Please ensure Javascript is enabled for purposes of website accessibility
Gathering data
Disclaimer Not Available
Back to All Exchange-Traded Funds >

    BNY Mellon Municipal Intermediate ETF (BKMI)

    • CUSIP 05613H704
    • NAV  $ 26.31 As of  06/01/26
    • CHG  $ -0.07 (-0.27 %)
    • MKT PRICE  $26.28 As of  06/01/26
    • CHG  $-0.05 (-0.19 %)
    • TOTAL EXPENSE RATIO 
      0.35% 
      Net
      0.35% 
      Gross
    Overview

    Why invest in this Fund?

    • The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital.
    • To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from U.S. federal income tax.
    • The fund typically invests in municipal and taxable bonds rated investment grade (i.e., Baa3/BBB- or higher) at the time of purchase or, if unrated, deemed of comparable quality by the fund’s sub-adviser. Generally, the average effective duration of the fund's portfolio will be between three and eight years. The fund may invest in individual municipal and taxable bonds of any maturity or duration.
    • Duration is an indication of an investment's "interest rate risk," or how sensitive a bond or the fund's portfolio may be to changes in interest rates. Generally, the longer a bond's duration, the more likely it is to react to interest rate fluctuations and the greater its long-term risk/return potential.
    • The fund’s liquid ETF structure allows investors to buy or sell any time the market is open.
    LISTING DATE
    01/12/26
    INCEPTION DATE
    01/01/87
    NET ASSETS
    $1,716,778,840  As of  06/01/26
    NUMBER OF SHARES OUTSTANDING
    65,245,810  As of  06/01/26
    MARKET PRICE 52-WEEK HIGH
    $26.85  As of  02/27/26
    MARKET PRICE 52-WEEK LOW
    $26.01  As of  03/27/26
    AVG EFFECTIVE DURATION
    5.57 yr(s). As of  04/30/26
    WEIGHTED AVG YIELD TO MATURITY
    3.85% As of  04/30/26
    WEIGHTED AVG MATURITY
    6.84 yr(s). As of  04/30/26
    DISTRIBUTION FREQUENCY
    Monthly
    Morningstar Category
    Municipal National Intermediate
    Morningstar Overall Rating
    Number of Holdings
    537 As of  04/30/26
    SUB-ASSET CLASS
    Tax-Exempt
    EXCHANGE
    NASDAQ

    Morningstar Rating™ as of April 30, 2026. Overall rating for the Municipal National Intermediate category. Fund ratings are out of 5 Stars: Overall 3 Stars (260 funds rated); 3 Yrs. 2 Stars (260 funds rated); 5 Yrs. 3 Stars (238 funds rated); 10 Yrs. 3 Stars (180 funds rated).

    Yields and Expense Ratio

    30-DAY SEC YIELD
    as of 06/01/26      SUBSIDIZED     		UNSUBSIDIZED CURRENT YIELD
    		 CONTRACTUAL
    FEE WAIVER END DATE     		PROSPECTUS FEE TABLE EXPENSE RATIO (%)
    as of  12/31/25     NET     		GROSS
    3.15 3.15 - - 0.35 0.35

    Yield fluctuates and past performance is no guarantee of future results.

    The SEC 30-day Yield is calculated by dividing the net investment income per share earned during the period (calculated in accordance with regulatory guidelines) by the maximum offering price per share on the last day of the period.

    Unsubsidized yield displays what the fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place during the period.

    Gross Expenses is the total annual operating expense ratio for the fund, before any fee waivers or expense reimbursements. Net Expenses is the total annual operating expense ratio for the fund, after any applicable fee waivers or expense reimbursements. The Gross Expenses, or Net Expenses (if including fee waivers or expense reimbursements) is the actual fund expense ratio applicable to investors.

     

    NAV - A fund's NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.

    Market Price - The market price is the most recent official closing price for the listed exchange.

    Current Yield - (Sum of 30 days of net investment income/sum of 30 days of net assets) * (365*100)

    Avg Effective Duration - It is used to measure the market price sensitivity of the fund’s portfolio holdings to changes in interest-rates. Duration is not a complete measure of bond risk and may not be successful.

    Weighted Avg Yield to Maturity - The averaged total return anticipated on a group of bonds if held until their maturity.

    Weighted Avg Maturity - A measure of the average maturity of all of the underlying security instruments in the fund, weighted to reflect the relative percentage ownership of each instrument, and taking into account applicable “maturity shortening” provisions.

    DOWNLOAD

    Portfolio Managers

    • Mary Collette O'Brien

      Mary Collette O'Brien

      Senior Portfolio Manager, Insight North America, LLC

      Managing Fund Since January 2026

      Joined Firm in 1995

      Joined Industry in 1987
    • Thomas Casey

      Thomas Casey

      Senior Portfolio Manager, Insight North America, LLC

      Managing Fund Since January 2026

      Joined Firm in 1993

      Joined Industry in 1988
    Performance

    Daily Statistics

    As of  06/01/26 NAME 30-DAY MEDIAN 
    BID/ASK 
    SPREAD     		PREVIOUS DAY
    VOLUME     		20-DAY AVG 
    VOLUME     		PREMIUM/ 
    DISCOUNT     		YTD
    Total Return
    (NAV)
    BNY Mellon Municipal Intermediate ETF
    		0.19% 106,411 97,049 -0.14% 0.87%

    The performance data quoted represents past performance, which is no guarantee of future results.

     

    30-Day Median Bid-Ask Spread - Gives investors the midpoint within the spread between an ETF’s selling price and buying price. It is calculated over the last 30 days in 10 second intervals by dividing the difference between the bid (sell price) and offer (buy price) by the midpoint of the National Best Bid Offer (NBBO) and identifying the median of those values.

    20-Day Avg Volume - 20-Day Average Volume is the sum of last 20 days of trading volume divided by 20 days.

    Premium / Discount - The amount the fund is trading above or below the reported NAV expressed as a percentage of the NAV. When the fund's market price is greater than the fund's NAV, it is said to be trading at a "Premium" and the percentage is expressed as a positive number. When the fund's market price is less than the fund's NAV, it is said to be trading at a "Discount" and the percentage is expressed as a negative number.

    Total Returns

    Click here for NAV Returns 

    Month End

    MARKET PRICE
    Average Annual
    As of 05/31/26
    Name 3 MO
    05/31/26     		YTD
    05/31/26     		1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Municipal Intermediate ETF
    BKMI
    		-1.39 0.68 5.86 3.71 1.05 2.06 4.50
    Bloomberg Municipal 3-15 Years Blend (3-15) Index
    		- - - - - - -
    S&P Municipal Bond Investment Grade Intermediate Index
    		- - - - - - -

    Quarter End

    MARKET PRICE
    Average Annual
    As of 03/31/26
    Name 3 MO
    03/31/26     		YTD
    03/31/26     		1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Municipal Intermediate ETF
    BKMI
    		-0.58 -0.58 4.39 2.96 1.02 2.00 4.49
    Bloomberg Municipal 3-15 Years Blend (3-15) Index
    		-0.46 -0.46 4.58 2.79 1.08 2.15 -
    S&P Municipal Bond Investment Grade Intermediate Index
    		-0.58 -0.58 4.77 2.84 1.12 2.11 -

    The performance data quoted represents past performance, which is no guarantee of future results. Share price, yield and investment return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted.

    The performance information shown before January 9, 2026 reflects that of Class M shares of the  BNY Mellon National Intermediate Municipal Bond Fund ("Predecessor Fund"), which had a different fee structure than the fund. The fund's investment objective and strategies are similar to those of the Predecessor Fund; however, there are certain differences.  Generally, the average effective duration of the Predecessor Fund's portfolio did not exceed eight years, and the average effective duration of the fund's portfolio will be between three and eight years. In addition, unlike the Predecessor Fund, the fund may, as a non-principal strategy, invest in bonds that are rated below investment grade for additional yield. The performance returns shown are based on the Predecessor Fund's fee structure and investment strategies. Past performance may have been different if the fund's current fee structure and investment strategies had been in place during the period. The NAV and market price performance of the ETF use the predecessor mutual fund's NAV from inception to listing.

    Market Price performance is calculated using the most recent NASDAQ Official Closing Price. Market Price returns do not represent investors’ returns had they traded shares at other times.

    The Bloomberg Municipal 3-15 Years Blend (3-15) Index is a sub-index of the Bloomberg US Municipal Bond Index, a measure of the US municipal tax-exempt investment grade bond market, tracking bonds with 3-15 year maturities. The Bloomberg U.S. Municipal Bond Index covers the U.S. dollar-denominated long-term tax-exempt bond market. Investors cannot invest directly in any index.

    The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor's, Baa3 by Moody's or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.

    The Bloomberg Municipal 3-15 Years Blend (3-15) Index is the performance-based benchmark for the BNY Mellon Municipal Intermediate ETF. The S&P Municipal Bond Investment Grade Intermediate Index was the performance-based benchmark for the Predecessor Fund.

    “BLOOMBERG®” and the Bloomberg indices listed herein (the “Indices”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the Indices (collectively, “Bloomberg”) and have been licensed for use for certain purposes by the distributor hereof (the “Licensee”). Bloomberg is not affiliated with Licensee, and Bloomberg does not approve, endorse, review, or recommend the financial products named herein (the “Products”). Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the Products.

    Growth of $10,000 Investment

    Past performance is no guarantee of future results.

    Historical NAV and Market Price

      Historical Premium/Discount

      Premium and Discount Summary Table

      As of  06/01/26 Q1 2026
      Days Traded at Premium
      		12
      Days Traded at Discount
      		43

      The table shows the number of trading days in which the fund traded at a premium or discount to its closing NAV.  Past results are not indicative of future results.

      Premium/Discount

      Fees & Expenses

      Prospectus Fee Table Expense Ratios

      Fees as stated in the prospectus  Fee Description Total Expense Ratio (%)
      Management Fee 0.35%
      Other Expenses 0.00%
      Total Expenses 0.35%
      Net Expenses 0.35%

      The Total Expenses is the actual fund expense ratio applicable to investors.

      Portfolio

      Portfolio Manager/Sub-Investment Adviser

      The fund's investment adviser is BNY Mellon ETF Investment Adviser, LLC (BNYETF) and the fund's sub-adviser is Insight North America LLC (INA), an affiliate of BNYETF. Thomas Casey and Mary Collette O'Brien are the primary portfolio managers of the fund, positions they have held since January 2026. Mr. Casey is a senior portfolio manager at INA. Ms. O'Brien is a senior portfolio manager at INA and has been a primary portfolio manager of the Predecessor Fund March 2006. Each portfolio manager is jointly and primarily responsible for the day-to-day management of the fund's portfolio.

      Top Holdings

      Download Total Holdings
      As of 06/02/26
      Holdings % Portfolio Weight
      IL ST-REV-B 5 6/15/2039 0.96
      NY LIBERTY DEV CORP-1 5 11/15/2044 0.90
      RHODE ISLAND ST -A 5 8/1/2038 0.89
      PORTLAND SWR-A 4.5 5/1/2037 0.79
      WA ST-SER R-2023B-REF 5 7/1/2038 0.75
      TOBACCO SETTLEMENT-A 5 6/1/2033 0.72
      MARICOPA IDA-B-REF 5 1/1/2034 0.70
      MIAMI-DADE CO EDU-B 5.25 4/1/2036 0.67
      DASNY-A 5 10/1/2035 0.66
      CT HLTH & EDUCTNL-B-2 FRN 7/1/2064 0.65
      TX TRANSPRTN COMM-REF 5 10/1/2040 0.65
      MET TRANSPRTN AUTH-A 5 11/15/2037 0.65
      TX TRANSPRTN-C-REF 5 8/15/2036 0.65
      TARRANT CO EDU FACS-C FRN 11/15/2064 0.64
      PUB FIN AUTH 5 7/1/2035 0.64
      MAIN STREET NATURAL-C FRN 12/1/2054 0.64
      CLARK CO 5 7/1/2040 0.63
      NEW YORK 5 8/1/2030 0.63
      CA CMNTY CHOICE FIN-F 5 11/1/2033 0.63
      MAIN ST NAT GAS INC FRN 9/1/2053 0.62
      SOUTHEAST ENERGY AUTH FRN 1/1/2054 0.61
      KY PUB ENERGY-A FRN 5/1/2055 0.61
      TOBACCO SETTLEMENT-A 5 6/1/2032 0.60
      TOBACCO SETTLEMENT-A 5 6/1/2034 0.60
      CHICAGO PK DT-C 4 1/1/2034 0.60
      CHICAGO IL-A-REF 5 1/1/2034 0.60
      PA TPK 2ND SER SPL 5 12/1/2038 0.60
      MET TRANSPRTN AUTH NY 5 11/15/2031 0.59
      TX WTR DEV BRD-B 4 10/15/2037 0.59
      VT EDU HLTH BLDG FIN 5 12/1/2032 0.58
      CENTRL PUGET-S-1-REF 3 11/1/2036 0.56
      NJ EDUCTNL FACS-A FRN 7/1/2064 0.34
      NY ST MTGE AGY -220 2.4 10/1/2034 0.55
      MA DEV FIN AGY-Q 5 12/1/2042 0.54
      PHILADELPHIA HSG-A 5.25 3/1/2039 0.53
      JACKSONVILLE HSG AUTH 5 2/1/2034 0.53
      TRIBOROUGH BRIDGE-CAB 0 11/15/2029 0.53
      CALIFORNIA ST-REF 3 9/1/2030 0.52
      TEXAS ST MUNI GAS ACQ FRN 1/1/2054 0.51
      NY CITY TRANS FIN-F-1 5 2/1/2039 0.50
      BLACK BELT ENERGY GAS FRN 5/1/2053 0.50
      CHICAGO-C-REF-AMT 5 1/1/2028 0.49
      BLACK BELT ENERGY GAS FRN 11/1/2053 0.49
      CHICAGO-A-REF 5 1/1/2029 0.48
      MIAMI DADE CO -C -REV 4 4/1/2037 0.47
      TX MUNI GAS ACQ VI 5 1/1/2036 0.47
      MA DEV FIN AGY-T-2 FRN 10/1/2055 0.46
      MAIN STREET NATURAL-E FRN 5/1/2055 0.46
      WI CENTER DT-REF 5 12/15/2033 0.46
      SALES TAX SECURITIZTN 5 1/1/2038 0.46
      CA CMNTY CHOICE FING FRN 5/1/2054 0.46
      TARRANT CO CULTURAL-G FRN 11/15/2055 0.45
      MET WA ARPT AUTH-A-RE 5 10/1/2032 0.45
      SACRAMENTO WTR SER B FRN 6/1/2034 0.43
      LOS ANGELES DEPT OF W 5 7/1/2038 0.43
      ILLINOIS ST-REF 4 2/1/2030 0.43
      OR BUS DEV COMMN-232 FRN 12/1/2040 0.41
      PENNSYLVANIA ST -143A 4.95 10/1/2038 0.41
      CA HLTH FACS-A 4 3/1/2033 0.41
      MET TRANSPRTN AUTH-B 5 11/15/2034 0.40
      LOWER CO RIVER AUTH-B FRN 5/15/2045 0.40
      IN FIN AUTH-D-4-REF FRN 10/1/2057 0.39
      MIAMI-DADE CO-A-AMT 5 10/1/2034 0.39
      LAS VEGAS VLY WTR DT 4 6/1/2036 0.38
      NEW YORK ST MTGE AGY 2.65 10/1/2034 0.37
      COLUMBUS REGL ARPT-A 5 1/1/2031 0.37
      PHILADELPHIA HSG-A 5 3/1/2036 0.37
      MET NASHVILLE TN ARPT 5 7/1/2039 0.36
      DC-KIPP-SER A-REF 5 7/1/2042 0.36
      ILLINOIS ST-B 5 12/1/2030 0.36
      UTICA CMNTY SCH 5 5/1/2033 0.36
      CENTRL TX REGL ETC-D 4 1/1/2035 0.36
      TX WTR DEV BRD -REV 4.5 10/15/2037 0.35
      BUILD NYC RESOURCE 5 7/1/2040 0.35
      GTR TEXOMA UTIL AUTH 5 10/1/2039 0.35
      OREGON ST HLTH & SCIE FRN 7/1/2046 0.35
      MA DEV FIN AGY-A 4 2/15/2036 0.35
      MA DEV FIN AGY-A FRN 11/1/2055 0.34
      CLIFTON HGR EDU FIN 5 8/15/2039 0.33
      MD HLTH HGR AUTH-B FRN 8/15/2056 0.33
      PHILADELPHIA HSG-A 5 3/1/2033 0.33
      OK TPK AUTH-A 5 1/1/2039 0.33
      MO HLTH & EDUCTNL-C FRN 4/1/2059 0.32
      INDIANA FIN AUTH-A 5 11/1/2041 0.32
      MS BUS-VAR-A-CHEVRON FRN 12/1/2030 0.32
      MI FIN AUTH-B-1-REF FRN 8/15/2055 0.32
      DALLAS & FORT-C-REF 5 11/1/2031 0.32
      CT ST HLTH EDUCTNL-P 5 7/1/2043 0.32
      MINNEAPOLIS ST PAUL-B 5 1/1/2039 0.31
      BLACK BELT ENERGY GAS FRN 12/1/2053 0.31
      CA HLTH FACS FING HLT 5 11/15/2049 0.31
      SC JOBS-ECON DEV-B-1 FRN 11/1/2055 0.31
      INDIANA FIN AUTH-B2 FRN 10/1/2060 0.31
      CA MUNI AUTH-1-A-1 4.05 7/20/2041 0.31
      MAIN STREET NATURAL-D FRN 4/1/2054 0.31
      KY PUB ENERGY AUTH-C 5 5/1/2036 0.31
      GEISINGER PA AUTH HLT FRN 4/1/2043 0.31
      LOS ANGELES DEPT WTR 5 7/1/2041 0.13
      FW TEXAS STREET PUB 5 5/1/2038 0.31
      BLACK BELT-SER-C FRN 5/1/2055 0.31
      KY PUB ENERGY AUTH-A FRN 6/1/2055 0.31
      NEW YORK-C 5.25 3/1/2047 0.31
      NY & NJ PORT AUTH-234 5.25 8/1/2047 0.31
      CENTRL PLAINS-A FRN 5/1/2054 0.31
      DU PAGE ETC HSD #86 4 1/15/2035 0.31
      GOLDEN ST TOBACCO-A1 4.214 6/1/2050 0.30
      CA CMNTY CHOICE FIN-C FRN 12/1/2055 0.30
      MAIN STREET NATURAL-B FRN 12/1/2052 0.30
      NY ENERGY FIN DEV FRN 7/1/2056 0.30
      PENNSYLVANIA ST 3 5/15/2034 0.30
      TRIBOROUGH BRIDGE-A 4 11/15/2037 0.30
      PA ST UNIV-A 5 9/1/2042 0.30
      RI HLTH & EDUCTNL-C 5 5/15/2042 0.30
      CHANDLER AZ INDL DEV FRN 6/1/2049 0.30
      HOUSTON TX CMNTY CLG 4 2/15/2036 0.29
      DASNY -A-REF 4 3/15/2038 0.29
      MET TRANS AUTH -B-1 5 11/15/2036 0.29
      PENNSYLVANIA ST-1ST 3.5 3/1/2031 0.29
      MA DEV FIN AGY-A 5 10/1/2033 0.29
      MA H/E VAR-MUSEUM-A1 FRN 12/1/2037 0.29
      MTA HUDSON RAIL YRD-A 5 11/15/2051 0.29
      TARRANT CO CULTURAL-E 5 11/15/2040 0.29
      DC-KIPP-SER A-REF 5 7/1/2037 0.29
      OKLAHOMA CITY 2 3/1/2029 0.29
      SNOHOMISH CO-REF-A 2 12/1/2032 0.29
      MET GOVT NASHVILLE 2.5 1/1/2029 0.29
      WAXAHACHIE ISD-REF 4 8/15/2037 0.28
      NEVADA-A 3 5/1/2035 0.28
      MA DEV FIN AUTH-U-2 FRN 3/1/2048 0.28
      TAMPA-C-REV-BAM 3 10/1/2036 0.28
      MICHIGAN FIN AUTH D-2 FRN 10/15/2038 0.28
      E BATON ROUGE PARISH FRN 2/1/2041 0.28
      CASH 0.27
      PA HSG FIN AGY-122 3.65 10/1/2032 0.27
      KANSAS CITY-C-REF 5 4/1/2038 0.27
      CONNECTICUT ST 4 1/15/2037 0.27
      NY LIBERTY DEV CORP-A 1.45 11/15/2029 0.27
      OHIO ST-REV-REF 4 10/1/2037 0.27
      WA HLTH FACS AUTH-A 5 3/1/2036 0.26
      NYC TRANSITIONAL-F-1 5 11/1/2033 0.26
      TARRANT CULTURAL-C-2 FRN 11/15/2051 0.26
      ID HLTH FACS AUTH-B FRN 3/1/2060 0.25
      ILLINOIS FIN AUTH-A-1 FRN 8/15/2054 0.25
      MINNEAPOLIS ST PAUL-B 5 1/1/2031 0.25
      CHICAGO PK DT-C 4 1/1/2035 0.25
      LOWER COLORADO RIVER 5 5/15/2044 0.25
      FORT BEND GRAND PKWY 3 3/1/2035 0.25
      IPS MULTI-SCH BLDG 5 7/15/2037 0.07
      PA HGR ED-AT-1-UNREF 5 6/15/2029 0.24
      NY LIBERTY DEV CORP 3 2/15/2042 0.24
      DELAWARE VLY REGL-A 4 12/1/2036 0.24
      FORT BEND GRAND PKWY 3 3/1/2036 0.24
      CA MUNI FIN AUTH-A 5 10/1/2040 0.24
      MN HGR EDU FACS-A 5 10/1/2039 0.24
      MET WA ARPTS AUTH-A 5 10/1/2031 0.24
      WASHOE CO-REF-B FRN 3/1/2036 0.24
      NEBO SD-REF 2 7/1/2033 0.24
      KY COMMONWEALTH-A 5 4/1/2045 0.24
      CT ST HLTH & EDUCTNL 4 7/1/2035 0.24
      LOWER COLORADO RIVER 5 5/15/2041 0.23
      WISCONSIN ST-A-REF 5 11/15/2039 0.23
      MD DEPT TRANSPRTN-A 3 10/1/2031 0.23
      PHOENIX CIVIC IMPT 5 7/1/2028 0.23
      CHICAGO TRANSIT-A 5 12/1/2042 0.23
      CA CMNTY CHOICE FING FRN 7/1/2053 0.22
      AUSTIN-B-REV-AMT 5 11/15/2039 0.22
      ILLINOIS ST-B 5 5/1/2037 0.22
      PA ECON DEV-A 4 11/15/2036 0.22
      GA MUNI ELEC AUTH-A 5 1/1/2035 0.22
      RHODE ISLAND HSG MTGE 3 10/1/2051 0.22
      CHICAGO-B-REV 5 1/1/2040 0.21
      ALIEF ISD 4 2/15/2039 0.21
      BURBANK ETC ARPT-B 5.25 7/1/2043 0.21
      KANSAS CITY MO INDL D 4 3/1/2034 0.21
      W VIRGINIA HOSP FIN-B FRN 6/1/2055 0.21
      NY LIBERTY DEV CORP-2 5.15 11/15/2034 0.20
      ALIEF ISD 4 2/15/2040 0.20
      DELAWARE VLY REGL-A 4 12/1/2038 0.20
      FLORIDA ST MUNI PWR A 3 10/1/2033 0.20
      NEW YORK CITY-SUB-I 5 11/1/2040 0.20
      NYC TRANSITIONAL-A-1 5.25 5/1/2048 0.20
      NY TRUST-SER A 5 12/1/2035 0.20
      CO HSG FIN AUTH-E-REF 6.5 11/1/2055 0.20
      MAINE GOV FAC AUTH-A 5 10/1/2037 0.20
      ILLINOIS ST TOLL HIGH 5 1/1/2042 0.20
      OK INDUSTRIES AUTH 5 4/1/2033 0.20
      MIAMI-DADE CO-A-AMT 5 10/1/2035 0.19
      UTAH ST CHRT SCH FIN 5 10/15/2045 0.19
      ILLINOIS ST-B 5 5/1/2036 0.19
      IL UNIV-A-REV-REF 5.25 4/1/2043 0.19
      SAN FRANCISCO CO-A 5.25 5/1/2045 0.19
      AZ IDA SR LIVING-A2 5.125 1/1/2059 0.19
      IPS MULTI-SCH BLDG 5 7/15/2038 0.11
      SOUTHEAST ENERGY-E 5 10/1/2030 0.19
      CHICAGO-A-REV 5 11/1/2044 0.19
      DIST OF COLUMBIA REVE 5 6/1/2036 0.19
      CA CMNYY CHOICE-F FRN 2/1/2055 0.19
      NEW HAVEN USD CABS 0 8/1/2033 0.19
      CA CMNTY CHOICE FING FRN 1/1/2054 0.19
      OH WTR DEV AUTH-C FRN 12/1/2054 0.18
      NM ST MTGE FIN AUTH-D 5.3 9/1/2048 0.18
      ALASKA ST-B-REF 5 10/1/2031 0.18
      UNIV OF AKRON-A-UNREF 5 1/1/2033 0.18
      COLORADO ST COPS-A 4 12/15/2036 0.18
      MET NASHVILLE ARPT-A 5 7/1/2043 0.18
      PORT OF SEATTLE WA-C 5 8/1/2030 0.18
      ILLINOIS FIN AUTH-B-2 FRN 5/15/2050 0.17
      TARRANT CNTY CULT EDU FRN 7/1/2053 0.17
      NYC MUNI WTR-BB FRN 6/15/2051 0.17
      PA HSG FIN-118B 3.8 10/1/2035 0.17
      NY CITY TRANS FIN-F-1 5 2/1/2045 0.17
      PENNSYLVANIA ST 3 5/15/2035 0.17
      TEXAS ST PRIV ACTIVIT 4 6/30/2032 0.17
      CONNECTICUT HSG-D-REF 5 11/15/2039 0.17
      CA STWD CMNTYS DEV-A 5 4/1/2056 0.16
      OHIO ST-REV-REF 4 10/1/2042 0.16
      SC PUB SVC AUTH-A-REF 4 12/1/2037 0.16
      ID HLTH FACS AUTH-C FRN 3/1/2060 0.16
      CHICAGO IL PARK DT-B 5 1/1/2035 0.16
      MESQUITE HSG FIN CORP FRN 8/1/2029 0.16
      MIAMI-DADE CO-A-AMT 5 10/1/2036 0.16
      BURBANK ETC ARPT-B 5.25 7/1/2044 0.16
      SC JOBS-ECON DEV-B-2 FRN 11/1/2049 0.16
      GTR TEXOMA UTILITY-A 5 10/1/2041 0.16
      CA CMNTY CHOICE FIN-H FRN 1/1/2056 0.16
      KNOXVILLE 3 5/1/2036 0.16
      RI HLTH & EDUCTNL-C 5 5/15/2041 0.16
      CASINO REINVESTMENT-A 5 11/1/2033 0.16
      WA HLTH FACS AUTH-A 5 3/1/2037 0.16
      INDIANA ST FIN AUTH FRN 11/1/2049 0.16
      NEW YORK CITY NY HSG 3.375 11/15/2029 0.15
      PEFA INC-A-REF-REV 5 4/1/2035 0.15
      KY COMMONWEALTH-A 5 4/1/2043 0.15
      WA HLTH CARE-B-REF 5 10/1/2032 0.15
      HOUSTON-C-REV-REF 5 9/1/2044 0.15
      CASINO REINVESTMENT-A 5 11/1/2034 0.15
      DC HSG FIN AGY-A-2 FRN 9/1/2046 0.15
      PHILADELPHIA PA ARPT 5 7/1/2028 0.15
      SALT LAKE ARPT REV-A 5 7/1/2029 0.15
      MICHIGAN ST FIN AUTH 4 12/1/2035 0.15
      NEW YORK TRANSPRTN-A 5 7/1/2046 0.15
      ALASKA HSG FIN CORP-A 3 6/1/2051 0.14
      SALT LAKE ARPT REV-A 5 7/1/2031 0.14
      OMAHA ARPT AUTH-AMT 5 12/15/2031 0.14
      OHIO AIR QUALITY DEV FRN 6/1/2041 0.14
      PORT OF SEATTLE WA-B 5.25 7/1/2039 0.14
      SARASOTA -REV 5 9/1/2043 0.14
      LWR NECHES VY DEV-VAR FRN 11/1/2038 0.14
      KANSAS CITY-C-REF 5 4/1/2039 0.14
      MA ED FIN AUTH-B-AMT- 5 7/1/2029 0.14
      SEARCY-REV 4 11/1/2036 0.14
      WESTMONT VLG 5 12/1/2043 0.14
      ANSONIA-COPS 4.125 12/1/2034 0.14
      WA HLTH FACS AUTH-A 5 3/1/2038 0.13
      CONNECTICUT ST-A 5 3/15/2033 0.13
      SARASOTA -REV 5 9/1/2041 0.13
      DALLAS -REV -REF 4 8/15/2028 0.13
      CHICAGO-C-REF-REV 5 1/1/2041 0.13
      ILLINOIS ST-A 5 3/1/2032 0.13
      IL FIN AUTH-A 5 10/1/2039 0.13
      SAN FRANCISCO CITY -A 5 5/1/2032 0.13
      NYC TRAN FIN-VAR-C5 FRN 11/1/2041 0.13
      DENVER CITY & CNTY CO 5 11/15/2033 0.13
      SALEM HOSP FAC-A-REF 5 5/15/2038 0.13
      IL UNIV-A-REV-REF 5.25 4/1/2044 0.13
      WESTMONT VLG 5 12/1/2042 0.13
      ST CLOUD-REF-REV 5 5/1/2041 0.13
      ST CLOUD-REF-REV 5 5/1/2042 0.13
      SANTA MARIA UN HSD 3 8/1/2040 0.13
      HOUSTON-A-REF 3 3/1/2037 0.12
      WILLIAMSON CNTY TN 3.1 4/1/2035 0.12
      WAWASEE HS BLDG CORP 5 7/15/2041 0.12
      S W ISD 5 2/1/2041 0.12
      GTR TEXOMA UTILITY-A 5 10/1/2036 0.12
      NORTHWEST ISD-A 5 2/15/2039 0.12
      STHRN CA TOBACCO -REF 5 6/1/2037 0.12
      CHESTER HLTH & EDU-A 4 10/1/2037 0.12
      FAIR LAWN NJ 2 9/1/2029 0.12
      MAIN ST NAT GAS INC-D FRN 5/1/2054 0.12
      S W ISD 5 2/1/2040 0.12
      INDIANA FIN AUTH EDUC 4 2/1/2034 0.12
      WILL FOREST PERSERVE 5 12/15/2043 0.12
      MA ED FIN AUTH-B-AMT- 5 7/1/2028 0.12
      NEBRASKA ST INVESTMEN 5.5 9/1/2053 0.12
      RI HLTH EDU BLDG CORP 5 11/1/2047 0.12
      SALT LAKE ARPT REV-A 5 7/1/2030 0.12
      REGL CO TRANS DT-A 5 7/15/2031 0.12
      OMAHA ARPT AUTH-AMT 5 12/15/2030 0.12
      KANSAS CITY MO INDL D 4 3/1/2035 0.12
      TEXAS ST PUBLIC FIN A 4 2/1/2039 0.12
      GUAM GOVT-A-REF 5 12/1/2028 0.12
      GUAM GOVT-A-REF 5 12/1/2029 0.12
      DALLAS -REV -REF 4 8/15/2035 0.12
      DALLAS -REV -REF 4 8/15/2038 0.12
      NEW YORK TRANSPRTN-A 5 7/1/2041 0.12
      CHICAGO PARK DIST-F-2 4 1/1/2038 0.12
      DASNY-A-REF 4 5/1/2039 0.12
      HOWARD CO MD HSG COMM 1.2 6/1/2027 0.11
      CHICAGO-A-AMT-REV 5 1/1/2038 0.11
      CLARKSVILLE BLDG-VAR FRN 7/1/2031 0.11
      WESTMONT VLG 5 12/1/2044 0.11
      SUSSEX CNTY 2 6/15/2029 0.11
      PR ELEC 5.25 7/1/2018 0.11
      ATLANTA-REV-REF 5 11/1/2044 0.11
      CHICAGO-A-AMT-REV 5 1/1/2037 0.11
      SUSSEX CNTY 2 6/15/2030 0.11
      AZ INDL DEV AUTH-A 4 11/1/2049 0.11
      HIDALGO CO-A 4 12/1/2038 0.11
      CHICAGO-B-REV 5 1/1/2041 0.10
      CASINO REINVESTMENT-A 5 11/1/2035 0.10
      NEWARK HGR EDU FIN-A 5 8/15/2039 0.10
      OK TPK AUTH-B-REF 5 1/1/2032 0.10
      ALASKA ST-B-REF 5 10/1/2030 0.10
      TULSA CO IND AUTH 5 9/1/2032 0.10
      LA DEPT OF WTR-B-REF 5 7/1/2037 0.10
      CT ST HLTH EDU-R 3.25 7/1/2035 0.10
      TROY NY CAPITAL RESO 5 9/1/2031 0.10
      RI HLTH & EDUCTNL 5 5/15/2041 0.10
      SC ST HSG FIN DEV-A 6 1/1/2034 0.10
      CLARK PLEASANT CMNTY 5 7/15/2041 0.10
      MD TRANSPRTN DEPT -A 5 8/1/2032 0.10
      CLARKSVL B LDG ADJ-PO FRN 11/1/2035 0.10
      VAN ALSTYNE ISD 5 2/15/2044 0.10
      WADSWORTH SD 3 12/1/2045 0.10
      L'ANSE CREUSE PUB-I 5 5/1/2042 0.10
      MET TRANSPRTN AUTH NY 5 11/15/2037 0.09
      VAN ALSTYNE ISD 5 2/15/2043 0.09
      COOK CO HIGH SD #207 3 12/1/2032 0.09
      ERNEST N MORIAL-NEW O 5 7/15/2037 0.09
      NTHRN IN COMMUTER-REV 5 1/1/2044 0.09
      TWIN LAKES SBC 5 1/15/2044 0.09
      VAN ALSTYNE ISD 5 2/15/2042 0.09
      MA DEV FIN AGY-R 5 12/1/2043 0.09
      COOK CO CUSD #401 -A 4 12/1/2029 0.09
      HAWAII ST-A-AMT-REV 5 7/1/2030 0.09
      COLORADO HFA-B 3.75 5/1/2050 0.09
      HIDALGO CO-A 4 12/1/2037 0.09
      DUPAGE SD #60-A 4 12/30/2032 0.09
      TEXAS ST PRIV ACTIVIT 4 6/30/2034 0.09
      TEXAS ST PRIV ACTIVIT 4 12/31/2034 0.09
      ALAMEDA CORRIDOR-B 5 10/1/2036 0.09
      CASINO REINVESTMENT-A 5 11/1/2031 0.09
      CASINO REINVESTMENT-A 5 11/1/2032 0.09
      MD TRANSPRTN DEPT -A 5 8/1/2031 0.09
      CALIFORNIA CMNTY CHOI FRN 2/1/2052 0.09
      COLUMBUS REGL ARPT-A 5 1/1/2030 0.09
      ERNEST N MORIAL-NEW O 5 7/15/2036 0.09
      VAN ALSTYNE ISD 5 2/15/2041 0.09
      WILL FOREST PERSERVE 5 12/15/2044 0.09
      MD TRANSPRTN DEPT -A 5 8/1/2029 0.09
      NEW YORK-D-1 4 3/1/2042 0.09
      CHICAGO-A-AMT-REV 5 1/1/2036 0.09
      REGL CO TRANS DT-A 5 1/15/2029 0.08
      RI HLTH & EDUCTNL-C 5 5/15/2040 0.08
      HOUSTON-A-REF 3 3/1/2036 0.08
      CALIF CMNTY FIN-E-1 FRN 2/1/2054 0.08
      MD HLTH & HGR EDU-A 5 7/1/2038 0.08
      CASINO REINVESTMENT-A 5 11/1/2036 0.08
      REGL CO TRANS DT-A 5 1/15/2032 0.08
      PENNSYLVANIA ST HGR E 4 6/15/2032 0.08
      WADSWORTH SD 4 12/1/2056 0.08
      WINDSOR CT 2 6/15/2029 0.08
      TEXAS ST PRIV ACTIVIT 4 6/30/2035 0.08
      WINDSOR CT 2 6/15/2030 0.08
      WILL FOREST PERSERVE 5 12/15/2040 0.08
      SHREVEPORT 5 3/1/2044 0.08
      NEW MEXICO MTG FIN-A 3 3/1/2053 0.07
      MD TRANSPRTN DEPT -A 5 8/1/2033 0.07
      CHICAGO PARK DIST-F-2 4 1/1/2036 0.07
      MET WASHINGTON DC-B 4 10/1/2036 0.07
      TEXAS ST PRIV ACTIVIT 4 12/31/2035 0.07
      FAYETTE CO DEV AUTH 5 10/1/2043 0.07
      NY CITY NY HSG DEV 2.15 11/1/2028 0.07
      TEXAS ST PRIV ACTIVIT 4 12/31/2033 0.07
      GUAM WTRWKS AUTH-A 5.25 7/1/2040 0.07
      PEWITT CONSOLIDATED I 5 2/15/2039 0.07
      GA MUNI ELEC AUTH-A 5 1/1/2039 0.07
      OMAHA ARPT AUTH-AMT 5 12/15/2029 0.07
      AR DEV FIN AUTH 5 2/1/2031 0.07
      CALIFORNIA ST HLTH FA 3 11/1/2036 0.07
      MARYLAND ST CMNTY DEV 4 9/1/2049 0.07
      COLORADO ST HSG & FIN 4.25 11/1/2049 0.07
      AR DEV FIN AUTH 5 2/1/2030 0.07
      TRIBOROUGH NY BRIDGE 4 11/15/2037 0.07
      SARASOTA -REV 5 9/1/2042 0.07
      OKLAHOMA CITY 3 3/1/2038 0.07
      TULSA CO IND AUTH 5 9/1/2033 0.07
      FAYETTE CO DEV AUTH 5 10/1/2042 0.07
      GUAM WTRWKS AUTH-A 5.25 7/1/2041 0.07
      TN ENERGY ACQ CORP-A- FRN 5/1/2053 0.07
      CO BRIDGE &TUNNEL-A 5 12/1/2035 0.07
      MD HLTH & HGR EDU-A 5 7/1/2037 0.07
      CLIFTON HGR EDU FIN-T 4 8/15/2035 0.07
      SC ST HSG FIN DEV-A 6 1/1/2033 0.07
      JORDAN UT SD 2 6/15/2033 0.07
      JORDAN UT SD 2 6/15/2032 0.07
      CASINO REINVESTMENT-B 5 11/1/2033 0.07
      COLUMBUS MULTI-SCH BL 5 1/15/2044 0.07
      WEBSTER CSD 2 6/15/2030 0.06
      LOS ANGELES CA DEPT-A 5 7/1/2040 0.06
      SHREVEPORT 5 3/1/2039 0.06
      KING CO HSG AUTH -REF 5 7/1/2040 0.06
      LOS ANGELES CA DEPT-A 5 7/1/2041 0.06
      GOVT OF GUAM-G-REF 5 1/1/2034 0.06
      RI HSG MTGE FIN CORP 4 10/1/2049 0.06
      COLUMBUS MULTI-SCH BL 5 7/15/2041 0.06
      SHREVEPORT 5 3/1/2041 0.06
      CASINO REINVESTMENT-A 5 11/1/2030 0.06
      GOVT OF GUAM-G-REF 5 1/1/2033 0.06
      SOUTHEAST ENERGY AUTH FRN 5/1/2053 0.06
      FAYETTE CO DEV AUTH 5 10/1/2044 0.06
      GOVT OF GUAM-G-REF 5 1/1/2032 0.06
      GUAM WTRWKS AUTH-A 5.25 7/1/2042 0.06
      SARASOTA -REV 5 9/1/2040 0.06
      AZ INDL DEV AUTH-A 5 11/1/2034 0.06
      GOVT OF GUAM-G-REF 5 1/1/2031 0.06
      FAYETTE CO DEV AUTH 5 10/1/2039 0.06
      MET NASHVILLE TN ARPT 5 7/1/2033 0.06
      ALLEGHENY CO HGR EDU 5 3/1/2029 0.06
      PHILADELPHIA INDL DEV 5 11/1/2029 0.06
      REGL CO TRANS DT-A 5 1/15/2030 0.06
      MA DEV FIN AGY-R 5 12/1/2044 0.06
      HIDALGO CO-A 5 12/1/2031 0.06
      CONNECTICUT ST HLTH-M 4 7/1/2038 0.06
      SE ENERGY AUTH-C 5 11/1/2029 0.06
      PHILADELPHIA INDL DEV 5 11/1/2028 0.06
      AR DEV FIN AUTH 5 2/1/2029 0.06
      CHICAGO BOE-A-REF 5 12/1/2035 0.06
      NJ ECON DEV AUTH-QQQ 4 6/15/2034 0.06
      DIST OF COLUMBIA-B 5 7/1/2037 0.06
      CHICAGO PK DT-C 4 1/1/2032 0.06
      FL DEV FIN CORP-A 5 6/15/2035 0.06
      ILLINOIS FIN AUTH-A 5 9/1/2032 0.06
      MD HLTH & HGR EDU-A 5 7/1/2040 0.06
      DALLAS -REV -REF 4 8/15/2036 0.06
      DALLAS -REV -REF-AG 4 8/15/2038 0.06
      HARRIS CO CULT EDU-3 FRN 10/1/2045 0.06
      MET WASHINGTON DC-B 4 10/1/2038 0.06
      NEW JERSEY ST-A 3 6/1/2032 0.06
      CHICAGO PK DT-D-REF 4 1/1/2032 0.06
      AZ INDL DEV AUTH-A 5 11/1/2033 0.06
      ILLINOIS FIN AUTH-A 5 9/1/2031 0.06
      DELAWARE VLY PA REGL 2 10/1/2029 0.06
      MD TRANSPRTN DEPT -A 5 8/1/2027 0.06
      ARIZONA ST INDL DEV-A 5 7/1/2035 0.05
      DANBURY HGR EDU AUTH 4.75 8/15/2034 0.05
      AZ INDL DEV AUTH-A 5 11/1/2035 0.05
      ARIZONA IND DEV AUTH 3 7/1/2037 0.05
      MET NASHVILLE ARPT-A 5 7/1/2040 0.05
      ILLINOIS FIN AUTH-A 5 9/1/2030 0.05
      WA HGR EDU FACS AUTH 5 5/1/2031 0.05
      FAYETTE CO DEV AUTH 5 10/1/2040 0.05
      INDIANA ST FIN AUTH 5 11/1/2028 0.05
      ILLINOIS FIN AUTH-A 5 9/1/2035 0.05
      FAYETTE CO DEV AUTH 5 10/1/2041 0.05
      ILLINOIS FIN AUTH-A 5 9/1/2034 0.04
      NTHRN IN COMMUTER-REV 5 1/1/2043 0.04
      INDIANA ST FIN AUTH 5 11/1/2027 0.04
      MD TRANSPRTN DEPT -A 5 8/1/2034 0.04
      PA HGR ED-AT-1-PREREF 5 6/15/2029 0.04
      ARIZONA IND DEV AUTH 3 7/1/2036 0.04
      ARIZONA IND DEV AUTH 3 7/1/2035 0.04
      ILLINOIS FIN AUTH-A 5 9/1/2033 0.04
      NEVADA ST-A 4 4/1/2049 0.04
      ARIZONA IND DEV AUTH 3 7/1/2034 0.04
      MONTGOMERY CNTY OH 4 8/1/2037 0.04
      LOS ANGELES CA DEPT-A 5 7/1/2042 0.04
      ST LAWRENCE CNTY N Y 5 9/1/2032 0.04
      PASSAIC CO IMPT AUTH 4.125 7/1/2033 0.04
      IDAHO ST HLTH FACS AU 4 3/1/2033 0.03
      RHODE ISLAND HSG MTGE 5 4/1/2029 0.03
      MONTGOMERY CNTY OH 5 8/1/2036 0.03
      STHRN CA TOBACCO -REF 5 6/1/2034 0.03
      WA HGR EDU FACS AUTH 5 5/1/2032 0.03
      HIDALGO CO-A 5 12/1/2030 0.03
      HIDALGO CO-A 5 12/1/2033 0.03
      WA HGR EDU FACS AUTH 5 5/1/2029 0.03
      ILLINOIS ST-A 5 3/1/2031 0.03
      AR DEV FIN AUTH 5 2/1/2032 0.03
      MT FAC FIN AUTH-2022A 5 8/15/2027 0.03
      WA HGR EDU FACS AUTH 5 5/1/2027 0.03
      SE ENERGY AUTH-C 5 11/1/2026 0.03
      DANBURY HGR EDU AUTH 4 8/15/2049 0.03
      NY HSG-VAR-A-8 E 102N FRN 5/1/2044 0.03
      OH HSG FIN AGY-D 4 3/1/2047 0.02
      WASHINGTON HLTH CARE 3 12/1/2035 0.02
      IDAHO ST HLTH FACS AU 4 3/1/2034 0.02
      WASHINGTON HLTH CARE 3 12/1/2034 0.02
      TN HSG FIN AGY-B2 4 1/1/2042 0.02
      CA MUNI FIN AUTH 4 1/1/2036 0.02
      OR COAST COMNTY-CONV 5 6/15/2031 0.02
      HIDALGO CO-A 5 12/1/2032 0.02
      CALIFORNIA CO TOBACCO 5 6/1/2032 0.02
      CA MUNI FIN AUTH 4 1/1/2031 0.02
      TN HSG DEV AGY-1B 3.5 1/1/2047 0.02
      CA MUNI FIN AUTH 4 1/1/2035 0.02
      OH HSG FIN AGY-A 4.5 3/1/2047 0.02
      IDAHO ST HLTH FACS AU 4 3/1/2035 0.02
      CALIFORNIA CO TOBACCO 5 6/1/2033 0.02
      HIDALGO CO-A 5 12/1/2029 0.02
      A.B WON PAT AUTH-A 5 10/1/2029 0.02
      VINEYARD REDEV AGY 5 5/1/2031 0.01
      CA MUNI FIN AUTH 4 1/1/2034 0.01
      OR COAST COMNTY-CONV 5 6/15/2030 0.01
      PA HSG FIN AGY-122 4 10/1/2046 0.01
      MT BRD OF HSG-A-2 3.5 6/1/2044 0.01
      A.B WON PAT AUTH-B 5 10/1/2029 0.01
      CA MUNI FIN AUTH 4 1/1/2033 0.01
      VINEYARD REDEV AGY 5 5/1/2030 0.01
      BEAVER WTR DT 5 4/15/2032 0.01
      CA MUNI FIN AUTH 4 1/1/2032 0.01
      A.B WON PAT AUTH-A 5 10/1/2033 0.01
      A.B WON PAT AUTH-A 5 10/1/2031 0.01
      VINEYARD REDEV AGY 5 5/1/2029 0.01
      A.B WON PAT AUTH-A 5 10/1/2030 0.01
      A.B WON PAT AUTH-A 5 10/1/2028 0.01
      A.B WON PAT AUTH-B 5 10/1/2028 0.01
      HIDALGO CO-A 5 12/1/2028 0.01
      A.B WON PAT AUTH-A 5 10/1/2027 0.01
      CT HSG FIN D-1 -REF 4 11/15/2047 0.01
      CVI-SUBSER CW NT FRN 11/1/2043 0.00
      MN HSG FIN AGY-B-REF 4 7/1/2047 0.00
      RESTRUCTURED-SER A1 5.625 7/1/2027 0.00
      RESTRUCTURED-SER A1 5.625 7/1/2029 0.00
      RESTRUCTURED-SER A1 5.75 7/1/2031 0.00
      RESTRUCTURED-SER A1 4 7/1/2033 0.00
      RESTRUCTURED-SER A1 4 7/1/2041 0.00
      RESTRUCTURED-CABS-SER 0 7/1/2033 0.00
      RESTRUCTURED-SER A1 4 7/1/2046 0.00
      RESTRUCTURED-SER A1 4 7/1/2035 0.00
      RESTRUCTURED-SER A1 4 7/1/2037 0.00
      Net Current Assets -0.44

      % Portfolio Weight is calculated using the closing market price of each security from the prior business day.

      Holdings are subject to change. The holdings listed should not be considered recommendations to buy or sell a security.

      Asset Allocation

          Stats & Risks

          Performance Metrics

          Overall Morningstar Rating

          MORNINGSTAR CATEGORY Municipal National Intermediate

          Morningstar Rating™ as of 04/30/26. Overall rating for the Municipal National Intermediate. Fund ratings are out of 5 Stars: Overall 3 Stars (260 funds rated); 3 Yrs. 2 Stars (260 funds rated); 5 Yrs. 3 Stars (238 funds rated); 10 Yrs. 3 Stars (180 funds rated).
          The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-,and 10-year (if applicable) Morningstar Rating metrics. © Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

          Lipper Rankings

          • 1 Year
            73 out of 195
          • 3 Year
            107 out of 177
          • 5 Year
            82 out of 160
          • 10 Year
            47 out of 121

          LIPPER CLASSIFICATION Intermediate Municipal Debt Funds

          Lipper Category returns and rankings as of 04/30/26, are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds with similar investment objectives. The Category returns represent the average performance of included funds, while rankings compare an individual fund's returns to those of the other funds in its category. Both are based on total return performance, with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front or back-end sales charges. Rankings begin with the actual share class inception. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns. Rankings do not reflect sales loads

          Main Risks

          ETFs trade like stocks, are subject to investment risk, including possible loss of principal.

          Bonds are subject to interest rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price decline.

          High yield bonds involve increased credit and liquidity risk than higher rated bonds and are considered speculative in terms of the issuer's ability to pay interest and repay principal on a timely basis.

          Municipal income may be subject to state and local taxes. Some income may be subject to the federal alternative minimum tax for certain investors.

          Risk Metrics

          As of  04/30/26  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          BKMI
          		4.73 -0.27 0.83 97.76 -0.29

          All risk metrics are provided by Morningstar. The index used in the calculations are determined by Morningstar which may not be the funds primary benchmark. The index Morningstar used for this analysis is Bloomberg U.S. Municipal Bond Index.


          Standard Deviation - Standard deviation is a statistical measure of the degree to which an individual portfolio return tends to vary from the mean, based on the entire population. The greater the degree of dispersion, the greater the degree of risk. In mutual funds, the standard deviation tells us how much the return on the fund is deviating from the expected normal returns.

          Alpha - Alpha is a measure of a security's or portfolio's excess return.

          Beta - Beta is a measure of a security’s or portfolio’s volatility, or systematic risk.

          R-Squared - R-squared is a statistical measure that represents the percentage of a fund’s or security’s movements that are explained by movements in a benchmark index.

          Sharpe Ratio - Sharpe ratio is a risk-adjusted measure that measures reward per unit of risk. The higher the Sharpe ratio, the better.

          Distributions

          Dividend Schedule

          Declared
          Monthly
          Distributed
          Monthly
          Paid
          Monthly
          Fiscal Year End
          Aug 31

          Distributions History

          (Values Listed In $)EX DATE RECORD DATE PAYABLE DATE DIVIDEND INCOME SHORT-TERM 
          CAPITAL GAIN          		 LONG-TERM 
          CAPITAL GAIN          		 RETURN OF CAPITAL TOTAL DISTRIBUTION
          06/01/26 06/01/26 06/04/26 0.0692 0.0000 0.0000 0.0000 0.0692
          (Values Listed In $)EX DATE RECORD DATE PAYABLE DATE DIVIDEND INCOME SHORT-TERM 
          CAPITAL GAIN          		 LONG-TERM 
          CAPITAL GAIN          		 RETURN OF CAPITAL TOTAL DISTRIBUTION
          05/01/26 05/01/26 05/06/26 0.0538 0.0000 0.0000 0.0000 0.0538
          04/01/26 04/01/26 04/07/26 0.0468 0.0000 0.0000 0.0000 0.0468
          03/02/26 03/02/26 03/05/26 0.0445 0.0000 0.0000 0.0000 0.0445
          02/02/26 02/02/26 02/05/26 0.0430 0.0000 0.0000 0.0000 0.0430
          Literature

          Literature

          PRODUCT INFORMATION

          • Download
          • Share
          • Subscribe
          ETF Profile Sheet Download

          BNY Mellon National Intermediate Municipal Bond Fund Materials

          • Download
          • Share
          • Subscribe
          Annual Report - Class M Download
          Semi Annual Report - Class M Download
          Annual Financials and Other Information Download

          Prospectus and Reports

          • Download
          • Share
          • Subscribe
          Factsheet Download
          Prospectus Download
          Summary Prospectus Download
          SAI Download
          Semi Annual Report Download
          Semi Annual Financials and Other Information Download

          Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains that and other information about the fund, and read it carefully before investing.

          ETF shares are listed on an exchange, and shares are generally purchased and sold in the secondary market at market price. At times, the market price may be a premium or discount to the ETF's per share NAV. In addition, ETFs are subject to the risk that an active trading market for an ETF's shares may not develop or be maintained. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions. Any applicable brokerage commissions will reduce returns.

          ETFs trade like stocks, are subject to investment risk, including possible loss of principal. The risks of investing in this ETF typically reflect the risks associated with the types of instruments in which the ETF invests. Diversification cannot assure a profit or protect against loss.

          The fund will issue (or redeem) fund shares to certain institutional investors known as “Authorized Participants” (typically market makers or other broker-dealers) only in large blocks of fund shares known as “Creation Units.” BNY Mellon Securities Corporation (“BNYSC”), a subsidiary of BNY, serves as distributor of the fund. BNYSC does not distribute fund shares in less than Creation Units, nor does it maintain a secondary market in fund shares. BNYSC may enter into selected agreements with Authorized Participants for the sale of Creation Units of Creation Units of fund shares.

          Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

          This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular investment, strategy, investment manager or account arrangement and should not serve as a primary basis for investment decisions.

          Please consult a legal, tax or investment professional in order to determine whether an investment product or service is appropriate for a particular situation.

           

          Gathering data
          Disclaimer Not Available
          close
          You are about to leave this site. This link directs you to a third-party website. BNY and it's affiliates accepts no responsibility for the content on third-party sites or for the services provided. Also, please be aware that when you use services provided by a third-party site, you're subject to that site's terms of service and privacy policy rules (i.e., sharing of personal information), which you should review carefully before proceeding.
          Leave Stay