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

September 28, 2021 6:49 AM EDT

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		NPORT-P
		false
		
			
			
				
					0000806176
					XXXXXXXX
				
			
			
			
			
				S000000348
				C000000888
				C000000890
				C000007820
			
			
			
		
	
	
		
			BNY Mellon State Municipal Bond Funds
			811-04906
			0000806176
			549300NQRLDH36HOC445
			240 Greenwich Street
			New York
			
			10286
			212 495 1784
			BNY Mellon Massachusetts Fund
			S000000348
			549300D0NL7QCSOLL632
			2022-04-30
			2021-07-31
			N
		
		
			126043267.51
			363647.33
			125679620.18
			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
			85426.52
			
				
					USD
					
					
				
			
			
			
			N
			
				
					
					
					
				
				
				
				
			
			
			
			
		
		
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YRZ4
				
					
					
				
				450000.00
				PA
				USD
				568795.77
				0.4525759778597
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2036-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YRG6
				
					
					
				
				700000.00
				PA
				USD
				790759.27
				0.6291865529729
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2049-10-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YNY1
				
					
					
				
				1000000.00
				PA
				USD
				1273531.80
				1.0133160795489
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2035-10-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YSK6
				
					
					
				
				1500000.00
				PA
				USD
				1713475.50
				1.3633678217247
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2049-06-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST
				5493001N1YCXNI1O7K10
				COMMONWEALTH OF MASSACHUSETTS
				57582RYD2
				
					
					
				
				2500000.00
				PA
				USD
				3376337.50
				2.6864637999099
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2030-05-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST PORT AUTH
				254900JRR8IDSSKWCL90
				MASSACHUSETTS PORT AUTHORITY
				575896VG7
				
					
					
				
				2000000.00
				PA
				USD
				2492091.80
				1.9828925297759
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2044-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YVQ9
				
					
					
				
				1500000.00
				PA
				USD
				1880533.95
				1.4962918787522
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2049-09-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YTB5
				
					
					
				
				500000.00
				PA
				USD
				643060.05
				0.5116661309757
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2032-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				LOWELL MA COLLEGIATE CHRT SCH
				N/A
				COLLEGIATE CHARTER SCHOOL OF LOWELL
				547649AB9
				
					
					
				
				1000000.00
				PA
				USD
				1119211.70
				0.8905275958003
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2039-06-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEPT OF TRANS
				N/A
				MASSACHUSETTS TRANSPORTATION TRUST FUND METROPOLITAN HIGHWAY SYSTEM REVENUE
				57563CES7
				
					
					
				
				2000000.00
				PA
				USD
				2538465.60
				2.0197909544637
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2034-01-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST
				5493001N1YCXNI1O7K10
				COMMONWEALTH OF MASSACHUSETTS
				57582RA71
				
					
					
				
				1350000.00
				PA
				USD
				1464856.25
				1.1655479606813
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2047-03-01
					Fixed
					3.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YYF0
				
					
					
				
				1250000.00
				PA
				USD
				1465680.38
				1.1662036994548
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2045-07-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				UNIV OF MASSACHUSETTS MA BLDG
				6ILE2573NPR1XO2TR556
				UNIVERSITY OF MASSACHUSETTS BUILDING AUTHORITY
				914440SB9
				
					
					
				
				1220000.00
				PA
				USD
				1563344.72
				1.2439126707742
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2050-11-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YQJ1
				
					
					
				
				1000000.00
				PA
				USD
				1221295.10
				0.9717526980514
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2044-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST TRANSPRTN FUN
				N/A
				COMMONWEALTH OF MASSACHUSETTS TRANSPORTATION FUND REVENUE
				57604THJ8
				
					
					
				
				3490000.00
				PA
				USD
				4440744.75
				3.5333849224241
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2049-06-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YA41
				
					
					
				
				1000000.00
				PA
				USD
				1329204.60
				1.0576134763108
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2035-10-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST SCH BLDG AUTH
				N/A
				MASSACHUSETTS SCHOOL BUILDING AUTHORITY
				576000YW7
				
					
					
				
				2000000.00
				PA
				USD
				2611496.20
				2.0778995005393
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2045-08-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XWU1
				
					
					
				
				2000000.00
				PA
				USD
				2290340.40
				1.8223641961359
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2046-10-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST HSG FIN AGY H
				549300NLJBK1VP6K2K81
				MASSACHUSETTS HOUSING FINANCE AGENCY
				57587A8E1
				
					
					
				
				1460000.00
				PA
				USD
				1594754.50
				1.2689046145397
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2050-12-01
					Fixed
					3.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				THE CHILDRENS TRUST FUND PR TO
				N/A
				CHILDREN'S TRUST FUND
				16876QBJ7
				
					
					
				
				5000000.00
				PA
				USD
				794271.50
				0.6319811428952
				Long
				DBT
				MUN
				PR
				
				N
				
				2
				
					2050-05-15
					Fixed
					0.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XFV8
				
					
					
				
				2000000.00
				PA
				USD
				2322910.80
				1.8482796150028
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2040-08-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST EDUCTNL FING
				5493007K5OP7V6CL0Y88
				MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY
				57563RLJ6
				
					
					
				
				1500000.00
				PA
				USD
				1726354.20
				1.3736150678427
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2025-01-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XKB6
				
					
					
				
				1000000.00
				PA
				USD
				1189702.20
				0.946615050472
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2046-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584X4N8
				
					
					
				
				1000000.00
				PA
				USD
				1095222.50
				0.8714400142452
				Long
				DBT
				MUN
				US
				
				Y
				
				2
				
					2047-10-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XK34
				
					
					
				
				1000000.00
				PA
				USD
				1222191.90
				0.9724662584511
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2042-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST TRANSPRTN FUN
				N/A
				COMMONWEALTH OF MASSACHUSETTS TRANSPORTATION FUND REVENUE
				57604TEE2
				
					
					
				
				1500000.00
				PA
				USD
				1809432.15
				1.439718028594
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2041-06-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YJG5
				
					
					
				
				1295000.00
				PA
				USD
				1598121.30
				1.2715834895993
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2043-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST SCH BLDG AUTH
				N/A
				MASSACHUSETTS SCHOOL BUILDING AUTHORITY
				576000SE4
				
					
					
				
				3000000.00
				PA
				USD
				3543297.30
				2.8193093637021
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-08-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST PORT AUTH
				254900JRR8IDSSKWCL90
				MASSACHUSETTS PORT AUTHORITY
				575896RM9
				
					
					
				
				2055000.00
				PA
				USD
				2483340.30
				1.9759291891902
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2035-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST CLG BLDG AUTH
				N/A
				MASSACHUSETTS STATE COLLEGE BUILDING AUTHORITY
				575832GV6
				
					
					
				
				5385000.00
				PA
				USD
				5206935.28
				4.1430227689601
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2026-05-01
					Fixed
					0.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XJG7
				
					
					
				
				1500000.00
				PA
				USD
				1800560.40
				1.4326590082156
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2047-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST CLEAN ENERGY
				N/A
				MASSACHUSETTS CLEAN ENERGY COOPERATIVE CORP
				575625AK4
				
					
					
				
				2580000.00
				PA
				USD
				2811862.28
				2.2373255711409
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2024-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57583UJ90
				
					
					
				
				4000000.00
				PA
				USD
				4579474.40
				3.6437684912169
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2033-10-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST
				5493001N1YCXNI1O7K10
				COMMONWEALTH OF MASSACHUSETTS
				57582RMY9
				
					
					
				
				3250000.00
				PA
				USD
				4024433.40
				3.2021368255538
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2047-04-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XM65
				
					
					
				
				1000000.00
				PA
				USD
				1208745.40
				0.9617672286635
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2035-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MARTHAS VINEYARD MA LAND BANK
				N/A
				MARTHAS VINEYARD LAND BANK
				573100DT8
				
					
					
				
				500000.00
				PA
				USD
				612170.80
				0.4870883593722
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2033-05-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST EDUCTNL FING
				5493007K5OP7V6CL0Y88
				MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY
				57563RKY4
				
					
					
				
				575000.00
				PA
				USD
				596598.84
				0.4746981564278
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2029-07-01
					Fixed
					5.25
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XM73
				
					
					
				
				755000.00
				PA
				USD
				910811.77
				0.7247092000242
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2036-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584X3D1
				
					
					
				
				1000000.00
				PA
				USD
				1233524.50
				0.9814833130728
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-04-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST
				5493001N1YCXNI1O7K10
				COMMONWEALTH OF MASSACHUSETTS
				57582PDM9
				
					
					
				
				5000000.00
				PA
				USD
				5026276.50
				3.999277283621
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2025-11-01
					Variable
					0.668
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST BAY TRANSPRTN
				549300D2U0XBUXGX8P68
				MASSACHUSETTS BAY TRANSPORTATION AUTHORITY
				575579YU5
				
					
					
				
				2000000.00
				PA
				USD
				2345622.80
				1.8663509617872
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2040-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST
				5493001N1YCXNI1O7K10
				COMMONWEALTH OF MASSACHUSETTS
				57582NUZ6
				
					
					
				
				1750000.00
				PA
				USD
				2451178.63
				1.9503389861374
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2030-08-01
					Fixed
					5.50
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				PUERTO RICO HIGHWAY & TRANSPRT
				549300J6QBXVWJXB7Y41
				PUERTO RICO HIGHWAY & TRANSPORTATION AUTHORITY
				745181C62
				
					
					
				
				1000000.00
				PA
				USD
				1126592.10
				0.8963999878313
				Long
				DBT
				MUN
				PR
				
				N
				
				2
				
					2033-07-01
					Fixed
					5.25
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XNZ0
				
					
					
				
				2000000.00
				PA
				USD
				2407258.60
				1.9153929623214
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2046-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584X4P3
				
					
					
				
				1500000.00
				PA
				USD
				1640963.85
				1.3056721906461
				Long
				DBT
				MUN
				US
				
				Y
				
				2
				
					2057-10-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST BAY TRANSPRTN
				549300D2U0XBUXGX8P68
				MASSACHUSETTS BAY TRANSPORTATION AUTHORITY
				575579KY2
				
					
					
				
				2000000.00
				PA
				USD
				2580772.20
				2.0534532140563
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2027-07-01
					Fixed
					5.50
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST PORT AUTH
				254900JRR8IDSSKWCL90
				MASSACHUSETTS PORT AUTHORITY
				575896KN4
				
					
					
				
				250000.00
				PA
				USD
				261270.90
				0.2078864493907
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2025-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST CLG BLDG AUTH
				N/A
				MASSACHUSETTS STATE COLLEGE BUILDING AUTHORITY
				575832KB5
				
					
					
				
				1450000.00
				PA
				USD
				1785878.15
				1.4209767243426
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2028-05-01
					Fixed
					5.50
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST PORT AUTH
				254900JRR8IDSSKWCL90
				MASSACHUSETTS PORT AUTHORITY
				575896RS6
				
					
					
				
				2500000.00
				PA
				USD
				2817725.25
				2.2419905836478
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2046-07-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XNY3
				
					
					
				
				1000000.00
				PA
				USD
				1203427.60
				0.9575359937247
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2041-12-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57583UN53
				
					
					
				
				1475000.00
				PA
				USD
				1650564.53
				1.3133112016379
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2034-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57583U6N3
				
					
					
				
				1500000.00
				PA
				USD
				1672858.20
				1.3310496941382
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2045-09-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XLD1
				
					
					
				
				800000.00
				PA
				USD
				961017.76
				0.7646567984718
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2041-09-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XWS6
				
					
					
				
				1000000.00
				PA
				USD
				1171688.50
				0.9322820186135
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XNN7
				
					
					
				
				1000000.00
				PA
				USD
				1180050.40
				0.9389353646278
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2041-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XRU7
				
					
					
				
				1000000.00
				PA
				USD
				1207784.00
				0.9610022677266
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2040-01-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XMU2
				
					
					
				
				1500000.00
				PA
				USD
				1791393.00
				1.4253647468335
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST PORT AUTH
				254900JRR8IDSSKWCL90
				MASSACHUSETTS PORT AUTHORITY
				575896SP1
				
					
					
				
				1000000.00
				PA
				USD
				1201882.70
				0.9563067570371
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2042-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST PORT AUTH
				254900JRR8IDSSKWCL90
				MASSACHUSETTS PORT AUTHORITY
				575896QJ7
				
					
					
				
				1000000.00
				PA
				USD
				1157750.40
				0.9211918355114
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2045-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584XDH1
				
					
					
				
				500000.00
				PA
				USD
				580893.70
				0.4622019856266
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2033-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YAE9
				
					
					
				
				1000000.00
				PA
				USD
				1224118.30
				0.973999044751
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2031-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YMJ5
				
					
					
				
				1500000.00
				PA
				USD
				1682992.20
				1.3391130539618
				Long
				DBT
				MUN
				US
				
				Y
				
				2
				
					2046-11-15
					Fixed
					5.125
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				SPRINGFIELD MA WTR & SWR COMMI
				N/A
				SPRINGFIELD WATER & SEWER COMMISSION/MA
				850777HD8
				
					
					
				
				650000.00
				PA
				USD
				802927.06
				0.6388681465221
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2037-04-15
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YL56
				
					
					
				
				500000.00
				PA
				USD
				593509.50
				0.4722400490628
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2046-07-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST EDUCTNL FING
				5493007K5OP7V6CL0Y88
				MASSACHUSETTS EDUCATIONAL FINANCING AUTHORITY
				57563RSC4
				
					
					
				
				1125000.00
				PA
				USD
				1355840.21
				1.0788067373677
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2026-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST HSG FIN AGY H
				549300NLJBK1VP6K2K81
				MASSACHUSETTS HOUSING FINANCE AGENCY
				57587GEM3
				
					
					
				
				1980000.00
				PA
				USD
				2172381.95
				1.7285077301225
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2050-12-01
					Fixed
					3.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST PORT AUTH
				254900JRR8IDSSKWCL90
				MASSACHUSETTS PORT AUTHORITY
				575896WA9
				
					
					
				
				1175000.00
				PA
				USD
				1546785.28
				1.2307367557163
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2039-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST PORT AUTH
				254900JRR8IDSSKWCL90
				MASSACHUSETTS PORT AUTHORITY
				575896YG4
				
					
					
				
				1000000.00
				PA
				USD
				1312638.70
				1.0444324211992
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2040-07-01
					Fixed
					5.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YG94
				
					
					
				
				1000000.00
				PA
				USD
				1192990.20
				0.9492312264242
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2046-07-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57584YN39
				
					
					
				
				1000000.00
				PA
				USD
				1160456.60
				0.9233450883587
				Long
				DBT
				MUN
				US
				
				N
				
				2
				
					2050-07-01
					Fixed
					4.00
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				MASSACHUSETTS ST DEV FIN AGY R
				549300UZSVMFXJK08K70
				MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
				57583UXN3
				
					
					
				
				500000.00
				PA
				USD
				572095.15
				0.4552012085815
				Long
				DBT
				MUN
				US
				
				Y
				
				2
				
					2043-11-15
					Fixed
					6.50
					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 Massachusetts Fund

July 31, 2021 (Unaudited)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.4%

     

Massachusetts - 97.9%

     

Collegiate Charter School of Lowell, Revenue Bonds

 

5.00

 

6/15/2039

 

1,000,000

 

1,119,212

 

Martha's Vineyard Land Bank, Revenue Bonds, Refunding (Green Bond) (Insured; Build America Mutual)

 

5.00

 

5/1/2033

 

500,000

 

612,171

 

Massachusetts, GO, Refunding (Insured; American Municipal Bond Assurance Corp.) Ser. A

 

5.50

 

8/1/2030

 

1,750,000

 

2,451,179

 

Massachusetts, GO, Refunding, Ser. A, 3 Month LIBOR x.67 +.55%

 

0.67

 

11/1/2025

 

5,000,000

a 

5,026,276

 

Massachusetts, GO, Refunding, Ser. C

 

5.00

 

5/1/2030

 

2,500,000

 

3,376,337

 

Massachusetts, GO, Ser. A

 

5.00

 

4/1/2047

 

3,250,000

 

4,024,433

 

Massachusetts, GO, Ser. C

 

3.00

 

3/1/2047

 

1,350,000

 

1,464,856

 

Massachusetts Bay Transportation Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. B

 

5.50

 

7/1/2027

 

2,000,000

 

2,580,772

 

Massachusetts Bay Transportation Authority, Revenue Bonds, Ser. A

 

5.00

 

7/1/2040

 

2,000,000

 

2,345,623

 

Massachusetts Clean Energy Cooperative Corp., Revenue Bonds

 

5.00

 

7/1/2024

 

2,580,000

 

2,811,862

 

Massachusetts College Building Authority, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) Ser. A

 

0.00

 

5/1/2026

 

5,385,000

b 

5,206,935

 

Massachusetts College Building Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) Ser. B

 

5.50

 

5/1/2028

 

1,450,000

 

1,785,878

 

Massachusetts Development Finance Agency, Revenue Bonds (Baystate Medical Center Obligated Group) Ser. N

 

5.00

 

7/1/2034

 

1,475,000

 

1,650,565

 

Massachusetts Development Finance Agency, Revenue Bonds (Caregroup) Ser. J1

 

5.00

 

7/1/2043

 

1,295,000

 

1,598,121

 

Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer Institute Obligated Group) Ser. N

 

5.00

 

12/1/2041

 

1,000,000

 

1,203,428

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.4% (continued)

     

Massachusetts - 97.9% (continued)

     

Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer Institute Obligated Group) Ser. N

 

5.00

 

12/1/2046

 

2,000,000

 

2,407,259

 

Massachusetts Development Finance Agency, Revenue Bonds (Linden Ponds Obligated Group)

 

5.13

 

11/15/2046

 

1,500,000

c 

1,682,992

 

Massachusetts Development Finance Agency, Revenue Bonds (North Hill Communities Obligated Group) Ser. A

 

6.50

 

11/15/2023

 

500,000

c,d 

572,095

 

Massachusetts Development Finance Agency, Revenue Bonds (Seven Hills Foundation & Affiliates Obligated Group) Ser. A

 

5.00

 

9/1/2045

 

1,500,000

 

1,672,858

 

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

 

4.00

 

7/1/2046

 

500,000

 

593,510

 

Massachusetts Development Finance Agency, Revenue Bonds (The Children's Hospital Corp. Obligated Group) Ser. P

 

5.00

 

10/1/2033

 

4,000,000

 

4,579,474

 

Massachusetts Development Finance Agency, Revenue Bonds (Trustees of Boston University) Ser. BB1

 

4.00

 

10/1/2046

 

2,000,000

 

2,290,340

 

Massachusetts Development Finance Agency, Revenue Bonds (Worcester Polytechnic Institute)

 

5.00

 

9/1/2049

 

1,500,000

 

1,880,534

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Atrius Health Obligated Group) Ser. A

 

4.00

 

6/1/2049

 

1,500,000

 

1,713,475

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Beth Israel Lahey Health Obligated Group)

 

5.00

 

7/1/2032

 

500,000

 

643,060

 

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

 

5.00

 

7/1/2037

 

1,000,000

 

1,171,689

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Brandeis University) Ser. S1

 

5.00

 

10/1/2035

 

1,000,000

 

1,273,532

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Caregroup) Ser. H1

 

5.00

 

7/1/2033

 

500,000

 

580,894

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.4% (continued)

     

Massachusetts - 97.9% (continued)

     

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Caregroup) Ser. I

 

5.00

 

7/1/2037

 

1,500,000

 

1,791,393

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (College of the Holy Cross Trustees) Ser. A

 

5.00

 

9/1/2041

 

800,000

 

961,018

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Lahey Clinic) Ser. F

 

5.00

 

8/15/2040

 

2,000,000

 

2,322,911

 

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

 

4.00

 

7/1/2050

 

1,000,000

 

1,160,457

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group)

 

5.00

 

10/1/2057

 

1,500,000

c 

1,640,964

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group)

 

5.00

 

10/1/2047

 

1,000,000

c 

1,095,223

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Northeastern University) Ser. A

 

5.00

 

10/1/2035

 

1,000,000

 

1,329,205

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Orchard Cove Obligated Group)

 

5.00

 

10/1/2049

 

700,000

 

790,759

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System)

 

5.00

 

7/1/2047

 

1,500,000

 

1,800,560

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital Obligated Group) Ser. I

 

5.00

 

7/1/2041

 

1,000,000

 

1,180,050

 

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

 

5.00

 

7/1/2036

 

450,000

 

568,796

 

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

 

5.00

 

7/1/2035

 

1,000,000

 

1,208,745

 

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

 

5.00

 

7/1/2036

 

755,000

 

910,812

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.4% (continued)

     

Massachusetts - 97.9% (continued)

     

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

 

4.00

 

7/1/2045

 

1,250,000

 

1,465,680

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (The Broad Institute)

 

5.00

 

4/1/2037

 

1,000,000

 

1,233,525

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Trustees of Boston College) Ser. T

 

5.00

 

7/1/2042

 

1,000,000

 

1,222,192

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care Obligated Group)

 

5.00

 

7/1/2031

 

1,000,000

 

1,224,118

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care Obligated Group) Ser. I

 

5.00

 

7/1/2046

 

1,000,000

 

1,189,702

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation)

 

5.00

 

1/1/2040

 

1,000,000

 

1,207,784

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A

 

5.00

 

7/1/2044

 

1,000,000

 

1,221,295

 

Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. G

 

4.00

 

7/1/2046

 

1,000,000

 

1,192,990

 

Massachusetts Educational Financing Authority, Revenue Bonds

 

5.00

 

1/1/2025

 

1,500,000

 

1,726,354

 

Massachusetts Educational Financing Authority, Revenue Bonds

 

5.00

 

7/1/2026

 

1,125,000

 

1,355,840

 

Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. K

 

5.25

 

7/1/2029

 

575,000

 

596,599

 

Massachusetts Housing Finance Agency, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. 220

 

3.00

 

12/1/2050

 

1,980,000

 

2,172,382

 

Massachusetts Housing Finance Agency, Revenue Bonds, Refunding, Ser. 218

 

3.00

 

12/1/2050

 

1,460,000

 

1,594,755

 

Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A

 

5.00

 

7/1/2035

 

2,055,000

 

2,483,340

 


          
 

Description

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Long-Term Municipal Investments - 99.4% (continued)

     

Massachusetts - 97.9% (continued)

     

Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A

 

5.00

 

7/1/2042

 

1,000,000

 

1,201,883

 

Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B

 

4.00

 

7/1/2046

 

2,500,000

 

2,817,725

 

Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B

 

5.00

 

7/1/2039

 

1,175,000

 

1,546,785

 

Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B

 

5.00

 

7/1/2022

 

250,000

d 

261,271

 

Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. C

 

5.00

 

7/1/2044

 

2,000,000

 

2,492,092

 

Massachusetts Port Authority, Revenue Bonds, Ser. B

 

5.00

 

7/1/2045

 

1,000,000

 

1,157,750

 

Massachusetts Port Authority, Revenue Bonds, Ser. E

 

5.00

 

7/1/2040

 

1,000,000

 

1,312,639

 

Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. C

 

5.00

 

8/15/2037

 

3,000,000

 

3,543,297

 

Massachusetts School Building Authority, Revenue Bonds, Ser. A

 

5.00

 

8/15/2045

 

2,000,000

 

2,611,496

 

Massachusetts Transportation Fund, Revenue Bonds

 

5.00

 

6/1/2049

 

3,490,000

 

4,440,745

 

Massachusetts Transportation Fund, Revenue Bonds, Ser. A

 

5.00

 

6/1/2041

 

1,500,000

 

1,809,432

 

Massachusetts Transportation Trust Fund Metropolitan Highway System, Revenue Bonds, Refunding, Ser. A

 

5.00

 

1/1/2034

 

2,000,000

 

2,538,466

 

Springfield Water & Sewer Commission, Revenue Bonds, Ser. C

 

5.00

 

4/15/2037

 

650,000

 

802,927

 

University of Massachusetts Building Authority, Revenue Bonds, Ser. 1

 

5.00

 

11/1/2050

 

1,220,000

 

1,563,345

 
 

123,066,662

 

U.S. Related - 1.5%

     

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

 

0.00

 

5/15/2050

 

5,000,000

b 

794,272

 

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

 

5.25

 

7/1/2033

 

1,000,000

 

1,126,592

 
 

1,920,864

 

Total Investments (cost $115,254,383)

 

99.4%

124,987,526

 

Cash and Receivables (Net)

 

0.6%

692,094

 

Net Assets

 

100.0%

125,679,620

 

GO—General Obligation

LIBOR—London Interbank Offered Rate


STATEMENT OF INVESTMENTS (Unaudited) (continued)

a 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.

b Security issued with a zero coupon. Income is recognized through the accretion of discount.

c 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 $4,991,274 or 3.97% of net assets.

d 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.


STATEMENT OF INVESTMENTS
BNY Mellon Massachusetts 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

-

124,987,526

-

124,987,526

 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 $9,733,143, consisting of $9,762,811 gross unrealized appreciation and $29,668 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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