NPORT-EX 2 c10287bnymellonstr-june20221.htm

Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon Strategic Municipals, Inc.

June 30, 2022 (Unaudited)

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Bonds and Notes - .4%
Collateralized Municipal-Backed Securities - .4%
Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2 (cost $1,831,527)		3.63		5/20/2033		1,668,681		1,647,332
Long-Term Municipal Investments - 156.6%
Alabama - 3.9%
Alabama Special Care Facilities Financing Authority, Revenue Bonds (Methodist Home for the Aging Obligated Group)		5.75		6/1/2045		6,000,000		5,568,074
Black Belt Energy Gas District, Revenue Bonds, Ser. D1		4.00		6/1/2027		1,000,000	a	1,030,100
Jefferson County, Revenue Bonds, Refunding, Ser. F		7.90		10/1/2050		2,500,000	b	2,530,696
The Lower Alabama Gas District, Revenue Bonds, Ser. A		5.00		9/1/2046		6,000,000		6,383,762
University of Alabama at Birmingham, Revenue Bonds, Ser. B		4.00		10/1/2036		2,000,000		2,018,491
							17,531,123
Arizona - 7.0%
Arizona Industrial Development Authority, Revenue Bonds (Academics of Math & Science Project)		5.00		7/1/2054		1,275,000	c	1,197,723
Arizona Industrial Development Authority, Revenue Bonds (Cadence Campus Project) Ser. A		4.00		7/15/2040		925,000	c	804,768
Arizona Industrial Development Authority, Revenue Bonds (Cadence Campus Project) Ser. A		4.00		7/15/2030		625,000	c	598,316
Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project) Ser. A		6.00		7/1/2051		1,000,000	c	938,817
Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project) Ser. A		7.75		7/1/2050		5,770,000	c	6,289,386
Arizona Industrial Development Authority, Revenue Bonds (Phoenix Children's Hospital Obligated Group)		4.00		2/1/2050		1,500,000		1,405,785

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
Arizona - 7.0% (continued)
Arizona Industrial Development Authority, Revenue Bonds, Refunding (Basis Schools Projects) Ser. D		5.00		7/1/2047		1,035,000	c	1,002,004
Arizona Industrial Development Authority, Revenue Bonds, Refunding (Basis Schools Projects) Ser. D		5.00		7/1/2051		380,000	c	364,294
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A		5.00		11/15/2054		1,000,000		1,040,854
La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public Schools) Ser. A		5.00		2/15/2036		2,480,000	c	2,539,541
Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin Franklin Charter School Obligated Group)		6.00		7/1/2052		3,000,000	c	3,219,293
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Paradise Schools Projects Paragon Management)		5.00		7/1/2047		2,000,000	c	1,936,240
Salt Verde Financial Corp., Revenue Bonds		5.00		12/1/2037		1,000,000		1,075,128
Tender Option Bond Trust Receipts (Series 2018-XF2537), (Salt Verde Financial Corporation, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00		15.00		12/1/2037		4,030,000	c,d,e	4,332,813
The Phoenix Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A		5.00		7/1/2046		2,000,000	c	1,967,051
The Phoenix Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A		5.00		7/1/2035		2,360,000	c	2,368,423
							31,080,436
California - 7.4%
California Municipal Finance Authority, Revenue Bonds, Refunding (HumanGood California Obligated Group) Ser. A		5.00		10/1/2044		1,000,000		1,032,720
California Municipal Finance Authority, Revenue Bonds, Refunding (William Jessup University)		5.00		8/1/2039		1,000,000		964,353

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
California - 7.4% (continued)
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group)		5.50		12/1/2058		1,000,000	c	1,006,987
Jefferson Union High School District, COP (Teacher & Staff Housing Project) (Insured; Build America Mutual)		4.00		8/1/2055		1,000,000		955,908
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B		5.00		7/1/2056		4,480,000		4,657,757
San Francisco City & County Redevelopment Agency, Special Tax Bonds, Refunding, Ser. A		5.00		8/1/2023		1,000,000		1,001,869
Tender Option Bond Trust Receipts (Series 2016-XM0379), (Los Angeles Department of Water & Power, Revenue Bonds, Refunding) Non-recourse, Underlying Coupon Rate (%) 5.00		15.49		7/1/2043		5,000,000	c,d,e	5,000,000
Tender Option Bond Trust Receipts (Series 2016-XM0434), (The Regents of the University of California, Revenue Bonds, Refunding) Recourse, Underlying Coupon Rate (%) 5.00		15.52		5/15/2038		10,000,000	c,d,e	10,228,668
Tender Option Bond Trust Receipts (Series 2020-XF2876), (San Francisco California City & County Airport Commission, Revenue Bonds, Refunding, Ser. E) Recourse, Underlying Coupon Rate (%) 5.00		15.17		5/1/2050		7,780,000	c,d,e	8,081,695
							32,929,957
Colorado - 6.7%
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Covenant Living Communities & Services Obligated Group) Ser. A		4.00		12/1/2050		4,500,000		3,848,422
Denver City & County, Revenue Bonds, Refunding (United Airlines Project)		5.00		10/1/2032		1,000,000		999,129
Dominion Water & Sanitation District, Revenue Bonds		6.00		12/1/2046		4,560,000		4,656,824
Hess Ranch Metropolitan District No. 6, GO, Ser. A1		5.00		12/1/2049		2,000,000		1,851,360
Rampart Range Metropolitan District No. 5, Revenue Bonds		4.00		12/1/2051		2,000,000		1,526,985

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
Colorado - 6.7% (continued)
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A		4.00		7/15/2035		1,250,000		1,175,982
Tender Option Bond Trust Receipts (Series 2016-XM0433), (Colorado Springs, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00		15.51		11/15/2043		9,752,907	c,d,e	10,091,655
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		14.55		8/1/2044		4,440,000	c,d,e	4,925,002
Vauxmont Metropolitan District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.)		3.25		12/15/2050		770,000		620,121
							29,695,480
Connecticut - 4.0%
Connecticut, Revenue Bonds, Ser. A		5.00		5/1/2040		1,000,000		1,099,019
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Fairfield University) Ser. U		4.00		7/1/2052		1,000,000		903,299
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Connecticut College) Ser. M		4.00		7/1/2052		3,000,000		2,750,003
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Trinity Health Obligated Group)		5.00		12/1/2045		2,500,000		2,595,089
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding, Ser. S		4.00		6/1/2051		2,000,000		1,886,418
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1		3.65		11/15/2032		410,000		411,688
Harbor Point Infrastructure Improvement District, Tax Allocation Bonds, Refunding (Harbor Point Project)		5.00		4/1/2039		3,500,000	c	3,608,296
University of Connecticut, Revenue Bonds, Ser. A		5.00		5/1/2041		4,000,000		4,471,875
							17,725,687

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
District of Columbia - 5.0%
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Dulles Metrorail & Capital Improvement Projects) Ser. A		5.00		10/1/2039		1,000,000		1,088,723
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. B		4.00		10/1/2049		1,000,000		895,516
Tender Option Bond Trust Receipts (Series 2016-XM0437), (District of Columbia, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.00		15.52		12/1/2035		19,992,830	c,d,e	20,212,549
							22,196,788
Florida - 7.9%
Alachua County Health Facilities Authority, Revenue Bonds (Shands Teaching Hospital & Clinics Obligated Group)		4.00		12/1/2049		1,625,000		1,474,538
Atlantic Beach, Revenue Bonds (Fleet Landing Project) Ser. A		5.00		11/15/2053		3,000,000		3,052,119
Capital Trust Agency, Revenue Bonds (WFCS Portfolio Projects) Ser. A		5.00		1/1/2056		750,000	c	671,913
Florida Development Finance Corp., Revenue Bonds (Miami Arts Charter School Project) Ser. A		6.00		6/15/2044		5,000,000	c	4,289,092
Greater Orlando Aviation Authority, Revenue Bonds, Ser. A		4.00		10/1/2044		2,000,000		1,917,680
Miami-Dade County, Revenue Bonds		0.00		10/1/2045		3,000,000	f	1,012,581
Palm Beach County Health Facilities Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group)		5.00		11/15/2045		2,850,000		2,950,227
Palm Beach County Health Facilities Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) Ser. B		5.00		11/15/2042		735,000		772,357
Palm Beach County Health Facilities Authority, Revenue Bonds (Lifespace Communities Obligated Group) Ser. B		4.00		5/15/2053		2,600,000		1,937,124
Pinellas County Industrial Development Authority, Revenue Bonds (Foundation for Global Understanding)		5.00		7/1/2029		900,000		927,481

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
Florida - 7.9% (continued)
Seminole County Industrial Development Authority, Revenue Bonds, Refunding (Legacy Pointe at UCF Project)		5.75		11/15/2054		2,500,000		2,241,546
Tender Option Bond Trust Receipts (Series 2019-XF0813), (Fort Myers Florida Utility, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 4.00		11.61		10/1/2049		3,435,000	c,d,e	3,314,894
Tender Option Bond Trust Receipts (Series 2019-XM0782), (Palm Beach County Florida Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group)) Recourse, Underlying Coupon Rate (%) 4.00		11.70		8/15/2049		5,535,000	c,d,e	5,183,933
Tender Option Bond Trust Receipts (Series 2020-XF2877), (Greater Orlando Aviation Authority, Revenue Bonds, Ser. A) Recourse, Underlying Coupon Rate (%) 4.00		11.65		10/1/2049		4,685,000	c,d,e	4,409,494
Village Community Development District No. 10, Special Assessment Bonds		6.00		5/1/2044		800,000		811,333
							34,966,312
Georgia - 6.5%
Atlanta Water & Wastewater, Revenue Bonds, Ser. D		3.50		11/1/2028		1,275,000	c	1,303,062
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A		5.00		7/1/2052		3,250,000		3,363,669
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Plant Vogtle Units 3&4 Project) Ser. A		5.00		1/1/2056		1,250,000		1,287,009
Tender Option Bond Trust Receipts (Series 2016-XM0435), (Private Colleges & Universities Authority, Revenue Bonds, Refunding (Emory University)) Recourse, Underlying Coupon Rate (%) 5.00		15.52		10/1/2043		10,000,000	c,d,e	10,259,925
Tender Option Bond Trust Receipts (Series 2019-XF2847), (Municipal Electric Authority of Georgia, Revenue Bonds (Plant Vogtle Unis 3&4 Project, Ser. A)) Recourse, Underlying Coupon Rate (%) 5.00		15.34		1/1/2056		3,600,000	c,d,e	3,687,996

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
Georgia - 6.5% (continued)
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		13.01		7/1/2044		6,340,000	c,d,e	6,598,034
The Burke County Development Authority, Revenue Bonds, Refunding (Oglethorpe Power Corp.) Ser. D		4.13		11/1/2045		2,400,000		2,218,849
							28,718,544
Hawaii - .3%
Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Hawaiian Electric Co.)		4.00		3/1/2037		1,500,000		1,456,712
Idaho - 1.4%
Power County Industrial Development Corp., Revenue Bonds (FMC Corp. Project)		6.45		8/1/2032		5,000,000		5,016,017
Spring Valley Community Infrastructure District No. 1, Special Assessment Bonds		3.75		9/1/2051		2,000,000	c	1,439,675
							6,455,692
Illinois - 13.0%
Chicago Board of Education, GO, Refunding, Ser. A		5.00		12/1/2034		1,400,000		1,438,185
Chicago Board of Education, GO, Ser. D		5.00		12/1/2046		2,000,000		2,029,454
Chicago Board of Education, GO, Ser. H		5.00		12/1/2036		2,000,000		2,054,011
Chicago II, GO, Refunding, Ser. A		6.00		1/1/2038		3,000,000		3,223,046
Chicago II, GO, Ser. A		5.00		1/1/2044		4,000,000		4,097,870
Chicago II, GO, Ser. A		5.50		1/1/2049		1,000,000		1,049,695
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A		5.00		1/1/2048		3,585,000		3,723,557
Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A		5.00		12/1/2057		2,000,000		2,147,422
Chicago Transit Authority, Revenue Bonds, Refunding, Ser. A		5.00		12/1/2045		1,000,000		1,067,561
Illinois, GO, Refunding, Ser. A		5.00		10/1/2029		1,100,000		1,180,858
Illinois, GO, Ser. A		5.00		5/1/2038		3,900,000		4,037,097
Illinois, GO, Ser. C		5.00		11/1/2029		1,120,000		1,192,811
Illinois, GO, Ser. D		5.00		11/1/2028		2,825,000		3,028,980

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
Illinois - 13.0% (continued)
Illinois Finance Authority, Revenue Bonds, Refunding (Lutheran Life Communities Obligated Group) Ser. A		5.00		11/1/2040		1,750,000		1,619,187
Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place Expansion Project)		5.00		6/15/2057		2,000,000		2,013,958
Metropolitan Pier & Exposition Authority, Revenue Bonds (McCormick Place Project) (Insured; National Public Finance Guarantee Corp.) Ser. A		0.00		12/15/2036		2,500,000	f	1,312,967
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project)		0.00		12/15/2054		21,800,000	f	4,109,967
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A		4.00		1/1/2038		2,000,000		1,932,527
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A		5.00		1/1/2032		2,500,000		2,800,026
Tender Option Bond Trust Receipts (Series 2017-XM0492), (Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago)) Non-recourse, Underlying Coupon Rate (%) 5.00		15.49		10/1/2040		12,000,000	c,d,e	12,671,149
University of Illinois, Revenue Bonds (Auxiliary Facilities System) Ser. A		5.00		4/1/2044		1,000,000		1,025,099
							57,755,427
Indiana - 1.5%
Indiana Finance Authority, Revenue Bonds (Green Bond)		7.00		3/1/2039		6,025,000	c	4,776,347
Indiana Finance Authority, Revenue Bonds (Ohio Valley Electric Project) Ser. B		3.00		11/1/2030		1,000,000		906,611
Indiana Finance Authority, Revenue Bonds (Parkview Health System Obligated Group) Ser. A		5.00		11/1/2043		1,000,000		1,054,643
							6,737,601
Iowa - 1.9%
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project)		5.00		12/1/2050		2,515,000		2,553,648
Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. A		4.00		5/15/2053		1,000,000		745,048

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
Iowa - 1.9% (continued)
Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. A		4.00		5/15/2046		500,000		390,947
Iowa Student Loan Liquidity Corp., Revenue Bonds, Ser. B		5.00		12/1/2031		2,000,000		2,201,882
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2		4.00		6/1/2049		1,500,000		1,265,679
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. B1		4.00		6/1/2049		1,415,000		1,366,292
							8,523,496
Kansas - .1%
Kansas Development Finance Authority, Revenue Bonds, Ser. B		4.00		11/15/2025		300,000		281,268
Kentucky - .7%
Henderson , Revenue Bonds (Pratt Paper Project) Ser. A		4.70		1/1/2052		500,000	c	466,778
Kentucky Public Energy Authority, Revenue Bonds, Ser. A1		4.00		6/1/2025		2,500,000	a	2,534,019
							3,000,797
Louisiana - 3.4%
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Refunding (Westlake Chemical Project)		3.50		11/1/2032		3,100,000		2,919,622
Louisiana Public Facilities Authority, Revenue Bonds, Refunding, Ser. A		4.00		4/1/2050		885,000		796,603
Louisiana Public Facilities Authority, Revenue Bonds, Refunding, Ser. A		4.00		4/1/2030		115,000	g	123,926
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		15.23		7/1/2047		10,755,000	c,d,e	11,080,730
							14,920,881
Maryland - 3.7%
Maryland Economic Development Corp., Revenue Bonds (Green Bond) (Purple Line Transit Partners) Ser. B		5.25		6/30/2052		2,120,000		2,166,382

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
Maryland - 3.7% (continued)
Maryland Economic Development Corp., Tax Allocation Bonds (Port Covington Project)		4.00		9/1/2050		1,000,000		815,929
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds (Adventist Healthcare Obligated Group) Ser. A		5.50		1/1/2046		3,250,000		3,362,698
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (Stevenson University Project)		4.00		6/1/2051		1,000,000		860,681
Tender Option Bond Trust Receipts (Series 2016-XM0391), (Mayor & City Council of Baltimore, Revenue Bonds, Refunding (Water Projects)) Non-recourse, Underlying Coupon Rate (%) 5.00		15.49		7/1/2042		9,000,000	c,d,e	9,410,355
							16,616,045
Massachusetts - 6.3%
Lowell Collegiate Charter School, Revenue Bonds		5.00		6/15/2049		1,750,000		1,682,360
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group)		5.00		10/1/2057		1,000,000	c	1,052,879
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A		5.00		7/1/2025		1,400,000		1,485,691
Tender Option Bond Trust Receipts (Series 2016-XM0389), (Massachusetts School Building Authority, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00		15.49		5/15/2023		10,000,000	c,d,e	10,278,541
Tender Option Bond Trust Receipts (Series 2018-XF0610), (Massachusetts Transportation Fund, Revenue Bonds (Rail Enhancement & Accelerated Bridge Programs)) Non-recourse, Underlying Coupon Rate (%) 5.00		15.79		6/1/2047		12,750,000	c,d,e	13,605,359
							28,104,830
Michigan - 6.4%
Detroit, GO, Ser. A		5.00		4/1/2050		2,305,000		2,339,872
Great Lakes Water Authority Sewage Disposal System, Revenue Bonds, Refunding, Ser. C		5.00		7/1/2036		3,000,000		3,193,372

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
Michigan - 6.4% (continued)
Michigan Finance Authority, Revenue Bonds (Beaumont Health Credit Obligated Group)		5.00		11/1/2044		5,165,000		5,399,373
Michigan Finance Authority, Revenue Bonds, Refunding		4.00		4/15/2042		1,500,000		1,484,123
Michigan Finance Authority, Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. C3		5.00		7/1/2031		2,000,000		2,078,845
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. D6		5.00		7/1/2036		2,000,000		2,069,043
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A2		5.00		6/1/2040		4,435,000		4,675,775
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. D2		5.00		7/1/2034		2,000,000		2,093,162
Tender Option Bond Trust Receipts (Series 2019-XF2837), (Michigan State Finance Authority, Revenue Bonds (Henry Ford Health System)) Recourse, Underlying Coupon Rate (%) 4.00		11.61		11/15/2050		5,840,000	c,d,e	5,336,765
							28,670,330
Minnesota - .7%
Duluth Economic Development Authority, Revenue Bonds, Refunding (Essentia Health Obligated Group) Ser. A		5.00		2/15/2058		3,000,000		3,070,627
Missouri - 3.5%
Kansas City Industrial Development Authority, Revenue Bonds (Kansas City International Airport) Ser. A		5.00		3/1/2044		1,000,000		1,040,755
Missouri Health & Educational Facilities Authority, Revenue Bonds (Mercy Health)		4.00		6/1/2053		2,000,000		1,815,282
St. Louis County Industrial Development Authority, Revenue Bonds (Friendship Village St. Louis Obligated Group) Ser. A		5.13		9/1/2049		2,975,000		2,709,381
St. Louis County Industrial Development Authority, Revenue Bonds (Friendship Village St. Louis Obligated Group) Ser. A		5.13		9/1/2048		2,025,000		1,849,605

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
Missouri - 3.5% (continued)
St. Louis Land Clearance for Redevelopment Authority, Revenue Bonds		5.13		6/1/2046		4,725,000		4,850,115
The St. Louis Missouri Industrial Development Authority, Tax Allocation Bonds (St. Louis Innovation District Project)		4.38		5/15/2036		3,500,000		3,259,712
							15,524,850
Multi-State - .5%
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M048		3.15		1/15/2036		2,360,000	c	2,247,909
Nevada - 1.4%
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A		4.25		6/15/2041		3,745,000		3,708,732
Reno, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		4.00		6/1/2058		2,750,000		2,571,431
							6,280,163
New Hampshire - .2%
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Green Bond) Ser. B		3.75		7/2/2040		1,000,000	a,c	816,602
New Jersey - 5.2%
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A		4.00		6/1/2031		1,200,000		1,267,220
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX		5.25		6/15/2027		4,000,000		4,216,658
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Refunding, Ser. D		4.00		4/1/2025		1,560,000		1,601,269
New Jersey Transportation Trust Fund Authority, Revenue Bonds		5.00		6/15/2046		1,775,000		1,838,655
New Jersey Transportation Trust Fund Authority, Revenue Bonds		5.25		6/15/2043		2,000,000		2,104,542
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA		5.25		6/15/2033		1,500,000		1,556,249
New Jersey Turnpike Authority, Revenue Bonds, Ser. A		4.00		1/1/2048		3,000,000		2,943,164

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
New Jersey - 5.2% (continued)
Tender Option Bond Trust Receipts (Series 2018-XF2538), (New Jersey Economic Development Authority, Revenue Bonds) Recourse, Underlying Coupon Rate (%) 5.25		15.99		6/15/2040		3,250,000	c,d,e	3,360,143
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.25		6/1/2046		750,000		780,433
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. B		5.00		6/1/2046		3,410,000		3,411,565
							23,079,898
New York - 8.4%
Monroe County Industrial Development Corp., Revenue Bonds, Refunding (University of Rochester Project) Ser. A		4.00		7/1/2050		1,500,000		1,416,632
New York Convention Center Development Corp., Revenue Bonds (Hotel Unit Fee) (Insured; Assured Guaranty Municipal Corp.) Ser. B		0.00		11/15/2049		6,885,000	f	1,748,560
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project)		5.00		11/15/2044		7,000,000	c	6,833,826
New York State Dormitory Authority, Revenue Bonds, Refunding (Montefiore Obligated Group) Ser. A		4.00		9/1/2045		1,000,000		868,801
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal)		5.00		12/1/2040		1,385,000		1,436,263
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal)		5.00		12/1/2042		2,150,000		2,222,529
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A		5.25		1/1/2050		3,500,000		3,588,549
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A		4.00		12/1/2039		1,475,000		1,371,683
Niagara Area Development Corp., Revenue Bonds, Refunding (Covanta Holding Project) Ser. A		4.75		11/1/2042		2,000,000	c	1,840,637

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
New York - 8.4% (continued)
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 223		4.00		7/15/2051		3,000,000		2,774,388
Tender Option Bond Trust Receipts (Series 2022-XM1004), (Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) (Insured; Assured Guaranty Municipal Corp., Ser. C)) Non-recourse, Underlying Coupon Rate (%) 4.00		6.53		11/15/2047		6,300,000	c,d,e	5,827,623
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A1		5.00		5/15/2051		4,355,000		4,728,901
TSASC, Revenue Bonds, Refunding, Ser. B		5.00		6/1/2045		1,165,000		1,150,859
Westchester County Local Development Corp., Revenue Bonds, Refunding (Purchase Senior Learning Community Obligated Group)		5.00		7/1/2056		2,000,000	c	1,678,661
							37,487,912
North Carolina - 2.9%
North Carolina Medical Care Commission, Revenue Bonds, Refunding (Lutheran Services for the Aging Obligated Group)		4.00		3/1/2051		3,000,000		2,209,672
North Carolina Medical Care Commission, Revenue Bonds, Refunding (Pennybyrn at Maryfield Obligated Group)		5.00		10/1/2035		1,005,000		1,003,958
Tender Option Bond Trust Receipts (Series 2022-XF1352), (North Carolina State Medical Care Commision Health Care Facilities, Revenue Bonds (Novant Health Obligated Group, Ser. A)) Non-recourse, Underlying Coupon Rate (%) 4.00		6.63		11/1/2052		10,000,000	c,d,e	9,578,985
							12,792,615
Ohio - 9.8%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2		4.00		6/1/2048		1,250,000		1,138,870
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B2		5.00		6/1/2055		14,050,000		13,250,509

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
Ohio - 9.8% (continued)
Canal Winchester Local School District, GO, Refunding (Insured; National Public Finance Guarantee Corp.)		0.00		12/1/2031		3,955,000	f	2,856,931
Canal Winchester Local School District, GO, Refunding (Insured; National Public Finance Guarantee Corp.)		0.00		12/1/2029		3,955,000	f	3,116,349
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System)		5.00		2/15/2052		2,000,000		2,008,937
Franklin County Convention Facilities Authority, Revenue Bonds		5.00		12/1/2044		1,250,000		1,263,924
Ohio Air Quality Development Authority, Revenue Bonds (Pratt Paper OH Project)		4.50		1/15/2048		2,250,000	c	2,104,128
Tender Option Bond Trust Receipts (Series 2016-XM0380), (Hamilton County, Revenue Bonds, Refunding (The Metropolitan Sewer District of Greater Cincinnati)) Non-recourse, Underlying Coupon Rate (%) 5.00		15.49		12/1/2038		17,000,000	c,d,e	17,709,360
							43,449,008
Oklahoma - .3%
Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine Project) Ser. B		5.50		8/15/2057		1,500,000		1,362,560
Oregon - .5%
Clackamas County Hospital Facility Authority, Revenue Bonds, Refunding (Willamette View Obligated Group) Ser. A		5.00		11/15/2047		1,500,000		1,431,494
Yamhill County Hospital Authority, Revenue Bonds, Refunding (Friendsview Manor Obligated Group) Ser. A		5.00		11/15/2056		1,220,000		1,006,823
							2,438,317
Pennsylvania - 3.2%
Allentown School District, GO, Refunding (Insured; Build America Mutual) Ser. B		5.00		2/1/2031		1,500,000		1,702,504
Crawford County Hospital Authority, Revenue Bonds, Refunding (Meadville Medical Center Project) Ser. A		6.00		6/1/2046		1,175,000		1,214,251

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
Pennsylvania - 3.2% (continued)
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Sciences)		5.00		11/1/2036		3,675,000		3,797,953
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A		4.00		12/1/2043		1,810,000		1,731,564
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B		4.00		12/1/2051		1,500,000		1,334,608
Philadelphia Water & Wastewater, Revenue Bonds, Ser. A		5.00		11/1/2050		1,500,000		1,624,525
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A		4.00		9/1/2036		2,740,000		2,774,130
							14,179,535
Rhode Island - 1.6%
Providence Public Building Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00		9/15/2036		6,365,000		6,946,010
South Carolina - 4.2%
South Carolina Jobs-Economic Development Authority, Revenue Bonds (Bishop Gadsden Episcopal Retirement Community Obligated Group)		5.00		4/1/2054		1,000,000		938,056
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A		4.00		12/1/2055		3,000,000		2,664,211
Tender Option Bond Trust Receipts (Series 2016-XM0384), (South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper)) Non-recourse, Underlying Coupon Rate (%) 5.13		12.17		12/1/2043		15,000,000	c,d,e	15,204,772
							18,807,039
Tennessee - 1.2%
Tender Option Bond Trust Receipts (Series 2016-XM0388), (Metropolitan Government of Nashville & Davidson County, Revenue Bonds, Refunding) Non-recourse, Underlying Coupon Rate (%) 5.00		15.16		7/1/2040		5,000,000	c,d,e	5,149,013
Texas - 11.7%
Central Texas Regional Mobility Authority, Revenue Bonds		5.00		1/1/2048		2,500,000		2,602,005
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. A		5.00		7/1/2025		1,000,000	g	1,082,103

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
Texas - 11.7% (continued)
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) Ser. A		4.00		8/15/2051		3,100,000		2,832,472
Clifton Higher Education Finance Corp., Revenue Bonds (Uplift Education) Ser. A		4.50		12/1/2044		2,500,000		2,418,090
Clifton Higher Education Finance Corp., Revenue Bonds, Ser. A		5.75		8/15/2045		4,500,000		4,535,299
Clifton Higher Education Finance Corp., Revenue Bonds, Ser. D		6.13		8/15/2048		6,000,000		6,119,196
Grand Parkway Transportation Corp., Revenue Bonds, Refunding		4.00		10/1/2045		1,000,000		966,315
Harris County-Houston Sports Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A		0.00		11/15/2050		6,500,000	f	1,560,300
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project)		4.63		10/1/2031		1,500,000	c	1,526,179
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (MRC Stevenson Oaks Project)		6.75		11/15/2051		1,000,000		1,032,076
Tender Option Bond Trust Receipts (Series 2016-XM0377), (San Antonio, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00		15.49		2/1/2043		16,750,000	c,d,e	17,065,713
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Blueridge Transportation Group)		5.00		12/31/2050		1,300,000		1,308,042
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Segment 3C Project)		5.00		6/30/2058		8,930,000		8,885,578
							51,933,368
U.S. Related - 1.0%
Guam Housing Corp., Revenue Bonds (Insured; Federal Home Loan Mortgage Corp.) Ser. A		5.75		9/1/2031		930,000		933,492
Puerto Rico, GO, Ser. A		0.00		7/1/2033		381,733	f	214,978
Puerto Rico, GO, Ser. A		0.00		7/1/2024		152,585	f	139,728
Puerto Rico, GO, Ser. A1		4.00		7/1/2037		228,839		203,124
Puerto Rico, GO, Ser. A1		4.00		7/1/2033		296,629		272,489
Puerto Rico, GO, Ser. A1		4.00		7/1/2046		323,574		272,654
Puerto Rico, GO, Ser. A1		4.00		7/1/2041		311,133		270,157
Puerto Rico, GO, Ser. A1		4.00		7/1/2035		266,630		239,489
Puerto Rico, GO, Ser. A1		5.25		7/1/2023		331,291		337,391

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
U.S. Related - 1.0% (continued)
Puerto Rico, GO, Ser. A1		5.38		7/1/2025		330,362		343,293
Puerto Rico, GO, Ser. A1		5.63		7/1/2027		327,370		348,699
Puerto Rico, GO, Ser. A1		5.63		7/1/2029		322,059		346,415
Puerto Rico, GO, Ser. A1		5.75		7/1/2031		312,813		342,338
							4,264,247
Utah - .8%
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A		5.00		4/15/2049		1,190,000		1,272,913
Utah Infrastructure Agency, Revenue Bonds, Refunding, Ser. A		5.00		10/15/2037		2,345,000		2,343,218
							3,616,131
Virginia - 3.5%
Tender Option Bond Trust Receipts (Series 2018-XM0593), (Hampton Roads Transportation Accountability Commission, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.50		17.83		7/1/2057		7,500,000	c,d,e	8,648,055
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project)		5.00		12/31/2056		3,380,000		3,433,843
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project)		5.00		12/31/2052		1,620,000		1,648,569
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (95 Express Lanes)		4.00		1/1/2039		1,850,000		1,733,197
							15,463,664
Washington - 6.3%
King County School District No. 210, GO (Insured; School Bond Guaranty)		4.00		12/1/2034		2,000,000		2,093,891
Port of Seattle, Revenue Bonds, Ser. D		5.00		5/1/2027		4,300,000		4,674,490
Tender Option Bond Trust Receipts (Series 2018-XM0680), (Washington Convention Center Public Facilities District, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.00		8.25		7/1/2058		17,000,000	c,d,e	17,550,504
Washington Housing Finance Commission, Revenue Bonds, Refunding (Presbyterian Retirement Communities Northwest Obligated Group) Ser. A		5.00		1/1/2051		3,200,000	c	2,873,830

Description	Coupon Rate (%)			Maturity Date		Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 156.6% (continued)
Washington - 6.3% (continued)
Washington Housing Finance Commission, Revenue Bonds, Ser. A1		3.50		12/20/2035		984,567		901,130
							28,093,845
Wisconsin - 2.6%
Public Finance Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group) Ser. A		5.00		11/15/2041		1,000,000		1,052,983
Public Finance Authority, Revenue Bonds (Appalachian University Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A		4.00		7/1/2059		2,050,000		1,936,864
Public Finance Authority, Revenue Bonds (Roseman University of Health Sciences)		5.00		4/1/2040		1,175,000	c	1,189,955
Public Finance Authority, Revenue Bonds (Southminster Obligated Group)		5.00		10/1/2048		2,000,000	c	1,790,443
Public Finance Authority, Revenue Bonds, Refunding (Blue Ridge Healthcare Obligated Group)		4.00		1/1/2045		1,835,000		1,706,953
Public Finance Authority, Revenue Bonds, Refunding (Mary's Woods at Marylhurst Project)		5.25		5/15/2047		750,000	c	684,963
Public Finance Authority, Revenue Bonds, Ser. A		5.00		10/1/2052		1,500,000		1,593,886
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Camillus Health System Obligated Group)		5.00		11/1/2054		2,000,000		1,827,054
							11,783,101
Total Long-Term Municipal Investments (cost $715,517,559)						696,153,820
Total Investments (cost $717,349,086)						157.0%	697,801,152
Liabilities, Less Cash and Receivables						(39.2%)	(174,552,725)
Preferred Stock, at redemption value						(17.8%)	(78,900,000)
Net Assets Applicable to Common Shareholders						100.0%	444,348,427

GO—General Obligation

^a These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.

^b Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.

^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 June 30, 2022, these securities were valued at $324,231,743 or 72.97% of net assets.

^d The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.

^e 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)

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

^g These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.

STATEMENT OF FINANCIAL FUTURES
BNY Mellon Strategic Municipals, Inc.

June 30, 2022 (Unaudited)

The following is a summary of the inputs used as of June 30, 2022 in valuing the fund’s investments:

	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs		Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:†
Collateralized Municipal-Backed Securities	-	1,647,332		-	1,647,332
Municipal Securities	-	696,153,820		-	696,153,820
Liabilities ($)
Other Financial Instruments:
Floating Rate Notes††	-	(179,975,737)		-	(179,975,737)

^† See Statement of Investments for additional detailed categorizations, if any.

^†† Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board Members (the “Board”) Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as

calculated by the Service based upon its evaluation of the market for such securities). Debt investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

The Service is engaged under the general oversight of the Board.

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.

The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.

The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity

Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.

At June 30, 2022, accumulated net unrealized depreciation on investments was $19,547,934, consisting of $12,519,376 gross unrealized appreciation and $32,067,310 gross unrealized depreciation.

At June 30, 2022, 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.