STATEMENT
OF INVESTMENTS
BNY Mellon Connecticut Fund
July 31, 2020 (Unaudited)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 99.2% | |||||||||
Connecticut - 97.5% | |||||||||
Connecticut, GO, Ser. A | 5.00 | 3/1/2026 | 5,000,000 | 5,773,150 | |||||
Connecticut, GO, Ser. D | 5.00 | 11/1/2031 | 2,500,000 | 2,619,125 | |||||
Connecticut, GO, Ser. D | 5.00 | 11/1/2028 | 5,000,000 | 5,253,550 | |||||
Connecticut, GO, Ser. D | 5.00 | 11/1/2027 | 3,500,000 | 3,680,180 | |||||
Connecticut, Revenue Bonds, Ser. A | 4.00 | 9/1/2035 | 5,000,000 | 5,596,050 | |||||
Connecticut, Revenue Bonds, Ser. A | 5.00 | 8/1/2034 | 3,000,000 | 3,566,190 | |||||
Connecticut Bradley International Airport, Revenue Bonds, Ser. A | 5.00 | 7/1/2049 | 2,500,000 | 3,002,975 | |||||
Connecticut Clean Water Fund - State Revolving Fund, Revenue Bonds (Green Bond) Ser. A | 4.00 | 2/1/2035 | 2,125,000 | 2,634,957 | |||||
Connecticut Clean Water Fund - State Revolving Fund, Revenue Bonds (Green Bond) Ser. A | 5.00 | 3/1/2029 | 2,600,000 | 3,144,466 | |||||
Connecticut Development Authority, Revenue Bonds (Aquarion Water Project) | 5.50 | 4/1/2021 | 4,500,000 | 4,634,910 | |||||
Connecticut Development Authority, Revenue Bonds, Refunding (The Connecticut Light & Power Company Project) Ser. A | 4.38 | 9/1/2028 | 3,900,000 | 4,039,737 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Church Home of Hartford Project) Ser. A | 5.00 | 9/1/2046 | 1,000,000 | a | 1,024,150 | ||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Church Home of Hartford Project) Ser. A | 5.00 | 9/1/2053 | 1,500,000 | a | 1,530,630 | ||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Covenant Home Retirement Communities Obligated Group) Ser. B | 5.00 | 12/1/2040 | 4,020,000 | 4,448,050 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Fairfield University) Ser. Q1 | 5.00 | 7/1/2046 | 1,000,000 | 1,139,060 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Hartford HealthCare Obligated Group) | 5.00 | 7/1/2045 | 2,500,000 | 2,830,250 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Connecticut - 97.5% (continued) | |||||||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Hartford HealthCare Obligated Group) Ser. E | 5.00 | 7/1/2027 | 3,265,000 | 3,742,278 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Mary Wade Home Obligated Group) Ser. A1 | 5.00 | 10/1/2054 | 2,000,000 | a | 2,002,520 | ||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds (The Stamford Hospital Obligated Group) Ser. K | 4.00 | 7/1/2046 | 2,000,000 | 2,140,320 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2025 | 1,490,000 | 1,551,239 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Connecticut College) Ser. L1 | 4.00 | 7/1/2046 | 2,000,000 | 2,186,020 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Fairfield University) Ser. R | 5.00 | 7/1/2032 | 1,000,000 | 1,199,480 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Nuvance Health Obligated Group) Ser. A | 4.00 | 7/1/2041 | 2,250,000 | 2,440,125 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Quinnipiac University) Ser. L | 5.00 | 7/1/2036 | 5,000,000 | 5,666,150 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Quinnipiac University) Ser. L | 5.00 | 7/1/2045 | 3,000,000 | 3,353,280 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Quinnipiac University) Ser. M | 5.00 | 7/1/2036 | 200,000 | 231,744 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Sacred Heart University) Ser. I1 | 5.00 | 7/1/2042 | 2,000,000 | 2,336,640 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Choate Rosemary Hall Foundation) Ser. F | 4.00 | 7/1/2042 | 1,110,000 | 1,362,747 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Connecticut - 97.5% (continued) | |||||||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Greenwich Academy) (Insured; Assured Guaranty Municipal Corp.) Ser. E | 5.25 | 3/1/2032 | 6,880,000 | 9,469,907 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Loomis Institute) (Insured; American Municipal Bond Assurance Corp.) Ser. F | 5.25 | 7/1/2028 | 1,760,000 | 2,289,197 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. I | 5.00 | 7/1/2030 | 6,750,000 | 6,929,617 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The University of Hartford) | 5.00 | 7/1/2034 | 425,000 | 472,400 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Trinity College) Ser. R | 4.00 | 6/1/2045 | 2,300,000 | 2,651,440 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Trinity Health Obligated Group) | 5.00 | 12/1/2045 | 7,500,000 | 8,813,700 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (University of New Haven) | 5.00 | 7/1/2036 | 1,000,000 | 1,097,980 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Yale New Haven Health Obligated Group) Ser. E | 5.00 | 7/1/2027 | 3,960,000 | 4,571,741 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding, Ser. D | 5.00 | 7/1/2025 | 3,625,000 | 3,916,595 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Ser. A | 4.00 | 7/1/2040 | 500,000 | 570,835 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Ser. A | 5.00 | 7/1/2027 | 750,000 | 930,930 | |||||
Connecticut Higher Education Supplement Loan Authority, Revenue Bonds, Ser. A | 5.00 | 11/15/2022 | 1,400,000 | 1,510,208 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Connecticut - 97.5% (continued) | |||||||||
Connecticut Higher Education Supplement Loan Authority, Revenue Bonds, Ser. A | 5.00 | 11/15/2023 | 1,400,000 | 1,551,648 | |||||
Connecticut Higher Education Supplement Loan Authority, Revenue Bonds, Ser. A | 5.00 | 11/15/2021 | 1,450,000 | 1,516,671 | |||||
Connecticut Higher Education Supplement Loan Authority, Revenue Bonds, Ser. B | 3.25 | 11/15/2036 | 1,400,000 | 1,419,824 | |||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1 | 3.65 | 11/15/2032 | 5,470,000 | 6,056,439 | |||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C1 | 3.25 | 5/15/2044 | 2,500,000 | 2,766,150 | |||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C1 | 4.00 | 11/15/2047 | 4,045,000 | 4,386,398 | |||||
Connecticut Municipal Electric Energy Cooperative, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2038 | 3,000,000 | 3,288,030 | |||||
Connecticut Transmission Municipal Electric Energy Cooperative, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2042 | 3,000,000 | 3,167,130 | |||||
Greater New Haven Water Pollution Control Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. A | 5.00 | 8/15/2035 | 25,000 | 25,093 | |||||
Greater New Haven Water Pollution Control Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 8/15/2026 | 450,000 | 530,645 | |||||
Harbor Point Infrastructure Improvement District, Tax Allocation Bonds, Refunding (Harbor Point Project) | 5.00 | 4/1/2039 | 4,000,000 | a | 4,296,880 | ||||
New Haven, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 8/1/2039 | 3,000,000 | 3,591,210 | |||||
New Haven, GO, Refunding (Insured; Build America Mutual) Ser. B | 5.00 | 8/15/2027 | 750,000 | 876,405 | |||||
New Haven, GO, Refunding (Insured; Build America Mutual) Ser. B | 5.00 | 8/15/2026 | 610,000 | 715,719 | |||||
New Haven, GO, Ser. A | 5.25 | 8/1/2027 | 1,740,000 | 2,088,452 | |||||
South Central Connecticut Regional Water Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 8/1/2038 | 3,500,000 | 4,213,510 | |||||
South Central Connecticut Regional Water Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 8/1/2037 | 3,430,000 | 4,140,181 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Connecticut - 97.5% (continued) | |||||||||
South Central Connecticut Regional Water Authority, Revenue Bonds, Refunding, Ser. B1 | 5.00 | 8/1/2041 | 2,445,000 | 3,064,392 | |||||
The Metropolitan District, GO, Refunding | 5.00 | 7/15/2034 | 1,065,000 | 1,335,925 | |||||
The Metropolitan District, GO, Ser. A | 4.00 | 7/15/2035 | 1,275,000 | 1,498,342 | |||||
The Metropolitan District, Revenue Bonds, Refunding (Green Bond) Ser. A | 5.00 | 11/1/2042 | 2,000,000 | 2,259,260 | |||||
The Metropolitan District, Revenue Bonds, Refunding, Ser. A | 5.00 | 4/1/2031 | 3,510,000 | 3,736,184 | |||||
University of Connecticut, Revenue Bonds, Ser. A | 5.25 | 11/15/2047 | 4,000,000 | 5,003,880 | |||||
Waterbury, GO, Ser. A | 4.00 | 2/1/2045 | 5,000,000 | 5,838,000 | |||||
Waterbury, GO, Ser. A | 5.00 | 11/15/2038 | 2,500,000 | 3,097,375 | |||||
196,818,266 | |||||||||
U.S. Related - 1.7% | |||||||||
Children's Trust Fund, Revenue Bonds, Refunding, Ser. A | 0.00 | 5/15/2050 | 12,000,000 | b | 1,786,441 | ||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. CC | 5.25 | 7/1/2034 | 1,500,000 | 1,650,570 | |||||
3,437,011 | |||||||||
Total Investments (cost $189,762,235) | 99.2% | 200,255,277 | |||||||
Cash and Receivables (Net) | 0.8% | 1,590,402 | |||||||
Net Assets | 100.0% | 201,845,679 | |||||||
GO—General Obligation
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2020, these securities were valued at $8,854,180 or 4.39% of net assets.
b Security issued with a zero coupon. Income is recognized through the accretion of discount.
STATEMENT
OF INVESTMENTS
BNY Mellon Connecticut Fund
July 31, 2020 (Unaudited)
The following is a summary of the inputs used as of July 31, 2020 in valuing the fund’s investments:
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |
Assets ($) |
|
|
|
|
Investments in Securities: † | ||||
Municipal Securities | - | 200,255,277 | - | 200,255,277 |
† 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.
At July 31, 2020, accumulated net unrealized appreciation on investments was $10,493,042, consisting of $10,854,864 gross unrealized appreciation and $361,822 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.