STATEMENT
OF INVESTMENTS
BNY Mellon Massachusetts Intermediate Municipal Bond Fund
May 31, 2021 (Unaudited)
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% | |||||||||
California - 2.3% | |||||||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2030 | 1,140,000 | 1,456,878 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2028 | 3,000,000 | 3,726,308 | |||||
University of California, Revenue Bonds, Refunding, Ser. S | 5.00 | 5/15/2028 | 1,000,000 | 1,235,238 | |||||
University of California, Revenue Bonds, Refunding, Ser. S | 5.00 | 5/15/2027 | 1,200,000 | 1,447,236 | |||||
7,865,660 | |||||||||
District of Columbia - .3% | |||||||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Dulles Metrorail) Ser. B | 4.00 | 10/1/2035 | 1,000,000 | 1,180,663 | |||||
Florida - .1% | |||||||||
Miami-Dade County, Revenue Bonds (Juvenile Courthouse) (Insured; American Municipal Bond Assurance Corp.) (LOC; TD Bank NA) Ser. B | 0.05 | 4/1/2043 | 400,000 | a | 400,000 | ||||
Illinois - 2.2% | |||||||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2029 | 1,000,000 | 1,246,866 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2026 | 1,000,000 | 1,172,076 | |||||
Chicago II, GO, Ser. A | 5.00 | 1/1/2023 | 1,970,000 | 2,099,792 | |||||
Illinois, GO, Ser. D | 5.00 | 11/1/2026 | 2,500,000 | 3,019,829 | |||||
7,538,563 | |||||||||
Iowa - .0% | |||||||||
Iowa Finance Authority, Revenue Bonds, Refunding (Unity Point Health) (LOC; TD Bank NA) Ser. B2 | 0.02 | 2/15/2039 | 100,000 | a | 100,000 | ||||
Kentucky - 1.8% | |||||||||
Kentucky Public Energy Authority, Revenue Bonds (Gas Supply) Ser. B | 4.00 | 1/1/2025 | 2,500,000 | 2,783,080 | |||||
Kentucky Public Energy Authority, Revenue Bonds (Gas Supply) Ser. C1 | 4.00 | 6/1/2025 | 3,000,000 | 3,382,033 | |||||
6,165,113 | |||||||||
Massachusetts - 82.9% | |||||||||
Belmont, GO | 4.00 | 6/1/2031 | 1,260,000 | 1,545,341 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 82.9% (continued) | |||||||||
Berkshire Wind Power Cooperative Corp., Revenue Bonds, Refunding (Green Bond) (Berkshire Wind Project) Ser. 2 | 5.00 | 7/1/2030 | 1,000,000 | 1,226,431 | |||||
Berkshire Wind Power Cooperative Corp., Revenue Bonds, Refunding (Green Bond) (Berkshire Wind Project) Ser. 2 | 5.00 | 7/1/2028 | 1,000,000 | 1,234,706 | |||||
Berkshire Wind Power Cooperative Corp., Revenue Bonds, Refunding (Green Bond) (Berkshire Wind Project) Ser. 2 | 5.00 | 7/1/2026 | 475,000 | 573,482 | |||||
Boston, GO, Ser. A | 3.00 | 11/1/2034 | 2,035,000 | 2,345,945 | |||||
Boston Housing Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2026 | 565,000 | 689,795 | |||||
Boston Housing Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 4/1/2026 | 615,000 | 739,824 | |||||
Braintree, GO, Refunding | 4.00 | 10/15/2030 | 1,395,000 | 1,717,208 | |||||
Brookline, GO, Refunding | 4.00 | 2/15/2029 | 2,000,000 | 2,476,287 | |||||
Collegiate Charter School of Lowell, Revenue Bonds | 4.00 | 6/15/2024 | 315,000 | 329,414 | |||||
Collegiate Charter School of Lowell, Revenue Bonds | 5.00 | 6/15/2039 | 1,330,000 | 1,478,422 | |||||
Collegiate Charter School of Lowell, Revenue Bonds | 5.00 | 6/15/2029 | 485,000 | 552,128 | |||||
Dedham, GO | 4.00 | 6/15/2029 | 495,000 | 561,289 | |||||
Framingham, GO, Refunding | 5.00 | 12/1/2029 | 365,000 | 459,891 | |||||
Framingham, GO, Refunding | 5.00 | 12/1/2028 | 420,000 | 531,771 | |||||
Hingham, GO (Water Bonds) | 3.00 | 2/15/2036 | 375,000 | 419,191 | |||||
Hingham, GO (Water Bonds) | 3.00 | 2/15/2035 | 860,000 | 964,037 | |||||
Hingham, GO (Water Bonds) | 3.00 | 2/15/2034 | 1,240,000 | 1,395,221 | |||||
Hingham, GO (Water Bonds) | 4.00 | 2/15/2030 | 345,000 | 422,156 | |||||
Hingham, GO (Water Bonds) | 4.00 | 2/15/2031 | 315,000 | 383,594 | |||||
Hingham, GO (Water Bonds) | 4.00 | 2/15/2032 | 425,000 | 516,065 | |||||
Manchester Essex Regional School District, GO (School Project Loan-Chapter 70B) | 4.00 | 2/1/2034 | 845,000 | 993,123 | |||||
Manchester Essex Regional School District, GO (School Project Loan-Chapter 70B) | 4.00 | 2/1/2033 | 590,000 | 695,126 | |||||
Mansfield, GO | 4.00 | 5/15/2030 | 845,000 | 951,558 | |||||
Mansfield, GO | 4.00 | 5/15/2029 | 815,000 | 919,181 | |||||
Massachusetts, GO, Refunding, Ser. A, 3 Month LIBOR x.67 +.55% | 0.67 | 11/1/2025 | 2,500,000 | b | 2,515,605 | ||||
Massachusetts, GO, Refunding, Ser. B | 5.00 | 7/1/2027 | 1,000,000 | 1,259,571 | |||||
Massachusetts, GO, Refunding, Ser. D | 4.00 | 11/1/2034 | 2,215,000 | 2,758,257 | |||||
Massachusetts, GO, Refunding, Ser. D | 4.00 | 11/1/2035 | 2,000,000 | 2,484,806 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 82.9% (continued) | |||||||||
Massachusetts, GO, Ser. A | 5.00 | 3/1/2031 | 2,250,000 | 2,532,076 | |||||
Massachusetts Bay Transportation Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2031 | 2,000,000 | 2,675,437 | |||||
Massachusetts Bay Transportation Authority, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 7/1/2036 | 4,000,000 | 4,980,534 | |||||
Massachusetts Clean Energy Cooperative Corp., Revenue Bonds | 5.00 | 7/1/2032 | 870,000 | 946,118 | |||||
Massachusetts Clean Energy Cooperative Corp., Revenue Bonds | 5.00 | 7/1/2028 | 1,250,000 | 1,360,537 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Baystate Medical Center Obligated Group) Ser. N | 5.00 | 7/1/2024 | 350,000 | 397,137 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer Institute Obligated Group) Ser. N | 5.00 | 12/1/2033 | 2,500,000 | 3,015,259 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | 5.00 | 1/1/2031 | 325,000 | 399,083 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | 5.00 | 1/1/2032 | 340,000 | 415,878 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | 5.00 | 1/1/2027 | 280,000 | 344,017 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | 5.00 | 1/1/2026 | 170,000 | 203,055 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) Ser. A | 5.00 | 1/1/2023 | 400,000 | 429,306 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) Ser. A | 5.00 | 1/1/2022 | 565,000 | 580,312 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (President & Trustees of Williams College) Ser. S | 5.00 | 7/1/2030 | 1,000,000 | 1,246,398 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Trustees of Boston University) Ser. DD1 | 5.00 | 4/1/2024 | 1,075,000 | 1,187,981 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Wentworth Institute of Technology) | 5.00 | 10/1/2024 | 550,000 | 630,572 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 82.9% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding | 5.00 | 7/1/2032 | 1,910,000 | 2,244,578 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Babson College) Ser. A | 5.00 | 10/1/2025 | 545,000 | 644,918 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group) Ser. E | 5.00 | 7/1/2023 | 2,060,000 | 2,248,730 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group) Ser. E | 5.00 | 7/1/2026 | 500,000 | 601,454 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group) Ser. E | 5.00 | 7/1/2025 | 500,000 | 584,169 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Caregroup) Ser. H1 | 5.00 | 7/1/2025 | 800,000 | 944,565 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Caregroup) Ser. I | 5.00 | 7/1/2029 | 2,000,000 | 2,406,459 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Caregroup) Ser. I | 5.00 | 7/1/2026 | 1,000,000 | 1,218,468 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (College of Holy Cross) | 5.00 | 9/1/2026 | 705,000 | 865,654 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) | 5.00 | 1/1/2025 | 1,000,000 | 1,157,304 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) | 5.00 | 1/1/2035 | 1,000,000 | 1,119,099 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) Ser. A | 5.00 | 1/1/2033 | 1,250,000 | 1,524,455 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) Ser. A | 5.00 | 1/1/2035 | 1,000,000 | 1,213,901 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emmanuel College) Ser. A | 5.00 | 10/1/2043 | 1,000,000 | 1,160,332 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 82.9% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emmanuel College) Ser. A | 5.00 | 10/1/2030 | 1,000,000 | 1,188,763 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 5.00 | 4/1/2032 | 370,000 | 441,270 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 5.00 | 4/1/2031 | 350,000 | 418,758 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 5.00 | 4/1/2033 | 390,000 | 463,384 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 5.00 | 4/1/2035 | 840,000 | 993,655 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Foxborough Regional Charter School) | 4.00 | 7/1/2021 | 625,000 | 626,335 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Foxborough Regional Charter School) | 4.00 | 7/1/2022 | 655,000 | 671,716 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Foxborough Regional Charter School) | 5.00 | 7/1/2037 | 1,600,000 | 1,835,465 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Harvard University) Ser. A | 5.00 | 7/15/2027 | 3,200,000 | 3,925,952 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (International Charter School) | 5.00 | 4/15/2033 | 3,410,000 | 3,728,020 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (International Charter School) | 5.00 | 4/15/2040 | 1,730,000 | 1,874,665 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (MCPHS University) Ser. H | 5.00 | 7/1/2037 | 465,000 | 541,309 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Olin College) Ser. E | 5.00 | 11/1/2038 | 4,500,000 | 4,972,811 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Park School Corp.) | 5.00 | 9/1/2021 | 300,000 | 303,463 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 82.9% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) | 4.00 | 7/1/2036 | 2,480,000 | 2,898,266 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) | 4.00 | 7/1/2032 | 2,000,000 | 2,285,437 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (President & Trustees of Williams College) Ser. P | 5.00 | 7/1/2024 | 3,250,000 | 3,574,142 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. J | 5.25 | 10/1/2024 | 465,000 | 518,363 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. K1 | 5.00 | 10/1/2025 | 700,000 | 827,020 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. K1 | 5.00 | 10/1/2029 | 1,000,000 | 1,169,722 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital Obligated Group) Ser. I | 5.00 | 7/1/2025 | 500,000 | 585,267 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital Obligated Group) Ser. I | 5.00 | 7/1/2024 | 530,000 | 600,682 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital Obligated Group) Ser. I | 5.00 | 7/1/2021 | 500,000 | 501,864 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital Obligated Group) Ser. I | 5.00 | 7/1/2028 | 750,000 | 897,404 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Sterling & Francine Clark Art Institute) | 5.00 | 7/1/2031 | 2,050,000 | 2,508,379 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Sterling & Francine Clark Art Institute) | 5.00 | 7/1/2028 | 1,000,000 | 1,223,853 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 82.9% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2025 | 1,340,000 | 1,576,796 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2023 | 1,250,000 | 1,369,721 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2028 | 1,300,000 | 1,608,577 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2033 | 1,000,000 | 1,210,002 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2029 | 1,000,000 | 1,228,853 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (The Broad Institute) | 5.00 | 4/1/2036 | 2,000,000 | 2,466,547 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Trustees of Boston University) Ser. BB2 | 4.00 | 10/1/2032 | 1,000,000 | 1,147,251 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care Obligated Group) Ser. I | 5.00 | 7/1/2036 | 1,340,000 | 1,595,632 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care Obligated Group) Ser. I | 5.00 | 7/1/2025 | 2,375,000 | 2,793,643 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care Obligated Group) Ser. K | 5.00 | 7/1/2024 | 815,000 | 927,179 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 10/1/2026 | 325,000 | 393,001 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 10/1/2027 | 475,000 | 588,615 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 82.9% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2024 | 1,090,000 | 1,246,125 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2026 | 1,205,000 | 1,466,357 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2032 | 500,000 | 620,099 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2033 | 500,000 | 618,840 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2040 | 1,500,000 | 1,705,930 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2035 | 1,000,000 | 1,144,590 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 3.00 | 1/1/2025 | 190,000 | 205,730 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 4.00 | 1/1/2026 | 130,000 | 149,806 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2029 | 200,000 | 243,186 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2028 | 140,000 | 169,213 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2027 | 310,000 | 376,723 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2031 | 415,000 | 501,008 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 82.9% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2030 | 410,000 | 495,919 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Woods Hole Oceanographic Institution) | 5.00 | 6/1/2026 | 850,000 | 1,030,352 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Woods Hole Oceanographic Institution) | 5.00 | 6/1/2025 | 450,000 | 528,674 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2030 | 2,075,000 | 2,611,236 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2029 | 1,050,000 | 1,330,562 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2031 | 1,350,000 | 1,692,352 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A2 | 5.00 | 7/1/2037 | 2,460,000 | 3,170,147 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. G | 5.00 | 7/1/2035 | 400,000 | 528,821 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. G | 5.00 | 7/1/2036 | 450,000 | 593,089 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. G | 5.00 | 7/1/2032 | 515,000 | 686,820 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2034 | 200,000 | 253,746 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2026 | 1,000,000 | 1,222,262 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2025 | 1,140,000 | 1,355,958 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2035 | 200,000 | 253,206 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2032 | 250,000 | 318,840 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 82.9% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2031 | 250,000 | 319,779 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2033 | 160,000 | 203,449 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2021 | 2,350,000 | 2,358,974 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2024 | 3,000,000 | 3,410,949 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2023 | 2,300,000 | 2,519,781 | |||||
Massachusetts Federal Highway, GAN (Accelerated Bridge Program) Ser. A | 5.00 | 6/15/2027 | 2,000,000 | 2,435,285 | |||||
Massachusetts Federal Highway, GAN, Ser. A | 5.00 | 6/15/2025 | 2,500,000 | 2,848,788 | |||||
Massachusetts Federal Highway, GAN, Ser. A | 5.00 | 6/15/2027 | 2,000,000 | 2,271,136 | |||||
Massachusetts Federal Highway, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2027 | 2,500,000 | 3,044,106 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds (Massachusetts Institute of Technology) Ser. K | 5.50 | 7/1/2022 | 1,800,000 | 1,905,814 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Massachusetts Institute of Technology) Ser. L | 5.00 | 7/1/2023 | 3,335,000 | 3,672,034 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Tufts University) Ser. M | 5.25 | 2/15/2026 | 3,130,000 | 3,821,046 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. 220 | 3.00 | 12/1/2050 | 2,000,000 | 2,187,775 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding (Single Family Housing) (Insured; GNMA, FNMA, FHLMC) Ser. 195 | 4.00 | 12/1/2048 | 945,000 | 1,034,918 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding (Single Family Housing) Ser. 183 | 3.50 | 12/1/2046 | 660,000 | 699,781 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 82.9% (continued) | |||||||||
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding, Ser. 207 | 4.00 | 6/1/2049 | 2,385,000 | 2,642,260 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding, Ser. 211 | 3.50 | 12/1/2049 | 925,000 | 1,013,504 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding, Ser. 221 | 3.00 | 12/1/2050 | 1,500,000 | 1,649,127 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Ser. A1 | 2.55 | 12/1/2040 | 1,500,000 | 1,557,331 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Ser. A3 | 0.88 | 12/1/2023 | 1,500,000 | 1,507,258 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Ser. F | 2.95 | 12/1/2032 | 1,000,000 | 1,050,725 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | 5.00 | 7/1/2035 | 500,000 | 631,024 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | 5.00 | 7/1/2032 | 865,000 | 1,099,587 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2027 | 2,000,000 | 2,481,387 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2028 | 1,330,000 | 1,510,517 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2028 | 2,000,000 | 2,531,401 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2022 | 1,500,000 | c | 1,579,525 | ||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2030 | 1,635,000 | 2,093,926 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2032 | 750,000 | 852,213 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2033 | 2,000,000 | 2,273,026 | |||||
Massachusetts Port Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2029 | 200,000 | 232,966 | |||||
Massachusetts Port Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2028 | 200,000 | 233,126 | |||||
Massachusetts Port Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2024 | 315,000 | 359,086 | |||||
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/15/2022 | 140,000 | c | 148,086 | ||||
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/15/2022 | 1,860,000 | c | 1,969,758 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 82.9% (continued) | |||||||||
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 8/15/2022 | 1,700,000 | c | 1,800,317 | ||||
Massachusetts Transportation Fund, Revenue Bonds, Ser. A | 5.00 | 6/1/2036 | 1,000,000 | 1,135,898 | |||||
Massachusetts Transportation Trust Fund Metropolitan Highway System, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2023 | 3,000,000 | 3,227,619 | |||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. C | 5.00 | 8/1/2033 | 2,500,000 | 3,032,934 | |||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. C | 5.00 | 8/1/2029 | 2,590,000 | 3,155,606 | |||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. C | 5.00 | 8/1/2028 | 1,925,000 | 2,350,601 | |||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 5.25 | 8/1/2028 | 2,000,000 | 2,623,263 | |||||
Medway, GO | 3.00 | 9/1/2031 | 500,000 | 560,379 | |||||
Medway, GO | 3.00 | 9/1/2030 | 650,000 | 730,815 | |||||
Medway, GO | 3.00 | 9/1/2032 | 700,000 | 782,739 | |||||
Metropolitan Boston Transit Parking Corp., Revenue Bonds, Refunding | 5.00 | 7/1/2041 | 2,000,000 | 2,007,874 | |||||
Minuteman Regional Vocational Technical School District, GO | 5.00 | 10/15/2026 | 915,000 | 1,129,694 | |||||
Minuteman Regional Vocational Technical School District, GO | 5.00 | 10/15/2028 | 1,055,000 | 1,287,731 | |||||
Minuteman Regional Vocational Technical School District, GO | 5.00 | 10/15/2027 | 525,000 | 644,524 | |||||
Mount Greylock Regional School District, GO, Refunding | 4.00 | 6/15/2027 | 640,000 | 705,664 | |||||
Mount Greylock Regional School District, GO, Refunding | 4.00 | 6/15/2030 | 315,000 | 346,244 | |||||
Mount Greylock Regional School District, GO, Refunding | 4.00 | 6/15/2028 | 420,000 | 461,891 | |||||
Mount Greylock Regional School District, GO, Refunding | 4.00 | 6/15/2029 | 745,000 | 818,866 | |||||
Natick, GO | 4.00 | 7/15/2033 | 3,000,000 | 3,548,922 | |||||
Natick, GO | 5.00 | 7/15/2029 | 2,000,000 | 2,501,582 | |||||
Plainville, GO | 4.00 | 10/15/2030 | 1,210,000 | 1,437,297 | |||||
Randolph, GO, Refunding | 5.00 | 9/15/2031 | 595,000 | 745,720 | |||||
Scituate, GO, Refunding | 4.00 | 10/1/2031 | 1,180,000 | 1,454,399 | |||||
Scituate, GO, Refunding | 4.00 | 10/1/2030 | 1,645,000 | 2,038,388 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 82.9% (continued) | |||||||||
Sharon, GO | 3.00 | 2/15/2033 | 2,000,000 | 2,254,560 | |||||
Shrewsbury, GO | 3.00 | 1/15/2034 | 2,160,000 | 2,462,592 | |||||
Somerville, GO, Refunding | 3.00 | 6/1/2035 | 1,125,000 | 1,271,994 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds (Green Bond) Ser. 20 | 5.00 | 2/1/2035 | 990,000 | 1,150,041 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds (Green Bond) Ser. 20 | 5.00 | 2/1/2033 | 2,300,000 | 2,670,834 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds (Green Bond) Ser. 21 | 5.00 | 8/1/2035 | 2,250,000 | 2,847,252 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding | 2.17 | 8/1/2023 | 2,500,000 | d | 2,629,333 | ||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding | 4.00 | 8/1/2032 | 1,210,000 | 1,510,639 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding, Ser. A | 5.75 | 8/1/2029 | 155,000 | 155,615 | |||||
University of Massachusetts Building Authority, Revenue Bonds, Refunding, Ser. 2020-1 | 5.00 | 11/1/2030 | 1,000,000 | 1,351,487 | |||||
University of Massachusetts Building Authority, Revenue Bonds, Refunding, Ser. 3 | 5.00 | 11/1/2034 | 2,200,000 | 2,765,202 | |||||
University of Massachusetts Building Authority, Revenue Bonds, Ser. 1 | 4.00 | 11/1/2022 | 2,500,000 | c | 2,638,087 | ||||
Waltham, GO | 3.00 | 10/15/2032 | 2,160,000 | 2,469,421 | |||||
Worcester, GO, Refunding | 4.00 | 1/15/2028 | 800,000 | 943,510 | |||||
Worcester, GO, Refunding | 4.00 | 1/15/2031 | 2,235,000 | 2,604,677 | |||||
Worcester, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 2.00 | 2/15/2033 | 2,000,000 | 2,041,567 | |||||
Worcester, GO, Refunding, Ser. A | 5.00 | 1/15/2029 | 1,690,000 | 2,022,750 | |||||
285,886,560 | |||||||||
Michigan - .1% | |||||||||
Grand Traverse County Hospital Finance Authority, Revenue Bonds, Refunding (Munson Healthcare Obligated Group) (LOC; PNC Bank NA) Ser. C | 0.02 | 7/1/2041 | 400,000 | a | 400,000 | ||||
Missouri - .1% | |||||||||
The Missouri Health & Educational Facilities Authority, Revenue Bonds (The Washington University) Ser. B | 0.02 | 2/15/2033 | 300,000 | a | 300,000 | ||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Nebraska - 1.3% | |||||||||
Central Plains Energy Project, Revenue Bonds, Refunding | 4.00 | 8/1/2025 | 3,000,000 | 3,413,993 | |||||
Lancaster County Hospital Authority No. 1, Revenue Bonds, Refunding (BryanLGH Medical Center Obligated Group) (LOC; U.S. Bank NA) Ser. B1 | 0.02 | 6/1/2031 | 100,000 | a | 100,000 | ||||
Lancaster County Hospital Authority No. 1, Revenue Bonds, Refunding (BryanLGH Medical Center Obligated Group) (LOC; U.S. Bank NA) Ser. B2 | 0.02 | 6/1/2031 | 455,000 | a | 455,000 | ||||
Saline County Hospital Authority No. 1, Revenue Bonds, Refunding (Bryan Medical Center Obligated Group) (LOC; U.S. Bank NA) Ser. C | 0.02 | 6/1/2031 | 600,000 | a | 600,000 | ||||
4,568,993 | |||||||||
New Jersey - 3.2% | |||||||||
New Jersey Economic Development Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. UU | 5.00 | 6/15/2025 | 2,000,000 | 2,281,058 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (School Facilities Construction) Ser. GGG | 5.25 | 9/1/2024 | 2,400,000 | e | 2,763,438 | ||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | 5.00 | 12/15/2026 | 1,150,000 | 1,407,869 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2031 | 875,000 | 1,095,437 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2029 | 1,375,000 | 1,741,187 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2028 | 1,375,000 | 1,756,473 | |||||
11,045,462 | |||||||||
New York - 5.8% | |||||||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A2 | 5.00 | 5/15/2024 | 2,500,000 | 2,820,018 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. C1 | 5.25 | 11/15/2031 | 2,000,000 | 2,355,445 | |||||
New York City, GO (SPA; Landesbank Hessen-Thuringen Girozentrale) Ser. A5 | 0.03 | 8/1/2044 | 400,000 | a | 400,000 | ||||
New York City, GO, Refunding, Ser. A1 | 5.00 | 8/1/2029 | 1,000,000 | 1,309,346 | |||||
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
New York - 5.8% (continued) | |||||||||
New York City, GO, Refunding, Ser. F2 | 3.24 | 8/1/2027 | 2,000,000 | 2,206,593 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 5.00 | 5/1/2033 | 2,400,000 | 3,189,502 | |||||
New York City Transitional Finance Authority, Revenue Bonds (Liquidity Agreement; Mizuho Bank, Ltd.) Ser. D3 | 0.03 | 2/1/2044 | 1,000,000 | a | 1,000,000 | ||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of America Tower) | 2.63 | 9/15/2069 | 2,675,000 | 2,763,532 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 2,250,000 | e | 2,489,966 | ||||
New York State Dormitory Authority, Revenue Bonds, Refunding (State of New York Personal Income Tax) Ser. A | 4.00 | 3/15/2037 | 1,250,000 | 1,510,981 | |||||
20,045,383 | |||||||||
Tennessee - .4% | |||||||||
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.04 | 11/1/2035 | 800,000 | a | 800,000 | ||||
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.04 | 7/1/2034 | 200,000 | a | 200,000 | ||||
Montgomery County Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.04 | 7/1/2034 | 200,000 | a | 200,000 | ||||
1,200,000 | |||||||||
Texas - 1.0% | |||||||||
Arlington Higher Education Finance Corp., Revenue Bonds (Great Hearts America) (Insured; Permanent School Fund) Ser. A | 4.00 | 8/15/2035 | 500,000 | 594,294 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds (Great Hearts America) (Insured; Permanent School Fund) Ser. A | 4.00 | 8/15/2031 | 510,000 | 611,565 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds (Riverwalk Education Foundation) (Insured; Permanent School Fund) | 4.00 | 8/15/2034 | 1,100,000 | 1,309,819 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds (Riverwalk Education Foundation) (Insured; Permanent School Fund) | 5.00 | 8/15/2032 | 620,000 | 796,321 | |||||
3,311,999 | |||||||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon
| Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
U.S. Related - .5% | |||||||||
Guam, Revenue Bonds, Ser. A | 5.00 | 1/1/2025 | 1,500,000 | 1,541,216 | |||||
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Ser. B | 5.00 | 6/22/2021 | 650,000 | f | 167,375 | ||||
1,708,591 | |||||||||
Total Investments (cost $332,176,885) | 102.0% | 351,716,987 | |||||||
Liabilities, Less Cash and Receivables | (2.0%) | (6,934,813) | |||||||
Net Assets | 100.0% | 344,782,174 | |||||||
GO—General Obligation
LIBOR—London Interbank Offered Rate
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b 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.
c 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.
d Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
e 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 May 31, 2021, these securities were valued at $5,253,404 or 1.52% of net assets.
f Non-income producing—security in default.
STATEMENT
OF INVESTMENTS
BNY Mellon Massachusetts Intermediate Municipal Bond Fund
May 31, 2021 (Unaudited)
The following is a summary of the inputs used as of May 31, 2021 in valuing the fund’s investments:
| Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 -Significant Unobservable Inputs | Total |
Assets ($) | ||||
Investments in Securities: † | ||||
Municipal Securities | − | 351,716,987 | − | 351,716,987 |
† 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 May 31, 2021, accumulated net unrealized appreciation on investments was $19,540,102, consisting of $20,124,644 gross unrealized appreciation and $584,542 gross unrealized depreciation.
At May 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.