BNY Mellon Opportunistic Municipal Securities Fund
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
 
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Collateralized Municipal-Backed Securities — .4%
Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2, Cl. A
3.63
5/20/2033
810,341
802,130
Washington Housing Finance Commission, Revenue Bonds (Sustainable
Certificates), Ser. 2021-1, Cl. A
3.50
12/20/2035
907,844
858,775
Total Collateralized Municipal-Backed Securities
(cost $1,899,104)
 
 
  1,660,905
Long-Term Municipal Investments — 100.3%
Alabama — 5.4%
Baldwin County Industrial Development Authority, Revenue Bonds (Novelis
Corporation Project) Ser. A(a),(b)
5.00
6/1/2032
2,000,000
2,061,788
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B
5.00
7/1/2043
840,000
849,963
Black Belt Energy Gas District, Revenue Bonds (Gas Project) Ser. B
5.00
10/1/2035
1,000,000
1,004,741
Black Belt Energy Gas District, Revenue Bonds, Ser. D(a)
5.00
11/1/2034
1,850,000
1,917,960
Jefferson County, Revenue Bonds, Refunding
5.50
10/1/2053
4,250,000
4,417,654
Selma Industrial Development Board, Revenue Bonds, Refunding
(International Paper Co.) Ser. A
4.20
5/1/2034
1,500,000
1,528,254
Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. D
5.00
9/1/2035
1,000,000
1,060,165
Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. E
5.00
10/1/2030
8,000,000
8,483,671
University of Alabama at Birmingham, Revenue Bonds (Board of Trustees)
Ser. B
4.00
10/1/2035
2,000,000
2,018,307
 
23,342,503
Arizona — 2.4%
Arizona Industrial Development Authority, Revenue Bonds (Sustainable
Bond) (Equitable School Revolving Fund Obligated Group) Ser. A
5.25
11/1/2048
2,000,000
2,050,154
Arizona Industrial Development Authority, Revenue Bonds, Refunding
(BASIS Schools Projects) Ser. A(b)
5.38
7/1/2050
2,500,000
2,415,275
Maricopa County Industrial Development Authority, Revenue Bonds (Banner
Health Obligated Group) Ser. A
5.00
1/1/2041
1,175,000
1,188,545
Maricopa County Industrial Development Authority, Revenue Bonds
(Benjamin Franklin Charter School Obligated Group)(b)
6.00
7/1/2038
2,750,000
2,793,940
Maricopa County Industrial Development Authority, Revenue Bonds
(Clemmons University Campus Project) Ser. A
4.00
7/1/2034
1,500,000
1,445,514
Maricopa County Industrial Development Authority, Revenue Bonds,
Refunding (LOC; J.P. Morgan Chase Bank NA) (Honor Health) Ser. B(c)
2.95
12/1/2048
600,000
600,000
 
10,493,428
Arkansas — 1.1%
Arkansas Development Finance Authority, Revenue Bonds (Sustainable
Bond) (U.S. Steel Corp.)
5.70
5/1/2053
4,800,000
4,928,681
California — 7.6%
California, GO, Refunding
5.25
9/1/2047
1,000,000
1,064,067
California Community Choice Financing Authority, Revenue Bonds
(Sustainable Bond) (Clean Energy Project) Ser. D(a)
5.00
7/1/2034
2,500,000
2,528,946
California County Tobacco Securitization Agency, Revenue Bonds, Refunding,
Ser. A
4.00
6/1/2040
400,000
378,057
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
1,103,186
California Housing Finance Agency, Revenue Bonds
3.50
11/20/2035
1,373,240
1,310,100
California Municipal Finance Authority, Revenue Bonds (Cabrillo College
Project) Ser. A(b)
5.00
7/1/2035
4,245,000
4,392,636
California Municipal Finance Authority, Revenue Bonds (SFMTA Potrero Yard
Modernization Project) Ser. A
5.50
9/1/2056
1,000,000
1,067,902
3
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
California — 7.6% (continued)
California Municipal Finance Authority, Revenue Bonds (United Airlines
Project)
4.00
7/15/2029
3,675,000
3,695,793
California Municipal Finance Authority, Revenue Bonds, Ser. A1
4.05
7/20/2041
1,315,400
1,243,028
California Municipal Finance Authority, Revenue Bonds, Refunding, Ser. A(b)
5.38
11/1/2045
775,000
787,002
California Municipal Finance Authority, Revenue Bonds, Refunding, Ser. A(b)
5.63
11/1/2054
500,000
501,326
California School Finance Authority, Revenue Bonds (Magnolia Public
Schools – Obligated Group) Ser. A(b)
4.25
7/1/2035
1,400,000
1,405,113
California State University, Revenue Bonds, Refunding, Ser. B2(a)
0.55
10/26/2026
1,000,000
994,970
California Statewide Communities Development Authority, Revenue Bonds
(HR Ontario Hotel Project) Ser. A(b)
6.25
9/2/2061
1,000,000
1,012,284
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. C
5.00
7/1/2045
2,000,000
2,092,382
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. E
5.00
7/1/2034
2,175,000
2,393,727
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B
4.00
7/1/2046
1,220,000
1,112,050
San Diego County Regional Airport Authority, Revenue Bonds, Ser. B
5.50
7/1/2055
1,000,000
1,049,368
Southern California Public Power Authority, Revenue Bonds (Southern
Transmission System Renewal Project) (Insured; Build America Mutual)
Ser. 1
5.25
7/1/2050
2,000,000
2,113,942
Southern California Public Power Authority, Revenue Bonds (Sustainable
Bond) (Clean Energy Project) Ser. A
5.00
11/1/2033
2,500,000
2,619,616
 
32,865,495
Colorado — 2.5%
Canyons Metropolitan District No. 5, GO, Refunding (Insured; Build America
Mutual) Ser. A
5.00
12/1/2040
600,000
629,912
Colorado Health Facilities Authority, Revenue Bonds, Refunding
(Intermountain Healthcare Obligated Group) Ser. A
4.00
5/15/2052
2,000,000
1,751,448
Colorado Health Facilities Authority, Revenue Bonds, Refunding (School
Health System) Ser. A
4.00
1/1/2036
2,000,000
2,005,514
Colorado University Research Foundation, Revenue Bonds (The Prospect
Project) Ser. A(b)
5.00
3/1/2035
1,250,000
1,301,593
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A
5.50
11/15/2053
3,000,000
3,114,424
Park Creek Metropolitan District, Tax Allocation Bonds, Refunding (Insured;
Assured Guaranty Corp.)
5.00
12/1/2044
1,000,000
1,040,302
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit
Partners) Ser. A
5.00
1/15/2031
950,000
1,002,531
 
10,845,724
Connecticut — .3%
Aquarion Water Authority, Revenue Bonds (Insured; Build America Mutual)
Ser. D
5.25
8/1/2042
1,000,000
1,091,103
Delaware — .2%
Delaware Economic Development Authority, Revenue Bonds (ACTS
Retirement-Life Communities Obligated Group) Ser. B
5.25
11/15/2053
1,000,000
1,007,084
District of Columbia — 2.1%
District of Columbia, Revenue Bonds, Ser. A
5.50
7/1/2047
3,000,000
3,195,330
District of Columbia, Revenue Bonds, Refunding (The Catholic University of
America) Ser. A
5.75
10/1/2055
1,000,000
1,009,570
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding
5.00
10/1/2035
1,500,000
1,519,599
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding
(Dulles Metrorail) Ser. B
4.00
10/1/2049
2,500,000
2,156,317
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser.
A
5.00
10/1/2035
1,000,000
1,001,697
 
8,882,513
4
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
Florida — 3.3%
Broward County Airport System, Revenue Bonds
5.00
10/1/2037
1,560,000
1,575,735
Florida Local Government Finance Commission, Revenue Bonds (Bridgeprep
Academy Projects) Ser. A(b)
5.50
6/15/2040
2,300,000
2,334,199
Florida Municipal Power Agency, Revenue Bonds, Ser. A
3.00
10/1/2032
1,000,000
946,411
Hillsborough County Aviation Authority, Revenue Bonds (Tampa
International Airport)
5.00
10/1/2034
1,000,000
1,059,400
Jacksonville, Revenue Bonds, Refunding (Brooks Rehabilitation Project)
4.00
11/1/2045
1,500,000
1,325,080
Miami Beach Stormwater, Revenue Bonds, Refunding
5.00
9/1/2047
2,500,000
2,512,694
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding
(Baptist Health South Florida Obligated Group)
4.00
8/15/2049
3,305,000
2,880,247
Village Community Development District No. 15, Special Assessment
Bonds(b)
5.25
5/1/2054
1,410,000
1,400,267
 
14,034,033
Georgia — 2.1%
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units
3&4 Project)
5.00
1/1/2037
1,100,000
1,124,872
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units
3&4 Project) (Insured; Assured Guaranty Corp.) Ser. A
5.00
7/1/2055
1,000,000
1,012,448
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Insured;
Build America Mutual) Ser. A
5.25
1/1/2054
1,995,000
2,067,960
Main Street Natural Gas, Inc., Revenue Bonds, Ser. B(a)
5.00
6/1/2029
2,000,000
2,060,341
Main Street Natural Gas, Inc., Revenue Bonds, Ser. C(a)
4.00
9/1/2026
1,250,000
1,251,190
Main Street Natural Gas, Inc., Revenue Bonds, Ser. E(a)
5.00
12/1/2032
1,000,000
1,042,775
Savannah Georgia Convention Center Authority, Revenue Bonds (Insured;
Assured Guaranty Corp.) Ser. C
5.00
6/1/2039
535,000
571,120
 
9,130,706
Illinois — 6.9%
Chicago, GO (Housing and Economic Development Projects) Ser. F
6.00
1/1/2055
1,500,000
1,541,253
Chicago, GO, Ser. A
5.00
1/1/2045
1,500,000
1,416,961
Chicago, GO, Ser. A
6.00
1/1/2050
1,000,000
1,037,103
Chicago Board of Education, GO, Ser. A
6.00
12/1/2049
1,000,000
1,020,547
Chicago Board of Education, GO, Ser. A
6.25
12/1/2050
1,000,000
1,040,746
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty
Corp.) Ser. A
5.00
12/1/2033
1,000,000
1,030,363
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty
Corp.) Ser. C
5.00
12/1/2030
1,500,000
1,552,809
Chicago Board of Education, GO, Refunding, Ser. B
5.50
12/1/2032
1,200,000
1,261,792
Chicago Board of Education, GO, Refunding, Ser. B
5.50
12/1/2035
2,000,000
2,104,488
Chicago O’Hare International Airport, Revenue Bonds, Ser. A
5.50
1/1/2055
1,500,000
1,531,428
Chicago Park District, GO, Refunding, Ser. C
5.00
1/1/2039
1,150,000
1,203,990
Chicago Wastewater Transmission, Revenue Bonds, Refunding (Insured;
Build America Mutual) Ser. A
5.00
1/1/2044
1,500,000
1,561,769
Chicago Waterworks, Revenue Bonds, Ser. A
5.00
11/1/2045
2,000,000
2,059,799
Chicago Waterworks, Revenue Bonds, Refunding, Ser. A
5.00
11/1/2039
1,750,000
1,834,896
Cook County, Revenue Bonds, Refunding
5.00
11/15/2045
1,000,000
1,043,078
Cook County Community College District No. 508, GO (City Colleges Of
Chicago) (Insured; Build America Mutual)
5.50
12/1/2051
1,000,000
1,044,833
Illinois, Revenue Bonds, Ser. C
5.00
6/15/2045
2,000,000
2,066,392
Illinois Finance Authority, Revenue Bonds, Refunding (The University of
Chicago) Ser. A
4.00
4/1/2050
2,960,000
2,654,058
Illinois Housing Development Authority, Revenue Bonds (Sustainable Bond)
(Insured; GNMA, FNMA, FHLMC) Ser. A
3.00
4/1/2051
905,000
893,931
5
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
Illinois — 6.9% (continued)
Metropolitan Water Reclamation District of Greater Chicago, GO (Sustainable
Bond) Ser. A
5.00
12/1/2044
1,000,000
1,058,883
Northern Illinois University, Revenue Bonds, Refunding (Insured; Build
America Mutual) Ser. B
4.00
4/1/2040
960,000
893,805
 
29,852,924
Indiana — .5%
Indiana Finance Authority, Revenue Bonds, Refunding (CWA Authority
Project) Ser. 1
4.00
10/1/2036
1,980,000
1,995,816
Iowa — 1.5%
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co.
Project)(d)
5.00
12/1/2032
1,000,000
1,110,214
Iowa Finance Authority, Revenue Bonds, Refunding (Lifespace Communities
Obligated Group) Ser. B
7.25
5/15/2038
2,000,000
2,250,733
Iowa Student Loan Liquidity Corp., Revenue Bonds, Ser. B
5.00
12/1/2030
1,500,000
1,587,605
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2
4.00
6/1/2049
2,000,000
1,701,282
 
6,649,834
Kentucky — 2.1%
Kentucky Public Energy Authority, Revenue Bonds, Ser. B
5.00
12/1/2033
3,000,000
3,047,178
Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. A1(a)
5.25
2/1/2032
4,500,000
4,752,505
Louisville/Jefferson County Metropolitan Government, Revenue Bonds,
Refunding (Norton Healthcare, Inc.) Ser. A
5.00
10/1/2039
1,000,000
1,065,410
 
8,865,093
Louisiana — 2.0%
Ernest N. Morial New Orleans Exhibition Hall Authority, Special Tax Bonds
5.50
7/15/2054
2,000,000
2,065,553
Louisiana Public Facilities Authority, Revenue Bonds (Calcasieu Bridge
Partners)
5.50
9/1/2059
2,500,000
2,533,323
Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Ochsner
Clinic Foundation Obligated Group) Ser. A
5.50
5/15/2050
1,335,000
1,407,927
New Orleans Aviation Board, Revenue Bonds, Refunding (Insured; Assured
Guaranty Corp.)
5.00
1/1/2036
1,135,000
1,156,018
Parish of St. James, Revenue Bonds (Nustar Logistics LP Project) Ser. B(a),(b)
6.10
6/1/2030
1,135,000
1,232,963
 
8,395,784
Maine — .4%
Finance Authority of Maine, Revenue Bonds
5.50
7/1/2050
1,750,000
1,847,615
Maryland — .6%
Maryland Economic Development Corp., Revenue Bonds (Sustainable Bond)
(Purple Line Transit Partners) Ser. B
5.25
6/30/2055
2,490,000
2,438,537
Massachusetts — 2.7%
Massachusetts Development Finance Agency, Revenue Bonds (Brown
University) Ser. A
5.50
8/15/2050
1,500,000
1,570,896
Massachusetts Development Finance Agency, Revenue Bonds (Pike Student
Housing Project) Ser. C(b)
6.13
7/1/2066
300,000
293,876
Massachusetts Development Finance Agency, Revenue Bonds, Refunding
(Beth Israel Lahey Health Obligated Group) Ser. N
5.50
7/1/2055
3,170,000
3,324,373
Massachusetts Development Finance Agency, Revenue Bonds, Refunding
(Dana-Farber Cancer Institute) Ser. Q
5.50
12/1/2051
1,605,000
1,702,635
Massachusetts Development Finance Agency, Revenue Bonds, Refunding
(Suffolk University)
5.00
7/1/2027
1,750,000
1,763,783
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser.
G
5.25
11/1/2051
1,000,000
1,034,282
6
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
Massachusetts — 2.7% (continued)
Massachusetts Development Finance Agency, Revenue Bonds, Refunding
(Sustainable Bond) (Boston Medical Center)
4.38
7/1/2052
900,000
770,324
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B
5.25
7/1/2041
1,000,000
1,079,020
 
11,539,189
Michigan — 3.8%
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding
(Catalyst Development Project)
5.00
7/1/2042
1,500,000
1,562,771
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding
(Catalyst Development Project)
5.00
7/1/2048
2,960,000
3,025,969
Great Lakes Water Authority, Revenue Bonds, Ser. D
5.50
7/1/2050
1,500,000
1,601,290
Karegnondi Water Authority, Revenue Bonds, Refunding
5.00
11/1/2041
1,000,000
1,011,629
Michigan Finance Authority, Revenue Bonds (Henry Ford Health System
Obligated Group) Ser. A
4.00
11/15/2050
1,665,000
1,400,759
Michigan Finance Authority, Revenue Bonds (Sustainable Bond) (Henry
Ford)
4.38
2/28/2054
700,000
634,962
Michigan Housing Development Authority, Revenue Bonds, Ser. C
5.05
6/1/2051
1,500,000
1,508,247
Michigan Strategic Fund, Revenue Bonds (I-75 Improvement Project)
5.00
6/30/2033
3,900,000
3,980,585
Pontiac School District, GO (Insured; Qualified School Board Loan Fund)
4.00
5/1/2045
1,800,000
1,678,700
 
16,404,912
Minnesota — .7%
Minnesota Agricultural & Economic Development Board, Revenue Bonds
(HealthPartners Obligated Group)
5.25
1/1/2054
2,000,000
2,036,344
Woodbury, Revenue Bonds, Refunding (Math & Science Academy)(b)
5.50
6/1/2063
1,000,000
900,995
 
2,937,339
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
1,000,962
Nevada — 1.6%
Clark County, GO, Ser. A
5.00
6/1/2043
5,000,000
5,098,054
Clark County School District, GO, Ser. A
5.00
6/15/2039
1,500,000
1,582,724
 
6,680,778
New Hampshire — .8%
New Hampshire Business Finance Authority Revenue Bonds, Ser. 2026-1, Cl.
A1
4.25
7/20/2041
1,497,368
1,414,500
New Hampshire Business Finance Authority, Revenue Bonds (The
Wildflower Project)(b),(e)
0.00
12/15/2033
1,100,000
703,063
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
494,607
New Hampshire Business Finance Authority, Revenue Bonds (Winston-Salem
Sustainable Energy Partners) Ser. A
5.50
6/1/2050
1,000,000
1,039,399
 
3,651,569
New Jersey — 1.2%
New Jersey Economic Development Authority, Revenue Bonds (Repauno Port
& Rail Terminal Project)(b)
6.38
1/1/2035
1,595,000
1,679,486
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB
5.25
6/15/2050
1,500,000
1,557,094
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding,
Ser. AA
5.00
6/15/2042
1,500,000
1,587,378
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A
5.25
6/1/2046
320,000
320,736
 
5,144,694
New York — 10.2%
Albany Capital Resource Corp., Revenue Bonds, Refunding (Albany Medical
Center Hospital Project) Ser. A
5.50
5/1/2055
1,000,000
1,052,262
7
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
New York — 10.2% (continued)
Build New York City Resource Corp., Revenue Bonds (Riverspring Health
Senior Living, Inc. Project) Ser. A(b)
7.00
12/15/2065
3,600,000
3,624,786
Build New York City Resource Corp., Revenue Bonds (The Renaissance
Charter School 2 Project) Ser. A
4.25
6/15/2035
2,040,000
1,996,398
Build New York City Resource Corp., Revenue Bonds (Zeta Charter Schools,
Inc. Project) Ser. A(b)
5.38
10/15/2061
1,000,000
935,812
Build New York City Resource Corp., Revenue Bonds (Zeta Charter Schools,
Inc. Project) Ser. B(b)
5.00
6/1/2036
2,250,000
2,308,721
New York City, GO (LOC; TD Bank NA) Ser. D4(c)
2.95
8/1/2040
500,000
500,000
New York Energy Finance Development Corp., Revenue Bonds(a)
5.00
12/1/2033
1,000,000
1,017,462
New York Transportation Development Corp., Revenue Bonds (Delta Air
Lines)
5.00
1/1/2032
1,500,000
1,530,329
New York Transportation Development Corp., Revenue Bonds (John F.
Kennedy International Airport New Terminal One Project) (Insured;
Assured Guaranty Corp.)
6.00
6/30/2055
4,500,000
4,802,374
New York Transportation Development Corp., Revenue Bonds (John F.
Kennedy International Airport Terminal)
5.00
12/1/2040
2,000,000
2,057,987
Tender Option Bond Trust Receipts, (Series 2023-XF1639) (New York State
Urban Development Corp., Revenue Bonds, Ser. A) Recourse, Underlying
Coupon Rate 5.00%(b),(c),(f)
9.32
3/15/2053
10,000,000
10,209,534
Triborough Bridge & Tunnel Authority, Revenue Bonds (MTA Bridges &
Tunnels) Ser. A
5.25
5/15/2057
2,500,000
2,574,652
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A1
5.25
5/15/2059
5,000,000
5,133,107
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding (LOC; TD
Bank NA) (MTA Bridges And Tunnels) Ser. B4(c)
2.95
1/1/2032
200,000
200,000
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. C
5.25
5/15/2052
5,000,000
5,179,160
Westchester County Local Development Corp., Revenue Bonds, Refunding
(Purchase Senior Learning Community Obligated Group)(b)
5.00
7/1/2046
1,000,000
951,408
 
44,073,992
North Carolina — 2.3%
Charlotte Airport, Revenue Bonds, Refunding (Charlotte Douglas
International) Ser. B
5.00
7/1/2038
1,000,000
1,051,094
North Carolina Housing Finance Agency, Revenue Bonds (Insured; GNMA,
FNMA, FHLMC) Ser. A
3.55
7/1/2034
1,580,000
1,536,840
North Carolina Housing Finance Agency, Revenue Bonds (Insured; GNMA,
FNMA, FHLMC) Ser. A
3.65
7/1/2035
1,290,000
1,249,599
North Carolina Medical Care Commission, Revenue Bonds (Carolina
Meadows Obligated Group)
5.25
12/1/2049
2,145,000
2,195,376
North Carolina Medical Care Commission, Revenue Bonds (Deerfield
Episcopal Retirement Community Project)
3.45
11/1/2030
1,000,000
981,571
North Carolina Medical Care Commission, Revenue Bonds (The United
Methodist Retirement Homes Project) Ser. B1
3.75
10/1/2030
1,160,000
1,159,847
North Carolina Medical Care Commission, Revenue Bonds (Twin Lakes
Community) Ser. A
5.00
1/1/2038
1,000,000
1,017,089
North Carolina Medical Care Commission, Revenue Bonds, Refunding
5.00
10/1/2034
670,000
717,915
 
9,909,331
Ohio — 2.7%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds,
Refunding, Ser. A2
4.00
6/1/2048
7,335,000
6,289,835
Cuyahoga County, Revenue Bonds, Refunding (The MetroHealth System)
5.25
2/15/2047
1,000,000
1,000,813
Hamilton County, Revenue Bonds, Refunding (Life Enriching Communities
Project)
5.50
1/1/2055
750,000
760,804
8
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
Ohio — 2.7% (continued)
Kettering School District, GO, Refunding, Ser. B(g)
5.00
10/1/2044
550,000
571,322
University of Cincinnati, Revenue Bonds, Ser. A
5.25
6/1/2049
3,000,000
3,138,603
 
11,761,377
Oklahoma — .2%
Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine
Project) Ser. B
5.50
8/15/2057
1,000,000
990,521
Oregon — 1.1%
Port of Portland, Revenue Bonds, Refunding (Sustainable Bond) Ser. 29
5.50
7/1/2048
1,150,000
1,199,615
Port of Portland, Revenue Bonds, Refunding (Sustainable Bond) Ser. 29
5.50
7/1/2053
3,250,000
3,367,160
 
4,566,775
Pennsylvania — 5.6%
Allegheny County Higher Education Building Authority, Revenue Bonds
(Duquesne University)
5.00
3/1/2045
2,500,000
2,603,906
Allentown Neighborhood Improvement Zone Development Authority,
Revenue Bonds (City Center Project)(b)
5.00
5/1/2033
2,750,000
2,802,933
Chester County Health & Education Facilities Authority, Revenue Bonds
(Main Line Health System Obligated Group) Ser. A
4.00
9/1/2050
2,500,000
2,155,666
Luzerne County Industrial Development Authority, Revenue Bonds,
Refunding (Pennsylvania-American Water Co.)(a)
2.45
12/3/2029
1,750,000
1,645,144
Montgomery County Industrial Development Authority, Revenue Bonds,
Refunding (ACTS Retirement-Life Communities Obligated Group)
5.00
11/15/2036
3,500,000
3,504,308
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Ser. A
5.00
6/1/2029
1,400,000
1,450,344
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B
5.25
12/1/2048
3,000,000
3,057,235
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding
5.00
12/1/2043
1,500,000
1,579,440
Philadelphia Gas Works Co., Revenue Bonds, Refunding, Ser. A
5.00
8/1/2039
2,000,000
2,132,707
Philadelphia Housing Authority, Revenue Bonds (PHADC Acquisition
Program) Ser. A
5.25
3/1/2043
2,000,000
2,098,278
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A
5.00
9/1/2038
1,000,000
1,024,203
 
24,054,164
Rhode Island — .5%
Rhode Island Health and Educational Building Corp., Revenue Bonds
(Insured; Assured Guaranty Corp.) (PRG - RI Properties LLC) Ser. A
5.00
7/1/2050
1,000,000
986,581
Rhode Island Health and Educational Building Corp., Revenue Bonds
(Lifespan Obligated Group)
5.25
5/15/2054
1,250,000
1,275,497
 
2,262,078
South Carolina — 2.0%
Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. D
4.00
1/1/2033
3,000,000
3,011,342
South Carolina Jobs-Economic Development Authority, Revenue Bonds
(Rolling Green Village Project) Ser. B3
4.00
12/1/2030
1,000,000
1,000,383
South Carolina Jobs-Economic Development Authority, Revenue Bonds,
Refunding (Gray Collegiate Academy Project)(b)
5.75
7/1/2046
1,000,000
967,626
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee
Cooper) Ser. A
4.00
12/1/2055
1,600,000
1,365,686
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee
Cooper) Ser. B
5.25
12/1/2054
2,000,000
2,061,040
 
8,406,077
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
847,456
Metropolitan Government Nashville & Davidson County Health & Educational
Facilities Board, Revenue Bonds (Belmont University)
5.25
5/1/2048
1,750,000
1,788,253
9
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
Tennessee — 1.4% (continued)
Tennergy Corp., Revenue Bonds, Ser. A(a)
4.00
9/1/2028
2,000,000
2,014,852
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B
5.50
7/1/2052
1,500,000
1,545,968
 
6,196,529
Texas — 9.4%
Arlington Higher Education Finance Corp., Revenue Bonds (BASIS Texas
Charter Schools)(b)
4.88
6/15/2059
500,000
436,061
Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (IDEA
Public Schools) (Insured; Permanent School Fund Guarantee Program)
4.00
8/15/2054
950,000
821,641
Clifton Higher Education Finance Corp., Revenue Bonds, Refunding (Insured;
Permanent School Fund Guarantee Program)
5.00
8/15/2042
2,000,000
2,102,471
Clifton Higher Education Finance Corp., Revenue Bonds, Refunding
(International Leadership of Texas, Inc.) (Insured; Permanent School Fund
Guarantee Program) Ser. A
5.25
2/15/2049
2,550,000
2,625,573
Dallas Area Rapid Transit, Revenue Bonds, Refunding, Ser. B
4.00
12/1/2051
1,750,000
1,534,111
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. B
5.00
11/1/2040
2,500,000
2,639,325
El Paso County Hospital District, GO (El Paso County) (Insured; Assured
Guaranty Corp.)
5.50
2/15/2050
1,500,000
1,575,985
Garland Electric Utility System, Revenue Bonds, Refunding
5.00
3/1/2044
1,500,000
1,521,473
Georgetown Utility System, Revenue Bonds (Insured; Assured Guaranty
Corp.)
5.25
8/15/2052
3,000,000
3,077,245
Houston, Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) Ser.
C
5.25
9/1/2051
1,000,000
1,042,640
Houston Airport System, Revenue Bonds (United Airlines) Ser. B
5.50
7/15/2037
2,000,000
2,145,994
Houston Airport System, Revenue Bonds (United Airlines) Ser. C
5.00
7/15/2028
1,000,000
1,023,763
Lamar Consolidated Independent School District, GO
4.00
2/15/2053
1,225,000
1,048,540
Love Field Airport Modernization Corp., Revenue Bonds
5.00
11/1/2034
3,500,000
3,506,704
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA
Transmission Services Corp.) Ser. A
4.00
5/15/2049
1,000,000
852,959
Mission Economic Development Corp., Revenue Bonds (Graphic Packaging
International, LLC Project)(a)
5.00
6/1/2030
1,000,000
1,032,446
Mission Economic Development Corp., Revenue Bonds, Refunding
(Natgasoline Project)(b)
4.63
10/1/2031
3,575,000
3,577,248
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds,
Refunding (Brazos Presbyterian Homes, Inc. Project)
5.25
1/1/2036
1,000,000
1,069,833
North East Texas Regional Mobility Authority, Revenue Bonds, Refunding,
Ser. A
5.25
1/1/2045
1,000,000
1,049,273
Plano Independent School District, GO
5.00
2/15/2043
1,000,000
1,046,805
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds
(CHRISTUS Health Obligated Group) Ser. A(a)
5.00
7/1/2032
1,500,000
1,626,354
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds,
Refunding (Cook Children’s Medical Center)
5.00
12/1/2043
1,000,000
1,053,332
Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds, Ser. B(a)
5.50
1/1/2034
2,000,000
2,132,245
Texas Municipal Power Agency, Revenue Bonds, Refunding (Insured; Build
America Mutual)
5.50
9/1/2050
1,700,000
1,788,236
 
40,330,257
U.S. Related — 1.1%
Puerto Rico, GO, Ser. A1
4.00
7/1/2046
2,000,000
1,810,325
Puerto Rico, GO, Ser. A1
5.63
7/1/2027
997,337
1,017,257
Puerto Rico, GO, Ser. A1
5.63
7/1/2029
2,000,000
2,112,347
 
4,939,929
10
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
Utah — 2.8%
Downtown Daybreak Public Infrastructure District No. 1, Tax Allocation
Bonds(b)
5.00
3/1/2041
600,000
602,021
Downtown Revitalization Public Infrastructure District, Revenue Bonds
(Insured; Assured Guaranty Corp.) Ser. B
5.50
6/1/2055
1,000,000
1,056,475
High Star Ranch Infrastructure Financing District, Special Assessment Bonds
(High Star Ranch Assessment Area)(b)
6.25
12/1/2055
2,855,000
2,877,774
Mida Cormont Public Infrastructure District, GO, Ser. A1(b)
6.25
6/1/2055
1,000,000
1,047,274
Pine View Public Infrastructure District No. 2, Special Assessment Bonds
(Firelight Assessment Area No. 1)(b)
6.25
12/1/2055
1,100,000
1,110,101
Resort Core Public Infrastructure District No. 1, GO, Ser. A1
5.88
3/1/2057
1,000,000
1,012,177
Resort Core Public Infrastructure District No. 1, GO, Ser. B
8.25
3/15/2057
1,000,000
1,017,967
Salt Lake City Airport, Revenue Bonds, Ser. A
5.00
7/1/2034
2,000,000
2,022,992
Utah Telecommunication Open Infrastructure Agency, Revenue Bonds,
Refunding
5.50
6/1/2040
1,200,000
1,301,596
 
12,048,377
Virginia — .1%
Williamsburg Economic Development Authority, Revenue Bonds (William &
Mary Project) (Insured; Assured Guaranty Corp.) Ser. A
4.13
7/1/2058
535,000
494,840
Washington — 3.2%
King County, Revenue Bonds, Refunding(c)
3.08
1/1/2042
1,000,000
1,000,000
King County Public Hospital District No. 2, GO (EvergreenHealth)
5.50
12/1/2054
1,500,000
1,575,347
Kitsap County School District No. 100, GO (Insured; School Board Guaranty)
Ser. C
5.25
12/1/2047
1,000,000
1,051,448
Port of Seattle, Revenue Bonds, Refunding (Intermediate Lien) Ser. B
5.25
7/1/2042
2,500,000
2,646,795
Port of Seattle, Revenue Bonds, Refunding, Ser. B
4.00
8/1/2047
1,325,000
1,189,024
Washington, GO, Ser. B
5.00
2/1/2043
2,710,000
2,859,461
Washington Convention Center Public Facilities District, Revenue Bonds
(Sustainable Bond) Ser. B
4.00
7/1/2058
2,000,000
1,626,928
Washington Housing Finance Commission, Revenue Bonds, Refunding
(Horizon House Project) Ser. B3
4.38
1/1/2033
1,000,000
1,000,547
Washington Housing Finance Commission, Revenue Bonds, Refunding
(Seattle Academy of Arts & Sciences)(b)
6.38
7/1/2063
600,000
633,536
 
13,583,086
West Virginia — 1.4%
West Virginia Economic Development Authority, Revenue Bonds
(Commercial Metals Company Project)(a)
4.63
5/15/2032
2,135,000
2,178,663
West Virginia Hospital Finance Authority, Revenue Bonds (West Virginia
University Health System Obligated Group) Ser. A
5.50
6/1/2050
3,500,000
3,665,954
 
5,844,617
Wisconsin — 4.3%
Public Finance Authority, Revenue Bonds (Georgia SR 400 Express Lanes
Project)
6.50
6/30/2060
1,500,000
1,642,652
Public Finance Authority, Revenue Bonds (Heritage Bend Project)(b),(e)
0.00
12/15/2042
5,500,000
1,738,832
Public Finance Authority, Revenue Bonds (KSU Bixby Real Estate Foundation
LLC Project) Ser. B
5.50
6/15/2055
750,000
765,687
Public Finance Authority, Revenue Bonds, Ser. 1
5.75
7/1/2062
2,162,172
2,221,806
Public Finance Authority, Revenue Bonds, Refunding (Kahala Nui Project)
5.00
11/15/2041
715,000
741,820
Public Finance Authority, Revenue Bonds, Refunding (Legacy Hills Project)(b)
6.00
11/15/2045
2,200,000
2,183,292
Public Finance Authority, Revenue Bonds, Refunding (Lindenwood Education
System)
5.00
6/1/2039
1,050,000
1,045,760
Public Finance Authority, Revenue Bonds, Refunding (Lindenwood Education
System) Ser. A(b)
5.50
6/1/2040
1,500,000
1,539,838
11
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
Coupon
Rate (%)
Maturity
Date
 
Principal
Amount ($)
Value ($)
Long-Term Municipal Investments — 100.3% (continued)
Wisconsin — 4.3% (continued)
Public Finance Authority, Revenue Bonds, Refunding (Triad Educational
Services, Inc.)(b)
5.00
6/15/2036
1,000,000
1,004,247
Public Finance Authority, Revenue Bonds, Refunding (Sustainable Bond)
(Duke Energy Progress) Ser. B(a)
4.00
10/1/2030
2,855,000
2,900,050
Sheboygan Area School District, GO
3.00
3/1/2043
1,000,000
822,171
University of Wisconsin, Revenue Bonds (Sustainable Bond) Ser. A
4.25
4/1/2052
50,000
45,108
University of Wisconsin, Revenue Bonds (Sustainable Bond) Ser. A
5.00
4/1/2049
1,000,000
1,013,125
West Allis West Milwaukee School District, GO, Ser. W
3.00
4/1/2038
1,000,000
900,950
 
18,565,338
Total Long-Term Municipal Investments
(cost $437,983,938)
 
 
432,053,604
Total Investments (cost $439,883,042)
 
    100.7%
433,714,509
Liabilities, Less Cash and Receivables
 
      (.7%)
 (3,180,886)
Net Assets
    100.0%
430,533,623
 
FHLMC—Federal Home Loan Mortgage Corporation
FNMA—Federal National Mortgage Association
GNMA—Government National Mortgage Association
GO—Government Obligation
LOC—Letter of Credit
 
(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, 2026, these securities amounted to $63,766,850 or 14.8% of net assets.
(c)
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.
(d)
These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities
which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(e)
Security issued with a zero coupon. Income is recognized through the accretion of discount.
(f)
These bonds serve as collateral in a secured borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.
(g)
Security purchased on a when-issued or delayed basis for which the fund has not taken delivery as of July 31, 2026.
See notes to schedule of investments.
12
Schedule of Investments
BNY Mellon Opportunistic Municipal Securities Fund
July 31, 2026 (Unaudited)
The following is a summary of the inputs used as of July 31, 2026 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
—
1,660,905
—
1,660,905
Municipal Securities
—
432,053,604
—
432,053,604
 
—
433,714,509
—
433,714,509
Liabilities ($)
Other Financial Instruments:
Inverse Floater Notes††
—
(7,500,000)
—
(7,500,000)
 
—
(7,500,000)
—
(7,500,000)
 
†
See Schedule 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.
13
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:
Investments in municipal securities and instruments generally will be valued, to the extent possible, by one or more independent pricing services (the “Service”). When, in the judgment of the Service, quoted bid prices for investments are readily available and are representative of the bid side of the market, these investments 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). The value of other municipal securities and instruments is determined by the Service based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the fund’s Board of Trustees (the “Board”). Overnight and certain other short-term debt securities and instruments (excluding Treasury bills) will be valued by the amortized cost method, which approximates fair value, unless a Service provides a valuation for such security or, in the opinion of the board or a committee or other persons designated by the Board, such as the Adviser, the amortized cost method would not represent fair value. These securities are generally categorized within Level 2 of the fair value hierarchy.
Restricted securities, as well as securities or other assets for which recent market quotations or official closing prices are not readily available or are determined not to reflect accurately fair value (such as when the value of a security has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value (“NAV”)), or which are not valued by the Service, are valued at fair value as determined in good faith based on procedures approved by the Board. Fair value of investments is determined by the Adviser, as the fund’s valuation designee pursuant to Rule 2a-5 under the Act, using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include 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. Using fair value to price investments may result in a value that is different from a security’s most recent closing price and from the prices used by other mutual funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
Market quotations of foreign securities in foreign currencies and any fund assets or liabilities initially expressed in terms of foreign currency are translated into U.S. dollars at the spot rate.
14
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 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, 2026, accumulated net unrealized depreciation on investments was $6,168,533, consisting of $3,566,810 gross unrealized appreciation and $9,735,343 gross unrealized depreciation.
At July 31, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule 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.
15