Form NPORT-P BNY MELLON STATE MUNICIP For: Jul 31

	
		NPORT-P
		false
		
			
			
				
					0000806176
					XXXXXXXX
				
			
			
			
			
				S000000353
				C000000903
				C000000905
				C000119804
			
			
			
		
	
	
		
			BNY Mellon State Municipal Bond Funds
			811-04906
			0000806176
			549300NQRLDH36HOC445
			240 Greenwich Street
			New York
			
			10286
			212 495 1784
			BNY Mellon Pennsylvania Fund
			S000000353
			549300E02NQWFTX1C529
			2022-04-30
			2021-07-31
			N
		
		
			123722217.52
			2199877.70
			121522339.82
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			173207.20
			
				
					USD
					
					
				
			
			
			
			N
			
				
					
					
					
				
				
				
				
			
			
			
			
		
		
			
				DOVER PA AREA SCH DIST
				N/A
				
				260358PA8
				
					
					
				
				1000000.00
				PA
				USD
				1226891.20
				1.0096013636811
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2035-04-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				ALLEGHENY CNTY PA HOSP DEV AUT
				54930046B973R604OG22
				
				01728A4W3
				
					
					
				
				1000000.00
				PA
				USD
				1200927.60
				0.9882360739423
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2035-07-15
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				DOVER PA AREA SCH DIST
				N/A
				
				260358PB6
				
					
					
				
				800000.00
				PA
				USD
				979883.92
				0.8063405637608
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2036-04-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				ALLENTOWN PA CITY SCH DIST
				N/A
				
				018411UK2
				
					
					
				
				1600000.00
				PA
				USD
				2053348.96
				1.6896884663687
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-02-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				SOUTHCENTRL PA GEN AUTH REVENU
				549300QBNU5LBV4QX812
				
				84129NMC0
				
					
					
				
				1000000.00
				PA
				USD
				1267947.10
				1.0433860160017
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2044-06-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MONTGOMERY CNTY PA INDL DEV AU
				N/A
				
				613609K62
				
					
					
				
				500000.00
				PA
				USD
				581469.00
				0.4784873306926
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2049-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MONTGOMERY CNTY PA HGR EDU & H
				N/A
				
				613603A58
				
					
					
				
				1000000.00
				PA
				USD
				1192890.00
				0.9816219814125
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2034-09-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PITTSBURGH PA WTR & SWR AUTH
				54930034DVH6W22T1E86
				
				725304VE6
				
					
					
				
				500000.00
				PA
				USD
				711022.75
				0.5850963296568
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2033-09-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA AUTH FOR INDL
				549300DIY68KQZEW7M79
				
				71780TAD5
				
					
					
				
				1000000.00
				PA
				USD
				1167248.30
				0.9605215812408
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2045-11-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA SCH DIST
				254900HSKDHZKBZCUL90
				
				717883WG3
				
					
					
				
				1000000.00
				PA
				USD
				1266436.80
				1.042143199247
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2044-09-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				FRANKLIN CNTY PA INDL DEV AUTH
				N/A
				
				353273CE3
				
					
					
				
				500000.00
				PA
				USD
				542127.65
				0.446113571219
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2049-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PITTSBURGH PA WTR & SWR AUTH
				54930034DVH6W22T1E86
				
				725304VF3
				
					
					
				
				1305000.00
				PA
				USD
				1586648.10
				1.3056431454086
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2034-09-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST ECON DEV FINGA
				N/A
				
				708692BQ0
				
					
					
				
				850000.00
				PA
				USD
				886025.30
				0.7291048718386
				Long
				DBT
				MUN
				US
				
				Y
				
				2
				
					2039-08-01
					Fixed
					3.25
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				LUZERNE CNTY PA INDL DEV AUTH
				N/A
				
				550728AF6
				
					
					
				
				1750000.00
				PA
				USD
				1925232.58
				1.5842622705024
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2039-12-01
					Variable
					2.45
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST
				N/A
				
				70914PM90
				
					
					
				
				1525000.00
				PA
				USD
				1783484.91
				1.4676189683655
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-03-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA WTR & WSTWTR R
				N/A
				
				717893Q53
				
					
					
				
				1000000.00
				PA
				USD
				1286406.80
				1.0585763917197
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2050-11-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				QUAKER VLY PA SCH DIST
				N/A
				
				747442NS6
				
					
					
				
				350000.00
				PA
				USD
				462289.03
				0.3804148526803
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2035-10-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				QUAKER VLY PA SCH DIST
				N/A
				
				747442NQ0
				
					
					
				
				330000.00
				PA
				USD
				437879.94
				0.3603287598383
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2033-10-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				QUAKER VLY PA SCH DIST
				N/A
				
				747442NR8
				
					
					
				
				400000.00
				PA
				USD
				529251.32
				0.435517716976
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2034-10-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST TURNPIKE COMMI
				549300J8LLBYEYEXZJ24
				
				7092242V0
				
					
					
				
				600000.00
				PA
				USD
				661951.92
				0.5447162398127
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2043-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CHESTER CNTY PA HLTH & EDU FAC
				N/A
				
				16557HFM2
				
					
					
				
				1000000.00
				PA
				USD
				1187437.00
				0.9771347406236
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2050-09-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST TURNPIKE COMMI
				549300J8LLBYEYEXZJ24
				
				709224KZ1
				
					
					
				
				1605000.00
				PA
				USD
				1907369.32
				1.5695627016606
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2036-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CENTRE CNTY PA HOSP AUTH
				N/A
				
				156273FJ8
				
					
					
				
				750000.00
				PA
				USD
				882695.93
				0.7263651533598
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2041-11-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				GEISINGER PA AUTH HLTH SYS REV
				N/A
				
				368497JY0
				
					
					
				
				1000000.00
				PA
				USD
				1305132.90
				1.0739859863899
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2043-04-01
					Variable
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CLAIRTON PA MUNI AUTH SWR REVE
				N/A
				
				179630CU0
				
					
					
				
				2000000.00
				PA
				USD
				2098348.80
				1.726718563112
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				LANCASTER CNTY PA HOSP AUTH
				N/A
				
				514045F40
				
					
					
				
				1000000.00
				PA
				USD
				1131320.00
				0.9309564000131
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2035-11-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST HSG FIN AGY SF
				549300JZVUPNWP77SP29
				
				708793KX1
				
					
					
				
				1085000.00
				PA
				USD
				1089033.70
				0.8961592589585
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2025-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				BOYERTOWN PA AREA SCH DIST
				N/A
				
				103405PR1
				
					
					
				
				1050000.00
				PA
				USD
				1130291.61
				0.9301101440888
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-10-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PUERTO RICO HIGHWAY & TRANSPRT
				549300J6QBXVWJXB7Y41
				
				745181C70
				
					
					
				
				1000000.00
				PA
				USD
				1120186.20
				0.9217944631902
				Long
				DBT
				MUN
				PR
				
				N
				
				2
				
					2034-07-01
					Fixed
					5.25
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				DELAWARE CNTY PA AUTH
				N/A
				
				245913MN5
				
					
					
				
				1000000.00
				PA
				USD
				1160020.30
				0.9545737036648
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2042-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA SCH DIST
				254900HSKDHZKBZCUL90
				
				717883VH2
				
					
					
				
				1000000.00
				PA
				USD
				1239437.00
				1.019925226782
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2043-09-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA ARPT REVENUE
				N/A
				
				717817UM0
				
					
					
				
				1500000.00
				PA
				USD
				1803475.50
				1.484069104225
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2047-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST TURNPIKE COMMI
				549300J8LLBYEYEXZJ24
				
				709221UK9
				
					
					
				
				3000000.00
				PA
				USD
				3689996.10
				3.0364755200283
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2032-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				E HEMPFIELD TWP PA INDL DEV AU
				N/A
				
				273007CN2
				
					
					
				
				600000.00
				PA
				USD
				687273.06
				0.5655528530951
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2039-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				DELAWARE RIVER PA JT TOLL BRID
				549300N6IGAQMI0JLE23
				
				246343LC9
				
					
					
				
				1000000.00
				PA
				USD
				1238212.70
				1.0189177577012
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2032-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA AUTH FOR INDL
				549300DIY68KQZEW7M79
				
				717908AF4
				
					
					
				
				1250000.00
				PA
				USD
				1463914.38
				1.2046463079696
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				DELAWARE RIVER PORT AUTH PA &
				549300OBM31KJO8JR048
				
				246352GK8
				
					
					
				
				2500000.00
				PA
				USD
				2772213.25
				2.2812375519647
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-01-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				BERKS CNTY PA INDL DEV AUTH HL
				N/A
				
				08452RAD8
				
					
					
				
				600000.00
				PA
				USD
				699252.36
				0.575410546765
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2047-05-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				LANCASTER CNTY PA HOSP AUTH
				N/A
				
				514045S46
				
					
					
				
				1000000.00
				PA
				USD
				1158276.00
				0.9531383297224
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-07-01
					Fixed
					5.125
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA AUTH FOR INDL
				549300DIY68KQZEW7M79
				
				717901AP7
				
					
					
				
				3000000.00
				PA
				USD
				3400732.20
				2.7984420025463
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2042-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				BERKS CNTY PA INDL DEV AUTH HL
				N/A
				
				08452RAQ9
				
					
					
				
				500000.00
				PA
				USD
				566015.35
				0.4657706153768
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2043-05-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				ALLEGHENY CNTY PA
				N/A
				
				01728VRV4
				
					
					
				
				1000000.00
				PA
				USD
				1151850.40
				0.9478507422636
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2034-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				DELAWARE CNTY PA AUTH
				N/A
				
				245913LU0
				
					
					
				
				1000000.00
				PA
				USD
				1164805.50
				0.9585114158642
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2040-08-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				ALLENTOWN PA NEIGHBORHOOD IMPT
				N/A
				
				018444AY5
				
					
					
				
				1000000.00
				PA
				USD
				1167327.60
				0.9605868367322
				Long
				DBT
				MUN
				US
				
				Y
				
				2
				
					2042-05-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CMWLTH FING AUTH PA
				N/A
				
				20282EAQ9
				
					
					
				
				1000000.00
				PA
				USD
				1240168.40
				1.0205270914277
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2034-06-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST HGR EDUCTNL FA
				N/A
				
				70917SV67
				
					
					
				
				1000000.00
				PA
				USD
				1233883.50
				1.0153552851497
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2041-05-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				GEISINGER PA AUTH HLTH SYS REV
				N/A
				
				368497HK2
				
					
					
				
				2500000.00
				PA
				USD
				2821122.25
				2.3214844728785
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2041-06-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA GAS WKS REVENU
				549300H8UJ7V5WU5IA90
				
				7178237Q5
				
					
					
				
				1000000.00
				PA
				USD
				1173010.50
				0.9652632608436
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2032-08-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MONTGOMERY CNTY PA HGR EDU & H
				N/A
				
				613603XG9
				
					
					
				
				1000000.00
				PA
				USD
				1125561.50
				0.926217765118
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2047-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA ARPT REVENUE
				N/A
				
				717817SQ4
				
					
					
				
				2000000.00
				PA
				USD
				2316982.80
				1.9066311621648
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2035-06-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA AUTH FOR INDL
				549300DIY68KQZEW7M79
				
				71781XCQ4
				
					
					
				
				1000000.00
				PA
				USD
				1208654.40
				0.9945944110278
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2047-09-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				WESTMORELAND CNTY PA MUNI AUTH
				N/A
				
				961017QS2
				
					
					
				
				1000000.00
				PA
				USD
				1162750.40
				0.9568202864775
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2042-08-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				WILKES-BARRE PA FIN AUTH REVEN
				N/A
				
				968254BS0
				
					
					
				
				1000000.00
				PA
				USD
				1162034.00
				0.9562307652413
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2034-11-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST HGR EDUCTNL FA
				N/A
				
				70917SXS7
				
					
					
				
				1750000.00
				PA
				USD
				2089333.23
				1.7192997049717
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2035-05-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				LANCASTER CNTY PA HOSP AUTH
				N/A
				
				514045M26
				
					
					
				
				1800000.00
				PA
				USD
				2164699.80
				1.7813184005561
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2042-08-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CANONSBURG-HOUSTON PA JT AUTH
				N/A
				
				138015FY3
				
					
					
				
				2000000.00
				PA
				USD
				2346790.60
				1.9311598208823
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2040-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA GAS WKS REVENU
				549300H8UJ7V5WU5IA90
				
				7178237P7
				
					
					
				
				1000000.00
				PA
				USD
				1173876.20
				0.9659756401487
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2031-08-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				BERKS CNTY PA INDL DEV AUTH HL
				N/A
				
				08452RAC0
				
					
					
				
				500000.00
				PA
				USD
				585993.50
				0.4822105144354
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2042-05-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				DAUPHIN CNTY PA GEN AUTH HLTHS
				N/A
				
				23825EDB7
				
					
					
				
				3030000.00
				PA
				USD
				3129255.83
				2.5750457361461
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2042-06-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST HGR EDUCTNL FA
				N/A
				
				70917SNG4
				
					
					
				
				1170000.00
				PA
				USD
				1345833.45
				1.1074782233402
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2030-09-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST HGR EDUCTNL FA
				N/A
				
				70917SNU3
				
					
					
				
				1500000.00
				PA
				USD
				1715064.60
				1.4113163082116
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2045-09-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				BERKS CNTY PA INDL DEV AUTH HL
				N/A
				
				08452RAP1
				
					
					
				
				415000.00
				PA
				USD
				472256.14
				0.3886167273437
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2038-05-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA AUTH FOR INDL
				549300DIY68KQZEW7M79
				
				717794AM3
				
					
					
				
				1500000.00
				PA
				USD
				1724079.75
				1.4187348207364
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2045-04-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA SCH DIST
				254900HSKDHZKBZCUL90
				
				717883TP7
				
					
					
				
				1000000.00
				PA
				USD
				1197223.10
				0.9851876632505
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2038-09-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST TURNPIKE COMMI
				549300J8LLBYEYEXZJ24
				
				709224RZ4
				
					
					
				
				3000000.00
				PA
				USD
				3663766.20
				3.0148910936267
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2036-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				SUSQUEHANNA PA AREA REGL ARPT
				N/A
				
				86909RBE0
				
					
					
				
				1300000.00
				PA
				USD
				1339842.79
				1.1025485453823
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2033-01-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA HSG AUTH CAPIT
				N/A
				
				71782UAW8
				
					
					
				
				865000.00
				PA
				USD
				868221.52
				0.7144542487299
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2021-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST TURNPIKE COMMI
				549300J8LLBYEYEXZJ24
				
				709221VL6
				
					
					
				
				1000000.00
				PA
				USD
				1274452.60
				1.0487393526883
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2048-12-01
					Fixed
					5.25
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST
				N/A
				
				709144NT2
				
					
					
				
				1000000.00
				PA
				USD
				1237026.40
				1.017941558591
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2034-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				ALLENTOWN PA NEIGHBORHOOD IMPT
				N/A
				
				018444BB4
				
					
					
				
				500000.00
				PA
				USD
				603646.05
				0.4967366912899
				Long
				DBT
				MUN
				US
				
				Y
				
				2
				
					2033-05-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MONTGOMERY CNTY PA INDL DEV AU
				N/A
				
				61360PCK4
				
					
					
				
				3200000.00
				PA
				USD
				3790014.08
				3.1187797121202
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2036-11-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PITTSBURGH PA URBAN REDEV AUTH
				N/A
				
				72530PAB8
				
					
					
				
				1110000.00
				PA
				USD
				1112283.05
				0.915291008754
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2047-11-20
					Fixed
					4.90
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				DELAWARE VLY PA REGL FINANCIAL
				549300HGYP3NW885TT18
				
				246579KZ8
				
					
					
				
				2000000.00
				PA
				USD
				1997362.40
				1.6436174640469
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2048-09-01
					Variable
					0.44
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST HGR EDUCTNL FA
				N/A
				
				70917SMW0
				
					
					
				
				1000000.00
				PA
				USD
				1154528.80
				0.9500547814583
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2031-11-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				ALLEGHENY CNTY PA HOSP DEV AUT
				54930046B973R604OG22
				
				01728A3R5
				
					
					
				
				2000000.00
				PA
				USD
				2506758.00
				2.0627960288725
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2031-04-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				FRANKLIN CNTY PA INDL DEV AUTH
				N/A
				
				353273BY0
				
					
					
				
				1000000.00
				PA
				USD
				1084678.20
				0.8925751442958
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2048-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MONTGOMERY CNTY PA INDL DEV AU
				N/A
				
				613609F92
				
					
					
				
				1000000.00
				PA
				USD
				1143453.50
				0.9409409839324
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2048-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				STATE PUBLIC SCH BLDG AUTH PAS
				5493006JN0UR7OGWTO86
				
				85732TKV3
				
					
					
				
				1525000.00
				PA
				USD
				1860780.45
				1.5312250017208
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2032-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST ECON DEV FINGA
				N/A
				
				70870JDB1
				
					
					
				
				1250000.00
				PA
				USD
				1686901.88
				1.3881413758973
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2036-10-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA GAS WKS REVENU
				549300H8UJ7V5WU5IA90
				
				71783MBY0
				
					
					
				
				1000000.00
				PA
				USD
				1193188.00
				0.981867203814
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2045-08-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CUMBERLAND CNTY PA MUNI AUTH
				N/A
				
				230614RE1
				
					
					
				
				900000.00
				PA
				USD
				1003399.47
				0.8256913679297
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2038-01-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CUMBERLAND CNTY PA MUNI AUTH
				N/A
				
				230614QR3
				
					
					
				
				100000.00
				PA
				USD
				115753.34
				0.0952527248664
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2038-01-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST ECON DEV FINGA
				N/A
				
				70869PNH6
				
					
					
				
				1750000.00
				PA
				USD
				2013316.73
				1.6567461859129
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2033-07-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PENNSYLVANIA ST ECON DEV FINGA
				N/A
				
				70870JDG0
				
					
					
				
				275000.00
				PA
				USD
				334218.34
				0.2750262548392
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2041-10-15
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PHILADELPHIA PA
				549300IVFOPB4AG7UL47
				
				717813ZD4
				
					
					
				
				1500000.00
				PA
				USD
				1814459.55
				1.4931078126767
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2042-05-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				STATE PUBLIC SCH BLDG AUTH PAS
				5493006JN0UR7OGWTO86
				
				85732TKL5
				
					
					
				
				475000.00
				PA
				USD
				586672.41
				0.4827691853769
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2032-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
		
		
			2021-09-27
			BNY Mellon Advantage Funds, Inc.
			James Windels
			James Windels
			Fund Treasurer
		
	
	XXXX

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

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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

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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

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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

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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

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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.

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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.

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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.

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