NPORT-EX 2 c10362bnymellon-january20241.htm Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon Opportunistic Municipal Securities Fund

January 31, 2024 (Unaudited)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Bonds and Notes - .2%

     

Collateralized Municipal-Backed Securities - .2%

     

Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2
(cost $1,063,927)

 

3.63

 

5/20/2033

 

969,330

 

909,541

 
      

 

  

Long-Term Municipal Investments - 99.5%

     

Alabama - 2.2%

     

Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B

 

5.00

 

7/1/2043

 

2,500,000

 

2,546,076

 

Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1

 

4.00

 

6/1/2027

 

1,000,000

a 

1,004,452

 

Jefferson County, Revenue Bonds, Refunding

 

5.25

 

10/1/2049

 

1,000,000

 

1,085,953

 

Jefferson County, Revenue Bonds, Refunding

 

5.50

 

10/1/2053

 

3,250,000

 

3,605,036

 

University of Alabama at Birmingham, Revenue Bonds, Ser. B

 

4.00

 

10/1/2035

 

2,000,000

 

2,095,007

 
 

10,336,524

 

Arizona - 3.6%

     

Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) Ser. A

 

4.00

 

11/1/2038

 

3,065,000

 

3,045,314

 

Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond) (Equitable School Revolving Fund Obligated Group) Ser. A

 

5.25

 

11/1/2048

 

2,000,000

 

2,121,853

 

Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A

 

5.38

 

7/1/2050

 

2,500,000

b 

2,463,455

 

Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun Health Services Obligated Group) Ser. A

 

5.00

 

11/15/2054

 

1,500,000

 

1,482,135

 

La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public Schools) Ser. A

 

5.00

 

2/15/2048

 

1,000,000

 

990,009

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

Arizona - 3.6% (continued)

     

La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public Schools) Ser. A

 

5.00

 

2/15/2046

 

2,000,000

b 

2,000,444

 

Maricopa County Industrial Development Authority, Revenue Bonds (Banner Health Obligated Group) Ser. A

 

5.00

 

1/1/2041

 

1,175,000

 

1,222,450

 

Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin Franklin Charter School Obligated Group)

 

6.00

 

7/1/2038

 

2,750,000

b 

2,860,887

 

The Phoenix Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS Schools Projects) Ser. A

 

5.00

 

7/1/2046

 

1,000,000

b 

950,696

 
 

17,137,243

 

Arkansas - 1.0%

     

Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond) (U.S. Steel Corp.)

 

5.70

 

5/1/2053

 

4,800,000

 

4,951,717

 

California - 5.0%

     

Alameda Corridor Transportation Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. C

 

5.00

 

10/1/2052

 

2,500,000

 

2,708,051

 

California, GO, Refunding

 

5.00

 

4/1/2042

 

650,000

 

742,519

 

California, GO, Refunding

 

5.25

 

9/1/2047

 

1,000,000

 

1,146,480

 

California Community Choice Financing Authority, Revenue Bonds (Sustainable Bond) (Clean Energy Project) Ser. G

 

5.25

 

4/1/2030

 

2,500,000

a 

2,683,556

 

California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A

 

4.00

 

6/1/2040

 

400,000

 

402,455

 

California Health Facilities Financing Authority, Revenue Bonds, Refunding (Sutter Health Obligated Group) Ser. B

 

5.00

 

11/15/2046

 

1,480,000

 

1,517,112

 

California Housing Finance Agency, Revenue Bonds, Ser. 2021-1

 

3.50

 

11/20/2035

 

1,436,328

 

1,354,353

 

California Municipal Finance Authority, Revenue Bonds (Sustainable Bond) (Insured; Build America Mutual)

 

5.00

 

5/15/2027

 

450,000

 

474,943

 

California Municipal Finance Authority, Revenue Bonds (United Airlines Project)

 

4.00

 

7/15/2029

 

3,675,000

 

3,674,438

 


          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

California - 5.0% (continued)

     

California Municipal Finance Authority, Revenue Bonds, Refunding (HumanGood California Obligated Group) Ser. A

 

5.00

 

10/1/2044

 

2,500,000

 

2,565,290

 

California University, Revenue Bonds, Refunding, Ser. B2

 

0.55

 

11/1/2026

 

1,000,000

a 

902,062

 

Orange County Community Facilities District, Special Tax Bonds (Community Facilities District No. 2021-1) Ser. A

 

5.00

 

8/15/2047

 

1,000,000

 

1,030,994

 

San Diego County Regional Airport Authority, Revenue Bonds, Ser. B

 

4.00

 

7/1/2046

 

1,750,000

 

1,682,875

 

San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. B

 

5.00

 

5/1/2041

 

1,500,000

 

1,521,096

 

San Jose Evergreen Community College District, GO, Ser. C

 

4.00

 

9/1/2045

 

1,000,000

 

1,023,408

 
 

23,429,632

 

Colorado - 3.9%

     

Colorado Health Facilities Authority, Revenue Bonds (Children's Hospital Colorado Obligated Group) Ser. A

 

5.00

 

12/1/2041

 

2,500,000

 

2,548,829

 

Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement Communities)

 

5.00

 

12/1/2043

 

3,280,000

 

3,324,196

 

Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A

 

5.00

 

8/1/2044

 

1,250,000

 

1,293,397

 

Colorado Health Facilities Authority, Revenue Bonds, Refunding (Intermountain Healthcare Obligated Group) Ser. A

 

4.00

 

5/15/2052

 

2,000,000

 

1,949,741

 

Colorado Health Facilities Authority, Revenue Bonds, Refunding (School Health System) Ser. A

 

4.00

 

1/1/2036

 

2,000,000

 

2,073,867

 

Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A

 

5.00

 

12/1/2048

 

3,000,000

 

3,073,156

 

Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A

 

5.50

 

11/15/2053

 

3,000,000

 

3,284,436

 

Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A

 

5.00

 

1/15/2031

 

950,000

 

1,063,477

 
 

18,611,099

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

Connecticut - .2%

     

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Fairfield University) Ser. T

 

4.00

 

7/1/2055

 

1,000,000

 

957,456

 

Delaware - .2%

     

Delaware Economic Development Authority, Revenue Bonds (ACTS Retirement-Life Communities Obligated Group)

 

5.25

 

11/15/2053

 

1,000,000

 

1,034,504

 

District of Columbia - 2.5%

     

District of Columbia, Revenue Bonds, Ser. A

 

5.50

 

7/1/2047

 

3,000,000

 

3,438,183

 

Metropolitan Washington Airports Authority, Revenue Bonds, Refunding

 

5.00

 

10/1/2035

 

1,500,000

 

1,569,894

 

Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Dulles Metrorail) Ser. B

 

4.00

 

10/1/2049

 

2,500,000

 

2,334,225

 

Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A

 

5.00

 

10/1/2035

 

1,000,000

 

1,030,363

 

Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A

 

5.00

 

10/1/2027

 

2,340,000

 

2,353,619

 

Washington Metropolitan Area Transit Authority, Revenue Bonds (Sustainable Bond) Ser. A

 

4.13

 

7/15/2047

 

1,000,000

 

1,004,360

 
 

11,730,644

 

Florida - 4.1%

     

Broward County Airport System, Revenue Bonds

 

5.00

 

10/1/2037

 

1,560,000

 

1,613,333

 

Escambia County, Revenue Bonds

 

5.00

 

10/1/2046

 

2,000,000

 

2,093,060

 

Florida Municipal Power Agency, Revenue Bonds, Ser. A

 

3.00

 

10/1/2032

 

1,000,000

 

970,234

 

Hillsborough County Aviation Authority, Revenue Bonds (Tampa International Airport)

 

5.00

 

10/1/2034

 

1,000,000

 

1,116,316

 

Jacksonville, Revenue Bonds, Refunding (Brooks Rehabilitation Project)

 

4.00

 

11/1/2045

 

1,500,000

 

1,377,733

 

JEA Water & Sewer System, Revenue Bonds, Refunding, Ser. A

 

4.00

 

10/1/2040

 

800,000

 

815,104

 

Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding

 

5.00

 

2/1/2033

 

1,000,000

 

1,003,416

 

Miami Beach Stormwater, Revenue Bonds, Refunding

 

5.00

 

9/1/2047

 

2,500,000

 

2,500,527

 


          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

Florida - 4.1% (continued)

     

Mid-Bay Bridge Authority, Revenue Bonds, Refunding, Ser. A

 

5.00

 

10/1/2040

 

1,000,000

 

1,010,652

 

Orange County Health Facilities Authority, Revenue Bonds (Orlando Health Obligated Group) Ser. A

 

5.00

 

10/1/2053

 

2,000,000

 

2,137,804

 

Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group)

 

4.00

 

8/15/2049

 

3,305,000

 

3,115,184

 

Village Community Development District No. 15, Special Assessment Bonds

 

5.25

 

5/1/2054

 

1,500,000

b 

1,524,266

 
 

19,277,629

 

Georgia - 3.8%

     

Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project)

 

5.00

 

1/1/2037

 

1,100,000

 

1,165,573

 

Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

5.00

 

7/1/2055

 

1,000,000

 

1,049,347

 

Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A

 

5.00

 

7/1/2052

 

3,250,000

 

3,370,741

 

Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Project No. 1) Ser. A

 

5.00

 

1/1/2028

 

2,500,000

 

2,596,116

 

Georgia Ports Authority, Revenue Bonds

 

4.00

 

7/1/2052

 

1,250,000

 

1,234,287

 

Main Street Natural Gas, Revenue Bonds, Ser. A

 

5.00

 

6/1/2030

 

2,500,000

a 

2,643,418

 

Main Street Natural Gas, Revenue Bonds, Ser. B

 

5.00

 

6/1/2029

 

2,000,000

a 

2,101,021

 

Main Street Natural Gas, Revenue Bonds, Ser. C

 

4.00

 

9/1/2026

 

3,750,000

a 

3,773,397

 
 

17,933,900

 

Hawaii - .3%

     

Hawaii Airports System, Revenue Bonds, Ser. A

 

5.00

 

7/1/2047

 

1,250,000

 

1,315,026

 

Illinois - 8.1%

     

Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

5.00

 

12/1/2033

 

1,000,000

 

1,059,604

 

Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C

 

5.00

 

12/1/2030

 

1,500,000

 

1,592,480

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

Illinois - 8.1% (continued)

     

Chicago Board of Education, GO, Ser. A

 

6.00

 

12/1/2049

 

1,000,000

 

1,100,986

 

Chicago Board of Education, Revenue Bonds

 

5.00

 

4/1/2042

 

1,000,000

 

1,025,220

 

Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A

 

5.00

 

1/1/2034

 

2,100,000

 

2,119,656

 

Chicago O'Hare International Airport, Revenue Bonds, Ser. A

 

5.50

 

1/1/2055

 

1,500,000

 

1,616,851

 

Chicago Park District, GO, Refunding, Ser. C

 

5.00

 

1/1/2039

 

1,150,000

 

1,252,653

 

Cook County II, Revenue Bonds, Refunding

 

5.00

 

11/15/2035

 

2,500,000

 

2,644,046

 

Illinois, GO, Refunding, Ser. D

 

4.00

 

7/1/2037

 

1,750,000

 

1,762,692

 

Illinois, Revenue Bonds (Insured; Build America Mutual) Ser. A

 

5.00

 

6/15/2030

 

2,000,000

 

2,164,301

 

Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. A

 

5.00

 

11/15/2045

 

1,000,000

 

1,013,080

 

Illinois Finance Authority, Revenue Bonds, Refunding (Rush University Medical Center Obligated Group) Ser. A

 

5.00

 

11/15/2033

 

3,000,000

 

3,050,827

 

Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago) Ser. A

 

4.00

 

4/1/2050

 

3,760,000

 

3,654,657

 

Illinois Housing Development Authority, Revenue Bonds (Sustainable Bond) (Insured; GNMA, FNMA, FHLMC) Ser. A

 

3.00

 

4/1/2051

 

1,650,000

 

1,598,355

 

Illinois Municipal Electric Agency, Revenue Bonds, Refunding, Ser. A

 

5.00

 

2/1/2032

 

1,500,000

 

1,532,506

 

Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. B

 

4.00

 

4/1/2040

 

1,475,000

 

1,478,881

 

Regional Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)

 

6.00

 

6/1/2025

 

1,000,000

 

1,015,310

 

Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A

 

4.00

 

1/1/2039

 

2,350,000

 

2,372,306

 

Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A

 

4.00

 

1/1/2038

 

1,000,000

 

1,014,442

 

Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A

 

5.00

 

1/1/2034

 

1,400,000

 

1,602,035

 


          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

Illinois - 8.1% (continued)

     

Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A

 

5.00

 

1/1/2036

 

3,500,000

 

3,856,866

 
 

38,527,754

 

Indiana - .7%

     

Indiana Finance Authority, Revenue Bonds, Refunding (CWA Authority Project) Ser. 1

 

4.00

 

10/1/2036

 

2,980,000

 

3,135,614

 

Iowa - 2.5%

     

Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project)

 

5.00

 

12/1/2050

 

2,730,000

 

2,858,802

 

Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities Obligated Group) Ser. B

 

7.25

 

5/15/2038

 

2,000,000

 

2,108,776

 

Iowa Student Loan Liquidity Corp., Revenue Bonds, Ser. B

 

5.00

 

12/1/2030

 

1,500,000

 

1,619,771

 

Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2

 

4.00

 

6/1/2049

 

2,000,000

 

1,878,458

 

Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. B1

 

4.00

 

6/1/2049

 

1,220,000

 

1,231,874

 

PEFA, Revenue Bonds (Gas Project)

 

5.00

 

9/1/2026

 

2,000,000

a 

2,050,732

 
 

11,748,413

 

Kentucky - 2.0%

     

Henderson, Revenue Bonds (Pratt Paper Project) Ser. A

 

4.70

 

1/1/2052

 

1,015,000

b 

981,259

 

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

 

2,081,805

 

Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. A1

 

5.25

 

2/1/2032

 

4,500,000

a 

4,890,798

 

Kentucky Public Energy Authority, Revenue Bonds, Ser. A1

 

4.00

 

8/1/2030

 

1,500,000

a 

1,502,986

 
 

9,456,848

 

Louisiana - 1.8%

     

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

 

1,528,092

 

New Orleans Aviation Board, Revenue Bonds (Parking Facilities Corp.) (Insured; Assured Guaranty Municipal Corp.)

 

5.00

 

10/1/2048

 

1,250,000

 

1,298,642

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

Louisiana - 1.8% (continued)

     

New Orleans Aviation Board, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)

 

5.00

 

1/1/2036

 

1,135,000

 

1,224,775

 

New Orleans Aviation Board, Revenue Bonds, Ser. B

 

5.00

 

1/1/2040

 

2,175,000

 

2,184,044

 

St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.)

 

2.20

 

7/1/2026

 

1,000,000

a 

948,801

 

Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A

 

5.25

 

5/15/2035

 

1,220,000

 

1,230,822

 
 

8,415,176

 

Maryland - .5%

     

Maryland Economic Development Corp., Revenue Bonds (Sustainable Bond) (Purple Line Transit Partners) Ser. B

 

5.25

 

6/30/2055

 

2,490,000

 

2,553,447

 

Massachusetts - 1.1%

     

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group)

 

4.38

 

7/1/2052

 

1,000,000

 

1,003,038

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University)

 

5.00

 

7/1/2027

 

1,750,000

 

1,821,156

 

Massachusetts Educational Financing Authority, Revenue Bonds, Ser. B

 

5.00

 

7/1/2027

 

2,350,000

 

2,447,083

 
 

5,271,277

 

Michigan - 4.6%

     

Great Lakes Water Authority, Revenue Bonds, Ser. B

 

5.00

 

7/1/2046

 

3,000,000

 

3,071,869

 

Karegnondi Water Authority, Revenue Bonds, Refunding

 

5.00

 

11/1/2041

 

1,000,000

 

1,034,935

 

Lansing Board of Water & Light, Revenue Bonds, Ser. B

 

2.00

 

7/1/2026

 

2,500,000

a 

2,374,113

 

Michigan Finance Authority, Revenue Bonds (Henry Ford Health System Obligated Group) Ser. A

 

4.00

 

11/15/2050

 

1,665,000

 

1,535,930

 

Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont-Spectrum)

 

4.00

 

4/15/2042

 

2,425,000

 

2,404,792

 

Michigan Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. D1

 

5.00

 

7/1/2037

 

2,000,000

 

2,010,776

 


          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

Michigan - 4.6% (continued)

     

Michigan Housing Development Authority, Revenue Bonds, Ser. A

 

3.50

 

12/1/2050

 

1,305,000

 

1,283,067

 

Michigan Strategic Fund, Revenue Bonds (I-75 Improvement Project)

 

5.00

 

6/30/2033

 

3,900,000

 

4,130,098

 

Michigan Trunk Line, Revenue Bonds

 

4.00

 

11/15/2046

 

1,140,000

 

1,150,820

 

Pontiac School District, GO (Insured; Qualified School Board Loan Fund)

 

4.00

 

5/1/2045

 

1,800,000

 

1,796,225

 

Wayne County Airport Authority, Revenue Bonds, Ser. D

 

5.00

 

12/1/2045

 

1,000,000

 

1,011,200

 
 

21,803,825

 

Minnesota - .5%

     

Minnesota Agricultural & Economic Development Board, Revenue Bonds (HealthPartners Obligated Group)

 

5.25

 

1/1/2054

 

2,000,000

 

2,203,774

 

Missouri - .7%

     

Kansas City Industrial Development Authority, Revenue Bonds (Kansas City International Airport) Ser. B

 

5.00

 

3/1/2054

 

3,060,000

 

3,111,119

 

Multi-State - .2%

     

Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M048

 

3.15

 

1/15/2036

 

1,170,000

b 

1,043,852

 

Nebraska - .4%

     

Public Power Generation Agency, Revenue Bonds, Refunding

 

5.00

 

1/1/2037

 

2,000,000

 

2,070,320

 

Nevada - 2.5%

     

Clark County, GO, Ser. A

 

5.00

 

6/1/2043

 

5,000,000

 

5,288,920

 

Clark County School District, GO, Ser. A

 

5.00

 

6/15/2039

 

5,000,000

 

5,605,674

 

Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project)

 

5.00

 

6/1/2048

 

1,070,000

 

1,106,389

 
 

12,000,983

 

New Hampshire - .3%

     

New Hampshire Business Finance Authority, Revenue Bonds (University of Nevada Reno Project) (Insured; Build America Mutual) Ser. A

 

4.00

 

12/1/2040

 

515,000

 

520,288

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

New Hampshire - .3% (continued)

     

New Hampshire Business Finance Authority, Revenue Bonds (University of Nevada Reno Project) (Insured; Build America Mutual) Ser. A

 

4.13

 

12/1/2043

 

1,000,000

 

1,002,126

 
 

1,522,414

 

New Jersey - 3.6%

     

New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX

 

5.25

 

6/15/2027

 

465,000

 

477,577

 

New Jersey Educational Facilities Authority, Revenue Bonds, Refunding (Stockton University) Ser. A

 

5.00

 

7/1/2041

 

1,000,000

 

1,020,064

 

New Jersey Health Care Facilities Financing Authority, Revenue Bonds (Inspira Health Obligated Group)

 

5.00

 

7/1/2037

 

1,600,000

 

1,672,051

 

New Jersey Transportation Trust Fund Authority, Revenue Bonds

 

5.50

 

6/15/2050

 

1,000,000

 

1,113,945

 

New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. AA

 

4.25

 

6/15/2044

 

1,000,000

 

1,016,575

 

New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB

 

5.00

 

6/15/2044

 

2,000,000

 

2,097,957

 

New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB

 

5.25

 

6/15/2050

 

1,500,000

 

1,655,051

 

South Jersey Transportation Authority, Revenue Bonds

 

4.63

 

11/1/2047

 

1,000,000

 

1,026,554

 

Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A

 

5.00

 

6/1/2046

 

3,880,000

 

3,955,325

 

Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A

 

5.00

 

6/1/2036

 

2,000,000

 

2,128,126

 

Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A

 

5.25

 

6/1/2046

 

620,000

 

640,535

 
 

16,803,760

 

New York - 8.8%

     

Metropolitan Transportation Authority, Revenue Bonds, Refunding (Sustainable Bond) Ser. C1

 

5.00

 

11/15/2050

 

3,000,000

 

3,147,927

 

New York City, GO, Ser. F1

 

4.00

 

3/1/2047

 

200,000

 

199,774

 

New York City Housing Development Corp., Revenue Bonds (Sustainable Bond) (Insured; Federal Housing Administration) Ser. F2

 

0.60

 

7/1/2025

 

980,000

a 

930,528

 


          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

New York - 8.8% (continued)

     

New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project)

 

5.00

 

11/15/2044

 

2,500,000

b 

2,502,866

 

New York Liberty Development Corp., Revenue Bonds, Refunding (Goldman Sachs Headquarters)

 

5.25

 

10/1/2035

 

1,000,000

 

1,179,094

 

New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E

 

4.00

 

3/15/2038

 

1,400,000

 

1,453,180

 

New York Transportation Development Corp., Revenue Bonds (Delta Air Lines)

 

4.38

 

10/1/2045

 

2,500,000

 

2,445,866

 

New York Transportation Development Corp., Revenue Bonds (Delta Air Lines)

 

5.00

 

1/1/2032

 

1,500,000

 

1,547,110

 

New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal)

 

5.00

 

12/1/2040

 

2,000,000

 

2,114,517

 

New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A

 

5.00

 

7/1/2046

 

2,500,000

 

2,500,318

 

New York Transportation Development Corp., Revenue Bonds (Sustainable Bond) (JFK International Airport Terminal One Project) (Insured; Assured Guaranty Municipal Corp.)

 

5.13

 

6/30/2060

 

1,000,000

 

1,046,908

 

Tender Option Bond Trust Receipts (Series 2023-XF1639), (New York State Urban Development Corp., Revenue Bonds, Ser. A), Underlying Coupon Rate 5.00%

 

2.20

 

3/15/2053

 

10,000,000

b,c,d 

10,955,779

 

Triborough Bridge & Tunnel Authority, Revenue Bonds (MTA Bridges & Tunnels) Ser. A

 

5.25

 

5/15/2057

 

2,500,000

 

2,749,584

 

Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding (MTA Bridges & Tunnels) Ser. C2

 

5.00

 

11/15/2042

 

1,500,000

 

1,581,828

 

Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. C

 

5.25

 

5/15/2052

 

5,000,000

 

5,550,362

 

TSASC, Revenue Bonds, Refunding, Ser. B

 

5.00

 

6/1/2045

 

815,000

 

751,641

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

New York - 8.8% (continued)

     

Westchester County Local Development Corp., Revenue Bonds, Refunding (Purchase Senior Learning Community Obligated Group)

 

5.00

 

7/1/2046

 

1,000,000

b 

866,516

 
 

41,523,798

 

North Carolina - 1.5%

     

Charlotte Airport, Revenue Bonds, Refunding, Ser. B

 

5.00

 

7/1/2038

 

1,000,000

 

1,097,792

 

North Carolina Medical Care Commission, Revenue Bonds (Twin Lakes Community) Ser. A

 

5.00

 

1/1/2038

 

1,000,000

 

1,007,750

 

The Charlotte-Mecklenburg Hospital Authority, Revenue Bonds (Atrium Health Obligated Group)

 

5.00

 

12/1/2028

 

1,500,000

a 

1,640,015

 

The Charlotte-Mecklenburg Hospital Authority, Revenue Bonds (Atrium Health Obligated Group) Ser. B

 

5.00

 

12/2/2024

 

3,500,000

a 

3,544,032

 
 

7,289,589

 

North Dakota - .3%

     

University of North Dakota, COP (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

4.00

 

6/1/2046

 

1,470,000

 

1,428,833

 

Ohio - 2.2%

     

Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2

 

4.00

 

6/1/2048

 

7,335,000

 

6,785,419

 

Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System)

 

5.25

 

2/15/2047

 

1,000,000

 

1,008,974

 

Ohio, Revenue Bonds (Cleveland Clinic Health System Obligated Group)

 

2.75

 

5/1/2028

 

1,000,000

a 

983,877

 

Ohio, Revenue Bonds, Refunding (Lease Appropriations-Adult Correctional Building Fund Projects) Ser. A

 

5.00

 

10/1/2037

 

1,430,000

 

1,509,767

 
 

10,288,037

 

Oregon - 1.2%

     

Port of Portland, Revenue Bonds, Refunding (Sustainable Bond) Ser. 29

 

5.50

 

7/1/2053

 

3,250,000

 

3,586,893

 

Port of Portland, Revenue Bonds, Refunding, Ser. 28

 

4.00

 

7/1/2047

 

2,250,000

 

2,167,872

 
 

5,754,765

 


          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

Pennsylvania - 5.8%

     

Allentown Neighborhood Improvement Zone Development Authority, Revenue Bonds (City Center Project)

 

5.00

 

5/1/2033

 

2,750,000

b 

2,829,630

 

Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group)

 

5.00

 

2/15/2027

 

1,350,000

a 

1,402,309

 

Luzerne County Industrial Development Authority, Revenue Bonds, Refunding (Pennsylvania-American Water Co.)

 

2.45

 

12/3/2029

 

1,750,000

a 

1,600,952

 

Montgomery County Industrial Development Authority, Revenue Bonds, Refunding (ACTS Retirement-Life Communities Obligated Group)

 

5.00

 

11/15/2036

 

3,500,000

 

3,604,240

 

Pennsylvania Economic Development Financing Authority, Revenue Bonds (The Penndot Major Bridges) (Insured; Assured Guaranty Municipal Corp.)

 

5.00

 

12/31/2057

 

2,000,000

 

2,120,853

 

Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Ser. A

 

5.00

 

6/1/2029

 

1,400,000

 

1,491,045

 

Pennsylvania Turnpike Commission Oil Franchise, Revenue Bonds, Refunding, Ser. A

 

5.00

 

12/1/2046

 

3,000,000

 

3,271,596

 

Pennsylvania Turnpike Commission Oil Franchise, Revenue Bonds, Ser. B

 

5.25

 

12/1/2048

 

4,000,000

 

4,196,007

 

Philadelphia Water & Wastewater, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B

 

4.50

 

9/1/2048

 

1,000,000

 

1,031,289

 

The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A

 

4.00

 

9/1/2036

 

1,420,000

 

1,465,003

 

The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A

 

5.00

 

9/1/2038

 

1,000,000

 

1,053,004

 

The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A

 

5.00

 

9/1/2044

 

3,000,000

 

3,176,425

 
 

27,242,353

 

Rhode Island - .4%

     

Providence Public Building Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

5.00

 

9/15/2037

 

1,695,000

 

1,807,780

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

South Carolina - 2.3%

     

Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. B

 

5.00

 

1/1/2029

 

1,000,000

 

1,087,449

 

Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. D

 

4.00

 

1/1/2033

 

3,000,000

 

3,138,336

 

South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper)

 

5.13

 

12/1/2043

 

5,000,000

 

4,999,937

 

South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper) Ser. A

 

4.00

 

12/1/2055

 

2,000,000

 

1,832,303

 
 

11,058,025

 

Tennessee - 1.2%

     

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Revenue Bonds (Belmont University)

 

5.25

 

5/1/2048

 

1,750,000

 

1,911,868

 

Tennergy Corp., Revenue Bonds, Ser. A

 

4.00

 

9/1/2028

 

2,000,000

a 

2,004,498

 

The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B

 

5.50

 

7/1/2052

 

1,500,000

 

1,629,766

 
 

5,546,132

 

Texas - 10.0%

     

Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership of Texas) Ser. D

 

5.75

 

8/15/2033

 

5,000,000

 

5,172,750

 

Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (IDEA Public Schools) (Insured; Permanent School Fund Guarantee Program)

 

5.00

 

8/15/2031

 

2,325,000

 

2,345,150

 

Corpus Christi Utility System, Revenue Bonds, Refunding, Ser. A

 

4.00

 

7/15/2035

 

1,000,000

 

1,041,815

 

Dallas Area Rapid Transit, Revenue Bonds, Refunding, Ser. B

 

4.00

 

12/1/2051

 

1,925,000

 

1,883,233

 

Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. B

 

5.00

 

11/1/2040

 

2,500,000

 

2,841,693

 

Garland Electric Utility System, Revenue Bonds, Refunding

 

5.00

 

3/1/2044

 

1,500,000

 

1,580,975

 

Georgetown Utility System, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.)

 

5.25

 

8/15/2052

 

3,000,000

 

3,238,390

 

Houston Airport System, Revenue Bonds (United Airlines) Ser. C

 

5.00

 

7/15/2028

 

1,000,000

 

1,017,802

 


          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

Texas - 10.0% (continued)

     

Houston Airport System, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B

 

4.25

 

7/1/2053

 

3,080,000

 

3,121,080

 

Lamar Consolidated Independent School District, GO

 

4.00

 

2/15/2053

 

1,225,000

 

1,188,420

 

Love Field Airport Modernization Corp., Revenue Bonds

 

5.00

 

11/1/2034

 

3,500,000

 

3,559,799

 

Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp.) Ser. A

 

4.00

 

5/15/2049

 

1,000,000

 

963,968

 

Lubbock Electric Light & Power System, Revenue Bonds

 

5.00

 

4/15/2048

 

2,475,000

 

2,594,217

 

Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project)

 

4.63

 

10/1/2031

 

4,175,000

b 

4,149,492

 

North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A

 

5.00

 

1/1/2039

 

4,000,000

 

4,115,924

 

Plano Independent School District, GO

 

5.00

 

2/15/2043

 

1,000,000

 

1,113,321

 

Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds (Baylor Scott & White Health Obligated Group) Ser. F

 

5.00

 

11/15/2030

 

2,000,000

a 

2,228,640

 

Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds (CHRISTUS Health Obligated Group) Ser. A

 

5.00

 

7/1/2032

 

1,500,000

a 

1,685,690

 

Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds, Refunding, Ser. B

 

5.50

 

1/1/2034

 

2,000,000

a 

2,238,938

 

Waxahachie Independent School District, GO (Insured; Permanent School Fund Guarantee Program)

 

4.25

 

2/15/2053

 

1,000,000

 

1,008,705

 
 

47,090,002

 

U.S. Related - 2.4%

     

Puerto Rico, GO, Ser. A1

 

5.63

 

7/1/2029

 

3,000,000

 

3,253,312

 

Puerto Rico, GO, Ser. A1

 

5.63

 

7/1/2027

 

7,500,000

 

7,926,716

 
 

11,180,028

 

Utah - .9%

     

Salt Lake City Airport, Revenue Bonds, Ser. A

 

5.00

 

7/1/2034

 

3,000,000

 

3,130,642

 

Utah Telecommunication Open Infrastructure Agency, Revenue Bonds, Refunding

 

5.50

 

6/1/2040

 

1,200,000

 

1,370,958

 
 

4,501,600

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

Virginia - 1.5%

     

Virginia Public Building Authority, Revenue Bonds, Ser. A

 

4.00

 

8/1/2039

 

2,500,000

 

2,596,745

 

Virginia Small Business Financing Authority, Revenue Bonds, Refunding, Ser. I

 

5.00

 

12/31/2052

 

1,500,000

 

1,534,056

 

Williamsburg Economic Development Authority, Revenue Bonds (William & Mary Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

4.13

 

7/1/2058

 

1,250,000

 

1,231,548

 

Winchester Economic Development Authority, Revenue Bonds, Refunding (Valley Health System Obligated Group)

 

5.00

 

1/1/2035

 

1,560,000

 

1,608,182

 
 

6,970,531

 

Washington - 2.8%

     

Port of Seattle, Revenue Bonds, Refunding

 

4.00

 

8/1/2047

 

1,500,000

 

1,411,418

 

Tacoma Electric System, Revenue Bonds, Refunding (Sustainable Bond) Ser. A

 

5.00

 

1/1/2054

 

1,250,000

 

1,362,157

 

Washington, GO, Ser. B

 

5.00

 

2/1/2043

 

2,710,000

 

3,051,810

 

Washington Convention Center Public Facilities District, Revenue Bonds

 

5.00

 

7/1/2058

 

2,450,000

 

2,512,606

 

Washington Convention Center Public Facilities District, Revenue Bonds, Ser. B

 

4.00

 

7/1/2058

 

2,000,000

 

1,754,144

 

Washington Housing Finance Commission, Revenue Bonds, Refunding (Emerald Heights Project) Ser. A

 

5.00

 

7/1/2043

 

1,000,000

 

1,029,718

 

Washington Housing Finance Commission, Revenue Bonds, Refunding (Seattle Academy of Arts & Sciences)

 

6.38

 

7/1/2063

 

1,000,000

b 

1,097,831

 

Washington Housing Finance Commission, Revenue Bonds, Ser. A1

 

3.50

 

12/20/2035

 

960,608

 

905,367

 
 

13,125,051

 

Wisconsin - 1.9%

     

Public Finance Authority, Revenue Bonds (Cone Health) Ser. A

 

5.00

 

10/1/2052

 

1,500,000

 

1,579,628

 

Public Finance Authority, Revenue Bonds, Refunding (Duke Energy Progress) Ser. B

 

4.00

 

10/1/2030

 

2,855,000

a 

2,919,382

 


          
 

Description

Coupon
Rate (%)

 

 Maturity Date

 

Principal Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.5% (continued)

     

Wisconsin - 1.9% (continued)

     

Public Finance Authority, Revenue Bonds, Refunding (Renown Regional Medical Center Obligated Group) Ser. A

 

5.00

 

6/1/2040

 

2,000,000

 

2,040,762

 

Public Finance Authority, Revenue Bonds, Ser. 1

 

5.75

 

7/1/2062

 

2,350,000

 

2,438,813

 
 

8,978,585

 

Total Long-Term Municipal Investments
(cost $472,581,486)

 

470,169,059

 

Total Investments (cost $473,645,413)

 

99.7%

471,078,600

 

Cash and Receivables (Net)

 

0.3%

1,637,091

 

Net Assets

 

100.0%

472,715,691

 

COP—Certificate of Participation

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 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 January 31, 2024, these securities were valued at $34,226,973 or 7.24% of net assets.

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

d Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.


STATEMENT OF FINANCIAL FUTURES
BNY Mellon Opportunistic Municipal Securities Fund

January 31, 2024 (Unaudited)

The following is a summary of the inputs used as of January 31, 2024 in valuing the fund’s investments:

       
 

Level 1-Unadjusted Quoted Prices

Level 2- Other Significant Observable Inputs

 

Level 3-Significant Unobservable Inputs

Total

 

Assets ($) 

  

Investments in Securities:

  

Collateralized Municipal-Backed Securities

-

909,541

 

-

909,541

 

Municipal Securities

-

470,169,059

 

-

470,169,059

 

Liabilities ($)

  

Other Financial Instruments:

  

Inverse Floater Notes††

-

(7,500,000)

 

-

(7,500,000)

 

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

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


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

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

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

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

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

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

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

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

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

The fund’s Board of Trustees (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.


Investments in municipal securities are valued each business day by an independent pricing service (the “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Municipal investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Service is engaged under the general oversight of the Board. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to 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.

At January 31, 2024, accumulated net unrealized depreciation on investments was $2,566,813, consisting of $7,949,282 gross unrealized appreciation and $10,516,095 gross unrealized depreciation.

At January 31, 2024, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.