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

September 28, 2021 6:48 AM EDT

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		NPORT-P
		false
		
			
			
				
					0000806176
					XXXXXXXX
				
			
			
			
			
				S000000343
				C000000873
				C000000875
				C000041029
				C000073390
				C000132934
			
			
			
		
	
	
		
			BNY Mellon State Municipal Bond Funds
			811-04906
			0000806176
			549300NQRLDH36HOC445
			240 Greenwich Street
			New York
			
			10286
			212 495 1784
			BNY Mellon Connecticut Fund
			S000000343
			549300OHHXILR0Y5SD50
			2022-04-30
			2021-07-31
			N
		
		
			200801501.68
			1394311.53
			199407190.15
			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
			4905938.35
			
				
					USD
					
					
				
			
			
			
			N
			
				
					
					
					
					
					
				
				
				
				
			
			
			
			
		
		
			
				CONNECTICUT ST REVOLVING FUNDG
				N/A
				STATE OF CONNECTICUT CLEAN WATER FUND - STATE REVOLVING FUND
				20775YEV4
				
					
					
				
				2125000.00
				PA
				USD
				2577605.66
				1.2926342616136
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2035-02-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				NEW HAVEN CT
				549300U4OHEAZ124LQ06
				CITY OF NEW HAVEN CT
				645021AQ9
				
					
					
				
				3000000.00
				PA
				USD
				3792263.10
				1.9017684854529
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2039-08-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20775DDE9
				
					
					
				
				2000000.00
				PA
				USD
				2215162.00
				1.1108736843108
				Long
				DBT
				MUN
				US
				
				Y
				
				2
				
					2054-10-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST ARPT AUTH CUSTO
				N/A
				STATE OF CONNECTICUT BRADLEY INTERNATIONAL AIRPORT CFC REVENUE
				20773CAA4
				
					
					
				
				2500000.00
				PA
				USD
				3088527.00
				1.5488543806653
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2049-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20775DDV1
				
					
					
				
				425000.00
				PA
				USD
				526466.67
				0.264015891104
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2034-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				HARTFORD CNTY CT MET DIST CLEA
				549300CEZQKAR15IFS62
				METROPOLITAN DISTRICT/THE
				416489VV1
				
					
					
				
				1275000.00
				PA
				USD
				1540799.89
				0.7726902369172
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2035-07-15
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20775DFD9
				
					
					
				
				500000.00
				PA
				USD
				589356.60
				0.2955543376127
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2040-07-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20775DEQ1
				
					
					
				
				750000.00
				PA
				USD
				935082.75
				0.4689313104991
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2027-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HSG FIN AUTH HS
				5493003DXX0NRJKSH186
				CONNECTICUT HOUSING FINANCE AUTHORITY
				20775CPZ1
				
					
					
				
				3525000.00
				PA
				USD
				3855096.51
				1.9332785879486
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2032-11-15
					Fixed
					3.65
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HSG FIN AUTH HS
				5493003DXX0NRJKSH186
				CONNECTICUT HOUSING FINANCE AUTHORITY
				20775HAY9
				
					
					
				
				2400000.00
				PA
				USD
				2649803.52
				1.3288405087132
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2044-05-15
					Fixed
					3.25
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				HARTFORD CNTY CT MET DIST CLEA
				549300CEZQKAR15IFS62
				METROPOLITAN DISTRICT/THE
				416498CL5
				
					
					
				
				2050000.00
				PA
				USD
				2758019.37
				1.3831092890508
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2031-10-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				NEW HAVEN CT
				549300U4OHEAZ124LQ06
				CITY OF NEW HAVEN CT
				6450204J4
				
					
					
				
				1740000.00
				PA
				USD
				2157068.95
				1.0817408080307
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2027-08-01
					Fixed
					5.25
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20775DCT7
				
					
					
				
				2250000.00
				PA
				USD
				2620250.10
				1.3140198696089
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2041-07-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HGR EDU SUPPLEM
				N/A
				CONNECTICUT STATE HIGHER EDUCATION SUPPLEMENT LOAN AUTHORITY
				207743QP3
				
					
					
				
				1400000.00
				PA
				USD
				1547083.02
				0.7758411413531
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2023-11-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774YQ67
				
					
					
				
				2000000.00
				PA
				USD
				2248094.40
				1.1273888360339
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2046-07-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774YJ40
				
					
					
				
				1500000.00
				PA
				USD
				1682318.55
				0.8436599245666
				Long
				DBT
				MUN
				US
				
				Y
				
				2
				
					2053-09-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST DEV AUTH POLL C
				N/A
				CONNECTICUT STATE DEVELOPMENT AUTHORITY
				207728CK0
				
					
					
				
				3900000.00
				PA
				USD
				3910754.25
				1.9611901893097
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2028-09-01
					Fixed
					4.375
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774YK55
				
					
					
				
				2000000.00
				PA
				USD
				2186312.40
				1.0964060013861
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2046-07-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774YRM1
				
					
					
				
				3960000.00
				PA
				USD
				4508789.08
				2.261096541508
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2027-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20775DGG1
				
					
					
				
				1110000.00
				PA
				USD
				1343087.90
				0.6735403567893
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2042-07-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20775DHF2
				
					
					
				
				2300000.00
				PA
				USD
				2730425.68
				1.369271427949
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2045-06-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774Y2U0
				
					
					
				
				1000000.00
				PA
				USD
				1216955.00
				0.6102864190025
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2032-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774YJ32
				
					
					
				
				1000000.00
				PA
				USD
				1125107.10
				0.5642259434846
				Long
				DBT
				MUN
				US
				
				Y
				
				2
				
					2046-09-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HGR EDU SUPPLEM
				N/A
				CONNECTICUT STATE HIGHER EDUCATION SUPPLEMENT LOAN AUTHORITY
				207743QN8
				
					
					
				
				1400000.00
				PA
				USD
				1484179.20
				0.7442957291979
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2022-11-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HGR EDU SUPPLEM
				N/A
				CONNECTICUT STATE HIGHER EDUCATION SUPPLEMENT LOAN AUTHORITY
				207743VJ1
				
					
					
				
				1400000.00
				PA
				USD
				1465644.74
				0.7350009490116
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2036-11-15
					Fixed
					3.25
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HSG FIN AUTH HS
				5493003DXX0NRJKSH186
				CONNECTICUT HOUSING FINANCE AUTHORITY
				20775CTX2
				
					
					
				
				3165000.00
				PA
				USD
				3423808.38
				1.7169934431273
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2047-11-15
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST
				5493007GRO6CU0IKP741
				STATE OF CONNECTICUT
				20772JSF0
				
					
					
				
				5000000.00
				PA
				USD
				5622005.50
				2.8193594703234
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2026-03-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				HARTFORD CNTY CT MET DIST CLEA
				549300CEZQKAR15IFS62
				METROPOLITAN DISTRICT/THE
				416489UZ3
				
					
					
				
				1065000.00
				PA
				USD
				1337618.81
				0.6707976823673
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2034-07-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774YC62
				
					
					
				
				200000.00
				PA
				USD
				235772.10
				0.1182365088353
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2036-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774YQF7
				
					
					
				
				3265000.00
				PA
				USD
				3677788.73
				1.8443611422604
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2027-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774Y2C0
				
					
					
				
				2000000.00
				PA
				USD
				2394985.40
				1.2010526792932
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2042-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774ULB9
				
					
					
				
				6880000.00
				PA
				USD
				9129702.21
				4.5784217726213
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2032-03-01
					Fixed
					5.25
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774YYR2
				
					
					
				
				1000000.00
				PA
				USD
				1180757.50
				0.5921338639352
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2046-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774YXG7
				
					
					
				
				3000000.00
				PA
				USD
				3402615.30
				1.7063654010873
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2045-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774YVK0
				
					
					
				
				2500000.00
				PA
				USD
				2893994.50
				1.4512989716283
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2045-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774YXJ1
				
					
					
				
				5000000.00
				PA
				USD
				5726861.50
				2.8719433314777
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2036-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				WATERBURY CT
				N/A
				CITY OF WATERBURY CT
				9412474A3
				
					
					
				
				2500000.00
				PA
				USD
				3106992.00
				1.5581143276041
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2038-11-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PUERTO RICO HIGHWAY & TRANSPRT
				549300J6QBXVWJXB7Y41
				PUERTO RICO HIGHWAY & TRANSPORTATION AUTHORITY
				745181C70
				
					
					
				
				1500000.00
				PA
				USD
				1680279.30
				0.8426372683633
				Long
				DBT
				MUN
				PR
				
				N
				
				2
				
					2034-07-01
					Fixed
					5.25
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				SOUTH CENTRAL CT REGL WTR AUTH
				N/A
				SOUTH CENTRAL CONNECTICUT REGIONAL WATER AUTHORITY
				8372274F1
				
					
					
				
				3500000.00
				PA
				USD
				4230350.95
				2.1214635975853
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2038-08-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774L8C2
				
					
					
				
				1760000.00
				PA
				USD
				2270054.34
				1.138401447958
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2028-07-01
					Fixed
					5.25
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST
				5493007GRO6CU0IKP741
				STATE OF CONNECTICUT
				20772JCV2
				
					
					
				
				3500000.00
				PA
				USD
				3542076.30
				1.7763032001682
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2027-11-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST
				5493007GRO6CU0IKP741
				STATE OF CONNECTICUT
				20772JCY6
				
					
					
				
				2500000.00
				PA
				USD
				2530054.50
				1.2687880001201
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2031-11-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST SPL TAX OBLIG R
				N/A
				STATE OF CONNECTICUT SPECIAL TAX REVENUE
				207758UG6
				
					
					
				
				3000000.00
				PA
				USD
				3517733.70
				1.7640957165856
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2034-08-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				HARTFORD CNTY CT MET DIST CLEA
				549300CEZQKAR15IFS62
				METROPOLITAN DISTRICT/THE
				416498AT0
				
					
					
				
				1510000.00
				PA
				USD
				1559502.33
				0.782069256794
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2031-04-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				SOUTH CENTRAL CT REGL WTR AUTH
				N/A
				SOUTH CENTRAL CONNECTICUT REGIONAL WATER AUTHORITY
				8372274E4
				
					
					
				
				3430000.00
				PA
				USD
				4151369.82
				2.0818556326264
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-08-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				THE CHILDRENS TRUST FUND PR TO
				N/A
				CHILDREN'S TRUST FUND
				16876QBJ7
				
					
					
				
				12000000.00
				PA
				USD
				1906251.60
				0.9559593104772
				Long
				DBT
				MUN
				PR
				
				N
				
				2
				
					2050-05-15
					Fixed
					0.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				HARTFORD CNTY CT MET DIST CLEA
				549300CEZQKAR15IFS62
				METROPOLITAN DISTRICT/THE
				416498BY8
				
					
					
				
				2000000.00
				PA
				USD
				2251100.40
				1.1288963042439
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2042-11-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				SOUTH CENTRAL CT REGL WTR AUTH
				N/A
				SOUTH CENTRAL CONNECTICUT REGIONAL WATER AUTHORITY
				8372275W3
				
					
					
				
				2445000.00
				PA
				USD
				3069848.36
				1.5394872961655
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2041-08-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST MUNI ELEC ENERG
				549300FL0Q3X9HUSF682
				CONNECTICUT MUNICIPAL ELECTRIC ENERGY COOPERATIVE
				207752FJ0
				
					
					
				
				3000000.00
				PA
				USD
				3184150.50
				1.5968082683501
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2038-01-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST
				5493007GRO6CU0IKP741
				STATE OF CONNECTICUT
				20772JCW0
				
					
					
				
				5000000.00
				PA
				USD
				5060109.00
				2.5375760002403
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2028-11-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST REVOLVING FUNDG
				N/A
				STATE OF CONNECTICUT CLEAN WATER FUND - STATE REVOLVING FUND
				20775YCA2
				
					
					
				
				2600000.00
				PA
				USD
				3028775.10
				1.51888961362
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2029-03-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774YYL5
				
					
					
				
				7500000.00
				PA
				USD
				9009623.25
				4.5182038035953
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2045-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				HARBOR POINT CT INFRASTRUCTURE
				N/A
				HARBOR POINT INFRASTRUCTURE IMPROVEMENT DISTRICT
				41154VAK5
				
					
					
				
				4000000.00
				PA
				USD
				4660127.20
				2.3369905551021
				Long
				DBT
				MUN
				US
				
				Y
				
				2
				
					2039-04-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774Y4Q7
				
					
					
				
				1000000.00
				PA
				USD
				1179642.60
				0.5915747567139
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2036-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				UNIV OF CONNECTICUT CT REVENUE
				N/A
				UNIVERSITY OF CONNECTICUT
				914225HH3
				
					
					
				
				4000000.00
				PA
				USD
				5021957.60
				2.5184435908365
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2047-11-15
					Fixed
					5.25
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				GTR NEW HAVEN CT WTR POLL CONT
				N/A
				GREATER NEW HAVEN WATER POLLUTION CONTROL AUTHORITY
				39222PCT9
				
					
					
				
				450000.00
				PA
				USD
				511296.35
				0.256408181478
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2026-08-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HGR EDU SUPPLEM
				N/A
				CONNECTICUT STATE HIGHER EDUCATION SUPPLEMENT LOAN AUTHORITY
				207743QM0
				
					
					
				
				1450000.00
				PA
				USD
				1469728.27
				0.7370487838951
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2021-11-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				NEW HAVEN CT
				549300U4OHEAZ124LQ06
				CITY OF NEW HAVEN CT
				6450202E7
				
					
					
				
				750000.00
				PA
				USD
				880861.88
				0.4417402799454
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2027-08-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20774Y7F8
				
					
					
				
				4020000.00
				PA
				USD
				4800646.61
				2.4074591324359
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2040-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				GTR NEW HAVEN CT WTR POLL CONT
				N/A
				GREATER NEW HAVEN WATER POLLUTION CONTROL AUTHORITY
				39222PDC5
				
					
					
				
				25000.00
				PA
				USD
				25093.33
				0.0125839644905
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2035-08-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20775DKE1
				
					
					
				
				500000.00
				PA
				USD
				608462.50
				0.3051356872048
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2029-07-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				NEW HAVEN CT
				549300U4OHEAZ124LQ06
				CITY OF NEW HAVEN CT
				6450207G7
				
					
					
				
				610000.00
				PA
				USD
				718838.82
				0.3604879139309
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2026-08-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST TRANSMISSION MU
				N/A
				CONNECTICUT TRANSMISSION MUNICIPAL ELECTRIC ENERGY COOPERATIVE
				207787AB8
				
					
					
				
				3000000.00
				PA
				USD
				3052801.20
				1.5309383767473
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2042-01-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST SPL TAX OBLIG R
				N/A
				STATE OF CONNECTICUT SPECIAL TAX REVENUE
				207758C92
				
					
					
				
				2500000.00
				PA
				USD
				3086866.75
				1.5480217878191
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-05-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20775DMS8
				
					
					
				
				1000000.00
				PA
				USD
				1209995.70
				0.6067964244869
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2051-06-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20775DMR0
				
					
					
				
				2250000.00
				PA
				USD
				2731404.38
				1.3697622327185
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2046-06-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				NORWALK CT
				N/A
				CITY OF NORWALK CT
				668844VA8
				
					
					
				
				1070000.00
				PA
				USD
				1195582.58
				0.599568440386
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-07-15
					Fixed
					3.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST HLTH & EDUCTNL
				549300ZOQJ5U8YBS5Q35
				CONNECTICUT STATE HEALTH & EDUCATIONAL FACILITIES AUTHORITY
				20775DKF8
				
					
					
				
				865000.00
				PA
				USD
				1064803.50
				0.5339845063756
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2030-07-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST SPL TAX OBLIG R
				N/A
				STATE OF CONNECTICUT SPECIAL TAX REVENUE
				207758VX8
				
					
					
				
				5000000.00
				PA
				USD
				5732192.50
				2.8746167556385
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2035-09-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				CONNECTICUT ST SPL TAX OBLIG R
				N/A
				STATE OF CONNECTICUT SPECIAL TAX REVENUE
				207758C84
				
					
					
				
				1000000.00
				PA
				USD
				1241700.10
				0.6226957508733
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2036-05-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				WATERBURY CT
				N/A
				CITY OF WATERBURY CT
				9412475R5
				
					
					
				
				5750000.00
				PA
				USD
				6778445.00
				3.3992981872424
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2045-02-01
					Fixed
					4.00
					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 Connecticut Fund

July 31, 2021 (Unaudited)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 97.2%

     

Connecticut - 95.4%

     

Connecticut, GO, Ser. A

 

5.00

 

3/1/2026

 

5,000,000

 

5,622,005

 

Connecticut, GO, Ser. D

 

5.00

 

11/1/2031

 

2,500,000

 

2,530,054

 

Connecticut, GO, Ser. D

 

5.00

 

11/1/2028

 

5,000,000

 

5,060,109

 

Connecticut, GO, Ser. D

 

5.00

 

11/1/2027

 

3,500,000

 

3,542,076

 

Connecticut, Revenue Bonds, Ser. A

 

4.00

 

9/1/2035

 

5,000,000

 

5,732,192

 

Connecticut, Revenue Bonds, Ser. A

 

4.00

 

5/1/2037

 

2,500,000

 

3,086,867

 

Connecticut, Revenue Bonds, Ser. A

 

4.00

 

5/1/2036

 

1,000,000

 

1,241,700

 

Connecticut, Revenue Bonds, Ser. A

 

5.00

 

8/1/2034

 

3,000,000

 

3,517,734

 

Connecticut Bradley International Airport, Revenue Bonds

 

5.00

 

7/1/2049

 

2,500,000

 

3,088,527

 

Connecticut Clean Water Fund - State Revolving Fund, Revenue Bonds (Green Bond) Ser. A

 

4.00

 

2/1/2035

 

2,125,000

 

2,577,606

 

Connecticut Clean Water Fund - State Revolving Fund, Revenue Bonds (Green Bond) Ser. A

 

5.00

 

3/1/2029

 

2,600,000

 

3,028,775

 

Connecticut Development Authority, Revenue Bonds, Refunding (The Connecticut Light & Power Company Project) Ser. A

 

4.38

 

9/1/2028

 

3,900,000

 

3,910,754

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds (Church Home of Hartford Project) Ser. A

 

5.00

 

9/1/2053

 

1,500,000

a 

1,682,319

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds (Church Home of Hartford Project) Ser. A

 

5.00

 

9/1/2046

 

1,000,000

a 

1,125,107

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds (Fairfield University) Ser. Q1

 

5.00

 

7/1/2046

 

1,000,000

 

1,180,758

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds (Hartford HealthCare Obligated Group) Ser. E

 

5.00

 

7/1/2027

 

3,265,000

 

3,677,789

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds (Hartford HealthCare Obligated Group) Ser. F

 

5.00

 

7/1/2045

 

2,500,000

 

2,893,995

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 97.2% (continued)

     

Connecticut - 95.4% (continued)

     

Connecticut Health & Educational Facilities Authority, Revenue Bonds (Mary Wade Home Obligated Group) Ser. A1

 

5.00

 

10/1/2054

 

2,000,000

a 

2,215,162

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds (The Stamford Hospital Obligated Group) Ser. K

 

4.00

 

7/1/2046

 

2,000,000

 

2,186,312

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Connecticut College) Ser. L1

 

4.00

 

7/1/2046

 

2,000,000

 

2,248,094

 

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

 

5.00

 

7/1/2032

 

1,000,000

 

1,216,955

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Nuvance Health Obligated Group) Ser. A

 

4.00

 

7/1/2041

 

2,250,000

 

2,620,250

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Quinnipiac University) Ser. L

 

5.00

 

7/1/2036

 

5,000,000

 

5,726,861

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Quinnipiac University) Ser. L

 

5.00

 

7/1/2045

 

3,000,000

 

3,402,615

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Quinnipiac University) Ser. M

 

5.00

 

7/1/2036

 

200,000

 

235,772

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Sacred Heart University) Ser. I1

 

5.00

 

7/1/2042

 

2,000,000

 

2,394,985

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Choate Rosemary Hall Foundation) Ser. F

 

4.00

 

7/1/2042

 

1,110,000

 

1,343,088

 

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

 

9,129,702

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 97.2% (continued)

     

Connecticut - 95.4% (continued)

     

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

 

2,270,054

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1

 

4.00

 

7/1/2030

 

865,000

 

1,064,804

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1

 

4.00

 

7/1/2029

 

500,000

 

608,463

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The University of Hartford)

 

5.00

 

7/1/2034

 

425,000

 

526,467

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Trinity College) Ser. R

 

4.00

 

6/1/2045

 

2,300,000

 

2,730,426

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Trinity Health Obligated Group)

 

5.00

 

12/1/2045

 

7,500,000

 

9,009,623

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (University of New Haven)

 

5.00

 

7/1/2036

 

1,000,000

 

1,179,643

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Yale New Haven Health Obligated Group) Ser. E

 

5.00

 

7/1/2027

 

3,960,000

 

4,508,789

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding, Ser. S

 

4.00

 

6/1/2046

 

2,250,000

 

2,731,404

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding, Ser. S

 

4.00

 

6/1/2051

 

1,000,000

 

1,209,996

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Ser. A

 

4.00

 

7/1/2040

 

500,000

 

589,357

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Ser. A

 

5.00

 

7/1/2027

 

750,000

 

935,083

 

Connecticut Health & Educational Facilities Authority, Revenue Bonds, Ser. B

 

5.00

 

12/1/2040

 

4,020,000

 

4,800,647

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 97.2% (continued)

     

Connecticut - 95.4% (continued)

     

Connecticut Higher Education Supplement Loan Authority, Revenue Bonds, Ser. A

 

5.00

 

11/15/2022

 

1,400,000

 

1,484,179

 

Connecticut Higher Education Supplement Loan Authority, Revenue Bonds, Ser. A

 

5.00

 

11/15/2023

 

1,400,000

 

1,547,083

 

Connecticut Higher Education Supplement Loan Authority, Revenue Bonds, Ser. A

 

5.00

 

11/15/2021

 

1,450,000

 

1,469,728

 

Connecticut Higher Education Supplement Loan Authority, Revenue Bonds, Ser. B

 

3.25

 

11/15/2036

 

1,400,000

 

1,465,645

 

Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1

 

3.65

 

11/15/2032

 

3,525,000

 

3,855,097

 

Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C1

 

3.25

 

5/15/2044

 

2,400,000

 

2,649,804

 

Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. C1

 

4.00

 

11/15/2047

 

3,165,000

 

3,423,808

 

Connecticut Municipal Electric Energy Cooperative, Revenue Bonds, Refunding, Ser. A

 

5.00

 

1/1/2038

 

3,000,000

 

3,184,150

 

Connecticut Transmission Municipal Electric Energy Cooperative, Revenue Bonds, Refunding, Ser. A

 

5.00

 

1/1/2042

 

3,000,000

 

3,052,801

 

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

 

511,296

 

Harbor Point Infrastructure Improvement District, Tax Allocation Bonds, Refunding (Harbor Point Project)

 

5.00

 

4/1/2039

 

4,000,000

a 

4,660,127

 

New Haven, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A

 

5.00

 

8/1/2039

 

3,000,000

 

3,792,263

 

New Haven, GO, Refunding (Insured; Build America Mutual) Ser. B

 

5.00

 

8/15/2027

 

750,000

 

880,862

 

New Haven, GO, Refunding (Insured; Build America Mutual) Ser. B

 

5.00

 

8/15/2026

 

610,000

 

718,839

 

New Haven, GO, Ser. A

 

5.25

 

8/1/2027

 

1,740,000

 

2,157,069

 

Norwalk, GO, Ser. A

 

3.00

 

7/15/2037

 

1,070,000

 

1,195,583

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 97.2% (continued)

     

Connecticut - 95.4% (continued)

     

South Central Connecticut Regional Water Authority, Revenue Bonds, Refunding, Ser. B

 

5.00

 

8/1/2037

 

3,430,000

 

4,151,370

 

South Central Connecticut Regional Water Authority, Revenue Bonds, Refunding, Ser. B

 

5.00

 

8/1/2038

 

3,500,000

 

4,230,351

 

South Central Connecticut Regional Water Authority, Revenue Bonds, Refunding, Ser. B1

 

5.00

 

8/1/2041

 

2,445,000

 

3,069,848

 

The Metropolitan District, GO, Refunding

 

5.00

 

7/15/2034

 

1,065,000

 

1,337,619

 

The Metropolitan District, GO, Ser. A

 

4.00

 

7/15/2035

 

1,275,000

 

1,540,800

 

The Metropolitan District, Revenue Bonds (Clean Water Project) Ser. A

 

5.00

 

10/1/2031

 

2,050,000

 

2,758,019

 

The Metropolitan District, Revenue Bonds, Refunding (Green Bond) Ser. A

 

5.00

 

11/1/2042

 

2,000,000

 

2,251,100

 

The Metropolitan District, Revenue Bonds, Refunding, Ser. A

 

5.00

 

4/1/2022

 

1,510,000

b 

1,559,502

 

University of Connecticut, Revenue Bonds, Ser. A

 

5.25

 

11/15/2047

 

4,000,000

 

5,021,958

 

Waterbury, GO, Ser. A

 

4.00

 

2/1/2045

 

5,750,000

 

6,778,445

 

Waterbury, GO, Ser. A

 

5.00

 

11/15/2038

 

2,500,000

 

3,106,992

 
 

190,262,350

 

U.S. Related - 1.8%

     

Children's Trust Fund, Revenue Bonds, Refunding, Ser. A

 

0.00

 

5/15/2050

 

12,000,000

c 

1,906,252

 

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

 

5.25

 

7/1/2034

 

1,500,000

 

1,680,279

 
 

3,586,531

 

Total Investments (cost $180,921,201)

 

97.2%

193,848,881

 

Cash and Receivables (Net)

 

2.8%

5,558,309

 

Net Assets

 

100.0%

199,407,190

 

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, 2021, these securities were valued at $9,682,715 or 4.86% 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 Security issued with a zero coupon. Income is recognized through the accretion of discount.


STATEMENT OF INVESTMENTS
BNY Mellon Connecticut 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

-

193,848,881

-

193,848,881

 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 $12,927,680, consisting of $13,047,413 gross unrealized appreciation and $119,733 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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