12/1/2050 | | 3,000,000 | | 2,415,372 | |
Colorado Health Facilities
Authority, Revenue Bonds, Refunding (Intermountain Healthcare Obligated Group) Ser. A | | 4.00 | | 5/15/2052 | | 1,255,000 | | 1,177,392 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value
($) | |
Long-Term
Municipal Investments - 147.3% (continued) | | | | | |
Colorado
- 5.8% (continued) | | | | | |
Denver City & County
Airport System, Revenue Bonds, Refunding, Ser. A | | 5.50 | | 11/15/2053 | | 1,000,000 | | 1,070,776 | |
Dominion Water & Sanitation District, Revenue Bonds,
Refunding | | 5.88 | | 12/1/2052 | | 2,000,000 | | 1,980,888 | |
Hess Ranch Metropolitan
District No. 6, GO, Ser. A1 | | 5.00 | | 12/1/2049 | | 1,500,000 | | 1,328,937 | |
Rampart Range Metropolitan
District No. 5, Revenue Bonds | | 4.00 | | 12/1/2051 | | 1,000,000 | | 743,410 | |
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% | | 4.74 | | 8/1/2044 | | 2,455,000 | a,c,d | 2,771,978 | |
| | 12,545,825 | |
Connecticut
- 1.7% | | | | | |
Connecticut, Revenue Bonds, Ser. A | | 5.00 | | 5/1/2041 | | 1,000,000 | | 1,085,895 | |
Connecticut Health & Educational Facilities Authority, Revenue
Bonds (The Hartford University) Ser. P | | 5.38 | | 7/1/2052 | | 1,250,000 | | 1,160,443 | |
Connecticut Health & Educational Facilities Authority, Revenue
Bonds, Refunding (Fairfield University) Ser. T | | 4.00 | | 7/1/2055 | | 1,500,000 | | 1,352,856 | |
| | 3,599,194 | |
Delaware
- .5% | | | | | |
Delaware Economic Development Authority, Revenue Bonds (ACTS
Retirement-Life Communities Obligated Group) Ser. B | | 5.25 | | 11/15/2053 | | 1,000,000 | | 1,020,236 | |
Florida - 6.8% | | | | | |
Collier
County Industrial Development Authority, Revenue Bonds (NCH Healthcare System Project) (Insured; Assured
Guaranty Municipal Corp.) Ser. A | | 5.00 | | 10/1/2049 | | 3,425,000 | | 3,601,187 | |
Florida Housing Finance Corp., Revenue Bonds (Insured; GNMA/FNMA/FHLMC)
Ser. 1 | | 4.40 | | 7/1/2044 | | 1,450,000 | | 1,423,050 | |
Greater Orlando Aviation
Authority, Revenue Bonds, Ser. A | | 4.00 | | 10/1/2049 | | 2,480,000 | | 2,260,134 | |
Hillsborough County Port District, Revenue Bonds (Tampa Port
Authority Project) Ser. B | | 5.00 | | 6/1/2046 | | 1,250,000 | | 1,263,728 | |
STATEMENT
OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value
($) | |
Long-Term
Municipal Investments - 147.3% (continued) | | | | | |
Florida
- 6.8% (continued) | | | | | |
Lee Memorial Health
System, Revenue Bonds, Refunding, Ser. A1 | | 4.00 | | 4/1/2049 | | 1,750,000 | | 1,621,260 | |
Miami-Dade County Water & Sewer System, Revenue Bonds
(Insured; Build America Mutual) | | 4.00 | | 10/1/2051 | | 1,000,000 | | 944,757 | |
Palm Beach County Health
Facilities Authority, Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. C | | 7.63 | | 5/15/2058 | | 1,000,000 | | 1,093,973 | |
Pinellas County Industrial
Development Authority, Revenue Bonds (Foundation for Global Understanding) | | 5.00 | | 7/1/2039 | | 1,000,000 | | 1,002,626 | |
Seminole County Industrial Development Authority, Revenue
Bonds, Refunding (Legacy Pointe at UCF Project) | | 5.75 | | 11/15/2054 | | 500,000 | | 431,145 | |
Village Community Development District No. 15, Special Assessment
Bonds | | 5.25 | | 5/1/2054 | | 1,000,000 | a | 1,020,896 | |
| | 14,662,756 | |
Georgia - 4.9% | | | | | |
Fulton
County Development Authority, Revenue Bonds, Ser. A | | 5.00 | | 4/1/2042 | | 1,250,000 | | 1,267,731 | |
Georgia Municipal Electric Authority, Revenue Bonds (Plant
Vogtle Units 3&4 Project) Ser. A | | 5.00 | | 7/1/2052 | | 2,500,000 | | 2,552,210 | |
Main Street Natural Gas, Revenue Bonds, Ser. A | | 5.00 | | 9/1/2031 | | 1,000,000 | e | 1,057,741 | |
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% | | 3.39 | | 7/1/2044 | | 3,600,000 | a,c,d | 3,750,876 | |
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% | | 5.39 | | 1/1/2059 | | 2,060,000 | a,c,d | 2,052,825 | |
| | 10,681,383 | |
Hawaii - .6% | | | | | |
Hawaii
Airports System, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2047 | | 1,250,000 | | 1,294,013 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value
($) | |
Long-Term
Municipal Investments - 147.3% (continued) | | | | | |
Illinois
- 10.0% | | | | | |
Chicago Board of Education, GO, Refunding, Ser. A | | 5.00 | | 12/1/2035 | | 1,500,000 | | 1,540,012 | |
Chicago II, GO, Refunding,
Ser. A | | 6.00 | | 1/1/2038 | | 2,500,000 | | 2,598,844 | |
Chicago II, GO, Ser.
A | | 5.00 | | 1/1/2044 | | 2,000,000 | | 2,033,429 | |
Illinois, GO, Ser.
D | | 5.00 | | 11/1/2028 | | 2,600,000 | | 2,694,827 | |
Illinois, GO, Ser.
D | | 5.00 | | 11/1/2027 | | 3,500,000 | | 3,636,476 | |
Illinois, Revenue
Bonds (Auxiliary Facilities System) Ser. A | | 5.00 | | 4/1/2044 | | 2,500,000 | | 2,501,874 | |
Illinois Finance Authority, Revenue Bonds (Plymouth Place
Obligated Group) Ser. A | | 6.63 | | 5/15/2052 | | 1,000,000 | | 1,028,907 | |
Illinois Toll Highway
Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2039 | | 1,400,000 | | 1,562,652 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds
(McCormick Place Project) (Insured; National Public Finance Guarantee Corp.) Ser. A | | 0.00 | | 12/15/2036 | | 1,400,000 | f | 816,539 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds,
Refunding (McCormick Place Expansion Project) | | 5.00 | | 6/15/2050 | | 1,750,000 | | 1,785,536 | |
Tender Option Bond Trust Receipts (Series 2023-XF1623), (Regional
Transportation Authority Illinois, Revenue Bonds, Ser. B) Non-Recourse, Underlying Coupon Rate 4.00% | | 4.85 | | 6/1/2048 | | 1,625,000 | a,c,d | 1,498,024 | |
| | 21,697,120 | |
Indiana - 1.5% | | | | | |
Indiana
Finance Authority, Revenue Bonds (Sustainable Bond) | | 7.00 | | 3/1/2039 | | 1,925,000 | a | 1,335,822 | |
Indianapolis Local Public Improvement Bond Bank, Revenue
Bonds (City Moral Obligation) (Insured; Build America Mutual) Ser. F1 | | 5.25 | | 3/1/2067 | | 1,000,000 | | 1,051,391 | |
Valparaiso, Revenue Bonds, Refunding (Pratt Paper (IN) LLC
Project) | | 5.00 | | 1/1/2054 | | 750,000 | a | 766,584 | |
| | 3,153,797 | |
Iowa - .6% | | | | | |
Iowa
Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project) | | 5.00 | | 12/1/2050 | | 1,250,000 | | 1,305,380 | |
STATEMENT
OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value
($) | |
Long-Term
Municipal Investments - 147.3% (continued) | | | | | |
Kentucky
- 2.0% | | | | | |
Christian County, Revenue Bonds, Refunding (Jennie Stuart
Medical Center Obligated Group) | | 5.50 | | 2/1/2044 | | 1,000,000 | | 1,005,083 | |
Henderson, Revenue
Bonds (Pratt Paper Project) Ser. A | | 4.70 | | 1/1/2052 | | 1,000,000 | a | 1,000,596 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | | 5.00 | | 5/1/2055 | | 1,000,000 | e | 1,045,407 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. A1 | | 4.00 | | 8/1/2030 | | 1,310,000 | e | 1,291,939 | |
| | 4,343,025 | |
Louisiana - .5% | | | | | |
Louisiana
Public Facilities Authority, Revenue Bonds (Impala Warehousing Project) | | 6.50 | | 7/1/2036 | | 1,000,000 | a | 1,000,228 | |
Louisiana Public Facilities Authority, Revenue Bonds, Refunding
(Tulane University) Ser. A | | 4.00 | | 4/1/2030 | | 115,000 | g | 118,811 | |
| | 1,119,039 | |
Maryland - 2.0% | | | | | |
Maryland
Economic Development Corp., Revenue Bonds (Sustainable Bond) (Purple Line Transit Partners) Ser. B | | 5.25 | | 6/30/2055 | | 4,200,000 | | 4,305,160 | |
Massachusetts
- 2.0% | | | | | |
Massachusetts Development Finance Agency, Revenue Bonds,
Refunding (NewBridge Charles Obligated Group) | | 5.00 | | 10/1/2057 | | 1,000,000 | a | 973,046 | |
Massachusetts Development Finance Agency, Revenue Bonds,
Refunding (Suffolk University Project) | | 5.00 | | 7/1/2034 | | 1,550,000 | | 1,595,458 | |
Massachusetts Development Finance Agency, Revenue Bonds,
Refunding, Ser. A | | 5.00 | | 7/1/2029 | | 650,000 | | 651,566 | |
Massachusetts Educational
Financing Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2030 | | 1,000,000 | | 1,034,211 | |
| | 4,254,281 | |
Michigan
- 5.9% | | | | | |
Detroit, GO (Sustainable Bond) Ser. A | | 5.00 | | 4/1/2046 | | 1,000,000 | | 1,004,227 | |
Michigan Building Authority, Revenue Bonds, Refunding | | 4.00 | | 10/15/2049 | | 2,500,000 | | 2,376,983 | |
Michigan Finance Authority, Revenue
Bonds (Sustainable Bond) (Henry Ford) | | 5.50 | | 2/28/2049 | | 1,275,000 | | 1,373,343 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value
($) | |
Long-Term
Municipal Investments - 147.3% (continued) | | | | | |
Michigan
- 5.9% (continued) | | | | | |
Michigan Finance Authority, Revenue
Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. D6 | | 5.00 | | 7/1/2036 | | 2,250,000 | | 2,251,046 | |
Michigan Finance Authority, Revenue Bonds, Refunding, Ser.
A | | 4.00 | | 12/1/2049 | | 1,000,000 | | 918,531 | |
Michigan Housing Development
Authority, Revenue Bonds, Ser. A | | 3.35 | | 12/1/2034 | | 2,500,000 | | 2,261,214 | |
Michigan Tobacco Settlement Finance Authority, Revenue Bonds,
Refunding, Ser. C | | 0.00 | | 6/1/2058 | | 41,200,000 | f | 1,254,099 | |
Wayne County Airport Authority, Revenue Bonds (Detroit Metropolitan
Wayne County Airport) (Insured; Build America Mutual) Ser. B | | 5.00 | | 12/1/2039 | | 1,250,000 | | 1,253,234 | |
| | 12,692,677 | |
Minnesota
- .9% | | | | | |
Duluth Economic Development Authority, Revenue Bonds, Refunding
(Essentia Health Obligated Group) Ser. A | | 5.00 | | 2/15/2058 | | 2,000,000 | | 2,012,558 | |
Missouri - 2.7% | | | | | |
Missouri
Housing Development Commission, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | | 4.70 | | 11/1/2054 | | 1,000,000 | | 996,645 | |
St. Louis County Industrial Development Authority, Revenue
Bonds (Friendship Village St. Louis Obligated Group) Ser. A | | 5.13 | | 9/1/2049 | | 1,000,000 | | 951,680 | |
St. Louis County Industrial Development Authority, Revenue
Bonds, Refunding (Friendship Village Sunset Hills) | | 5.00 | | 9/1/2042 | | 1,000,000 | | 981,153 | |
Tender Option Bond Trust Receipts (Series 2023-XM1116), (Jackson
County Missouri Special Obligation, Revenue Bonds, Refunding) Ser. A) Non-Recourse, Underlying Coupon
Rate 4.25% | | 3.44 | | 12/1/2053 | | 3,000,000 | a,c,d | 2,837,288 | |
| | 5,766,766 | |
Nebraska - .4% | | | | | |
Omaha
Public Power District, Revenue Bonds, Ser. A | | 4.00 | | 2/1/2051 | | 1,000,000 | | 937,254 | |
STATEMENT
OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value
($) | |
Long-Term
Municipal Investments - 147.3% (continued) | | | | | |
Nevada
- 1.4% | | | | | |
Clark County School District, GO (Insured; Assured Guaranty
Municipal Corp.) Ser. A | | 4.25 | | 6/15/2041 | | 2,155,000 | | 2,173,882 | |
Reno, Revenue Bonds,
Refunding (Insured; Assured Guaranty Municipal Corp.) | | 4.00 | | 6/1/2058 | | 1,000,000 | | 900,982 | |
| | 3,074,864 | |
New
Hampshire - 1.1% | | | | | |
New Hampshire Business Finance Authority, Revenue Bonds,
Refunding (Springpoint Senior Living Obligated Group) | | 4.00 | | 1/1/2041 | | 2,925,000 | | 2,471,502 | |
New Jersey - 4.8% | | | | | |
New
Jersey Economic Development Authority, Revenue Bonds (The Goethals) | | 5.38 | | 1/1/2043 | | 2,500,000 | | 2,501,002 | |
New Jersey Economic Development Authority, Revenue Bonds,
Refunding, Ser. WW | | 5.25 | | 6/15/2025 | | 1,890,000 | g | 1,924,081 | |
New Jersey Economic Development Authority, Revenue Bonds,
Refunding, Ser. XX | | 5.25 | | 6/15/2027 | | 655,000 | | 662,891 | |
New Jersey Economic
Development Authority, Revenue Bonds, Ser. WW | | 5.25 | | 6/15/2025 | | 110,000 | g | 111,984 | |
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds (RWJ Barnabas Health Obligated Group) | | 4.00 | | 7/1/2051 | | 1,250,000 | | 1,156,831 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds | | 5.00 | | 6/15/2044 | | 1,250,000 | | 1,331,983 | |
New Jersey Transportation
Trust Fund Authority, Revenue Bonds | | 5.50 | | 6/15/2050 | | 1,600,000 | | 1,737,195 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds,
Ser. BB | | 5.25 | | 6/15/2050 | | 1,000,000 | | 1,072,025 | |
| | 10,497,992 | |
New York
- 8.4% | | | | | |
New York Liberty Development Corp., Revenue Bonds, Refunding
(Class 1-3 World Trade Center Project) | | 5.00 | | 11/15/2044 | | 3,500,000 | a | 3,506,305 | |
New York Transportation Development Corp., Revenue Bonds
(JFK International Airport Terminal) | | 5.00 | | 12/1/2040 | | 1,200,000 | | 1,250,137 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value
($) | |
Long-Term
Municipal Investments - 147.3% (continued) | | | | | |
New York
- 8.4% (continued) | | | | | |
New York Transportation
Development Corp., Revenue Bonds (JFK International Airport Terminal) | | 5.00 | | 12/1/2036 | | 2,000,000 | | 2,122,803 | |
New York Transportation Development Corp., Revenue Bonds
(LaGuradia Airport Terminal) | | 5.63 | | 4/1/2040 | | 1,000,000 | | 1,090,978 | |
New York Transportation
Development Corp., Revenue Bonds (Sustainable Bond) (JFK International Airport Terminal One Project)
(Insured; Assured Guaranty Municipal Corp.) | | 5.13 | | 6/30/2060 | | 1,000,000 | | 1,031,934 | |
Niagara Area Development Corp., Revenue Bonds, Refunding
(Covanta Project) Ser. A | | 4.75 | | 11/1/2042 | | 2,000,000 | a | 1,825,454 | |
Tender Option Bond Trust Receipts (Series 2022-XM1004), (Metropolitan
Transportation Authority, Revenue Bonds, Refunding (Sustainable Bond) (Insured; Assured Guaranty Municipal
Corp.) Ser. C) Non-Recourse, Underlying Coupon Rate 4.00% | | 4.57 | | 11/15/2047 | | 3,300,000 | a,c,d | 3,112,446 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds,
Ser. A1 | | 4.13 | | 5/15/2064 | | 3,000,000 | | 2,855,900 | |
TSASC, Revenue Bonds,
Refunding, Ser. B | | 5.00 | | 6/1/2045 | | 585,000 | | 503,193 | |
Westchester County
Local Development Corp., Revenue Bonds, Refunding (Senior Learning Community) | | 5.00 | | 7/1/2041 | | 1,000,000 | a | 989,771 | |
| | 18,288,921 | |
North
Carolina - .4% | | | | | |
North Carolina Medical Care Commission, Revenue Bonds, Refunding
(Lutheran Services for the Aging Obligated Group) | | 4.00 | | 3/1/2051 | | 1,300,000 | | 965,455 | |
Ohio - 9.5% | | | | | |
Buckeye
Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B2 | | 5.00 | | 6/1/2055 | | 6,665,000 | | 5,972,103 | |
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth
System) | | 5.00 | | 2/15/2052 | | 1,980,000 | | 1,928,898 | |
STATEMENT
OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value
($) | |
Long-Term
Municipal Investments - 147.3% (continued) | | | | | |
Ohio
- 9.5% (continued) | | | | | |
Cuyahoga County, Revenue
Bonds, Refunding (The MetroHealth System) | | 5.25 | | 2/15/2047 | | 2,500,000 | | 2,503,829 | |
Muskingum County, Revenue Bonds (Genesis Healthcare System
Project) | | 5.00 | | 2/15/2048 | | 6,495,000 | | 5,853,810 | |
Port of Greater Cincinnati
Development Authority, Revenue Bonds, Refunding (Duke Energy Co.) (Insured; Assured Guaranty Municipal
Corp.) Ser. B | | 4.38 | | 12/1/2058 | | 1,000,000 | | 974,683 | |
Tender Option Bond
Trust Receipts (Series 2024-XF1711), (University of Cincinnati Ohio Receipt, Revenue Bonds) Ser. A)
Non-Recourse, Underlying Coupon Rate 5.00% | | 9.22 | | 6/1/2049 | | 3,200,000 | a,c,d | 3,389,033 | |
| | 20,622,356 | |
Oklahoma
- 2.3% | | | | | |
Tender Option Bond Trust Receipts (Series 2024-XM1163), (Oklahoma
City Water Utilities Trust, Revenue Bonds, Refunding) Non-Recourse, Underlying Coupon Rate 5.25% | | 10.08 | | 7/1/2064 | | 3,200,000 | a,c,d | 3,473,484 | |
Tulsa County Industrial Authority, Revenue Bonds, Refunding
(Montereau Project) | | 5.25 | | 11/15/2045 | | 1,500,000 | | 1,482,836 | |
| | 4,956,320 | |
Pennsylvania
- 10.3% | | | | | |
Allentown Neighborhood Improvement Zone Development Authority, Revenue
Bonds (City Center Project) | | 5.00 | | 5/1/2042 | | 1,000,000 | a | 983,546 | |
Allentown School District, GO, Refunding (Insured; Build
America Mutual) Ser. B | | 5.00 | | 2/1/2033 | | 1,455,000 | | 1,515,111 | |
Clairton Municipal
Authority, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 12/1/2038 | | 3,750,000 | h | 3,594,054 | |
Clairton Municipal Authority, Revenue Bonds, Refunding, Ser.
B | | 5.00 | | 12/1/2037 | | 3,850,000 | | 3,850,100 | |
Clairton Municipal
Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 12/1/2042 | | 1,500,000 | | 1,500,039 | |
Pennsylvania Economic Development Financing Authority, Revenue
Bonds (The Penndot Major Bridges) | | 6.00 | | 6/30/2061 | | 2,000,000 | | 2,195,452 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value
($) | |
Long-Term
Municipal Investments - 147.3% (continued) | | | | | |
Pennsylvania
- 10.3% (continued) | | | | | |
Pennsylvania Higher
Educational Facilities Authority, Revenue Bonds, Refunding (Thomas Jefferson University Obligated Group)
Ser. A | | 5.00 | | 9/1/2045 | | 3,000,000 | | 3,001,846 | |
Pennsylvania Turnpike
Commission, Revenue Bonds, Ser. A | | 4.00 | | 12/1/2050 | | 1,000,000 | | 916,376 | |
Tender Option Bond Trust Receipts (Series 2022-XF1525), (Pennsylvania
Economic Development Financing Authority UPMC, Revenue Bonds) Ser. A) Recourse, Underlying Coupon Rate
4.00% | | 4.49 | | 5/15/2053 | | 2,300,000 | a,c,d | 2,096,574 | |
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% | | 11.71 | | 9/1/2053 | | 2,400,000 | a,c,d | 2,664,096 | |
| | 22,317,194 | |
Rhode
Island - 1.8% | | | | | |
Tender Option Bond Trust Receipts (Series 2023-XM1117), (Rhode
Island Infrastructure Bank State Revolving Fund, Revenue Bonds) Ser. A) Non-Recourse, Underlying Coupon
Rate 4.13% | | 4.75 | | 10/1/2048 | | 4,000,000 | a,c,d | 3,906,611 | |
South
Carolina - 4.2% | | | | | |
South Carolina Jobs-Economic Development Authority, Revenue
Bonds, Refunding (Bon Secours Mercy Health) | | 4.00 | | 12/1/2044 | | 1,500,000 | | 1,427,058 | |
South Carolina Jobs-Economic Development Authority, Revenue
Bonds, Refunding (Lutheran Homes of South Carolina Obligated Group) | | 5.13 | | 5/1/2048 | | 1,750,000 | | 1,428,963 | |
South Carolina Public Service Authority, Revenue Bonds, Refunding
(Santee Cooper) | | 5.13 | | 12/1/2043 | | 5,000,000 | | 4,999,741 | |
South Carolina Public
Service Authority, Revenue Bonds, Refunding (Santee Cooper) Ser. A | | 4.00 | | 12/1/2055 | | 1,500,000 | | 1,320,231 | |
| | 9,175,993 | |
STATEMENT
OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value
($) | |
Long-Term
Municipal Investments - 147.3% (continued) | | | | | |
South
Dakota - 1.2% | | | | | |
Tender Option Bond Trust Receipts (Series 2022-XF1409), (South
Dakota Heath & Educational Facilities Authority, Revenue Bonds, Refunding (Avera Health Obligated
Group)) Non-Recourse, Underlying Coupon Rate 5.00% | | 10.10 | | 7/1/2046 | | 2,680,000 | a,c,d | 2,703,032 | |
Tennessee - .6% | | | | | |
Metropolitan
Government Nashville & Davidson County Health & Educational Facilities Board, Revenue Bonds
(Belmont University) | | 5.25 | | 5/1/2048 | | 1,250,000 | | 1,328,912 | |
Texas
- 15.5% | | | | | |
Aldine Independent School District, GO (Insured; Permanent
School Fund Guarantee Program) | | 4.00 | | 2/15/2054 | | 1,000,000 | | 934,650 | |
Clifton Higher Education
Finance Corp., Revenue Bonds (IDEA Public Schools) | | 6.00 | | 8/15/2043 | | 1,500,000 | | 1,505,682 | |
Clifton Higher Education Finance Corp., Revenue Bonds (International
Leadership of Texas) Ser. A | | 5.75 | | 8/15/2045 | | 2,500,000 | | 2,542,968 | |
Clifton Higher Education
Finance Corp., Revenue Bonds (International Leadership of Texas) Ser. D | | 5.75 | | 8/15/2033 | | 1,000,000 | | 1,017,451 | |
Clifton Higher Education Finance Corp., Revenue Bonds (International
Leadership of Texas) Ser. D | | 6.13 | | 8/15/2048 | | 3,500,000 | | 3,553,204 | |
Clifton Higher Education
Finance Corp., Revenue Bonds, Refunding (IDEA Public Schools) (Insured; Permanent School Fund Guarantee
Program) | | 4.00 | | 8/15/2054 | | 1,000,000 | | 916,172 | |
Clifton Higher Education
Finance Corp., Revenue Bonds, Refunding (International Leadership of Texas) (Insured; Permanent School
Fund Guarantee Program) Ser. A | | 4.25 | | 8/15/2053 | | 1,000,000 | | 961,503 | |
Dallas Fort Worth International
Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 11/1/2040 | | 1,500,000 | | 1,630,191 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value
($) | |
Long-Term
Municipal Investments - 147.3% (continued) | | | | | |
Texas
- 15.5% (continued) | | | | | |
Dallas Independent
School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) | | 4.00 | | 2/15/2054 | | 2,000,000 | | 1,878,773 | |
Fort Bend County, Revenue Bonds, Refunding (Insured; Assured
Guaranty Municipal Corp.) | | 4.25 | | 3/1/2049 | | 1,250,000 | | 1,206,169 | |
Grand Parkway Transportation
Corp., Revenue Bonds, Refunding | | 4.00 | | 10/1/2049 | | 1,165,000 | | 1,071,709 | |
Houston Airport System, Revenue Bonds, Refunding (Insured;
Assured Guaranty Municipal Corp.) Ser. A | | 4.50 | | 7/1/2053 | | 1,400,000 | | 1,357,084 | |
Houston Airport System, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 7/1/2039 | | 2,480,000 | | 2,396,966 | |
Lamar Consolidated
Independent School District, GO | | 4.00 | | 2/15/2053 | | 1,000,000 | | 932,204 | |
Medina Valley Independent School District, GO (Insured; Permanent
School Fund Guarantee Program) | | 4.00 | | 2/15/2053 | | 4,500,000 | | 4,243,832 | |
Mission Economic Development
Corp., Revenue Bonds, Refunding (Natgasoline Project) | | 4.63 | | 10/1/2031 | | 2,500,000 | a | 2,485,278 | |
Tender Option Bond Trust Receipts (Series 2024-XM1164), (Texas
University Sysytem, Revenue Bonds, Refunding) Non-Recourse, Underlying Coupon Rate 5.25% | | 9.37 | | 3/15/2054 | | 3,200,000 | a,c,d | 3,463,748 | |
Waxahachie Independent School District, GO (Insured; Permanent
School Fund Guarantee Program) | | 4.25 | | 2/15/2053 | | 1,500,000 | | 1,473,335 | |
| | 33,570,919 | |
U.S.
Related - 1.8% | | | | | |
Puerto Rico, GO, Ser. A | | 0.00 | | 7/1/2024 | | 26,648 | f | 26,554 | |
Puerto Rico, GO, Ser. A | | 0.00 | | 7/1/2033 | | 211,359 | f | 140,370 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2037 | | 126,704 | | 122,928 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2041 | | 172,269 | | 160,129 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2046 | | 179,157 | | 162,036 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2035 | | 147,628 | | 145,030 | |
Puerto Rico, GO, Ser. A1 | | 4.00 | | 7/1/2033 | | 164,238 | | 164,234 | |
Puerto Rico, GO, Ser. A1 | | 5.38 | | 7/1/2025 | | 182,915 | | 184,516 | |
Puerto Rico, GO, Ser. A1 | | 5.63 | | 7/1/2029 | | 2,178,318 | | 2,344,634 | |
Puerto Rico, GO, Ser. A1 | | 5.63 | | 7/1/2027 | | 181,259 | | 189,543 | |
Puerto Rico, GO, Ser. A1 | | 5.75 | | 7/1/2031 | | 173,199 | | 193,071 | |
| | 3,833,045 | |
STATEMENT
OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value
($) | |
Long-Term
Municipal Investments - 147.3% (continued) | | | | | |
Utah
- .9% | | | | | |
Salt Lake City, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2048 | | 1,000,000 | | 1,005,865 | |
Salt Lake City, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2042 | | 1,000,000 | | 1,008,299 | |
| | 2,014,164 | |
Virginia
- 3.4% | | | | | |
Virginia Housing Development Authority, Revenue Bonds, Ser.
A | | 4.80 | | 9/1/2059 | | 3,000,000 | | 3,001,864 | |
Virginia Small Business
Financing Authority, Revenue Bonds (Transform 66 P3 Project) | | 5.00 | | 12/31/2049 | | 1,000,000 | | 1,007,322 | |
Virginia Small Business Financing Authority, Revenue Bonds,
Refunding | | 5.00 | | 12/31/2057 | | 1,500,000 | | 1,509,232 | |
Virginia Small Business
Financing Authority, Revenue Bonds, Refunding (95 Express Lanes) | | 4.00 | | 1/1/2048 | | 1,000,000 | | 887,938 | |
Williamsburg Economic Development Authority, Revenue Bonds
(William & Mary Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.13 | | 7/1/2058 | | 1,000,000 | | 931,527 | |
| | 7,337,883 | |
Washington
- 3.2% | | | | | |
Washington Convention Center Public Facilities District, Revenue
Bonds, Ser. B | | 4.00 | | 7/1/2058 | | 1,000,000 | | 854,420 | |
Washington Health Care
Facilities Authority, Revenue Bonds, Refunding (Providence Health & Services) Ser. A | | 5.00 | | 10/1/2042 | | 5,000,000 | | 5,000,333 | |
Washington Housing
Finance Commission, Revenue Bonds, Refunding (Seattle Academy of Arts & Sciences) | | 6.38 | | 7/1/2063 | | 1,000,000 | a | 1,091,228 | |
| | 6,945,981 | |
Wisconsin
- 5.9% | | | | | |
Public Finance Authority, Revenue Bonds (Cone Health) Ser.
A | | 5.00 | | 10/1/2052 | | 1,000,000 | | 1,043,626 | |
Public Finance Authority, Revenue
Bonds (EMU Campus Living) (Insured; Build America Mutual) Ser. A1 | | 5.50 | | 7/1/2052 | | 1,200,000 | | 1,281,654 | |
Public Finance Authority, Revenue Bonds (EMU Campus Living)
(Insured; Build America Mutual) Ser. A1 | | 5.63 | | 7/1/2055 | | 1,315,000 | | 1,416,923 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value
($) | |
Long-Term
Municipal Investments - 147.3% (continued) | | | | | |
Wisconsin
- 5.9% (continued) | | | | | |
Public Finance Authority, Revenue
Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2042 | | 5,000,000 | | 4,984,566 | |
Public Finance Authority, Revenue
Bonds, Ser. 1 | | 5.75 | | 7/1/2062 | | 2,825,000 | | 3,053,655 | |
Wisconsin Health &
Educational Facilities Authority, Revenue Bonds (Bellin Memorial Hospital Obligated Group) | | 5.50 | | 12/1/2052 | | 1,000,000 | | 1,076,533 | |
| | 12,856,957 | |
Total Long-Term Municipal Investments
(cost $322,303,613) | | 319,264,273 | |
Total
Investments (cost $323,581,295) | | 147.9% | 320,563,516 | |
Liabilities, Less Cash and Receivables | | (47.9%) | (103,832,474) | |
Net Assets Applicable
to Common Stockholders | | 100.0% | 216,731,042 | |
a 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 May 31, 2024, these securities were valued at $68,365,508
or 31.54% of net assets.
b Non-income
producing—security in default.
c The Variable Rate is determined by the Remarketing Agent in
its sole discretion based on prevailing market conditions and may, but need not, be established by reference
to one or more financial indices.
d Collateral for floating rate borrowings. The coupon rate given
represents the current interest rate for the inverse floating rate security.
e These securities have a put feature; the date shown represents
the put date and the bond holder can take a specific action to retain the bond after the put date.
f Security
issued with a zero coupon. Income is recognized through the accretion of discount.
g These securities are prerefunded; the date shown represents
the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which
are held in escrow and are used to pay principal and interest on the municipal issue and to retire the
bonds in full at the earliest refunding date.
h Security purchased on a when-issued or delayed basis for which
the fund has not taken delivery as of May 31, 2024.
STATEMENT
OF INVESTMENTS (Unaudited) (continued)
The
following is a summary of the inputs used as of May 31, 2024 in valuing the fund’s
investments:
| | | | | | | |
| | Level
1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | | Level
3-Significant Unobservable Inputs | Total | |
Assets ($) | | |
Investments
in Securities:† | | |
Collateralized Municipal-Backed Securities | - | 1,299,243 | | - | 1,299,243 | |
Municipal Securities | - | 319,264,273 | | - | 319,264,273 | |
Liabilities ($) | | |
Other Financial Instruments: | | |
Inverse
Floater Notes†† | - | (28,645,000) | | - | (28,645,000) | |
RVMTP Shares†† | - | (75,000,000) | | - | (75,000,000) | |
† 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 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 Company's Board of Directors (the
"Board") has designated the Adviser as the fund’s valuation designee, effective September 8, 2022,
to make all fair value determinations with respect to the fund’s portfolio investments, subject to
the Board’s oversight and pursuant to Rule 2a-5 under the Act.
Investments in municipal securities are valued each business day by an independent
pricing service (the “Service”) approved by the Board. Investments for which quoted bid prices are
readily available and are representative of the bid side of the market in the judgment of the Service
are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such
securities) and asked prices (as calculated by the Service based upon its evaluation of the market for
such securities). Municipal investments (which constitute a majority of the portfolio securities) are
carried at fair value as determined by the Service, based on methods which include consideration of the
following: yields or prices of municipal securities of comparable quality, coupon, maturity and type;
indications as to values from dealers; and general market conditions. The Service is engaged under the
general oversight of the Board. All of the preceding securities are generally categorized within Level
2 of the fair value hierarchy.
When market quotations or official closing prices are not
readily available, or are determined not to accurately reflect fair value, such as when the value of
a security has been significantly affected by events after the close of the exchange or market on which
the security is principally traded, but before the fund calculates its net asset value, the fund may
value these investments at fair value as determined in accordance with the procedures approved by the
Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical
data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence
the market in which the securities are purchased and sold, and public trading in similar securities of
the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the
fair value hierarchy depending on the relevant inputs used.
For securities where
observable inputs are limited, assumptions about market activity and risk are used and such securities
are generally categorized within Level 3 of the fair value hierarchy.
Inverse Floater Securities:
The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal
bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically
issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt
municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate
set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest
tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and
is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest
on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may
be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default
or other credit event.
The fund accounts for the transfer of bonds to the Inverse
Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments,
and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.
The fund may invest in inverse floater securities on either a non-recourse or
recourse basis. These securities are typically supported by a liquidity facility provided by a bank or
other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates
to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued
interest on any business day prior to a termination event. When the fund invests in inverse floater securities
on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility
due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity
Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater
Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the
bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater
securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity
Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall.
As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect
to any Liquidation Shortfall.
At May 31, 2024, accumulated net unrealized depreciation on
investments was $3,017,779, consisting of $7,605,175 gross unrealized appreciation and $10,622,954 gross
unrealized depreciation.
At May 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.
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