Untitled Document

NPORT-EX 2 c10362bnymellonopp-july20201.htm Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon Opportunistic Municipal Securities Fund

July 31, 2020 (Unaudited)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - .3%
Collateralized Municipal-Backed Securities - .3%
Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2 (cost $1,138,053)		3.63	5/20/2033	1,036,866		1,094,702

Long-Term Municipal Investments - 98.6%
Alabama - 4.9%
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B		5.00	7/1/2043	2,500,000		2,523,525
Black Belt Energy Gas District, Revenue Bonds, Ser. B1, 1 Month LIBOR x.67 +.90%		1.00	12/1/2023	1,405,000	^a	1,393,774
Jefferson County, Revenue Bonds, Refunding		5.00	9/15/2032	1,000,000		1,239,340
Jefferson County, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C		0/6.60	10/1/2042	7,835,000	^b	7,727,190
The Lower Alabama Gas District, Revenue Bonds (Gas Project)		4.00	12/1/2025	1,750,000		2,017,260
The Southeast Alabama Gas Supply District, Revenue Bonds (Project No. 2) Ser. A		4.00	6/1/2024	2,240,000		2,494,285
University of Alabama at Birmingham, Revenue Bonds, Ser. B		4.00	10/1/2035	2,000,000		2,430,840
					19,826,214
Arizona - 2.3%
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A		5.00	11/15/2054	1,500,000		1,676,880
La Paz County Industrial Development Authority, Revenue Bonds (Charter School Solutions) Ser. A		5.00	2/15/2046	2,000,000	^c	2,174,740
Maricopa County Industrial Development Authority, Revenue Bonds (Banner Health Obligated Group) Ser. A		5.00	1/1/2041	1,175,000		1,430,551

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.6% (continued)
Arizona - 2.3% (continued)
Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin Franklin Charter School Obligated Group)		6.00	7/1/2038	2,750,000	^c	3,171,987
The Phoenix Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A		5.00	7/1/2046	1,000,000	^c	1,048,220
					9,502,378
California - 4.5%
California, GO		5.00	10/1/2030	4,500,000		6,041,970
California, GO, Refunding		5.00	4/1/2033	2,710,000		3,635,139
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A		4.00	6/1/2040	400,000		470,572
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Sutter Health Obligated Group) Ser. B		5.00	11/15/2046	2,500,000		2,974,425
Sacramento North Natomas Community Facilities District No. 4, Special Tax Bonds, Refunding, Ser. E		5.00	9/1/2030	1,500,000		1,680,285
San Francisco City & County Airport Commission, Revenue Bonds, Refunding (San Francisco International Airport) Ser. B		5.00	5/1/2041	1,500,000		1,748,310
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. E		5.00	5/1/2050	1,500,000		1,828,335
					18,379,036
Colorado - 5.1%
Colorado Educational & Cultural Facilities Authority, Revenue Bonds (Johnson & Wales University) Ser. A		5.00	4/1/2031	1,360,000		1,464,217
Colorado Health Facilities Authority, Revenue Bonds (Children's Hospital Obligated Group) Ser. A		5.00	12/1/2041	2,500,000		2,904,575
Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement Communities Obligated Group)		5.00	12/1/2043	2,000,000		2,194,920
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Adventist Health System Obligated Group)		5.00	11/19/2026	2,500,000		3,133,925



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.6% (continued)
Colorado - 5.1% (continued)
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A		5.00	8/1/2044	1,250,000		1,524,488
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Sisters of Charity of Leavenworth Health System Obligated Group) Ser. A		4.00	1/1/2036	2,000,000		2,297,100
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A		5.00	12/1/2048	3,000,000		3,628,770
Denver City & County Airport System, Revenue Bonds, Ser. A		5.50	11/15/2027	3,065,000		3,499,709
					20,647,704
Connecticut - 1.6%
Connecticut, GO, Ser. A		5.00	10/15/2025	3,000,000		3,420,750
Connecticut Development Authority, Revenue Bonds (Aquarion Water Project)		5.50	4/1/2021	3,000,000		3,089,940
					6,510,690
District of Columbia - 1.4%
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding		5.00	10/1/2035	1,500,000		1,833,795
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2035	1,000,000		1,194,970
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. B		4.00	10/1/2049	2,500,000		2,761,350
					5,790,115
Florida - 3.9%
Broward County Airport System, Revenue Bonds		5.00	10/1/2037	1,560,000		1,875,448
Escambia County, Revenue Bonds		5.00	10/1/2046	2,000,000		2,435,500
Greater Orlando Aviation Authority, Revenue Bonds, Ser. A		4.00	10/1/2044	1,500,000		1,701,630
JEA Electric System, Revenue Bonds, Refunding, Ser. 3A		4.00	10/1/2038	1,850,000		2,254,003
JEA Water & Sewer System, Revenue Bonds, Refunding, Ser. A		4.00	10/1/2040	800,000		961,264
Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding		5.00	2/1/2033	1,000,000		1,145,960
Miami Beach Stormwater, Revenue Bonds, Refunding		5.00	9/1/2047	2,500,000		2,714,350

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.6% (continued)
Florida - 3.9% (continued)
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group)		4.00	8/15/2049	1,250,000		1,412,363
Polk County Utility System, Revenue Bonds, Refunding		4.00	10/1/2043	1,250,000		1,537,675
					16,038,193
Georgia - 2.6%
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Unis 3&4 Project)		5.00	1/1/2037	1,100,000		1,352,164
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Project No. 1) Ser. A		5.00	1/1/2028	2,500,000		3,032,225
Main Street Natural Gas, Revenue Bonds, Ser. C		4.00	9/1/2026	3,750,000		4,356,825
Private Colleges & Universities Authority, Revenue Bonds, Refunding (Emory University) Ser. A		5.00	10/1/2043	1,700,000		1,898,968
					10,640,182
Hawaii - .4%
Honolulu City & County, GO, Ser. C		4.00	7/1/2040	1,375,000		1,674,008
Illinois - 14.0%
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	12/1/2033	1,000,000		1,163,100
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C		5.00	12/1/2030	1,500,000		1,773,000
Chicago Board of Education, Revenue Bonds		5.00	4/1/2042	1,000,000		1,097,350
Chicago II Wastewater Transmission, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.)		5.00	1/1/2033	2,490,000		2,760,713
Chicago II Waterworks, Revenue Bonds (2nd Lien Project)		5.00	11/1/2025	1,925,000		2,222,104
Chicago Metropolitan Water Reclamation District, GO (Green Bond) Ser. A		5.00	12/1/2044	2,000,000		2,245,800
Chicago O'Hare International Airport, Revenue Bonds		5.75	1/1/2043	3,750,000		3,966,487
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2048	1,500,000		1,793,595



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	Value ($)
Long-Term Municipal Investments - 98.6% (continued)
Illinois - 14.0% (continued)
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2034	2,100,000	2,376,423
Chicago Park District, GO, Refunding, Ser. C		5.00	1/1/2027	2,030,000	2,227,438
Cook County II, Revenue Bonds, Refunding		5.00	11/15/2035	2,500,000	2,984,575
Illinois, Revenue Bonds (Insured; Build America Mutual) Ser. A		5.00	6/15/2030	2,000,000	2,388,960
Illinois, Revenue Bonds, Refunding		5.00	6/15/2024	2,500,000	2,700,875
Illinois Finance Authority, Revenue Bonds (Advocate Health Care Network Obligated Group)		5.00	6/1/2027	1,730,000	1,930,680
Illinois Finance Authority, Revenue Bonds (Advocate Health Care Network Obligated Group)		5.00	6/1/2027	270,000	305,670
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. A		5.00	11/15/2045	1,000,000	1,147,100
Illinois Finance Authority, Revenue Bonds, Refunding (Rush University Medical Center Obligated Group) Ser. A		5.00	11/15/2033	3,000,000	3,451,290
Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago) Ser. A		4.00	4/1/2050	3,000,000	3,530,610
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A		6.00	7/1/2043	2,500,000	2,794,300
Illinois Municipal Electric Agency, Revenue Bonds, Refunding, Ser. A		5.00	2/1/2032	1,500,000	1,781,475
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project)		5.00	6/15/2050	1,000,000	1,119,800
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Project) Ser. B		5.00	12/15/2028	2,000,000	2,078,620
Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. B		4.00	4/1/2040	1,475,000	1,672,281
Railsplitter Tobacco Settlement Authority, Revenue Bonds		5.00	6/1/2026	2,320,000	2,795,948
Regional Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		6.00	6/1/2025	1,000,000	1,184,240

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.6% (continued)
Illinois - 14.0% (continued)
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A		4.00	1/1/2039	2,350,000		2,568,620
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A		4.00	1/1/2038	1,000,000		1,096,220
					57,157,274
Indiana - 1.4%
Indiana Finance Authority, Revenue Bonds, Refunding		5.00	3/1/2039	1,400,000		1,420,048
Indiana Finance Authority, Revenue Bonds, Refunding (Community Health Network Obligated Group) Ser. A		5.00	5/1/2042	4,000,000		4,351,880
					5,771,928
Iowa - 1.1%
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project)		5.25	12/1/2025	1,000,000		1,048,660
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project)		5.88	12/1/2027	1,520,000	^c	1,581,970
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project) Ser. B		5.25	12/1/2037	1,765,000		1,860,222
					4,490,852
Kansas - .4%
Kansas Development Finance Authority, Revenue Bonds (Village Shalom Project) Ser. B		4.00	11/15/2025	1,700,000		1,670,539
Kentucky - 2.5%
Kentucky Economic Development Finance Authority, Revenue Bonds, Refunding (Louisville Arena Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	12/1/2045	2,000,000		2,383,300
Kentucky Public Energy Authority, Revenue Bonds, Ser. A		4.00	4/1/2024	1,010,000		1,121,252
Kentucky Public Energy Authority, Revenue Bonds, Ser. B		4.00	1/1/2025	6,000,000		6,701,280
					10,205,832
Louisiana - 2.4%
Louisiana Public Facilities Authority, Revenue Bonds (Franciscan Missionaries of Our Lady Health System Obligated Group) Ser. A		5.00	7/1/2047	1,500,000		1,718,280
New Orleans Aviation Board, Revenue Bonds (Parking Facilities Corp.) (Insured; Assured Guaranty Municipal Corp.)		5.00	10/1/2048	1,250,000		1,487,038



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.6% (continued)
Louisiana - 2.4% (continued)
New Orleans Aviation Board, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	1/1/2036	1,135,000		1,375,325
New Orleans Aviation Board, Revenue Bonds, Ser. B		5.00	1/1/2040	2,175,000		2,446,570
St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.)		2.20	7/1/2026	1,000,000		968,590
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.25	5/15/2035	1,500,000		1,620,495
					9,616,298
Maine - .5%
Maine Health & Higher Educational Facilities Authority, Revenue Bonds (Maine General Medical Center Obligated Group)		7.50	7/1/2032	2,000,000		2,077,880
Massachusetts - 1.5%
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University)		5.00	7/1/2027	1,750,000		2,118,182
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2033	1,250,000		1,501,050
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2044	1,000,000		1,164,480
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. K		5.25	7/1/2029	1,100,000		1,166,517
					5,950,229
Michigan - 4.9%
Great Lakes Water Authority Water Supply System, Revenue Bonds, Ser. B		5.00	7/1/2046	3,000,000		3,556,530
Karegnondi Water Authority, Revenue Bonds, Refunding		5.00	11/1/2041	1,000,000		1,209,790
Michigan Finance Authority, Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. C3		5.00	7/1/2031	2,500,000		2,867,250
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. D1		5.00	7/1/2037	2,000,000		2,253,720
Michigan Housing Development Authority, Revenue Bonds, Ser. A		3.50	12/1/2050	2,000,000		2,235,520

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.6% (continued)
Michigan - 4.9% (continued)
Michigan Strategic Fund, Revenue Bonds (I-75 Improvement Project) Ser. P3		5.00	6/30/2033	3,900,000		4,531,410
Pontiac School District, GO		4.00	5/1/2050	2,000,000		2,316,020
Wayne County Airport Authority, Revenue Bonds, Ser. D		5.00	12/1/2045	1,000,000		1,152,360
					20,122,600
Missouri - 1.8%
Kansas City Industrial Development Authority, Revenue Bonds, Ser. A		5.00	3/1/2044	1,250,000		1,497,400
Kansas City Industrial Development Authority, Revenue Bonds, Ser. B		5.00	3/1/2054	3,060,000		3,626,773
The Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (CoxHealth Obligated Group) Ser. A		5.00	11/15/2029	2,000,000		2,359,600
					7,483,773
Multi-State - .4%
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M048		3.15	1/15/2036	1,245,000	^c	1,429,883
Nebraska - .6%
Public Power Generation Agency, Revenue Bonds, Refunding		5.00	1/1/2037	2,000,000		2,432,440
Nevada - .4%
Clark County, GO		5.00	11/1/2038	520,000		589,836
Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project)		5.00	6/1/2048	1,070,000		1,183,506
					1,773,342
New Jersey - 5.2%
Essex County Improvement Authority, Revenue Bonds		5.25	7/1/2045	2,500,000	^c	2,506,775
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. NN		5.00	3/1/2028	1,000,000		1,075,570
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. WW		5.25	6/15/2029	1,000,000		1,139,330
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. WW		5.25	6/15/2031	2,100,000		2,377,872
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX		5.25	6/15/2027	1,000,000		1,149,610



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.6% (continued)
New Jersey - 5.2% (continued)
New Jersey Educational Facilities Authority, Revenue Bonds, Refunding (Stockton University) Ser. A		5.00	7/1/2041	1,000,000		1,133,230
New Jersey Health Care Facilities Financing Authority, Revenue Bonds (Inspira Health Obligated Group)		5.00	7/1/2037	1,600,000		1,904,992
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB		5.00	6/15/2044	2,000,000		2,300,820
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.00	6/1/2046	3,880,000		4,532,344
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.00	6/1/2036	2,000,000		2,456,300
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.25	6/1/2046	620,000		735,146
					21,311,989
New York - 4.6%
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1		5.00	11/15/2050	3,000,000		3,443,880
New York City, GO, Ser. D1		4.00	3/1/2050	2,250,000		2,613,105
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center)		5.00	11/15/2044	2,500,000	^c	2,662,075
New York Liberty Development Corp., Revenue Bonds, Refunding (Goldman Sachs Headquarters)		5.25	10/1/2035	1,000,000		1,412,470
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A		5.00	3/15/2035	3,000,000		3,539,460
New York State Thruway Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B		4.00	1/1/2050	1,335,000		1,542,352
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A		5.25	1/1/2050	2,500,000		2,736,250
TSASC, Revenue Bonds, Refunding, Ser. B		5.00	6/1/2045	815,000		844,576
					18,794,168
North Carolina - .3%
North Carolina Medical Care Commission, Revenue Bonds, Ser. A		5.00	1/1/2038	1,000,000		1,077,990

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.6% (continued)
Ohio - 2.9%
Allen County Hospital Facilities, Revenue Bonds, Refunding, Ser. A		5.00	5/1/2042	4,500,000		4,760,730
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2		4.00	6/1/2048	3,500,000		3,919,125
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System)		5.25	2/15/2047	1,000,000		1,136,710
Ohio, Revenue Bonds, Refunding (Lease Appropriations-Adult Correctional Building Fund Projects) Ser. A		5.00	10/1/2037	1,430,000		1,777,433
					11,593,998
Pennsylvania - 8.3%
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. A		4.00	7/15/2035	1,250,000		1,465,588
Allentown School District, GO, Refunding (Insured; Build America Mutual) Ser. B		5.00	2/1/2030	1,000,000		1,322,400
Commonwealth Financing Authority, Revenue Bonds		5.00	6/1/2030	2,000,000		2,548,720
Delaware Valley Regional Finance Authority, Revenue Bonds, Ser. C, 1 Month MUNIPSA +.53%		0.69	9/1/2023	3,000,000	^a	2,971,050
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group)		5.00	2/15/2027	1,350,000		1,666,130
Luzerne County Industrial Development Authority, Revenue Bonds, Refunding (Pennsylvania-American Water Co.)		2.45	12/3/2029	1,750,000		1,936,637
Montgomery County Industrial Development Authority, Revenue Bonds, Refunding (ACTS Retirement-Life Communities Obligated Group)		5.00	11/15/2036	3,500,000		4,049,570
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B		5.00	12/1/2022	700,000	^d	777,035
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A1		5.00	12/1/2036	3,250,000		3,845,335
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B		5.25	12/1/2048	4,000,000		4,931,080
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B		5.00	12/1/2022	3,045,000	^d	3,380,102
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A		5.00	9/1/2044	3,000,000		3,727,500



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.6% (continued)
Pennsylvania - 8.3% (continued)
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A		5.00	9/1/2038	1,000,000		1,236,700
					33,857,847
Rhode Island - .5%
Providence Public Building Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	9/15/2037	1,695,000		2,139,785
South Carolina - 1.4%
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper Project) Ser. B		5.13	12/1/2043	5,000,000		5,541,000
Tennessee - .3%
Tennessee Energy Acquisition Corp., Revenue Bonds		4.00	11/1/2025	1,000,000		1,147,090
Texas - 10.3%
Austin Water & Wastewater System, Revenue Bonds, Refunding, Ser. A		5.00	11/15/2043	3,305,000		3,654,933
Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (IDEA Public Schools) (Insured; Permanent School Fund Guarantee Program)		5.00	8/15/2031	3,825,000		4,507,112
Clifton Higher Education Finance Corp., Revenue Bonds, Ser. D		5.75	8/15/2033	4,500,000		5,053,680
Collin County Community College District, GO, Ser. A		4.00	8/15/2034	1,000,000		1,240,440
Corpus Christi Utility System, Revenue Bonds, Refunding, Ser. A		4.00	7/15/2035	1,000,000		1,240,100
Garland Electric Utility System, Revenue Bonds, Refunding		5.00	3/1/2044	1,500,000		1,897,650
Love Field Airport Modernization Corp., Revenue Bonds		5.00	11/1/2034	3,500,000		4,004,560
Love Field Airport Modernization Corp., Revenue Bonds (Southwest Airlines Project)		5.00	11/1/2022	2,000,000		2,088,220
Lower Colorado River Authority, Revenue Bonds, Refunding		5.00	5/15/2039	3,000,000		3,319,380
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp.) Ser. A		4.00	5/15/2049	1,000,000		1,140,550
Lubbock Electric Light & Power System, Revenue Bonds		5.00	4/15/2048	2,475,000		3,048,433

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.6% (continued)
Texas - 10.3% (continued)
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project)		4.63	10/1/2031	1,000,000	^c	1,061,480
North Texas Tollway Authority, Revenue Bonds, Refunding		5.00	1/1/2048	1,000,000		1,199,980
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2039	4,000,000		4,739,520
San Antonio Electric & Gas Systems, Revenue Bonds		5.00	2/1/2043	3,500,000		3,829,315
					42,025,353
U.S. Related - .4%
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) Ser. L		5.25	7/1/2041	1,400,000		1,536,150
Utah - .9%
Salt Lake City Airport, Revenue Bonds, Ser. A		5.00	7/1/2034	3,000,000		3,636,240
Virginia - 1.6%
Virginia Public Building Authority, Revenue Bonds, Ser. A		4.00	8/1/2039	2,500,000		3,097,475
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes)		5.00	7/1/2034	1,700,000		1,768,697
Winchester Economic Development Authority, Revenue Bonds, Refunding (Valley Health System Obligated Group)		5.00	1/1/2035	1,560,000		1,824,436
					6,690,608
Washington - 1.4%
Port of Seattle, Revenue Bonds		5.00	4/1/2029	2,380,000		3,056,420
Washington Convention Center Public Facilities District, Revenue Bonds		5.00	7/1/2058	2,450,000		2,710,361
					5,766,781
West Virginia - 1.3%
West Virginia University, Revenue Bonds (West Virginia University Projects) Ser. B		5.00	10/1/2021	5,000,000	^d	5,278,750
Wisconsin - .6%
Public Finance Authority, Revenue Bonds, Refunding (Renown Regional Medical Center) Ser. A		5.00	6/1/2040	2,000,000		2,312,500
Total Long-Term Municipal Investments (cost $374,214,188)				401,901,639
Total Investments (cost $375,352,241)				98.9%	402,996,341


Cash and Receivables (Net)	1.1%	4,363,120
Net Assets	100.0%	407,359,461

GO—General Obligation

LIBOR—London Interbank Offered Rate

MUNIPSA—Securities Industry and Financial Markets Association Municipal Swap Index Yield

^a Variable rate security—rate shown is the interest rate in effect at period end.

^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 July 31, 2020, these securities were valued at $15,637,130 or 3.84% of net assets.

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

STATEMENT OF FINANCIAL FUTURES
BNY Mellon Opportunistic Municipal Securities Fund

July 31, 2020 (Unaudited)

The following is a summary of the inputs used as of July 31, 2020 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	-	1,094,702	-	1,094,702
Municipal Securities	-	401,901,639	-	401,901,639

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

NOTES

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:

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

NOTES

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.

Options and financial futures on municipal and U.S. Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy. Investments in swap transactions are valued each business day by the Service. Swaps are valued by the Service by using a swap pricing model which incorporates among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on interest rates and are generally categorized within Level 2 of the fair value hierarchy.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at July 31, 2020 is discussed below.

Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change.

NOTES

Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default.

At July 31, 2020, accumulated net unrealized appreciation on investments was $27,644,100, consisting of $28,304,902 gross unrealized appreciation and $660,802 gross unrealized depreciation.

At July 31, 2020, 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.