NPORT-EX 2 c10372bnymellonpen-july20211.htm Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon Pennsylvania Fund

July 31, 2021 (Unaudited)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.4%

     

Pennsylvania - 98.5%

     

Allegheny County, GO, Ser. C74

 

5.00

 

12/1/2034

 

1,000,000

 

1,151,850

 

Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (Allegheny Health Network Obligated Group) Ser. A

 

5.00

 

4/1/2031

 

2,000,000

 

2,506,758

 

Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. A

 

4.00

 

7/15/2035

 

1,000,000

 

1,200,928

 

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

 

5.00

 

5/1/2033

 

500,000

a 

603,646

 

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

 

5.00

 

5/1/2042

 

1,000,000

a 

1,167,328

 

Allentown School District, GO (Insured; Build America Mutual) Ser. C

 

5.00

 

2/1/2037

 

1,600,000

 

2,053,349

 

Berks County Industrial Development Authority, Revenue Bonds, Refunding (Highlands at Wyomissing Obligated Group)

 

5.00

 

5/15/2038

 

415,000

 

472,256

 

Berks County Industrial Development Authority, Revenue Bonds, Refunding (Highlands at Wyomissing Obligated Group)

 

5.00

 

5/15/2043

 

500,000

 

566,015

 

Berks County Industrial Development Authority, Revenue Bonds, Refunding (Highlands at Wyomissing Obligated Group)

 

5.00

 

5/15/2042

 

500,000

 

585,994

 

Berks County Industrial Development Authority, Revenue Bonds, Refunding (Highlands at Wyomissing Obligated Group)

 

5.00

 

5/15/2047

 

600,000

 

699,252

 

Boyertown Area School District, GO (Insured; State Aid Withholding)

 

5.00

 

10/1/2037

 

1,050,000

 

1,130,292

 

Centre County Hospital Authority, Revenue Bonds, Refunding (Mount Nittany Medical Center Project) Ser. A

 

5.00

 

11/15/2041

 

750,000

 

882,696

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.4% (continued)

     

Pennsylvania - 98.5% (continued)

     

Chester County Health & Education Facilities Authority, Revenue Bonds (Main Line Health System Obligated Group) Ser. A

 

4.00

 

9/1/2050

 

1,000,000

 

1,187,437

 

Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B

 

5.00

 

12/1/2037

 

2,000,000

 

2,098,349

 

Commonwealth Financing Authority, Revenue Bonds

 

5.00

 

6/1/2034

 

1,000,000

 

1,240,168

 

Cumberland County Municipal Authority, Revenue Bonds, Refunding (Diakon Lutheran Social Ministries Obligated Group)

 

5.00

 

1/1/2038

 

900,000

 

1,003,399

 

Cumberland County Municipal Authority, Revenue Bonds, Refunding (Diakon Lutheran Social Ministries Obligated Group)

 

5.00

 

1/1/2025

 

100,000

b 

115,753

 

Dauphin County General Authority, Revenue Bonds (Pinnacle Health System Project)

 

5.00

 

6/1/2042

 

3,030,000

 

3,129,256

 

Delaware County Authority, Revenue Bonds (Villanova University)

 

5.00

 

8/1/2040

 

1,000,000

 

1,164,806

 

Delaware County Authority, Revenue Bonds, Refunding (Cabrini University)

 

5.00

 

7/1/2042

 

1,000,000

 

1,160,020

 

Delaware River Joint Toll Bridge Commission, Revenue Bonds

 

5.00

 

7/1/2032

 

1,000,000

 

1,238,213

 

Delaware River Port Authority, Revenue Bonds

 

5.00

 

1/1/2037

 

2,500,000

 

2,772,213

 

Delaware Valley Regional Finance Authority, Revenue Bonds, Ser. B, 1 Month MUNIPSA +.42%

 

0.44

 

9/1/2022

 

2,000,000

c,d 

1,997,362

 

Dover Area School District, GO (Insured; Build America Mutual)

 

5.00

 

4/1/2036

 

800,000

 

979,884

 

Dover Area School District, GO (Insured; Build America Mutual)

 

5.00

 

4/1/2035

 

1,000,000

 

1,226,891

 

East Hempfield Township Industrial Development Authority, Revenue Bonds, Refunding (Willow Valley Communities Project)

 

5.00

 

12/1/2039

 

600,000

 

687,273

 

Franklin County Industrial Development Authority, Revenue Bonds (Menno-Haven Project)

 

5.00

 

12/1/2049

 

500,000

 

542,128

 

Franklin County Industrial Development Authority, Revenue Bonds, Refunding (Menno-Haven Project)

 

5.00

 

12/1/2048

 

1,000,000

 

1,084,678

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.4% (continued)

     

Pennsylvania - 98.5% (continued)

     

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

 

5.00

 

4/1/2030

 

1,000,000

d 

1,305,133

 

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

 

5.00

 

6/1/2041

 

2,500,000

 

2,821,122

 

Lancaster County Hospital Authority, Revenue Bonds, Refunding (Brethren Village Project)

 

5.13

 

7/1/2037

 

1,000,000

 

1,158,276

 

Lancaster County Hospital Authority, Revenue Bonds, Refunding (Masonic Villages of the Grand Lodge of Pennsylvania)

 

5.00

 

11/1/2035

 

1,000,000

 

1,131,320

 

Lancaster County Hospital Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group)

 

5.00

 

8/15/2042

 

1,800,000

 

2,164,700

 

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

 

2.45

 

12/3/2029

 

1,750,000

d 

1,925,233

 

Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Philadelphia Presbytery Homes Project)

 

5.00

 

12/1/2047

 

1,000,000

 

1,125,562

 

Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project)

 

4.00

 

9/1/2034

 

1,000,000

 

1,192,890

 

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

 

5.00

 

11/15/2036

 

3,200,000

 

3,790,014

 

Montgomery County Industrial Development Authority, Revenue Bonds, Refunding (Meadowood Senior Living Project) Ser. A

 

5.00

 

12/1/2048

 

1,000,000

 

1,143,454

 

Montgomery County Industrial Development Authority, Revenue Bonds, Refunding (Waverly Heights Project)

 

5.00

 

12/1/2049

 

500,000

 

581,469

 

Pennsylvania, COP, Refunding, Ser. A

 

5.00

 

7/1/2034

 

1,000,000

 

1,237,026

 

Pennsylvania, GO

 

4.00

 

3/1/2037

 

1,525,000

 

1,783,485

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.4% (continued)

     

Pennsylvania - 98.5% (continued)

     

Pennsylvania Economic Development Financing Authority, Revenue Bonds (Greed Bond) (Covanta Project)

 

3.25

 

8/1/2039

 

850,000

a 

886,025

 

Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding

 

4.00

 

7/1/2033

 

1,750,000

 

2,013,317

 

Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. A

 

4.00

 

10/15/2041

 

275,000

 

334,218

 

Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. A

 

5.00

 

10/15/2036

 

1,250,000

 

1,686,902

 

Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (Drexel University)

 

5.00

 

5/1/2041

 

1,000,000

 

1,233,884

 

Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (Drexel University)

 

5.00

 

5/1/2035

 

1,750,000

 

2,089,333

 

Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (Thomas Jefferson University Obligated Group) Ser. A

 

5.00

 

9/1/2030

 

1,170,000

 

1,345,833

 

Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (Thomas Jefferson University Obligated Group) Ser. A

 

5.00

 

9/1/2045

 

1,500,000

 

1,715,065

 

Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Sciences)

 

5.00

 

11/1/2031

 

1,000,000

 

1,154,529

 

Pennsylvania Housing Finance Agency, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

5.00

 

12/1/2025

 

1,085,000

 

1,089,034

 

Pennsylvania Turnpike Commission, Revenue Bonds, Refunding

 

5.00

 

12/1/2036

 

3,000,000

 

3,663,766

 

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

 

5.00

 

12/1/2032

 

3,000,000

 

3,689,996

 

Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B

 

5.00

 

12/1/2036

 

1,605,000

 

1,907,369

 

Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B

 

5.25

 

12/1/2048

 

1,000,000

 

1,274,453

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.4% (continued)

     

Pennsylvania - 98.5% (continued)

     

Pennsylvania Turnpike Commission, Revenue Bonds, Ser. C

 

5.00

 

12/1/2043

 

600,000

 

661,952

 

Philadelphia, GO, Ser. A

 

4.00

 

5/1/2042

 

1,500,000

 

1,814,460

 

Philadelphia Airport, Revenue Bonds, Refunding, Ser. A

 

5.00

 

6/15/2035

 

2,000,000

 

2,316,983

 

Philadelphia Airport, Revenue Bonds, Refunding, Ser. B

 

5.00

 

7/1/2047

 

1,500,000

 

1,803,475

 

Philadelphia Gas Works, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

4.00

 

8/1/2045

 

1,000,000

 

1,193,188

 

Philadelphia Gas Works, Revenue Bonds, Refunding

 

5.00

 

8/1/2032

 

1,000,000

 

1,173,011

 

Philadelphia Gas Works, Revenue Bonds, Refunding

 

5.00

 

8/1/2031

 

1,000,000

 

1,173,876

 

Philadelphia Housing Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

5.00

 

12/1/2021

 

865,000

 

868,222

 

Philadelphia Industrial Development Authority, Revenue Bonds (Children's Hospital of Philadelphia Project) Ser. A

 

5.00

 

7/1/2042

 

3,000,000

 

3,400,732

 

Philadelphia Industrial Development Authority, Revenue Bonds (Housing-University Square Apartments Project)

 

5.00

 

12/1/2037

 

1,250,000

 

1,463,914

 

Philadelphia Industrial Development Authority, Revenue Bonds, Refunding (St. Joseph's University)

 

4.00

 

11/1/2045

 

1,000,000

 

1,167,248

 

Philadelphia Industrial Development Authority, Revenue Bonds, Refunding (Thomas Jefferson University Obligated Group) Ser. A

 

5.00

 

9/1/2047

 

1,000,000

 

1,208,654

 

Philadelphia Industrial Development Authority, Revenue Bonds, Refunding, Ser. 2015

 

5.00

 

4/1/2045

 

1,500,000

 

1,724,080

 

Philadelphia Water & Wastewater, Revenue Bonds, Ser. A

 

5.00

 

11/1/2050

 

1,000,000

 

1,286,407

 

Pittsburgh Urban Redevelopment Authority, Revenue Bonds (West Park Court Housing) (Insured; Government National Mortgage Association)

 

4.90

 

11/20/2047

 

1,110,000

 

1,112,283

 

Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured: Assured Guaranty Municipal Corp.) Ser. B

 

4.00

 

9/1/2034

 

1,305,000

 

1,586,648

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.4% (continued)

     

Pennsylvania - 98.5% (continued)

     

Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured: Assured Guaranty Municipal Corp.) Ser. B

 

5.00

 

9/1/2033

 

500,000

 

711,023

 

Quaker Valley School District, GO, Refunding (Insured; State Aid Withholding)

 

5.00

 

10/1/2033

 

330,000

 

437,880

 

Quaker Valley School District, GO, Refunding (Insured; State Aid Withholding)

 

5.00

 

10/1/2034

 

400,000

 

529,251

 

Quaker Valley School District, GO, Refunding (Insured; State Aid Withholding)

 

5.00

 

10/1/2035

 

350,000

 

462,289

 

Southcentral Pennsylvania General Authority, Revenue Bonds, Refunding (WellSpan Health Obligated Group)

 

5.00

 

6/1/2044

 

1,000,000

 

1,267,947

 

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

 

5.00

 

12/1/2032

 

1,525,000

 

1,860,780

 

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

 

5.00

 

12/1/2026

 

475,000

b 

586,672

 

Susquehanna Area Regional Airport Authority, Revenue Bonds, Refunding, Ser. B

 

4.00

 

1/1/2033

 

1,300,000

 

1,339,843

 

The Canonsburg-Houston Joint Authority, Revenue Bonds, Ser. A

 

5.00

 

12/1/2040

 

2,000,000

 

2,346,791

 

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

 

5.00

 

9/1/2044

 

1,000,000

 

1,266,437

 

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

 

5.00

 

9/1/2043

 

1,000,000

 

1,239,437

 

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

 

5.00

 

9/1/2038

 

1,000,000

 

1,197,223

 

Westmoreland County Municipal Authority, Revenue Bonds, Refunding (Insured; Build America Mutual)

 

5.00

 

8/15/2042

 

1,000,000

 

1,162,750

 

Wilkes-Barre Finance Authority, Revenue Bonds, Refunding (University of Scranton) Ser. A

 

5.00

 

11/1/2034

 

1,000,000

 

1,162,034

 
 

119,617,092

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.4% (continued)

     

U.S. Related - .9%

     

Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. CC

 

5.25

 

7/1/2034

 

1,000,000

 

1,120,186

 

Total Investments (cost $111,493,348)

 

99.4%

120,737,278

 

Cash and Receivables (Net)

 

0.6%

785,062

 

Net Assets

 

100.0%

121,522,340

 

GO—General Obligation

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

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, 2021, these securities were valued at $2,656,999 or 2.19% of net assets.

b 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.

c Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.

d 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.


STATEMENT OF INVESTMENTS
BNY Mellon Pennsylvania Fund

July 31, 2021 (Unaudited)

The following is a summary of the inputs used as of July 31, 2021 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

-

120,727,278

-

120,737,278

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


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

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

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

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

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

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

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

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

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

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


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

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

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

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

At July 31, 2021, accumulated net unrealized appreciation on investments was $9,243,930, consisting of $9,254,102 gross unrealized appreciation and $10,172 gross unrealized depreciation.

At July 31, 2021, 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.