BNY Mellon Opportunistic Municipal Securities Fund
STATEMENT OF INVESTMENTS
July 31, 2025 (Unaudited)
 
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Bonds and Notes — .4%
Collateralized Municipal-Backed Securities — .4%
Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2
3.63
5/20/2033
830,540
799,477
Washington Housing Finance Commission, Revenue Bonds (Sustainable
Certificates) Ser. A
3.50
12/20/2035
936,349
880,042
Total Bonds and Notes
(cost $1,952,977)
1,679,519
 
 
 
 
 
 
 
Long-Term Municipal Investments — 100.3%
Alabama — 3.5%
Baldwin County Industrial Development Authority, Revenue Bonds (Novelis
Corporation Project) Ser. A(a),(b)
5.00
6/1/2032
1,000,000
998,697
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B
5.00
7/1/2043
2,300,000
2,285,519
Black Belt Energy Gas District, Revenue Bonds, Ser. D(a)
5.00
11/1/2034
1,850,000
1,947,362
Black Belt Energy Gas District, Revenue Bonds, Refunding, Ser. D1(a)
4.00
6/1/2027
1,000,000
1,010,566
Jefferson County, Revenue Bonds, Refunding
5.50
10/1/2053
4,250,000
4,318,821
Mobile County Industrial Development Authority, Revenue Bonds (Calvert LLC
Project) Ser. B
4.75
12/1/2054
1,000,000
874,546
Selma Industrial Development Board, Revenue Bonds, Refunding (International
Paper Co.) Ser. A
4.20
5/1/2034
1,500,000
1,497,269
University of Alabama at Birmingham, Revenue Bonds (Board of Trustees) Ser. B
4.00
10/1/2035
2,000,000
2,005,451
 
14,938,231
Arizona — 3.8%
Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond)
(Equitable School Revolving Fund Obligated Group) Ser. A
4.00
11/1/2038
3,065,000
2,817,194
Arizona Industrial Development Authority, Revenue Bonds (Sustainable Bond)
(Equitable School Revolving Fund Obligated Group) Ser. A
5.25
11/1/2048
2,000,000
1,966,361
Arizona Industrial Development Authority, Revenue Bonds, Refunding (BASIS
Schools Projects) Ser. A(b)
5.38
7/1/2050
2,500,000
2,385,608
Glendale Industrial Development Authority, Revenue Bonds, Refunding (Sun
Health Services Obligated Group) Ser. A
5.00
11/15/2054
1,500,000
1,380,714
La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public
Schools) Ser. A(b)
5.00
2/15/2046
2,000,000
1,806,190
La Paz County Industrial Development Authority, Revenue Bonds (Harmony Public
Schools) Ser. A
5.00
2/15/2048
1,000,000
888,864
Maricopa County Industrial Development Authority, Revenue Bonds (Banner
Health Obligated Group) Ser. A
5.00
1/1/2041
1,175,000
1,188,421
Maricopa County Industrial Development Authority, Revenue Bonds (Benjamin
Franklin Charter School Obligated Group)(b)
6.00
7/1/2038
2,750,000
2,806,499
The Phoenix Arizona Industrial Development Authority, Revenue Bonds,
Refunding (BASIS Schools Projects) Ser. A(b)
5.00
7/1/2046
1,000,000
921,981
 
16,161,832
Arkansas — 1.1%
Arkansas Development Finance Authority, Revenue Bonds (Sustainable Bond)
(U.S. Steel Corp.)
5.70
5/1/2053
4,800,000
4,818,761
California — 5.6%
Alameda Corridor Transportation Authority, Revenue Bonds (Insured; Assured
Guaranty Municipal Corp.) Ser. C
5.00
10/1/2052
2,500,000
2,504,477
California, GO, Refunding
5.25
9/1/2047
1,000,000
1,041,457
California Community Choice Financing Authority, Revenue Bonds Ser. D(a)
5.00
7/1/2034
2,500,000
2,605,816
3
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
California — 5.6% (continued)
California Community Choice Financing Authority, Revenue Bonds (Sustainable
Bond) (Clean Energy Project) Ser. D(a)
5.00
9/1/2032
1,000,000
1,064,712
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser.
A
4.00
6/1/2040
400,000
364,709
California Health Facilities Financing Authority, Revenue Bonds, Refunding
(Providence St. Joseph Health Obligated Group) Ser. C(a)
5.25
10/1/2035
1,000,000
1,098,284
California Housing Finance Agency, Revenue Bonds,
3.50
11/20/2035
1,399,302
1,306,428
California Municipal Finance Authority, Revenue Bonds (United Airlines Project)
4.00
7/15/2029
3,675,000
3,612,943
California Municipal Finance Authority, Revenue Bonds, Refunding (HumanGood
California Obligated Group) Ser. A
5.00
10/1/2044
1,000,000
967,862
California Municipal Finance Authority, Revenue Bonds, Refunding, Ser. A(b)
5.38
11/1/2045
775,000
766,781
California Municipal Finance Authority, Revenue Bonds, Refunding, Ser. A(b)
5.63
11/1/2054
500,000
494,296
California University, Revenue Bonds, Refunding, Ser. B2(a)
0.55
11/1/2026
1,000,000
964,628
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. E
5.00
7/1/2034
2,175,000
2,419,650
San Diego County Regional Airport Authority, Revenue Bonds Ser. B
5.50
7/1/2055
1,000,000
1,032,875
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B
4.00
7/1/2046
1,750,000
1,505,307
Southern California Public Power Authority, Revenue Bonds (Insured; Build
America Mutual) Ser. 1
5.25
7/1/2050
2,000,000
2,055,450
 
23,805,675
Colorado — 2.7%
Canyons Metropolitan District No. 5, GO, Refunding (Insured; Build America
Mutual) Ser. A
5.00
12/1/2040
600,000
618,532
Colorado Health Facilities Authority, Revenue Bonds (Covenant Retirement
Communities)
5.00
12/1/2043
2,955,000
2,853,827
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Intermountain
Healthcare Obligated Group) Ser. A
4.00
5/15/2052
2,000,000
1,678,903
Colorado Health Facilities Authority, Revenue Bonds, Refunding (School Health
System) Ser. A
4.00
1/1/2036
2,000,000
1,984,835
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A
5.50
11/15/2053
3,000,000
3,071,961
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit
Partners) Ser. A
5.00
1/15/2031
950,000
1,014,657
 
11,222,715
Connecticut — .2%
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding
(Fairfield University) Ser. T
4.00
7/1/2055
1,000,000
798,347
Delaware — .2%
Delaware Economic Development Authority, Revenue Bonds (ACTS Retirement-
Life Communities Obligated Group) Ser. B
5.25
11/15/2053
1,000,000
960,949
District of Columbia — 2.3%
District of Columbia, Revenue Bonds, Ser. A
5.50
7/1/2047
3,000,000
3,121,447
District of Columbia, Revenue Bonds, Refunding (The Catholic University Of
America) Ser. A
5.75
10/1/2055
1,000,000
1,024,396
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding
5.00
10/1/2035
1,500,000
1,525,383
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding
(Dulles Metrorail) Ser. B
4.00
10/1/2049
2,500,000
2,074,357
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A
5.00
10/1/2035
1,000,000
1,006,552
Washington Metropolitan Area Transit Authority, Revenue Bonds (Sustainable
Bond) Ser. A
4.13
7/15/2047
1,000,000
884,390
 
9,636,525
Florida — 4.8%
Broward County Airport System, Revenue Bonds
5.00
10/1/2037
1,560,000
1,569,426
4
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
Florida — 4.8% (continued)
Florida Development Finance Corp., Revenue Bonds, Refunding (Insured; Assured
Guaranty Municipal Corp.)
5.25
7/1/2053
2,410,000
2,307,727
Florida Local Government Finance Commission, Revenue Bonds Ser. A(b)
5.50
6/15/2040
2,300,000
2,295,960
Florida Municipal Power Agency, Revenue Bonds, Ser. A
3.00
10/1/2032
1,000,000
954,874
Hillsborough County Aviation Authority, Revenue Bonds (Tampa International
Airport)
5.00
10/1/2034
1,000,000
1,053,386
Jacksonville, Revenue Bonds, Refunding (Brooks Rehabilitation Project)
4.00
11/1/2045
1,500,000
1,271,319
Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding
5.00
2/1/2033
1,000,000
1,000,379
Miami Beach Stormwater, Revenue Bonds, Refunding
5.00
9/1/2047
2,500,000
2,519,961
Mid-Bay Bridge Authority, Revenue Bonds, Refunding, Ser. A
5.00
10/1/2040
1,000,000
1,003,494
Orange County Health Facilities Authority, Revenue Bonds (Orlando Health
Obligated Group) Ser. A
5.00
10/1/2053
2,000,000
1,946,614
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist
Health South Florida Obligated Group)
4.00
8/15/2049
3,305,000
2,693,086
Village Community Development District No. 15, Special Assessment Bonds(b)
5.25
5/1/2054
1,500,000
1,448,281
 
20,064,507
Georgia — 2.6%
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units
3&4 Project)
5.00
1/1/2037
1,100,000
1,130,088
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units
3&4 Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A
5.00
7/1/2055
1,000,000
994,819
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Insured; Build
America Mutual) Ser. A
5.25
1/1/2054
1,995,000
2,035,417
Georgia Ports Authority, Revenue Bonds
4.00
7/1/2052
1,250,000
1,066,365
Main Street Natural Gas, Inc., Revenue Bonds, Ser. B(a)
5.00
6/1/2029
2,000,000
2,087,250
Main Street Natural Gas, Inc., Revenue Bonds, Ser. C(a)
4.00
9/1/2026
1,250,000
1,252,943
Main Street Natural Gas, Inc., Revenue Bonds, Ser. E(a)
5.00
12/1/2032
2,500,000
2,626,029
 
11,192,911
Illinois — 6.6%
Chicago, GO Ser. A
6.00
1/1/2050
1,000,000
1,022,426
Chicago, GO (Housing And Economic Development Projects) Ser. F
6.00
1/1/2055
1,500,000
1,529,418
Chicago, GO, Ser. A
5.00
1/1/2045
1,500,000
1,410,674
Chicago Board of Education, GO, Ser. A
6.00
12/1/2049
1,000,000
1,022,338
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal
Corp.) Ser. A
5.00
12/1/2033
1,000,000
1,023,286
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal
Corp.) Ser. C
5.00
12/1/2030
1,500,000
1,560,819
Chicago Board of Education, Revenue Bonds
5.00
4/1/2042
1,000,000
986,659
Chicago O’Hare International Airport, Revenue Bonds, Ser. A
5.50
1/1/2055
1,500,000
1,512,543
Chicago Park District, GO, Refunding, Ser. C
5.00
1/1/2039
1,150,000
1,193,177
Chicago Wastewater, Revenue Bonds, Refunding (Insured; Build America Mutual)
Ser. A
5.00
1/1/2044
1,500,000
1,523,146
Chicago Waterworks, Revenue Bonds, Refunding, Ser. A
5.00
11/1/2039
1,750,000
1,826,263
Illinois, GO, Refunding, Ser. D
4.00
7/1/2037
1,750,000
1,651,363
Illinois, Revenue Bonds, Ser. C
5.00
6/15/2045
2,000,000
2,001,652
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System
Obligated Group) Ser. A
5.00
11/15/2045
665,000
644,512
Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago)
Ser. A
4.00
4/1/2050
3,760,000
3,143,747
Illinois Housing Development Authority, Revenue Bonds (Sustainable Bond)
(Insured; GNMA, FNMA, FHLMC) Ser. A
3.00
4/1/2051
1,185,000
1,172,982
5
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
Illinois — 6.6% (continued)
Metropolitan Water Reclamation District of Greater Chicago, GO (Sustainable
Bond) Ser. A
5.00
12/1/2044
1,000,000
1,030,186
Northern Illinois University, Revenue Bonds, Refunding (Insured; Build America
Mutual) Ser. B
4.00
4/1/2040
1,475,000
1,329,672
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A
4.00
1/1/2038
1,000,000
945,782
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A
4.00
1/1/2039
1,350,000
1,251,710
 
27,782,355
Indiana — .5%
Indiana Finance Authority, Revenue Bonds, Refunding (CWA Authority Project)
Ser. 1
4.00
10/1/2036
1,980,000
1,986,003
Iowa — 2.0%
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project)(c)
5.00
12/1/2032
1,000,000
1,129,353
Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities
Obligated Group) Ser. B
7.25
5/15/2038
2,000,000
2,243,134
Iowa Student Loan Liquidity Corp., Revenue Bonds, Ser. B
5.00
12/1/2030
1,500,000
1,579,098
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2
4.00
6/1/2049
2,000,000
1,650,329
PEFA, Inc., Revenue Bonds (Gas Project)(a)
5.00
9/1/2026
2,000,000
2,021,114
 
8,623,028
Kentucky — 1.1%
Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. A1(a)
5.25
2/1/2032
4,500,000
4,826,649
Louisiana — 2.2%
Ernest N. Morial New Orleans Exhibition Hall Authority, Special Tax Bonds
5.50
7/15/2054
2,000,000
2,053,610
Louisiana Public Facilities Authority, Revenue Bonds (Calcasieu Bridge Partners)
5.50
9/1/2059
2,500,000
2,490,927
Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Ochsner Clinic
Foundation Obligated Group) Ser. A
5.50
5/15/2050
1,335,000
1,362,922
New Orleans Aviation Board, Revenue Bonds, Refunding (Insured; Assured
Guaranty Municipal Corp.)
5.00
1/1/2036
1,135,000
1,159,358
New Orleans Aviation Board, Revenue Bonds (Parking Facilities Corp.) (Insured;
Assured Guaranty Municipal Corp.)
5.00
10/1/2048
1,100,000
1,090,764
St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.)(a)
2.20
7/1/2026
1,000,000
991,904
 
9,149,485
Maine — .4%
Finance Authority of Maine, Revenue Bonds
5.50
7/1/2050
1,750,000
1,799,446
Maryland — .8%
Maryland Economic Development Corp., Revenue Bonds (Sustainable Bond)
(Purple Line Transit Partners) Ser. B
5.25
6/30/2055
2,490,000
2,335,501
Maryland Stadium Authority, Revenue Bonds
4.00
6/1/2049
1,150,000
989,197
 
3,324,698
Massachusetts — 2.1%
Massachusetts Development Finance Agency, Revenue Bonds (Brown University)
Ser. A
5.50
8/15/2050
1,500,000
1,503,031
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston
College) Ser. W
5.00
7/1/2055
2,250,000
2,254,543
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk
University)
5.00
7/1/2027
1,750,000
1,784,619
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. G
5.25
11/1/2051
1,000,000
1,011,581
Massachusetts Development Finance Agency, Revenue Bonds, Refunding
(Sustainable Bond) (Boston Medical Center)
4.38
7/1/2052
1,000,000
846,795
Massachusetts Housing Finance Agency, Revenue Bonds, Ser. B
4.50
6/1/2056
1,500,000
1,330,727
 
8,731,296
6
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
Michigan — 4.2%
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding
(Catalyst Development Project)
5.00
7/1/2042
1,500,000
1,533,116
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding
(Catalyst Development Project)
5.00
7/1/2048
2,885,000
2,866,428
Great Lakes Water Authority, Revenue Bonds, Ser. B
5.00
7/1/2046
795,000
787,722
Great Lakes Water Authority, Revenue Bonds, Ser. D
5.50
7/1/2050
1,500,000
1,566,913
Karegnondi Water Authority, Revenue Bonds, Refunding
5.00
11/1/2041
1,000,000
1,008,791
Michigan Finance Authority, Revenue Bonds (Henry Ford Health System Obligated
Group) Ser. A
4.00
11/15/2050
1,665,000
1,388,232
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont-Spectrum)
4.00
4/15/2042
1,425,000
1,316,480
Michigan Finance Authority, Revenue Bonds (Sustainable Bond) (Henry Ford)
4.38
2/28/2054
1,000,000
874,448
Michigan Strategic Fund, Revenue Bonds (I-75 Improvement Project)
5.00
6/30/2033
3,900,000
3,983,782
Michigan Trunk Line, Revenue Bonds (State Trunk Line Fund Bond)
4.00
11/15/2046
1,050,000
933,018
Pontiac School District, GO (Insured; Qualified School Board Loan Fund)
4.00
5/1/2045
1,800,000
1,616,429
 
17,875,359
Minnesota — 1.2%
Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds, Ser. A
4.00
1/1/2054
2,500,000
2,075,847
Minnesota Agricultural & Economic Development Board, Revenue Bonds
(HealthPartners Obligated Group)
5.25
1/1/2054
2,000,000
1,999,541
Woodbury, Revenue Bonds, Refunding (Math & Science Academy)(b)
5.50
6/1/2063
1,000,000
883,333
 
4,958,721
Missouri — .2%
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding
(Lutheran Senior Services Obligated Group) Ser. A
5.25
2/1/2054
1,000,000
937,460
Nevada — 1.8%
Clark County, GO, Ser. A
5.00
6/1/2043
5,000,000
5,047,561
Clark County School District, GO, Ser. A
5.00
6/15/2039
1,500,000
1,561,931
Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project)
5.00
6/1/2048
920,000
919,618
 
7,529,110
New Hampshire — .8%
New Hampshire Business Finance Authority, Revenue Bonds Ser. A
5.50
6/1/2050
1,000,000
1,012,704
New Hampshire Business Finance Authority, Revenue Bonds (The Wildflower
Project)(b),(d)
0.00
12/15/2033
1,500,000
908,479
New Hampshire Business Finance Authority, Revenue Bonds (University of Nevada
Reno Project) (Insured; Build America Mutual) Ser. A
4.00
12/1/2040
515,000
488,578
New Hampshire Business Finance Authority, Revenue Bonds (University of Nevada
Reno Project) (Insured; Build America Mutual) Ser. A
4.13
12/1/2043
1,000,000
921,508
 
3,331,269
New Jersey — 1.4%
New Jersey Economic Development Authority, Revenue Bonds (Repauno Port &
Rail Terminal Project)(b)
6.38
1/1/2035
1,595,000
1,620,972
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB
5.25
6/15/2050
1,500,000
1,528,133
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser.
AA
5.00
6/15/2042
1,500,000
1,536,745
New Jersey Turnpike Authority, Revenue Bonds, Ser. B
4.13
1/1/2054
700,000
601,247
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A
5.25
6/1/2046
620,000
616,071
 
5,903,168
New York — 10.8%
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Sustainable
Bond) Ser. C1
5.00
11/15/2050
2,850,000
2,761,042
New York City, GO, Ser. F1
4.00
3/1/2047
200,000
173,432
New York City Municipal Water Finance Authority, Revenue Bonds, Ser. CC1
4.25
6/15/2054
1,255,000
1,110,318
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
New York — 10.8% (continued)
New York Energy Finance Development Corp., Revenue Bonds(a)
5.00
12/1/2033
1,000,000
1,043,060
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World
Trade Center Project) Ser. 1(b)
5.00
11/15/2044
2,000,000
1,917,369
New York Liberty Development Corp., Revenue Bonds, Refunding (Goldman Sachs
Headquarters)
5.25
10/1/2035
1,000,000
1,119,292
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines)
4.38
10/1/2045
2,500,000
2,171,013
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines)
5.00
1/1/2032
1,500,000
1,526,124
New York Transportation Development Corp., Revenue Bonds (Insured; Assured
Guaranty Municipal Corp.)
6.00
6/30/2055
3,500,000
3,671,212
New York Transportation Development Corp., Revenue Bonds (JFK International
Airport Terminal)
5.00
12/1/2040
2,000,000
1,997,211
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport
Terminal B Redevelopment Project) Ser. A
5.00
7/1/2046
1,350,000
1,285,318
New York Transportation Development Corp., Revenue Bonds (Sustainable Bond)
(JFK International Airport Terminal One Project) (Insured; Assured Guaranty
Municipal Corp.)
5.00
6/30/2054
2,745,000
2,599,650
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
390,000
370,666
Tender Option Bond Trust Receipts, (Series 2023-XF1639) (New York State Urban
Development Corp., Revenue Bonds, Ser. A) Non-Recourse, Underlying Coupon
Rate 5.00%(b),(e),(f)
13.44
3/15/2053
10,000,000
10,048,996
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1
5.25
5/15/2059
5,000,000
5,107,821
Triborough Bridge & Tunnel Authority, Revenue Bonds, (MTA Bridges & Tunnels)
Ser. A
5.25
5/15/2057
2,500,000
2,535,545
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. C
5.25
5/15/2052
5,000,000
5,111,808
Westchester County Local Development Corp., Revenue Bonds, Refunding
(Purchase Senior Learning Community Obligated Group)(b)
5.00
7/1/2046
1,000,000
889,361
 
45,439,238
North Carolina — 1.0%
Charlotte Airport, Revenue Bonds, Refunding (Charlotte Douglas International)
Ser. B
5.00
7/1/2038
1,000,000
1,032,390
North Carolina Medical Care Commission, Revenue Bonds (Carolina Meadows
Obligated Group)
5.25
12/1/2049
2,145,000
2,054,331
North Carolina Medical Care Commission, Revenue Bonds (Twin Lakes
Community) Ser. A
5.00
1/1/2038
1,000,000
1,001,789
 
4,088,510
North Dakota — .3%
University of North Dakota, COP (Insured; Assured Guaranty Municipal Corp.) Ser.
A
4.00
6/1/2046
1,470,000
1,295,792
Ohio — 3.4%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser.
A2
4.00
6/1/2048
7,335,000
5,930,042
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System)
5.25
2/15/2047
1,000,000
944,804
Hamilton County Sewer System, Revenue Bonds, Ser. A
5.00
12/1/2049
3,350,000
3,374,682
University of Cincinnati, Revenue Bonds Ser. A
5.25
6/1/2049
3,000,000
3,076,719
Warren County, Revenue Bonds, Refunding (Otterbein Homes Obligated Group)
5.00
7/1/2054
1,000,000
924,977
 
14,251,224
Oklahoma — .2%
Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine Project)
Ser. B
5.50
8/15/2057
1,000,000
942,231
Oregon — 1.5%
Port of Portland, Revenue Bonds, Refunding, Ser. 28
4.00
7/1/2047
2,250,000
1,905,017
8
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
Oregon — 1.5% (continued)
Port of Portland, Revenue Bonds, Refunding, Ser. 29
5.50
7/1/2048
1,150,000
1,178,292
Port of Portland, Revenue Bonds, Refunding (Sustainable Bond) Ser. 29
5.50
7/1/2053
3,250,000
3,316,595
 
6,399,904
Pennsylvania — 5.4%
Allentown Neighborhood Improvement Zone Development Authority, Revenue
Bonds (City Center Project)(b)
5.00
5/1/2033
2,750,000
2,807,951
Chester County Health & Education Facilities Authority, Revenue Bonds (Main Line
Health System Obligated Group) Ser. A
4.00
9/1/2050
2,500,000
2,047,768
Luzerne County Industrial Development Authority, Revenue Bonds, Refunding
(Pennsylvania-American Water Co.)(a)
2.45
12/3/2029
1,750,000
1,550,329
Montgomery County Industrial Development Authority, Revenue Bonds, Refunding
(ACTS Retirement-Life Communities Obligated Group)
5.00
11/15/2036
3,500,000
3,522,238
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Ser. A
5.00
6/1/2029
1,400,000
1,466,415
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding
5.00
12/1/2043
1,500,000
1,544,053
Pennsylvania Turnpike Commission Oil Franchise, Revenue Bonds, Ser. B
5.25
12/1/2048
3,000,000
3,011,709
Philadelphia Authority for Industrial Development, Revenue Bonds, (Rebuild
Project)
5.00
5/1/2039
2,650,000
2,796,552
Philadelphia Gas Works Co., Revenue Bonds, Refunding, Ser. A
5.00
8/1/2039
2,000,000
2,113,649
Philadelphia Water & Wastewater, Revenue Bonds, Refunding (Insured; Assured
Guaranty Municipal Corp.) Ser. B
4.50
9/1/2048
1,000,000
947,752
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A
5.00
9/1/2038
1,000,000
1,021,934
 
22,830,350
Rhode Island — .3%
Rhode Island Health & Educational Building Corp., Revenue Bonds (Lifespan
Obligated Group)
5.25
5/15/2054
1,250,000
1,206,375
South Carolina — 1.6%
Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. D
4.00
1/1/2033
3,000,000
3,030,227
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee
Cooper) Ser. A
4.00
12/1/2055
2,000,000
1,624,278
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee
Cooper) Ser. B
5.25
12/1/2054
2,000,000
2,012,746
 
6,667,251
Tennessee — 1.4%
Knox County Health Educational & Housing Facility Board, Revenue Bonds,
Refunding (East Tennessee Children’s Hospital)
4.00
11/15/2048
1,010,000
825,933
Metropolitan Government Nashville & Davidson County Health & Educational
Facilities Board, Revenue Bonds (Belmont University)
5.25
5/1/2048
1,750,000
1,753,984
Tennergy Corp., Revenue Bonds, Ser. A(a)
4.00
9/1/2028
2,000,000
2,011,130
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B
5.50
7/1/2052
1,500,000
1,530,282
 
6,121,329
Texas — 10.8%
Arlington Higher Education Finance Corp., Revenue Bonds (BASIS Texas Charter
Schools)(b)
4.88
6/15/2059
500,000
439,503
Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership
of Texas) Ser. D
5.75
8/15/2033
3,000,000
3,003,581
Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (IDEA Public
Schools) (Insured; Permanent School Fund Guarantee Program)
4.00
8/15/2054
1,000,000
827,351
Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (Insured;
Permanent School Fund Guarantee Program)
5.00
8/15/2042
2,000,000
2,038,775
Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (Insured;
Permanent School Fund Guarantee Program) Ser. A
5.25
2/15/2049
2,550,000
2,599,047
Dallas Area Rapid Transit, Revenue Bonds, Refunding, Ser. B
4.00
12/1/2051
1,925,000
1,599,124
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
Texas — 10.8% (continued)
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. B
5.00
11/1/2040
2,500,000
2,607,456
El Paso County Hospital District, GO (El Paso County) (Insured; Assured Guaranty
Municipal Corp.)
5.50
2/15/2050
1,500,000
1,550,185
Garland Electric Utility System, Revenue Bonds, Refunding
5.00
3/1/2044
1,500,000
1,508,874
Georgetown Utility System, Revenue Bonds (Insured; Assured Guaranty Municipal
Corp.)
5.25
8/15/2052
3,000,000
3,045,071
Houston Airport System, Revenue Bonds (United Airlines) Ser. B
5.50
7/15/2037
2,000,000
2,081,697
Houston Airport System, Revenue Bonds (United Airlines) Ser. C
5.00
7/15/2028
1,000,000
1,005,188
Lamar Consolidated Independent School District, GO
4.00
2/15/2053
1,225,000
1,033,712
Love Field Airport Modernization Corp., Revenue Bonds
5.00
11/1/2034
3,500,000
3,502,922
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission
Services Corp.) Ser. A
4.00
5/15/2049
1,000,000
816,095
Lubbock Electric Light & Power System, Revenue Bonds
5.00
4/15/2048
1,045,000
1,046,708
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline
Project)(b)
4.63
10/1/2031
4,175,000
4,176,255
Plano Independent School District, GO
5.00
2/15/2043
1,000,000
1,024,841
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds
(CHRISTUS Health Obligated Group) Ser. A(a)
5.00
7/1/2032
1,500,000
1,622,868
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds,
Refunding (Cook Children’s Medical Center)
5.00
12/1/2043
1,000,000
1,020,699
Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds, Ser. B(a)
5.50
1/1/2034
2,000,000
2,173,208
Texas Municipal Power Agency, Revenue Bonds, Refunding (Insured; Build
America Mutual)
5.50
9/1/2050
1,700,000
1,762,221
University of Texas System Board of Regents, Revenue Bonds, Refunding, Ser. A
4.13
8/15/2054
5,000,000
4,280,359
Waxahachie Independent School District, GO (Insured; Permanent School Fund
Guarantee Program)
4.25
2/15/2053
1,000,000
887,173
 
45,652,913
U.S. Related — 1.6%
Puerto Rico, GO, Ser. A1
5.63
7/1/2027
4,500,000
4,639,110
Puerto Rico, GO, Ser. A1
5.63
7/1/2029
2,000,000
2,118,144
 
6,757,254
Utah — 1.3%
Downtown Revitalization Public Infrastructure District, Revenue Bonds (Insured;
Assured Guaranty Municipal Corp.) Ser. B
5.50
6/1/2055
1,000,000
1,040,506
Mida Cormont Public Infrastructure District, GO, Ser. A1(b)
6.25
6/1/2055
1,000,000
1,020,495
Salt Lake City Airport, Revenue Bonds, Ser. A
5.00
7/1/2034
2,000,000
2,027,300
Utah Telecommunication Open Infrastructure Agency, Revenue Bonds, Refunding
5.50
6/1/2040
1,200,000
1,291,538
 
5,379,839
Virginia — .6%
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (I-
495 HOT Lanes Project)
5.00
12/31/2052
1,500,000
1,406,759
Williamsburg Economic Development Authority, Revenue Bonds (William & Mary
Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A
4.13
7/1/2058
1,250,000
1,080,852
 
2,487,611
Washington — 3.2%
Kitsap County School District No. 100, GO (Insured; School Board Guaranty) Ser. C
5.25
12/1/2047
1,000,000
1,040,214
Port of Seattle, Revenue Bonds, Refunding (Intermediate Lien) Ser. B
5.25
7/1/2042
2,500,000
2,554,593
Port of Seattle, Revenue Bonds, Refunding, Ser. B
4.00
8/1/2047
1,500,000
1,240,089
Tacoma Electric System, Revenue Bonds, Refunding (Sustainable Bond) Ser. A
5.00
1/1/2054
1,250,000
1,254,966
Washington, GO, Ser. B
5.00
2/1/2043
2,710,000
2,781,776
Washington Convention Center Public Facilities District, Revenue Bonds
5.00
7/1/2058
2,450,000
2,305,759
10
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
Washington — 3.2% (continued)
Washington Convention Center Public Facilities District, Revenue Bonds
(Sustainable Bond) Ser. B
4.00
7/1/2058
2,000,000
1,501,168
Washington Housing Finance Commission, Revenue Bonds, Refunding (Seattle
Academy of Arts & Sciences)(b)
6.38
7/1/2063
700,000
741,912
 
13,420,477
West Virginia — 1.3%
West Virginia Economic Development Authority, Revenue Bonds (Commercial
Metals Company Project)(a)
4.63
5/15/2032
2,135,000
2,082,029
West Virginia Hospital Finance Authority, Revenue Bonds (West Virginia
University Health System Obligated Group) Ser. A
5.50
6/1/2050
3,500,000
3,595,166
 
5,677,195
Wisconsin — 3.5%
Public Finance Authority, Revenue Bonds
6.50
6/30/2060
1,500,000
1,578,155
Public Finance Authority, Revenue Bonds (Cone Health) Ser. A
5.00
10/1/2052
1,500,000
1,456,748
Public Finance Authority, Revenue Bonds (KSU Bixby Real Estate Foundation LLC
Project) Ser. B
5.50
6/15/2055
750,000
734,501
Public Finance Authority, Revenue Bonds, Ser. 1
5.75
7/1/2062
2,226,782
2,215,358
Public Finance Authority, Revenue Bonds, Refunding (Kahala Nui Project)
5.00
11/15/2041
715,000
722,407
Public Finance Authority, Revenue Bonds, Refunding (Lindenwood Education
System) Ser. A(b)
5.50
6/1/2040
1,500,000
1,513,886
Public Finance Authority, Revenue Bonds, Refunding (Sustainable Bond) (Duke
Energy Progress) Ser. B(a)
4.00
10/1/2030
2,855,000
2,903,157
Sheboygan Area School District, GO
3.00
3/1/2043
1,000,000
780,052
West Allis West Milwaukee School District, GO, Ser. W
3.00
4/1/2038
1,000,000
870,022
Wisconsin Hospitals & Clinics, Revenue Bonds (Sustainable Bond) Ser. A
4.25
4/1/2052
1,000,000
865,308
Wisconsin Hospitals & Clinics, Revenue Bonds (Sustainable Bond) Ser. A
5.00
4/1/2049
1,000,000
992,892
 
14,632,486
Total Long-Term Municipal Investments
(cost $444,143,104)
423,608,479
Total Investments (cost $446,096,081)
 
    100.7%
425,287,998
Liabilities, Less Cash and Receivables
 
      (.7%)
 (3,138,865)
Net Assets
    100.0%
422,149,133
 
COP—Certificate of Participation
FHLMC—Federal Home Loan Mortgage Corporation
FNMA—Federal National Mortgage Association
GNMA—Government National Mortgage Association
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 July 31, 2025, these securities amounted to $40,892,805 or 9.7% of net assets.
(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)
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.
11
Statement of Investments
BNY Mellon Opportunistic Municipal Securities Fund
July 31, 2025 (Unaudited)
The following is a summary of the inputs used as of July 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
—
1,679,519
—
1,679,519
Municipal Securities
—
423,608,479
—
423,608,479
 
—
425,287,998
—
425,287,998
Liabilities ($)
Other Financial Instruments:
Inverse Floater Notes††
—
(7,500,000)
—
(7,500,000)
 
—
(7,500,000)
—
(7,500,000)
 
†
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.
12
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 fund’s Board of Trustees (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 a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt
13
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 July 31, 2025, accumulated net unrealized depreciation on investments was $20,808,083, consisting of $1,815,464 gross unrealized appreciation and $22,623,547 gross unrealized depreciation.
At July 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.
14