BNY Mellon High Yield Municipal Bond Fund
STATEMENT OF INVESTMENTS
May 31, 2025 (Unaudited)

 
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Bonds and Notes — 1.2%
Collateralized Municipal-Backed Securities — 1.2%
Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2
3.63
5/20/2033
794,115
751,354
Washington Housing Finance Commission, Revenue Bonds (Sustainable
Certificates) Ser. A
3.50
12/20/2035
1,878,245
1,743,943
Total Bonds and Notes
(cost $2,960,551)
2,495,297
 
 
 
 

 
 
 
Long-Term Municipal Investments — 105.4%
Alabama — 2.4%
Black Belt Energy Gas District, Revenue Bonds, Ser. D(a)
5.00
11/1/2034
1,000,000
1,048,679
Jefferson County, Revenue Bonds, Refunding
5.50
10/1/2053
1,250,000
1,281,422
Mobile County Industrial Development Authority, Revenue Bonds (Calvert LLC
Project) Ser. B
4.75
12/1/2054
550,000
496,961
Southeast Energy Authority A Cooperative District, Revenue Bonds (Project No. 2)
Ser. B(a)
4.00
12/1/2031
1,000,000
978,390
Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. B(a)
5.25
6/1/2032
1,000,000
1,058,752
 
4,864,204
Alaska — 1.0%
Northern Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A
4.00
6/1/2050
2,500,000
2,082,960
Arizona — 8.5%
Arizona Industrial Development Authority, Revenue Bonds (Academics of Math &
Science Project)(b)
5.00
7/1/2054
1,000,000
894,202
Arizona Industrial Development Authority, Revenue Bonds (Cadence Campus
Project) Ser. A(b)
4.00
7/15/2050
1,600,000
1,268,891
Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of
Nevada) Ser. A
5.00
7/15/2049
1,675,000
1,481,210
Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project)
Ser. A(b),(c)
6.00
7/1/2051
1,000,000
30,000
Arizona Industrial Development Authority, Revenue Bonds (Legacy Cares Project)
Ser. A(b),(c)
7.75
7/1/2050
2,725,000
81,750
Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond)
(Equitable Schools) Ser. A
5.25
11/1/2053
1,000,000
995,508
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun
Health Services Obligated Group) Ser. A
5.00
11/15/2054
1,500,000
1,368,396
La Paz County Industrial Development Authority, Revenue Bonds (Harmony
Public Schools) Ser. A(b)
5.00
2/15/2036
1,000,000
1,000,180
La Paz County Industrial Development Authority, Revenue Bonds (Harmony
Public Schools) Ser. A
5.00
2/15/2048
1,600,000
1,450,459
Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin
Franklin Charter School Obligated Group)(b)
6.00
7/1/2038
2,250,000
2,305,458
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding
(Legacy Traditional Schools Project)(b)
5.00
7/1/2049
700,000
649,580
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding
(Legacy Traditional Schools Project)(b)
5.00
7/1/2054
1,000,000
907,387
Sierra Vista Industrial Development Authority, Revenue Bonds (American
Leadership Academy Project)(b)
5.00
6/15/2054
1,000,000
908,723
3
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 105.4% (continued)
Arizona — 8.5% (continued)
Tempe Industrial Development Authority, Revenue Bonds, Refunding (Friendship
Village of Tempe) Ser. A
4.00
12/1/2046
2,000,000
1,651,229
The Phoenix Arizona Industrial Development Authority, Revenue Bonds,
Refunding (BASIS Schools Projects) Ser. A(b)
5.00
7/1/2046
2,250,000
2,123,081
 
17,116,054
Arkansas — 1.3%
Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond)
(U.S. Steel Corp.)
5.70
5/1/2053
2,650,000
2,680,376
California — 6.8%
California County Tobacco Securitization Agency, Revenue Bonds, Refunding (Los
Angeles County Securitization Corp.) Ser. A
4.00
6/1/2049
1,805,000
1,534,170
California Municipal Finance Authority, Revenue Bonds, Refunding (William
Jessup University)(b)
5.00
8/1/2039
140,000
116,372
California Statewide Communities Development Authority, Revenue Bonds
(California Baptist University) Ser. A(b)
6.38
11/1/2043
2,000,000
2,003,022
California Statewide Communities Development Authority, Revenue Bonds (Loma
Linda University Medical Center Obligated Group) Ser. A(b)
5.25
12/1/2056
1,000,000
971,013
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. B2(d)
0.00
6/1/2066
23,000,000
2,477,139
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. E
5.00
7/1/2034
1,050,000
1,145,202
Orange County Community Facilities District, Special Tax Bonds, Ser. A
5.00
8/15/2052
1,500,000
1,507,215
Tender Option Bond Trust Receipts (Series 2022-XF3024), (San Francisco City &
County, Revenue Bonds, Refunding, Ser. A) Recourse, Underlying Coupon Rate
5.00%(b),(e),(f)
9.89
5/1/2044
4,000,000
3,985,175
 
13,739,308
Colorado — 5.5%
Canyons Metropolitan District No. 5, GO, Refunding (Insured; Build America
Mutual) Ser. A
5.00
12/1/2038
350,000
368,581
Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement
Communities & Services Obligated Group)
5.00
12/1/2048
1,500,000
1,457,372
Denver International Business Center Metropolitan District No.1, GO
6.00
12/1/2048
1,000,000
1,002,872
Dominion Water & Sanitation District, Revenue Bonds, Refunding
5.88
12/1/2052
2,750,000
2,754,466
Hess Ranch Metropolitan District No. 6, GO, Ser. A1
5.00
12/1/2049
1,500,000
1,321,379
Rampart Range Metropolitan District No. 5, Revenue Bonds
4.00
12/1/2051
2,000,000
1,567,215
Tender Option Bond Trust Receipts (Series 2020-XM0829), (Colorado Health
Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health
Obligated Group) Ser. A1) Recourse, Underlying Coupon Rate 4.00%(b),(e),(f)
8.89
8/1/2044
2,200,000
2,308,403
Vauxmont Metropolitan District, GO, Refunding (Insured; Assured Guaranty
Municipal Corp.)
3.25
12/15/2050
515,000
383,627
 
11,163,915
Connecticut — 1.5%
Harbor Point Infrastructure Improvement District, Tax Allocation Bonds,
Refunding (Harbor Point Project)(b)
5.00
4/1/2039
1,500,000
1,502,948
Stamford Housing Authority, Revenue Bonds (Mozaic Concierge Living Project)
Ser. A
6.38
10/1/2045
1,450,000
1,451,023
 
2,953,971
District of Columbia — 3.1%
District of Columbia, Revenue Bonds (Ingleside Rock Creek Project) Ser. A
5.00
7/1/2052
2,000,000
1,733,880
District of Columbia, Revenue Bonds, Refunding (The Catholic University Of
America) Ser. A
5.75
10/1/2055
1,000,000
1,023,849
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding
(Dulles Metrorail) Ser. B
4.00
10/1/2049
4,090,000
3,479,239
 
6,236,968
4
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 105.4% (continued)
Florida — 3.5%
Greater Orlando Aviation Authority, Revenue Bonds, Ser. A
4.00
10/1/2049
2,280,000
1,948,053
Palm Beach County Health Facilities Authority, Revenue Bonds (Lifespace
Communities) Ser. B
4.00
5/15/2053
1,400,000
1,096,953
Pinellas County Industrial Development Authority, Revenue Bonds (Foundation
for Global Understanding)
5.00
7/1/2039
1,000,000
968,253
Seminole County Industrial Development Authority, Revenue Bonds, Refunding
(Legacy Pointe at UCF Project)
5.75
11/15/2054
2,000,000
1,869,260
St. Johns County Industrial Development Authority, Revenue Bonds, Refunding
(Vicar’s Landing Project)
4.00
12/15/2041
500,000
408,723
St. Johns County Industrial Development Authority, Revenue Bonds, Refunding
(Vicar’s Landing Project)
4.00
12/15/2046
1,000,000
758,991
 
7,050,233
Georgia — 3.5%
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units
3&4 Project) Ser. A
5.00
7/1/2052
1,225,000
1,223,384
Main Street Natural Gas, Revenue Bonds, Ser. D(a)
5.00
4/1/2031
1,000,000
1,046,614
Tender Option Bond Trust Receipts (Series 2020-XM0825), (Brookhaven
Development Authority, Revenue Bonds (Children’s Healthcare of Atlanta) Ser.
A) Recourse, Underlying Coupon Rate 4.00%(b),(e),(f)
7.52
7/1/2044
3,180,000
3,038,232
Tender Option Bond Trust Receipts (Series 2023-XF3183), (Municipal Electric
Authority of Georgia, Revenue Bonds (Plant Vogtle Units 3&4 Project) Ser. A)
Recourse, Underlying Coupon Rate 5.00%(b),(e),(f)
9.52
1/1/2059
1,850,000
1,795,859
 
7,104,089
Illinois — 7.3%
Chicago, GO, Ser. A
5.00
1/1/2045
1,000,000
949,413
Chicago, GO, Refunding, Ser. A
6.00
1/1/2038
700,000
712,547
Chicago Board of Education, GO, Ser. A
5.00
12/1/2047
1,500,000
1,389,499
Chicago Board of Education, GO, Ser. D
5.00
12/1/2046
1,000,000
910,616
Chicago Board of Education, GO, Ser. H
5.00
12/1/2036
2,000,000
1,942,526
Chicago Board of Education, GO, Refunding, Ser. A
5.00
12/1/2033
1,000,000
1,002,904
Chicago Board of Education, GO, Refunding, Ser. B
5.00
12/1/2033
500,000
503,226
Illinois, Revenue Bonds, Ser. C
5.00
6/15/2045
1,500,000
1,512,144
Illinois Finance Authority, Revenue Bonds, Refunding (Rosalind Franklin
University of Medicine & Science)
5.00
8/1/2036
1,075,000
1,086,035
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick
Place Expansion Project)
5.00
6/15/2050
1,000,000
970,809
Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America
Mutual)
4.00
10/1/2043
1,000,000
890,484
Tender Option Bond Trust Receipts (Series 2023-XF1623), (Regional
Transportation Authority Illinois, Revenue Bonds, Ser. B) Non-Recourse,
Underlying Coupon Rate 4.00%(b),(e),(f)
4.86
6/1/2048
1,625,000
1,388,281
The Illinois Sports Facilities Authority, Revenue Bonds, Refunding (Insured; Build
America Mutual)
5.00
6/15/2030
1,500,000
1,574,143
 
14,832,627
Indiana — .3%
Indiana Finance Authority, Revenue Bonds (Sustainable Bond)(b),(c)
7.00
3/1/2039
3,325,000
512,206
Iowa — .6%
Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities
Obligated Group) Ser. A
4.00
5/15/2046
1,500,000
1,245,390
Louisiana — .8%
Louisiana Public Facilities Authority, Revenue Bonds (I-10 Calcasieu River Bridge
Public-Private Partnership Project)
5.75
9/1/2064
1,480,000
1,527,682
5
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 105.4% (continued)
Maryland — 1.2%
Maryland Economic Development Corp., Revenue Bonds (Sustainable Bond)
(Purple Line Transit Partners) Ser. B
5.25
6/30/2055
2,375,000
2,324,482
Massachusetts — .8%
Lowell Collegiate Charter School, Revenue Bonds
5.00
6/15/2049
1,750,000
1,643,736
Michigan — 2.9%
Detroit, GO, Ser. C
6.00
5/1/2043
500,000
540,223
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding
(Catalyst Development Project)
5.00
7/1/2048
2,500,000
2,519,666
Detroit Regional Convention Facility Authority, Revenue Bonds, Refunding, Ser. C
5.00
10/1/2039
1,100,000
1,143,957
Michigan Tobacco Settlement Finance Authority, Revenue Bonds, Refunding, Ser.
C(d)
0.00
6/1/2058
56,880,000
1,659,713
 
5,863,559
Minnesota — .4%
Woodbury, Revenue Bonds, Refunding (Math & Science Academy)(b)
5.50
6/1/2063
1,000,000
909,840
Missouri — 2.4%
Missouri Health & Educational Facilities Authority, Revenue Bonds (Lutheran
Senior Services Projects) Ser. A
5.00
2/1/2036
1,000,000
1,000,936
Missouri Health & Educational Facilities Authority, Revenue Bonds (Lutheran
Senior Services Projects) Ser. A
5.00
2/1/2042
1,000,000
992,580
The St. Louis Missouri Industrial Development Authority, Revenue Bonds,
Refunding (Ballpark Village Development Project) Ser. A
4.75
11/15/2047
2,500,000
2,119,933
The St. Louis Missouri Industrial Development Authority, Tax Allocation Bonds (St.
Louis Innovation District Project)
4.38
5/15/2036
845,000
794,770
 
4,908,219
Nevada — 1.3%
North Las Vegas, Special Assessment Bonds (Valley Vista Special Improvement
District)
4.63
6/1/2043
455,000
413,083
North Las Vegas, Special Assessment Bonds (Valley Vista Special Improvement
District)
4.63
6/1/2049
925,000
813,913
Reno, Revenue Bonds, Refunding, Ser. D(b),(d)
0.00
7/1/2058
13,000,000
1,487,702
 
2,714,698
New Hampshire — .4%
New Hampshire Business Finance Authority, Revenue Bonds, Refunding
(Springpoint Senior Living Obligated Group)
4.00
1/1/2041
1,000,000
851,873
New Jersey — 1.8%
New Jersey Economic Development Authority, Revenue Bonds  (Repauno Port &
Rail Terminal Project)(b)
6.63
1/1/2045
625,000
633,885
New Jersey Economic Development Authority, Revenue Bonds (Beloved
Community Charter School Project) Ser. A(b)
5.00
6/15/2039
825,000
812,914
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A
5.25
6/1/2046
350,000
351,442
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. B
5.00
6/1/2046
1,845,000
1,771,253
 
3,569,494
New York — 8.0%
New York Convention Center Development Corp., Revenue Bonds (Hotel Unit Fee)
Ser. B(d)
0.00
11/15/2042
10,815,000
4,301,889
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines)
4.38
10/1/2045
2,000,000
1,773,607
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines)
5.00
1/1/2032
1,000,000
1,009,925
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport
Terminal B Redevelopment Project) Ser. A
5.00
7/1/2046
2,000,000
1,946,564
New York Transportation Development Corp., Revenue Bonds (Sustainable Bond)
(JFK International Airport Terminal One Project) (Insured; Assured Guaranty
Municipal Corp.)
5.13
6/30/2060
1,000,000
990,561
6
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 105.4% (continued)
New York — 8.0% (continued)
Tender Option Bond Trust Receipts (Series 2022-XM1004), (Metropolitan
Transportation Authority, Revenue Bonds, Refunding (Sustainable Bond)
(Insured; Assured Guaranty Municipal Corp.) Ser. C) Non-Recourse, Underlying
Coupon Rate 4.00%(b),(e),(f)
4.37
11/15/2047
3,000,000
2,558,885
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1
4.13
5/15/2064
2,500,000
2,062,902
Westchester County Local Development Corp., Revenue Bonds, Refunding
(Purchase Senior Learning Community Obligated Group)(b)
5.00
7/1/2046
1,700,000
1,550,499
 
16,194,832
North Carolina — 1.9%
North Carolina Medical Care Commission, Revenue Bonds, Refunding (Lutheran
Services for the Aging Obligated Group)
4.00
3/1/2051
4,000,000
3,088,763
North Carolina Turnpike Authority, Revenue Bonds (Insured; Assured Guaranty
Municipal Corp.)
4.00
1/1/2055
1,000,000
848,640
 
3,937,403
Ohio — 3.7%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser.
B2
5.00
6/1/2055
3,850,000
3,336,366
Centerville, Revenue Bonds, Refunding (Graceworks Lutheran Services Obligated
Group)
5.25
11/1/2047
1,200,000
1,060,636
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System)
5.00
2/15/2052
1,000,000
917,463
Franklin County Convention Facilities Authority, Revenue Bonds (GRTR Columbus
Convention Center)
5.00
12/1/2044
1,250,000
1,169,067
Port of Greater Cincinnati Development Authority, Revenue Bonds, Refunding
(Duke Energy Co.) (Insured; Assured Guaranty Municipal Corp.) Ser. B
4.38
12/1/2058
1,000,000
896,904
 
7,380,436
Oklahoma — 1.2%
Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine Project)
Ser. B
5.50
8/15/2057
1,500,000
1,465,919
Tulsa County Industrial Authority, Revenue Bonds, Refunding (Montereau Project)
5.25
11/15/2037
1,000,000
1,003,497
 
2,469,416
Oregon — 1.1%
Clackamas County Hospital Facility Authority, Revenue Bonds, Refunding
(Willamette View Obligated Group) Ser. A
5.00
11/15/2047
1,500,000
1,375,391
Salem Hospital Facility Authority, Revenue Bonds, Refunding (Capital Manor
Project)
4.00
5/15/2047
1,000,000
801,962
 
2,177,353
Pennsylvania — 3.9%
Allentown Neighborhood Improvement Zone Development Authority, Revenue
Bonds (City Center Project)(b)
5.00
5/1/2042
1,500,000
1,446,249
Chester County Industrial Development Authority, Special Assessment Bonds
(Woodlands at Graystone Project)(b)
5.13
3/1/2048
741,000
671,677
Lancaster County Hospital Authority, Revenue Bonds, Refunding (Brethren Village
Project)
5.25
7/1/2041
1,000,000
951,852
Lancaster Industrial Development Authority, Revenue Bonds, Refunding (Landis
Homes Obligated Group)
4.00
7/1/2051
1,500,000
1,164,845
Luzerne County Industrial Development Authority, Revenue Bonds, Refunding
(Pennsylvania-American Water Co.)(a)
2.45
12/3/2029
2,270,000
2,007,647
Pennsylvania Economic Development Financing Authority, Revenue Bonds
(Sustainable Bond) (Covanta Project)(b)
3.25
8/1/2039
850,000
673,309
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding
(University of Sciences in Philadephia)
5.00
11/1/2033
1,000,000
1,001,275
 
7,916,854
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 105.4% (continued)
Rhode Island — .6%
Rhode Island Student Loan Authority, Revenue Bonds, Ser. A
5.00
12/1/2030
1,175,000
1,222,464
South Dakota — 1.2%
Tender Option Bond Trust Receipts (Series 2022-XF1409), (South Dakota Health
& Educational Facilities Authority, Revenue Bonds, Refunding (Avera Health
Obligated Group)) Non-Recourse, Underlying Coupon Rate 5.00%(b),(e),(f)
9.91
7/1/2046
2,400,000
2,369,950
Texas — 9.3%
Arlington Higher Education Finance Corp., Revenue Bonds (BASIS Texas Charter
Schools)(b)
4.88
6/15/2059
1,220,000
1,083,874
Arlington Higher Education Finance Corp., Revenue Bonds (Riverwalk Education
Foundation, Inc.) (Insured; Permanent School Fund Guaranteed)
4.50
8/15/2060
1,000,000
932,614
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift
Education) Ser. A
5.00
12/1/2046
1,100,000
1,023,289
Brazos Higher Education Authority, Revenue Bonds, Ser. 1A
5.00
4/1/2027
1,210,000
1,236,414
Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership
of Texas) Ser. A
5.75
8/15/2045
1,500,000
1,498,739
Fort Bend County, Revenue Bonds, Refunding (Insured; Assured Guaranty
Municipal Corp.)
4.25
3/1/2049
1,250,000
1,113,533
Houston Airport System, Revenue Bonds (United Airlines) Ser. B
5.50
7/15/2038
1,000,000
1,028,810
Houston Airport System, Revenue Bonds, Refunding (Insured; Assured Guaranty
Municipal Corp.) Ser. B
4.25
7/1/2053
1,300,000
1,166,251
Houston Airport System, Revenue Bonds, Refunding (United Airlines) Ser. A
6.50
7/15/2030
1,500,000
1,503,791
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline
Project)(b)
4.63
10/1/2031
1,250,000
1,248,634
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding
(Westminster Manor Project)
4.00
11/1/2049
1,250,000
1,032,488
Port of Beaumont Navigation District, Revenue Bonds (Jefferson Gulf Coast
Energy)(b)
3.00
1/1/2050
1,750,000
1,129,292
San Antonio Education Facilities Corp., Revenue Bonds, Refunding (University of
the Incarnate Word)
4.00
4/1/2051
1,750,000
1,318,268
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (NTE
Mobility Partners LLC North Tarrant Express Project)
5.50
12/31/2058
2,000,000
2,050,278
Waxahachie Independent School District, GO (Insured; Permanent School Fund
Guarantee Program)
4.25
2/15/2053
1,500,000
1,362,048
 
18,728,323
U.S. Related — 2.5%
Puerto Rico, GO, Ser. A(d)
0.00
7/1/2033
373,154
252,929
Puerto Rico, GO, Ser. A1
4.00
7/1/2033
289,963
278,978
Puerto Rico, GO, Ser. A1
4.00
7/1/2035
260,638
246,212
Puerto Rico, GO, Ser. A1
4.00
7/1/2037
223,696
206,761
Puerto Rico, GO, Ser. A1
4.00
7/1/2041
304,141
260,775
Puerto Rico, GO, Ser. A1
4.00
7/1/2046
316,303
260,155
Puerto Rico, GO, Ser. A1
5.63
7/1/2027
320,013
328,501
Puerto Rico, GO, Ser. A1
5.75
7/1/2031
305,783
327,383
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1(d)
0.00
7/1/2033
4,031,000
2,857,089
 
5,018,783
Virginia — 2.8%
Virginia College Building Authority, Revenue Bonds (Sustainable Bond)
(Marymount University Project)(b)
5.00
7/1/2045
500,000
383,670
Virginia College Building Authority, Revenue Bonds, Refunding (Marymount
University Project) Ser. A(b)
5.00
7/1/2045
1,000,000
767,339
8
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 105.4% (continued)
Virginia — 2.8% (continued)
Virginia Small Business Financing Authority, Revenue Bonds (Sustainable Bond)
(Covanta Project)(a),(b)
5.00
7/1/2038
750,000
721,341
Virginia Small Business Financing Authority, Revenue Bonds, Refunding
(95 Express Lanes)
4.00
1/1/2048
4,500,000
3,718,740
 
5,591,090
Washington — 4.5%
Tender Option Bond Trust Receipts (Series 2024-XF1730), (Port of Seattle
Washington, Revenue Bonds, Refunding (Intermediate Lien) Ser. 2024A) Non-
Recourse, Underlying Coupon Rate 5.25%(b),(e),(f)
10.61
7/1/2049
3,500,000
3,528,731
Washington Convention Center Public Facilities District, Revenue Bonds
(Sustainable Bond) Ser. B
4.00
7/1/2058
4,000,000
3,019,825
Washington Housing Finance Commission, Revenue Bonds, Refunding
(Presbyterian Retirement Communities Northwest Obligated Group) Ser. A(b)
5.00
1/1/2046
1,680,000
1,499,788
Washington Housing Finance Commission, Revenue Bonds, Refunding
(Presbyterian Retirement Communities Northwest Obligated Group) Ser. A(b)
5.00
1/1/2051
1,120,000
974,295
 
9,022,639
West Virginia — .5%
West Virginia Economic Development Authority, Revenue Bonds (Commercial
Metals Company Project)(a)
4.63
5/15/2032
1,040,000
1,034,663
Wisconsin — 6.9%
Public Finance Authority, Revenue Bonds (Appalachian State University Project)
(Insured; Assured Guaranty Municipal Corp.) Ser. A
4.00
7/1/2045
1,850,000
1,657,328
Public Finance Authority, Revenue Bonds (Astro Texas Land Project)
5.50
12/15/2028
500,000
500,000
Public Finance Authority, Revenue Bonds (Kahala Nui Project)
5.00
11/15/2042
755,000
769,806
Public Finance Authority, Revenue Bonds (Southminster Obligated Group)(b)
5.00
10/1/2043
2,000,000
1,879,575
Public Finance Authority, Revenue Bonds (WFCS Portfolio Projects) Ser. A1(b)
5.00
1/1/2056
1,000,000
858,955
Public Finance Authority, Revenue Bonds (Wonderful Foundation Charter) Ser.
A1(b)
5.00
1/1/2055
2,000,000
1,719,961
Public Finance Authority, Revenue Bonds, Ser. 1
5.75
7/1/2062
1,189,671
1,192,526
Public Finance Authority, Revenue Bonds, Refunding (Lindenwood Education
System) Ser. A(b)
5.50
6/1/2040
1,000,000
1,005,379
Public Finance Authority, Revenue Bonds, Refunding (Mary’s Woods At
Marylhurst Obligated Group)(b)
5.25
5/15/2037
625,000
625,265
Public Finance Authority, Revenue Bonds, Refunding (Roseman University of
Health Sciences)(b)
5.00
4/1/2050
1,750,000
1,584,776
Public Finance Authority, Revenue Bonds, Refunding (Triad Educational Services,
Inc.)
5.25
6/15/2065
1,000,000
933,292
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding
(St. Camillus Health System Obligated Group)
5.00
11/1/2046
1,250,000
1,107,875
 
13,834,738
Total Long-Term Municipal Investments
(cost $241,635,184)
212,794,828
Total Investments (cost $244,595,735)
 
    106.6%
215,290,125
Liabilities, Less Cash and Receivables
 
     (6.6%)
(13,365,895)
Net Assets
    100.0%
201,924,230
 
GO—Government Obligation
 
(a)
 These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
(b)
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, 2025, these securities amounted to $59,916,548 or 29.7% of net assets.
(c)
Non-income producing—security in default.
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
(d)
Security issued with a zero coupon. Income is recognized through the accretion of discount.
(e)
The Variable Rate is 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.
(f)
Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.
See notes to statement of investments.
10
Statement of Investments
BNY Mellon High Yield Municipal Bond Fund

May 31, 2025 (Unaudited)
The following is a summary of the inputs used as of May 31, 2025 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:†
Collateralized Municipal-Backed Securities
—
2,495,297
—
2,495,297
Municipal Securities
—
212,794,828
—
212,794,828
 
—
215,290,125
—
215,290,125
Liabilities ($)
Other Financial Instruments:
Inverse Floater Notes††
—
(15,325,000)
—
(15,325,000)
 
—
(15,325,000)
—
(15,325,000)
 
†
See Statement of Investments for additional detailed categorizations, if any.
††
Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.
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The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“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:
The Company’s Board of Directors (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.
Investments in municipal securities are valued each business day by an independent pricing service (the “Service”) approved by 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). Municipal 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. The Service is engaged under the general oversight of the Board. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
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.
Inverse Floater Securities:  The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on
12
a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.
The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.
At May 31, 2025, accumulated net unrealized depreciation on investments was $29,305,610, consisting of $1,649,423 gross unrealized appreciation and $30,955,033 gross unrealized depreciation.
At May 31, 2025, 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.
13