UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number | 811-09903 | |||||
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| BNY Mellon Funds Trust |
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| (Exact name of Registrant as specified in charter) |
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c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 |
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| (Address of principal executive offices) (Zip code) |
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| Bennett A. MacDougall, Esq. 200 Park Avenue New York, New York 10166 |
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| (Name and address of agent for service) |
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Registrant's telephone number, including area code: | (212) 922-6400 | |||||
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Date of fiscal year end:
| 08/31 |
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Date of reporting period: | 02/28/18 |
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FORM N-CSR
Item 1. Reports to Stockholders.
The BNY Mellon Funds
BNY Mellon Large Cap Stock Fund
BNY Mellon Large Cap Market Opportunities Fund
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund
BNY Mellon Income Stock Fund
BNY Mellon Mid Cap Multi-Strategy Fund
BNY Mellon Small Cap Multi-Strategy Fund
BNY Mellon Focused Equity Opportunities Fund
BNY Mellon Small/Mid Cap Multi-Strategy Fund
BNY Mellon International Fund
BNY Mellon Emerging Markets Fund
BNY Mellon International Appreciation Fund
BNY Mellon International Equity Income Fund
BNY Mellon Asset Allocation Fund
SEMIANNUAL REPORT February 28, 2018 | |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2017 through February 28, 2018. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
Stocks set a series of new record highs while bonds generally lost a degree of value over the reporting period. Riskier sectors of the financial markets responded positively to growing corporate earnings, improving global economic conditions and the enactment of tax reform legislation. While the rally was relatively broad-based, growth stocks produced substantially higher returns than value-oriented stocks. International stocks also performed well amid more positive economic data from Europe, Japan, and the emerging markets. In the bond market, U.S. government securities and municipal bonds declined when short-term interest rates and inflation expectations increased, while lower-rated corporate-backed securities fared somewhat better in anticipation of improved business conditions.
The markets’ performance was supported by solid underlying fundamentals, including sustained economic growth, a robust labor market and strong consumer and business confidence. We currently expect these favorable conditions to persist, but we remain watchful for economic and political developments that could negatively affect the markets. Indeed, in February 2018, we witnessed a return of heightened volatility to the financial markets. As always, we encourage you to discuss the risks and opportunities of today’s investment environment with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2018
3
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period from September 1, 2017 through February 28, 2018, as provided by C. Wesley Boggs, William S. Cazalet, CAIA, Ronald P. Gala, CFA, Peter D. Goslin, CFA, and Syed A. Zamil, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Large Cap Stock Fund’s Class M shares produced a total return of 11.78%, and Investor shares produced a total return of 11.46%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 10.83% for the same period.2
Large-cap stocks continued to gain ground over the reporting period amid rising corporate earnings, improved economic conditions, and the passage of business-friendly tax-reform legislation. The fund produced higher returns than the Index, mainly due to the success of our security selection strategy in the industrials and financials sectors.
The Fund’s Investment Approach
The fund seeks capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in stocks of large-capitalization companies with market capitalizations of $5 billion or more at the time of purchase.
We apply a systematic, quantitative investment approach designed to identify and exploit relative misvaluations primarily within large-cap U.S. stocks. We use a proprietary valuation model that identifies and ranks stocks to construct the fund’s portfolio. We construct the fund’s portfolio through a systematic structured approach, focusing on stock selection as opposed to making proactive decisions as to industry or sector exposure. Within each sector and style subset, the fund overweights the most attractive stocks and underweights or zero weights the stocks that have been ranked least attractive. The fund typically will hold between 100 and 175 securities.
Rising Corporate Earnings Drove Markets Higher
Continuing a trend established earlier in 2017, stocks across all capitalization ranges remained energized during the reporting period by better-than-expected corporate earnings growth, strengthening U.S. labor markets, and encouraging global economic developments. In addition, investors responded positively to the enactment of tax-reform legislation in December 2017. Consequently, the Index reached a series of new highs through January 2018. While inflation fears sparked heightened market volatility in February, the resulting declines were not enough to fully offset earlier gains.
The market’s advance also was supported by well-telegraphed shifts in monetary policy. Although rising interest rates historically have tended to undermine investor sentiment toward stocks, the Federal Reserve Board’s gradual approach to adopting a less accommodative monetary policy generally was received calmly by investors, who focused more on improving business conditions and corporate earnings growth. In this environment, large-cap stocks outperformed their mid- and small-cap counterparts, and growth stocks typically produced higher returns than value-oriented stocks. Among large-cap stocks, the financials, information technology, and consumer discretionary sectors—which constitute three of the Index’s four largest industry groups—fared especially well.
Security Selections Bolstered Fund Performance
The fund participated more than fully in the Index’s gains over the reporting period, supported by our quantitative security selection process across several major market segments. The industrials sector generally benefited from stronger global economic growth, helping to boost business prospects for aircraft manufacturers such as Boeing, which saw robust order volumes for new products. Conversely, the fund benefited from underweighted exposure to industrial conglomerate General Electric, which lost considerable value over the reporting period as it sought to formulate and implement a turnaround strategy. The financials sector represented the Index’s top-performing segment for the reporting period. Major financial institutions such as Bank of America and JPMorgan Chase & Co. fared especially well due to corporate tax cuts, reduced regulatory burdens, and the positive impact of rising interest rates on lending margins.
Disappointments during the reporting period included some holdings in the health care sector, where biotechnology developer Celgene was hurt by unsatisfactory results from clinical trials of a new drug for Crohn’s Disease. Pharmaceutical giant Merck & Co. withdrew an application for regulatory approval of a drug in Europe, sparking questions about the strength of the company’s new-product pipeline. Results from the telecommunication services sector, which represented one of the Index’s weaker market segments, were undermined when dividend-paying companies fell out of favor among investors who preferred more growth-oriented investments.
A Disciplined Approach to Stock Picking
Our quantitative models have continued to identify what we believe to be attractive investment opportunities across a broad range of large-cap companies and industry groups. Indeed, we believe that current volatility in the stock market may present opportunities to purchase the stocks of fundamentally strong companies at more attractive prices. When the fund’s holdings reach what we perceive to be fuller valuations, we expect to replace them with high-quality companies that our model suggests have the potential to offer more attractive valuations and better investment prospects. In addition, we have continued to maintain a broadly diversified portfolio.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.
Please note: the position in any security highlighted with italicized typeface was sold during the reporting period.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
4
For the period from September 1, 2017 through February 28, 2018, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Large Cap Market Opportunities Fund’s Class M shares produced a total return of 12.12%, and Investor shares produced a total return of 11.87%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 10.83% for the same period.2
Large-cap stocks continued to gain ground over the reporting period amid rising corporate earnings, improved economic conditions, and the passage of business-friendly tax reform legislation. The fund produced higher returns than the Index, mainly due to positive contributions from all five of the fund’s active underlying strategies.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its assets in equity securities of large-cap companies, currently defined to be those companies with total market capitalizations of $5 billion or more at the time of purchase. The fund normally allocates its assets among multiple investment strategies, each employed by the fund’s investment adviser or its affiliates that invest primarily in equity securities issued by large-cap companies. The fund is designed to provide exposure to various large-cap equity portfolio managers and investment strategies and styles, including some or all of the following: the Focused Equity Strategy, U.S. Large Cap Equity Strategy, Dynamic Large Cap Value Strategy, Large Cap Growth Strategy, U.S. Large Cap Growth Strategy, Income Stock Strategy, Appreciation Strategy, and Large Cap Dividend Strategy, all as more particularly described in the fund’s prospectus. The fund invests directly in securities or in other mutual funds advised by the fund’s investment adviser or its affiliates.
The investment adviser has the discretion to change the investment strategies, including whether to implement a strategy by investing directly in securities or through an underlying fund, and the target allocations and ranges when the investment adviser deems it appropriate.
Rising Corporate Earnings Drove Markets Higher
Continuing a trend established earlier in 2017, stocks across all capitalization ranges remained energized during the reporting period by better-than-expected corporate earnings growth, strengthening U.S. labor markets, and encouraging global economic developments. In addition, investors responded positively to the enactment of tax-reform legislation in December 2017. Consequently, the Index reached a series of new highs through January 2018. While inflation fears sparked heightened market volatility in February, the resulting declines were not enough to fully offset earlier gains.
The market’s advance also was supported by well-telegraphed shifts in monetary policy as the Federal Reserve Board’s gradual approach to adopting a less accommodative monetary policy generally was received calmly by investors. In this environment, large-cap stocks outperformed their mid- and small-cap counterparts, and growth stocks typically produced higher returns than value-oriented stocks.
Underlying Strategies Bolstered Fund Performance
The fund participated more than fully in the Index’s gains over the reporting period, supported by all five of its active underlying strategies. Results were especially favorable from the Focused Equity Strategy, where strong security selections in the industrials, information technology, and consumer staples sectors more than made up for relative weakness in the financials and health care sectors. The strategy’s lack of exposure to utilities and telecommunication services stocks also boosted its relative performance. The Dynamic Value Strategy benefited from relatively heavy exposure to the financials sector and underweighted positions in the lagging utilities and real estate sectors, as well as strong stock selections in the industrials and energy sectors. Relatively weak results from the materials, information technology, and consumer discretionary sectors were not enough to fully offset strength in other areas.
The U.S. Large Cap Equity Strategy achieved strong relative results through an overweighted allocation to the information technology sector and underweighted representation in the utilities, real estate, and consumer staples sectors. Favorable security selections in the consumer staples, energy, and information technology sectors more than compensated for shortfalls in the consumer discretionary, health care, and materials sectors. The Income Stock Strategy also fared well through an emphasis on information technology and financial stocks and light holdings of utilities stocks. The U.S. Large Cap Growth Strategy achieved good results through its advantageous security selections in the information technology sector, which were balanced by shortfalls in the consumer discretionary, health care, and industrials sectors.
A More Growth-Oriented Investment Posture
We remain optimistic regarding the prospects for large-cap stocks in a growing U.S. economy characterized by greater fiscal stimulus and rising corporate earnings. In February 2018, we adjusted the fund’s portfolio to place greater emphasis on growth stocks. We increased the fund’s allocation to the Focused Equity Strategy and decreased its participation in the Dynamic Value Strategy. In our judgment, these changes position the fund well for the prevailing market environment.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund may use derivative instruments, such as options, futures, options on futures, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
5
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2017 through February 28, 2018, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s Class M shares produced a total return of 11.86%, and Investor shares produced a total return of 11.74%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 10.83% for the same period.2
Large-cap stocks continued to gain ground over the reporting period amid rising corporate earnings and improved economic conditions. The fund outperformed the Index due to positive contributions from all six of the fund’s active underlying strategies.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets in equity securities of large-cap companies, currently defined to be those companies with total market capitalizations of $5 billion or more at the time of purchase. The fund normally allocates its assets among multiple investment strategies, each employed by the fund’s investment adviser or its affiliates that invest primarily in equity securities issued by large-cap companies. The fund is designed to provide exposure to various large-cap equity portfolio managers and investment strategies and styles, and uses tax-sensitive strategies to reduce the impact of federal and state income taxes on its after-tax returns. The fund allocates its assets among some or all of the following: the Large Cap Core Strategy, Large Cap Tax-Sensitive Strategy, Focused Equity Strategy, U.S. Large Cap Equity Strategy, Dynamic Large Cap Value Strategy, Large Cap Growth Strategy, U.S. Large Cap Growth Strategy, Income Stock Strategy, Appreciation Strategy, and Large Cap Dividend Strategy, all as more particularly described in the fund’s prospectus. The fund invests directly in securities or in other mutual funds advised by the fund’s investment adviser or its affiliates.
The investment adviser has the discretion to change the investment strategies, including whether to implement a strategy by investing directly in securities or through an underlying fund, and the target allocations and ranges when the investment adviser deems it appropriate.
Rising Corporate Earnings Drove Markets Higher
Continuing a trend established earlier in 2017, stocks across all capitalization ranges remained energized during the reporting period by better-than-expected corporate earnings growth, strengthening U.S. labor markets, and encouraging global economic developments. In addition, investors responded positively to the enactment of tax-reform legislation in December 2017. Consequently, the Index reached a series of new highs through January 2018. While inflation fears sparked heightened market volatility in February, the resulting declines were not enough to fully offset earlier gains.
The market’s advance also was supported by well-telegraphed shifts in monetary policy as the Federal Reserve Board’s gradual approach to adopting a less accommodative monetary policy generally was received calmly by investors. In this environment, large-cap stocks outperformed their smaller counterparts, and growth stocks produced higher returns than value-oriented stocks.
Underlying Strategies Bolstered Fund Performance
The fund’s relative performance was supported by all six of its active strategies. Results were especially favorable from the Large-Cap Tax-Sensitive Strategy, which achieved strong results from trading activity designed to opportunistically realize capital gains and losses in the fund’s portfolio. The Focused Equity Strategy made strong security selections in the industrials, information technology, and consumer staples sectors, more than offsetting weakness in the financials and health care sectors. Lack of exposure to utilities and telecommunication services stocks also boosted its relative performance. The Dynamic Value Strategy benefited from relatively heavy exposure to the financials sector and underweighted positions in the lagging utilities and real estate sectors, as well as strong stock selections in the industrials and energy sectors. Relatively weak results from the materials, information technology, and consumer discretionary sectors were not enough to fully offset strength in other areas.
The U.S. Large Cap Equity Strategy achieved strong relative results through an overweighted allocation to the information technology sector and underweighted representation in the utilities, real estate, and consumer staples sectors. Favorable security selections in the consumer staples, energy, and information technology sectors more than compensated for shortfalls in the consumer discretionary, health care, and materials sectors. The Income Stock Strategy also fared well through an emphasis on information technology and financial stocks and light holdings of utilities. The U.S. Large Cap Growth Strategy achieved good results through its advantageous security selections in the information technology sector, which were balanced by shortfalls in the consumer discretionary, health care, and industrials sectors.
A More Growth-Oriented Investment Posture
We remain optimistic regarding the prospects for large-cap stocks in a growing economy characterized by greater fiscal stimulus and rising corporate earnings. In February 2018, we adjusted the fund’s portfolio to place greater emphasis on growth stocks. We increased the fund’s allocation to the Focused Equity Strategy and decreased its participation in the Dynamic Value Strategy. In our judgment, these changes position the fund well for the prevailing market environment.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund may use derivative instruments, such as options, futures, options on futures, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
6
For the period of September 1, 2017 through February 28, 2018, as provided by John C. Bailer, Brian C. Ferguson, and David S. Intoppa, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Income Stock Fund’s Class M shares produced a total return of 9.21%, Investor shares produced a total return of 8.98%, Class A shares produced a total return of 8.95%, Class C shares produced a total return of 8.68%, Class I shares produced a total return of 9.09%, and Class Y shares produced a total return of 9.10%.1 In comparison, the fund’s benchmark, the Dow Jones U.S. Select Dividend™ Index (the “Index”), produced a total return of 6.47% for the same period.2
Stocks rose over the reporting period in response to better-than-expected corporate earnings and improving economic prospects. The fund’s sector allocation and security selection strategies in the utilities, financials, and information technology sectors enabled it to outperform the Index.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and income). To pursue its goal, the fund normally invests at least 80% of its assets in stocks. The fund seeks to focus on dividend-paying stocks and other investment techniques that produce income. We choose stocks through a disciplined investment process that combines quantitative modeling techniques, fundamental analysis, and risk management. The fund emphasizes those stocks with value characteristics, although it may also purchase growth stocks. The fund may invest in the stocks of companies of any size, although it focuses on large-cap companies. The fund’s investment process is designed to provide investors with investment exposure to sector weightings and risk characteristics generally similar to those of the Index.
Rising Corporate Earnings Drove Markets Higher
Continuing a trend established earlier in 2017, stocks across all capitalization ranges remained energized during the reporting period by better-than-expected corporate earnings growth, strengthening U.S. labor markets, and encouraging global economic developments. In addition, investors responded positively to the enactment of tax-reform legislation in December 2017. Consequently, the Index reached a series of new highs through January 2018. While inflation fears sparked heightened market volatility in February, the market soon regained its footing and the resulting moderate declines during the month were not enough to fully offset earlier gains.
The market’s advance also was supported by well-telegraphed shifts in monetary policy. The Federal Reserve Board’s gradual approach to adopting a less accommodative monetary policy generally was received calmly by investors, who focused more on improving business conditions and corporate earnings growth.
In this environment, large-cap stocks produced higher returns than their small- and mid-cap counterparts, and growth stocks substantially outperformed higher yielding and value-oriented stocks.
Allocation Strategy Bolstered Fund Performance
Much of the fund’s strong performance compared to the Index was driven by a significantly overweighted allocation of assets to dividend-paying stocks in the financials and information technology sectors, and a relatively small position among utilities stocks. Favorable individual security selections further enhanced its relative performance. Among utilities, the fund emphasized independent power producers and renewable energy providers, such as FirstEnergy, NextEra Energy Partners, and NRG Yield. In the financials sector, we focused on banks we believe are poised to benefit from positive economic and regulatory trends, such as JPMorgan Chase, Bank of America, and SunTrust Banks. In the information technology sector, we invested in companies with strong earnings and growth rates, such as networking giant Cisco Systems and semiconductor maker Texas Instruments.
On a more negative note, a few allocations and security selections undermined the fund’s relative results. In the consumer discretionary sector, the fund held little exposure to the outperforming areas of multiline retail and specialty retail, and it maintained overweighted exposure to the weaker media industry group. Overweighted sector exposure to the energy sector contributed positively to its performance, but stock selections within the market segment trailed sector averages. Notable laggards included Occidental Petroleum, Phillips 66, Exxon Mobil, and Valero Energy. In the real estate sector, real estate investment trust (REIT) Uniti Group and billboard advertising company Outfront Media produced disappointing returns during the reporting period.
Focused on Our Disciplined Investment Approach
While growth-oriented stocks recently have outperformed their value-oriented counterparts, we believe that, over time, historical norms are likely to reassert themselves, and value stocks with strong underlying business fundamentals will return to favor. Indeed, in our judgment, the current environment of strong corporate earnings and improving domestic and global economic growth provides a supportive backdrop for the fund’s investment approach. As of the end of the reporting period, the fund held overweighted exposure to the financials, information technology, health care, real estate, telecommunication services, and energy sectors. In contrast we have identified relatively few opportunities in the utilities, consumer discretionary, industrials, basic material, and consumer staples sectors.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. The fund’s returns reflect the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an agreement in effect through June 1, 2018, for Class A, Class C, Class I, and Class Y, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns for those share classes would have been lower.
2 Source: Lipper Inc. – The Dow Jones U.S. Select Dividend™ Index is defined as all dividend-paying companies in the Dow Jones U.S. Index, excluding REITs, that have a non-negative historical five-year dividend-per-share growth rate, a five-year average dividend coverage ratio of greater than or equal to 167%, paid dividends in each of the previous five years, non-negative trailing 12-month earnings-per-share (EPS), a float-adjusted market capitalization of at least US $1 billion, and a three-month average daily trading volume of 200,000 shares. Investors cannot invest directly in any index.
Please note: the position in any security highlighted with italicized typeface was sold during the reporting period.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
7
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2017 through February 28, 2018, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of 10.40%, and Investor shares produced a total return of 10.28%.1 In comparison, the fund’s benchmark, the Russell Midcap® Index (the “Index”), produced a total return of 8.44% for the reporting period.2 The Russell Midcap® Value Index and Russell Midcap® Growth Index, the fund’s secondary benchmarks, produced total returns of 5.41% and 12.40%, respectively, for the same period.3,4
Mid-cap stocks continued to gain ground over the reporting period in an environment of rising corporate earnings and improved economic conditions. The fund outperformed the benchmark Index due to an emphasis on growth strategies and positive contributions from all five of the fund’s active underlying strategies.
The Fund’s Investment Approach
The fund seeks capital appreciation. The fund pursues its goal by normally investing at least 80% of its net assets in equity securities of mid-cap companies. The fund considers mid-cap companies to be those companies with market capitalizations that are within the market-capitalization range of companies comprising the Index. Furthermore, the fund normally allocates assets across multiple investment strategies employed by the investment adviser and unaffiliated sub-investment advisers that invest primarily in equity securities issued by mid-cap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment strategies and styles, including the Mid Cap Tax-Sensitive Core Strategy, Opportunistic Mid Cap Value Strategy, Mid Cap Growth Strategy, Boston Partners Mid Cap Value Strategy, and Geneva Mid Cap Growth Strategy, all as more particularly described in the fund’s prospectus.
Rising Corporate Earnings Drove Markets Higher
Continuing a trend established earlier in 2017, stocks across all capitalization ranges were energized during the reporting period by better-than-expected corporate earnings growth, strengthening U.S. labor markets, and encouraging global economic developments. In addition, investors responded positively to the enactment of tax-reform legislation in December 2017. Consequently, the Index reached a series of new highs through January 2018. While inflation fears sparked heightened market volatility in February, the Index recouped most of its losses by the month’s end as inflation concerns eased.
The market’s advance also was supported by well-telegraphed shifts in monetary policy. Although rising interest rates historically have tended to undermine investor sentiment toward stocks, the Federal Reserve Board’s gradual approach to adopting a less accommodative monetary policy generally was received calmly by investors.
In this environment, mid-cap stocks trailed their large-cap counterparts but outperformed small-cap stocks. Moreover, growth stocks produced substantially higher returns than value-oriented stocks, on average.
Underlying Strategies Bolstered Fund Performance
The fund’s relative performance was supported in part by its allocation strategy, which favored growth-oriented underlying strategies over more value-oriented approaches. In addition, the fund achieved strong relative results from all five of its active underlying strategies.
The Mid Cap Tax-Sensitive Core Strategy achieved strong results from trading activity designed to opportunistically realize capital gains and losses in the fund’s portfolio. The Mid Cap Growth Strategy benefited from favorable security selections in the information technology and energy sectors, as well as overweighted exposure to the information technology sector and an underweighted position in the real estate sector. Security selection shortfalls in the consumer discretionary and consumer staples sectors were not enough to fully offset above-average gains in other areas. The Geneva Mid Cap Growth Strategy avoided relative weakness in the materials, real estate, and energy sectors while making beneficial stock selections in the consumer discretionary and health care sectors. These positions more than compensated for relatively weak security selections in the industrials, consumer staples, and information technology sectors.
The Opportunistic Mid Cap Value Strategy overcame generally weak stock selections through favorable sector allocations, including overweighted positions in the financials and information technology sectors and lack of exposure to the lagging real estate and utilities sectors. The Boston Partners Mid Cap Value Strategy also mainly benefited from favorable sector allocations. In addition, strong stock selections in the financials and industrials sectors more than made up for the strategy shortfalls in the utilities, consumer discretionary, and materials sectors.
A More Growth-Oriented Investment Posture
We remain optimistic regarding the prospects for mid-cap stocks in a growing economy characterized by greater fiscal stimulus and rising corporate earnings. In February 2018, we adjusted the fund’s portfolio to place even greater emphasis on growth stocks. We increased the fund’s allocation to the Mid Cap Growth Strategy and the Geneva Mid Cap Growth Strategy, and we decreased its participation in the Opportunistic Mid Cap Value Strategy and Boston Partners Mid Cap Value Strategy. In our judgment, these changes position the fund well for the prevailing market environment.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The Russell Midcap® Index measures the performance of the midcap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the midcap segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap opportunity set. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The Russell Midcap® Value Index measures the performance of the midcap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell Midcap Value Index is constructed to provide a comprehensive and unbiased barometer of the midcap value market. The Russell Midcap® Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap value market. Investors cannot invest directly in any index.
4 Source: Lipper Inc. — The Russell Midcap® Growth Index measures the performance of the midcap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell Midcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the midcap growth market. The Russell Midcap® Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap growth market. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Stocks of small- and/or midcap companies often experience sharper price fluctuations than stocks of large-cap companies.
8
For the period of September 1, 2017 through February 28, 2018, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Small Cap Multi-Strategy Fund’s Class M shares produced a total return of 11.48%, and Investor shares produced a total return of 11.32%.1 In comparison, the fund’s primary benchmark, the Russell 2000® Index (the “Index”), produced a total return of 8.30% for the same period. 2 The Russell 2000® Growth Index and Russell 2000® Value Index, the fund’s secondary benchmarks, produced total returns of 11.32% and 5.09%, respectively, for the same period.3,4
Small-cap stocks continued to gain ground over the reporting period in an environment of rising corporate earnings and improved economic conditions. The fund outperformed the Index due to positive contributions from all three of the fund’s underlying strategies.
The Fund’s Investment Approach
The fund seeks capital appreciation. The fund pursues its goal by normally investing at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap companies. The fund currently considers small-cap companies to be those companies with market capitalizations that are equal to or less than the market capitalization of the largest company included in the Index. Furthermore, the fund normally allocates assets across multiple investment strategies employed by the investment adviser that invest primarily in equity securities issued by small-cap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment strategies and styles, including the Opportunistic Small Cap Strategy, the Small Cap Value Strategy, and the Small Cap Growth Strategy, all as more particularly described in the fund’s prospectus.
Rising Corporate Earnings Drove Markets Higher
Continuing a trend established earlier in 2017, stocks across all capitalization ranges were energized during the reporting period by better-than-expected corporate earnings growth, strengthening U.S. labor markets, and encouraging global economic developments. In addition, investors responded positively to the enactment of tax-reform legislation in December 2017, which seemed likely to boost corporate profits further. Consequently, the Index reached a series of new highs through January 2018. While inflation fears sparked heightened market volatility in February, the Index recouped most of its losses by the month’s end as inflation concerns eased.
The market’s advance also was supported by well-telegraphed shifts in monetary policy. Although rising interest rates historically have tended to undermine investor sentiment toward stocks, the Federal Reserve Board’s gradual approach to adopting a less accommodative monetary policy generally was received calmly by investors.
In this environment, small-cap stocks trailed their large-cap counterparts, and growth stocks produced substantially higher returns than value-oriented stocks, on average.
Underlying Strategies Bolstered Fund Performance
The fund’s performance relative to the Index was supported by strong results from all three of its underlying strategies. The Opportunistic Small/Mid Cap Strategy benefited from favorable sector allocations, including lack of exposure to the real estate sector and an underweighted position in the utilities sector. The strategy’s security selections fared well in the industrials and consumer discretionary sectors. Security selection shortfalls in the materials sector and an overweighted allocation to the energy sector were not enough to fully offset above-average results in other areas. The Small Cap Growth Strategy made beneficial stock selections in the information technology, consumer staples, and consumer discretionary sectors, and its sector allocations proved helpful through relatively light holdings in the real estate and health care sectors and overweighted exposure to the information technology sector. These positions more than compensated for relatively weak security selections in the health care and industrials sectors and an underweighted allocation to the industrials sector.
The Small Cap Value Strategy achieved good results on the strength of beneficial security selections in the financials, consumer discretionary, and industrials sectors, as well as relatively heavy exposure to consumer discretionary stocks and underweighted positions in the utilities and real estate sectors. In contrast, the strategy’s stock selections proved less successful in the health sector, and underweighted exposure to the financials sector also weighed on its relative results.
A More Growth-Oriented Investment Posture
We remain optimistic regarding the prospects for small-cap stocks in a growing economy characterized by greater fiscal stimulus and rising corporate earnings. In February 2018, we adjusted the fund’s portfolio away from a generally neutral allocation between growth and value in favor of a greater emphasis on growth stocks. We increased the fund’s allocation to the Small Cap Growth Strategy, and we decreased its participation in the Small Cap Value Strategy. In our judgment, these changes positon the fund well for the prevailing market environment.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2000® Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The Russell 2000® Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. Investors cannot invest directly in any index.
4 Source: Lipper Inc. — The Russell 2000® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 2000® Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Russell 2000® Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Stocks of small- and/or mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.
9
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2017 through February 28, 2018, as provided by Irene D. O’Neill, Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Focused Equity Opportunities Fund’s Class M shares produced a total return of 13.86%, and Investor shares produced a total return of 13.69%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 10.83% for the same period.2
Stocks continued to gain ground over the reporting period amid rising corporate earnings, improved economic conditions, and the passage of business-friendly tax-reform legislation. The fund produced higher returns than the Index, mainly due to the success of our asset allocation and security selection strategies in the information technology, industrials, consumer staples, energy, utilities, and telecommunications services sectors.
As of March 31, 2018, Donald Sauber and Thomas Lee became the sole co-primary portfolio managers for the fund.
The Fund’s Investment Approach
The fund seeks capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets in equity securities. The fund invests, under normal circumstances, in approximately 25-30 companies that are considered by the investment adviser to be positioned for long-term earnings growth. The fund may hold growth or value stocks or a blend of both. The fund may invest in the stocks of companies of any size, although it focuses on large-cap companies. The fund invests primarily in equity securities of U.S. issuers, but may invest up to 25% of its assets in the equity securities of foreign issuers, including those in emerging market countries.
The portfolio manager monitors sector and security weightings and regularly evaluates the fund’s risk-adjusted returns to manage the risk profile of the fund’s portfolio. The portfolio manager adjusts exposure limits as necessary.
Rising Corporate Earnings Drove Markets Higher
Continuing a trend established earlier in 2017, stocks across all capitalization ranges were energized during the reporting period by better-than-expected corporate earnings growth, strengthening U.S. labor markets, and encouraging global economic developments. In addition, investors responded positively to the enactment of tax-reform legislation in December 2017. Consequently, the Index reached a series of new highs through January 2018. While inflation fears sparked heightened market volatility in February, the resulting declines were not enough to fully offset earlier gains.
The market’s advance also was supported by well-telegraphed shifts in monetary policy. Although rising interest rates historically have tended to undermine investor sentiment toward stocks, the Federal Reserve Board’s gradual approach to adopting a less accommodative monetary policy generally was received calmly by investors.
In this environment, large-cap stocks outperformed their mid- and small-cap counterparts, and growth stocks typically produced higher returns than value-oriented stocks. Among large-cap stocks, the financials, information technology, and consumer discretionary sectors—which comprise three of the Index’s four largest industry groups—fared especially well.
Selection and Allocation Strategies Buoyed Fund Performance
The fund participated more than fully in the Index’s gains over the reporting period, supported by our security selection strategy across several market segments. Our focus in the information technology sector on companies participating in positive secular trends, such as graphics microchips maker NVIDIA and software developer Adobe Systems, helped drive the fund’s outperformance. In addition, payment processing company Visa benefited from a shift to digital payment systems. In the industrials sector, the fund did not hold conglomerate General Electric in favor of better performers such as agricultural equipment maker Deere & Co., which saw rising demand for its products, and diversified manufacturer Illinois Tool Works, where a restructuring program helped boost earnings.
Results from the consumer staples sector were enhanced by overweighted exposure to retailer Costco Wholesale, which advanced after reporting strong earnings amid waning competition concerns. In the energy sector, refiner Valero Energy gained value after commodity prices stabilized and the company improved its operations and returned capital to shareholders. The fund further benefited from lack of exposure to the lagging utilities and telecommunication services sectors.
Disappointments proved relatively mild during the reporting period. Lack of exposure to banks in the financials sector weighed on the fund’s relative performance to a degree, as did weakness among biotechnology firms in the health care sector where, for example, investors in Allergan grew worried about the potential impact of generic competition on a key product.
Positioned for Continued Growth
We are optimistic that the U.S. economy will expand further over the remainder of 2018, and that corporate earnings have the potential for continued to growth. However, in the wake of 2017’s robust stock market returns and the recent reemergence of heightened market volatility, we believe that gains may be more modest over the months ahead. Therefore, we currently intend to maintain the fund’s focus on companies that we believe can deliver organic growth independent of economic developments. As of the reporting period’s end, we have identified what we believe are an ample number of opportunities in the information technology, consumer discretionary, and consumer staples sectors. In contrast, the fund holds underweighted exposure to the financials, real estate, utilities, and telecommunication services sectors.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.
Please note: the position in any security highlighted with italicized typeface was sold during the reporting period.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund is non-diversified, which means that a relatively high percentage of the fund’s assets may be invested in a limited number of issuers. Therefore, the fund’s performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund.
10
For the period from September 1, 2017 through February 28, 2018, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Small/Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of 11.66%, and Investor shares produced a total return of 11.51%.1 In comparison, the Russell 2500™ Index (the “Index”), the fund’s primary benchmark, produced a total return of 8.71% for the same period.2 The Russell 2500™ Growth Index and Russell 2500™ Value Index, the fund’s secondary benchmarks, produced total returns of 12.52% and 5.25%, respectively, for the same period.3,4
Small- and mid-cap stocks continued to gain ground over the reporting period in an environment of rising corporate earnings and improved economic conditions. The fund outperformed the primary Index due to positive contributions from all three of the fund’s active underlying strategies.
The Fund’s Investment Approach
The fund seeks capital appreciation. The fund pursues its goal by normally investing at least 80% of its net assets in equity securities of small- and mid-cap companies. The fund currently considers small- and mid-cap companies to be those companies with total market capitalizations that are within the market-capitalization range of the smallest company included in the Russell 2000® Index and the largest company included in the Russell Midcap® Index.
The fund normally allocates assets across multiple investment strategies employed by the investment adviser that invest primarily in equity securities issued by small- and mid-cap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment strategies and styles, including the Opportunistic Small/Mid Cap Strategy, the Small/Mid Cap Value Strategy, and the Small/Mid Cap Growth Strategy, all as more particularly described in the fund’s prospectus.
Rising Corporate Earnings Drove Markets Higher
Continuing a trend established earlier in 2017, stocks across all capitalization ranges were energized during the reporting period by better-than-expected corporate earnings growth, strengthening U.S. labor markets, and encouraging global economic developments. In addition, investors responded positively to the enactment of tax-reform legislation in December 2017, which seemed likely to boost corporate profits further. Consequently, the Index reached a series of new highs through January 2018. While inflation fears sparked heightened market volatility in February, the Index recouped most of its losses by the month’s end as inflation concerns eased.
The market’s advance also was supported by well-telegraphed shifts in monetary policy. Although rising interest rates historically have tended to undermine investor sentiment toward stocks, the Federal Reserve Board’s gradual approach to adopting a less accommodative monetary policy generally was received calmly by investors.
In this environment, small- and mid-cap stocks trailed their large-cap counterparts, and growth stocks produced substantially higher returns than value-oriented stocks, on average.
Underlying Strategies Bolstered Fund Performance
The fund’s performance relative to the Index was supported by strong results from all three of its active underlying strategies. The Opportunistic Small/Mid Cap Strategy benefited from favorable security selections in the financials and consumer discretionary sectors, as well as lack of exposure to the real estate sector and an underweighted position in the utilities sector. Security selection shortfalls in the information technology and materials sectors and counterproductive allocations to the industrials and materials sectors were not enough to fully offset above-average gains in other areas. The Small/Mid Cap Growth Strategy made beneficial stock selections in the information technology, energy, and consumer discretionary sectors, and to a lesser extent, its sector allocations proved helpful through relatively light holdings in the real estate sector and overweighted exposure to the information technology sector. These positions more than compensated for relatively weak security selections in the health care sector and allocation shortfalls in the industrials sector.
The Small/Mid Cap Value Strategy achieved good results on the strength of beneficial security selections in the real estate, consumer staples, and financials sectors, as well as relatively heavy exposure to information technology stocks and underweighted positions in the utilities and real estate sectors. In contrast, the strategy’s stock selections proved less successful in the industrials and materials sectors, and underweighted exposure to the financial sector also weighed on its relative results.
A More Growth-Oriented Investment Posture
We remain optimistic regarding the prospects for small- and mid-cap stocks in a growing economy characterized by greater fiscal stimulus and rising corporate earnings. In February 2018, we adjusted the fund’s portfolio away from a generally neutral allocation between growth and value in favor of a greater emphasis on growth stocks. We increased the fund’s allocation to the Small/Mid Cap Growth Strategy, and we decreased its participation in the Small/Mid Cap Value Strategy. In our judgment, these changes position the fund well for the prevailing market environment.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The Russell 2500™ Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500™ Index is a subset of the Russell 3000® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500™ Index is constructed to provide a comprehensive and unbiased barometer for the small- to mid-cap segment. The Russell 2500™ Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to mid-cap opportunity set. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The Russell 2500™ Growth Index measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2500™ Growth Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap growth market. The Russell 2500™ Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to mid-cap opportunity set and that the represented companies continue to reflect growth characteristics. Investors cannot invest directly in any index.
4 Source: Lipper Inc. — The Russell 2500™ Value Index measures the performance of the small- to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 2500™ Value Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap value market. The Russell 2500™ Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to midcap opportunity set and that the represented companies continue to reflect value characteristics. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus. Stocks of small- and/or midcap companies often experience sharper price fluctuations than stocks of large-cap companies.
Part of the fund’s recent performance is attributable to positive returns from its initial public offering (IPO) investments. There can be no guarantee that IPOs will have or continue to have a positive effect on fund performance.
11
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2017 through February 28, 2018, as provided by Mark A. Bogar, Andrew R. Leger, and James A. Lydotes, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon International Fund’s Class M shares produced a total return of 6.84%, and Investor shares produced a total return of 6.74%.1 In comparison, the fund’s benchmark, the MSCI EAFE Index (the “Index”), produced a total return of 7.12% for the same period.2
International equity markets posted gains over the reporting period in the midst of rising corporate earnings and improving global economic trends. The fund underperformed its benchmark due to weakness in a few holdings of companies in Italy and a small number of disappointments in the performance of stocks in the health care and energy sectors.
The Fund’s Investment Approach
The fund seeks long-term capital growth. To pursue this goal, the fund normally invests at least 65% of its total assets in equity securities of foreign issuers. Foreign issuers are companies organized under the laws of a foreign country, whose principal trading market is in a foreign country or with a majority of their assets or business outside the United States. The fund may invest in companies of any size. Though not specifically limited, the fund ordinarily will invest in a broad range of (and in any case at least five different) countries. The fund will limit its investments in any single company to no more than 5% of the fund's assets at the time of purchase.
The stocks purchased may have value and/or growth characteristics. The portfolio managers employ a “bottom-up” investment approach, which emphasizes individual stock selection. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, has a below-average price/earnings ratio and an above-average earnings growth trend.
Economic Trends and Corporate Earnings Bolstered Stocks
Developed international markets gained ground over the reporting period, supported by continuing economic recoveries in Europe and Asia and rising corporate earnings globally. Asian equity markets led the advance, with Japanese stocks benefiting from greater economic growth, a slew of unexpectedly strong corporate earnings reports, and the reelection of the incumbent government in the country’s October snap elections. Global growth trends enabled U.K. equities to post gains as well in the face of a sluggish domestic economy and concerns regarding the country’s impending exit from the European Union. In the Eurozone, on the other hand, stocks slid despite improving regional economic fundamentals, including stronger economic data and labor markets. Political uncertainties in Germany and Spain particularly weighed on European stock prices during the final months of 2017.
Most developed international markets, the Eurozone included, rallied in January 2018. However, early February saw a sharp global dip in equity prices prompted by perceived inflationary pressures in the United States. These concerns eased later in the month, and international equities generally rebounded, recovering most of their short-term losses by the reporting period’s end.
A Few Holdings Detracted from Relative Performance
Although the fund participated in the Index’s gains to a significant degree, a few allocation decisions and individual holdings detracted from its relative results. Overweighted exposure to lagging Italian stocks undermined the fund’s performance, as did holdings in defense contractor Leonardo, which experienced weak contract bookings and a costly product recall; and communications services provider Telecom Italia, which declined in late 2017 due to increased capital spending. In France, technology services provider Atos lost ground amid valuation concerns. From an industry group perspective, a few health care holdings constrained the fund’s returns, including some lagging Swiss health care stocks. Moreover, U.K.-based biotechnology developer Shire issued weaker-than-expected guidance to analysts stemming from competitive pressures affecting a key product. Underweighted exposure to U.K. energy stocks at a time of rising oil prices further detracted from the fund’s returns, as did the timing of the fund’s investment in Norwegian oil and gas exploration company Aker BP just prior to the February 2018 decline in global equity prices.
On the other hand, several Japanese holdings bolstered the fund’s relative performance, as did slightly overweighted country exposure. Top Japanese investments included petrochemical company Showa Denko, automobile parts maker Denso, and consumer products giant Sony, all of which reported strong earnings and revenue growth based on rising global demand. The fund’s only holding in Belgium, postal delivery service bpost, benefited from cost cutting measures and rising parcel delivery volumes. In Australia, diversified bank Macquarie Group reported strong asset management revenues and announced a major share buyback program. Other top holdings included Macao-based casino Sands China and Dutch bank ABN AMRO Group.
Positioned for Further Growth
While recent threats of new U.S. tariffs have raised concerns regarding stock market volatility and the stability of international trade relations, we believe that fundamental economic trends portend well for continued growth in developed markets as well as the potential for further equity gains. We have positioned the fund to benefit from these favorable conditions through overweighted exposure to the financials and consumer discretionary sectors. In contrast, as of the reporting period’s end, the fund held relatively few holdings in the real estate and consumer staples sectors, which we believe are vulnerable to rising interest rates and less likely to benefit from the prevailing environment of cyclical growth.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund’s performance will be influenced by political, social, and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability, and differing auditing and legal standards. These risks are enhanced in emerging market countries.
12
For the period of September 1, 2017 through February 28, 2018, as provided by George E. DeFina, Sean P. Fitzgibbon, and Jay Malikowski, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Emerging Markets Fund’s Class M shares produced a total return of 11.41%, and Investor shares produced a total return of 11.25%.1 In comparison, the fund’s benchmark, the MSCI Emerging Markets Index (the “Index”), produced a total return of 10.58% for the same period.2
Stocks in the emerging markets gained ground during the reporting period, largely in response to a variety of positive political and economic developments, as well as accelerating corporate earnings growth. The fund produced higher returns than the Index, mainly due to the success of its security selection strategy in China, Russia, and Taiwan.
The Fund’s Investment Approach
The fund seeks long-term capital growth. To pursue its goal, the fund invests at least 80% of its assets in equity securities of companies organized, or with a majority of assets or operations, in countries considered to be emerging markets. Emerging market countries generally include all countries represented by the Index. The fund may invest in companies of any size.
Normally, the fund will invest in a broad range of (and in any case at least five different) emerging-market countries. The stocks purchased may have value and/or growth characteristics. The portfolio managers employ a “bottom-up” investment approach, which emphasizes individual stock selection. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, has a below-average price/earnings ratio and an above-average earnings growth trend.
Emerging Markets Continued to Rebound
Emerging-market equities benefited broadly from positive global economic trends during the first five months of the reporting period. Corporate earnings growth accelerated across most industry groups and geographic regions. Strengthening global demand for commodities bolstered markets that export raw material and energy, such as Russia and Brazil. Strong performance in the information technology and financial sector drove gains in China. South Korea benefited from easing tension with North Korea and China. Only a few national equity markets suffered declines during the reporting period. Most notably, Mexico came under pressure from currency weakness and doubts regarding the future of the North American Free Trade Agreement, while political instability undermined Turkey’s economic recovery. High valuations constrained the growth of India’s equity market.
Global equity markets, including many emerging markets, dipped sharply in early February 2018 in response to rising volatility and perceived inflationary pressures in the United States. However, most country indices remained in positive territory for the reporting period overall. Concerns quickly eased when underlying economic trends remained positive, and over the ensuing weeks most emerging markets recovered most of the ground they lost earlier in the month.
Chinese and Russian Holdings Outperformed
The fund’s performance relative to the Index benefited from overweighted exposure and favorable individual stock selections in the robust Chinese market. Top holdings included mobile gaming company Tencent Holdings, which continued to expand its online presence; China Construction Bank, which demonstrated improving asset quality while strengthening its capital position; hotel owner China Lodging Group, which continued to increase operating efficiencies and raise its brand profile; and insurer Ping An Insurance Company of China, which expanded its financial technology product offerings. Likewise, overweighted exposure and good stock selections in the rising Russian market enhanced the fund’s returns, led by Sberbank of Russia, Russia’s largest financial institution, which improved its financial profile while shedding some of its nonperforming loans; and oil and gas producer LUKOIL, which benefited from rising oil prices. The fund’s Taiwanese investments further contributed to the fund’s strong relative performance, aided by underweighted exposure and holdings in regional financial services provider Chailease Holding and industrial equipment maker AirTAC International Group. Other leading performers included Macao-based casino operator Galaxy Entertainment Group and car maker Merudi Suzuki India.
On a more negative note, underweighted exposure to Korean health care companies detracted from the fund’s relative performance, as did pharmaceutical maker Hugel, which briefly struggled with concerns regarding product safety. Overweighted exposure in the lagging Turkish market along with weak stock selections, such as Türk Telekom and oil refiner TüpraÅŸ, further constrained performance. Another disappointing holding included Hungarian pharmaceutical company Gedeon Richtor.
Broadening Strength in Emerging-Market Equities
While most of the recent rise in emerging-market stock prices has been led by growth-oriented stocks with strong momentum characteristics, as of the end of the reporting period we have seen early signs of strength in a broadening group of value stocks. We believe that our growth-and-value investment strategy positions the fund to benefit from broadening market strength in the coming months. We currently are finding a relatively large number of what we believe are attractive investments in the industrials and energy sectors, but have identified fewer opportunities in the telecommunication services and real estate sectors.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance of emerging markets. Investors cannot invest directly in any index.
Please note: the position in any security highlighted with italicized typeface was sold during the reporting period.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund’s performance will be influenced by political, social, and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed, or less efficient trading markets, lack of comprehensive company information, political instability, and differing auditing and legal standards. These risks are enhanced in emerging market countries.
13
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2017 through February 28, 2018, as provided by Richard A. Brown, William S. Cazalet, Thomas J. Durante, Karen Q. Wong, and Syed A. Zamil, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon International Appreciation Fund’s Class M shares produced a total return of 6.12%, and Investor shares produced a total return of 5.93%.1 In comparison, the fund’s benchmark, the MSCI EAFE Index (the “Index”), produced a total return of 7.12% for the same period.2
International equity markets posted gains over the reporting period in the midst of rising corporate earnings and improving global economic trends. The fund participated significantly in the market rally but produced lower returns than the Index, mainly due to security selection shortfalls.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets in equity securities. The fund invests primarily in Depositary Receipts (DRs) representing the local shares of non-U.S. companies, in particular, American depositary receipts (ADRs).
In selecting securities, we screen the Index universe of approximately 1,000 issuers for the availability of issuers with a DR facility. The investment adviser then uses a proprietary mathematical algorithm to reflect the characteristics of the developed markets that takes into consideration risk characteristics, including country weights and sector weights within each country. As a result of this process, we expect to hold ADRs representing 200 to 300 foreign issuers. The fund’s country allocation is expected to be within 5% of that of the Index, and under normal circumstances, the fund will invest in at least 10 different countries.
Economic Trends and Corporate Earnings Bolstered Stocks
Developed international markets gained ground over the reporting period, supported by continuing economic recoveries in Europe and Asia and rising corporate earnings globally. Asian equity markets led the advance, with Japanese stocks benefiting from greater economic growth, a slew of unexpectedly strong corporate earnings reports, a strengthening yen against the U.S. dollar, and the reelection of the incumbent government in October elections. Global growth trends enabled U.K. equities to post gains in the face of a sluggish domestic economy and concerns regarding the country’s impending exit from the European Union. In the Eurozone, on the other hand, stocks slid despite improving regional economic fundamentals, including stronger economic data and labor markets, as political uncertainties in Germany and Spain weighed on European stock prices over the final months of 2017.
Most developed international markets, including the Eurozone, rallied in January 2018. However, early February saw a sharp global decline in equity prices prompted by perceived inflationary pressures in the United States. These concerns eased later in the month, and international equities generally rebounded, recovering most of their short-term losses by the reporting period’s end.
Consumer Discretionary Stocks Led Market Gains
The international equity market’s advance was led by stocks in the consumer discretionary sector, where automobile manufacturers in Japan and Europe benefited from greater export activity stemming from a weakening U.S. dollar. Consumer electronics companies also fared well amid rising export activity to the United States and emerging markets such as China. Leisure companies such as hotels and airlines gained value due to gains in consumer confidence and spending in the recovering global economy. Some of the larger companies in the information technology sector posted impressive returns, including Japanese and German companies seeking to satisfy robust demand for the semiconductors and software used in factory automation, artificial intelligence, cloud computing, and mobile telephony. In the industrials sector, aerospace-and-defense companies and their component suppliers benefited from expanding military budgets in several nations, particularly the United States, and engineering firms in Europe encountered greater demand as several countries embarked on major infrastructure projects.
Laggards during the reporting period included the health care sector, where sluggish sales, regulatory concerns, and product safety issues weighed on the stock prices of large pharmaceutical developers. The traditionally defensive utilities and telecommunication services sectors fell out of favor among investors as bond yields became more competitive with dividend-paying stocks. In addition, utilities struggled with regulatory burdens designed to promote the use of cleaner fuels to combat climate change, and telecommunication companies encountered higher network upgrade costs in the midst of competitive and pricing pressures.
Maintaining a Disciplined Approach
Although stocks have become more fully valued and market volatility has increased in the wake of the reporting period’s rally, we remain optimistic that positive economic trends have the potential to continue to support international stock prices over the foreseeable future. As always, we have continued to monitor the factors considered by the fund’s investment model in light of current market conditions and will make adjustments as we deem necessary.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund’s performance will be influenced by political, social, and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability, and differing auditing and legal standards. These risks are enhanced in emerging market countries.
14
For the period from September 1, 2017 through February 28, 2018, as provided by C. Wesley Boggs, William S. Cazalet, CAIA, Ronald P. Gala, CFA, Peter D. Goslin, CFA, and Syed A. Zamil, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon International Equity Income Fund’s Class M shares produced a total return of 8.47%, and Investor shares produced a total return of 8.28%.1 In comparison, the fund’s benchmark, the MSCI ACWI ex USA Index (the “Index”), produced a total return of 7.59% for the same period.2
International stocks continued to gain ground over the reporting period amid improved global economic conditions and rising corporate earnings. The fund outperformed the Index, mainly due to the success of our quantitative security selection process in the utilities and information technology sectors.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and income). To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The fund normally invests substantially all of its assets in the equity securities of issuers located outside the United States and diversifies broadly among developed and emerging market countries. The fund focuses on dividend-paying stocks of foreign companies, including those of emerging-market countries. The fund may invest in the stocks of companies of any market capitalization.
We select stocks through a disciplined investment process using proprietary quantitative computer models that analyze a diverse set of characteristics to identify and rank stocks according to earnings quality. Based on this analysis, we generally select from the higher-ranked dividend-paying securities those stocks that we believe will continue to pay above-average dividends. We seek to overweight higher-dividend-paying stocks, while maintaining country and sector weights generally similar to those of the Index.
Rising Corporate Earnings Bolstered Stocks
International markets gained ground over the reporting period, supported by economic recoveries in Europe and Asia and higher corporate earnings globally. Asian equity markets led the advance, with Japanese stocks benefiting from greater economic growth, unexpectedly strong corporate earnings reports, and the reelection of the incumbent government in October elections. Global growth trends also enabled U.K. equities to post gains in the face of a sluggish domestic economy and concerns regarding the country’s impending exit from the European Union. In the Eurozone, on the other hand, stocks slid despite improving regional economic fundamentals, including stronger economic data and labor markets. Political uncertainties in Germany and Spain particularly weighed on European stock prices during the final months of 2017. The emerging markets also fared well, producing strong returns as commodity prices climbed and local economic conditions improved.
Most international markets, including the Eurozone, rallied in January 2018. However, early February saw a sharp global dip in equity prices prompted by perceived inflationary pressures in the United States. These concerns eased later in the month, and international equities generally rebounded, recovering most of their short-term losses by the reporting period’s end.
For the reporting period overall, growth-oriented companies in the energy, information technology, and consumer discretionary sectors fared best for the Index, while the traditionally defensive utilities, telecommunication services, and consumer staples sectors lagged market averages.
Security Selections Bolstered Fund Performance
The fund participated more than fully in the Index’s gains over the reporting period, supported by our quantitative security selection process across several countries and market sectors. In the information technology sector, Japanese semiconductor manufacturer Tokyo Electron reached a record high in November 2017 after reporting better-than-expected earnings, increasing its future guidance, and raising its dividend, and France-based semiconductor company STMicroelectronics tripled its quarterly profits during the reporting period and raised its future guidance. Among utilities, CEZ in the Czech Republic gained value after announcing the divestment of some assets. In other industry groups, German media company ProSiebenSat 1 Media advanced after the departure of its chief executive officer, which fueled speculation regarding a potential takeover of the company.
On the other hand, some holdings trailed the Index’s results. Telecommunication services company Spark New Zealand was hurt by competition from smaller wireless carriers, which weighed on net profits. Chinese real estate developer Guangzhou R&F Properties lagged after investors reacted negatively to a secondary equity offering that diluted existing shares. In the financials sector, Australia & New Zealand Banking Group lost value as a result of restructuring costs and the impact of a stricter regulatory environment.
A Disciplined Approach to Stock Picking
Our quantitative models have continued to identify what we believe to be attractive investment opportunities across a broad range of countries, companies, and industry groups. Indeed, we believe that current volatility in the stock market may present opportunities to purchase the stocks of fundamentally strong dividend-paying companies at more attractive prices. When the fund’s holdings reach what we perceive to be fuller valuations, we expect to replace them with high-quality companies that our model suggests have the potential to offer more attractive valuations and better investment prospects. In addition, we have continued to maintain a broadly diversified portfolio.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The MSCI ACWI ex USA Index captures large- and mid-cap representation across developed market (DM) countries (excluding the U.S.) and emerging market (EM) countries. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
15
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2017 through February 28, 2018, as provided by Jeffrey M. Mortimer, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Asset Allocation Fund’s Class M shares produced a total return of 7.11%, and Investor shares produced a total return of 6.92%.1 In comparison, the fund’s benchmark, the Morningstar Moderate Target Risk Index (the “Index”), produced a total return of 4.70% for the same period.2
Stocks continued to gain ground while bonds generally declined over the reporting period amid improved economic conditions and rising interest rates. The fund outperformed the Index, mainly due to overweighted exposure to stocks and an underweighted position in bonds.
The Fund’s Investment Approach
The fund seeks long-term growth of principal in conjunction with current income. The fund may invest in both individual securities and other investment companies, including other BNY Mellon funds, funds in the Dreyfus Family of Funds and unaffiliated open-end funds, closed-end funds, and exchange-traded funds (collectively, the “underlying funds”). To pursue its goal, the fund currently intends to allocate its assets, directly and/or through investment in the underlying funds, to gain investment exposure to the following asset classes: Large-Cap Equities, Small-Cap and Mid-Cap Equities, Developed International and Global Equities, Emerging Market Equities, Investment Grade Bonds, High Yield Bonds, Emerging Markets Debt, Diversifying Strategies and Money Market Instruments.
The fund’s investment adviser allocates the fund’s investments among these asset classes using fundamental and quantitative analysis, and its outlook for the economy and financial markets. The underlying funds are selected by the fund’s investment adviser based on their investment objectives and management policies, portfolio holdings, risk/reward profiles, historical performance, and other factors, including the correlation and covariance among the underlying funds.
Economic Growth Buoyed Stocks, Dampened Bonds
Stocks remained energized during the reporting period by better-than-expected corporate earnings growth, strengthening U.S. labor markets, encouraging global economic developments, and the enactment of U.S. tax-reform legislation. Consequently, several broad measures of stock market performance reached a series of new highs through January 2018. While inflation fears sparked heightened market volatility in February, the resulting declines were not enough to fully offset earlier gains.
Bonds fared less well, as U.S. government securities lost value in the midst of rising interest rates, a shift to a less accommodative monetary policy, and expectations that inflation will accelerate. Corporate-backed bonds performed somewhat better, generally producing mildly positive total returns in an environment of rising corporate earnings and low default rates.
Asset Allocation Strategy Boosted Fund Performance
The fund participated more than fully in the Index’s gains over the reporting period, supported by an asset allocation strategy that emphasized stocks over bonds.
Several of the fund’s underlying equity investments also produced strong results. Most notably, BNY Mellon Focused Equity Opportunities Fund benefited from sectors, as well as lack of exposure to the lagging utilities and telecommunications services sectors. Dreyfus Select Managers Small Cap Growth Fund, BNY Mellon Mid Cap Multi-Strategy Fund, and BNY Mellon Small/Mid Cap Multi-Strategy Fund further bolstered the fund’s relative results. Dreyfus International Small Cap Fund gained value due to strength in Asian stock markets. The fund’s exposure to the emerging markets and managed futures also contributed positively to its relative performance.
Disappointments during the reporting period proved relatively mild. From an asset allocation perspective, underweighted exposure to international stocks and overweighted exposure to small-cap stocks weighed on the fund’s relative performance. Among individual underlying investments, BNY Mellon Income Stock Fund lagged broad market averages as traditionally defensive, dividend-paying stocks fell out of favor among investors. Likewise, Dreyfus Select Managers Small Cap Value Fund was constrained by the significant underperformance of value stocks compared to its more growth-oriented counterparts. The fund’s Diversifying Strategies also generally detracted from its relative results.
Although the fund’s bond portfolio generally performed well, it nonetheless produced negative total returns over the reporting period. Rising interest rates undermined prices of U.S. Treasury securities, and mortgage-backed securities were hurt by a flood of available supply as the Federal Reserve Board unwound its balance sheet.
Positioned for Continued Growth
We are optimistic about the prospects of a continued U.S. economic expansion over the remainder of 2018, and the potential that corporate earnings will continue to grow. However, in the wake of 2017’s robust stock market returns and the recent reemergence of heightened market volatility, we believe that gains may be more modest over the months ahead. Still, we continue to believe that stocks have the potential to fare better than bonds, and we have made no changes to the fund’s asset allocation strategy at this time. We also made no strategic alterations to the way assets are apportioned among the fund’s underlying investments. However, to provide the fund with adequate liquidity at year-end 2017 for capital gain and income distributions, we modestly reduced the fund’s positions in several of its underlying investments.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. The fund’s returns reflect the absorption of certain fund expenses by the fund’s investment adviser pursuant to an agreement in effect through December 31, 2018, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns would have been lower.
2 Source: Morningstar Inc. — Morningstar Moderate Target Risk Index serves as a benchmark to help with target-risk mutual fund selection and evaluation by offering an objective yardstick for moderate performance comparison. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
16
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2017 to February 28, 2018. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment | ||||||||||||||
assuming actual returns for the six months ended February 28, 2018 | ||||||||||||||
|
|
| Class M | Investor | Class A |
| Class C |
Class I |
| Class Y | ||||
BNY Mellon Large Cap Stock Fund | ||||||||||||||
Expenses paid per $1,000† |
| $4.36 |
| $5.66 | – | – | – | – | ||||||
Ending value (after expenses) |
| $1,117.80 |
| $1,114.60 | – | – | – | – | ||||||
Annualized expense ratio (%) | .83 | 1.08 | – | – | – | – | ||||||||
BNY Mellon Large Cap Market | ||||||||||||||
Expenses paid per $1,000† | $3.26 |
| $4.57 | – | – | – | – | |||||||
Ending value (after expenses) | $1,121.20 |
| $1,118.70 | – | – | – | – | |||||||
Annualized expense ratio (%) | .62 | .87 | – | – | – | – | ||||||||
BNY Mellon Tax-Sensitive | ||||||||||||||
Expenses paid per $1,000† |
| $3.41 |
| $4.72 | – | – | – | – | ||||||
Ending value (after expenses) |
| $1,118.60 |
| $1,117.40 | – | – | – | – | ||||||
Annualized expense ratio (%) | .65 | .90 | – | – | – | – | ||||||||
BNY Mellon Income Stock Fund | ||||||||||||||
Expenses paid per $1,000† |
| $4.15 |
| $5.44 |
| $5.75 |
| $9.52 |
| $4.20 |
| $4.15 | ||
Ending value (after expenses) |
| $1,092.10 |
| $1,089.80 |
| $1,089.50 |
| $1,086.80 |
| $1,090.90 |
| $1,091.00 | ||
Annualized expense ratio (%) | .80 | 1.05 | 1.11 | 1.84 | .81 | .80 | ||||||||
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||||||||
Expenses paid per $1,000† |
| $4.70 |
| $6.00 | – | – | – | – | ||||||
Ending value (after expenses) |
| $1,104.00 |
| $1,102.80 | – | – | – | – | ||||||
Annualized expense ratio (%) | .90 | 1.15 | – | – | – | – | ||||||||
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||||||||
Expenses paid per $1,000† |
| $5.30 |
| $6.60 | – | – | – | – | ||||||
Ending value (after expenses) |
| $1,114.80 | $1,113.20 | – | – | – | – | |||||||
Annualized expense ratio (%) | 1.01 | 1.26 | – | – | – | – | ||||||||
BNY Mellon Focused | ||||||||||||||
Expenses paid per $1,000† |
| $4.56 |
| $5.88 | – | – | – | – | ||||||
Ending value (after expenses) |
| $1,138.60 |
| $1,136.90 | – | – | – | – | ||||||
Annualized expense ratio (%) | .86 | 1.11 | – | – | – | – |
17
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited) (continued)
Expenses and Value of a $1,000 Investment (continued) | |||||||||||||||||
assuming actual returns for the six months ended February 28, 2018 | |||||||||||||||||
|
|
|
|
|
| Class M |
|
| Investor Shares |
| |||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | |||||||||||||||||
Expenses paid per $1,000† |
| $4.88 |
| $6.19 | |||||||||||||
Ending value (after expenses) |
| $1,116.60 |
| $1,115.10 | |||||||||||||
Annualized expense ratio (%) | .93 | 1.18 | |||||||||||||||
BNY Mellon International Fund | |||||||||||||||||
Expenses paid per $1,000† |
| $5.23 |
| $6.51 | |||||||||||||
Ending value (after expenses) |
| $1,068.40 |
| $1,067.40 | |||||||||||||
Annualized expense ratio (%) | 1.02 | 1.27 | |||||||||||||||
BNY Mellon Emerging Markets Fund | |||||||||||||||||
Expenses paid per $1,000† |
| $7.39 |
| $8.69 | |||||||||||||
Ending value (after expenses) |
| $1,114.10 |
| $1,112.50 | |||||||||||||
Annualized expense ratio (%) | 1.41 | 1.66 | |||||||||||||||
BNY Mellon International Appreciation Fund | |||||||||||||||||
Expenses paid per $1,000† |
| $4.75 |
| $6.03 | |||||||||||||
Ending value (after expenses) |
| $1,061.20 |
| $1,059.30 | |||||||||||||
Annualized expense ratio (%) | .93 | 1.18 | |||||||||||||||
BNY Mellon International Equity Income Fund | |||||||||||||||||
Expenses paid per $1,000† |
| $.53 |
| $6.82 | |||||||||||||
Ending value (after expenses) |
| $1,084.70 |
| $1,082.80 | |||||||||||||
Annualized expense ratio (%) | 1.07 | 1.32 | |||||||||||||||
BNY Mellon Asset Allocation Fund | |||||||||||||||||
Expenses paid per $1,000† |
| $1.49 |
| $2.77 | |||||||||||||
Ending value (after expenses) |
| $1,071.10 |
| $1,069.20 | |||||||||||||
Annualized expense ratio (%) | .29 | .54 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
18
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment | ||||||||||||||||
assuming a hypothetical 5% annualized return for the six months ended February 28, 2018 | ||||||||||||||||
|
|
|
|
| Class M | Investor |
| Class A |
| Class C |
Class I |
| Class Y | |||
BNY Mellon Large Cap Stock Fund | ||||||||||||||||
Expenses paid per $1,000† |
| $4.16 |
| $5.41 | – | – | – | – | ||||||||
Ending value (after expenses) |
| $1,020.68 |
| $1,019.44 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .83 | 1.08 | – | – | – | – | ||||||||||
BNY Mellon Large Cap Market | ||||||||||||||||
Expenses paid per $1,000† |
| $3.11 |
| $4.36 | – | – | – | – | ||||||||
Ending value (after expenses) |
| $1,021.72 |
| $1,020.48 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .62 | .87 | – | – | – | – | ||||||||||
BNY Mellon Tax-Sensitive | ||||||||||||||||
Expenses paid per $1,000† |
| $3.26 |
| $4.51 | – | – | – | – | ||||||||
Ending value (after expenses) |
| $1,021.57 |
| $1.020.33 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .65 | .90 | – | – | – | – | ||||||||||
BNY Mellon Income Stock Fund | ||||||||||||||||
Expenses paid per $1,000† |
| $4.01 |
| $5.26 |
| $5.56 |
| $9.20 |
| $4.06 |
| $4.01 | ||||
Ending value (after expenses) |
| $1,020.83 |
| $1,019.59 |
| $1,019.29 |
| $1,015.67 |
| $1,020.78 |
| $1,020.83 | ||||
Annualized expense ratio (%) | .80 | 1.05 | 1.11 | 1.84 | .81 | .80 | ||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||||||||||
Expenses paid per $1,000† |
| $4.51 |
| $5.76 | – | – | – | – | ||||||||
Ending value (after expenses) |
| $1,020.33 |
| $1,019.09 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .90 | 1.15 | – | – | – | – | ||||||||||
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||||||||||
Expenses paid per $1,000† |
| $5.06 |
| $6.31 | – | – | – | – | ||||||||
Ending value (after expenses) |
| $1,019.79 |
| $1,018.55 | – | – | – | – | ||||||||
Annualized expense ratio (%) | 1.01 | 1.26 | – | – | – | – | ||||||||||
BNY Mellon Focused | ||||||||||||||||
Expenses paid per $1,000† |
| $4.31 |
| $5.56 | – | – | – | – | ||||||||
Ending value (after expenses) |
| $1,020.53 |
| $1,019.29 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .86 | 1.11 | – | – | – | – |
19
COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUND’S (Unaudited) (continued)
Expenses and Value of a $1,000 Investment (continued) | |||||||||||||||||
assuming a hypothetical 5% annualized return for the six months ended February 28, 2018 | |||||||||||||||||
|
|
|
|
|
Class M |
|
|
Investor Shares |
| ||||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | |||||||||||||||||
Expenses paid per $1,000† |
| $4.66 |
| $5.91 | |||||||||||||
Ending value (after expenses) |
| $1,020.18 |
| $1,018.94 | |||||||||||||
Annualized expense ratio (%) | .93 | 1.18 | |||||||||||||||
BNY Mellon International Fund | |||||||||||||||||
Expenses paid per $1,000† |
| $5.11 |
| $6.36 | |||||||||||||
Ending value (after expenses) |
| $1,019.74 |
| $1,018.50 | |||||||||||||
Annualized expense ratio (%) | 1.02 | 1.27 | |||||||||||||||
BNY Mellon Emerging Markets Fund | |||||||||||||||||
Expenses paid per $1,000† |
| $7.05 |
| $8.30 | |||||||||||||
Ending value (after expenses) |
| $1,017.80 |
| $1,016.56 | |||||||||||||
Annualized expense ratio (%) | 1.41 | 1.66 | |||||||||||||||
BNY Mellon International Appreciation Fund | |||||||||||||||||
Expenses paid per $1,000† |
| $4.66 |
| $5.91 | |||||||||||||
Ending value (after expenses) |
| $1,020.18 |
| $1,018.94 | |||||||||||||
Annualized expense ratio (%) | .93 | 1.18 | |||||||||||||||
BNY Mellon International Equity Income Fund | |||||||||||||||||
Expenses paid per $1,000† |
| $5.36 |
| $6.61 | |||||||||||||
Ending value (after expenses) |
| $1,019.49 |
| $1,018.25 | |||||||||||||
Annualized expense ratio (%) | 1.07 | 1.32 | |||||||||||||||
BNY Mellon Asset Allocation Fund | |||||||||||||||||
Expenses paid per $1,000† |
| $1.45 |
| $2.71 | |||||||||||||
Ending value (after expenses) |
| $1,023.36 |
| $1,022.12 | |||||||||||||
Annualized expense ratio (%) | .29 | .54 |
† Expenses are equal to each fund’s annualized expense ratio as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
20
STATEMENT OF INVESTMENTS
February 28, 2018 (Unaudited)
BNY Mellon Large Cap Stock Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.2% | |||||
Automobiles & Components - 1.0% | |||||
Lear | 12,940 | 2,414,216 | |||
Visteon | 4,285 | a | 530,654 | ||
2,944,870 | |||||
Banks - 6.2% | |||||
Bank of America | 211,285 | 6,782,249 | |||
Comerica | 27,265 | 2,650,703 | |||
JPMorgan Chase & Co. | 69,329 | 8,007,500 | |||
Wells Fargo & Co. | 9,634 | 562,722 | |||
18,003,174 | |||||
Capital Goods - 4.8% | |||||
Boeing | 15,700 | 5,686,697 | |||
Caterpillar | 3,515 | 543,524 | |||
Honeywell International | 3,900 | 589,329 | |||
Ingersoll-Rand | 11,660 | 1,035,408 | |||
Lockheed Martin | 5,825 | 2,052,963 | |||
Raytheon | 6,260 | 1,361,613 | |||
Spirit AeroSystems Holdings, Cl. A | 29,057 | 2,652,614 | |||
13,922,148 | |||||
Consumer Durables & Apparel - 1.5% | |||||
PulteGroup | 80,190 | 2,250,933 | |||
Toll Brothers | 50,100 | 2,195,883 | |||
4,446,816 | |||||
Consumer Services - 2.7% | |||||
Carnival | 36,750 | 2,458,943 | |||
Darden Restaurants | 28,686 | 2,644,562 | |||
Graham Holdings, Cl. B | 765 | 443,777 | |||
Royal Caribbean Cruises | 18,070 | 2,287,662 | |||
7,834,944 | |||||
Diversified Financials - 6.0% | |||||
American Express | 36,581 | 3,567,013 | |||
Ameriprise Financial | 2,805 | 438,814 | |||
Berkshire Hathaway, Cl. B | 7,515 | a | 1,557,108 | ||
Discover Financial Services | 34,585 | 2,726,336 | |||
Eaton Vance | 40,575 | 2,147,635 | |||
S&P Global | 17,325 | 3,322,935 | |||
State Street | 29,090 | 3,087,904 | |||
Synchrony Financial | 11,925 | 433,951 | |||
17,281,696 | |||||
Energy - 7.4% | |||||
Chevron | 38,965 | 4,360,963 | |||
ConocoPhillips | 7,890 | 428,506 | |||
Exxon Mobil | 77,682 | 5,883,635 | |||
Halliburton | 46,795 | 2,172,224 | |||
Marathon Petroleum | 38,580 | 2,471,435 | |||
Phillips 66 | 29,290 | 2,646,937 | |||
Valero Energy | 37,077 | 3,352,502 | |||
21,316,202 | |||||
Food & Staples Retailing - 3.2% | |||||
Costco Wholesale | 4,430 | 845,687 | |||
CVS Health | 36,530 | 2,474,177 | |||
Walgreens Boots Alliance | 35,100 | 2,418,039 | |||
Walmart | 40,663 | 3,660,077 | |||
9,397,980 | |||||
BNY Mellon Large Cap Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.2% (continued) | |||||
Food, Beverage & Tobacco - 3.6% | |||||
Altria Group | 25,132 | 1,582,059 | |||
Campbell Soup | 46,420 | 1,998,381 | |||
Conagra Brands | 68,010 | 2,457,201 | |||
PepsiCo | 35,525 | 3,898,158 | |||
Philip Morris International | 3,955 | 409,540 | |||
10,345,339 | |||||
Health Care Equipment & Services - 3.8% | |||||
Baxter International | 44,320 | 3,004,453 | |||
Cigna | 8,691 | 1,702,480 | |||
Danaher | 27,835 | 2,721,706 | |||
Express Scripts Holding | 15,565 | a | 1,174,379 | ||
Quest Diagnostics | 4,285 | 441,569 | |||
UnitedHealth Group | 8,245 | 1,864,689 | |||
10,909,276 | |||||
Household & Personal Products - 1.0% | |||||
Kimberly-Clark | 18,645 | 2,068,103 | |||
Procter & Gamble | 11,734 | 921,354 | |||
2,989,457 | |||||
Insurance - 4.4% | |||||
Allstate | 29,165 | 2,690,763 | |||
Aon | 14,510 | 2,036,043 | |||
Marsh & McLennan Cos. | 32,915 | 2,732,603 | |||
Principal Financial Group | 25,150 | 1,567,600 | |||
Progressive | 42,710 | 2,459,242 | |||
Prudential Financial | 3,316 | 352,557 | |||
Torchmark | 5,775 | 493,012 | |||
Unum Group | 8,045 | 409,973 | |||
12,741,793 | |||||
Materials - 1.1% | |||||
Huntsman | 33,430 | 1,078,786 | |||
Westlake Chemical | 19,975 | 2,162,493 | |||
3,241,279 | |||||
Media - 2.2% | |||||
Time Warner | 29,691 | 2,760,075 | |||
Walt Disney | 34,619 | 3,571,296 | |||
6,331,371 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 11.7% | |||||
AbbVie | 37,980 | 4,399,223 | |||
Agilent Technologies | 25,130 | 1,723,667 | |||
Amgen | 21,239 | 3,903,091 | |||
Biogen | 1,335 | a | 385,802 | ||
Bristol-Myers Squibb | 5,950 | 393,890 | |||
Celgene | 24,495 | a | 2,134,004 | ||
Eli Lilly & Co. | 33,195 | 2,556,679 | |||
Johnson & Johnson | 48,873 | 6,347,625 | |||
Merck & Co. | 66,186 | 3,588,605 | |||
Pfizer | 130,391 | 4,734,497 | |||
Thermo Fisher Scientific | 15,230 | 3,176,673 | |||
Zoetis | 5,720 | 462,519 | |||
33,806,275 | |||||
Real Estate - 1.2% | |||||
Prologis | 17,485 | b | 1,060,990 |
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Large Cap Stock Fund (continued) | ||||||
Description | Shares | Value ($) | ||||
Common Stocks - 99.2% (continued) | ||||||
Real Estate - 1.2% (continued) | ||||||
Public Storage | 11,970 | b | 2,327,447 | |||
3,388,437 | ||||||
Retailing - 3.8% | ||||||
Amazon.com | 4,010 | a | 6,064,925 | |||
Best Buy | 44,775 | 3,243,501 | ||||
Home Depot | 6,624 | 1,207,357 | ||||
The TJX Companies | 5,790 | 478,717 | ||||
10,994,500 | ||||||
Semiconductors & Semiconductor Equipment - 4.4% | ||||||
Applied Materials | 64,180 | 3,696,126 | ||||
Lam Research | 14,420 | 2,766,621 | ||||
Micron Technology | 66,160 | a | 3,229,270 | |||
Skyworks Solutions | 21,205 | 2,316,646 | ||||
Texas Instruments | 7,881 | 853,906 | ||||
12,862,569 | ||||||
Software & Services - 12.8% | ||||||
Accenture, Cl. A | 13,035 | 2,098,765 | ||||
Alphabet, Cl. A | 5,167 | a | 5,703,955 | |||
Alphabet, Cl. C | 5,171 | a | 5,712,559 | |||
Amdocs | 7,855 | 516,780 | ||||
CDK Global | 21,550 | 1,480,054 | ||||
Citrix Systems | 3,870 | a | 356,040 | |||
Cognizant Technology Solutions, Cl. A | 25,350 | 2,079,207 | ||||
Electronic Arts | 21,710 | a | 2,685,527 | |||
Facebook, Cl. A | 41,351 | a | 7,373,710 | |||
Fiserv | 7,005 | a | 1,004,447 | |||
International Business Machines | 10,206 | 1,590,401 | ||||
Microsoft | 60,170 | 5,642,141 | ||||
Red Hat | 5,890 | a | 868,186 | |||
37,111,772 | ||||||
Technology Hardware & Equipment - 7.4% | ||||||
Apple | 63,636 | 11,334,844 | ||||
Cisco Systems | 62,255 | 2,787,779 | ||||
F5 Networks | 9,875 | a | 1,466,635 | |||
HP | 130,980 | 3,063,622 | ||||
Jabil | 15,315 | 414,883 | ||||
Western Digital | 29,030 | 2,526,771 | ||||
21,594,534 | ||||||
Telecommunication Services - 3.9% | ||||||
AT&T | 136,047 | 4,938,506 | ||||
T-Mobile US | 36,790 | a | 2,229,842 | |||
Verizon Communications | 84,249 | 4,022,047 | ||||
11,190,395 | ||||||
Transportation - 3.7% | ||||||
Copa Holdings, Cl. A | 3,200 | 435,104 | ||||
Delta Air Lines | 24,972 | 1,345,991 | ||||
Norfolk Southern | 18,920 | 2,631,394 | ||||
Southwest Airlines | 44,865 | 2,594,992 | ||||
Union Pacific | 28,340 | 3,691,285 | ||||
10,698,766 | ||||||
Utilities - 1.4% | ||||||
MDU Resources Group | 68,755 | 1,807,569 | ||||
BNY Mellon Large Cap Stock Fund (continued) | ||||||
Description | Shares | Value ($) | ||||
Common Stocks - 99.2% (continued) | ||||||
Utilities - 1.4% (continued) | ||||||
Sempra Energy | 20,160 | c | 2,197,037 | |||
4,004,606 | ||||||
Total Common Stocks (cost $209,607,426) | 287,358,199 | |||||
Other Investment - .9% | ||||||
Registered Investment Company; | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund (cost $2,793,262) | 2,793,262 | d | 2,793,262 | |||
Total Investments (cost $212,400,688) | 100.1% | 290,151,461 | ||||
Liabilities, Less Cash and Receivables | (.1%) | (415,612) | ||||
Net Assets | 100.0% | 289,735,849 |
aNon-income producing security.
bInvestment in real estate investment trust.
cSecurity, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $2,175,023 and the value of the collateral held by the fund was $2,240,122, consisting of U.S. Government & Agency securities.
dInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Software & Services | 12.8 |
Pharmaceuticals, Biotechnology & Life Sciences | 11.7 |
Technology Hardware & Equipment | 7.4 |
Energy | 7.4 |
Banks | 6.2 |
Diversified Financials | 6.0 |
Capital Goods | 4.8 |
Semiconductors & Semiconductor Equipment | 4.4 |
Insurance | 4.4 |
Telecommunication Services | 3.9 |
Retailing | 3.8 |
Health Care Equipment & Services | 3.8 |
Transportation | 3.7 |
Food, Beverage & Tobacco | 3.6 |
Food & Staples Retailing | 3.2 |
Consumer Services | 2.7 |
Media | 2.2 |
Consumer Durables & Apparel | 1.5 |
Utilities | 1.4 |
Real Estate | 1.2 |
Materials | 1.1 |
Household & Personal Products | 1.0 |
Automobiles & Components | 1.0 |
Money Market Investment | .9 |
100.1 |
† Based on net assets.
See notes to financial statements.
22
BNY Mellon Large Cap Market Opportunities Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 49.6% | |||||
Capital Goods - 4.9% | |||||
3M | 3,085 | 726,548 | |||
Deere & Co. | 4,985 | 801,937 | |||
Donaldson | 1,194 | 56,667 | |||
Emerson Electric | 1,330 | 94,510 | |||
Fastenal | 2,150 | a | 117,648 | ||
Flowserve | 1,760 | 74,536 | |||
Honeywell International | 4,482 | 677,275 | |||
Illinois Tool Works | 4,253 | 686,604 | |||
Toro | 850 | 54,034 | |||
3,289,759 | |||||
Consumer Durables & Apparel - .2% | |||||
NIKE, Cl. B | 2,386 | 159,934 | |||
Consumer Services - 1.4% | |||||
McDonald's | 815 | 128,558 | |||
Starbucks | 2,287 | 130,588 | |||
Yum! Brands | 8,320 | 677,082 | |||
936,228 | |||||
Diversified Financials - 5.6% | |||||
Ally Financial | 37,840 | 1,055,736 | |||
Charles Schwab | 20,335 | 1,078,162 | |||
Intercontinental Exchange | 10,940 | 799,495 | |||
Invesco | 24,318 | 791,308 | |||
3,724,701 | |||||
Energy - 2.8% | |||||
Andeavor | 6,270 | 561,917 | |||
EOG Resources | 1,418 | 143,814 | |||
Halliburton | 665 | 30,869 | |||
Occidental Petroleum | 1,866 | 122,410 | |||
Pioneer Natural Resources | 327 | 55,665 | |||
Schlumberger | 1,811 | 118,874 | |||
Valero Energy | 9,295 | 840,454 | |||
1,874,003 | |||||
Food, Beverage & Tobacco - 3.4% | |||||
Constellation Brands, Cl. A | 3,215 | 692,768 | |||
Mondelez International, Cl. A | 18,550 | 814,345 | |||
Philip Morris International | 7,009 | 725,782 | |||
2,232,895 | |||||
Health Care Equipment & Services - 4.5% | |||||
Abbott Laboratories | 18,155 | 1,095,291 | |||
Cerner | 2,055 | b | 131,849 | ||
Edwards Lifesciences | 862 | b | 115,224 | ||
Henry Schein | 1,864 | b | 123,378 | ||
Intuitive Surgical | 411 | b | 175,271 | ||
ResMed | 1,190 | 113,371 | |||
Stryker | 836 | 135,566 | |||
UnitedHealth Group | 4,382 | 991,033 | |||
Varian Medical Systems | 1,031 | b | 123,040 | ||
3,004,023 | |||||
Household & Personal Products - .5% | |||||
Colgate-Palmolive | 1,446 | 99,731 | |||
Estee Lauder, Cl. A | 1,703 | 235,763 | |||
335,494 | |||||
Materials - 1.8% | |||||
DowDuPont | 10,620 | 746,586 | |||
Ecolab | 1,048 | 136,712 | |||
BNY Mellon Large Cap Market Opportunities Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 49.6% (continued) | |||||
Materials - 1.8% (continued) | |||||
FMC | 1,370 | 107,518 | |||
International Flavors & Fragrances | 665 | 93,931 | |||
Praxair | 878 | 131,480 | |||
1,216,227 | |||||
Media - 2.7% | |||||
Comcast, Cl. A | 24,640 | 892,214 | |||
Twenty-First Century Fox, Cl. A | 20,210 | 744,132 | |||
Walt Disney | 1,298 | 133,902 | |||
1,770,248 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 2.9% | |||||
Agilent Technologies | 11,940 | 818,965 | |||
Allergan | 3,522 | 543,163 | |||
Biogen | 422 | b | 121,954 | ||
Gilead Sciences | 925 | 72,825 | |||
Johnson & Johnson | 976 | 126,763 | |||
Mettler-Toledo International | 145 | b | 89,352 | ||
Waters | 678 | b | 138,746 | ||
1,911,768 | |||||
Real Estate - .9% | |||||
Equinix | 1,602 | c | 628,144 | ||
Retailing - 2.5% | |||||
Amazon.com | 834 | b | 1,261,383 | ||
O'Reilly Automotive | 444 | b | 108,420 | ||
The TJX Companies | 2,206 | 182,392 | |||
Tractor Supply | 2,039 | 132,392 | |||
1,684,587 | |||||
Semiconductors & Semiconductor Equipment - 3.7% | |||||
Broadcom | 2,704 | 666,428 | |||
NVIDIA | 7,479 | 1,809,918 | |||
2,476,346 | |||||
Software & Services - 10.6% | |||||
Adobe Systems | 7,149 | b | 1,495,070 | ||
Alphabet, Cl. A | 1,167 | b | 1,288,275 | ||
Alphabet, Cl. C | 115 | b | 127,044 | ||
Automatic Data Processing | 850 | 98,022 | |||
Cognizant Technology Solutions, Cl. A | 1,650 | 135,333 | |||
Electronic Arts | 7,794 | b | 964,118 | ||
Jack Henry & Associates | 1,290 | 151,317 | |||
Manhattan Associates | 2,990 | b | 125,879 | ||
Mastercard, Cl. A | 1,388 | 243,955 | |||
Microsoft | 13,169 | 1,234,857 | |||
Oracle | 2,381 | 120,645 | |||
Paychex | 2,161 | 140,746 | |||
Visa, Cl. A | 7,985 | 981,676 | |||
7,106,937 | |||||
Technology Hardware & Equipment - 1.0% | |||||
Amphenol, Cl. A | 2,523 | 230,577 | |||
Cisco Systems | 3,778 | 169,179 | |||
IPG Photonics | 646 | b | 158,683 | ||
TE Connectivity | 1,070 | 110,306 | |||
668,745 |
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Large Cap Market Opportunities Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 49.6% (continued) | |||||
Transportation - .2% | |||||
Expeditors International of Washington | 2,125 | 138,040 | |||
Total Common Stocks (cost $21,208,333) | 33,158,079 | ||||
Other Investment - 50.5% | |||||
Registered Investment Company; | |||||
BNY Mellon Income Stock Fund, Cl. M | 774,245 | d | 7,239,192 | ||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 325,092 | e | 325,092 | ||
Dreyfus Research Growth Fund, Cl. Y | 1,060,918 | d,f | 16,847,375 | ||
Dreyfus Strategic Value Fund, Cl. Y | 230,938 | d | 9,302,197 | ||
Total Other Investment (cost $27,185,585) | 33,713,856 | ||||
Total Investments (cost $48,393,918) | 100.1% | 66,871,935 | |||
Liabilities, Less Cash and Receivables | (.1%) | (54,246) | |||
Net Assets | 100.0% | 66,817,689 |
aSecurity, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $116,444 and the value of the collateral held by the fund was $120,142, consisting of U.S. Government & Agency securities.
bNon-income producing security.
cInvestment in real estate investment trust.
dInvestment in affiliated mutual fund.
eInvestment in affiliated money market mutual fund.
fThe fund's investment in the Dreyfus Research Growth Fund represents 25.2% of the fund's total investments. The Dreyfus Research Growth Fund seeks to provide long-term capital appreciation.
Portfolio Summary (Unaudited) † | Value (%) |
Mutual Funds: Domestic | 50.0 |
Software & Services | 10.6 |
Diversified Financials | 5.6 |
Capital Goods | 4.9 |
Health Care Equipment & Services | 4.5 |
Semiconductors & Semiconductor Equipment | 3.7 |
Food, Beverage & Tobacco | 3.4 |
Pharmaceuticals, Biotechnology & Life Sciences | 2.9 |
Energy | 2.8 |
Media | 2.7 |
Retailing | 2.5 |
Materials | 1.8 |
Consumer Services | 1.4 |
Technology Hardware & Equipment | 1.0 |
Real Estate | .9 |
Household & Personal Products | .5 |
Money Market Investment | .5 |
Consumer Durables & Apparel | .2 |
Transportation | .2 |
100.1 |
† Based on net assets.
See notes to financial statements.
24
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.4% | |||||
Automobiles & Components - .2% | |||||
Aptiv | 1,380 | 126,035 | |||
Ford Motor | 10,418 | 110,535 | |||
General Motors | 1,835 | 72,207 | |||
Goodyear Tire & Rubber | 2,155 | 62,366 | |||
Harley-Davidson | 2,994 | a | 135,868 | ||
507,011 | |||||
Banks - 2.7% | |||||
Bank of America | 59,574 | 1,912,325 | |||
BB&T | 10,767 | 585,186 | |||
Citigroup | 11,965 | 903,238 | |||
Citizens Financial Group | 6,935 | 301,603 | |||
Fifth Third Bancorp | 3,234 | 106,884 | |||
JPMorgan Chase & Co. | 19,559 | 2,259,065 | |||
KeyCorp | 10,500 | 221,865 | |||
M&T Bank | 630 | 119,599 | |||
PNC Financial Services Group | 4,971 | 783,728 | |||
SunTrust Banks | 1,700 | 118,728 | |||
U.S. Bancorp | 5,082 | 276,258 | |||
Wells Fargo & Co. | 25,282 | 1,476,722 | |||
Zions Bancorporation | 2,665 | 146,495 | |||
9,211,696 | |||||
Capital Goods - 6.0% | |||||
3M | 14,421 | 3,396,290 | |||
Allegion | 2,996 | 251,994 | |||
Boeing | 3,710 | 1,343,799 | |||
Caterpillar | 3,798 | 587,285 | |||
Deere & Co. | 16,601 | 2,670,603 | |||
Donaldson | 2,990 | 141,905 | |||
Dover | 4,284 | 428,828 | |||
Eaton | 4,989 | 402,612 | |||
Emerson Electric | 5,405 | 384,079 | |||
Fastenal | 5,370 | a | 293,846 | ||
Flowserve | 5,915 | 250,500 | |||
Fortive | 2,056 | 157,901 | |||
General Dynamics | 741 | 164,835 | |||
General Electric | 44,450 | 627,190 | |||
Honeywell International | 20,957 | 3,166,812 | |||
Illinois Tool Works | 15,668 | 2,529,442 | |||
Ingersoll-Rand | 5,160 | 458,208 | |||
Johnson Controls International | 1,631 | 60,135 | |||
Lockheed Martin | 1,377 | 485,310 | |||
Northrop Grumman | 1,146 | 401,146 | |||
Parker-Hannifin | 612 | 109,224 | |||
Raytheon | 3,349 | 728,441 | |||
Rockwell Collins | 1,753 | 241,423 | |||
Stanley Black & Decker | 653 | 103,951 | |||
Toro | 2,120 | 134,768 | |||
TransDigm Group | 632 | 182,212 | |||
United Rentals | 875 | b | 153,204 | ||
United Technologies | 2,681 | 361,238 | |||
W.W. Grainger | 220 | a | 57,541 | ||
Xylem | 2,698 | 201,217 | |||
20,475,939 | |||||
Commercial & Professional Services - .1% | |||||
Robert Half International | 2,005 | 114,425 | |||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.4% (continued) | |||||
Commercial & Professional Services - .1% (continued) | |||||
Waste Management | 2,644 | 228,230 | |||
342,655 | |||||
Consumer Durables & Apparel - .6% | |||||
Leggett & Platt | 5,590 | 242,941 | |||
Lennar, Cl. A | 4,900 | 277,242 | |||
Mattel | 5,425 | a | 86,258 | ||
Newell Brands | 3,020 | 77,584 | |||
NIKE, Cl. B | 18,820 | 1,261,505 | |||
Under Armour, Cl. A | 985 | b | 16,331 | ||
VF | 3,110 | 231,913 | |||
2,193,774 | |||||
Consumer Services - 1.5% | |||||
Carnival | 2,398 | 160,450 | |||
Marriott International, Cl. A | 608 | 85,856 | |||
McDonald's | 6,579 | 1,037,771 | |||
Starbucks | 20,253 | 1,156,446 | |||
Wyndham Worldwide | 840 | 97,255 | |||
Wynn Resorts | 1,077 | 180,398 | |||
Yum! Brands | 30,057 | 2,446,039 | |||
5,164,215 | |||||
Diversified Financials - 5.8% | |||||
Ally Financial | 120,270 | 3,355,533 | |||
American Express | 1,959 | 191,022 | |||
Ameriprise Financial | 1,989 | 311,159 | |||
Berkshire Hathaway, Cl. B | 9,979 | b | 2,067,649 | ||
BlackRock | 456 | 250,540 | |||
Capital One Financial | 4,413 | 432,165 | |||
Charles Schwab | 76,846 | 4,074,375 | |||
CME Group | 3,750 | 623,100 | |||
Discover Financial Services | 5,797 | 456,978 | |||
Goldman Sachs Group | 2,240 | 588,963 | |||
Intercontinental Exchange | 42,828 | 3,129,870 | |||
Invesco | 83,980 | 2,732,709 | |||
Moody's | 720 | 120,154 | |||
Morgan Stanley | 6,300 | 352,926 | |||
Navient | 11,370 | 147,355 | |||
S&P Global | 1,858 | 356,364 | |||
State Street | 5,436 | 577,031 | |||
T. Rowe Price Group | 31 | 3,469 | |||
19,771,362 | |||||
Energy - 3.8% | |||||
Anadarko Petroleum | 4,930 | 281,207 | |||
Andeavor | 22,060 | 1,977,017 | |||
Apache | 1,925 | a | 65,739 | ||
Baker Hughes | 4,007 | 105,785 | |||
Cabot Oil & Gas | 5,290 | 127,806 | |||
Chevron | 8,840 | 989,373 | |||
Cimarex Energy | 937 | 90,036 | |||
ConocoPhillips | 2,191 | 118,993 | |||
Devon Energy | 6,515 | 199,815 | |||
EOG Resources | 9,172 | 930,224 | |||
EQT | 390 | 19,621 | |||
Exxon Mobil | 21,429 | 1,623,032 |
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.4% (continued) | |||||
Energy - 3.8% (continued) | |||||
Halliburton | 4,912 | 228,015 | |||
Helmerich & Payne | 5,630 | a | 363,417 | ||
Hess | 1,575 | 71,537 | |||
Kinder Morgan | 1,550 | 25,110 | |||
Marathon Oil | 15,500 | 225,060 | |||
Marathon Petroleum | 3,221 | 206,337 | |||
National Oilwell Varco | 1,545 | 54,214 | |||
Newfield Exploration | 2,200 | b | 51,326 | ||
Noble Energy | 3,335 | 99,483 | |||
Occidental Petroleum | 5,304 | 347,942 | |||
ONEOK | 1,650 | 92,945 | |||
Phillips 66 | 3,963 | 358,136 | |||
Pioneer Natural Resources | 1,823 | 310,329 | |||
Range Resources | 8,805 | a | 117,018 | ||
Schlumberger | 8,802 | 577,763 | |||
Superior Energy Services | 1 | b | 9 | ||
TechnipFMC | 2,735 | 78,823 | |||
Valero Energy | 35,653 | 3,223,744 | |||
Williams Cos. | 94 | 2,609 | |||
12,962,465 | |||||
Food & Staples Retailing - .7% | |||||
Costco Wholesale | 3,397 | 648,487 | |||
CVS Health | 5,366 | 363,439 | |||
Kroger | 13,152 | 356,682 | |||
Sysco | 1,650 | 98,423 | |||
Walgreens Boots Alliance | 7,587 | 522,668 | |||
Walmart | 5,992 | 539,340 | |||
2,529,039 | |||||
Food, Beverage & Tobacco - 3.9% | |||||
Altria Group | 15,089 | 949,853 | |||
Archer-Daniels-Midland | 4,910 | 203,863 | |||
Coca-Cola | 16,520 | 713,994 | |||
Constellation Brands, Cl. A | 12,782 | 2,754,265 | |||
General Mills | 1,720 | 86,946 | |||
Hershey | 281 | 27,611 | |||
Kraft Heinz | 4,451 | 298,440 | |||
McCormick & Co. | 2,837 | 302,935 | |||
Molson Coors Brewing, Cl. B | 4,105 | 313,006 | |||
Mondelez International, Cl. A | 75,375 | 3,308,962 | |||
Monster Beverage | 2,265 | b | 143,533 | ||
PepsiCo | 8,990 | 986,473 | |||
Philip Morris International | 28,619 | 2,963,497 | |||
Tyson Foods, Cl. A | 1,390 | 103,388 | |||
13,156,766 | |||||
Health Care Equipment & Services - 4.9% | |||||
Abbott Laboratories | 63,223 | 3,814,244 | |||
Aetna | 3,538 | 626,438 | |||
AmerisourceBergen | 2,378 | 226,290 | |||
Anthem | 2,439 | 574,092 | |||
Baxter International | 1,555 | 105,413 | |||
Becton Dickinson & Co. | 3,076 | 682,934 | |||
Boston Scientific | 20,869 | b | 568,889 | ||
Cardinal Health | 1,070 | 74,055 | |||
Cerner | 5,830 | b | 374,053 | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.4% (continued) | |||||
Health Care Equipment & Services - 4.9% (continued) | |||||
Cigna | 2,556 | 500,695 | |||
Danaher | 4,112 | 402,071 | |||
Dentsply Sirona | 835 | 46,810 | |||
Edwards Lifesciences | 2,158 | b | 288,460 | ||
Envision Healthcare | 1,290 | b | 49,665 | ||
Express Scripts Holding | 63 | b | 4,753 | ||
Henry Schein | 4,646 | b | 307,519 | ||
Humana | 1,673 | 454,755 | |||
Intuitive Surgical | 2,299 | b | 980,409 | ||
McKesson | 693 | 103,416 | |||
Medtronic | 7,860 | 627,935 | |||
Patterson | 90 | 2,842 | |||
ResMed | 2,967 | 282,666 | |||
Stryker | 3,076 | 498,804 | |||
UnitedHealth Group | 20,800 | 4,704,128 | |||
Varian Medical Systems | 2,569 | b | 306,584 | ||
Zimmer Biomet Holdings | 103 | 11,974 | |||
16,619,894 | |||||
Household & Personal Products - .8% | |||||
Clorox | 2,630 | 339,480 | |||
Colgate-Palmolive | 10,438 | 719,909 | |||
Estee Lauder, Cl. A | 5,345 | 739,962 | |||
Kimberly-Clark | 1,327 | 147,191 | |||
Procter & Gamble | 11,701 | 918,763 | |||
2,865,305 | |||||
Insurance - 1.1% | |||||
Aflac | 250 | 22,220 | |||
Allstate | 4,455 | 411,018 | |||
American International Group | 7,695 | 441,231 | |||
Aon | 3,866 | 542,477 | |||
Brighthouse Financial | 614 | 33,322 | |||
Chubb | 906 | 128,580 | |||
Cincinnati Financial | 1,410 | 105,172 | |||
Hartford Financial Services Group | 8,125 | 429,406 | |||
Lincoln National | 2,076 | 158,129 | |||
Marsh & McLennan Cos. | 5,996 | 497,788 | |||
MetLife | 3,712 | 171,457 | |||
Prudential Financial | 1,076 | 114,400 | |||
Travelers | 3,979 | 553,081 | |||
3,608,281 | |||||
Materials - 2.3% | |||||
Air Products & Chemicals | 3,410 | 548,294 | |||
CF Industries Holdings | 2,605 | 107,430 | |||
DowDuPont | 50,057 | 3,519,007 | |||
Ecolab | 2,610 | 340,475 | |||
FMC | 3,410 | 267,617 | |||
Freeport-McMoRan | 21,175 | b | 393,855 | ||
International Flavors & Fragrances | 1,660 | 234,475 | |||
International Paper | 2,004 | 119,418 | |||
LyondellBasell Industries, Cl. A | 3,186 | 344,789 | |||
Monsanto | 3,049 | 376,155 | |||
Mosaic | 1,600 | 42,112 | |||
Newmont Mining | 4,165 | 159,103 |
26
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.4% (continued) | |||||
Materials - 2.3% (continued) | |||||
Nucor | 1,060 | 69,324 | |||
PPG Industries | 3,746 | 421,200 | |||
Praxair | 2,587 | 387,403 | |||
Sealed Air | 855 | a | 36,226 | ||
Sherwin-Williams | 186 | 74,694 | |||
Vulcan Materials | 2,949 | 347,186 | |||
7,788,763 | |||||
Media - 2.7% | |||||
CBS, Cl. B | 959 | 50,798 | |||
Charter Communications, Cl. A | 446 | b | 152,501 | ||
Comcast, Cl. A | 114,017 | 4,128,556 | |||
Discovery Communications, Cl. C | 1,220 | b | 28,036 | ||
Nielsen Holdings | 2,945 | 96,095 | |||
Omnicom Group | 820 | 62,509 | |||
Time Warner | 6,747 | 627,201 | |||
Twenty-First Century Fox, Cl. A | 69,116 | 2,544,851 | |||
Viacom, Cl. B | 2,590 | 86,351 | |||
Walt Disney | 15,335 | 1,581,959 | |||
9,358,857 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 4.8% | |||||
AbbVie | 8,413 | 974,478 | |||
Agilent Technologies | 37,980 | 2,605,048 | |||
Alexion Pharmaceuticals | 567 | b | 66,594 | ||
Allergan | 13,239 | 2,041,719 | |||
Amgen | 5,181 | 952,112 | |||
Biogen | 2,596 | b | 750,218 | ||
Bristol-Myers Squibb | 11,752 | 777,982 | |||
Celgene | 7,636 | b | 665,248 | ||
Eli Lilly & Co. | 8,901 | 685,555 | |||
Gilead Sciences | 13,866 | 1,091,670 | |||
Johnson & Johnson | 16,932 | 2,199,128 | |||
Merck & Co. | 13,701 | 742,868 | |||
Mettler-Toledo International | 362 | b | 223,072 | ||
Mylan | 595 | b | 23,990 | ||
Pfizer | 35,223 | 1,278,947 | |||
Regeneron Pharmaceuticals | 206 | b | 66,011 | ||
Thermo Fisher Scientific | 3,981 | 830,357 | |||
Vertex Pharmaceuticals | 466 | b | 77,370 | ||
Waters | 1,692 | b | 346,251 | ||
16,398,618 | |||||
Real Estate - 1.5% | |||||
American Tower | 2,360 | c | 328,819 | ||
Apartment Investment & Management, Cl. A | 5,805 | c | 224,421 | ||
AvalonBay Communities | 2,636 | c | 411,269 | ||
Crown Castle International | 2,870 | c | 315,872 | ||
Equinix | 5,483 | c | 2,149,884 | ||
Equity Residential | 177 | c | 9,953 | ||
Extra Space Storage | 710 | a,c | 60,386 | ||
Federal Realty Investment Trust | 488 | c | 55,603 | ||
GGP | 5,360 | c | 113,471 | ||
HCP | 13,485 | c | 291,815 | ||
Iron Mountain | 7,405 | c | 232,961 | ||
Macerich | 2,445 | c | 144,108 | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.4% (continued) | |||||
Real Estate - 1.5% (continued) | |||||
Simon Property Group | 1,672 | c | 256,669 | ||
SL Green Realty | 2,005 | a,c | 194,325 | ||
Ventas | 3,150 | c | 152,208 | ||
Vornado Realty Trust | 810 | c | 53,841 | ||
Weyerhaeuser | 5,650 | c | 197,920 | ||
5,193,525 | |||||
Retailing - 4.0% | |||||
Amazon.com | 4,999 | b | 7,560,738 | ||
Dollar Tree | 3,014 | b | 309,357 | ||
eBay | 2,742 | b | 117,522 | ||
Genuine Parts | 414 | 38,022 | |||
Home Depot | 8,631 | 1,573,172 | |||
Kohl's | 2,060 | 136,145 | |||
L Brands | 289 | a | 14,256 | ||
Lowe's | 6,692 | 599,536 | |||
Macy's | 1,844 | a | 54,232 | ||
Netflix | 3,234 | b | 942,323 | ||
O'Reilly Automotive | 2,322 | b | 567,009 | ||
Ross Stores | 2,388 | 186,479 | |||
The TJX Companies | 13,342 | 1,103,117 | |||
Tractor Supply | 5,096 | 330,883 | |||
13,532,791 | |||||
Semiconductors & Semiconductor Equipment - 3.9% | |||||
Advanced Micro Devices | 1,980 | a,b | 23,978 | ||
Analog Devices | 1,503 | 135,495 | |||
Applied Materials | 5,935 | 341,797 | |||
Broadcom | 10,166 | 2,505,512 | |||
Intel | 29,047 | 1,431,727 | |||
Lam Research | 2,914 | 559,080 | |||
Micron Technology | 6,870 | b | 335,325 | ||
NVIDIA | 27,761 | 6,718,162 | |||
QUALCOMM | 4,532 | 294,580 | |||
Texas Instruments | 9,099 | 985,877 | |||
Xilinx | 1,834 | 130,673 | |||
13,462,206 | |||||
Software & Services - 12.4% | |||||
Accenture, Cl. A | 4,575 | 736,621 | |||
Activision Blizzard | 570 | 41,684 | |||
Adobe Systems | 26,691 | b | 5,581,889 | ||
Alphabet, Cl. A | 5,533 | b | 6,107,989 | ||
Alphabet, Cl. C | 1,808 | b | 1,997,352 | ||
Autodesk | 1,980 | b | 232,591 | ||
Automatic Data Processing | 7,090 | 817,619 | |||
Booking Holdings | 407 | b | 827,854 | ||
Cognizant Technology Solutions, Cl. A | 7,482 | 613,674 | |||
DXC Technology | 1,729 | 177,292 | |||
Electronic Arts | 24,779 | b | 3,065,162 | ||
Facebook, Cl. A | 14,253 | b | 2,541,595 | ||
Fiserv | 3,832 | b | 549,470 | ||
International Business Machines | 3,315 | 516,576 | |||
Intuit | 737 | 122,976 | |||
Jack Henry & Associates | 3,225 | 378,293 | |||
Manhattan Associates | 7,460 | b | 314,066 |
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.4% (continued) | |||||
Software & Services - 12.4% (continued) | |||||
Mastercard, Cl. A | 10,920 | 1,919,299 | |||
Microsoft | 89,398 | 8,382,850 | |||
Oracle | 19,590 | 992,625 | |||
Paychex | 10,684 | 695,849 | |||
PayPal Holdings | 3,087 | b | 245,139 | ||
salesforce.com | 7,014 | b | 815,378 | ||
Visa, Cl. A | 36,720 | 4,514,357 | |||
Western Union | 4,157 | 82,392 | |||
42,270,592 | |||||
Technology Hardware & Equipment - 2.9% | |||||
Amphenol, Cl. A | 10,194 | 931,630 | |||
Apple | 30,321 | 5,400,777 | |||
Cisco Systems | 39,627 | 1,774,497 | |||
Corning | 14,950 | 434,746 | |||
Hewlett Packard Enterprise | 20,128 | 374,180 | |||
HP | 20,128 | 470,794 | |||
IPG Photonics | 1,610 | b | 395,480 | ||
Motorola Solutions | 768 | 81,523 | |||
Seagate Technology | 345 | 18,423 | |||
Western Digital | 1,496 | 130,212 | |||
10,012,262 | |||||
Telecommunication Services - .8% | |||||
AT&T | 31,898 | 1,157,897 | |||
CenturyLink | 11,395 | 201,350 | |||
TE Connectivity | 2,670 | 275,250 | |||
Verizon Communications | 20,465 | 976,999 | |||
2,611,496 | |||||
Transportation - .9% | |||||
CSX | 7,713 | 414,342 | |||
Delta Air Lines | 3,995 | 215,331 | |||
Expeditors International of Washington | 5,300 | 344,288 | |||
FedEx | 2,533 | 624,157 | |||
Norfolk Southern | 757 | 105,284 | |||
Southwest Airlines | 9,025 | 522,006 | |||
Union Pacific | 6,428 | 837,247 | |||
United Parcel Service, Cl. B | 1,636 | 170,815 | |||
3,233,470 | |||||
Utilities - 1.1% | |||||
AES | 11,440 | 124,353 | |||
American Electric Power | 2,915 | 191,166 | |||
CenterPoint Energy | 5,755 | 155,673 | |||
CMS Energy | 8,781 | 372,753 | |||
Dominion Energy | 1,448 | 107,253 | |||
DTE Energy | 660 | 66,515 | |||
Duke Energy | 1,027 | 77,374 | |||
Eversource Energy | 3,785 | 215,745 | |||
Exelon | 4,340 | 160,754 | |||
NextEra Energy | 5,041 | 766,988 | |||
NiSource | 10,190 | 235,695 | |||
NRG Energy | 7,975 | 206,234 | |||
Pinnacle West Capital | 1,425 | 109,668 | |||
SCANA | 3,480 | 138,052 | |||
Sempra Energy | 4,585 | a | 499,673 | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.4% (continued) | |||||
Utilities - 1.1% (continued) | |||||
Southern | 613 | a | 26,396 | ||
Xcel Energy | 10,635 | 460,283 | |||
3,914,575 | |||||
Total Common Stocks (cost $120,289,648) | 237,185,557 | ||||
Other Investment - 30.5% | |||||
Registered Investment Company; | |||||
BNY Mellon Income Stock Fund, Cl. M | 2,520,634 | d | 23,567,924 | ||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2,449,641 | e | 2,449,641 | ||
Dreyfus Research Growth Fund, Cl. Y | 3,213,704 | d | 51,033,619 | ||
Dreyfus Strategic Value Fund, Cl. Y | 669,712 | d | 26,975,997 | ||
Total Other Investment (cost $88,558,533) | 104,027,181 | ||||
Investment of Cash Collateral for Securities Loaned - .2% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 825,894 | e | 825,894 | ||
Total Investments (cost $209,674,075) | 100.1% | 342,038,632 | |||
Liabilities, Less Cash and Receivables | (.1%) | (405,658) | |||
Net Assets | 100.0% | 341,632,974 |
aSecurity, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $1,927,155 and the value of the collateral held by the fund was $1,989,025, consisting of cash collateral of $825,894 and U.S. Government & Agency securities valued at $1,163,131.
bNon-income producing security.
cInvestment in real estate investment trust.
dInvestment in affiliated mutual fund.
eInvestment in affiliated money market mutual fund.
28
Portfolio Summary (Unaudited) † | Value (%) |
Mutual Funds: Domestic | 29.8 |
Software & Services | 12.4 |
Capital Goods | 6.0 |
Diversified Financials | 5.8 |
Health Care Equipment & Services | 4.9 |
Pharmaceuticals, Biotechnology & Life Sciences | 4.8 |
Retailing | 4.0 |
Semiconductors & Semiconductor Equipment | 3.9 |
Food, Beverage & Tobacco | 3.9 |
Energy | 3.8 |
Technology Hardware & Equipment | 2.9 |
Media | 2.7 |
Banks | 2.7 |
Materials | 2.3 |
Real Estate | 1.5 |
Consumer Services | 1.5 |
Utilities | 1.1 |
Insurance | 1.1 |
Money Market Investments | .9 |
Transportation | .9 |
Household & Personal Products | .8 |
Telecommunication Services | .8 |
Food & Staples Retailing | .7 |
Consumer Durables & Apparel | .6 |
Automobiles & Components | .2 |
Commercial & Professional Services | .1 |
100.1 |
† Based on net assets.
See notes to financial statements.
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Income Stock Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 95.9% | |||||
Banks - 22.6% | |||||
Bank of America | 1,736,129 | 55,729,741 | |||
BB&T | 708,885 | 38,527,900 | |||
Citigroup | 163,766 | 12,362,695 | |||
JPMorgan Chase & Co. | 508,066 | 58,681,623 | |||
PNC Financial Services Group | 117,921 | 18,591,425 | |||
SunTrust Banks | 529,636 | 36,989,778 | |||
U.S. Bancorp | 650,788 | 35,376,836 | |||
Wells Fargo & Co. | 362,758 | 21,188,695 | |||
277,448,693 | |||||
Capital Goods - 6.1% | |||||
Honeywell International | 117,288 | 17,723,390 | |||
Raytheon | 119,805 | 26,058,785 | |||
United Technologies | 231,074 | 31,134,911 | |||
74,917,086 | |||||
Consumer Services - 1.1% | |||||
Las Vegas Sands | 186,259 | 13,561,518 | |||
Diversified Financials - 3.2% | |||||
Capital One Financial | 122,256 | 11,972,530 | |||
Morgan Stanley | 496,799 | 27,830,680 | |||
39,803,210 | |||||
Energy - 10.0% | |||||
Exxon Mobil | 348,988 | 26,432,351 | |||
Occidental Petroleum | 621,319 | 40,758,526 | |||
Phillips 66 | 255,436 | 23,083,751 | |||
Schlumberger | 221,888 | 14,564,728 | |||
Valero Energy | 192,505 | 17,406,302 | |||
122,245,658 | |||||
Food, Beverage & Tobacco - 6.0% | |||||
Coca-Cola | 468,982 | 20,269,402 | |||
Conagra Brands | 522,043 | 18,861,414 | |||
Kellogg | 326,147 | a | 21,590,931 | ||
Kraft Heinz | 185,714 | 12,452,124 | |||
73,173,871 | |||||
Health Care Equipment & Services - 1.0% | |||||
UnitedHealth Group | 54,931 | 12,423,195 | |||
Insurance - 3.3% | |||||
American International Group | 346,535 | 19,870,317 | |||
Prudential Financial | 193,797 | 20,604,497 | |||
40,474,814 | |||||
Materials - 5.2% | |||||
CF Industries Holdings | 439,474 | 18,123,908 | |||
DowDuPont | 475,942 | 33,458,723 | |||
Vulcan Materials | 108,869 | 12,817,147 | |||
64,399,778 | |||||
Media - 3.8% | |||||
Comcast, Cl. A | 368,880 | 13,357,145 | |||
Omnicom Group | 274,646 | a | 20,936,265 | ||
Time Warner | 126,511 | 11,760,463 | |||
46,053,873 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 6.7% | |||||
Bristol-Myers Squibb | 176,163 | 11,661,991 | |||
Johnson & Johnson | 159,131 | 20,667,934 | |||
Merck & Co. | 200,717 | 10,882,876 | |||
BNY Mellon Income Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 95.9% (continued) | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 6.7% (continued) | |||||
Pfizer | 1,066,959 | 38,741,281 | |||
81,954,082 | |||||
Real Estate - 4.4% | |||||
Lamar Advertising, Cl. A | 339,409 | a,b | 22,560,516 | ||
Outfront Media | 865,456 | b | 17,750,502 | ||
Uniti Group | 875,571 | a,b | 13,440,015 | ||
53,751,033 | |||||
Semiconductors & Semiconductor Equipment - 1.8% | |||||
Texas Instruments | 209,591 | 22,709,185 | |||
Software & Services - 2.1% | |||||
International Business Machines | 95,904 | 14,944,720 | |||
Oracle | 223,335 | 11,316,384 | |||
26,261,104 | |||||
Technology Hardware & Equipment - 8.7% | |||||
Apple | 271,331 | 48,329,478 | |||
Cisco Systems | 1,301,923 | 58,300,112 | |||
106,629,590 | |||||
Telecommunication Services - 4.7% | |||||
AT&T | 683,479 | 24,810,288 | |||
Verizon Communications | 456,898 | 21,812,310 | |||
Vodafone Group, ADR | 397,144 | a | 11,243,147 | ||
57,865,745 | |||||
Transportation - 1.5% | |||||
Delta Air Lines | 337,066 | 18,167,857 | |||
Utilities - 3.7% | |||||
FirstEnergy | 878,024 | 28,386,516 | |||
NextEra Energy Partners | 443,828 | a | 17,415,811 | ||
45,802,327 | |||||
Total Common Stocks (cost $958,007,326) | 1,177,642,619 | ||||
Preferred Stocks - 1.0% | |||||
Energy - 1.0% | |||||
Hess, 8.00%, 2/1/19 | 220,867 | 12,094,677 | |||
Other Investment - .9% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 11,496,057 | c | 11,496,057 |
30
BNY Mellon Income Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Investment of Cash Collateral for Securities Loaned - 3.1% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 38,563,377 | c | 38,563,377 | ||
Total Investments (cost $1,021,079,147) | 100.9% | 1,239,796,730 | |||
Liabilities, Less Cash and Receivables | (.9%) | (11,451,618) | |||
Net Assets | 100.0% | 1,228,345,112 |
ADR—American Depository Receipt
aSecurity, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $62,554,258 and the value of the collateral held by the fund was $64,975,975, consisting of cash collateral of $38,563,377 and U.S. Government & Agency securities valued at $26,412,598.
bInvestment in real estate investment trust.
cInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Banks | 22.6 |
Energy | 11.0 |
Technology Hardware & Equipment | 8.7 |
Pharmaceuticals, Biotechnology & Life Sciences | 6.7 |
Capital Goods | 6.1 |
Food, Beverage & Tobacco | 6.0 |
Materials | 5.2 |
Telecommunication Services | 4.7 |
Real Estate | 4.4 |
Money Market Investments | 4.0 |
Media | 3.8 |
Utilities | 3.7 |
Insurance | 3.3 |
Diversified Financials | 3.2 |
Software & Services | 2.1 |
Semiconductors & Semiconductor Equipment | 1.8 |
Transportation | 1.5 |
Consumer Services | 1.1 |
Health Care Equipment & Services | 1.0 |
100.9 |
† Based on net assets.
See notes to financial statements.
31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.7% | |||||
Automobiles & Components - .8% | |||||
Adient | 9,732 | a | 603,968 | ||
Aptiv | 29,680 | 2,710,674 | |||
BorgWarner | 119,323 | 5,856,373 | |||
Delphi Technologies | 9,893 | 472,391 | |||
Fiat Chrysler Automobiles | 70,713 | 1,498,408 | |||
Gentex | 84,095 | 1,909,797 | |||
Goodyear Tire & Rubber | 53,335 | 1,543,515 | |||
Harley-Davidson | 28,450 | a | 1,291,061 | ||
Lear | 9,909 | 1,848,722 | |||
Tenneco | 28,045 | 1,473,765 | |||
Thor Industries | 12,105 | 1,561,545 | |||
Visteon | 43,071 | b | 5,333,913 | ||
26,104,132 | |||||
Banks - 4.5% | |||||
Bank of the Ozarks | 7,940 | a | 396,127 | ||
BB&T | 29,043 | 1,578,487 | |||
BOK Financial | 11,415 | 1,078,147 | |||
CIT Group | 50,255 | 2,666,028 | |||
Citizens Financial Group | 14,660 | 637,563 | |||
Comerica | 30,315 | 2,947,224 | |||
Cullen/Frost Bankers | 15,365 | 1,597,806 | |||
East West Bancorp | 483,731 | 31,708,567 | |||
Fifth Third Bancorp | 291,375 | 9,629,944 | |||
First Horizon National | 95,155 | 1,812,703 | |||
First Republic Bank | 119,491 | 11,088,765 | |||
Huntington Bancshares | 455,802 | 7,156,091 | |||
KeyCorp | 531,686 | 11,234,525 | |||
M&T Bank | 18,002 | 3,417,500 | |||
New York Community Bancorp | 71,520 | 974,102 | |||
PacWest Bancorp | 27,855 | 1,452,360 | |||
People's United Financial | 76,030 | 1,455,214 | |||
Popular | 33,565 | 1,410,066 | |||
Regions Financial | 404,076 | 7,843,115 | |||
Signature Bank | 74,226 | b | 10,851,099 | ||
SunTrust Banks | 151,431 | 10,575,941 | |||
SVB Financial Group | 55,622 | b | 13,848,766 | ||
TCF Financial | 78,080 | 1,741,184 | |||
Zions Bancorporation | 64,130 | 3,525,226 | |||
140,626,550 | |||||
Capital Goods - 11.1% | |||||
Acuity Brands | 45,671 | a | 6,511,771 | ||
AECOM | 54,270 | a,b | 1,927,128 | ||
Air Lease | 87,181 | a | 3,807,194 | ||
Allegion | 153,304 | 12,894,399 | |||
AMETEK | 231,087 | 17,502,529 | |||
Arconic | 140,609 | 3,429,454 | |||
Beacon Roofing Supply | 142,693 | b | 7,549,887 | ||
BWX Technologies | 106,421 | 6,700,266 | |||
Carlisle | 3,379 | 347,733 | |||
Cummins | 29,385 | 4,941,675 | |||
Curtiss-Wright | 26,861 | 3,625,698 | |||
Donaldson | 47,180 | 2,239,163 | |||
Dover | 24,330 | 2,435,433 | |||
Eaton | 39,800 | 3,211,860 | |||
EnerSys | 33,538 | 2,337,263 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.7% (continued) | |||||
Capital Goods - 11.1% (continued) | |||||
Fastenal | 164,366 | a | 8,994,108 | ||
Flowserve | 1,025 | 43,409 | |||
Fluor | 340,274 | 19,361,591 | |||
Fortune Brands Home & Security | 163,314 | 9,906,627 | |||
Graco | 112,016 | 4,967,910 | |||
Harris | 48,098 | 7,510,503 | |||
Hubbell | 13,299 | 1,742,834 | |||
Huntington Ingalls Industries | 9,556 | 2,503,768 | |||
IDEX | 114,198 | 15,622,286 | |||
Ingersoll-Rand | 46,622 | 4,140,034 | |||
Jacobs Engineering Group | 9,215 | 562,668 | |||
L3 Technologies | 25,124 | 5,214,486 | |||
Lincoln Electric Holdings | 13,780 | 1,206,301 | |||
Masco | 204,913 | 8,426,023 | |||
MasTec | 32,751 | b | 1,668,663 | ||
Mercury Systems | 149,284 | b | 6,862,585 | ||
Middleby | 208,988 | b | 25,130,807 | ||
MSC Industrial Direct, Cl. A | 8,765 | 766,762 | |||
Nordson | 20,995 | 2,814,800 | |||
Orbital ATK | 12,445 | 1,643,487 | |||
Owens Corning | 28,985 | 2,356,480 | |||
PACCAR | 231,628 | 16,582,249 | |||
Parker-Hannifin | 38,202 | 6,817,911 | |||
Pentair | 26,730 | 1,836,084 | |||
Quanta Services | 227,772 | b | 7,844,468 | ||
Rockwell Automation | 12,719 | 2,299,595 | |||
Rockwell Collins | 23,475 | 3,232,977 | |||
Roper Technologies | 98,800 | 27,178,892 | |||
Snap-on | 77,837 | a | 12,393,207 | ||
Spirit AeroSystems Holdings, Cl. A | 71,876 | 6,561,560 | |||
Stanley Black & Decker | 32,258 | 5,135,151 | |||
Terex | 26,455 | 1,098,412 | |||
Textron | 108,221 | 6,477,027 | |||
Timken | 77,190 | 3,380,922 | |||
TransDigm Group | 8,180 | a | 2,358,376 | ||
United Rentals | 18,545 | b | 3,247,044 | ||
W.W. Grainger | 7,602 | 1,988,303 | |||
WABCO Holdings | 53,520 | b | 7,384,154 | ||
Wabtec | 19,895 | a | 1,618,259 | ||
Watsco | 48,934 | 8,092,216 | |||
WESCO International | 39,194 | b | 2,439,826 | ||
Xylem | 176,660 | 13,175,303 | |||
352,049,521 | |||||
Commercial & Professional Services - 2.0% | |||||
Avery Dennison | 17,365 | 2,051,675 | |||
Cintas | 17,005 | 2,902,073 | |||
Copart | 347,330 | a,b | 16,258,517 | ||
IHS Markit | 38,186 | b | 1,796,651 | ||
KAR Auction Services | 11,520 | 623,002 | |||
ManpowerGroup | 58,099 | 6,882,408 | |||
Republic Services | 43,970 | 2,953,905 | |||
Robert Half International | 82,966 | 4,734,870 | |||
Stericycle | 18,825 | b | 1,179,763 | ||
Verisk Analytics | 130,519 | b | 13,337,737 |
32
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.7% (continued) | |||||
Commercial & Professional Services - 2.0% (continued) | |||||
Waste Connections | 159,760 | 11,307,813 | |||
64,028,414 | |||||
Consumer Durables & Apparel - 2.8% | |||||
Brunswick | 26,165 | 1,496,638 | |||
Carter's | 85,913 | 10,024,329 | |||
D.R. Horton | 26,010 | 1,089,819 | |||
Garmin | 22,545 | 1,335,566 | |||
Hanesbrands | 82,610 | a | 1,602,634 | ||
Hasbro | 125,392 | 11,983,713 | |||
Leggett & Platt | 25,880 | 1,124,745 | |||
Lennar, Cl. A | 16,500 | 933,570 | |||
Lennar, Cl. B | 330 | a | 14,969 | ||
Lululemon Athletica | 168,744 | b | 13,685,138 | ||
Mattel | 73,225 | a | 1,164,277 | ||
Michael Kors Holdings | 22,195 | b | 1,396,731 | ||
Mohawk Industries | 3,807 | b | 913,223 | ||
Newell Brands | 586,562 | 15,068,778 | |||
NVR | 780 | b | 2,217,673 | ||
Polaris Industries | 12,611 | 1,437,528 | |||
PulteGroup | 138,299 | 3,882,053 | |||
PVH | 56,857 | 8,203,328 | |||
Ralph Lauren | 10,939 | 1,157,784 | |||
Skechers USA, Cl. A | 22,611 | b | 925,242 | ||
Tapestry | 33,095 | 1,684,866 | |||
Toll Brothers | 45,290 | 1,985,061 | |||
TopBuild | 6,003 | b | 418,049 | ||
Tupperware Brands | 9,295 | 455,920 | |||
Under Armour, Cl. A | 52,450 | a,b | 869,621 | ||
Under Armour, Cl. C | 24,910 | a,b | 374,896 | ||
Whirlpool | 8,340 | 1,354,666 | |||
86,800,817 | |||||
Consumer Services - 1.8% | |||||
Aramark | 54,045 | 2,254,217 | |||
Chipotle Mexican Grill | 2,787 | a,b | 887,409 | ||
Darden Restaurants | 22,040 | 2,031,868 | |||
Dunkin' Brands Group | 15,355 | 919,611 | |||
Grand Canyon Education | 55,960 | b | 5,492,474 | ||
Hilton Grand Vacations | 13,786 | b | 595,004 | ||
Hilton Worldwide Holdings | 19,703 | 1,591,805 | |||
Hyatt Hotels, Cl. A | 9,770 | 754,928 | |||
ILG | 8,080 | 245,309 | |||
Marriott International, Cl. A | 28,440 | 4,016,012 | |||
MGM Resorts International | 60,420 | a | 2,068,177 | ||
Norwegian Cruise Line Holdings | 112,315 | b | 6,390,723 | ||
Royal Caribbean Cruises | 20,180 | 2,554,788 | |||
Service Corporation International | 52,230 | 1,954,969 | |||
Texas Roadhouse | 130,488 | 7,210,767 | |||
Wyndham Worldwide | 22,890 | 2,650,204 | |||
Wynn Resorts | 95,190 | 15,944,325 | |||
57,562,590 | |||||
Diversified Financials - 7.3% | |||||
Affiliated Managers Group | 51,721 | 9,793,889 | |||
AGNC Investment | 61,310 | c | 1,099,901 | ||
Ally Financial | 708,192 | 19,758,557 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.7% (continued) | |||||
Diversified Financials - 7.3% (continued) | |||||
Ameriprise Financial | 22,290 | 3,487,048 | |||
Cboe Global Markets | 74,586 | 8,354,378 | |||
Credit Acceptance | 2,099 | a,b | 660,534 | ||
Discover Financial Services | 118,660 | 9,353,968 | |||
Dun & Bradstreet | 16,421 | 2,053,282 | |||
E*TRADE Financial | 461,365 | b | 24,097,094 | ||
Eaton Vance | 151,324 | 8,009,579 | |||
Equifax | 17,235 | 1,947,555 | |||
Granite Point Mortgage Trust | 14,770 | 248,875 | |||
H&R Block | 37,435 | 948,229 | |||
Intercontinental Exchange | 214,852 | 15,701,384 | |||
Invesco | 249,509 | 8,119,023 | |||
Legg Mason | 42,355 | 1,690,388 | |||
Leucadia National | 694,612 | 16,663,742 | |||
LPL Financial Holdings | 22,080 | 1,419,082 | |||
MFA Financial | 185,725 | c | 1,322,362 | ||
Moody's | 37,197 | 6,207,435 | |||
Nasdaq | 23,680 | 1,912,160 | |||
Navient | 277,202 | 3,592,538 | |||
Northern Trust | 19,900 | 2,106,813 | |||
Principal Financial Group | 32,030 | 1,996,430 | |||
Raymond James Financial | 262,880 | 24,371,605 | |||
SLM | 1,463,898 | b | 15,971,127 | ||
Starwood Property Trust | 35,825 | c | 725,456 | ||
State Street | 32,373 | 3,436,394 | |||
Synchrony Financial | 589,747 | 21,460,893 | |||
T. Rowe Price Group | 28,625 | 3,203,137 | |||
TD Ameritrade Holding | 156,340 | 8,989,550 | |||
Two Harbors Investment | 77,930 | c | 1,144,792 | ||
229,847,200 | |||||
Energy - 4.8% | |||||
Anadarko Petroleum | 98,577 | 5,622,832 | |||
Andeavor | 201,419 | 18,051,171 | |||
Antero Resources | 75,100 | a,b | 1,412,631 | ||
Apache | 42,560 | a | 1,453,424 | ||
Baker Hughes | 31,250 | a | 825,000 | ||
Cabot Oil & Gas | 351,041 | 8,481,151 | |||
Cheniere Energy | 56,385 | a,b | 2,961,340 | ||
Chesapeake Energy | 203,335 | a,b | 573,405 | ||
Cimarex Energy | 34,806 | 3,344,509 | |||
CNX Resources | 75,810 | b | 1,218,267 | ||
Concho Resources | 17,823 | b | 2,687,708 | ||
CONSOL Energy | 9,476 | 300,294 | |||
Devon Energy | 13,620 | 417,725 | |||
Diamondback Energy | 91,538 | 11,409,296 | |||
Energen | 104,445 | b | 5,714,186 | ||
Enerplus | 96,121 | 1,062,137 | |||
EQT | 145,584 | 7,324,331 | |||
Gulfport Energy | 41,400 | b | 401,580 | ||
Helmerich & Payne | 115,589 | a | 7,461,270 | ||
HollyFrontier | 30,210 | 1,293,894 | |||
Marathon Oil | 170,985 | 2,482,702 | |||
Marathon Petroleum | 108,216 | 6,932,317 | |||
Murphy Oil | 38,930 | 986,876 | |||
Nabors Industries | 108,520 | a | 702,124 |
33
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.7% (continued) | |||||
Energy - 4.8% (continued) | |||||
National Oilwell Varco | 21,315 | a | 747,943 | ||
Newfield Exploration | 102,192 | b | 2,384,139 | ||
Noble Energy | 5,970 | 178,085 | |||
Oceaneering International | 12,525 | 230,210 | |||
ONEOK | 24,750 | 1,394,167 | |||
Parsley Energy, Cl. A | 397,549 | b | 10,050,039 | ||
Patterson-UTI Energy | 3,005 | 54,300 | |||
PBF Energy, Cl. A | 24,435 | 716,190 | |||
PDC Energy | 195,004 | a,b | 10,243,560 | ||
Pioneer Natural Resources | 52,730 | 8,976,228 | |||
QEP Resources | 22,965 | b | 197,958 | ||
Range Resources | 67,835 | a | 901,527 | ||
RSP Permian | 41,638 | b | 1,595,152 | ||
Southwestern Energy | 193,980 | a,b | 692,509 | ||
Superior Energy Services | 118,037 | a,b | 1,009,216 | ||
Targa Resources | 37,780 | 1,686,877 | |||
Transocean | 134,575 | a,b | 1,225,978 | ||
Valero Energy | 130,983 | 11,843,483 | |||
Weatherford International | 27,125 | a,b | 71,339 | ||
Williams Cos. | 79,385 | 2,203,728 | |||
World Fuel Services | 15,140 | 345,949 | |||
WPX Energy | 118,225 | b | 1,670,519 | ||
151,539,266 | |||||
Exchange-Traded Funds - .7% | |||||
iShares Russell Mid-Cap Growth ETF | 145,619 | a | 17,966,472 | ||
SPDR S&P MidCap 400 ETF Trust | 7,830 | a | 2,656,406 | ||
20,622,878 | |||||
Food & Staples Retailing - .3% | |||||
Rite Aid | 34,100 | b | 67,177 | ||
Sprouts Farmers Market | 174,354 | a,b | 4,491,359 | ||
Sysco | 6,140 | 366,251 | |||
US Foods Holding | 168,761 | b | 5,634,930 | ||
10,559,717 | |||||
Food, Beverage & Tobacco - 1.2% | |||||
Archer-Daniels-Midland | 195,305 | 8,109,064 | |||
Brown-Forman, Cl. B | 17,330 | 1,209,461 | |||
Bunge | 7,155 | 539,702 | |||
Campbell Soup | 16,265 | a | 700,208 | ||
Coca-Cola European Partners | 91,503 | 3,478,944 | |||
Conagra Brands | 51,890 | 1,874,786 | |||
Constellation Brands, Cl. A | 7,293 | 1,571,496 | |||
Dr. Pepper Snapple Group | 11,415 | 1,326,994 | |||
Hershey | 12,140 | 1,192,876 | |||
Ingredion | 19,837 | 2,591,506 | |||
J.M. Smucker | 16,100 | 2,033,430 | |||
Kellogg | 6,395 | a | 423,349 | ||
Lamb Weston Holdings | 32,136 | 1,738,236 | |||
McCormick & Co. | 19,335 | 2,064,591 | |||
Molson Coors Brewing, Cl. B | 16,900 | 1,288,625 | |||
Monster Beverage | 17,622 | b | 1,116,706 | ||
Nomad Foods | 111,641 | b | 1,829,796 | ||
Pilgrim's Pride | 18,420 | a,b | 464,184 | ||
Pinnacle Foods | 21,605 | 1,165,806 | |||
Post Holdings | 12,985 | b | 984,003 | ||
TreeHouse Foods | 12,985 | a,b | 493,690 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.7% (continued) | |||||
Food, Beverage & Tobacco - 1.2% (continued) | |||||
Tyson Foods, Cl. A | 39,385 | 2,929,456 | |||
39,126,909 | |||||
Health Care Equipment & Services - 8.1% | |||||
Abbott Laboratories | 30,756 | 1,855,509 | |||
ABIOMED | 86,929 | b | 23,312,619 | ||
Acadia Healthcare | 15,785 | a,b | 601,409 | ||
Align Technology | 89,224 | b | 23,423,084 | ||
Allscripts Healthcare Solutions | 20,770 | b | 288,080 | ||
AmerisourceBergen | 28,230 | 2,686,367 | |||
athenahealth | 46,111 | b | 6,443,551 | ||
Becton Dickinson & Co. | 3,198 | 710,020 | |||
Boston Scientific | 1,138,341 | b | 31,031,176 | ||
Brookdale Senior Living | 30,900 | b | 201,777 | ||
Cardinal Health | 61,223 | 4,237,244 | |||
Centene | 27,368 | b | 2,775,663 | ||
Cerner | 187,337 | b | 12,019,542 | ||
Cooper | 41,230 | 9,504,340 | |||
DaVita | 67,959 | b | 4,894,407 | ||
DENTSPLY SIRONA | 251,257 | 14,085,467 | |||
DexCom | 116,079 | a,b | 6,516,675 | ||
Edwards Lifesciences | 23,983 | b | 3,205,808 | ||
Envision Healthcare | 19,851 | b | 764,264 | ||
Henry Schein | 115,944 | b | 7,674,333 | ||
Hill-Rom Holdings | 14,955 | 1,251,135 | |||
Hologic | 23,175 | b | 899,885 | ||
IDEXX Laboratories | 56,374 | b | 10,554,904 | ||
Intuitive Surgical | 10,707 | b | 4,566,000 | ||
Laboratory Corporation of America Holdings | 90,281 | b | 15,591,529 | ||
McKesson | 21,902 | 3,268,435 | |||
Medidata Solutions | 124,808 | b | 8,194,893 | ||
MEDNAX | 5,710 | b | 313,936 | ||
NuVasive | 93,745 | b | 4,533,508 | ||
Quest Diagnostics | 25,140 | 2,590,677 | |||
ResMed | 23,420 | 2,231,223 | |||
STERIS | 110,082 | 10,050,487 | |||
Universal Health Services, Cl. B | 30,772 | 3,514,162 | |||
Varex Imaging | 8,468 | b | 295,449 | ||
Varian Medical Systems | 93,517 | b | 11,160,319 | ||
Veeva Systems, Cl. A | 16,395 | b | 1,142,731 | ||
WellCare Health Plans | 5,460 | b | 1,058,749 | ||
Zimmer Biomet Holdings | 153,184 | 17,807,640 | |||
255,256,997 | |||||
Household & Personal Products - .5% | |||||
Church & Dwight | 254,600 | 12,523,774 | |||
Clorox | 9,230 | 1,191,408 | |||
Edgewell Personal Care | 13,645 | b | 684,297 | ||
Energizer Holdings | 17,164 | a | 935,095 | ||
Herbalife | 7,145 | a,b | 658,055 | ||
Nu Skin Enterprises, Cl. A | 13,635 | 959,904 | |||
16,952,533 | |||||
Insurance - 2.7% | |||||
Alleghany | 12,196 | b | 7,392,605 | ||
Allstate | 52,770 | 4,868,560 |
34
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.7% (continued) | |||||
Insurance - 2.7% (continued) | |||||
Aon | 63,432 | 8,900,778 | |||
Assurant | 20,175 | 1,724,357 | |||
Assured Guaranty | 26,870 | 929,165 | |||
Cincinnati Financial | 30,550 | 2,278,724 | |||
Everest Re Group | 24,955 | 5,995,189 | |||
FNF Group | 48,465 | 1,935,207 | |||
Hartford Financial Services Group | 53,110 | 2,806,863 | |||
Lincoln National | 36,155 | 2,753,926 | |||
Loews | 128,554 | 6,341,569 | |||
Markel | 1,474 | b | 1,639,088 | ||
Marsh & McLennan Cos. | 32,160 | 2,669,923 | |||
Old Republic International | 86,890 | 1,740,407 | |||
Progressive | 61,690 | 3,552,110 | |||
Reinsurance Group of America | 63,165 | 9,714,145 | |||
Torchmark | 23,199 | 1,980,499 | |||
Unum Group | 92,409 | 4,709,163 | |||
Validus Holdings | 27,605 | 1,867,202 | |||
W.R. Berkley | 86,444 | 5,911,041 | |||
XL Group | 120,390 | 5,093,701 | |||
84,804,222 | |||||
Materials - 5.6% | |||||
Albemarle | 19,155 | 1,923,737 | |||
Alcoa | 8,822 | b | 396,725 | ||
Ashland Global Holdings | 9,861 | 698,356 | |||
Axalta Coating Systems | 31,520 | b | 970,816 | ||
Ball | 34,470 | a | 1,377,076 | ||
Bemis | 25,965 | 1,144,797 | |||
Berry Global Group | 62,236 | b | 3,385,638 | ||
Celanese, Ser. A | 22,210 | 2,240,101 | |||
Cemex SAB de CV | 345,098 | b | 2,260,392 | ||
CF Industries Holdings | 21,630 | 892,021 | |||
Crown Holdings | 46,476 | b | 2,316,364 | ||
Eagle Materials | 200,219 | 20,067,950 | |||
Eastman Chemical | 6,350 | 641,858 | |||
FMC | 47,512 | 3,728,742 | |||
Freeport-McMoRan | 768,340 | b | 14,291,124 | ||
GCP Applied Technologies | 8,515 | b | 261,836 | ||
Graphic Packaging Holding | 252,894 | 3,871,807 | |||
Huntsman | 426,637 | 13,767,576 | |||
Ingevity | 3,558 | b | 266,530 | ||
International Flavors & Fragrances | 15,023 | 2,121,999 | |||
International Paper | 258,016 | 15,375,173 | |||
LyondellBasell Industries, Cl. A | 144,895 | 15,680,537 | |||
Martin Marietta Materials | 8,904 | 1,815,793 | |||
Mosaic | 12,015 | 316,235 | |||
Newmont Mining | 230,284 | 8,796,849 | |||
Nucor | 40,615 | 2,656,221 | |||
Nutrien | 50,309 | 2,477,718 | |||
Packaging Corporation of America | 122,576 | 14,611,059 | |||
Reliance Steel & Aluminum | 23,920 | 2,156,866 | |||
Royal Gold | 11,570 | 934,509 | |||
RPM International | 8,255 | 410,851 | |||
Sealed Air | 29,410 | a | 1,246,102 | ||
Sherwin-Williams | 2,924 | 1,174,220 | |||
Sonoco Products | 32,050 | 1,537,438 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.7% (continued) | |||||
Materials - 5.6% (continued) | |||||
Steel Dynamics | 199,187 | 9,212,399 | |||
Valvoline | 161,879 | 3,708,648 | |||
Vulcan Materials | 90,083 | 10,605,472 | |||
W.R. Grace & Co. | 15,161 | 1,003,355 | |||
WestRock | 88,950 | 5,849,352 | |||
176,194,242 | |||||
Media - 1.4% | |||||
AMC Networks, Cl. A | 10,100 | a,b | 530,957 | ||
CBS, Cl. B | 22,365 | 1,184,674 | |||
Charter Communications, Cl. A | 1,958 | b | 669,499 | ||
Cinemark Holdings | 36,750 | a | 1,564,080 | ||
Gannett | 15,382 | 154,435 | |||
Interpublic Group of Companies | 73,150 | 1,711,710 | |||
John Wiley & Sons, Cl. A | 18,805 | 1,208,221 | |||
Liberty Broadband, Cl. A | 2,552 | b | 222,994 | ||
Liberty Broadband, Cl. C | 12,465 | b | 1,095,424 | ||
Liberty Media Corp-Liberty Braves, Cl. C | 2,745 | b | 63,025 | ||
Liberty Media Corp-Liberty Formula One, Cl. A | 2,552 | b | 80,567 | ||
Liberty Media Corp-Liberty Formula One, Cl. C | 194,367 | a,b | 6,400,505 | ||
Liberty Media Corp-Liberty SiriusXM, Cl. A | 10,210 | b | 428,310 | ||
Liberty Media Corp-Liberty SiriusXM, Cl. C | 45,890 | b | 1,916,366 | ||
Lions Gate Entertainment, Cl. B | 18,798 | 504,538 | |||
News Corp., Cl. A | 103,150 | 1,663,809 | |||
Nielsen Holdings | 334,541 | 10,916,073 | |||
Omnicom Group | 41,981 | a | 3,200,212 | ||
Scripps Networks Interactive, Cl. A | 17,350 | 1,559,071 | |||
Sinclair Broadcast Group, Cl. A | 289,007 | a | 9,768,437 | ||
TEGNA | 50,955 | 655,281 | |||
45,498,188 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 4.7% | |||||
ACADIA Pharmaceuticals | 14,670 | a,b | 365,503 | ||
Agilent Technologies | 141,558 | 9,709,463 | |||
Agios Phamaceuticals | 8,136 | a,b | 654,053 | ||
Alexion Pharmaceuticals | 116,665 | b | 13,702,304 | ||
Alkermes | 165,771 | a,b | 9,462,209 | ||
Alnylam Pharmaceuticals | 14,030 | b | 1,685,845 | ||
BioMarin Pharmaceutical | 130,705 | b | 10,609,325 | ||
Bio-Techne | 11,230 | 1,587,248 | |||
Bluebird Bio | 24,902 | a,b | 5,005,302 | ||
Bruker | 29,038 | 890,015 | |||
Charles River Laboratories International | 11,800 | b | 1,257,998 | ||
Exelixis | 22,405 | b | 578,049 | ||
ICON | 21,541 | b | 2,440,811 | ||
Illumina | 17,607 | b | 4,014,748 | ||
Incyte | 19,545 | b | 1,664,452 | ||
Intercept Pharmaceuticals | 4,035 | a,b | 241,011 | ||
Ionis Pharmaceuticals | 17,325 | a,b | 915,107 | ||
IQVIA Holdings | 13,985 | b | 1,375,145 | ||
Jazz Pharmaceuticals | 194,292 | b | 28,133,482 |
35
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.7% (continued) | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 4.7% (continued) | |||||
Juno Therapeutics | 12,740 | b | 1,105,450 | ||
Ligand Pharmaceuticals | 39,127 | a,b | 5,943,000 | ||
Mallinckrodt | 24,256 | a,b | 404,590 | ||
Mettler-Toledo International | 4,135 | b | 2,548,070 | ||
Mylan | 250,110 | b | 10,084,435 | ||
Neurocrine Biosciences | 96,762 | a,b | 8,169,616 | ||
Perrigo | 11,406 | 929,133 | |||
PRA Health Sciences | 59,787 | b | 5,022,108 | ||
QIAGEN | 31,496 | b | 1,061,415 | ||
Sage Therapeutics | 32,154 | a,b | 5,188,369 | ||
Seattle Genetics | 10,440 | a,b | 563,760 | ||
TESARO | 80,297 | a,b | 4,434,803 | ||
United Therapeutics | 4,758 | b | 551,214 | ||
Waters | 14,140 | b | 2,893,610 | ||
Zoetis | 46,430 | 3,754,330 | |||
146,945,973 | |||||
Real Estate - 3.7% | |||||
American Assets Trust | 37,196 | c | 1,179,857 | ||
American Homes 4 Rent, Cl. A | 79,460 | c | 1,524,837 | ||
Apartment Investment & Management, Cl. A | 36,320 | c | 1,404,131 | ||
Apple Hospitality | 25,600 | c | 434,944 | ||
AvalonBay Communities | 8,634 | c | 1,347,077 | ||
Boston Properties | 67,987 | c | 8,081,615 | ||
Brixmor Property Group | 34,265 | c | 532,478 | ||
Camden Property Trust | 21,145 | c | 1,685,468 | ||
CBRE Group, Cl. A | 63,290 | b,c | 2,958,807 | ||
Colony NorthStar, Cl. A | 105,690 | c | 822,268 | ||
CoreCivic | 5,709 | c | 118,690 | ||
Crown Castle International | 17,445 | c | 1,919,997 | ||
CyrusOne | 23,600 | c | 1,177,640 | ||
DCT Industrial Trust | 40,499 | c | 2,241,620 | ||
DDR | 108,715 | a,c | 847,977 | ||
Digital Realty Trust | 25,055 | c | 2,521,535 | ||
Douglas Emmett | 94,974 | c | 3,395,320 | ||
Duke Realty | 135,976 | c | 3,368,126 | ||
Equinix | 24,081 | c | 9,442,160 | ||
Equity Commonwealth | 50,205 | b,c | 1,477,031 | ||
Equity Lifestyle Properties | 30,160 | c | 2,551,838 | ||
Equity Residential | 52,343 | c | 2,943,247 | ||
Essex Property Trust | 9,625 | c | 2,154,364 | ||
Extra Space Storage | 28,165 | c | 2,395,433 | ||
Federal Realty Investment Trust | 16,186 | c | 1,844,233 | ||
Forest City Realty Trust, Cl. A | 67,420 | c | 1,434,023 | ||
Four Corners Property Trust | 8,576 | c | 188,329 | ||
Gaming and Leisure Properties | 31,015 | c | 1,031,559 | ||
GGP | 68,320 | c | 1,446,334 | ||
HCP | 39,135 | c | 846,881 | ||
Healthcare Trust of America, Cl. A | 45,315 | c | 1,126,078 | ||
Hospitality Properties Trust | 52,830 | c | 1,343,995 | ||
Host Hotels & Resorts | 105,409 | c | 1,956,391 | ||
Iron Mountain | 59,418 | c | 1,869,290 | ||
JBG SMITH Properties | 7,355 | c | 240,141 | ||
Jones Lang LaSalle | 8,438 | 1,355,227 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.7% (continued) | |||||
Real Estate - 3.7% (continued) | |||||
Kilroy Realty | 22,337 | c | 1,521,150 | ||
Kimco Realty | 96,845 | c | 1,448,801 | ||
Macerich | 32,355 | c | 1,907,004 | ||
Omega Healthcare Investors | 50,660 | a,c | 1,290,817 | ||
Park Hotels & Resorts | 8,506 | c | 221,071 | ||
Prologis | 57,060 | c | 3,462,401 | ||
Quality Care Properties | 6,719 | b,c | 83,248 | ||
Rayonier | 41,074 | c | 1,396,105 | ||
Realty Income | 44,600 | a,c | 2,193,428 | ||
Regency Centers | 91,614 | c | 5,323,690 | ||
SBA Communications | 17,347 | b,c | 2,728,163 | ||
SL Green Realty | 71,989 | a,c | 6,977,174 | ||
Spirit Realty Capital | 138,410 | c | 1,079,598 | ||
Taubman Centers | 1,380 | c | 80,675 | ||
UDR | 63,425 | c | 2,132,348 | ||
Uniti Group | 33,665 | a,c | 516,758 | ||
Ventas | 46,020 | c | 2,223,686 | ||
VEREIT | 212,970 | c | 1,458,844 | ||
Vornado Realty Trust | 14,720 | c | 978,438 | ||
Weingarten Realty Investors | 45,180 | c | 1,225,733 | ||
Welltower | 41,575 | c | 2,182,687 | ||
Weyerhaeuser | 75,927 | c | 2,659,723 | ||
WP Carey | 16,020 | c | 959,918 | ||
115,260,401 | |||||
Retailing - 3.9% | |||||
Advance Auto Parts | 12,860 | 1,469,255 | |||
AutoNation | 17,970 | b | 902,274 | ||
AutoZone | 3,700 | b | 2,459,464 | ||
Best Buy | 36,250 | 2,625,950 | |||
CarMax | 25,000 | a,b | 1,548,000 | ||
Dillard's, Cl. A | 8,883 | a | 724,409 | ||
Dollar General | 29,430 | 2,783,784 | |||
Dollar Tree | 192,254 | b | 19,732,951 | ||
eBay | 66,682 | b | 2,857,991 | ||
Expedia | 33,817 | a | 3,556,534 | ||
Foot Locker | 30,885 | 1,417,930 | |||
Gap | 33,285 | 1,051,140 | |||
Genuine Parts | 13,330 | 1,224,227 | |||
Kohl's | 27,880 | a | 1,842,589 | ||
L Brands | 32,100 | a | 1,583,493 | ||
Liberty Expedia Holdings, Cl. A | 9,251 | b | 363,194 | ||
Liberty Interactive Corp. QVC Group, Cl. A | 67,655 | b | 1,953,200 | ||
Liberty Ventures, Ser. A | 12,684 | b | 678,848 | ||
LKQ | 572,206 | b | 22,590,693 | ||
Macy's | 64,175 | a | 1,887,387 | ||
Murphy USA | 14,322 | a,b | 1,075,725 | ||
Nordstrom | 39,400 | a | 2,021,614 | ||
O'Reilly Automotive | 49,338 | b | 12,047,846 | ||
Pool | 67,938 | 9,377,482 | |||
Ross Stores | 162,801 | 12,713,130 | |||
Signet Jewelers | 11,891 | 597,879 | |||
Tiffany & Co. | 16,960 | 1,713,638 | |||
Tractor Supply | 102,871 | 6,679,414 | |||
TripAdvisor | 9,380 | a,b | 375,950 |
36
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.7% (continued) | |||||
Retailing - 3.9% (continued) | |||||
Ulta Beauty | 8,805 | a,b | 1,790,497 | ||
Williams-Sonoma | 20,935 | a | 1,083,596 | ||
| 122,730,084 | ||||
Semiconductors & Semiconductor Equipment - 3.8% |
| ||||
Advanced Micro Devices | 916,871 | a,b | 11,103,308 | ||
Analog Devices | 30,871 | 2,783,021 | |||
Applied Materials | 37,675 | 2,169,703 | |||
Cavium | 174,895 | b | 15,572,651 | ||
Cypress Semiconductor | 71,745 | 1,253,385 | |||
KLA-Tencor | 24,213 | 2,743,575 | |||
Lam Research | 21,200 | 4,067,432 | |||
Marvell Technology Group | 207,950 | 4,884,745 | |||
Maxim Integrated Products | 271,766 | 16,561,420 | |||
Microchip Technology | 91,444 | a | 8,132,115 | ||
Micron Technology | 61,645 | b | 3,008,892 | ||
Microsemi | 24,936 | b | 1,618,346 | ||
NVIDIA | 81,262 | 19,665,404 | |||
ON Semiconductor | 99,708 | b | 2,385,015 | ||
Qorvo | 43,164 | a,b | 3,483,766 | ||
Skyworks Solutions | 162,909 | 17,797,808 | |||
Versum Materials | 22,979 | 850,683 | |||
Xilinx | 30,960 | 2,205,900 | |||
| 120,287,169 | ||||
Software & Services - 16.1% | |||||
Activision Blizzard | 98,156 | 7,178,148 | |||
Akamai Technologies | 16,890 | b | 1,139,399 | ||
Alliance Data Systems | 18,643 | 4,492,217 | |||
Amdocs | 105,716 | 6,955,056 | |||
ANSYS | 88,440 | b | 14,145,094 | ||
Autodesk | 28,790 | b | 3,381,961 | ||
Black Knight | 14,860 | b | 708,079 | ||
Broadridge Financial Solutions | 160,240 | 16,084,891 | |||
CA | 31,425 | 1,103,017 | |||
Cars.com | 10,255 | 280,884 | |||
CDK Global | 14,640 | 1,005,475 | |||
Citrix Systems | 11,990 | b | 1,103,080 | ||
Cognizant Technology Solutions, Cl. A | 106,045 | 8,697,811 | |||
CommerceHub, Ser. C | 4,948 | b | 94,259 | ||
CommVault Systems | 123,242 | b | 6,414,746 | ||
Conduent | 39,424 | a,b | 745,114 | ||
CoreLogic | 25,605 | b | 1,165,027 | ||
CoStar Group | 71,092 | b | 24,322,706 | ||
CSRA | 30,780 | 1,247,513 | |||
DXC Technology | 182,104 | 18,672,944 | |||
Electronic Arts | 46,965 | b | 5,809,570 | ||
Fidelity National Information Services | 277,683 | 26,985,234 | |||
First Data, Cl. A | 954,330 | b | 14,906,635 | ||
Fiserv | 137,796 | b | 19,758,568 | ||
FleetCor Technologies | 10,138 | b | 2,026,890 | ||
Fortinet | 181,970 | b | 9,184,026 | ||
Gartner | 98,132 | b | 11,129,150 | ||
Global Payments | 29,990 | 3,400,566 | |||
HubSpot | 210,609 | b | 23,388,129 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.7% (continued) | |||||
Software & Services - 16.1% (continued) | |||||
IAC/InterActiveCorp | 44,653 | b | 6,649,278 | ||
Intuit | 146,238 | 24,401,273 | |||
j2 Global | 71,797 | a | 5,314,414 | ||
Jack Henry & Associates | 24,220 | 2,841,006 | |||
Leidos Holdings | 48,201 | 3,051,605 | |||
LogMeIn | 104,376 | 12,060,647 | |||
MAXIMUS | 111,243 | 7,451,056 | |||
NetEase, ADR | 3,995 | 1,171,933 | |||
New Relic | 145,099 | b | 10,415,206 | ||
Nuance Communications | 786,538 | b | 12,631,800 | ||
Paychex | 94,906 | 6,181,228 | |||
Proofpoint | 109,674 | a,b | 11,753,763 | ||
RealPage | 128,276 | a,b | 6,702,421 | ||
Red Hat | 130,376 | b | 19,217,422 | ||
Sabre | 7,425 | 170,552 | |||
ServiceNow | 117,225 | b | 18,874,397 | ||
Shopify, Cl. A | 126,223 | b | 17,445,281 | ||
Splunk | 138,172 | b | 12,877,630 | ||
Square, Cl. A | 419,180 | a,b | 19,303,239 | ||
SS&C Technologies Holdings | 397,759 | 19,697,026 | |||
Symantec | 35,785 | 940,788 | |||
Tableau Software, Cl. A | 13,962 | a,b | 1,140,277 | ||
Total System Services | 37,190 | 3,270,860 | |||
Twilio, Cl. A | 473,781 | a,b | 16,184,359 | ||
157,953 | b | 5,032,383 | |||
Tyler Technologies | 61,762 | b | 12,544,480 | ||
Ultimate Software Group | 24,173 | a,b | 5,764,294 | ||
VeriSign | 22,480 | a,b | 2,608,130 | ||
Western Union | 206,146 | 4,085,814 | |||
WEX | 4,062 | b | 607,472 | ||
Workday, Cl. A | 13,895 | a,b | 1,760,080 | ||
507,676,303 | |||||
Technology Hardware & Equipment - 5.6% | |||||
3D Systems | 30,440 | a,b | 289,180 | ||
Amphenol, Cl. A | 329,526 | 30,115,381 | |||
ARRIS International | 29,675 | b | 756,713 | ||
Arrow Electronics | 65,601 | b | 5,351,730 | ||
Avnet | 61,260 | 2,615,802 | |||
Belden | 28,229 | a | 2,053,095 | ||
CDW | 7,325 | 534,212 | |||
Ciena | 389,898 | b | 9,033,937 | ||
Cognex | 15,670 | 841,636 | |||
CommScope Holding | 26,465 | b | 1,024,460 | ||
EchoStar, Cl. A | 15,595 | b | 904,822 | ||
F5 Networks | 9,231 | b | 1,370,988 | ||
Flex | 265,120 | b | 4,798,672 | ||
FLIR Systems | 185,523 | 9,109,179 | |||
Hewlett Packard Enterprise | 63,347 | 1,177,621 | |||
HP | 166,243 | 3,888,424 | |||
Jabil Circuit | 50,809 | 1,376,416 | |||
Juniper Networks | 55,900 | a | 1,434,394 | ||
Keysight Technologies | 46,000 | b | 2,162,460 | ||
Lumentum Holdings | 345,582 | a,b | 21,080,502 | ||
Motorola Solutions | 25,235 | 2,678,695 | |||
National Instruments | 147,530 | 7,459,117 |
37
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.7% (continued) | |||||
Technology Hardware & Equipment - 5.6% (continued) | |||||
NCR | 23,405 | b | 772,365 | ||
NetApp | 102,608 | 6,212,914 | |||
Palo Alto Networks | 12,380 | b | 2,146,321 | ||
Teradata | 147,608 | a,b | 5,434,927 | ||
Trimble | 382,534 | b | 14,509,515 | ||
Viavi Solutions | 600,564 | b | 5,777,426 | ||
Western Digital | 51,720 | 4,501,709 | |||
Xerox | 397,329 | 12,047,015 | |||
Zebra Technologies, Cl. A | 110,585 | b | 15,276,212 | ||
176,735,840 | |||||
Telecommunication Services - .3% | |||||
CenturyLink | 24,953 | 440,920 | |||
Sprint | 116,415 | a,b | 604,194 | ||
TE Connectivity | 63,710 | 6,567,864 | |||
Telephone & Data Systems | 34,375 | 963,875 | |||
Zayo Group Holdings | 49,100 | b | 1,760,235 | ||
10,337,088 | |||||
Transportation - 2.6% | |||||
American Airlines Group | 122,120 | a | 6,625,010 | ||
CH Robinson Worldwide | 25,380 | a | 2,369,477 | ||
Copa Holdings, Cl. A | 8,535 | 1,160,504 | |||
Delta Air Lines | 36,783 | 1,982,604 | |||
Expeditors International of Washington | 27,280 | 1,772,109 | |||
Genesee & Wyoming, Cl. A | 9,120 | b | 634,114 | ||
J.B. Hunt Transport Services | 206,609 | 24,497,629 | |||
JetBlue Airways | 48,500 | b | 1,020,925 | ||
Kansas City Southern | 18,870 | 1,944,365 | |||
Knight-Swift Transportation Holdings | 278,616 | 13,418,147 | |||
Landstar System | 15,410 | 1,676,608 | |||
Macquarie Infrastructure | 15,950 | 645,975 | |||
Southwest Airlines | 357,137 | 20,656,804 | |||
United Continental Holdings | 58,098 | b | 3,938,463 | ||
82,342,734 | |||||
Utilities - 2.4% | |||||
AES | 168,470 | 1,831,269 | |||
Alliant Energy | 118,556 | 4,582,189 | |||
Ameren | 53,545 | 2,907,493 | |||
American Water Works | 27,465 | 2,179,622 | |||
Aqua America | 55,970 | a | 1,913,614 | ||
Atmos Energy | 16,455 | 1,324,463 | |||
CenterPoint Energy | 32,965 | 891,703 | |||
CMS Energy | 57,200 | 2,428,140 | |||
Consolidated Edison | 22,755 | 1,704,122 | |||
DTE Energy | 58,347 | 5,880,211 | |||
Edison International | 37,580 | 2,276,972 | |||
Entergy | 41,869 | 3,174,508 | |||
Eversource Energy | 56,275 | 3,207,675 | |||
First Solar | 16,565 | b | 1,041,110 | ||
Great Plains Energy | 68,985 | 2,010,913 | |||
National Fuel Gas | 11,530 | a | 569,928 | ||
NiSource | 104,185 | 2,409,799 | |||
NRG Energy | 65,635 | a | 1,697,321 | ||
OGE Energy | 23,710 | 743,071 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.7% (continued) | |||||
Utilities - 2.4% (continued) | |||||
Pinnacle West Capital | 113,873 | 8,763,666 | |||
PPL | 201,313 | 5,767,617 | |||
Public Service Enterprise Group | 47,975 | 2,323,429 | |||
SCANA | 32,040 | 1,271,027 | |||
Sempra Energy | 22,455 | a | 2,447,146 | ||
Vectren | 34,775 | 2,095,194 | |||
WEC Energy Group | 22,830 | 1,367,974 | |||
Westar Energy | 23,865 | 1,162,941 | |||
Xcel Energy | 196,667 | 8,511,748 | |||
76,484,865 | |||||
Total Common Stocks (cost $2,186,317,164) | 3,116,374,633 | ||||
Number of Rights | |||||
Rights - .0% | |||||
Health Care Equipment & Services - .0% | |||||
Community Health Systems | 33,320 | b | 233 | ||
Shares | |||||
Other Investment - 1.1% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 35,618,945 | d | 35,618,945 | ||
Investment of Cash Collateral for Securities Loaned - 3.0% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 96,116,823 | d | 96,116,823 | ||
Total Investments (cost $2,318,054,983) | 102.8% | 3,248,110,634 | |||
Liabilities, Less Cash and Receivables | (2.8%) | (89,072,043) | |||
Net Assets | 100.0% | 3,159,038,591 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
aSecurity, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $235,474,759 and the value of the collateral held by the fund was $243,969,865, consisting of cash collateral of $96,116,823 and U.S. Government & Agency securities valued at $147,853,042.
bNon-income producing security.
cInvestment in real estate investment trust.
dInvestment in affiliated money market mutual fund.
38
Portfolio Summary (Unaudited) † | Value (%) |
Software & Services | 16.1 |
Capital Goods | 11.1 |
Health Care Equipment & Services | 8.1 |
Diversified Financials | 7.3 |
Technology Hardware & Equipment | 5.6 |
Materials | 5.6 |
Energy | 4.8 |
Pharmaceuticals, Biotechnology & Life Sciences | 4.7 |
Banks | 4.5 |
Money Market Investments | 4.1 |
Retailing | 3.9 |
Semiconductors & Semiconductor Equipment | 3.8 |
Real Estate | 3.7 |
Consumer Durables & Apparel | 2.8 |
Insurance | 2.7 |
Transportation | 2.6 |
Utilities | 2.4 |
Commercial & Professional Services | 2.0 |
Consumer Services | 1.8 |
Media | 1.4 |
Food, Beverage & Tobacco | 1.2 |
Automobiles & Components | .8 |
Exchange-Traded Funds | .7 |
Household & Personal Products | .5 |
Food & Staples Retailing | .3 |
Telecommunication Services | .3 |
102.8 |
† Based on net assets.
See notes to financial statements.
39
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.9% | |||||
Automobiles & Components - .6% | |||||
Gentherm | 37,648 | a | 1,159,558 | ||
Visteon | 17,553 | a | 2,173,764 | ||
3,333,322 | |||||
Banks - 11.7% | |||||
Ameris Bancorp | 37,440 | 1,989,936 | |||
Associated Banc-Corp | 80,109 | 1,978,692 | |||
Atlantic Capital Bancshares | 121,715 | a | 2,105,670 | ||
Banner | 81,498 | 4,505,209 | |||
Brookline Bancorp | 26,952 | 427,189 | |||
Bryn Mawr Bank | 17,388 | b | 757,247 | ||
CenterState Bank | 40,405 | 1,100,632 | |||
Central Pacific Financial | 33,369 | 929,994 | |||
CoBiz Financial | 30,509 | 578,451 | |||
Columbia Banking System | 38,114 | 1,592,403 | |||
CVB Financial | 44,897 | 1,032,631 | |||
FCB Financial Holdings, Cl. A | 80,873 | a,b | 4,338,836 | ||
First Hawaiian | 44,997 | 1,250,467 | |||
First Interstate BancSystem, Cl. A | 114,434 | 4,520,143 | |||
First Merchants | 45,479 | 1,879,647 | |||
Fulton Financial | 36,596 | 662,388 | |||
Great Western Bancorp | 85,939 | 3,514,046 | |||
Heritage Financial | 25,781 | 766,985 | |||
IBERIABANK | 12,400 | 1,001,920 | |||
MGIC Investment | 303,249 | a | 4,181,804 | ||
Midland States Bancorp | 31,464 | 986,396 | |||
National Bank Holdings, Cl. A | 70,493 | 2,297,367 | |||
Old National Bancorp | 89,503 | 1,521,551 | |||
Seacoast Banking Corporation of Florida | 33,596 | a,b | 880,887 | ||
South State | 16,369 | 1,419,192 | |||
Texas Capital Bancshares | 27,480 | a | 2,478,696 | ||
TriState Capital Holdings | 48,393 | a | 1,081,584 | ||
UMB Financial | 17,229 | 1,257,717 | |||
Umpqua Holdings | 117,498 | 2,503,882 | |||
Union Bankshares | 141,765 | 5,299,176 | |||
United Community Banks | 57,458 | 1,776,027 | |||
Univest Corporation of Pennsylvania | 40,524 | 1,110,358 | |||
Valley National Bancorp | 105,970 | 1,321,446 | |||
Webster Financial | 59,911 | 3,269,942 | |||
Westamerica Bancorporation | 15,389 | b | 881,636 | ||
67,200,147 | |||||
Capital Goods - 7.2% | |||||
Aerojet Rocketdyne Holdings | 37,127 | a | 1,002,429 | ||
Aerovironment | 21,965 | a,b | 1,092,100 | ||
Altra Industrial Motion | 36,102 | 1,566,827 | |||
Astec Industries | 20,426 | 1,203,091 | |||
Beacon Roofing Supply | 60,059 | a | 3,177,722 | ||
BMC Stock Holdings | 20,161 | a | 378,019 | ||
Chart Industries | 27,504 | a | 1,515,745 | ||
Comfort Systems USA | 17,162 | 704,500 | |||
Curtiss-Wright | 12,372 | 1,669,973 | |||
EMCOR Group | 20,880 | 1,593,353 | |||
EnerSys | 30,705 | 2,139,831 | |||
Esterline Technologies | 12,558 | a | 928,036 | ||
Granite Construction | 16,631 | 966,261 | |||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.9% (continued) | |||||
Capital Goods - 7.2% (continued) | |||||
Herc Holdings | 5,948 | a | 387,869 | ||
Kaman | 22,117 | 1,354,003 | |||
Kennametal | 46,589 | 1,919,467 | |||
Lindsay | 14,649 | b | 1,295,558 | ||
Mercury Systems | 70,958 | a,b | 3,261,939 | ||
Milacron Holdings | 116,593 | a | 2,498,588 | ||
Proto Labs | 10,364 | a | 1,129,158 | ||
REV Group | 63,639 | b | 1,718,253 | ||
Simpson Manufacturing | 71,477 | 3,954,108 | |||
Sun Hydraulics | 17,650 | 916,388 | |||
Tennant | 30,062 | b | 1,935,993 | ||
The Greenbrier Companies | 30,434 | b | 1,576,481 | ||
TPI Composites | 24,720 | a | 489,950 | ||
Valmont Industries | 8,750 | 1,287,125 | |||
41,662,767 | |||||
Commercial & Professional Services - 1.8% | |||||
Deluxe | 61,590 | 4,372,890 | |||
Interface | 47,075 | 1,139,215 | |||
Knoll | 49,882 | 1,060,990 | |||
Korn/Ferry International | 43,117 | 1,807,033 | |||
LSC Communications | 51,168 | 745,006 | |||
WageWorks | 25,023 | a | 1,312,456 | ||
10,437,590 | |||||
Consumer Durables & Apparel - 1.5% | |||||
Cavco Industries | 4,441 | a | 706,563 | ||
Deckers Outdoor | 11,471 | a,b | 1,084,927 | ||
Ethan Allen Interiors | 37,816 | 898,130 | |||
G-III Apparel Group | 108,142 | a | 3,991,521 | ||
Oxford Industries | 16,043 | 1,282,157 | |||
William Lyon Homes, Cl. A | 38,076 | a | 962,561 | ||
8,925,859 | |||||
Consumer Services - 3.6% | |||||
Belmond, Cl. A | 102,517 | a | 1,184,071 | ||
Cheesecake Factory | 42,390 | b | 1,970,711 | ||
Eldorado Resorts | 20,991 | a,b | 715,793 | ||
Houghton Mifflin Harcourt | 6,543 | a | 44,492 | ||
Pinnacle Entertainment | 54,817 | a | 1,653,829 | ||
Planet Fitness, Cl. A | 310,624 | a | 11,486,876 | ||
Sotheby's | 59,917 | a | 2,766,967 | ||
Texas Roadhouse | 21,973 | 1,214,228 | |||
21,036,967 | |||||
Diversified Financials - 5.0% | |||||
Cannae Holdings | 103,778 | a | 1,907,440 | ||
Capitol Investment Corp. IV | 143,065 | 1,427,789 | |||
Cohen & Steers | 21,073 | 842,920 | |||
Donnelley Financial Solutions | 123,197 | a | 2,132,540 | ||
Federated Investors, Cl. B | 51,098 | b | 1,664,773 | ||
Green Dot, Cl. A | 72,730 | a | 4,736,905 | ||
Investment Technology Group | 118,777 | 2,354,160 | |||
Landcadia Holdings | 60,686 | a | 647,520 | ||
Morningstar | 12,770 | 1,193,357 | |||
OneMain Holdings | 175,680 | a | 5,386,349 | ||
SLM | 503,184 | a | 5,489,737 | ||
TPG Pace Holdings | 98,446 | 1,024,823 | |||
28,808,313 |
40
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.9% (continued) | |||||
Energy - 5.0% | |||||
Arch Coal, Cl. A | 17,044 | 1,631,281 | |||
Ardmore Shipping | 80,935 | a,b | 611,059 | ||
Callon Petroleum | 110,000 | a,b | 1,162,700 | ||
Delek US Holdings | 136,741 | 4,665,603 | |||
Dril-Quip | 29,384 | a,b | 1,323,749 | ||
GasLog | 61,513 | 1,014,965 | |||
Natural Gas Services Group | 22,541 | a | 561,271 | ||
Navigator Holdings | 42,524 | a,b | 472,016 | ||
Newpark Resources | 130,880 | a | 1,079,760 | ||
Oasis Petroleum | 106,635 | a | 840,284 | ||
Oil States International | 41,736 | a | 1,026,706 | ||
Patterson-UTI Energy | 45,467 | 821,589 | |||
PDC Energy | 88,586 | a,b | 4,653,423 | ||
RSP Permian | 113,599 | a | 4,351,978 | ||
Scorpio Tankers | 820,807 | b | 1,887,856 | ||
Select Energy Services, Cl. A | 206,162 | 2,960,486 | |||
29,064,726 | |||||
Exchange-Traded Funds - .9% | |||||
iShares Russell 2000 ETF | 21,912 | b | 3,294,469 | ||
iShares Russell 2000 Growth ETF | 9,938 | b | 1,872,518 | ||
5,166,987 | |||||
Food & Staples Retailing - 1.4% | |||||
Performance Food Group | 56,884 | a | 1,743,495 | ||
SpartanNash | 19,922 | 334,092 | |||
Sprouts Farmers Market | 55,482 | a | 1,429,216 | ||
United Natural Foods | 85,878 | a | 3,664,414 | ||
US Foods Holding | 35,704 | a | 1,192,157 | ||
8,363,374 | |||||
Food, Beverage & Tobacco - 1.9% | |||||
Boston Beer, Cl. A | 17,524 | a,b | 2,857,288 | ||
Calavo Growers | 39,689 | b | 3,387,456 | ||
Fresh Del Monte Produce | 26,784 | 1,250,277 | |||
Freshpet | 160,247 | a,b | 3,204,940 | ||
10,699,961 | |||||
Health Care Equipment & Services - 5.5% | |||||
Align Technology | 4,654 | a | 1,221,768 | ||
Amedisys | 29,614 | a | 1,753,445 | ||
AMN Healthcare Services | 32,765 | a,b | 1,823,372 | ||
Anika Therapeutics | 14,109 | a | 734,373 | ||
AxoGen | 63,760 | a | 1,861,792 | ||
Evolent Health, Cl. A | 187,216 | a,b | 2,742,714 | ||
Heska | 14,740 | a | 1,002,025 | ||
HMS Holdings | 164,329 | a | 2,635,837 | ||
iRhythm Technologies | 27,825 | a | 1,729,324 | ||
K2M Group Holdings | 85,143 | a | 1,763,312 | ||
Medidata Solutions | 40,943 | a | 2,688,317 | ||
Nevro | 30,374 | a,b | 2,463,939 | ||
NxStage Medical | 89,187 | a | 2,076,273 | ||
Omnicell | 26,304 | a | 1,148,170 | ||
Teladoc | 65,752 | a,b | 2,636,655 | ||
Tivity Health | 44,978 | a,b | 1,733,902 | ||
WellCare Health Plans | 7,440 | a | 1,442,690 | ||
31,457,908 | |||||
Household & Personal Products - .3% | |||||
Inter Parfums | 37,312 | b | 1,582,029 | ||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.9% (continued) | |||||
Insurance - .3% | |||||
Safety Insurance Group | 8,398 | 599,197 | |||
Selective Insurance Group | 20,893 | 1,187,767 | |||
1,786,964 | |||||
Materials - 6.2% | |||||
Alamos Gold, Cl. A | 213,279 | 1,083,457 | |||
Cabot | 95,086 | 5,722,276 | |||
Carpenter Technology | 77,040 | 3,924,418 | |||
Commercial Metals | 59,570 | 1,447,551 | |||
Eagle Materials | 27,532 | 2,759,532 | |||
Ferroglobe | 141,199 | a | 2,281,776 | ||
Hecla Mining | 233,543 | b | 854,767 | ||
IAMGOLD | 247,315 | a | 1,300,877 | ||
Louisiana-Pacific | 67,013 | 1,909,871 | |||
Methanex | 47,056 | 2,585,727 | |||
OMNOVA Solutions | 269,931 | a | 2,726,303 | ||
Summit Materials, Cl. A | 114,979 | a,b | 3,636,786 | ||
Tahoe Resources | 203,975 | 995,398 | |||
US Concrete | 58,544 | a,b | 4,259,076 | ||
35,487,815 | |||||
Media - 3.0% | |||||
E.W. Scripps, Cl. A | 95,082 | b | 1,309,279 | ||
Gray Television | 48,020 | a | 662,676 | ||
IMAX | 102,344 | a,b | 2,159,458 | ||
New York Times, Cl. A | 91,402 | 2,202,788 | |||
Nexstar Media Group, Cl. A | 48,929 | b | 3,495,977 | ||
Scholastic | 27,251 | 992,209 | |||
Sinclair Broadcast Group, Cl. A | 191,582 | b | 6,475,472 | ||
17,297,859 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 8.8% | |||||
Aclaris Therapeutics | 70,645 | a | 1,408,661 | ||
Adamas Pharmaceuticals | 52,119 | a | 1,274,310 | ||
Aerie Pharmaceuticals | 36,996 | a,b | 1,892,345 | ||
Amicus Therapeutics | 96,508 | a | 1,327,950 | ||
Cambrex | 68,925 | a | 3,580,654 | ||
Flexion Therapeutics | 239,386 | a,b | 6,070,829 | ||
Foamix Pharmaceuticals | 166,029 | a,b | 987,873 | ||
Galapagos, ADR | 16,232 | a | 1,691,537 | ||
Halozyme Therapeutics | 90,183 | a,b | 1,772,998 | ||
Ligand Pharmaceuticals | 13,578 | a,b | 2,062,362 | ||
Natera | 117,496 | a | 1,057,464 | ||
NeoGenomics | 100,314 | a,b | 842,638 | ||
Otonomy | 154,132 | a | 917,085 | ||
Portola Pharmaceuticals | 33,308 | a | 1,409,595 | ||
PRA Health Sciences | 13,529 | a | 1,136,436 | ||
Radius Health | 44,071 | a,b | 1,678,664 | ||
Retrophin | 61,229 | a,b | 1,531,950 | ||
Revance Therapeutics | 166,380 | a | 5,149,461 | ||
Sage Therapeutics | 45,146 | a,b | 7,284,759 | ||
Supernus Pharmaceuticals | 31,866 | a | 1,239,587 | ||
TherapeuticsMD | 1,240,894 | a | 6,204,470 | ||
50,521,628 | |||||
Real Estate - 1.9% | |||||
Agree Realty | 18,691 | c | 880,346 | ||
CoreCivic | 50,891 | c | 1,058,024 |
41
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.9% (continued) | |||||
Real Estate - 1.9% (continued) | |||||
Education Realty Trust | 24,282 | b,c | 756,141 | ||
LaSalle Hotel Properties | 38,845 | c | 952,868 | ||
Monmouth Real Estate Investment | 50,105 | c | 707,483 | ||
Outfront Media | 43,387 | c | 889,867 | ||
Pebblebrook Hotel Trust | 45,103 | b,c | 1,533,953 | ||
Physicians Realty Trust | 98,938 | c | 1,421,739 | ||
Retail Properties of America, Cl. A | 51,667 | c | 617,937 | ||
Sunstone Hotel Investors | 43,058 | c | 621,327 | ||
Tanger Factory Outlet Centers | 22,119 | b,c | 493,696 | ||
Washington Prime Group | 117,704 | b,c | 770,961 | ||
10,704,342 | |||||
Retailing - 3.4% | |||||
Carvana | 45,534 | b | 912,501 | ||
Dave & Buster's Entertainment | 37,329 | a | 1,671,219 | ||
Dick's Sporting Goods | 45,743 | 1,464,691 | |||
Dillard's, Cl. A | 29,849 | b | 2,434,186 | ||
Duluth Holdings, Cl. B | 61,205 | a,b | 1,029,468 | ||
Express | 127,377 | a | 919,662 | ||
Guess? | 103,567 | b | 1,635,323 | ||
Lithia Motors, Cl. A | 30,221 | b | 3,139,660 | ||
Office Depot | 175,071 | 460,437 | |||
Ollie's Bargain Outlet Holdings | 36,950 | a,b | 2,192,983 | ||
Shutterfly | 11,696 | a | 897,434 | ||
Urban Outfitters | 36,394 | a | 1,284,344 | ||
Williams-Sonoma | 30,848 | b | 1,596,693 | ||
19,638,601 | |||||
Semiconductors & Semiconductor Equipment - 1.6% | |||||
Brooks Automation | 42,575 | 1,137,178 | |||
Cirrus Logic | 25,236 | a | 1,118,207 | ||
MaxLinear | 34,047 | a,b | 773,888 | ||
Photronics | 109,275 | a | 852,345 | ||
Power Integrations | 56,929 | 3,825,629 | |||
Semtech | 37,450 | a | 1,260,193 | ||
8,967,440 | |||||
Software & Services - 12.8% | |||||
2U | 38,314 | a,b | 3,171,633 | ||
Acxiom | 234,016 | a | 6,405,018 | ||
Bandwidth, Cl. A | 106,600 | 2,926,170 | |||
CACI International, Cl. A | 18,662 | a | 2,781,571 | ||
Cardtronics, Cl. A | 95,926 | a | 2,146,824 | ||
CommVault Systems | 89,045 | a | 4,634,792 | ||
CSG Systems International | 27,998 | 1,306,947 | |||
HubSpot | 56,029 | a,b | 6,222,020 | ||
LogMeIn | 29,808 | 3,444,314 | |||
MicroStrategy, Cl. A | 4,461 | a | 570,919 | ||
Mimecast | 104,254 | a | 3,621,784 | ||
New Relic | 45,272 | a | 3,249,624 | ||
NIC | 60,171 | b | 812,309 | ||
Proofpoint | 34,901 | a,b | 3,740,340 | ||
Rapid7 | 158,872 | a | 4,195,810 | ||
Shopify, Cl. A | 33,174 | a | 4,584,979 | ||
Talend, ADR | 90,435 | a | 4,257,680 | ||
Teradata | 79,201 | a | 2,916,181 | ||
Twilio, Cl. A | 135,176 | a,b | 4,617,612 | ||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.9% (continued) | |||||
Software & Services - 12.8% (continued) | |||||
Varonis Systems | 73,455 | a | 4,124,498 | ||
Verint Systems | 36,138 | a | 1,405,768 | ||
Zendesk | 54,891 | a | 2,370,193 | ||
73,506,986 | |||||
Technology Hardware & Equipment - 7.3% | |||||
Airgain | 65,812 | a | 600,864 | ||
Belden | 13,738 | b | 999,165 | ||
Ciena | 341,900 | a | 7,921,823 | ||
Cray | 46,558 | a,b | 1,014,964 | ||
II-VI | 31,908 | a | 1,228,458 | ||
Infinera | 633,166 | a | 6,300,002 | ||
Littelfuse | 6,377 | b | 1,323,228 | ||
Lumentum Holdings | 54,193 | a,b | 3,305,773 | ||
Methode Electronics | 30,504 | 1,203,383 | |||
NETGEAR | 53,391 | a | 2,976,548 | ||
NetScout Systems | 44,538 | a | 1,182,484 | ||
Plantronics | 17,100 | 924,084 | |||
Sierra Wireless | 113,973 | a | 1,817,869 | ||
Tech Data | 12,574 | a | 1,299,397 | ||
VeriFone Systems | 234,865 | a | 3,898,759 | ||
Viavi Solutions | 598,297 | a | 5,755,617 | ||
41,752,418 | |||||
Transportation - 5.3% | |||||
Avis Budget Group | 154,791 | a | 6,993,457 | ||
Hub Group, Cl. A | 46,647 | a | 2,036,142 | ||
Knight-Swift Transportation Holdings | 143,240 | 6,898,438 | |||
Marten Transport | 88,796 | 1,922,433 | |||
Scorpio Bulkers | 93,751 | 726,570 | |||
SkyWest | 111,319 | 6,100,281 | |||
Werner Enterprises | 149,307 | 5,561,686 | |||
30,239,007 | |||||
Utilities - .9% | |||||
Chesapeake Utilities | 17,599 | 1,172,973 | |||
Hawaiian Electric Industries | 37,722 | 1,243,317 | |||
Portland General Electric | 31,133 | 1,236,914 | |||
Southwest Gas | 26,826 | 1,767,297 | |||
5,420,501 | |||||
Total Common Stocks (cost $458,921,429) | 563,063,511 | ||||
Other Investment - 2.0% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 11,525,008 | d | 11,525,008 |
42
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Investment of Cash Collateral for Securities Loaned - 9.6% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 54,846,123 | d | 54,846,123 | ||
Total Investments (cost $525,292,560) | 109.5% | 629,434,642 | |||
Liabilities, Less Cash and Receivables | (9.5%) | (54,433,336) | |||
Net Assets | 100.0% | 575,001,306 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
aNon-income producing security.
bSecurity, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $99,731,231 and the value of the collateral held by the fund was $103,655,321, consisting of cash collateral of $54,846,123 and U.S. Government & Agency securities valued at $48,809,198.
cInvestment in real estate investment trust.
dInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Software & Services | 12.8 |
Banks | 11.7 |
Money Market Investments | 11.6 |
Pharmaceuticals, Biotechnology & Life Sciences | 8.8 |
Technology Hardware & Equipment | 7.3 |
Capital Goods | 7.2 |
Materials | 6.2 |
Health Care Equipment & Services | 5.5 |
Transportation | 5.3 |
Energy | 5.0 |
Diversified Financials | 5.0 |
Consumer Services | 3.6 |
Retailing | 3.4 |
Media | 3.0 |
Real Estate | 1.9 |
Food, Beverage & Tobacco | 1.9 |
Commercial & Professional Services | 1.8 |
Semiconductors & Semiconductor Equipment | 1.6 |
Consumer Durables & Apparel | 1.5 |
Food & Staples Retailing | 1.4 |
Utilities | .9 |
Exchange-Traded Funds | .9 |
Automobiles & Components | .6 |
Insurance | .3 |
Household & Personal Products | .3 |
109.5 |
† Based on net assets.
See notes to financial statements.
43
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Focused Equity Opportunities Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.3% | |||||
Capital Goods - 10.0% | |||||
3M | 56,847 | 13,388,037 | |||
Deere & Co. | 92,419 | 14,867,445 | |||
Honeywell International | 84,364 | 12,748,244 | |||
Illinois Tool Works | 78,427 | 12,661,255 | |||
53,664,981 | |||||
Consumer Services - 2.6% | |||||
Yum! Brands | 174,720 | 14,218,714 | |||
Diversified Financials - 13.6% | |||||
Ally Financial | 752,850 | 21,004,515 | |||
Charles Schwab | 398,330 | 21,119,457 | |||
Intercontinental Exchange | 221,250 | 16,168,950 | |||
Invesco | 463,410 | 15,079,361 | |||
73,372,283 | |||||
Energy - 5.1% | �� | ||||
Andeavor | 117,250 | 10,507,945 | |||
Valero Energy | 187,450 | 16,949,229 | |||
27,457,174 | |||||
Food, Beverage & Tobacco - 8.5% | |||||
Constellation Brands, Cl. A | 70,174 | 15,121,094 | |||
Mondelez International, Cl. A | 373,586 | 16,400,425 | |||
Philip Morris International | 139,712 | 14,467,178 | |||
45,988,697 | |||||
Health Care Equipment & Services - 8.4% | |||||
Abbott Laboratories | 414,210 | 24,989,289 | |||
UnitedHealth Group | 88,883 | 20,101,779 | |||
45,091,068 | |||||
Materials - 2.7% | |||||
DowDuPont | 205,420 | 14,441,026 | |||
Media - 6.3% | |||||
Comcast, Cl. A | 501,341 | 18,153,558 | |||
Twenty-First Century Fox, Cl. A | 419,920 | 15,461,454 | |||
33,615,012 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 5.1% | |||||
Agilent Technologies | 234,800 | 16,104,932 | |||
Allergan | 73,330 | 11,308,953 | |||
27,413,885 | |||||
Real Estate - 2.4% | |||||
Equinix | 33,414 | a | 13,101,629 | ||
Retailing - 4.3% | |||||
Amazon.com | 15,312 | b | 23,158,634 | ||
Semiconductors & Semiconductor Equipment - 9.0% | |||||
Broadcom | 53,546 | 13,196,947 | |||
NVIDIA | 145,782 | 35,279,244 | |||
48,476,191 | |||||
Software & Services - 21.3% | |||||
Adobe Systems | 130,408 | b | 27,272,225 | ||
Alphabet, Cl. A | 22,773 | b | 25,139,570 | ||
Electronic Arts | 171,160 | b | 21,172,492 | ||
Microsoft | 220,725 | 20,697,383 | |||
Visa, Cl. A | 164,627 | c | 20,239,243 | ||
114,520,913 | |||||
Total Common Stocks (cost $363,796,901) | 534,520,207 | ||||
BNY Mellon Focused Equity Opportunities Fund (continued) | |||||
Description | Shares | Value ($) | |||
Other Investment - .5% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2,736,772 | d | 2,736,772 | ||
Total Investments (cost $366,533,673) | 99.8% | 537,256,979 | |||
Cash and Receivables (Net) | .2% | 849,730 | |||
Net Assets | 100.0% | 538,106,709 |
aInvestment in real estate investment trust.
bNon-income producing security.
cSecurity, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $19,789,898 and the value of the collateral held by the fund was $20,258,162, consisting of U.S. Government & Agency securities.
dInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Software & Services | 21.3 |
Diversified Financials | 13.6 |
Capital Goods | 10.0 |
Semiconductors & Semiconductor Equipment | 9.0 |
Food, Beverage & Tobacco | 8.5 |
Health Care Equipment & Services | 8.4 |
Media | 6.3 |
Energy | 5.1 |
Pharmaceuticals, Biotechnology & Life Sciences | 5.1 |
Retailing | 4.3 |
Materials | 2.7 |
Consumer Services | 2.6 |
Real Estate | 2.4 |
Money Market Investment | .5 |
99.8 |
† Based on net assets.
See notes to financial statements.
44
BNY Mellon Small/Mid Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.9% | |||||
Automobiles & Components - .6% | |||||
REV Group | 22,856 | 617,112 | |||
Visteon | 10,567 | a | 1,308,617 | ||
1,925,729 | |||||
Banks - 6.1% | |||||
Banner | 12,919 | 714,162 | |||
Columbia Banking System | 13,695 | 572,177 | |||
Cullen/Frost Bankers | 34,961 | 3,635,594 | |||
East West Bancorp | 16,813 | 1,102,092 | |||
First Interstate BancSystem, Cl. A | 32,226 | 1,272,927 | |||
First Republic Bank | 6,770 | 628,256 | |||
Great Western Bancorp | 57,232 | 2,340,216 | |||
KeyCorp | 67,595 | 1,428,282 | |||
National Bank Holdings, Cl. A | 18,423 | 600,406 | |||
South State | 36,090 | 3,129,003 | |||
SVB Financial Group | 2,917 | a | 726,275 | ||
Texas Capital Bancshares | 3,288 | a | 296,578 | ||
TriState Capital Holdings | 17,388 | a | 388,622 | ||
Webster Financial | 72,565 | 3,960,598 | |||
20,795,188 | |||||
Capital Goods - 6.5% | |||||
AGCO | 22,007 | 1,465,666 | |||
Allegion | 8,678 | 729,907 | |||
Altra Industrial Motion | 12,710 | 551,614 | |||
AMETEK | 7,051 | 534,043 | |||
Beacon Roofing Supply | 21,579 | a | 1,141,745 | ||
BWX Technologies | 7,140 | 449,534 | |||
Curtiss-Wright | 4,445 | 599,986 | |||
Fluor | 56,976 | 3,241,934 | |||
Graco | 7,443 | 330,097 | |||
Herc Holdings | 2,082 | a | 135,767 | ||
Kennametal | 16,850 | 694,220 | |||
Littelfuse | 2,245 | 465,837 | |||
Middleby | 24,435 | a | 2,938,309 | ||
Milacron Holdings | 41,477 | a | 888,852 | ||
Proto Labs | 3,651 | a | 397,776 | ||
Quanta Services | 15,305 | a | 527,104 | ||
Roper Technologies | 3,153 | 867,359 | |||
Simpson Manufacturing | 20,092 | 1,111,489 | |||
Snap-on | 13,967 | b | 2,223,826 | ||
Sun Hydraulics | 6,179 | 320,814 | |||
Valmont Industries | 11,808 | 1,736,957 | |||
Xylem | 8,972 | 669,132 | |||
22,021,968 | |||||
Commercial & Professional Services - 3.1% | |||||
Clean Harbors | 47,830 | a | 2,388,152 | ||
Copart | 8,228 | a | 385,153 | ||
Deluxe | 28,711 | 2,038,481 | |||
Korn/Ferry International | 44,275 | 1,855,565 | |||
Nielsen Holdings | 49,136 | 1,603,308 | |||
Sotheby's | 21,529 | a | 994,209 | ||
WageWorks | 8,990 | a | 471,525 | ||
Waste Connections | 10,738 | b | 760,036 | ||
10,496,429 | |||||
Consumer Durables & Apparel - 1.1% | |||||
Lululemon Athletica | 10,391 | a,b | 842,710 | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.9% (continued) | |||||
Consumer Durables & Apparel - 1.1% (continued) | |||||
Newell Brands | 102,327 | 2,628,781 | |||
PVH | 2,903 | 418,845 | |||
3,890,336 | |||||
Consumer Services - 4.6% | |||||
Cheesecake Factory | 56,939 | b | 2,647,094 | ||
Dave & Buster's Entertainment | 15,975 | a | 715,201 | ||
Grand Canyon Education | 36,339 | a | 3,566,673 | ||
Penn National Gaming | 23,080 | a | 614,159 | ||
Planet Fitness, Cl. A | 80,224 | a | 2,966,683 | ||
Service Corporation International | 96,334 | 3,605,782 | |||
Texas Roadhouse | 7,895 | 436,278 | |||
Wynn Resorts | 5,614 | 940,345 | |||
15,492,215 | |||||
Diversified Financials - 7.2% | |||||
Ally Financial | 140,717 | 3,926,004 | |||
Cannae Holdings | 48,781 | a | 896,595 | ||
Cboe Global Markets | 5,012 | 561,394 | |||
E*TRADE Financial | 103,241 | a | 5,392,277 | ||
Eaton Vance | 38,634 | 2,044,898 | |||
Green Dot, Cl. A | 31,758 | a | 2,068,399 | ||
Invesco | 16,626 | 541,010 | |||
Leucadia National | 136,180 | 3,266,958 | |||
OneMain Holdings | 107,905 | a | 3,308,367 | ||
SLM | 231,169 | a | 2,522,054 | ||
24,527,956 | |||||
Energy - 4.5% | |||||
Andeavor | 12,492 | 1,119,533 | |||
Arch Coal, Cl. A | 8,108 | 776,017 | |||
Cabot Oil & Gas | 24,914 | 601,922 | |||
Delek US Holdings | 41,927 | 1,430,549 | |||
Diamondback Energy | 2,668 | a | 332,540 | ||
Dril-Quip | 49,298 | a,b | 2,220,875 | ||
Helmerich & Payne | 4,649 | 300,093 | |||
Parsley Energy, Cl. A | 65,307 | a | 1,650,961 | ||
PDC Energy | 31,607 | a | 1,660,316 | ||
RPC | 58,593 | b | 1,150,766 | ||
RSP Permian | 85,276 | a | 3,266,924 | ||
Scorpio Tankers | 408,643 | b | 939,879 | ||
15,450,375 | |||||
Exchange-Traded Funds - 1.0% | |||||
iShares Russell 2000 ETF | 4,649 | b | 698,977 | ||
iShares Russell 2000 Value ETF | 23,321 | 2,820,442 | |||
3,519,419 | |||||
Food & Staples Retailing - 2.2% | |||||
Casey's General Stores | 27,140 | b | 3,048,093 | ||
Performance Food Group | 20,439 | a | 626,455 | ||
Sprouts Farmers Market | 11,720 | a | 301,907 | ||
United Natural Foods | 63,847 | a,b | 2,724,351 | ||
US Foods Holding | 26,433 | a | 882,598 | ||
7,583,404 | |||||
Food, Beverage & Tobacco - 1.4% | |||||
Boston Beer, Cl. A | 15,048 | a,b | 2,453,576 | ||
Calavo Growers | 14,145 | b | 1,207,276 |
45
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.9% (continued) | |||||
Food, Beverage & Tobacco - 1.4% (continued) | |||||
Freshpet | 57,923 | a | 1,158,460 | ||
4,819,312 | |||||
Health Care Equipment & Services - 6.1% | |||||
ABIOMED | 2,671 | a | 716,309 | ||
Align Technology | 4,981 | a | 1,307,612 | ||
Amedisys | 45,867 | a | 2,715,785 | ||
athenahealth | 2,569 | a | 358,992 | ||
Boston Scientific | 26,886 | a | 732,912 | ||
DENTSPLY SIRONA | 19,590 | 1,098,215 | |||
DexCom | 6,842 | a,b | 384,110 | ||
Encompass Health | 39,219 | 2,088,804 | |||
Evolent Health, Cl. A | 112,285 | a,b | 1,644,975 | ||
iRhythm Technologies | 9,998 | a | 621,376 | ||
K2M Group Holdings | 30,592 | a | 633,560 | ||
Laboratory Corporation of America Holdings | 2,638 | a | 455,583 | ||
Medidata Solutions | 14,423 | a | 947,014 | ||
Nevro | 10,838 | a,b | 879,179 | ||
NxStage Medical | 32,046 | a | 746,031 | ||
Omnicell | 43,889 | a | 1,915,755 | ||
Teladoc | 23,434 | a,b | 939,703 | ||
Tivity Health | 50,261 | a | 1,937,562 | ||
WellCare Health Plans | 2,674 | a | 518,515 | ||
20,641,992 | |||||
Household & Personal Products - .2% | |||||
Inter Parfums | 13,226 | b | 560,782 | ||
Insurance - .7% | |||||
MGIC Investment | 181,742 | a | 2,506,222 | ||
Materials - 5.9% | |||||
Cabot | 10,883 | 654,939 | |||
Carpenter Technology | 14,768 | 752,282 | |||
Eagle Materials | 31,280 | 3,135,194 | |||
Ferroglobe | 50,733 | 819,845 | |||
Goldcorp | 55,238 | 691,027 | |||
Huntsman | 95,061 | 3,067,618 | |||
Kinross Gold | 314,513 | a | 1,125,957 | ||
Methanex | 23,589 | b | 1,296,216 | ||
Packaging Corporation of America | 21,460 | 2,558,032 | |||
Summit Materials, Cl. A | 39,275 | a,b | 1,242,268 | ||
Tahoe Resources | 99,174 | 483,969 | |||
US Concrete | 26,574 | a,b | 1,933,258 | ||
Vulcan Materials | 4,758 | 560,159 | |||
Westlake Chemical | 16,011 | 1,733,351 | |||
20,054,115 | |||||
Media - 1.5% | |||||
IMAX | 36,773 | a,b | 775,910 | ||
Liberty Media, Cl. C | 12,962 | a,b | 426,839 | ||
Nexstar Media Group, Cl. A | 16,392 | b | 1,171,208 | ||
Sinclair Broadcast Group, Cl. A | 85,280 | b | 2,882,464 | ||
5,256,421 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 8.0% | |||||
Aclaris Therapeutics | 24,870 | a | 495,908 | ||
Adamas Pharmaceuticals | 18,362 | a | 448,951 | ||
Aerie Pharmaceuticals | 13,292 | a,b | 679,886 | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.9% (continued) | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 8.0% (continued) | |||||
Agilent Technologies | 6,769 | 464,286 | |||
Alkermes | 9,188 | a,b | 524,451 | ||
Amicus Therapeutics | 33,975 | a | 467,496 | ||
BioMarin Pharmaceutical | 6,877 | a | 558,206 | ||
Bluebird Bio | 1,657 | a,b | 333,057 | ||
Cambrex | 58,856 | a | 3,057,569 | ||
Flexion Therapeutics | 41,478 | a,b | 1,051,882 | ||
Foamix Pharmaceuticals | 59,656 | a,b | 354,953 | ||
Galapagos, ADR | 5,833 | a,b | 607,857 | ||
Halozyme Therapeutics | 31,968 | a,b | 628,491 | ||
Heska | 5,296 | a | 360,022 | ||
Jazz Pharmaceuticals | 27,984 | a | 4,052,083 | ||
Ligand Pharmaceuticals | 4,813 | a | 731,047 | ||
Natera | 42,217 | a | 379,953 | ||
NeoGenomics | 35,793 | a,b | 300,661 | ||
Neurocrine Biosciences | 5,818 | a | 491,214 | ||
Otonomy | 55,381 | a | 329,517 | ||
Portola Pharmaceuticals | 11,726 | a | 496,244 | ||
PRA Health Sciences | 16,120 | a | 1,354,080 | ||
Radius Health | 15,836 | a,b | 603,193 | ||
Retrophin | 22,000 | a,b | 550,440 | ||
Sage Therapeutics | 21,631 | a,b | 3,490,378 | ||
TESARO | 5,387 | a,b | 297,524 | ||
TherapeuticsMD | 791,162 | a | 3,955,810 | ||
27,065,159 | |||||
Real Estate - 2.9% | |||||
CoreCivic | 89,829 | c | 1,867,545 | ||
Empire State Realty Trust, Cl. A | 116,360 | c | 1,961,830 | ||
Equinix | 1,137 | c | 445,818 | ||
Jones Lang LaSalle | 18,294 | 2,938,199 | |||
Monmouth Real Estate Investment | 18,003 | c | 254,202 | ||
Pebblebrook Hotel Trust | 51,147 | b,c | 1,739,509 | ||
Physicians Realty Trust | 34,921 | c | 501,815 | ||
9,708,918 | |||||
Retailing - 2.8% | |||||
BMC Stock Holdings | 7,085 | a | 132,844 | ||
Carvana | 16,321 | b | 327,073 | ||
Dick's Sporting Goods | 63,779 | b | 2,042,204 | ||
Dollar Tree | 10,984 | a | 1,127,398 | ||
Duluth Holdings, Cl. B | 21,587 | a,b | 363,093 | ||
Lithia Motors, Cl. A | 9,279 | b | 963,995 | ||
LKQ | 11,174 | a | 441,150 | ||
Ollie's Bargain Outlet Holdings | 13,184 | a | 782,470 | ||
Ross Stores | 8,246 | 643,930 | |||
Williams-Sonoma | 53,906 | b | 2,790,175 | ||
9,614,332 | |||||
Semiconductors & Semiconductor Equipment - 2.9% | |||||
Advanced Micro Devices | 181,252 | a,b | 2,194,962 | ||
Cavium | 11,742 | a | 1,045,508 | ||
Maxim Integrated Products | 34,118 | 2,079,151 | |||
MaxLinear | 12,233 | a,b | 278,056 | ||
NVIDIA | 1,387 | 335,654 | |||
Power Integrations | 20,055 | 1,347,696 |
46
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.9% (continued) | |||||
Semiconductors & Semiconductor Equipment - 2.9% (continued) | |||||
Semtech | 7,377 | a | 248,236 | ||
Skyworks Solutions | 8,150 | 890,387 | |||
Teradyne | 31,359 | 1,423,699 | |||
9,843,349 | |||||
Software & Services - 15.4% | |||||
2U | 13,587 | a | 1,124,732 | ||
Acxiom | 174,990 | a | 4,789,476 | ||
Amdocs | 37,020 | 2,435,546 | |||
CACI International, Cl. A | 6,582 | a | 981,047 | ||
Cognizant Technology Solutions, Cl. A | 5,880 | 482,278 | |||
CommVault Systems | 41,699 | a | 2,170,433 | ||
CoreLogic | 66,527 | a | 3,026,978 | ||
CoStar Group | 2,193 | a | 750,291 | ||
Fidelity National Information Services | 11,140 | 1,082,585 | |||
First Data, Cl. A | 106,803 | a | 1,668,263 | ||
HubSpot | 34,191 | a,b | 3,796,911 | ||
Intuit | 2,760 | 460,534 | |||
Jack Henry & Associates | 18,143 | 2,128,174 | |||
LogMeIn | 17,283 | 1,997,051 | |||
Mimecast | 37,451 | a | 1,301,048 | ||
New Relic | 25,702 | a | 1,844,890 | ||
Nuance Communications | 191,247 | a | 3,071,427 | ||
Paychex | 4,379 | 285,204 | |||
Proofpoint | 19,903 | a | 2,133,004 | ||
Rapid7 | 55,688 | a | 1,470,720 | ||
ServiceNow | 6,590 | a | 1,061,056 | ||
Shopify, Cl. A | 20,380 | a | 2,816,720 | ||
Splunk | 7,764 | a | 723,605 | ||
Square, Cl. A | 27,801 | a,b | 1,280,236 | ||
SS&C Technologies Holdings | 11,701 | 579,433 | |||
Talend, ADR | 54,997 | a | 2,589,259 | ||
Teradata | 19,768 | a | 727,858 | ||
Twilio, Cl. A | 80,375 | a,b | 2,745,610 | ||
10,596 | a | 337,589 | |||
Varonis Systems | 26,394 | a | 1,482,023 | ||
Zendesk | 19,353 | a | 835,663 | ||
52,179,644 | |||||
Technology Hardware & Equipment - 8.3% | |||||
Airgain | 23,647 | a | 215,897 | ||
Amphenol, Cl. A | 7,781 | 711,106 | |||
Ciena | 148,612 | a | 3,443,340 | ||
Dolby Laboratories, Cl. A | 37,861 | 2,443,928 | |||
FLIR Systems | 8,800 | 432,080 | |||
Infinera | 239,648 | a | 2,384,498 | ||
Lumentum Holdings | 65,082 | a,b | 3,970,002 | ||
Mercury Systems | 35,201 | a | 1,618,190 | ||
Methode Electronics | 2,536 | 100,045 | |||
NETGEAR | 10,735 | a | 598,476 | ||
Trimble | 7,812 | a | 296,309 | ||
VeriFone Systems | 109,130 | a | 1,811,558 | ||
Viavi Solutions | 331,023 | a | 3,184,441 | ||
Xerox | 138,469 | 4,198,380 | |||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.9% (continued) | |||||
Technology Hardware & Equipment - 8.3% (continued) | |||||
Zebra Technologies, Cl. A | 20,556 | a | 2,839,606 | ||
28,247,856 | |||||
Telecommunication Services - .3% | |||||
Bandwidth, Cl. A | 37,606 | 1,032,285 | |||
Transportation - 5.6% | |||||
Avis Budget Group | 82,455 | a | 3,725,317 | ||
Hub Group, Cl. A | 51,013 | a | 2,226,717 | ||
J.B. Hunt Transport Services | 14,969 | 1,774,874 | |||
Kirby | 22,513 | a | 1,688,475 | ||
Knight-Swift Transportation Holdings | 67,554 | 3,253,401 | |||
Marten Transport | 18,052 | 390,826 | |||
Ryder System | 29,346 | 2,123,770 | |||
SkyWest | 49,218 | 2,697,146 | |||
Werner Enterprises | 30,336 | b | 1,130,016 | ||
19,010,542 | |||||
Total Common Stocks (cost $273,925,398) | 336,243,948 | ||||
Other Investment - 1.1% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 3,760,576 | d | 3,760,576 | ||
Investment of Cash Collateral for Securities Loaned - 6.4% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 21,515,197 | d | 21,515,197 | ||
Total Investments (cost $299,201,171) | 106.4% | 361,519,721 | |||
Liabilities, Less Cash and Receivables | (6.4%) | (21,603,416) | |||
Net Assets | 100.0% | 339,916,305 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
aNon-income producing security.
bSecurity, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $43,587,694 and the value of the collateral held by the fund was $45,590,440, consisting of cash collateral of $21,515,197 and U.S. Government & Agency securities valued at $24,075,243.
cInvestment in real estate investment trust.
dInvestment in affiliated money market mutual fund.
47
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † | Value (%) |
Software & Services | 15.4 |
Technology Hardware & Equipment | 8.3 |
Pharmaceuticals, Biotechnology & Life Sciences | 8.0 |
Money Market Investments | 7.5 |
Diversified Financials | 7.2 |
Capital Goods | 6.5 |
Banks | 6.1 |
Health Care Equipment & Services | 6.1 |
Materials | 5.9 |
Transportation | 5.6 |
Consumer Services | 4.6 |
Energy | 4.5 |
Commercial & Professional Services | 3.1 |
Semiconductors & Semiconductor Equipment | 2.9 |
Real Estate | 2.9 |
Retailing | 2.8 |
Food & Staples Retailing | 2.2 |
Media | 1.5 |
Food, Beverage & Tobacco | 1.4 |
Consumer Durables & Apparel | 1.1 |
Exchange-Traded Funds | 1.0 |
Insurance | .7 |
Automobiles & Components | .6 |
Telecommunication Services | .3 |
Household & Personal Products | .2 |
106.4 |
† Based on net assets.
See notes to financial statements.
48
BNY Mellon International Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.5% | |||||
Australia - 5.4% | |||||
Aristocrat Leisure | 454,212 | 8,611,257 | |||
BHP Billiton | 420,486 | 9,833,526 | |||
Macquarie Group | 304,537 | 24,343,447 | |||
Woodside Petroleum | 378,355 | 8,494,924 | |||
Woolworths Group | 578,732 | 12,367,733 | |||
63,650,887 | |||||
Belgium - 2.5% | |||||
bpost | 266,000 | 9,014,617 | |||
UCB | 253,155 | 20,886,549 | |||
29,901,166 | |||||
Brazil - 1.1% | |||||
Aperam | 243,164 | 12,605,319 | |||
Finland - .9% | |||||
UPM-Kymmene | 297,752 | 10,174,182 | |||
France - 10.3% | |||||
Arkema | 98,921 | 12,925,435 | |||
Atos | 77,256 | 10,166,722 | |||
BNP Paribas | 353,950 | 27,986,618 | |||
Cie Generale des Etablissements Michelin | 108,813 | 16,731,266 | |||
Orange | 1,150,430 | 19,476,397 | |||
Renault | 124,022 | 13,405,842 | |||
Thales | 45,066 | 5,024,998 | |||
Vinci | 159,874 | 15,765,911 | |||
121,483,189 | |||||
Germany - 8.4% | |||||
Allianz | 95,342 | 22,248,566 | |||
Bayer | 148,699 | 17,437,077 | |||
Deutsche Post | 274,176 | 12,579,234 | |||
Evonik Industries | 278,135 | 10,289,424 | |||
Fresenius & Co. | 232,712 | 19,026,602 | |||
Hapag-Lloyd | 159,908 | a,b | 6,497,381 | ||
Infineon Technologies | 388,187 | 10,554,352 | |||
98,632,636 | |||||
Hong Kong - 3.2% | |||||
AIA Group | 2,649,800 | 22,002,451 | |||
Sun Hung Kai Properties | 905,000 | 15,017,934 | |||
37,020,385 | |||||
Italy - 5.3% | |||||
Enel | 2,308,039 | 13,392,200 | |||
Fiat Chrysler Automobiles | 705,963 | b | 14,988,799 | ||
Leonardo | 850,440 | 9,110,162 | |||
Moncler | 275,123 | 9,583,754 | |||
Telecom Italia | 17,077,573 | b | 15,331,257 | ||
62,406,172 | |||||
Japan - 24.3% | |||||
Alps Electric | 544,600 | 15,017,232 | |||
Chubu Electric Power | 605,200 | 8,256,899 | |||
Denso | 248,100 | 14,480,122 | |||
Hitachi | 3,133,000 | 23,767,293 | |||
ITOCHU | 466,000 | 8,941,923 | |||
Japan Airlines | 254,200 | 9,687,679 | |||
JTEKT | 311,600 | 4,808,507 | |||
KDDI | 476,000 | 11,692,893 | |||
MINEBEA MITSUMI | 401,000 | 9,104,574 | |||
BNY Mellon International Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.5% (continued) | |||||
Japan - 24.3% (continued) | |||||
Mitsubishi Electric | 879,900 | 14,825,235 | |||
Nintendo | 33,200 | 15,183,943 | |||
Recruit Holdings | 450,600 | 10,821,760 | |||
Seven & i Holdings | 361,600 | 15,036,921 | |||
Shionogi & Co. | 154,300 | 8,029,049 | |||
Showa Denko | 193,600 | 9,520,581 | |||
Showa Shell Sekiyu | 1,171,000 | 15,180,989 | |||
Sony | 622,100 | 31,335,611 | |||
Sumitomo Mitsui Financial Group | 666,500 | 28,897,745 | |||
Suzuki Motor | 327,800 | 18,735,959 | |||
Zeon Corp | 796,000 | 11,918,046 | |||
285,242,961 | |||||
Macau - 1.7% | |||||
Sands China | 3,620,400 | 20,206,315 | |||
Netherlands - 6.2% | |||||
ABN AMRO Group | 617,719 | a | 19,248,007 | ||
Heineken | 178,184 | 18,531,242 | |||
Koninklijke Philips | 300,215 | 11,479,857 | |||
NN Group | 535,149 | 23,861,229 | |||
73,120,335 | |||||
Norway - 1.0% | |||||
Aker BP | 255,442 | 6,228,709 | |||
Telenor | 247,824 | 5,569,955 | |||
11,798,664 | |||||
Portugal - 1.3% | |||||
Galp Energia | 868,861 | 15,701,443 | |||
Singapore - .9% | |||||
United Overseas Bank | 514,900 | 10,775,207 | |||
Spain - 3.3% | |||||
ACS Actividades de Construccion y Servicios | 327,335 | 11,230,989 | |||
Banco Santander | 3,973,316 | 27,251,083 | |||
38,482,072 | |||||
Sweden - 1.4% | |||||
Alfa Laval | 340,730 | 8,192,100 | |||
Volvo, Cl. B | 409,572 | 7,711,335 | |||
15,903,435 | |||||
Switzerland - 5.3% | |||||
ABB | 387,989 | 9,395,941 | |||
Adecco Group | 129,425 | 10,431,683 | |||
Julius Baer Group | 296,807 | b | 19,194,224 | ||
Novartis | 282,268 | 23,616,642 | |||
62,638,490 | |||||
United Kingdom - 15.3% | |||||
Anglo American | 420,406 | 10,203,949 | |||
Compass Group | 357,277 | 7,598,726 | |||
Diageo | 751,543 | 25,471,548 | |||
Ferguson | 110,713 | 7,796,497 | |||
Imperial Brands | 517,661 | 18,574,506 | |||
Prudential | 744,087 | 18,620,988 | |||
Royal Dutch Shell, Cl. B | 446,243 | 14,152,144 | |||
Shire | 262,431 | 11,211,097 | |||
Smiths Group | 268,203 | 5,879,138 | |||
SSE | 1,214,134 | 20,391,972 | |||
Standard Chartered | 1,753,009 | b | 19,509,378 |
49
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.5% (continued) | |||||
United Kingdom - 15.3% (continued) | |||||
Unilever | 387,341 | 19,804,880 | |||
179,214,823 | |||||
United States - .7% | |||||
iShares MSCI EAFE ETF | 109,000 | 7,659,430 | |||
Total Common Stocks (cost $1,004,049,440) | 1,156,617,111 | ||||
Number of Rights | |||||
Rights - .0% | |||||
Australia - .0% | |||||
Woodside Petroleum | 40,909 | b | 68,314 | ||
Shares | |||||
Other Investment - .7% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 7,638,291 | c | 7,638,291 | ||
Total Investments (cost $1,011,800,894) | 99.2% | 1,164,323,716 | |||
Cash and Receivables (Net) | .8% | 9,487,830 | |||
Net Assets | 100.0% | 1,173,811,546 |
ETF—Exchange-Traded Fund
aSecurity 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 February 28, 2018, these securities were valued at $25,745,388 or 2.19% of net assets.
bNon-income producing security.
cInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Financials | 22.5 |
Industrials | 16.0 |
Consumer Discretionary | 13.3 |
Consumer Staples | 9.3 |
Health Care | 8.5 |
Materials | 7.4 |
Information Technology | 6.4 |
Energy | 5.1 |
Telecommunications | 4.4 |
Utilities | 3.6 |
Real Estate | 1.3 |
Exchange-Traded Funds | .7 |
Money Market Investment | .7 |
99.2 |
† Based on net assets.
See notes to financial statements.
50
BNY Mellon Emerging Markets Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 93.1% | |||||
Australia - .4% | |||||
MMG | 5,368,000 | a | 3,704,263 | ||
Brazil - 6.7% | |||||
Ambev, ADR | 526,181 | 3,551,722 | |||
Cia Hering | 430,100 | 3,046,691 | |||
Estacio Participacoes | 749,800 | 7,828,458 | |||
Hypera | 704,900 | 7,494,271 | |||
Localiza Rent a Car | 675,060 | 5,393,162 | |||
Qualicorp | 442,700 | 3,919,931 | |||
Suzano Papel e Celulose | 1,080,500 | 7,237,942 | |||
Tim Participacoes | 2,916,200 | 12,663,901 | |||
Vale | 1,030,460 | 14,297,398 | |||
Via Varejo | 675,500 | 5,698,342 | |||
71,131,818 | |||||
Chile - .5% | |||||
Itau CorpBanca | 557,068,293 | 5,683,797 | |||
China - 33.6% | |||||
Alibaba Group Holding, ADR | 263,158 | a | 48,984,230 | ||
Anhui Conch Cement, Cl. H | 1,615,500 | 8,575,095 | |||
ANTA Sports Products | 619,000 | 3,039,936 | |||
Bank of China, Cl. H | 20,246,000 | 10,914,820 | |||
Beijing Capital International Airport, Cl. H | 4,242,000 | 6,227,362 | |||
China Construction Bank, Cl. H | 31,145,939 | 32,031,951 | |||
China Lodging Group, ADR | 71,136 | 10,805,558 | |||
China Shenhua Energy, Cl. H | 4,020,500 | 11,324,289 | |||
CNOOC | 5,455,000 | 7,771,702 | |||
Dali Foods Group Co. | 8,235,000 | b | 7,818,494 | ||
Jiangsu Expressway, Cl. H | 2,644,000 | 4,091,647 | |||
PICC Property & Casualty, Cl. H | 8,336,000 | 16,370,624 | |||
Ping An Insurance Group Company of China, Cl. H | 2,395,000 | 25,214,722 | |||
Shanghai Pharmaceuticals Holding, Cl. H | 4,524,100 | 11,317,189 | |||
Sinotrans, Cl. H | 9,001,000 | 4,954,625 | |||
Sunny Optical Technology Group | 739,300 | 12,275,008 | |||
TAL Education Group, ADR | 323,086 | 12,199,727 | |||
Tencent Holdings | 1,733,100 | 95,049,731 | |||
Weibo, ADR | 93,467 | a | 12,012,379 | ||
Yanzhou Coal Mining, Cl. H | 3,314,000 | 4,880,170 | |||
YY, ADR | 29,372 | a | 3,798,681 | ||
ZTE, Cl. H | 2,061,600 | a | 7,232,840 | ||
356,890,780 | |||||
Colombia - .4% | |||||
Ecopetrol, ADR | 242,740 | 4,250,377 | |||
Hong Kong - 4.4% | |||||
Brilliance China Automotive Holdings | 2,472,000 | 6,623,030 | |||
China Everbright International | 8,376,000 | 12,847,321 | |||
ENN Energy Holdings | 630,000 | 4,850,043 | |||
Galaxy Entertainment Group | 1,473,000 | 12,772,070 | |||
GCL-Poly Energy Holdings | 34,051,000 | a | 5,347,669 | ||
Shimao Property Holdings | 1,668,000 | 4,107,845 | |||
46,547,978 | |||||
Hungary - .6% | |||||
MOL Hungarian Oil & Gas | 539,799 | 5,868,105 | |||
BNY Mellon Emerging Markets Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 93.1% (continued) | |||||
India - 6.0% | |||||
Engineers India | 1,720,081 | 4,506,586 | |||
ICICI Bank | 608,296 | 2,903,220 | |||
Indiabulls Housing Finance | 358,698 | 6,715,232 | |||
ITC | 1,563,653 | 6,330,321 | |||
Jubilant Foodworks | 143,357 | 4,439,272 | |||
Maruti Suzuki India | 69,801 | 9,357,744 | |||
Mindtree | 462,466 | 5,635,354 | |||
Power Finance | 3,550,560 | 5,700,645 | |||
Reliance Industries | 280,243 | 4,082,648 | |||
Tech Mahindra | 1,005,685 | 9,409,063 | |||
UPL | 351,603 | 3,909,711 | |||
Vakrangee | 192,323 | 467,250 | |||
63,457,046 | |||||
Indonesia - 1.8% | |||||
Bank Negara Indonesia | 8,096,300 | 5,696,129 | |||
Bank Rakyat Indonesia | 10,814,300 | 2,959,478 | |||
Telekomunikasi Indonesia | 35,535,100 | 10,318,234 | |||
18,973,841 | |||||
Malaysia - 1.0% | |||||
AirAsia | 5,536,700 | 6,157,578 | |||
Malaysia Airports Holdings | 2,079,100 | 4,594,626 | |||
10,752,204 | |||||
Mexico - 1.4% | |||||
Arca Continental | 213,500 | 1,483,462 | |||
Grupo Aeroportuario del Centro Norte | 1,298,100 | 6,349,108 | |||
Wal-Mart de Mexico | 3,046,400 | 7,130,108 | |||
14,962,678 | |||||
Panama - 1.1% | |||||
Copa Holdings, Cl. A | 87,935 | 11,956,522 | |||
Peru - .5% | |||||
Credicorp | 24,077 | 5,211,467 | |||
Philippines - .1% | |||||
Puregold Price Club | 1,198,980 | 1,191,808 | |||
Poland - 1.8% | |||||
Alior Bank | 228,537 | a | 5,530,582 | ||
KGHM Polska Miedz | 213,180 | 6,509,955 | |||
PGE | 1,121,432 | a | 3,309,819 | ||
Powszechny Zaklad Ubezpieczen | 331,780 | 4,114,855 | |||
19,465,211 | |||||
Russia - 4.5% | |||||
LUKOIL, ADR | 293,263 | 19,472,663 | |||
Sberbank of Russia, ADR | 1,407,165 | 28,509,163 | |||
47,981,826 | |||||
South Africa - 5.4% | |||||
Barloworld | 425,415 | 6,370,219 | |||
Clicks Group | 811,071 | 11,567,443 | |||
Exxaro Resources | 727,800 | 8,143,377 | |||
Mr Price Group | 362,768 | 8,647,052 | |||
Nedbank Group | 493,769 | 11,938,255 | |||
Sasol | 156,890 | 5,474,158 | |||
Shoprite Holdings | 212,175 | 4,646,270 | |||
56,786,774 | |||||
South Korea - 9.5% | |||||
Hana Financial Group | 142,959 | 6,432,040 |
51
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Emerging Markets Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 93.1% (continued) | |||||
South Korea - 9.5% (continued) | |||||
Hankook Tire | 79,599 | 4,331,116 | |||
KB Financial Group | 79,239 | 4,663,892 | |||
LG Chem | 17,854 | 6,234,753 | |||
LG Electronics | 71,228 | 6,527,591 | |||
POSCO | 52,891 | 17,567,606 | |||
Samsung Card | 207,976 | 6,944,625 | |||
Samsung Electronics | 16,847 | 36,512,834 | |||
SK Innovation | 64,389 | 12,147,150 | |||
101,361,607 | |||||
Taiwan - 8.2% | |||||
Accton Technology | 2,014,000 | 7,565,342 | |||
Airtac International Group | 461,839 | 8,248,152 | |||
Chailease Holding | 4,496,000 | 14,851,446 | |||
Compeq Manufacturing | 2,350,000 | 2,680,694 | |||
E Ink Holdings | 4,196,000 | 6,641,749 | |||
Fubon Financial Holding | 6,504,000 | 11,429,197 | |||
Globalwafers Co. | 336,000 | 4,754,470 | |||
Hiwin Technologies | 357,000 | 4,491,112 | |||
Taiwan Semiconductor Manufacturing | 3,204,000 | 26,313,394 | |||
86,975,556 | |||||
Thailand - 1.2% | |||||
RS | 3,713,500 | a | 3,871,044 | ||
Thai Beverage | 2,856,000 | 1,797,433 | |||
Thanachart Capital | 1,586,100 | 2,805,382 | |||
Workpoint Entertainment | 1,682,600 | 4,310,618 | |||
12,784,477 | |||||
Turkey - 2.0% | |||||
BIM Birlesik Magazalar | 251,175 | 4,957,684 | |||
Tofas Turk Otomobil Fabrikasi | 605,383 | 4,827,518 | |||
Turkiye Garanti Bankasi | 3,718,061 | 11,389,891 | |||
21,175,093 | |||||
United Arab Emirates - 1.2% | |||||
Abu Dhabi Commercial Bank | 4,128,092 | 8,196,692 | |||
Dubai Islamic Bank | 2,743,054 | 4,523,346 | |||
12,720,038 | |||||
United States - .8% | |||||
iShares MSCI Emerging Markets ETF | 183,596 | 8,816,280 | |||
Total Common Stocks (cost $674,397,772) | 988,649,546 | ||||
Preferred Stocks - 5.5% | |||||
Brazil - 5.5% | |||||
Banco do Estado do Rio Grande do Sul, Cl. B, 5.17 | 1,063,700 | 5,946,027 | |||
Cia Energetica de Minas Gerais, 2.88 | 3,049,400 | 7,710,608 | |||
Cia Paranaense de Energia, Cl. B, 10.96 | 591,600 | 4,618,886 | |||
Itausa - Investimentos Itau, 4.9 | 3,094,000 | 12,502,165 | |||
Petroleo Brasileiro | 4,167,700 | a | 27,545,918 | ||
Total Preferred Stocks (cost $46,806,232) | 58,323,604 | ||||
BNY Mellon Emerging Markets Fund (continued) | |||||
Description | Number of Rights | Value ($) | |||
Rights - .0% | |||||
Brazil - .0% | |||||
Itausa - Investimentos Itau | 72,713 | a | 120,932 | ||
Taiwan - .0% | |||||
Fubon Financial Holding | 272,437 | a | 0 | ||
Total Rights (cost $92,196) | 120,932 | ||||
Shares | |||||
Other Investment - 2.5% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 27,085,694 | c | 27,085,694 | ||
Total Investments (cost $748,381,894) | 101.1% | 1,074,179,776 | |||
Liabilities, Less Cash and Receivables | (1.1%) | (11,873,108) | |||
Net Assets | 100.0% | 1,062,306,668 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
aNon-income producing security.
bSecurity 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 February 28, 2018, these securities were valued at $7,818,494 or .74% of net assets.
cInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Financials | 24.4 |
Information Technology | 23.6 |
Energy | 11.0 |
Consumer Discretionary | 9.8 |
Industrials | 9.7 |
Materials | 6.4 |
Consumer Staples | 4.8 |
Utilities | 3.1 |
Telecommunication Services | 2.8 |
Money Market Investment | 2.5 |
Health Care | 1.8 |
Exchange-Traded Funds | .8 |
Real Estate | .4 |
101.1 |
† Based on net assets.
See notes to financial statements.
52
BNY Mellon International Appreciation Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.3% | |||||
Automobiles & Components - 4.3% | |||||
Bridgestone, ADR | 14,448 | 321,901 | |||
Daimler | 6,357 | 545,431 | |||
Denso, ADR | 16,138 | 471,552 | |||
Ferrari | 2,439 | a | 302,948 | ||
Fiat Chrysler Automobiles | 10,295 | 218,151 | |||
Honda Motor, ADR | 7,948 | 286,843 | |||
Nissan Motor, ADR | 262 | 5,492 | |||
Sumitomo Electric Industries, ADR | 13,020 | 207,187 | |||
Toyota Motor, ADR | 6,048 | 814,061 | |||
Volkswagen, ADR | 6,050 | 240,548 | |||
3,414,114 | |||||
Banks - 12.9% | |||||
Australia & New Zealand Banking Group, ADR | 22,898 | 513,373 | |||
Banco Bilbao Vizcaya Argentaria, ADR | 52,559 | 437,291 | |||
Banco Santander, ADR | 107,420 | 737,975 | |||
Barclays, ADR | 26,340 | 309,495 | |||
BNP Paribas, ADR | 14,661 | 580,429 | |||
Commerzbank, ADR | 20,092 | a | 309,819 | ||
Commonwealth Bank of Australia, ADR | 2,923 | b | 521,990 | ||
Credit Agricole, ADR | 35,091 | 299,853 | |||
Danske Bank, ADR | 22,808 | 460,037 | |||
Erste Group Bank, ADR | 12,733 | 322,400 | |||
Hachijuni Bank, ADR | 4,799 | 291,884 | |||
Hang Seng Bank, ADR | 12,669 | 314,892 | |||
HSBC Holdings, ADR | 21,528 | 1,068,435 | |||
ING Groep, ADR | 23,169 | 407,311 | |||
Intesa Sanpaolo, ADR | 16,734 | 378,356 | |||
Lloyds Banking Group, ADR | 90,723 | 348,376 | |||
Mitsubishi UFJ Financial Group, ADR | 70,092 | 498,354 | |||
Mizuho Financial Group, ADR | 10,000 | 37,100 | |||
National Australia Bank, ADR | 43,206 | 505,942 | |||
Nordea Bank, ADR | 9,100 | 103,603 | |||
Shinsei Bank, ADR | 70,546 | 223,349 | |||
Societe Generale, ADR | 28,045 | 319,152 | |||
Sumitomo Mitsui Financial Group, ADR | 12,296 | 107,098 | |||
Sumitomo Mitsui Trust Holdings, ADR | 44,240 | 182,932 | |||
United Overseas Bank, ADR | 8,700 | 366,357 | |||
Westpac Banking, ADR | 22,315 | 530,204 | |||
10,176,007 | |||||
Capital Goods - 11.2% | |||||
ABB, ADR | 21,572 | 523,984 | |||
Airbus, ADR | 22,772 | 678,606 | |||
Asahi Glass, ADR | 24,076 | 198,868 | |||
Atlas Copco, Cl. A, ADR | 8,647 | 369,140 | |||
Atlas Copco, Cl. B, ADR | 5,020 | 191,061 | |||
BAE Systems, ADR | 7,289 | 234,706 | |||
CK Hutchison Holdings, ADR | 14,471 | 180,164 | |||
FANUC, ADR | 16,000 | 405,840 | |||
ITOCHU, ADR | 705 | 27,065 | |||
Kajima, ADR | 3,417 | 328,886 | |||
Kawasaki Heavy Industries, ADR | 16,754 | 245,446 | |||
BNY Mellon International Appreciation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.3% (continued) | |||||
Capital Goods - 11.2% (continued) | |||||
Keppel, ADR | 13,187 | 157,717 | |||
Komatsu, ADR | 9,788 | 353,934 | |||
Kubota, ADR | 3,271 | 295,518 | |||
Marubeni, ADR | 1,423 | 108,743 | |||
Metso, ADR | 30,248 | 243,209 | |||
Mitsubishi Electric, ADR | 9,575 | 323,300 | |||
Mitsubishi, ADR | 157 | 8,858 | |||
Mitsui & Co., ADR | 811 | 294,798 | |||
Nidec, ADR | 11,562 | 462,480 | |||
NSK, ADR | 7,210 | 217,021 | |||
Rolls-Royce Holdings, ADR | 18,030 | 210,771 | |||
Sandvik, ADR | 23,276 | 433,748 | |||
Schneider Electric, ADR | 2,150 | 37,356 | |||
Siemens, ADR | 11,472 | 756,923 | |||
SKF, ADR | 10,990 | 230,570 | |||
Sumitomo, ADR | 17,536 | 311,965 | |||
Teijin, ADR | 12,848 | 252,078 | |||
TOTO, ADR | 5,445 | 288,821 | |||
Vinci, ADR | 2,800 | 69,216 | |||
Volvo Cl. B, ADR | 18,652 | 349,912 | |||
8,790,704 | |||||
Commercial & Professional Services - 2.4% | |||||
Dai Nippon Printing, ADR | 25,828 | 268,095 | |||
Experian, ADR | 13,373 | 286,048 | |||
RELX, ADR | 16,624 | 343,452 | |||
Secom, ADR | 20,620 | 368,067 | |||
Toppan Printing, ADR | 30,905 | 266,169 | |||
Wolters Kluwer, ADR | 6,372 | 322,646 | |||
1,854,477 | |||||
Consumer Durables & Apparel - 4.5% | |||||
adidas, ADR | 4,525 | 501,460 | |||
Casio Computer, ADR | 2,290 | 338,347 | |||
Cie Financiere Richemont, ADR | 40,900 | 357,875 | |||
Electrolux, Cl. B, ADR | 3,767 | 248,170 | |||
LVMH Moet Hennessy Louis Vuitton, ADR | 11,669 | 699,907 | |||
Panasonic, ADR | 21,520 | 336,358 | |||
Pandora, ADR | 9,200 | 239,660 | |||
Sega Sammy Holdings, ADR | 87,384 | 313,709 | |||
Sony, ADR | 10,522 | 530,940 | |||
3,566,426 | |||||
Consumer Services - 1.4% | |||||
Compass Group, ADR | 19,831 | 428,151 | |||
InterContinental Hotels Group, ADR | 5,028 | 325,764 | |||
Sodexo, ADR | 14,960 | 368,166 | |||
1,122,081 | |||||
Diversified Financials - 2.4% | |||||
Credit Suisse Group, ADR | 17,222 | 316,196 | |||
Daiwa Securities Group, ADR | 42,790 | 288,191 | |||
Deutsche Bank | 15,506 | 247,166 | |||
Nomura Holdings, ADR | 31,857 | 194,328 | |||
ORIX, ADR | 3,179 | 282,613 | |||
UBS Group | 27,651 | a | 524,539 | ||
1,853,033 |
53
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Appreciation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.3% (continued) | |||||
Energy - 4.9% | |||||
BP, ADR | 17,666 | 686,501 | |||
Eni, ADR | 11,575 | 383,943 | |||
Repsol, ADR | 15,992 | 283,858 | |||
Royal Dutch Shell, Cl. A, ADR | 10,424 | 659,526 | |||
Royal Dutch Shell, Cl. B, ADR | 8,193 | 525,827 | |||
Statoil, ADR | 9,055 | 204,915 | |||
Total, ADR | 15,972 | 905,453 | |||
Woodside Petroleum, ADR | 10,215 | 229,582 | |||
3,879,605 | |||||
Food & Staples Retailing - 1.1% | |||||
Aeon, ADR | 15,968 | 270,337 | |||
J Sainsbury, ADR | 5,618 | 81,012 | |||
Koninklijke Ahold Delhaiz, ADR | 15,426 | 345,697 | |||
Tesco, ADR | 21,655 | 187,532 | |||
884,578 | |||||
Food, Beverage & Tobacco - 6.8% | |||||
Ajinomoto, ADR | 10,230 | 186,493 | |||
Anheuser-Busch InBev, ADR | 2,685 | 285,093 | |||
British American Tobacco, ADR | 7,308 | 431,610 | |||
Coca-Cola Amatil, ADR | 39,762 | 276,744 | |||
Coca-Cola European Partners | 600 | 22,812 | |||
Coca-Cola HBC, ADR | 7,462 | a | 244,754 | ||
Danone, ADR | 29,659 | 475,730 | |||
Diageo, ADR | 3,298 | 447,341 | |||
Heineken, ADR | 7,309 | 379,593 | |||
Imperial Brands, ADR | 5,274 | 191,974 | |||
Japan Tobacco, ADR | 15,000 | 211,800 | |||
Kirin Holdings, ADR | 11,382 | 295,249 | |||
Nestle, ADR | 17,855 | 1,420,008 | |||
Orkla, ADR | 25,307 | 275,340 | |||
Yamazaki Baking, ADR | 1,023 | a | 200,660 | ||
5,345,201 | |||||
Health Care Equipment & Services - 1.8% | |||||
Essilor International, ADR | 6,934 | 455,564 | |||
Fresenius Medical Care & Co., ADR | 7,800 | 411,996 | |||
Olympus, ADR | 6,140 | 245,846 | |||
Smith & Nephew, ADR | 8,103 | 287,413 | |||
1,400,819 | |||||
Household & Personal Products - 2.9% | |||||
Henkel AG & Co., ADR | 2,322 | 309,755 | |||
Kao, ADR | 4,988 | 365,945 | |||
L'Oreal, ADR | 9,964 | 429,349 | |||
Reckitt Benckiser Group, ADR | 14,141 | 228,306 | |||
Unilever | 10,103 | 528,387 | |||
Unilever, ADR | 7,838 | 404,441 | |||
2,266,183 | |||||
Insurance - 5.9% | |||||
Aegon | 26,227 | 181,491 | |||
Ageas, ADR | 6,836 | 358,001 | |||
AIA Group, ADR | 26,000 | 872,300 | |||
Allianz, ADR | 34,370 | 799,102 | |||
AXA, ADR | 14,800 | 463,906 | |||
Legal & General Group, ADR | 18,467 | 337,023 | |||
MS&AD Insurance Group Holdings, ADR | 16,902 | 260,544 | |||
BNY Mellon International Appreciation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.3% (continued) | |||||
Insurance - 5.9% (continued) | |||||
Prudential, ADR | 10,632 | 534,471 | |||
Tokio Marine Holdings, ADR | 8,055 | 371,899 | |||
Zurich Insurance Group, ADR | 14,447 | 475,884 | |||
4,654,621 | |||||
Materials - 8.0% | |||||
Air Liquide, ADR | 18,553 | 466,237 | |||
Akzo Nobel, ADR | 11,115 | 360,126 | |||
Alumina, ADR | 36,920 | 266,193 | |||
Amcor, ADR | 5,596 | 241,327 | |||
Anglo American, ADR | 12,623 | 155,894 | |||
ArcelorMittal | 8,151 | a | 277,215 | ||
Asahi Kasei, ADR | 10,985 | 283,743 | |||
BASF, ADR | 30,384 | 798,491 | |||
BHP Billiton, ADR | 2,445 | 99,805 | |||
BHP Billiton, ADR | 8,004 | 372,186 | |||
Boral, ADR | 7,621 | 185,523 | |||
Glencore, ADR | 38,136 | a | 403,098 | ||
James Hardie Industries, ADR | 16,620 | 294,174 | |||
Johnson Matthey, ADR | 1,892 | 163,452 | |||
Kobe Steel, ADR | 5,450 | a | 29,989 | ||
Nippon Steel & Sumitomo Metal, ADR | 8,082 | 191,947 | |||
Nitto Denko, ADR | 5,620 | 232,977 | |||
Norsk Hydro, ADR | 20,133 | 136,300 | |||
OJI Holdings, ADR | 3,200 | 210,524 | |||
Rio Tinto, ADR | 6,324 | 345,986 | |||
South32, ADR | 13,639 | 174,852 | |||
Toray Industries, ADR | 15,040 | 304,109 | |||
UPM-Kymmene, ADR | 8,622 | 295,347 | |||
6,289,495 | |||||
Media - 1.4% | |||||
Pearson, ADR | 12,033 | 120,210 | |||
Publicis Groupe, ADR | 14,714 | 277,653 | |||
Sky, ADR | 5,057 | 376,746 | |||
WPP, ADR | 3,596 | 342,231 | |||
1,116,840 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 7.9% | |||||
AstraZeneca, ADR | 16,886 | 560,446 | |||
Bayer, ADR | 21,920 | 640,941 | |||
CSL, ADR | 5,200 | 329,108 | |||
Eisai, ADR | 4,123 | 219,055 | |||
GlaxoSmithKline, ADR | 7,340 | 266,515 | |||
H Lundbeck, ADR | 3,300 | 174,108 | |||
Novartis, ADR | 15,237 | 1,270,004 | |||
Novo Nordisk, ADR | 13,175 | 678,249 | |||
Roche Holding, ADR | 38,182 | 1,103,842 | |||
Sanofi, ADR | 16,289 | 639,343 | |||
Shire, ADR | 1,985 | 254,080 | |||
Takeda Pharmaceutical, ADR | 4,000 | 113,820 | |||
Teva Pharmaceutical Industries, ADR | 300 | 5,616 | |||
6,255,127 | |||||
Real Estate - 3.7% | |||||
British Land, ADR | 9,094 | 79,936 | |||
CapitaLand, ADR | 56,796 | 308,970 |
54
BNY Mellon International Appreciation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.3% (continued) | |||||
Real Estate - 3.7% (continued) | |||||
City Developments, ADR | 32,591 | 309,940 | |||
Daiwa House Industry, ADR | 7,610 | 281,874 | |||
Hysan Development, ADR | 25,301 | 293,254 | |||
LendLease Group, ADR | 21,216 | 305,086 | |||
Mitsubishi Estate, ADR | 15,000 | 260,850 | |||
Sino Land, ADR | 21,641 | 191,374 | |||
Sun Hung Kai Properties, ADR | 18,037 | 301,308 | |||
Swire Pacific, Cl. A, ADR | 25,906 | 265,277 | |||
Westfield, ADR | 24,214 | 333,911 | |||
2,931,780 | |||||
Retailing - 1.0% | |||||
Hennes & Mauritz, ADR | 53,006 | 172,535 | |||
INDITEX, ADR | 10,000 | 151,250 | |||
Kingfisher, ADR | 27,401 | 274,284 | |||
Marui Group, ADR | 5,401 | 210,639 | |||
808,708 | |||||
Semiconductors & Semiconductor Equipment - .7% | |||||
ASML Holding | 1,900 | 371,241 | |||
SUMCO, ADR | 1,000 | 54,045 | |||
Tokyo Electron, ADR | 3,000 | 147,135 | |||
572,421 | |||||
Software & Services - 3.4% | |||||
Computershare, ADR | 16,642 | 229,660 | |||
Dassault Systemes, ADR | 3,770 | 488,592 | |||
Fujitsu, ADR | 5,602 | 169,124 | |||
Nice, ADR | 3,000 | 289,770 | |||
Nintendo, ADR | 4,000 | 228,200 | |||
Sage Group, ADR | 8,164 | 316,069 | |||
SAP, ADR | 7,862 | 821,579 | |||
UbiSoft Entertainment, ADR | 8,150 | a | 133,966 | ||
2,676,960 | |||||
Technology Hardware & Equipment - 2.8% | |||||
Canon, ADR | 8,097 | 308,658 | |||
Ericsson, ADR | 28,504 | 188,696 | |||
FUJIFILM Holdings, ADR | 6,819 | 284,011 | |||
Hitachi, ADR | 3,435 | 265,388 | |||
Kyocera, ADR | 5,424 | 318,985 | |||
Nokia, ADR | 11,880 | 68,904 | |||
Omron, ADR | 4,660 | 275,499 | |||
Ricoh, ADR | 15,155 | 166,099 | |||
TDK, ADR | 3,571 | 326,479 | |||
2,202,719 | |||||
Telecommunication Services - 3.6% | |||||
BT Group, ADR | 10,368 | 172,524 | |||
Deutsche Telekom, ADR | 25,034 | 402,797 | |||
KDDI, ADR | 22,000 | 269,060 | |||
Nippon Telegraph & Telephone, ADR | 4,682 | 218,415 | |||
Orange, ADR | 15,952 | 271,344 | |||
Singapore Telecommunications, ADR | 960 | 24,370 | |||
SoftBank Group, ADR | 5,000 | 206,450 | |||
Swisscom, ADR | 5,286 | 286,765 | |||
Telecom Italia, ADR | 16,796 | a | 152,004 | ||
Telefonica, ADR | 30,412 | 292,868 | |||
Telenor, ADR | 5,288 | 119,086 | |||
BNY Mellon International Appreciation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.3% (continued) | |||||
Telecommunication Services - 3.6% (continued) | |||||
Telstra, ADR | 4,648 | 60,494 | |||
Vodafone Group, ADR | 13,664 | 386,828 | |||
2,863,005 | |||||
Transportation - 1.2% | |||||
ANA Holdings, ADR | 31,722 | 255,844 | |||
Deutsche Lufthansa, ADR | 3,566 | 119,069 | |||
International Consolidated Airlines Group, ADR | 9,655 | 162,494 | |||
Nippon Yusen, ADR | 34,373 | a | 150,241 | ||
Ryanair Holdings, ADR | 1,745 | a | 211,599 | ||
899,247 | |||||
Utilities - 3.1% | |||||
Centrica, ADR | 570 | 4,537 | |||
CLP Holdings, ADR | 12,613 | 128,148 | |||
E.ON, ADR | 24,594 | 250,121 | |||
EDP - Energias de Portugal, ADR | 330 | 11,342 | |||
Enel, ADR | 70,107 | 406,621 | |||
Engie, ADR | 7,886 | 123,731 | |||
Hong Kong & China Gas, ADR | 116,060 | 235,602 | |||
Iberdrola, ADR | 16,396 | 484,174 | |||
National Grid, ADR | 4,340 | 223,901 | |||
RWE, ADR | 6,730 | a | 133,927 | ||
SSE, ADR | 7,960 | 135,559 | |||
United Utilities Group, ADR | 6,047 | 112,353 | |||
Veolia Environnement, ADR | 9,077 | 220,571 | |||
2,470,587 | |||||
Total Common Stocks (cost $88,927,479) | 78,294,738 | ||||
Principal Amount ($) | |||||
Short-Term Investments - .1% | |||||
U.S. Treasury Bills | |||||
1.27%, 3/8/18 | 55,000 | c | 54,987 | ||
Shares | |||||
Other Investment - .3% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 261,636 | d | 261,636 | ||
Total Investments (cost $89,244,101) | 99.7% | 78,611,361 | |||
Cash and Receivables (Net) | .3% | 241,729 | |||
Net Assets | 100.0% | 78,853,090 |
ADR—American Depository Receipt
aNon-income producing security.
bSecurity 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 February 28, 2018, these securities were valued at $521,990 or .66% of net assets.
cHeld by a counterparty for open exchange traded derivative contracts.
dInvestment in affiliated money market mutual fund.
55
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † | Value (%) |
Banks | 12.9 |
Capital Goods | 11.2 |
Materials | 8.0 |
Pharmaceuticals, Biotechnology & Life Sciences | 7.9 |
Food, Beverage & Tobacco | 6.8 |
Insurance | 5.9 |
Energy | 4.9 |
Consumer Durables & Apparel | 4.5 |
Automobiles & Components | 4.3 |
Real Estate | 3.7 |
Telecommunication Services | 3.6 |
Software & Services | 3.4 |
Utilities | 3.1 |
Household & Personal Products | 2.9 |
Technology Hardware & Equipment | 2.8 |
Commercial & Professional Services | 2.4 |
Diversified Financials | 2.4 |
Health Care Equipment & Services | 1.8 |
Consumer Services | 1.4 |
Media | 1.4 |
Transportation | 1.2 |
Food & Staples Retailing | 1.1 |
Retailing | 1.0 |
Semiconductors & Semiconductor Equipment | .7 |
Short-Term/Money Market Investments | .4 |
99.7 |
† Based on net assets.
See notes to financial statements.
56
BNY Mellon International Equity Income Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.8% | |||||
Australia - 14.3% | |||||
Aurizon Holdings | 1,066,300 | 3,757,926 | |||
Australia & New Zealand Banking Group | 323,225 | 7,245,045 | |||
Bank of Queensland | 330,000 | 3,215,055 | |||
Commonwealth Bank of Australia | 89,240 | 5,271,658 | |||
National Australia Bank | 506,300 | 11,795,492 | |||
Suncorp Group | 706,700 | 7,408,389 | |||
Telstra Corporation | 506,634 | 1,311,033 | |||
Transurban Group | 182,600 | 1,633,249 | |||
Wesfarmers | 233,700 | 7,462,064 | |||
Westpac Banking | 282,200 | 6,698,775 | |||
55,798,686 | |||||
Brazil - .7% | |||||
CCR | 660,900 | 2,585,060 | |||
Canada - 3.3% | |||||
Royal Bank of Canada | 75,300 | 5,932,105 | |||
Toronto-Dominion Bank | 119,300 | 6,879,832 | |||
12,811,937 | |||||
China - 7.8% | |||||
Alibaba Group Holding, ADR | 9,500 | a | 1,768,330 | ||
Bank of China, Cl. H | 5,382,500 | 2,901,759 | |||
Chongqing Changan Automobile, Cl. B | 3,095,886 | 3,444,334 | |||
Guangzhou R&F Properties, Cl. H | 4,238,100 | 9,846,322 | |||
Industrial & Commercial Bank of China, Cl. H | 4,942,000 | 4,218,732 | |||
Jiangsu Expressway, Cl. H | 1,111,300 | 1,719,760 | |||
Tencent Holdings | 65,200 | 3,575,814 | |||
Zhejiang Expressway, Cl. H | 2,802,700 | 3,039,171 | |||
30,514,222 | |||||
Czech Republic - 2.7% | |||||
CEZ | 385,600 | 9,307,100 | |||
Komercni banka | 30,800 | 1,365,140 | |||
10,672,240 | |||||
Finland - 1.2% | |||||
Fortum | 218,000 | 4,779,934 | |||
France - 2.6% | |||||
Renault | 51,750 | 5,593,785 | |||
TOTAL | 82,700 | 4,721,602 | |||
10,315,387 | |||||
Germany - 4.0% | |||||
Deutsche Post | 30,000 | 1,376,404 | |||
Muenchener Rueckversicherungs | 18,523 | 4,149,638 | |||
ProSiebenSat.1 Media | 252,350 | 10,014,382 | |||
15,540,424 | |||||
Greece - 1.5% | |||||
OPAP | 477,300 | 5,802,598 | |||
Hong Kong - 2.8% | |||||
Hong Kong & China Gas | 395,000 | 778,910 | |||
Li & Fung | 18,512,000 | 9,309,144 | |||
WH Group | 790,000 | b | 972,369 | ||
11,060,423 | |||||
Israel - 2.7% | |||||
Bezeq The Israeli Telecommunication Corporation | 6,900,100 | 10,542,949 | |||
BNY Mellon International Equity Income Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.8% (continued) | |||||
Italy - 1.7% | |||||
Eni | 38,005 | 632,662 | |||
Intesa Sanpaolo | 1,594,500 | 5,988,286 | |||
6,620,948 | |||||
Japan - 10.1% | |||||
Asahi Glass | 23,600 | 976,795 | |||
Daito Trust Construction | 15,000 | 2,490,882 | |||
Honda Motor | 68,000 | 2,451,203 | |||
ITOCHU | 608,000 | 11,666,715 | |||
NTT DOCOMO | 58,600 | 1,498,588 | |||
Osaka Gas | 38,000 | 750,346 | |||
Sumitomo | 118,000 | 2,072,910 | |||
Takeda Pharmaceutical | 126,000 | 7,152,164 | |||
Tokyo Electron | 53,000 | 10,340,182 | |||
39,399,785 | |||||
Luxembourg - .6% | |||||
RTL Group | 27,200 | 2,402,592 | |||
Macau - 2.1% | |||||
Sands China | 1,473,000 | 8,221,164 | |||
Malaysia - .4% | |||||
British American Tobacco Malaysia | 216,600 | 1,561,500 | |||
New Zealand - 2.0% | |||||
Auckland International Airport | 583,100 | 2,702,997 | |||
Spark New Zealand | 2,169,600 | 5,237,491 | |||
7,940,488 | |||||
Norway - 2.9% | |||||
Marine Harvest | 588,000 | 11,402,282 | |||
Qatar - .0% | |||||
Commercial Bank PQSC | 12,314 | a | 95,142 | ||
Russia - 2.5% | |||||
Severstal | 600,000 | 9,756,145 | |||
South Africa - 1.4% | |||||
MMI Holdings | 1,626,700 | 2,988,254 | |||
Mondi | 46,100 | 1,191,225 | |||
MTN Group | 100,000 | 1,083,081 | |||
5,262,560 | |||||
South Korea - .7% | |||||
Korea Electric Power | 8,200 | 250,107 | |||
Samsung Electronics | 1,100 | 2,384,052 | |||
2,634,159 | |||||
Spain - 1.2% | |||||
Banco Santander | 690,700 | 4,737,183 | |||
Sweden - 1.0% | |||||
Skanska, Cl. B | 204,500 | 4,061,658 | |||
Switzerland - 4.6% | |||||
Nestle | 31,200 | 2,483,525 | |||
Novartis | 79,436 | 6,646,207 | |||
Roche Holding | 10,971 | 2,543,831 | |||
STMicroelectronics | 79,500 | 1,817,301 | |||
Zurich Insurance Group | 13,785 | 4,547,849 | |||
18,038,713 | |||||
Taiwan - 5.3% | |||||
Asustek Computer | 939,000 | 8,868,830 | |||
Chicony Electronics | 394,192 | 961,226 | |||
Compal Electronics | 1,093,900 | 743,799 | |||
Highwealth Construction | 2,091,000 | 3,114,127 |
57
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Equity Income Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.8% (continued) | |||||
Taiwan - 5.3% (continued) | |||||
Novatek Microelectronics | 660,000 | 2,820,833 | |||
Taiwan Semiconductor Manufacturing | 420,000 | 3,449,321 | |||
Transcend Information | 264,400 | 761,249 | |||
20,719,385 | |||||
Turkey - 3.0% | |||||
Petkim Petrokimya Holding | 5,585,500 | 11,790,769 | |||
United Arab Emirates - .9% | |||||
Dubai Islamic Bank | 2,208,000 | 3,641,032 | |||
United Kingdom - 13.3% | |||||
AstraZeneca | 56,940 | 3,729,327 | |||
BP | 1,563,000 | 10,138,865 | |||
British American Tobacco | 130,712 | 7,677,190 | |||
GlaxoSmithKline | 292,100 | 5,243,993 | |||
HSBC Holdings | 238,773 | 2,350,605 | |||
Imperial Brands | 107,200 | 3,846,508 | |||
Legal & General Group | 959,709 | 3,449,320 | |||
Persimmon | 41,800 | 1,488,740 | |||
Petrofac | 275,300 | 1,703,163 | |||
Royal Dutch Shell, Cl. A | 317,945 | 10,037,045 | |||
Royal Dutch Shell, Cl. B | 28,000 | 887,992 | |||
SSE | 47,200 | 792,747 | |||
Vodafone Group | 174,795 | 489,396 | |||
51,834,891 | |||||
United States - .5% | |||||
iShares MSCI EAFE ETF | 30,000 | 2,108,100 | |||
Total Common Stocks (cost $331,563,186) | 382,652,356 | ||||
Preferred Stocks - 1.0% | |||||
South Korea - 1.0% | |||||
Hyundai Motor, 4.54 | 46,900 | 3,875,410 | |||
Other Investment - .6% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2,126,372 | c | 2,126,372 | ||
Total Investments (cost $337,834,343) | 99.4% | 388,654,138 | |||
Cash and Receivables (Net) | .6% | 2,529,575 | |||
Net Assets | 100.0% | 391,183,713 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
aNon-income producing security.
bSecurity 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 February 28, 2018, these securities were valued at $972,369 or .25% of net assets.
cInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Financials | 24.2 |
Consumer Discretionary | 17.0 |
Information Technology | 9.6 |
Consumer Staples | 9.0 |
Energy | 7.2 |
Health Care | 6.5 |
Materials | 5.8 |
Telecommunications | 5.2 |
Industrials | 4.6 |
Utilities | 4.3 |
Real Estate | 3.9 |
Transportation | 1.0 |
Money Market Investment | .6 |
Exchange-Traded Funds | .5 |
99.4 |
† Based on net assets.
See notes to financial statements.
58
BNY Mellon Asset Allocation Fund | |||||
Description | Principal Amount ($) | Value ($) | |||
Bonds and Notes - 13.0% | |||||
Commercial Mortgage Pass-Through Ctfs. - .2% | |||||
UBS Commercial Mortgage Trust, Ser. 2012-C1, Cl. A3, 3.40%, 5/10/45 | 272,335 | 275,171 | |||
WFRBS Commercial Mortgage Trust, Ser. 2013-C12, Cl. A4, 3.20%, 3/15/48 | 315,000 | 314,920 | |||
WFRBS Commercial Mortgage Trust, Ser. 2013-C13, Cl. A4, 3.00%, 5/15/45 | 540,000 | 534,267 | |||
1,124,358 | |||||
Consumer Discretionary - .7% | |||||
21st Century Fox America, Gtd. Notes, 6.15%, 3/1/37 | 265,000 | 328,225 | |||
Amazon.com, Sr. Unscd. Notes, 2.50%, 11/29/22 | 435,000 | 425,138 | |||
Comcast, Gtd. Notes, 3.60%, 3/1/24 | 625,000 | 631,660 | |||
eBay, Sr. Unscd. Notes, 2.60%, 7/15/22 | 385,000 | 373,264 | |||
Ford Motor Credit, Sr. Unscd. Notes, 3.22%, 1/9/22 | 325,000 | 319,981 | |||
General Motors Financial, Gtd. Notes, 3.20%, 7/6/21 | 210,000 | 208,587 | |||
Scripps Networks Interactive, Sr. Unscd. Notes, 2.80%, 6/15/20 | 345,000 | 342,229 | |||
Time Warner, Gtd. Notes, 4.00%, 1/15/22 | 470,000 | 482,822 | |||
Toyota Motor Credit, Sr. Unscd. Notes, 2.15%, 3/12/20 | 300,000 | 297,161 | |||
3,409,067 | |||||
Consumer Staples - .2% | |||||
Anheuser-Busch InBev Finance, Gtd. Notes, 4.90%, 2/1/46 | 375,000 | 401,366 | |||
CVS Health, Sr. Unscd. Notes, 4.88%, 7/20/35 | 165,000 | 171,894 | |||
PepsiCo, Sr. Unscd. Notes, 4.50%, 1/15/20 | 375,000 | 387,921 | |||
961,181 | |||||
Energy - .4% | |||||
Apache, Sr. Unscd. Notes, 3.25%, 4/15/22 | 265,000 | 262,638 | |||
BP Capital Markets, Gtd. Notes, 4.75%, 3/10/19 | 255,000 | 260,827 | |||
Enterprise Products Operating, Gtd. Notes, 2.55%, 10/15/19 | 200,000 | 199,162 | |||
Exxon Mobil, Sr. Unscd. Notes, 1.71%, 3/1/19 | 260,000 | 258,467 | |||
Sabine Pass Liquefaction, Sr. Scd. Notes, 5.75%, 5/15/24 | 200,000 | 216,288 | |||
Spectra Energy Partners, Sr. Unscd. Notes, 3.50%, 3/15/25 | 195,000 | 189,511 | |||
Sunoco Logistics Partners Operations, Gtd. Notes, 4.00%, 10/1/27 | 190,000 | 181,312 | |||
Williams Partners, Sr. Unscd. Notes, 4.30%, 3/4/24 | 225,000 | 230,958 | |||
1,799,163 | |||||
Financials - 1.8% | |||||
AerCap Ireland Capital, Gtd. Notes, 4.50%, 5/15/21 | 680,000 | 701,324 | |||
Bank of America, Sr. Unscd. Notes, Ser. L, 2.60%, 1/15/19 | 645,000 | 645,263 | |||
Bank of America, Sub. Notes, Ser. L, 3.95%, 4/21/25 | 590,000 | 589,646 | |||
Barclays, Sub. Notes, 5.20%, 5/12/26 | 255,000 | 259,416 | |||
Citigroup, Sub. Notes, 4.45%, 9/29/27 | 800,000 | 817,337 | |||
BNY Mellon Asset Allocation Fund (continued) | |||||
Description | Principal | Value ($) | |||
Bonds and Notes - 13.0% (continued) | |||||
Financials - 1.8% (continued) | |||||
Citizens Financial Group, Sub. Notes, 4.15%, 9/28/22 | 545,000 | a | 554,677 | ||
Cooperatieve Rabobank, Gtd. Notes, 4.50%, 1/11/21 | 530,000 | 551,438 | |||
GE Capital International Funding, Gtd. Notes, 2.34%, 11/15/20 | 305,000 | 298,486 | |||
Goldman Sachs Group, Sub. Notes, 6.75%, 10/1/37 | 530,000 | 672,546 | |||
Intercontinental Exchange, Gtd. Notes, 2.75%, 12/1/20 | 410,000 | 409,363 | |||
JPMorgan Chase & Co., Sub. Notes, 3.38%, 5/1/23 | 425,000 | 421,548 | |||
MetLife, Sr. Unscd. Notes, 7.72%, 2/15/19 | 345,000 | 361,644 | |||
Morgan Stanley, Sub. Notes, 4.88%, 11/1/22 | 735,000 | 775,749 | |||
Royal Bank of Scotland Group, Sub. Bonds, 6.13%, 12/15/22 | 240,000 | 256,219 | |||
Societe Generale, Sub. Notes, 4.75%, 11/24/25 | 510,000 | a | 521,138 | ||
Total System Services, Sr. Unscd. Notes, 4.80%, 4/1/26 | 350,000 | 367,715 | |||
Wells Fargo & Co., Sr. Unscd. Notes, 2.63%, 7/22/22 | 225,000 | 218,707 | |||
Wells Fargo & Co., Sub. Notes, 4.90%, 11/17/45 | 405,000 | 428,873 | |||
8,851,089 | |||||
Foreign/Governmental - .2% | |||||
Petroleos Mexicanos, Gtd. Notes, 4.88%, 1/24/22 | 550,000 | 566,198 | |||
Province of Ontario Canada, Sr. Unscd. Bonds, 4.00%, 10/7/19 | 330,000 | 337,900 | |||
904,098 | |||||
Health Care - .3% | |||||
AbbVie, Sr. Unscd. Notes, 2.90%, 11/6/22 | 325,000 | 318,700 | |||
Amgen, Sr. Unscd. Notes, 5.65%, 6/15/42 | 325,000 | 388,208 | |||
Biogen, Sr. Unscd. Notes, 2.90%, 9/15/20 | 345,000 | 344,488 | |||
Celgene, Sr. Unscd. Notes, 2.88%, 8/15/20 | 265,000 | 264,494 | |||
1,315,890 | |||||
Industrials - .5% | |||||
ABB Finance USA, Gtd. Notes, 2.88%, 5/8/22 | 505,000 | 503,429 | |||
American Airlines, Bonds, Ser. 2015-1 Cl. A, 3.38%, 11/1/28 | 307,529 | 302,793 | |||
Burlington Northern Santa Fe, Sr. Unscd. Debs., 3.45%, 9/15/21 | 430,000 | 438,176 | |||
General Electric, Jr. Sub. Debs., Ser. D, 5.00%, 12/31/49 | 250,000 | 247,538 | |||
General Electric, Sub. Notes, 5.30%, 2/11/21 | 142,000 | 149,966 | |||
Northrop Grumman, Sr. Unscd. Notes, 2.08%, 10/15/20 | 230,000 | 225,409 | |||
Tech Data, Sr. Unscd. Notes, 4.95%, 2/15/27 | 345,000 | 355,179 | |||
2,222,490 | |||||
Information Technology - .6% | |||||
Adobe Systems, Sr. Unscd. Notes, 3.25%, 2/1/25 | 305,000 | 302,547 | |||
Apple, Sr. Unscd. Notes, 4.38%, 5/13/45 | 300,000 | 315,124 |
59
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||
Description | Principal | Value ($) | |||
Bonds and Notes - 13.0% (continued) | |||||
Information Technology - .6% (continued) | |||||
Arrow Electronics, Sr. Unscd. Notes, 3.50%, 4/1/22 | 385,000 | 382,482 | |||
Dell International, Sr. Scd. Notes, 6.02%, 6/15/26 | 375,000 | a | 401,821 | ||
Fidelity National Information Services, Gtd. Notes, 3.88%, 6/5/24 | 126,000 | 128,298 | |||
Intel, Sr. Unscd. Notes, 2.70%, 12/15/22 | 290,000 | 286,646 | |||
Microsoft, Sr. Unscd. Notes, 3.75%, 2/12/45 | 440,000 | 434,141 | |||
Oracle, Sr. Unscd. Notes, 2.50%, 5/15/22 | 570,000 | 557,571 | |||
2,808,630 | |||||
Materials - .0% | |||||
Eastman Chemical, Sr. Unscd. Notes, 3.60%, 8/15/22 | 224,000 | 226,854 | |||
Municipal Bonds - .9% | |||||
California Earthquake Authority, Revenue, 2.81%, 7/1/19 | 294,000 | 293,541 | |||
California Educational Facilities Authority, Revenue (Stanford University), Ser. U-2, 5.00%, 10/1/32 | 375,000 | 470,123 | |||
Chicago, GO, 7.38%, 1/1/33 | 290,000 | 320,868 | |||
Commonwealth of Massachusetts, GO (Build America Bonds), 4.91%, 5/1/29 | 325,000 | 367,006 | |||
New York City, GO (Build America Bonds), 6.25%, 6/1/35 | 345,000 | 369,298 | |||
New York City Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue (Build America Bonds), 6.28%, 6/15/42 | 530,000 | 579,115 | |||
Oakland Unified School District, GO (Build America Bonds), 9.50%, 8/1/34 | 180,000 | 197,894 | |||
South Carolina Public Service Authority, Revenue Obligations, Cl. D, 2.39%, 12/1/23 | 260,000 | 244,348 | |||
State Board of Administration Finance Corporation, Revenue Bonds, Ser. A, 3.00%, 7/1/20 | 900,000 | 908,676 | |||
Texas Public Finance Authority, Windstorm Insurance Association Premium Revenue, 8.25%, 7/1/24 | 310,000 | 318,609 | |||
University of California, Limited Project Revenue, Ser. J, 4.13%, 5/15/45 | 340,000 | 347,463 | |||
4,416,941 | |||||
Real Estate - .3% | |||||
Alexandria Real Estate Equities, Gtd. Notes, 4.30%, 1/15/26 | 265,000 | 269,438 | |||
Boston Properties, Sr. Unscd. Notes, 4.13%, 5/15/21 | 215,000 | 221,990 | |||
CubeSmart, Gtd. Notes, 4.80%, 7/15/22 | 335,000 | 351,791 | |||
Essex Portfolio, Gtd. Notes, 3.38%, 1/15/23 | 265,000 | 263,769 | |||
Kimco Realty, Sr. Unscd. Notes, 3.40%, 11/1/22 | 340,000 | 341,415 | |||
1,448,403 | |||||
Telecommunications - .4% | |||||
AT&T, Sr. Unscd. Notes, 4.45%, 5/15/21 | 525,000 | 544,797 | |||
AT&T, Sr. Unscd. Notes, 3.90%, 8/14/27 | 335,000 | 333,017 | |||
BNY Mellon Asset Allocation Fund (continued) | |||||
Description | Principal | Value ($) | |||
Bonds and Notes - 13.0% (continued) | |||||
Telecommunications - .4% (continued) | |||||
Telefonica Emisiones, Gtd. Notes, 4.10%, 3/8/27 | 590,000 | 586,957 | |||
Verizon Communications, Sr. Unscd. Bonds, 5.50%, 3/16/47 | 570,000 | 625,063 | |||
2,089,834 | |||||
U.S. Government Agencies - .1% | |||||
Federal Farm Credit Bank, Bonds, 3.15%, 2/14/25 | 315,000 | 312,281 | |||
U.S. Government Agencies Mortgage-Backed - 3.6% | |||||
Federal Home Loan Mortgage Corp.: | |||||
3.00%, 8/1/47 | 160,049 | b | 155,301 | ||
3.50%, 12/1/28-1/1/48 | 3,781,937 | b | 3,791,977 | ||
4.00%, 6/1/26-11/1/47 | 867,336 | b | 893,729 | ||
4.50%, 12/1/47 | 496,187 | b | 521,744 | ||
5.00%, 7/1/40 | 198,999 | b | 215,129 | ||
Federal National Mortgage Association: | |||||
2.50%, 10/1/31 | 845,246 | b | 825,512 | ||
3.00%, 2/1/32-8/1/47 | 3,984,266 | b | 3,892,324 | ||
3.50%, 5/1/44-7/1/47 | 1,644,867 | b | 1,644,590 | ||
4.00%, 5/1/29-12/1/47 | 1,753,110 | b | 1,803,459 | ||
4.50%, 11/1/47-1/1/48 | 769,331 | b | 808,076 | ||
5.00%, 11/1/43 | 127,770 | b | 137,147 | ||
Government National Mortgage Association II: | |||||
3.00%, 9/20/47 | 885,669 | 867,185 | |||
3.50%, 9/20/47 | 500,779 | 504,372 | |||
4.00%, 2/20/48 | 875,000 | 901,000 | |||
4.50%, 2/20/48 | 230,000 | 240,009 | |||
17,201,554 | |||||
U.S. Government Securities - 2.6% | |||||
U.S. Treasury Bonds, 2.88%, 8/15/45 | 490,000 | 467,242 | |||
U.S. Treasury Bonds, 2.50%, 5/15/46 | 460,000 | 405,537 | |||
U.S. Treasury Bonds, 2.25%, 8/15/46 | 420,000 | c | 350,372 | ||
U.S. Treasury Bonds, 3.00%, 2/15/47 | 645,000 | 629,102 | |||
U.S. Treasury Inflation Protected Securities, Notes, 0.13%, 4/15/20 | 321,083 | d | 320,115 | ||
U.S. Treasury Inflation Protected Securities, Notes, 0.63%, 7/15/21 | 978,969 | c,d | 990,324 | ||
U.S. Treasury Inflation Protected Securities, Notes, 0.13%, 1/15/22 | 773,346 | d | 764,019 | ||
U.S. Treasury Inflation Protected Securities, Notes, 0.38%, 7/15/25 | 670,529 | d | 658,423 | ||
U.S. Treasury Inflation Protected Securities, Notes, 0.38%, 1/15/27 | 326,582 | d | 316,355 | ||
U.S. Treasury Inflation Protected Securities, Notes, 1.00%, 2/15/46 | 639,877 | d | 642,819 | ||
U.S. Treasury Notes, 1.13%, 2/28/19 | 650,000 | 643,894 | |||
U.S. Treasury Notes, 1.75%, 9/30/19 | 250,000 | 248,247 | |||
U.S. Treasury Notes, 1.88%, 12/31/19 | 230,000 | c | 228,500 | ||
U.S. Treasury Notes, 1.38%, 2/15/20 | 940,000 | 923,936 | |||
U.S. Treasury Notes, 1.50%, 4/15/20 | 480,000 | c | 472,125 | ||
U.S. Treasury Notes, 2.00%, 7/31/20 | 1,000,000 | 992,012 | |||
U.S. Treasury Notes, 1.13%, 2/28/21 | 1,185,000 | 1,140,308 | |||
U.S. Treasury Notes, 2.13%, 9/30/21 | 705,000 | 695,389 | |||
U.S. Treasury Notes, 1.88%, 4/30/22 | 740,000 | 719,057 | |||
U.S. Treasury Notes, 2.38%, 1/31/23 | 320,000 | 316,000 |
60
BNY Mellon Asset Allocation Fund (continued) | |||||
Description | Principal | Value ($) | |||
Bonds and Notes - 13.0% (continued) | |||||
U.S. Government Securities - 2.6% (continued) | |||||
U.S. Treasury Notes, 2.00%, 11/15/26 | 175,000 | 163,246 | |||
U.S. Treasury Notes, 2.38%, 5/15/27 | 200,000 | c | 191,859 | ||
U.S. Treasury Notes, 2.25%, 11/15/27 | 60,000 | 56,782 | |||
12,335,663 | |||||
Utilities - .2% | |||||
Consumers Energy, First Mortgage Bonds, 3.25%, 8/15/46 | 180,000 | 161,767 | |||
Exelon, Sr. Unscd. Notes, 3.40%, 4/15/26 | 280,000 | 272,949 | |||
NiSource, Gtd. Notes, 3.95%, 3/30/48 | 335,000 | 318,735 | |||
Public Service Enterprise Group, Sr. Unscd. Notes, 1.60%, 11/15/19 | 170,000 | 166,802 | |||
920,253 | |||||
Total Bonds and Notes | 62,347,749 | ||||
Description | Shares | Value ($) | |||
Common Stocks - 22.7% | |||||
Consumer Discretionary - 2.6% | |||||
Amazon.com | 1,544 | e | 2,335,223 | ||
Best Buy | 17,020 | 1,232,929 | |||
Carnival | 14,063 | 940,955 | |||
Darden Restaurants | 11,035 | 1,017,317 | |||
Graham Holdings, Cl. B | 290 | 168,229 | |||
Home Depot | 2,540 | 462,966 | |||
Lear | 4,940 | 921,656 | |||
PulteGroup | 30,230 | 848,556 | |||
Royal Caribbean Cruises | 6,845 | 866,577 | |||
The TJX Companies | 2,190 | 181,069 | |||
Time Warner | 11,195 | 1,040,687 | |||
Toll Brothers | 19,115 | 837,810 | |||
Visteon | 1,625 | e | 201,240 | ||
Walt Disney | 13,334 | 1,375,535 | |||
12,430,749 | |||||
Consumer Staples - 1.8% | |||||
Altria Group | 9,630 | 606,209 | |||
Campbell Soup | 17,759 | 764,525 | |||
Conagra Brands | 25,912 | 936,201 | |||
Costco Wholesale | 1,675 | 319,758 | |||
CVS Health | 13,874 | 939,686 | |||
Kimberly-Clark | 7,070 | 784,204 | |||
PepsiCo | 13,619 | 1,494,413 | |||
Philip Morris International | 1,510 | 156,361 | |||
Procter & Gamble | 4,513 | 354,361 | |||
Walgreens Boots Alliance | 13,370 | 921,059 | |||
Walmart | 15,387 | 1,384,984 | |||
8,661,761 | |||||
Energy - 1.7% | |||||
Chevron | 14,763 | 1,652,275 | |||
ConocoPhillips | 2,975 | 161,572 | |||
Exxon Mobil | 29,492 | 2,233,724 | |||
Halliburton | 17,690 | 821,170 | |||
Marathon Petroleum | 14,620 | 936,557 | |||
Phillips 66 | 11,040 | 997,685 | |||
Valero Energy | 14,029 | 1,268,502 | |||
8,071,485 | |||||
BNY Mellon Asset Allocation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 22.7% (continued) | |||||
Financials - 3.8% | |||||
Allstate | 11,030 | 1,017,628 | |||
American Express | 13,838 | 1,349,343 | |||
Ameriprise Financial | 1,072 | 167,704 | |||
Aon | 5,520 | 774,566 | |||
Bank of America | 79,656 | 2,556,958 | |||
Berkshire Hathaway, Cl. B | 2,844 | e | 589,277 | ||
Comerica | 10,325 | 1,003,796 | |||
Discover Financial Services | 13,239 | 1,043,630 | |||
Eaton Vance | 15,410 | 815,651 | |||
JPMorgan Chase & Co. | 26,699 | 3,083,734 | |||
Marsh & McLennan Co. | 12,535 | 1,040,656 | |||
Principal Financial Group | 9,535 | 594,317 | |||
Progressive | 16,185 | 931,932 | |||
Prudential Financial | 1,285 | 136,621 | |||
S&P Global | 6,590 | 1,263,962 | |||
State Street | 11,055 | 1,173,488 | |||
Synchrony Financial | 4,535 | 165,029 | |||
Torchmark | 2,175 | 185,680 | |||
Unum Group | 3,045 | 155,173 | |||
Wells Fargo & Co. | 3,720 | 217,285 | |||
18,266,430 | |||||
Health Care - 3.5% | |||||
AbbVie | 14,318 | 1,658,454 | |||
Agilent Technologies | 9,539 | 654,280 | |||
Amgen | 8,096 | 1,487,802 | |||
Baxter International | 16,982 | 1,151,210 | |||
Biogen | 510 | e | 147,385 | ||
Bristol-Myers Squibb | 2,250 | 148,950 | |||
Celgene | 9,350 | e | 814,572 | ||
Cigna | 3,389 | 663,871 | |||
Danaher | 10,550 | 1,031,579 | |||
Eli Lilly & Co. | 12,555 | 966,986 | |||
Express Scripts Holding | 5,960 | e | 449,682 | ||
Johnson & Johnson | 18,557 | 2,410,183 | |||
Merck & Co. | 25,043 | 1,357,831 | |||
Pfizer | 49,796 | 1,808,093 | |||
Quest Diagnostics | 1,620 | 166,941 | |||
Thermo Fisher Scientific | 5,802 | 1,210,181 | |||
UnitedHealth Group | 3,135 | 709,012 | |||
Zoetis | 2,155 | 174,253 | |||
17,011,265 | |||||
Industrials - 1.9% | |||||
Boeing | 5,926 | 2,146,456 | |||
Caterpillar | 1,335 | 206,431 | |||
Copa Holdings, Cl. A | 1,210 | 164,524 | |||
Delta Air Lines | 9,562 | 515,392 | |||
Honeywell International | 1,475 | 222,887 | |||
Ingersoll-Rand | 4,435 | 393,828 | |||
Lockheed Martin | 2,210 | 778,892 | |||
Norfolk Southern | 7,150 | 994,422 | |||
Raytheon | 2,370 | 515,499 | |||
Southwest Airlines | 17,010 | 983,858 | |||
Spirit AeroSystems Holdings, Cl. A | 11,054 | 1,009,120 | |||
Union Pacific | 10,730 | 1,397,582 | |||
9,328,891 |
61
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 22.7% (continued) | |||||
Information Technology - 5.7% | |||||
Accenture, Cl. A | 4,960 | 798,610 | |||
Alphabet, Cl. A | 1,989 | e | 2,195,697 | ||
Alphabet, Cl. C | 1,989 | e | 2,197,308 | ||
Amdocs | 2,975 | 195,725 | |||
Apple | 24,309 | 4,329,919 | |||
Applied Materials | 24,503 | 1,411,128 | |||
CDK Global | 8,190 | 562,489 | |||
Cisco Systems | 23,626 | 1,057,972 | |||
Citrix Systems | 1,475 | e | 135,700 | ||
Cognizant Technology Solutions, Cl. A | 9,590 | 786,572 | |||
Electronic Arts | 8,210 | e | 1,015,577 | ||
F5 Networks | 3,770 | e | 559,920 | ||
Facebook, Cl. A | 15,641 | e | 2,789,103 | ||
Fiserv | 2,679 | e | 384,142 | ||
HP | 49,987 | 1,169,196 | |||
International Business Machines | 3,951 | 615,684 | |||
Jabil | 5,805 | 157,257 | |||
Lam Research | 5,500 | 1,055,230 | |||
Micron Technology | 25,075 | e | 1,223,911 | ||
Microsoft | 22,765 | 2,134,674 | |||
Red Hat | 2,247 | e | 331,208 | ||
Skyworks Solutions | 8,050 | 879,462 | |||
Texas Instruments | 2,988 | 323,750 | |||
Western Digital | 10,995 | 957,005 | |||
27,267,239 | |||||
Materials - .2% | |||||
Huntsman | 12,600 | 406,602 | |||
Westlake Chemical | 7,575 | 820,069 | |||
1,226,671 | |||||
Real Estate - .3% | |||||
Prologis | 6,590 | f | 399,881 | ||
Public Storage | 4,533 | f | 881,397 | ||
1,281,278 | |||||
Telecommunications - .9% | |||||
AT&T | 51,626 | 1,874,024 | |||
T-Mobile US | 13,940 | e | 844,903 | ||
Verizon Communications | 31,870 | 1,521,474 | |||
4,240,401 | |||||
Utilities - .3% | |||||
MDU Resources Group | 26,260 | 690,375 | |||
Sempra Energy | 7,675 | 836,421 | |||
1,526,796 | |||||
Total Common Stocks | 109,312,966 | ||||
BNY Mellon Asset Allocation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Other Investments - 64.3% | |||||
Registered Investment Company; | |||||
ASG Managed Futures Strategy Fund, Cl. Y | 957,794 | 9,673,719 | |||
BNY Mellon Corporate Bond Fund, Cl. M | 983,084 | g | 12,455,671 | ||
BNY Mellon Emerging Markets Fund, Cl. M | 2,101,727 | g | 26,250,564 | ||
BNY Mellon Focused Equity Opportunities Fund, Cl. M | 2,603,296 | g | 45,037,028 | ||
BNY Mellon Income Stock Fund, Cl. M | 1,290,310 | g | 12,064,394 | ||
BNY Mellon Intermediate Bond Fund, Cl. M | 1,936,352 | g | 23,817,126 | ||
BNY Mellon International Fund, Cl. M | 1,031,411 | g | 14,295,362 | ||
BNY Mellon Mid Cap Multi-Strategy Fund, Cl. M | 2,307,961 | g | 40,689,361 | ||
BNY Mellon Small Cap Multi-Strategy Fund, Cl. M | 293,173 | g | 5,869,330 | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund, Cl. M | 748,828 | g | 10,992,802 | ||
Dreyfus Floating Rate Income Fund, Cl. Y | 880,441 | g | 10,670,942 | ||
Dreyfus Global Real Estate Securities Fund, Cl. Y | 900,497 | g | 7,582,184 | ||
Dreyfus High Yield Fund, Cl. I | 1,647,682 | g | 10,248,585 | ||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1,581,069 | h | 1,581,069 | ||
Dreyfus International Small Cap Fund, Cl. Y | 755,376 | g | 12,947,137 | ||
Dreyfus Research Growth Fund, Cl. Y | 608,005 | g | 9,655,123 | ||
Dreyfus Select Managers Small Cap Growth Fund, Cl. Y | 686,150 | g | 18,917,147 | ||
Dreyfus Select Managers Small Cap Value Fund, Cl. Y | 621,911 | g | 15,292,801 | ||
Dreyfus/Newton International Equity Fund, Cl. Y | 610,855 | g | 13,389,945 | ||
Dynamic Total Return Fund, Cl. Y | 512,171 | g | 8,102,537 | ||
Total Other Investments | 309,532,827 | ||||
Total Investments (cost $398,531,936) | 100.0% | 481,193,542 | |||
Liabilities, Less Cash and Receivables | 0.0% | (80,641) | |||
Net Assets | 100.0% | 481,112,901 |
GO—General Obligation
a 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 February 28, 2018, these securities were valued at $1,477,636 or .31% of net assets.
b The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
c Security, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $2,233,180 and the value of the collateral held by the fund was $2,287,547, consisting of U.S. Government & Agency securities.
d Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
e Non-income producing security.
f Investment in real estate investment trust.
g Investment in affiliated mutual fund.
h Investment in affiliated money market mutual fund.
62
Portfolio Summary (Unaudited) † | Value (%) |
Mutual Funds: Domestic | 48.5 |
Common Stocks | 22.7 |
Mutual Funds: Foreign | 15.5 |
Corporate Bonds | 5.4 |
U.S. Government Agencies/Mortgage-Backed | 3.7 |
U.S. Government Securities | 2.6 |
Municipal Bonds | .9 |
Money Market Investment | .3 |
Commercial Mortgage-Backed | .2 |
Foreign/Governmental | .2 |
100.0 |
† Based on net assets.
See notes to financial statements.
63
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited)
Registered Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ |
BNY Mellon Large Cap Stock Fund | ||||||||
Dreyfus Institutional | 1,096,205 | 21,846,969 | 20,149,912 | – | – | 2,793,262 | .9 | 8,811 |
Dreyfus Institutional | – | 12,659,918 | 12,659,918 | – | – | – | – | – |
Total | 1,096,205 | 34,506,887 | 32,809,830 | – | – | 2,793,262 | .9 | 8,811 |
BNY Mellon | ||||||||
BNY Mellon Income | 7,402,691 | – | 213,894 | 20,890 | 29,505 | 7,239,192 | 10.9 | 623,547 |
Dreyfus Institutional | 775,093 | 9,189,360 | 9,639,361 | – | – | 325,092 | .5 | 3,995 |
Dreyfus Institutional | – | 164,220 | 164,220 | – | – | – | – | – |
Dreyfus Research | 18,056,350 | – | 1,921,082 | 44,022 | 668,085 | 16,847,375 | 25.2 | 1,307,613 |
Dreyfus Strategic | 10,172,719 | – | 887,885 | 59,267 | (41,904) | 9,302,197 | 13.9 | 1,102,620 |
Total | 36,406,853 | 9,353,580 | 12,826,442 | 124,179 | 655,686 | 33,713,856 | 50.5 | 3,037,775 |
BNY Mellon | ||||||||
BNY Mellon Income | 21,580,349 | 2,700,000 | 976,220 | 79,000 | 184,795 | 23,567,924 | 6.9 | 1,790,513 |
Dreyfus Institutional | 1,232,934 | 31,490,427 | 30,273,720 | – | – | 2,449,641 | .7 | 418 |
Dreyfus Institutional | – | 2,843,934 | 2,018,040 | – | – | 825,894 | .3 | 13,072 |
Dreyfus Research | 60,307,580 | – | 11,306,991 | 164,349 | 1,868,681 | 51,033,619 | 14.9 | 4,257,955 |
Dreyfus Strategic | 31,709,431 | – | 4,660,745 | 171,764 | (244,453) | 26,975,997 | 7.9 | 3,404,226 |
Total | 114,830,294 | 37,034,361 | 49,235,716 | 415,113 | 1,809,023 | 104,853,075 | 30.7 | 9,466,184 |
BNY Mellon Income Stock Fund | ||||||||
Dreyfus Institutional | 11,627,088 | 175,772,173 | 175,903,204 | – | – | 11,496,057 | .9 | 74,639 |
Dreyfus Institutional | – | 131,631,207 | 93,067,830 | – | – | 38,563,377 | 3.1 | – |
Total | 11,627,088 | 307,403,380 | 268,971,034 | – | – | 50,059,434 | 4.0 | 74,639 |
64
Registered Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ |
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||
Dreyfus Institutional | 44,284,328 | 117,886,067 | 126,551,450 | – | – | 35,618,945 | 1.1 | 276,103 |
Dreyfus Institutional | 89,017,908 | 403,267,006 | 396,168,091 | – | – | 96,116,823 | 3.0 | – |
Total | 133,302,236 | 521,153,073 | 522,719,541 | – | – | 131,735,768 | 4.1 | 276,103 |
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||
Dreyfus Institutional | 11,224,713 | 58,320,989 | 58,020,694 | – | – | 11,525,008 | 2.0 | 55,962 |
Dreyfus Institutional | 61,260,053 | 156,037,721 | 162,451,651 | – | – | 54,846,123 | 9.6 | – |
Total | 72,484,766 | 214,358,710 | 220,472,345 | – | – | 66,371,131 | 11.6 | 55,962 |
BNY Mellon Focused Equity Opportunities | ||||||||
Dreyfus Institutional | 1,622,984 | 49,493,786 | 48,379,998 | – | – | 2,736,772 | .5 | 19,001 |
BNY Mellon Small/ | ||||||||
Dreyfus Institutional | 6,871,312 | 36,526,450 | 39,637,186 | – | – | 3,760,576 | 1.1 | 24,853 |
Dreyfus Institutional | 26,312,751 | 103,335,723 | 108,133,277 | – | – | 21,515,197 | 6.4 | – |
Total | 33,184,063 | 139,862,173 | 147,770,463 | – | – | 25,275,773 | 7.5 | 24,853 |
BNY Mellon | ||||||||
Dreyfus Institutional | 8,972,288 | 85,625,719 | 86,959,716 | – | – | 7,638,291 | .7 | 56,323 |
BNY Mellon | ||||||||
Dreyfus Institutional | 5,959,053 | 161,072,984 | 139,946,343 | – | – | 27,085,694 | 2.5 | 46,698 |
Dreyfus Institutional | 425,984 | 171,082,362 | 171,508,346 | – | – | – | – | – |
Total | 6,385,037 | 332,155,346 | 311,454,689 | – | – | 27,085,694 | 2.5 | 46,698 |
65
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited) (continued)
Registered Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ | ||||||
BNY Mellon International | ||||||||||||||
Dreyfus Institutional | 643,374 | 4,040,919 | 4,422,657 | – | – | 261,636 | .3 | 2,644 | ||||||
BNY Mellon International | ||||||||||||||
Dreyfus Institutional | 4,877,078 | 43,781,631 | 46,532,337 | – | – | 2,126,372 | .6 | 16,481 | ||||||
BNY Mellon Asset Allocation Fund | ||||||||||||||
BNY Mellon Corporate Bond Fund, Cl. M | 12,637,970 | 199,337 | – | – | (381,636) | 12,455,671 | 2.6 | 234,728 | ||||||
BNY Mellon Emerging Markets Fund, Cl. M | 23,411,412 | 196,589 | – | – | 2,642,563 | 26,250,564 | 5.4 | 196,589 | ||||||
BNY Mellon Focused Equity Opportunities Fund, Cl. M | 39,553,593 | 4,503,420 | – | – | 980,015 | 45,037,028 | 9.4 | 4,503,419 | ||||||
BNY Mellon Income Stock Fund, Cl. M | 14,268,270 | 963,735 | 3,315,158 | 435,220 | (287,673) | 12,064,394 | 2.5 | 989,284 | ||||||
BNY Mellon Intermediate Bond Fund, Cl. M | 24,188,103 | 207,850 | – | – | (578,827) | 23,817,126 | 5.0 | 244,641 | ||||||
BNY Mellon International Fund, Cl. M | 13,379,750 | 210,906 | – | – | 704,706 | 14,295,362 | 3.0 | 210,906 | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund, Cl M | 40,453,519 | 1,792,153 | 3,858,894 | 607,081 | 1,695,502 | 40,689,361 | 8.4 | 1,792,152 | ||||||
BNY Mellon Small Cap Multi-Strategy Fund, Cl M | 5,264,865 | 460,351 | – | – | 144,114 | 5,869,330 | 1.2 | 460,351 | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund, Cl M | 9,844,609 | 1,006,610 | – | – | 141,583 | 10,992,802 | 2.3 | 1,006,609 | ||||||
Dreyfus Floating Rate Income Fund, Cl. Y | 10,450,069 | 202,842 | – | – | 18,031 | 10,670,942 | 2.2 | 202,843 | ||||||
Dreyfus Global Real Estate Securities Fund, Cl. Y | 8,522,929 | 356,259 | 672,000 | 756 | (625,760) | 7,582,184 | 1.6 | 356,260 | ||||||
Dreyfus High Yield | 10,167,618 | 245,793 | – | – | (164,826) | 10,248,585 | 2.1 | 290,323 | ||||||
Dreyfus Institutional | 6,504,032 | 17,455,520 | 22,378,483 | – | – | 1,581,069 | .3 | 24,695 | ||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | – | 1,267,250 | 1,267,250 | – | – | – | – | – | ||||||
Dreyfus International | 11,816,435 | 235,365 | – | – | 895,337 | 12,947,137 | 2.7 | 235,365 | ||||||
Dreyfus Research | 8,616,451 | 629,342 | – | – | 409,330 | 9,655,123 | 2.0 | 629,341 | ||||||
Dreyfus Select | 17,638,127 | 1,164,623 | 973,434 | 52,856 | 1,034,975 | 18,917,147 | 3.9 | 1,164,623 |
66
Registered Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ | |||
Dreyfus Select | 15,121,619 | 904,544 | 969,614 | 104,893 | 131,359 | 15,292,801 | 3.2 | 904,544 | |||
Dreyfus/Newton | 12,538,600 | 183,289 | – | – | 668,056 | 13,389,945 | 2.8 | 183,289 | |||
Dynamic Total Return Fund, Cl. Y | 8,064,491 | 398,446 | – | – | (360,400) | 8,102,537 | 1.7 | 398,446 | |||
Total | 292,442,462 | 32,584,224 | 33,434,833 | 1,200,806 | 7,066,449 | 299,859,108 | 62.3 | 14,028,408 |
See notes to financial statements
67
STATEMENT OF FUTURES
February 28, 2018 (Unaudited)
BNY Mellon International Appreciation Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Long | |||||||||||
MSCI EAFE Index | 4 | 3/2018 | 415,769 | 407,300 | (8,469) | ||||||
Gross Unrealized Depreciation | (8,469) |
See notes to financial statements.
68
STATEMENT OF OPTIONS WRITTEN
February 28, 2018 (Unaudited)
BNY Mellon Income Stock Fund | ||||||
Description/ Expiration Date/ Exercise Price | Counterparty | Number of Contracts | Notional Amount | Value ($) | ||
Call Options: | ||||||
Coca-Cola | Goldman Sachs International | 1,348 | 6,200,800 | (4,044) | ||
JPMorgan Chase & Co. | Goldman Sachs International | 1,058 | 12,696,000 | (48,668) | ||
Put Options: | ||||||
American International Group | Goldman Sachs International | 167 | 1,002,000 | (50,100) | ||
Apple | Goldman Sachs International | 23 | 396,750 | (2,990) | ||
Apple | Goldman Sachs International | 39 | 682,500 | (7,800) | ||
AT&T | Goldman Sachs International | 270 | 999,000 | (20,520) | ||
Bank of America | Goldman Sachs International | 323 | 1,001,300 | (8,075) | ||
BB&T | Goldman Sachs International | 190 | 997,500 | (11,400) | ||
Bristol-Myers Squibb | Goldman Sachs International | 148 | 999,000 | (30,044) | ||
CF Industries Holdings | Goldman Sachs International | 235 | 998,750 | (65,565) | ||
Cisco Systems | Goldman Sachs International | 250 | 1,100,000 | (12,500) | ||
Comcast, Cl. A | Goldman Sachs International | 250 | 1,000,000 | (83,750) | ||
Conagra Brands | Goldman Sachs International | 277 | 997,200 | (13,850) | ||
Delta Air Lines | Goldman Sachs International | 124 | 651,000 | (8,184) | ||
DowDuPont | Goldman Sachs International | 59 | 427,750 | (14,573) | ||
Exxon Mobil | Goldman Sachs International | 133 | 997,500 | (25,802) | ||
FirstEnergy | Goldman Sachs International | 303 | 999,900 | (22,725) | ||
Hess | Goldman Sachs International | 126 | 535,500 | (6,615) | ||
Honeywell International | Goldman Sachs International | 33 | 495,000 | (5,775) | ||
International Business Machines | Goldman Sachs International | 38 | 589,000 | (7,296) | ||
Kellogg | Goldman Sachs International | 74 | 499,500 | (15,540) | ||
Kellogg | Goldman Sachs International | 71 | 497,000 | (23,430) | ||
Kraft Heinz | Goldman Sachs International | 148 | 999,000 | (35,520) | ||
Lamar Advertising, Cl. A | Goldman Sachs International | 112 | 756,000 | (25,760) | ||
Las Vegas Sands | Goldman Sachs International | 138 | 1,000,500 | (17,802) | ||
Morgan Stanley | Goldman Sachs International | 181 | 995,500 | (10,498) | ||
Omnicom Group | Goldman Sachs International | 137 | 993,250 | (17,810) | ||
Oracle | Goldman Sachs International | 204 | 999,600 | (9,384) | ||
Pfizer | Goldman Sachs International | 245 | 882,000 | (9,800) |
69
STATEMENT OF OPTIONS WRITTEN (Unaudited) (continued)
BNY Mellon Income Stock Fund | ||||||
Description/ Expiration Date/ Exercise Price | Counterparty | Number of Contracts | Notional Amount | Value ($) | ||
Put Options: (continued) | ||||||
Phillips 66 | Goldman Sachs International | 105 | 971,250 | (26,775) | ||
Schlumberger | Goldman Sachs International | 128 | 800,000 | (3,200) | ||
Suntrust Banks | Goldman Sachs International | 143 | 1,001,000 | (20,735) | ||
U.S. Bancorp | Goldman Sachs International | 181 | 995,500 | (31,494) | ||
Verizon Communications | Goldman Sachs International | 208 | 998,400 | (35,360) | ||
Wells Fargo & Co. | Goldman Sachs International | 140 | 840,000 | (27,300) | ||
Total Options Written (premiums received $728,931) | (760,684) |
See notes to financial statements.
70
STATEMENTS OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS February 28, 2018 (Unaudited)
BNY Mellon International Fund | |||||
Counterparty/ Purchased | Purchased Currency | Currency | Sold | Settlement Date | Unrealized Appreciation |
Bank of America | |||||
Australian Dollar | 1,796,948 | United States Dollar | 1,403,440 | 3/1/18 | (7,752) |
Barclays Bank | |||||
Hong Kong Dollars | 6,078,268 | United States Dollar | 776,601 | 3/1/18 | 85 |
Goldman Sachs International | |||||
Japanese Yen | 719,767,417 | United States Dollar | 6,723,462 | 3/2/18 | 22,566 |
UBS | |||||
Norwegian Krone | 1,579,076 | United States Dollar | 200,715 | 3/1/18 | (764) |
Gross Unrealized Appreciation | 22,651 | ||||
Gross Unrealized Depreciation | (8,516) |
See notes to financial statements.
BNY Mellon Emerging Markets Fund | |||||
Counterparty/ Purchased | Purchased Currency | Currency | Sold | Settlement Date | Unrealized Appreciation (Depreciation)($) |
Barclays Bank | |||||
Hong Kong Dollars | 75,002,305 | United States Dollar | 9,582,808 | 3/1/18 | 1,049 |
Deutsche Bank | |||||
Hungarian Forint | 47,114,827 | United States Dollar | 183,297 | 3/1/18 | (164) |
Goldman Sachs International | |||||
Turkish Lira | 2,226,991 | United States Dollar | 585,800 | 3/1/18 | 19 |
Morgan Stanley Capital Services | |||||
Polish Zloty | 2,143,809 | United States Dollar | 627,173 | 3/1/18 | (859) |
Northern Trust Bank | |||||
South African Rand | 17,512,115 | United States Dollar | 1,489,963 | 3/2/18 | (5,099) |
Gross Unrealized Appreciation | 1,068 | ||||
Gross Unrealized Depreciation | (6,122) |
See notes to financial statements.
71
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2018 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 287,358,199 |
| 33,158,079 |
| 237,185,557 |
| 1,189,737,296 |
| |
Affiliated issuers |
|
|
| 2,793,262 |
| 33,713,856 |
| 104,853,075 |
| 50,059,434 |
| |
Cash |
|
|
| - |
| 35,000 |
| 88,925 |
| - |
| |
Cash collateral held by broker—Note 4 |
|
|
| - |
| - |
| - |
| 28,098,150 |
| |
Receivable for investment securities sold |
|
|
| 11,140,270 |
| - |
| - |
| 2,427,765 |
| |
Dividends receivable |
|
|
| 517,500 |
| 70,038 |
| 478,340 |
| 3,150,774 |
| |
Receivable for shares of Beneficial |
|
|
| 24,568 |
| 1,333 |
| 69,923 |
| 304,331 |
| |
Securities lending receivable |
|
|
| 500 |
| 9 |
| 271 |
| 10,644 |
| |
Prepaid expenses |
|
|
| 12,734 |
| 10,657 |
| 12,313 |
| 32,685 |
| |
|
|
|
| 301,847,033 |
| 66,988,972 |
| 342,688,404 |
| 1,273,821,079 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 175,000 |
| 37,075 |
| 160,641 |
| 650,305 |
| |
Due to Administrator—Note 3(a) |
|
|
| 27,301 |
| 3,171 |
| 22,675 |
| 116,530 |
| |
Cash overdraft due to Custodian |
|
|
| 256,252 |
| - |
| - |
| 1,752,610 |
| |
Payable for investment securities purchased |
|
|
| 11,444,638 |
| - |
| - |
| 3,153,656 |
| |
Payable for shares of Beneficial |
|
|
| 172,152 |
| 107,000 |
| 17,775 |
| 427,086 |
| |
Liability for securities on loan—Note 1(c) |
|
|
| - |
| - |
| 825,894 |
| 38,563,377 |
| |
Outstanding options written, at value††† |
|
|
| - |
| - |
| - |
| 760,684 |
| |
Accrued expenses |
|
|
| 35,841 |
| 24,037 |
| 28,445 |
| 51,719 |
| |
|
|
|
| 12,111,184 |
| 171,283 |
| 1,055,430 |
| 45,475,967 |
|
|
Net Assets ($) |
|
|
| 289,735,849 |
| 66,817,689 |
| 341,632,974 |
| 1,228,345,112 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 194,779,337 |
| 44,069,290 |
| 190,919,446 |
| 955,608,235 |
| |
Accumulated undistributed (distributions in |
|
|
| 52,692 |
| (526,284) |
| (1,513,982) |
| 2,796,686 |
| |
Accumulated net realized gain (loss) |
|
|
| 17,153,047 |
| 4,796,666 |
| 19,862,953 |
| 51,254,361 |
| |
Accumulated net unrealized appreciation |
|
|
| 77,750,773 |
| 18,478,017 |
| 132,364,557 |
| 218,717,583 |
| |
Accumulated net unrealized appreciation |
|
|
| - |
| - |
| - |
| (31,753) |
| |
Net Assets ($) |
|
|
| 289,735,849 |
| 66,817,689 |
| 341,632,974 |
| 1,228,345,112 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 209,607,426 |
| 21,208,333 |
| 120,289,648 |
| 971,019,713 |
|
|
Affiliated issuers |
|
|
| 2,793,262 |
| 27,185,585 |
| 89,384,427 |
| 50,059,434 |
|
|
†† Value of securities on loan ($) |
|
|
| 2,175,023 |
| 116,444 |
| 1,927,155 |
| 62,554,258 |
|
|
††† Outstanding options premiums received ($) |
|
|
| - |
| - |
| - |
| 728,931 |
| |
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 279,800,527 |
| 66,206,902 |
| 335,603,556 |
| 1,191,857,367 |
| |
Shares Outstanding |
|
|
| 45,354,206 |
| 5,402,218 |
| 20,111,172 |
| 127,504,316 |
| |
Net Asset Value Per Share ($) |
|
|
| 6.17 |
| 12.26 |
| 16.69 |
| 9.35 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 9,935,322 |
| 610,787 |
| 6,029,418 |
| 26,725,129 |
| |
Shares Outstanding |
|
|
| 1,609,420 |
| 49,202 |
| 352,888 |
| 2,826,889 |
| |
Net Asset Value Per Share ($) |
|
|
| 6.17 |
| 12.41 |
| 17.09 |
| 9.45 |
|
72
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| |
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 2,986,273 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 319,299 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 9.35 |
| |
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 796,611 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 85,333 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 9.34 |
| |
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 5,968,633 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 638,386 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 9.35 |
| |
Class Y |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 11,099 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 1,188 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 9.34 |
| |
| ||||||||||||
See notes to financial statements. |
|
73
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Mid Cap Multi-Strategy Fund |
| BNY Mellon Small Cap Multi-Strategy Fund |
| BNY Mellon Focused Equity Opportunities Fund |
| BNY Mellon Small/Mid Cap Multi-Strategy Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 3,116,374,866 |
| 563,063,511 |
| 534,520,207 |
| 336,243,948 |
| |
Affiliated issuers |
|
|
| 131,735,768 |
| 66,371,131 |
| 2,736,772 |
| 25,275,773 |
| |
Cash |
|
|
| 3,978,465 |
| 1,475,501 |
| 303,300 |
| 20,331 |
| |
Receivable for shares of Beneficial |
|
|
| 3,079,503 |
| 30,156 |
| 144,180 |
| 36,007 |
| |
Dividends receivable |
|
|
| 2,795,131 |
| 266,145 |
| 916,414 |
| 196,602 |
| |
Receivable for investment securities sold |
|
|
| 2,239,849 |
| 2,626,253 |
| - |
| 1,192,486 |
| |
Securities lending receivable |
|
|
| 16,250 |
| 35,345 |
| 1,481 |
| 14,929 |
| |
Prepaid expenses |
|
|
| 32,825 |
| 14,861 |
| 18,899 |
| 17,333 |
| |
|
|
|
| 3,260,252,657 |
| 633,882,903 |
| 538,641,253 |
| 362,997,409 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 1,924,275 |
| 417,616 |
| 316,120 |
| 234,768 |
| |
Due to Administrator—Note 3(a) |
|
|
| 295,734 |
| 53,920 |
| 50,657 |
| 32,257 |
| |
Liability for securities on loan—Note 1(c) |
|
|
| 96,116,823 |
| 54,846,123 |
| - |
| 21,515,197 |
| |
Payable for investment securities purchased |
|
|
| 2,304,122 |
| 3,452,921 |
| - |
| 1,220,153 |
| |
Payable for shares of Beneficial |
|
|
| 472,192 |
| 69,682 |
| 118,453 |
| 25,186 |
| |
Interest payable—Note 2 |
|
|
| - |
| - |
| - |
| 324 |
| |
Accrued expenses |
|
|
| 100,920 |
| 41,335 |
| 49,314 |
| 53,219 |
| |
|
|
|
| 101,214,066 |
| 58,881,597 |
| 534,544 |
| 23,081,104 |
|
|
Net Assets ($) |
|
|
| 3,159,038,591 |
| 575,001,306 |
| 538,106,709 |
| 339,916,305 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 2,159,885,795 |
| 442,634,448 |
| 352,405,429 |
| 257,987,576 |
| |
Accumulated undistributed (distributions in |
|
|
| 1,970,299 |
| (235,932) |
| 1,093,775 |
| (19,872) |
| |
Accumulated net realized gain (loss) |
|
|
| 67,126,846 |
| 28,460,708 |
| 13,884,199 |
| 19,630,051 |
| |
Accumulated net unrealized appreciation |
|
|
| 930,055,651 |
| 104,142,082 |
| 170,723,306 |
| 62,318,550 |
| |
Net Assets ($) |
|
|
| 3,159,038,591 |
| 575,001,306 |
| 538,106,709 |
| 339,916,305 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 2,186,319,215 |
| 458,921,429 |
| 363,796,901 |
| 273,925,398 |
|
|
Affiliated issuers |
|
|
| 131,735,768 |
| 66,371,131 |
| 2,736,772 |
| 25,275,773 |
|
|
†† Value of securities on loan ($) |
|
|
| 235,474,759 |
| 99,731,231 |
| 19,789,898 |
| 43,587,694 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 3,067,155,095 |
| 554,641,231 |
| 532,281,093 |
| 336,722,740 |
| |
Shares Outstanding |
|
|
| 173,938,175 |
| 27,705,322 |
| 30,766,693 |
| 22,935,321 |
| |
Net Asset Value Per Share ($) |
|
|
| 17.63 |
| 20.02 |
| 17.30 |
| 14.68 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 91,883,496 |
| 20,360,075 |
| 5,825,616 |
| 3,193,565 |
| |
Shares Outstanding |
|
|
| 5,296,539 |
| 1,065,417 |
| 339,896 |
| 220,997 |
| |
Net Asset Value Per Share ($) |
|
|
| 17.35 |
| 19.11 |
| 17.14 |
| 14.45 |
| |
| ||||||||||||
See notes to financial statements. |
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| BNY Mellon International Appreciation Fund |
| BNY Mellon International Equity Income Fund |
| BNY Mellon Asset Allocation Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 1,156,685,425 |
| 1,047,094,082 |
| 78,349,725 |
| 386,527,766 |
| 181,334,434 |
| |
Affiliated issuers |
|
|
| 7,638,291 |
| 27,085,694 |
| 261,636 |
| 2,126,372 |
| 299,859,108 |
| |
Cash |
|
|
| 1,676,555 |
| 724,720 |
| 137 |
| 154,704 |
| - |
| |
Cash denominated in foreign currency††† |
|
|
| 2,311,066 |
| 11,009,869 |
| - |
| 374,173 |
| - |
| |
Receivable for investment securities sold |
|
|
| 12,352,444 |
| 1,757,735 |
| - |
| - |
| 4,696,492 |
| |
Dividends receivable |
|
|
| 2,050,043 |
| 2,692,734 |
| 180,702 |
| 1,600,386 |
| 336,722 |
| |
Tax reclaim receivable |
|
|
| 1,717,070 |
| 28,575 |
| - |
| 709,819 |
| - |
| |
Receivable for shares of Beneficial |
|
|
| 208,408 |
| 984,457 |
| - |
| 140,902 |
| 22,379 |
| |
Unrealized appreciation on forward foreign |
|
|
| 22,651 |
| 1,068 |
| - |
| - |
| - |
| |
Securities lending receivable |
|
|
| - |
| 67 |
| - |
| - |
| 140 |
| |
Interest receivable |
|
|
| - |
| - |
| - |
| - |
| 426,167 |
| |
Prepaid expenses and other assets |
|
|
| 30,273 |
| 18,955 |
| 163,568 |
| 21,324 |
| 17,644 |
| |
|
|
|
| 1,184,692,226 |
| 1,091,397,956 |
| 78,955,768 |
| 391,655,446 |
| 486,693,086 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 930,695 |
| 1,464,664 |
| 42,687 |
| 371,924 |
| 63,700 |
| |
Due to Administrator—Note 3(a) |
|
|
| 110,966 |
| 99,672 |
| 7,511 |
| 37,018 |
| 16,102 |
| |
Cash overdraft due to Custodian |
|
|
| - |
| - |
| - |
| - |
| 157,304 |
| |
Payable for investment securities purchased |
|
|
| 9,487,412 |
| 27,175,964 |
| - |
| - |
| 4,632,409 |
| |
Payable for shares of Beneficial |
|
|
| 282,726 |
| 300,521 |
| - |
| 21,802 |
| 663,444 |
| |
Unrealized depreciation on forward foreign |
|
|
| 8,516 |
| 6,122 |
| - |
| - |
| - |
| |
Payable for futures |
|
|
| - |
| - |
| 4,300 |
| - |
| - |
| |
Accrued expenses |
|
|
| 60,365 |
| 44,345 |
| 48,180 |
| 40,989 |
| 47,226 |
| |
|
|
|
| 10,880,680 |
| 29,091,288 |
| 102,678 |
| 471,733 |
| 5,580,185 |
|
|
Net Assets ($) |
|
|
| 1,173,811,546 |
| 1,062,306,668 |
| 78,853,090 |
| 391,183,713 |
| 481,112,901 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 1,561,836,755 |
| 1,148,239,107 |
| 120,186,203 |
| 360,620,418 |
| 384,801,253 |
| |
Accumulated undistributed (distributions in |
|
|
| 1,655,299 |
| (3,202,494) |
| (94,965) |
| 1,125,053 |
| (1,553,682) |
| |
Accumulated net realized gain (loss) |
|
|
| (542,259,629) |
| (408,640,265) |
| (30,596,939) |
| (21,408,117) |
| 15,203,724 |
| |
Accumulated net unrealized appreciation |
|
|
| 152,522,822 |
| 325,797,882 |
| (10,632,740) |
| 50,819,795 |
| 82,661,606 |
| |
Accumulated net unrealized appreciation |
|
|
| 56,299 |
| 112,438 |
| - |
| 26,564 |
| - |
| |
Accumulated net unrealized appreciation |
|
|
| - |
| - |
| (8,469) |
| - |
| - |
| |
Net Assets ($) |
|
|
| 1,173,811,546 |
| 1,062,306,668 |
| 78,853,090 |
| 391,183,713 |
| 481,112,901 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 1,004,162,603 |
| 721,296,200 |
| 88,982,465 |
| 335,707,971 |
| 154,248,105 |
|
|
Affiliated issuers |
|
|
| 7,638,291 |
| 27,085,694 |
| 261,636 |
| 2,126,372 |
| 244,283,831 |
|
|
†† Value of securities on loan ($) |
|
|
| - |
| - |
| - |
| - |
| 2,233,180 |
|
|
††† Cash denominated in foreign |
|
|
| 2,326,347 |
| 10,982,215 |
| - |
| 373,432 |
| - |
| |
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 1,154,007,030 |
| 1,040,582,565 |
| 77,305,608 |
| 389,851,002 |
| 474,620,893 |
| |
Shares Outstanding |
|
|
| 83,238,350 |
| 83,877,818 |
| 5,365,921 |
| 25,862,786 |
| 37,466,258 |
| |
Net Asset Value Per Share ($) |
|
|
| 13.86 |
| 12.41 |
| 14.41 |
| 15.07 |
| 12.67 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 19,804,516 |
| 21,724,103 |
| 1,547,482 |
| 1,332,711 |
| 6,492,008 |
| |
Shares Outstanding |
|
|
| 1,340,118 |
| 1,703,847 |
| 108,276 |
| 87,516 |
| 508,699 |
| |
Net Asset Value Per Share ($) |
|
|
| 14.78 |
| 12.75 |
| 14.29 |
| 15.23 |
| 12.76 |
| |
| ||||||||||||||
See notes to financial statements. |
|
75
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2018 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
| ||
Cash dividends: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 2,690,500 |
| 212,331 |
| 1,893,913 |
| 18,397,663 |
| ||
Affiliated issuers |
|
| 8,811 |
| 241,245 |
| 740,619 |
| 74,639 |
| ||
Income from securities lending—Note 1(c) |
|
| 1,008 |
| 21 |
| 418 |
| 20,821 |
| ||
Total Income |
|
| 2,700,319 |
| 453,597 |
| 2,634,950 |
| 18,493,123 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 956,680 |
| 146,024 |
| 927,303 |
| 4,035,859 |
| ||
Administration fee—Note 3(a) |
|
| 180,748 |
| 20,923 |
| 147,962 |
| 762,492 |
| ||
Distribution fees—Note 3(b) |
|
| - |
| - |
| - |
| 3,683 |
| ||
Custodian fees—Note 3(b) |
|
| 13,327 |
| 2,209 |
| 7,332 |
| 19,889 |
| ||
Prospectus and shareholders’ reports |
|
| 4,911 |
| 4,807 |
| 5,033 |
| 10,350 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 12,879 |
| 1,116 |
| 8,277 |
| 44,430 |
| ||
Registration fees |
|
| 15,568 |
| 15,138 |
| 15,863 |
| 42,723 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 12,217 |
| 2,957 |
| 10,373 |
| 40,591 |
| ||
Professional fees |
|
| 19,751 |
| 12,467 |
| 13,795 |
| 26,607 |
| ||
Loan commitment fees—Note 2 |
|
| 3,610 |
| 1,067 |
| 5,097 |
| 15,334 |
| ||
Interest expense—Note 2 |
|
| 303 |
| - |
| - |
| 118 |
| ||
Miscellaneous |
|
| 11,103 |
| 10,442 |
| 10,618 |
| 13,283 |
| ||
Total Expenses |
|
| 1,231,097 |
| 217,150 |
| 1,151,653 |
| 5,015,359 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (49) |
| (10) |
| (21) |
| (1,117) |
| ||
Net Expenses |
|
| 1,231,048 |
| 217,140 |
| 1,151,632 |
| 5,014,242 |
| ||
Investment Income—Net |
|
| 1,469,271 |
| 236,457 |
| 1,483,318 |
| 13,478,881 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments: |
|
|
|
|
|
|
|
| ||||
Unaffiliated issuers |
|
|
| 21,443,041 |
| 2,272,707 |
| 11,673,447 |
| 79,256,304 |
| |
Affiliated issuers |
|
|
| - |
| 124,179 |
| 415,113 |
| - |
| |
Net realized gain (loss) on options transactions |
|
| - |
| - |
| - |
| 514,296 |
| ||
Capital gain distributions from affiliated issuers |
|
| - |
| 2,796,530 |
| 8,725,565 |
| - |
| ||
Net Realized Gain (Loss) |
|
| 21,443,041 |
| 5,193,416 |
| 20,814,125 |
| 79,770,600 |
| ||
Net unrealized appreciation (depreciation) on investments: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
|
| 10,063,943 |
| 1,998,064 |
| 14,810,414 |
| 16,826,471 |
| |
Affiliated issuers |
|
|
| - |
| 655,686 |
| 1,809,023 |
| - |
| |
Net unrealized appreciation (depreciation) on options transactions |
|
| - |
| - |
| - |
| (110,705) |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| 10,063,943 |
| 2,653,750 |
| 16,619,437 |
| 16,715,766 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 31,506,984 |
| 7,847,166 |
| 37,433,562 |
| 96,486,366 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 32,976,255 |
| 8,083,623 |
| 38,916,880 |
| 109,965,247 |
| |||
See notes to financial statements. |
76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Mid Cap Multi-Strategy Fund |
| BNY Mellon Small Cap Multi-Strategy Fund |
| BNY Mellon Focused Equity Opportunities Fund |
| BNY Mellon Small/Mid Cap Multi-Strategy Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
| ||
Cash dividends: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 16,818,601 | † | 2,025,231 | † | 3,304,431 |
| 1,341,949 | † | ||
Affiliated issuers |
|
| 276,103 |
| 55,962 |
| 19,001 |
| 24,853 |
| ||
Income from securities lending—Note 1(c) |
|
| 312,101 |
| 422,852 |
| 10,699 |
| 164,390 |
| ||
Total Income |
|
| 17,406,805 |
| 2,504,045 |
| 3,334,131 |
| 1,531,192 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 11,365,359 |
| 2,388,948 |
| 1,813,534 |
| 1,286,481 |
| ||
Administration fee—Note 3(a) |
|
| 1,860,850 |
| 345,129 |
| 318,137 |
| 210,641 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 117,490 |
| 26,143 |
| 7,747 |
| 4,633 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 107,773 |
| 23,606 |
| 16,621 |
| 10,775 |
| ||
Custodian fees—Note 3(b) |
|
| 90,483 |
| 30,989 |
| 18,891 |
| 29,894 |
| ||
Professional fees |
|
| 38,178 |
| 16,038 |
| 18,749 |
| 17,708 |
| ||
Registration fees |
|
| 35,294 |
| 16,825 |
| 17,860 |
| 17,291 |
| ||
Loan commitment fees—Note 2 |
|
| 35,058 |
| 6,909 |
| 8,003 |
| 3,934 |
| ||
Prospectus and shareholders’ reports |
|
| 18,588 |
| 7,576 |
| 6,141 |
| 10,641 |
| ||
Interest expense—Note 2 |
|
| - |
| - |
| 597 |
| 324 |
| ||
Miscellaneous |
|
| 26,088 |
| 8,425 |
| 11,489 |
| 12,226 |
| ||
Total Expenses |
|
| 13,695,161 |
| 2,870,588 |
| 2,237,769 |
| 1,604,548 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (1,831) |
| (423) |
| (31) |
| (103) |
| ||
Net Expenses |
|
| 13,693,330 |
| 2,870,165 |
| 2,237,738 |
| 1,604,445 |
| ||
Investment Income (Loss)—Net |
|
| 3,713,475 |
| (366,120) |
| 1,096,393 |
| (73,253) |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | 111,149,694 |
| 40,371,975 |
| 15,161,000 |
| 29,843,447 |
| ||||
Net unrealized appreciation (depreciation) on investments |
|
| 182,202,890 |
| 20,414,416 |
| 50,552,699 |
| 7,835,001 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 293,352,584 |
| 60,786,391 |
| 65,713,699 |
| 37,678,448 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 297,066,059 |
| 60,420,271 |
| 66,810,092 |
| 37,605,195 |
| |||
† Net of foreign taxes withheld at source ($) |
|
| 13,951 |
| 7,961 |
| - |
| 4,863 |
| ||
See notes to financial statements. |
77
STATEMENTS OF OPERATIONS (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| BNY Mellon International Appreciation Fund |
| BNY Mellon International Equity Income Fund |
| BNY Mellon Asset Allocation Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
|
|
| ||
Cash dividends: |
|
|
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 9,168,790 | † | 6,296,791 | † | 728,967 | † | 6,865,849 | † | 966,880 |
| ||
Affiliated issuers |
|
| 56,323 |
| 46,698 |
| 2,644 |
| 16,481 |
| 2,483,546 |
| ||
Interest |
|
| - |
| - |
| 357 |
| - |
| 986,191 |
| ||
Income from securities lending—Note 1(c) |
|
| - |
| 9,432 |
| - |
| - |
| 1,010 |
| ||
Total Income |
|
| 9,225,113 |
| 6,352,921 |
| 731,968 |
| 6,882,330 |
| 4,437,627 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 4,870,471 |
| 5,672,219 |
| 199,608 |
| 1,632,792 |
| 699,333 |
| ||
Administration fee—Note 3(a) |
|
| 703,628 |
| 605,646 |
| 49,024 |
| 235,889 |
| 103,507 |
| ||
Custodian fees—Note 3(b) |
|
| 158,245 |
| 518,417 |
| 4,212 |
| 104,890 |
| 10,868 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 38,826 |
| 31,781 |
| 2,351 |
| 13,302 |
| 17,840 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 24,938 |
| 24,848 |
| 2,243 |
| 1,728 |
| 8,058 |
| ||
Professional fees |
|
| 22,673 |
| 44,686 |
| 18,151 |
| 23,562 |
| 21,375 |
| ||
Registration fees |
|
| 18,243 |
| 19,674 |
| 13,993 |
| 16,372 |
| 16,010 |
| ||
Loan commitment fees—Note 2 |
|
| 12,146 |
| 7,714 |
| 976 |
| 6,050 |
| 6,110 |
| ||
Prospectus and shareholders’ reports |
|
| 4,872 |
| 6,981 |
| 5,605 |
| 4,838 |
| 5,102 |
| ||
Interest expense—Note 2 |
|
| - |
| - |
| - |
| 378 |
| - |
| ||
ADR fees |
|
| - |
| - |
| 45,250 |
| - |
| - |
| ||
Miscellaneous |
|
| 34,434 |
| 23,472 |
| 30,381 |
| 17,911 |
| 21,566 |
| ||
Total Expenses |
|
| 5,888,476 |
| 6,955,438 |
| 371,794 |
| 2,057,712 |
| 909,769 |
| ||
Less—reduction in expenses due to undertakings—Note 3(a) |
|
| - |
| - |
| - |
| - |
| (215,764) |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (71) |
| (1,004) |
| (125) |
| (129) |
| (23) |
| ||
Net Expenses |
|
| 5,888,405 |
| 6,954,434 |
| 371,669 |
| 2,057,583 |
| 693,982 |
| ||
Investment Income (Loss)—Net |
|
| 3,336,708 |
| (601,513) |
| 360,299 |
| 4,824,747 |
| 3,743,645 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments |
|
|
|
|
|
|
|
|
|
| ||||
Unaffiliated issuers |
|
|
| 24,801,799 |
| 38,716,254 |
| (544,246) |
| 21,761,403 |
| 4,452,547 |
| |
Affiliated issuers |
|
|
| - |
| - |
| - |
| - |
| 1,200,806 |
| |
Net realized gain (loss) on futures |
|
| - |
| - |
| 67,102 |
| - |
| - |
| ||
Net realized gain (loss) on forward foreign | (57,463) |
| (440,768) |
| - |
| (307,075) |
| - |
| ||||
Capital gain distributions from affiliated issuers |
|
| - |
| - |
| - |
| - |
| 11,544,862 |
| ||
Net Realized Gain (Loss) |
|
| 24,744,336 |
| 38,275,486 |
| (477,144) |
| 21,454,328 |
| 17,198,215 |
| ||
Net unrealized appreciation (depreciation) on investments |
|
|
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
|
| 46,239,325 |
| 68,304,956 |
| 4,821,581 |
| 4,438,190 |
| 4,640,045 |
| |
Affiliated issuers |
|
|
| - |
| - |
| - |
| - |
| 7,066,449 |
| |
Net unrealized appreciation (depreciation) on futures |
|
| - |
| - |
| (19,028) |
| - |
| - |
| ||
Net unrealized appreciation (depreciation) on |
|
| 14,135 |
| (4,990) |
| - |
| - |
| - |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| 46,253,460 |
| 68,299,966 |
| 4,802,553 |
| 4,438,190 |
| 11,706,494 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 70,997,796 |
| 106,575,452 |
| 4,325,409 |
| 25,892,518 |
| 28,904,709 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 74,334,504 |
| 105,973,939 |
| 4,685,708 |
| 30,717,265 |
| 32,648,354 |
| |||
† Net of foreign taxes withheld at source ($) |
|
| 602,226 |
| 914,542 |
| 38,723 |
| 657,977 |
| - |
| ||
See notes to financial statements. |
78
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 1,469,271 |
|
|
| 3,839,414 |
| 236,457 |
|
|
| 565,046 |
| |
Net realized gain (loss) on investments |
| 21,443,041 |
|
|
| 32,594,373 |
| 5,193,416 |
|
|
| 10,238,394 |
| ||
Net unrealized appreciation (depreciation) |
| 10,063,943 |
|
|
| 8,923,695 |
| 2,653,750 |
|
|
| 1,654,655 |
| ||
Net Increase (Decrease) in Net Assets | 32,976,255 |
|
|
| 45,357,482 |
| 8,083,623 |
|
|
| 12,458,095 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (1,380,076) |
|
|
| (3,551,397) |
| (890,970) |
|
|
| (1,152,978) |
| |
Investor Shares |
|
| (36,503) |
|
|
| (97,932) |
| (9,378) |
|
|
| (7,124) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (33,120,942) |
|
|
| (11,731,752) |
| (8,770,532) |
|
|
| (8,206,774) |
| |
Investor Shares |
|
| (1,168,474) |
|
|
| (397,965) |
| (114,751) |
|
|
| (83,930) |
| |
Total Distributions |
|
| (35,705,995) |
|
|
| (15,779,046) |
| (9,785,631) |
|
|
| (9,450,806) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 14,476,576 |
|
|
| 18,032,405 |
| 1,424,871 |
|
|
| 3,142,900 |
| |
Investor Shares |
|
| 1,391,606 |
|
|
| 3,203,491 |
| 93,804 |
|
|
| 422,266 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 20,660,924 |
|
|
| 8,301,936 |
| 4,680,418 |
|
|
| 4,541,413 |
| |
Investor Shares |
|
| 1,167,158 |
|
|
| 477,188 |
| 89,051 |
|
|
| 59,851 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (31,203,213) |
|
|
| (104,524,357) |
| (7,005,658) |
|
|
| (25,281,654) |
| |
Investor Shares |
|
| (2,656,409) |
|
|
| (4,354,112) |
| (449,750) |
|
|
| (300,399) |
| |
Increase (Decrease) in Net Assets | 3,836,642 |
|
|
| (78,863,449) |
| (1,167,264) |
|
|
| (17,415,623) |
| |||
Total Increase (Decrease) in Net Assets | 1,106,902 |
|
|
| (49,285,013) |
| (2,869,272) |
|
|
| (14,408,334) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 288,628,947 |
|
|
| 337,913,960 |
| 69,686,961 |
|
|
| 84,095,295 |
| |
End of Period |
|
| 289,735,849 |
|
|
| 288,628,947 |
| 66,817,689 |
|
|
| 69,686,961 |
| |
Undistributed (distributions in excess of) | 52,692 |
|
|
| - |
| (526,284) |
|
|
| 137,607 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 2,282,351 |
|
|
| 3,082,461 |
| 114,489 |
|
|
| 266,829 |
| |
Shares issued for distributions reinvested |
|
| 3,428,522 |
|
|
| 1,490,525 |
| 390,686 |
|
|
| 403,323 |
| |
Shares redeemed |
|
| (4,900,982) |
|
|
| (17,925,467) |
| (553,250) |
|
|
| (2,121,253) |
| |
Net Increase (Decrease) in Shares Outstanding | 809,891 |
|
|
| (13,352,481) |
| (48,075) |
|
|
| (1,451,101) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 222,585 |
|
|
| 549,469 |
| 7,293 |
|
|
| 34,826 |
| |
Shares issued for distributions reinvested |
|
| 193,555 |
|
|
| 85,149 |
| 7,335 |
|
|
| 5,273 |
| |
Shares redeemed |
|
| (419,790) |
|
|
| (749,857) |
| (36,093) |
|
|
| (24,508) |
| |
Net Increase (Decrease) in Shares Outstanding | (3,650) |
|
|
| (115,239) |
| (21,465) |
|
|
| 15,591 |
| |||
|
| ||||||||||||||
a | During the period ended February 28, 2018, 208,647 Class M shares representing $1,305,811 were exchanged for 208,536 Investor shares for BNY Mellon Large Cap Stock Fund and 4,126 Class M shares representing $54,730 were exchanged for 4,096 Investor shares for BNY Mellon Large Cap Market Opportunities Fund. During the period ended August 31, 2017, 519,256 Class M shares representing $3,023,178 were exchanged for 518,985 Investor shares for BNY Mellon Large Cap Stock Fund and 23,925 Class M shares representing $290,411 were exchanged for 23,802 Investor shares for BNY Mellon Large Cap Market Opportunities Fund. | ||||||||||||||
See notes to financial statements. |
79
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 1,483,318 |
|
|
| 3,610,772 |
| 13,478,881 |
|
|
| 26,662,758 |
| |
Net realized gain (loss) on investments |
| 20,814,125 |
|
|
| 32,428,746 |
| 79,770,600 |
|
|
| 76,398,311 |
| ||
Net unrealized appreciation (depreciation) |
| 16,619,437 |
|
|
| 19,594,389 |
| 16,715,766 |
|
|
| 28,395,403 |
| ||
Net Increase (Decrease) in Net Assets | 38,916,880 |
|
|
| 55,633,907 |
| 109,965,247 |
|
|
| 131,456,472 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (4,527,099) |
|
|
| (5,084,395) |
| (12,664,214) |
|
|
| (24,231,708) |
| |
Investor Shares |
|
| (72,903) |
|
|
| (95,138) |
| (259,311) |
|
|
| (389,454) |
| |
Class A |
|
| - |
|
|
| - |
| (42,098) |
|
|
| (33,515) |
| |
Class C |
|
| - |
|
|
| - |
| (5,289) |
|
|
| (7,791) |
| |
Class I |
|
| - |
|
|
| - |
| (60,828) |
|
|
| (52,116) |
| |
Class Y |
|
| - |
|
|
| - |
| (119) |
|
|
| (227) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (29,729,403) |
|
|
| (16,161,275) |
| (85,706,203) |
|
|
| (34,379,484) |
| |
Investor Shares |
|
| (575,508) |
|
|
| (340,491) |
| (2,003,763) |
|
|
| (575,328) |
| |
Class A |
|
| - |
|
|
| - |
| (245,207) |
|
|
| (12,719) |
| |
Class C |
|
| - |
|
|
| - |
| (68,446) |
|
|
| (8,853) |
| |
Class I |
|
| - |
|
|
| - |
| (390,606) |
|
|
| (640) |
| |
Class Y |
|
| - |
|
|
| - |
| (818) |
|
|
| (334) |
| |
Total Distributions |
|
| (34,904,913) |
|
|
| (21,681,299) |
| (101,446,902) |
|
|
| (59,692,169) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 3,536,915 |
|
|
| 13,793,845 |
| 56,047,250 |
|
|
| 222,593,274 |
| |
Investor Shares |
|
| 846,649 |
|
|
| 4,543,884 |
| 8,317,192 |
|
|
| 22,859,011 |
| |
Class A |
|
| - |
|
|
| - |
| 702,626 |
|
|
| 5,389,041 |
| |
Class C |
|
| - |
|
|
| - |
| 101,638 |
|
|
| 1,382,623 |
| |
Class I |
|
| - |
|
|
| - |
| 2,109,960 |
|
|
| 6,471,234 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 26,191,337 |
|
|
| 14,463,851 |
| 43,537,299 |
|
|
| 20,256,708 |
| |
Investor Shares |
|
| 511,559 |
|
|
| 346,837 |
| 1,920,651 |
|
|
| 790,208 |
| |
Class A |
|
| - |
|
|
| - |
| 285,555 |
|
|
| 45,390 |
| |
Class C |
|
| - |
|
|
| - |
| 72,859 |
|
|
| 16,179 |
| |
Class I |
|
| - |
|
|
| - |
| 450,342 |
|
|
| 52,196 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (34,669,001) |
|
|
| (69,907,179) |
| (101,393,484) |
|
|
| (195,706,156) |
| |
Investor Shares |
|
| (1,965,850) |
|
|
| (4,973,148) |
| (12,042,233) |
|
|
| (12,852,062) |
| |
Class A |
|
| - |
|
|
| - |
| (3,279,907) |
|
|
| (698,411) |
| |
Class C |
|
| - |
|
|
| - |
| (525,043) |
|
|
| (288,341) |
| |
Class I |
|
| - |
|
|
| - |
| (2,740,113) |
|
|
| (546,828) |
| |
Increase (Decrease) in Net Assets | (5,548,391) |
|
|
| (41,731,910) |
| (6,435,408) |
|
|
| 69,764,066 |
| |||
Total Increase (Decrease) in Net Assets | (1,536,424) |
|
|
| (7,779,302) |
| 2,082,937 |
|
|
| 141,528,369 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 343,169,398 |
|
|
| 350,948,700 |
| 1,226,262,175 |
|
|
| 1,084,733,806 |
| |
End of Period |
|
| 341,632,974 |
|
|
| 343,169,398 |
| 1,228,345,112 |
|
|
| 1,226,262,175 |
| |
Undistributed (distributions in excess of) | (1,513,982) |
|
|
| 1,602,702 |
| 2,796,686 |
|
|
| 2,349,664 |
|
80
|
|
|
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 211,033 |
|
|
| 897,855 |
| 5,900,742 |
|
|
| 24,391,573 |
| |
Shares issued for distributions reinvested |
|
| 1,603,879 |
|
|
| 970,728 |
| 4,664,729 |
|
|
| 2,317,614 |
| |
Shares redeemed |
|
| (2,109,126) |
|
|
| (4,486,873) |
| (10,655,161) |
|
|
| (21,563,169) |
| |
Net Increase (Decrease) in Shares Outstanding | (294,214) |
|
|
| (2,618,290) |
| (89,690) |
|
|
| 5,146,018 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 48,829 |
|
|
| 282,595 |
| 866,491 |
|
|
| 2,493,510 |
| |
Shares issued for distributions reinvested |
|
| 30,577 |
|
|
| 22,773 |
| 203,082 |
|
|
| 88,605 |
| |
Shares redeemed |
|
| (113,145) |
|
|
| (316,679) |
| (1,246,149) |
|
|
| (1,405,460) |
| |
Net Increase (Decrease) in Shares Outstanding | (33,739) |
|
|
| (11,311) |
| (176,576) |
|
|
| 1,176,655 |
| |||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| 75,485 |
|
|
| 586,479 |
| |
Shares issued for distributions reinvested |
|
| - |
|
|
| - |
| 30,473 |
|
|
| 5,012 |
| |
Shares redeemed |
|
| - |
|
|
| - |
| (336,461) |
|
|
| (77,920) |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| (230,503) |
|
|
| 513,571 |
| |||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| 10,762 |
|
|
| 151,491 |
| |
Shares issued for distributions reinvested |
|
| - |
|
|
| - |
| 7,802 |
|
|
| 1,817 |
| |
Shares redeemed |
|
| - |
|
|
| - |
| (56,354) |
|
|
| (31,373) |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| (37,790) |
|
|
| 121,935 |
| |||
Class Ia |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| 224,552 |
|
|
| 705,068 |
| |
Shares issued for distributions reinvested |
|
| - |
|
|
| - |
| 48,099 |
|
|
| 5,639 |
| |
Shares redeemed |
|
| - |
|
|
| - |
| (287,102) |
|
|
| (59,058) |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| (14,451) |
|
|
| 651,649 |
| |||
|
| ||||||||||||||
a | During the period ended February 28, 2018, 49,892 Class M shares representing $846,649 were exchanged for 48,829 Investor shares for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and 784,525 Class M shares representing $7,442,878 were exchanged for 776,128 Investor shares and 7,837 Class M shares representing $76,572 were exchanged for 7,837 Class I shares for BNY Mellon Income Stock Fund. During the period ended August 31, 2017, 318,522 Class M shares representing $4,977,043 were exchanged for 311,900 Investor shares for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and 1,715,659 Class M shares representing $15,610,562 were exchanged for 1,698,369 Investor shares for BNY Mellon Income Stock Fund. | ||||||||||||||
See notes to financial statements. |
81
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Mid Cap Multi-Strategy Fund |
| BNY Mellon Small Cap Multi-Strategy Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income (loss)—net |
|
| 3,713,475 |
|
|
| 11,643,452 |
| (366,120) |
|
|
| 193,402 |
| |
Net realized gain (loss) on investments |
| 111,149,694 |
|
|
| 118,148,460 |
| 40,371,975 |
|
|
| 43,027,917 |
| ||
Net unrealized appreciation (depreciation) |
| 182,202,890 |
|
|
| 193,029,893 |
| 20,414,416 |
|
|
| 27,837,466 |
| ||
Net Increase (Decrease) in Net Assets | 297,066,059 |
|
|
| 322,821,805 |
| 60,420,271 |
|
|
| 71,058,785 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (7,217,693) |
|
|
| (16,464,161) |
| - |
|
|
| - |
| |
Investor Shares |
|
| (30,915) |
|
|
| (331,178) |
| - |
|
|
| - |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (127,989,324) |
|
|
| (24,664,762) |
| (44,416,531) |
|
|
| (2,279,213) |
| |
Investor Shares |
|
| (4,174,141) |
|
|
| (718,775) |
| (1,832,665) |
|
|
| (91,392) |
| |
Total Distributions |
|
| (139,412,073) |
|
|
| (42,178,876) |
| (46,249,196) |
|
|
| (2,370,605) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 178,872,343 |
|
|
| 380,656,004 |
| 29,655,277 |
|
|
| 93,296,638 |
| |
Investor Shares |
|
| 14,694,533 |
|
|
| 53,158,637 |
| 3,077,520 |
|
|
| 8,529,859 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 62,094,670 |
|
|
| 15,655,601 |
| 23,540,331 |
|
|
| 1,304,414 |
| |
Investor Shares |
|
| 3,438,095 |
|
|
| 850,935 |
| 1,369,811 |
|
|
| 73,462 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (114,515,938) |
|
|
| (313,953,735) |
| (20,011,758) |
|
|
| (42,999,303) |
| |
Investor Shares |
|
| (20,028,742) |
|
|
| (33,415,145) |
| (4,144,687) |
|
|
| (5,724,662) |
| |
Increase (Decrease) in Net Assets | 124,554,961 |
|
|
| 102,952,297 |
| 33,486,494 |
|
|
| 54,480,408 |
| |||
Total Increase (Decrease) in Net Assets | 282,208,947 |
|
|
| 383,595,226 |
| 47,657,569 |
|
|
| 123,168,588 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 2,876,829,644 |
|
|
| 2,493,234,418 |
| 527,343,737 |
|
|
| 404,175,149 |
| |
End of Period |
|
| 3,159,038,591 |
|
|
| 2,876,829,644 |
| 575,001,306 |
|
|
| 527,343,737 |
| |
Undistributed (distributions in excess of) | 1,970,299 |
|
|
| 5,505,432 |
| (235,932) |
|
|
| 130,188 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 10,165,418 |
|
|
| 23,907,927 |
| 1,458,054 |
|
|
| 4,974,843 |
| |
Shares issued for distributions reinvested |
|
| 3,589,287 |
|
|
| 1,008,088 |
| 1,171,161 |
|
|
| 70,054 |
| |
Shares redeemed |
|
| (6,564,777) |
|
|
| (20,075,659) |
| (981,624) |
|
|
| (2,319,640) |
| |
Net Increase (Decrease) in Shares Outstanding | 7,189,928 |
|
|
| 4,840,356 |
| 1,647,591 |
|
|
| 2,725,257 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 856,553 |
|
|
| 3,401,149 |
| 155,659 |
|
|
| 477,419 |
| |
Shares issued for distributions reinvested |
|
| 202,003 |
|
|
| 55,617 |
| 71,344 |
|
|
| 4,106 |
| |
Shares redeemed |
|
| (1,155,189) |
|
|
| (2,135,663) |
| (212,475) |
|
|
| (319,385) |
| |
Net Increase (Decrease) in Shares Outstanding | (96,633) |
|
|
| 1,321,103 |
| 14,528 |
|
|
| 162,140 |
| |||
|
| ||||||||||||||
a | During the period ended February 28, 2018, 829,357 Class M shares representing $14,464,615 were exchanged for 843,274 Investor shares for BNY Mellon Mid Cap Multi-Strategy Fund and 143,219 Class M shares representing $2,958,321 were exchanged for 149,461 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund. During the period ended August 31, 2017, 2,973,607 Class M shares representing $47,210,458 were exchanged for 3,021,358 Investor shares for BNY Mellon Mid Cap Multi-Strategy Fund and 402,709 Class M shares representing $7,470,648 were exchanged for 419,262 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund. | ||||||||||||||
See notes to financial statements. |
82
|
|
|
| BNY Mellon Focused Equity Opportunities Fund |
| BNY Mellon Small/Mid Cap Multi-Strategy Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income (loss)—net |
|
| 1,096,393 |
|
|
| 3,208,908 |
| (73,253) |
|
|
| 319,094 |
| |
Net realized gain (loss) on investments |
| 15,161,000 |
|
|
| 72,662,640 |
| 29,843,447 |
|
|
| 30,724,500 |
| ||
Net unrealized appreciation (depreciation) |
| 50,552,699 |
|
|
| 29,720,961 |
| 7,835,001 |
|
|
| 18,808,799 |
| ||
Net Increase (Decrease) in Net Assets | 66,810,092 |
|
|
| 105,592,509 |
| 37,605,195 |
|
|
| 49,852,393 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (1,953,779) |
|
|
| (5,192,351) |
| (68,364) |
|
|
| (240,001) |
| |
Investor Shares |
|
| (10,301) |
|
|
| (57,844) |
| - |
|
|
| - |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (52,962,475) |
|
|
| (32,053,374) |
| (32,605,352) |
|
|
| (1,043,174) |
| |
Investor Shares |
|
| (628,968) |
|
|
| (434,697) |
| (363,349) |
|
|
| (3,739) |
| |
Total Distributions |
|
| (55,555,523) |
|
|
| (37,738,266) |
| (33,037,065) |
|
|
| (1,286,914) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 39,895,442 |
|
|
| 51,356,160 |
| 6,763,900 |
|
|
| 23,584,515 |
| |
Investor Shares |
|
| 2,126,133 |
|
|
| 4,965,899 |
| 1,118,553 |
|
|
| 3,740,966 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 30,811,036 |
|
|
| 20,715,198 |
| 23,419,359 |
|
|
| 783,850 |
| |
Investor Shares |
|
| 476,563 |
|
|
| 360,140 |
| 199,286 |
|
|
| 3,425 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (34,536,517) |
|
|
| (88,313,144) |
| (25,561,812) |
|
|
| (45,763,907) |
| |
Investor Shares |
|
| (2,906,886) |
|
|
| (4,329,680) |
| (1,422,163) |
|
|
| (2,337,406) |
| |
Increase (Decrease) in Net Assets | 35,865,771 |
|
|
| (15,245,427) |
| 4,517,123 |
|
|
| (19,988,557) |
| |||
Total Increase (Decrease) in Net Assets | 47,120,340 |
|
|
| 52,608,816 |
| 9,085,253 |
|
|
| 28,576,922 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 490,986,369 |
|
|
| 438,377,553 |
| 330,831,052 |
|
|
| 302,254,130 |
| |
End of Period |
|
| 538,106,709 |
|
|
| 490,986,369 |
| 339,916,305 |
|
|
| 330,831,052 |
| |
Undistributed (distributions in excess of) | 1,093,775 |
|
|
| 1,961,462 |
| (19,872) |
|
|
| 121,745 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 2,289,876 |
|
|
| 3,293,535 |
| 454,060 |
|
|
| 1,727,137 |
| |
Shares issued for distributions reinvested |
|
| 1,854,969 |
|
|
| 1,483,897 |
| 1,615,128 |
|
|
| 57,425 |
| |
Shares redeemed |
|
| (1,974,967) |
|
|
| (5,861,544) |
| (1,736,339) |
|
|
| (3,350,090) |
| |
Net Increase (Decrease) in Shares Outstanding | 2,169,878 |
|
|
| (1,084,112) |
| 332,849 |
|
|
| (1,565,528) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 122,272 |
|
|
| 331,171 |
| 76,060 |
|
|
| 264,995 |
| |
Shares issued for distributions reinvested |
|
| 28,953 |
|
|
| 25,984 |
| 13,956 |
|
|
| 254 |
| |
Shares redeemed |
|
| (165,173) |
|
|
| (293,241) |
| (94,693) |
|
|
| (177,477) |
| |
Net Increase (Decrease) in Shares Outstanding | (13,948) |
|
|
| 63,914 |
| (4,677) |
|
|
| 87,772 |
| |||
|
| ||||||||||||||
a | During the period ended February 28, 2018, 117,554 Class M shares representing $2,065,133 were exchanged for 118,661 Investor shares for BNY Mellon Focused Equity Opportunities Fund and 74,759 Class M shares representing $1,114,745 were exchanged for 75,794 Investor shares for BNY Mellon Small/Mid Cap Multi-Strategy Fund. During the period ended August 31, 2017, 324,024 Class M shares representing $4,898,429 were exchanged for 326,762 Investor shares for BNY Mellon Focused Equity Opportunities Fund and 240,045 Class M shares representing $3,420,916 were exchanged for 243,131 Investor shares for BNY Mellon Small/Mid Cap Multi-Strategy Fund. | ||||||||||||||
See notes to financial statements. |
83
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income (loss)—net |
|
| 3,336,708 |
|
|
| 16,406,749 |
| (601,513) |
|
|
| 6,168,008 |
| |
Net realized gain (loss) on investments |
| 24,744,336 |
|
|
| 16,178,160 |
| 38,275,486 |
|
|
| 47,227,766 |
| ||
Net unrealized appreciation (depreciation) |
| 46,253,460 |
|
|
| 147,128,511 |
| 68,299,966 |
|
|
| 128,400,910 |
| ||
Net Increase (Decrease) in Net Assets | 74,334,504 |
|
|
| 179,713,420 |
| 105,973,939 |
|
|
| 181,796,684 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (16,943,659) |
|
|
| (18,946,155) |
| (7,723,248) |
|
|
| (5,176,429) |
| |
Investor Shares |
|
| (243,292) |
|
|
| (189,658) |
| (119,629) |
|
|
| (73,944) |
| |
Total Distributions |
|
| (17,186,951) |
|
|
| (19,135,813) |
| (7,842,877) |
|
|
| (5,250,373) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 82,229,162 |
|
|
| 151,215,147 |
| 84,872,473 |
|
|
| 167,463,648 |
| |
Investor Shares |
|
| 4,656,010 |
|
|
| 26,987,645 |
| 4,967,064 |
|
|
| 23,745,116 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 3,348,360 |
|
|
| 3,602,325 |
| 1,593,794 |
|
|
| 1,034,878 |
| |
Investor Shares |
|
| 170,211 |
|
|
| 152,750 |
| 103,209 |
|
|
| 68,623 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (64,120,091) |
|
|
| (243,709,088) |
| (46,755,885) |
|
|
| (130,130,682) |
| |
Investor Shares |
|
| (4,208,813) |
|
|
| (23,542,043) |
| (3,348,703) |
|
|
| (20,898,496) |
| |
Increase (Decrease) in Net Assets | 22,074,839 |
|
|
| (85,293,264) |
| 41,431,952 |
|
|
| 41,283,087 |
| |||
Total Increase (Decrease) in Net Assets | 79,222,392 |
|
|
| 75,284,343 |
| 139,563,014 |
|
|
| 217,829,398 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 1,094,589,154 |
|
|
| 1,019,304,811 |
| 922,743,654 |
|
|
| 704,914,256 |
| |
End of Period |
|
| 1,173,811,546 |
|
|
| 1,094,589,154 |
| 1,062,306,668 |
|
|
| 922,743,654 |
| |
Undistributed (distributions in excess of) | 1,655,299 |
|
|
| 15,505,542 |
| (3,202,494) |
|
|
| 5,241,896 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 5,902,980 |
|
|
| 12,825,198 |
| 7,094,901 |
|
|
| 17,330,357 |
| |
Shares issued for distributions reinvested |
|
| 245,841 |
|
|
| 329,884 |
| 137,872 |
|
|
| 122,181 |
| |
Shares redeemed |
|
| (4,647,409) |
|
|
| (21,256,636) |
| (3,944,833) |
|
|
| (14,245,310) |
| |
Net Increase (Decrease) in Shares Outstanding | 1,501,412 |
|
|
| (8,101,554) |
| 3,287,940 |
|
|
| 3,207,228 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 315,989 |
|
|
| 2,148,295 |
| 412,572 |
|
|
| 2,432,256 |
| |
Shares issued for distributions reinvested |
|
| 11,714 |
|
|
| 13,123 |
| 8,687 |
|
|
| 7,879 |
| |
Shares redeemed |
|
| (282,097) |
|
|
| (1,835,955) |
| (276,142) |
|
|
| (2,105,403) |
| |
Net Increase (Decrease) in Shares Outstanding | 45,606 |
|
|
| 325,463 |
| 145,117 |
|
|
| 334,732 |
| |||
|
| ||||||||||||||
a | During the period ended February 28, 2018, 328,394 Class M shares representing $4,542,957 were exchanged for 308,322 Investor shares for BNY Mellon International Fund and 406,648 Class M shares representing $4,769,095 were exchanged for 395,920 Investor shares for BNY Mellon Emerging Markets Fund. During the period ended August 31, 2017, 1,245,106 Class M shares representing $14,769,885 were exchanged for 1,169,756 Investor shares for BNY Mellon International Fund and 1,373,819 Class M shares representing $13,052,484 were exchanged for 1,337,426 Investor shares for BNY Mellon Emerging Markets Fund. | ||||||||||||||
See notes to financial statements. |
84
|
|
|
| BNY Mellon International Appreciation Fund |
| BNY Mellon International Equity Income Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 360,299 |
|
|
| 1,480,930 |
| 4,824,747 |
|
|
| 10,345,532 |
| |
Net realized gain (loss) on investments |
| (477,144) |
|
|
| (431,535) |
| 21,454,328 |
|
|
| 11,524,911 |
| ||
Net unrealized appreciation (depreciation) |
| 4,802,553 |
|
|
| 10,306,636 |
| 4,438,190 |
|
|
| 34,649,956 |
| ||
Net Increase (Decrease) in Net Assets | 4,685,708 |
|
|
| 11,356,031 |
| 30,717,265 |
|
|
| 56,520,399 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (1,543,090) |
|
|
| (1,926,533) |
| (8,215,144) |
|
|
| (9,852,699) |
| |
Investor Shares |
|
| (27,158) |
|
|
| (28,462) |
| (34,678) |
|
|
| (15,224) |
| |
Total Distributions |
|
| (1,570,248) |
|
|
| (1,954,995) |
| (8,249,822) |
|
|
| (9,867,923) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 1,747,375 |
|
|
| 4,948,545 |
| 27,981,041 |
|
|
| 92,375,228 |
| |
Investor Shares |
|
| 175,417 |
|
|
| 221,820 |
| 1,291,343 |
|
|
| 13,395,013 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 115,042 |
|
|
| 130,124 |
| 2,030,003 |
|
|
| 2,615,445 |
| |
Investor Shares |
|
| 26,028 |
|
|
| 27,294 |
| 15,129 |
|
|
| 8,911 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (3,495,208) |
|
|
| (12,276,860) |
| (30,346,708) |
|
|
| (55,937,132) |
| |
Investor Shares |
|
| (143,232) |
|
|
| (3,395,282) |
| (2,218,705) |
|
|
| (12,519,547) |
| |
Increase (Decrease) in Net Assets | (1,574,578) |
|
|
| (10,344,359) |
| (1,247,897) |
|
|
| 39,937,918 |
| |||
Total Increase (Decrease) in Net Assets | 1,540,882 |
|
|
| (943,323) |
| 21,219,546 |
|
|
| 86,590,394 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 77,312,208 |
|
|
| 78,255,531 |
| 369,964,167 |
|
|
| 283,373,773 |
| |
End of Period |
|
| 78,853,090 |
|
|
| 77,312,208 |
| 391,183,713 |
|
|
| 369,964,167 |
| |
Undistributed (distributions in excess of) | (94,965) |
|
|
| 1,114,984 |
| 1,125,053 |
|
|
| 4,550,128 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 121,220 |
|
|
| 389,152 |
| 1,867,603 |
|
|
| 7,185,399 |
| |
Shares issued for distributions reinvested |
|
| 8,096 |
|
|
| 10,962 |
| 138,953 |
|
|
| 204,949 |
| |
Shares redeemed |
|
| (242,897) |
|
|
| (982,512) |
| (2,038,918) |
|
|
| (4,378,738) |
| |
Net Increase (Decrease) in Shares Outstanding | (113,581) |
|
|
| (582,398) |
| (32,362) |
|
|
| 3,011,610 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 12,491 |
|
|
| 18,186 |
| 86,657 |
|
|
| 1,013,608 |
| |
Shares issued for distributions reinvested |
|
| 1,845 |
|
|
| 2,315 |
| 1,016 |
|
|
| 700 |
| |
Shares redeemed |
|
| (10,056) |
|
|
| (278,469) |
| (148,851) |
|
|
| (926,932) |
| |
Net Increase (Decrease) in Shares Outstanding | 4,280 |
|
|
| (257,968) |
| (61,178) |
|
|
| 87,376 |
| |||
|
| ||||||||||||||
a | During the period ended February 28, 2018, 12,233 Class M shares representing $173,334 were exchanged for 12,346 Investor shares for BNY Mellon International Appreciation Fund and 87,106 Class M shares representing $1,284,994 were exchanged for 86,235 Investor shares for BNY Mellon International Equity Income Fund. During the period ended August 31, 2017, 17,879 Class M shares representing $220,375 were exchanged for 18,066 Investor shares for BNY Mellon International Appreciation Fund and 225,273 Class M shares representing $2,972,782 were exchanged for 222,915 Investor shares for BNY Mellon International Equity Income Fund. | ||||||||||||||
See notes to financial statements. |
85
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Asset Allocation Fund |
| ||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 3,743,645 |
|
|
| 6,813,912 |
| |
Net realized gain (loss) on investments |
| 17,198,215 |
|
|
| 12,926,294 |
| ||
Net unrealized appreciation (depreciation) |
| 11,706,494 |
|
|
| 30,545,443 |
| ||
Net Increase (Decrease) in Net Assets | 32,648,354 |
|
|
| 50,285,649 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
| |
Class M |
|
| (5,360,193) |
|
|
| (7,721,467) |
| |
Investor Shares |
|
| (62,379) |
|
|
| (88,101) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
| |
Class M |
|
| (13,105,990) |
|
|
| (3,794,493) |
| |
Investor Shares |
|
| (171,217) |
|
|
| (47,678) |
| |
Total Distributions |
|
| (18,699,779) |
|
|
| (11,651,739) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
| |
Class M |
|
| 12,183,305 |
|
|
| 24,788,099 |
| |
Investor Shares |
|
| 553,296 |
|
|
| 5,291,045 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
| |
Class M |
|
| 10,969,844 |
|
|
| 3,609,322 |
| |
Investor Shares |
|
| 218,646 |
|
|
| 126,112 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
| |
Class M |
|
| (22,429,057) |
|
|
| (50,789,034) |
| |
Investor Shares |
|
| (1,218,853) |
|
|
| (4,302,297) |
| |
Increase (Decrease) in Net Assets | 277,181 |
|
|
| (21,276,753) |
| |||
Total Increase (Decrease) in Net Assets | 14,225,756 |
|
|
| 17,357,157 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 466,887,145 |
|
|
| 449,529,988 |
| |
End of Period |
|
| 481,112,901 |
|
|
| 466,887,145 |
| |
Undistributed (distributions in excess of) | (1,553,682) |
|
|
| 125,245 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
| |
Shares sold |
|
| 956,070 |
|
|
| 2,119,243 |
| |
Shares issued for distributions reinvested |
|
| 869,797 |
|
|
| 319,341 |
| |
Shares redeemed |
|
| (1,763,370) |
|
|
| (4,348,773) |
| |
Net Increase (Decrease) in Shares Outstanding | 62,497 |
|
|
| (1,910,189) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
| |
Shares sold |
|
| 43,115 |
|
|
| 450,242 |
| |
Shares issued for distributions reinvested |
|
| 17,199 |
|
|
| 10,946 |
| |
Shares redeemed |
|
| (96,040) |
|
|
| (367,506) |
| |
Net Increase (Decrease) in Shares Outstanding | (35,726) |
|
|
| 93,682 |
| |||
| |||||||||
a | During the period ended February 28, 2018, 41,306 Class M shares representing $526,159 were exchanged for 41,007 Investor shares and during the period ended August 31, 2017, 430,765 Class M shares representing $5,025,248 were exchanged for 427,759 Investor shares for BNY Mellon Asset Allocation Fund. | ||||||||
See notes to financial statements. |
86
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Large Cap Stock Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 6.25 | 5.67 | 5.92 | 7.15 | 9.97 | 9.17 |
Investment Operations: | ||||||
Investment income—net a | .03 | .07 | .08 | .09 | .09 | .12 |
Net realized and unrealized | .68 | .81 | .34 | (.04) | 1.88 | 1.21 |
Total from Investment Operations | .71 | .88 | .42 | .05 | 1.97 | 1.33 |
Distributions: | ||||||
Dividends from investment income—net | (.03) | (.07) | (.08) | (.08) | (.10) | (.12) |
Dividends from net realized gain on investments | (.76) | (.23) | (.59) | (1.20) | (4.69) | (.41) |
Total Distributions | (.79) | (.30) | (.67) | (1.28) | (4.79) | (.53) |
Net asset value, end of period | 6.17 | 6.25 | 5.67 | 5.92 | 7.15 | 9.97 |
Total Return (%) | 11.78b | 16.12 | 7.31 | .12 | 26.27 | 15.16 |
Ratios/Supplemental Data (%) | ||||||
Ratio of total expenses to average net assets | .83c | .84 | .83 | .81 | .81 | .80 |
Ratio of net expenses to average net assets | .83c | .84 | .83 | .81 | .81 | .80 |
Ratio of net investment income | 1.01c | 1.27 | 1.44 | 1.32 | 1.20 | 1.23 |
Portfolio Turnover | 23.69b | 46.36 | 49.82 | 52.80 | 142.41 | 50.96 |
Net Assets, end of period ($ x 1,000) | 279,801 | 278,536 | 328,113 | 398,485 | 468,446 | 732,612 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
87
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Large Cap Stock Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 6.26 | 5.67 | 5.92 | 7.15 | 9.97 | 9.17 |
Investment Operations: | ||||||
Investment income—net a | .02 | .06 | .07 | .07 | .07 | .09 |
Net realized and unrealized | .67 | .82 | .34 | (.03) | 1.88 | 1.21 |
Total from Investment Operations | .69 | .88 | .41 | .04 | 1.95 | 1.30 |
Distributions: | ||||||
Dividends from investment income—net | (.02) | (.06) | (.07) | (.07) | (.08) | (.09) |
Dividends from net realized gain on investments | (.76) | (.23) | (.59) | (1.20) | (4.69) | (.41) |
Total Distributions | (.78) | (.29) | (.66) | (1.27) | (4.77) | (.50) |
Net asset value, end of period | 6.17 | 6.26 | 5.67 | 5.92 | 7.15 | 9.97 |
Total Return (%) | 11.46b | 16.02 | 7.04 | (.13) | 25.96 | 14.87 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.08c | 1.09 | 1.08 | 1.06 | 1.06 | 1.06 |
Ratio of net expenses to average net assets | 1.08c | 1.09 | 1.08 | 1.06 | 1.06 | 1.06 |
Ratio of net investment income | .75c | 1.02 | 1.18 | 1.08 | .93 | .99 |
Portfolio Turnover Rate | 23.69b | 46.36 | 49.82 | 52.80 | 142.41 | 50.96 |
Net Assets, end of period ($ x 1,000) | 9,935 | 10,093 | 9,801 | 9,900 | 12,672 | 20,165 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
88
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Large Cap | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.62 | 12.09 | 13.25 | 16.21 | 14.21 | 12.16 |
Investment Operations: | ||||||
Investment income—net a | .04 | .09 | .11 | .11 | .11 | .10 |
Net realized and unrealized | 1.45 | 1.98 | 1.08 | (.28) | 3.13 | 2.03 |
Total from Investment Operations | 1.49 | 2.07 | 1.19 | (.17) | 3.24 | 2.13 |
Distributions: | ||||||
Dividends from investment income—net | (.17) | (.19) | (.11) | (.25) | (.18) | (.08) |
Dividends from net realized gain on investments | (1.68) | (1.35) | (2.24) | (2.54) | (1.06) | - |
Total Distributions | (1.85) | (1.54) | (2.35) | (2.79) | (1.24) | (.08) |
Net asset value, end of period | 12.26 | 12.62 | 12.09 | 13.25 | 16.21 | 14.21 |
Total Return (%) | 12.12b | 18.68 | 10.27 | (1.72) | 23.67 | 17.64 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets c | .62d | .66 | .60 | .53 | .53 | .79 |
Ratio of net expenses to average net assets c | .62d | .66 | .60 | .53 | .53 | .79 |
Ratio of net investment income | .68d | .78 | .92 | .78 | .69 | .76 |
Portfolio Turnover | 6.53b | 30.26 | 19.43 | 30.75 | 26.42 | 78.41 |
Net Assets, end of period ($ x 1,000) | 66,207 | 68,786 | 83,425 | 130,257 | 192,209 | 216,116 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
89
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Large Cap | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.75 | 12.16 | 13.32 | 16.29 | 14.28 | 12.25 |
Investment Operations: | ||||||
Investment income—net a | .03 | .05 | .09 | .07 | .06 | .07 |
Net realized and unrealized | 1.45 | 2.00 | 1.07 | (.28) | 3.17 | 2.04 |
Total from Investment Operations | 1.48 | 2.05 | 1.16 | (.21) | 3.23 | 2.11 |
Distributions: | ||||||
Dividends from investment income—net | (.14) | (.11) | (.08) | (.22) | (.16) | (.08) |
Dividends from net realized gain on investments | (1.68) | (1.35) | (2.24) | (2.54) | (1.06) | - |
Total Distributions | (1.82) | (1.46) | (2.32) | (2.76) | (1.22) | (.08) |
Net asset value, end of period | 12.41 | 12.75 | 12.16 | 13.32 | 16.29 | 14.28 |
Total Return (%) | 11.87b | 18.41 | 9.90 | (1.99) | 23.54 | 17.29 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets c | .87d | .91 | .84 | .79 | .81 | 1.05 |
Ratio of net expenses to average net assets c | .87d | .91 | .84 | .79 | .81 | 1.05 |
Ratio of net investment income | .42d | .44 | .76 | .50 | .45 | .48 |
Portfolio Turnover | 6.53b | 30.26 | 19.43 | 30.75 | 26.42 | 78.41 |
Net Assets, end of period ($ x 1,000) | 611 | 901 | 670 | 1,119 | 631 | 103 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
90
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Tax-Sensitive Large Cap | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.50 | 14.98 | 14.71 | 17.12 | 14.45 | 12.50 |
Investment Operations: | ||||||
Investment income—net a | .07 | .16 | .17 | .16 | .15 | .13 |
Net realized and unrealized | 1.85 | 2.31 | 1.33 | (.23) | 3.22 | 1.93 |
Total from Investment Operations | 1.92 | 2.47 | 1.50 | (.07) | 3.37 | 2.06 |
Distributions: | ||||||
Dividends from investment income—net | (.23) | (.23) | (.15) | (.26) | (.20) | (.11) |
Dividends from net realized gain on investments | (1.50) | (.72) | (1.08) | (2.08) | (.50) | — |
Total Distributions | (1.73) | (.95) | (1.23) | (2.34) | (.70) | (.11) |
Net asset value, end of period | 16.69 | 16.50 | 14.98 | 14.71 | 17.12 | 14.45 |
Total Return (%) | 11.86b | 17.13 | 10.86 | (.94) | 23.82 | 16.60 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets c | .65d | .65 | .64 | .61 | .61 | .79 |
Ratio of net expenses to average net assets c | .65d | .65 | .64 | .61 | .61 | .79 |
Ratio of net investment income | .85d | 1.05 | 1.19 | .99 | .95 | .97 |
Portfolio Turnover | 6.61b | 24.05 | 13.81 | 20.63 | 13.01 | 82.04 |
Net Assets, end of period ($ x 1,000) | 335,604 | 336,659 | 344,867 | 401,855 | 474,496 | 638,085 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
91
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Tax-Sensitive Large Cap | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.84 | 15.28 | 14.98 | 17.40 | 14.64 | 12.41 |
Investment Operations: | ||||||
Investment income—net a | .05 | .13 | .14 | .12 | .08 | .13 |
Net realized and unrealized | 1.89 | 2.35 | 1.35 | (.23) | 3.30 | 2.10 |
Total from Investment Operations | 1.94 | 2.48 | 1.49 | (.11) | 3.38 | 2.23 |
Distributions: | ||||||
Dividends from investment income—net | (.19) | (.20) | (.11) | (.23) | (.12) | — |
Dividends from net realized gain on investments | (1.50) | (.72) | (1.08) | (2.08) | (.50) | — |
Total Distributions | (1.69) | (.92) | (1.19) | (2.31) | (.62) | — |
Net asset value, end of period | 17.09 | 16.84 | 15.28 | 14.98 | 17.40 | 14.64 |
Total Return (%) | 11.74b | 16.87 | 10.56 | (1.19) | 23.47 | 17.97 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets c | .90d | .90 | .89 | .86 | .87 | 1.05 |
Ratio of net expenses to average net assets c | .90d | .90 | .89 | .86 | .87 | 1.03 |
Ratio of net investment income | .62d | .81 | .97 | .74 | .53 | .89 |
Portfolio Turnover Rate | 6.61b | 24.05 | 13.81 | 20.63 | 13.01 | 82.04 |
Net Assets, end of period ($ x 1,000) | 6,029 | 6,511 | 6,081 | 4,237 | 3,859 | 1,196 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
92
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.29 | 8.72 | 8.57 | 9.94 | 8.39 | 6.99 |
Investment Operations: | ||||||
Investment income—net a | .10 | .21 | .21 | .19 | .19 | .24 |
Net realized and unrealized | .75 | .83 | .94 | (.38) | 1.86 | 1.41 |
Total From Investment Operations | .85 | 1.04 | 1.15 | (.19) | 2.05 | 1.65 |
Distributions: | ||||||
Dividends from investment income—net | (.10) | (.19) | (.21) | (.19) | (.19) | (.24) |
Dividends from net realized gain on investments | (.69) | (.28) | (.79) | (.99) | (.31) | (.01) |
Total Distributions | (.79) | (.47) | (1.00) | (1.18) | (.50) | (.25) |
Net asset value, end of period | 9.35 | 9.29 | 8.72 | 8.57 | 9.94 | 8.39 |
Total Return (%) | 9.21b | 12.33 | 14.33 | (2.28) | 25.17 | 24.01 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .80c | .81 | .81 | .80 | .80 | .81 |
Ratio of net expenses to average net assets | .80c | .81 | .81 | .80 | .80 | .81 |
Ratio of net investment income | 2.18c | 2.28 | 2.54 | 2.06 | 2.08 | 3.03 |
Portfolio Turnover | 34.85b | 52.66 | 54.31 | 65.75 | 57.74 | 41.79 |
Net Assets, end of period ($ x 1,000) | 1,191,857 | 1,185,723 | 1,068,292 | 1,077,496 | 1,254,622 | 981,444 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
93
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.39 | 8.81 | 8.63 | 10.02 | 8.45 | 7.04 |
Investment Operations: | ||||||
Investment income—net a | .09 | .19 | .19 | .17 | .16 | .22 |
Net realized and unrealized | .75 | .84 | .97 | (.40) | 1.89 | 1.43 |
Total from Investment Operations | .84 | 1.03 | 1.16 | (.23) | 2.05 | 1.65 |
Distributions: | ||||||
Dividends from investment income—net | (.09) | (.17) | (.19) | (.17) | (.17) | (.23) |
Dividends from net realized gain on investments | (.69) | (.28) | (.79) | (.99) | (.31) | (.01) |
Total Distributions | (.78) | (.45) | (.98) | (1.16) | (.48) | (.24) |
Net asset value, end of period | 9.45 | 9.39 | 8.81 | 8.63 | 10.02 | 8.45 |
Total Return (%) | 8.98b | 12.02 | 14.14 | (2.64) | 24.75 | 23.84 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.05c | 1.06 | 1.06 | 1.05 | 1.07 | 1.06 |
Ratio of net expenses to average net assets | 1.05c | 1.06 | 1.06 | 1.05 | 1.07 | 1.06 |
Ratio of net investment income | 1.94c | 2.03 | 2.27 | 1.81 | 1.74 | 2.80 |
Portfolio Turnover Rate | 34.85b | 52.66 | 54.31 | 65.75 | 57.74 | 41.79 |
Net Assets, end of period ($ x 1,000) | 26,725 | 28,204 | 16,094 | 14,479 | 13,913 | 2,809 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
94
Class A | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2018 | 2017 | 2016 | a | ||
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.30 | 8.72 | 8.42 | |||
Investment Operations: | ||||||
Investment income—net b | .09 | .17 | .05 | |||
Net realized and unrealized gain (loss) on investments | .74 | .86 | .30 | |||
Total from Investment Operations | .83 | 1.03 | .35 | |||
Distributions: | ||||||
Dividends from investment income—net | (.09) | (.17) | (.05) | |||
Dividends from net realized gain on investments | (.69) | (.28) | — | |||
Total Distributions | (.78) | (.45) | (.05) | |||
Net asset value, end of period | 9.35 | 9.30 | 8.72 | |||
Total Return (%) c | 8.95 | d | 12.18 | 4.19 | d | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.11 | e | 1.11 | 1.15 | e | |
Ratio of net expenses to average net assets | 1.11 | e | 1.10 | 1.15 | e | |
Ratio of net investment income to average net assets | 1.92 | e | 2.01 | 1.96 | e | |
Portfolio Turnover Rate | 34.85 | d | 52.66 | 54.31 | ||
Net Assets, end of period ($ x 1,000) | 2,986 | 5,112 | 316 |
a From May 31, 2016 (commencement of initial offering) to August 31, 2016.
b Based on average shares outstanding.
c Exclusive of sales charge.
d Not annualized.
e Annualized.
See notes to financial statements.
95
FINANCIAL HIGHLIGHTS (continued)
Class C | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2018 | 2017 | 2016 | a | ||
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.28 | 8.72 | 8.42 | |||
Investment Operations: | ||||||
Investment income—net b | .05 | .12 | .04 | |||
Net realized and unrealized gain (loss) on investments | .75 | .83 | .30 | |||
Total from Investment Operations | .80 | .95 | .34 | |||
Distributions: | ||||||
Dividends from investment income—net | (.05) | (.11) | (.04) | |||
Dividends from net realized gain on investments | (.69) | (.28) | — | |||
Total Distributions | (.74) | (.39) | (.04) | |||
Net asset value, end of period | 9.34 | 9.28 | 8.72 | |||
Total Return (%) c | 8.68 | d | 11.22 | 4.00 | d | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.84 | e | 1.85 | 1.85 | e | |
Ratio of net expenses to average net assets | 1.84 | e | 1.81 | 1.85 | e | |
Ratio of net investment income to average net assets | 1.13 | e | 1.30 | 1.69 | e | |
Portfolio Turnover Rate | 34.85 | d | 52.66 | 54.31 | ||
Net Assets, end of period ($ x 1,000) | 797 | 1,143 | 10 |
a From May 31, 2016 (commencement of initial offering) to August 31, 2016.
b Based on average shares outstanding.
c Exclusive of sales charge.
d Not annualized.
e Annualized.
See notes to financial statements.
96
Class I | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2018 | 2017 | 2016 | a | ||
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.30 | 8.72 | 8.42 | |||
Investment Operations: | ||||||
Investment income—net b | .10 | .21 | .06 | |||
Net realized and unrealized gain (loss) on investments | .74 | .84 | .30 | |||
Total from Investment Operations | .84 | 1.05 | .36 | |||
Distributions: | ||||||
Dividends from investment income—net | (.10) | (.19) | (.06) | |||
Dividends from net realized gain on investments | (.69) | (.28) | — | |||
Total Distributions | (.79) | (.47) | (.06) | |||
Net asset value, end of period | 9.35 | 9.30 | 8.72 | |||
Total Return (%) | 9.09 | c | 12.44 | 4.26 | c | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .81 | d | .85 | .86 | d | |
Ratio of net expenses to average net assets | .81 | d | .85 | .86 | d | |
Ratio of net investment income to average net assets | 2.16 | d | 2.30 | 2.71 | d | |
Portfolio Turnover Rate | 34.85 | c | 52.66 | 54.31 | ||
Net Assets, end of period ($ x 1,000) | 5,969 | 6,068 | 10 |
a From May 31, 2016 (commencement of initial offering) to August 31, 2016.
b Based on average shares outstanding.
c Not annualized.
d Annualized.
See notes to financial statements.
97
FINANCIAL HIGHLIGHTS (continued)
Class Y | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2018 | 2017 | 2016 | a | ||
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.29 | 8.72 | 8.42 | |||
Investment Operations: | ||||||
Investment income—net b | .10 | .21 | .06 | |||
Net realized and unrealized gain (loss) on investments | .74 | .83 | .30 | |||
Total from Investment Operations | .84 | 1.04 | .36 | |||
Distributions: | ||||||
Dividends from investment income—net | (.10) | (.19) | (.06) | |||
Dividends from net realized gain on investments | (.69) | (.28) | — | |||
Total Distributions | (.79) | (.47) | (.06) | |||
Net asset value, end of period | 9.34 | 9.29 | 8.72 | |||
Total Return (%) | 9.10 | c | 12.33 | 4.26 | c | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .80 | d | .81 | .86 | d | |
Ratio of net expenses to average net assets | .80 | d | .81 | .86 | d | |
Ratio of net investment income to average net assets | 2.18 | d | 2.27 | 2.71 | d | |
Portfolio Turnover Rate | 34.85 | c | 52.66 | 54.31 | ||
Net Assets, end of period ($ x 1,000) | 11 | 11 | 10 |
a From May 31, 2016 (commencement of initial offering) to August 31, 2016.
b Based on average shares outstanding.
c Not annualized.
d Annualized.
See notes to financial statements.
98
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Mid Cap Multi-Strategy Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.72 | 15.03 | 14.66 | 15.58 | 13.33 | 11.65 |
Investment Operations: | ||||||
Investment income—net a | .02 | .07 | .08 | .05 | .05 | .07 |
Net realized and unrealized | 1.70 | 1.88 | .96 | (.04) | 2.94 | 2.60 |
Total from Investment Operations | 1.72 | 1.95 | 1.04 | .01 | 2.99 | 2.67 |
Distributions: | ||||||
Dividends from investment income—net | (.04) | (.10) | (.02) | (.04) | (.05) | (.03) |
Dividends from net realized gain on investments | (.77) | (.16) | (.65) | (.89) | (.69) | (.96) |
Total Distributions | (.81) | (.26) | (.67) | (.93) | (.74) | (.99) |
Net asset value, end of period | 17.63 | 16.72 | 15.03 | 14.66 | 15.58 | 13.33 |
Total Return (%) | 10.40b | 13.12 | 7.51 | .15 | 23.09 | 24.74 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .90c | .90 | .90 | .90 | .90 | .92 |
Ratio of net expenses to average net assets | .90c | .90 | .90 | .90 | .90 | .92 |
Ratio of net investment income | .25c | .45 | .60 | .29 | .33 | .59 |
Portfolio Turnover | 24.36b | 62.81 | 74.68 | 73.87 | 53.63 | 106.59 |
Net Assets, end of period ($ x 1,000) | 3,067,155 | 2,788,133 | 2,433,012 | 2,199,395 | 1,922,073 | 1,572,562 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
99
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Mid Cap Multi-Strategy Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.45 | 14.79 | 14.45 | 15.37 | 13.17 | 11.52 |
Investment Operations: | ||||||
Investment income—net a | .00b | .03 | .05 | .01 | .01 | .04 |
Net realized and unrealized | 1.68 | 1.86 | .94 | (.03) | 2.91 | 2.57 |
Total from Investment Operations | 1.68 | 1.89 | .99 | (.02) | 2.92 | 2.61 |
Distributions: | ||||||
Dividends from investment income—net | (.01) | (.07) | — | (.01) | (.03) | — |
Dividends from net realized gain on investments | (.77) | (.16) | (.65) | (.89) | (.69) | (.96) |
Total Distributions | (.78) | (.23) | (.65) | (.90) | (.72) | (.96) |
Net asset value, end of period | 17.35 | 16.45 | 14.79 | 14.45 | 15.37 | 13.17 |
Total Return (%) | 10.28c | 12.89 | 7.26 | (.08) | 22.74 | 24.46 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.15d | 1.15 | 1.15 | 1.15 | 1.15 | 1.17 |
Ratio of net expenses to average net assets | 1.15d | 1.15 | 1.15 | 1.15 | 1.15 | 1.17 |
Ratio of net investment income | .00d,e | .20 | .34 | .04 | .08 | .37 |
Portfolio Turnover Rate | 24.36c | 62.81 | 74.68 | 73.87 | 53.63 | 106.59 |
Net Assets, end of period ($ x 1,000) | 91,883 | 88,697 | 60,222 | 57,118 | 52,447 | 29,639 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
e Amount represents less than .01%.
See notes to financial statements.
100
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Small Cap Multi-Strategy Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 19.48 | 16.71 | 16.65 | 17.18 | 14.78 | 11.53 |
Investment Operations: | ||||||
Investment income (loss)—net a | (.01) | .01 | .01 | (.02) | (.04) | .01 |
Net realized and unrealized | 2.25 | 2.86 | .68 | .25 | 2.44 | 3.27 |
Total from Investment Operations | 2.24 | 2.87 | .69 | .23 | 2.40 | 3.28 |
Distributions: | ||||||
Dividends from investment income—net | — | — | — | — | — | (.03) |
Dividends from net realized gain on investments | (1.70) | (.10) | (.63) | (.76) | — | — |
Total Distributions | (1.70) | (.10) | (.63) | (.76) | — | (.03) |
Net asset value, end of period | 20.02 | 19.48 | 16.71 | 16.65 | 17.18 | 14.78 |
Total Return (%) | 11.48b | 17.19 | 4.46 | 1.33 | 16.24 | 28.51 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.01c | 1.03 | 1.05 | 1.03 | 1.03 | 1.05 |
Ratio of net expenses to average net assets | 1.01c | 1.03 | 1.05 | 1.03 | 1.03 | 1.05 |
Ratio of net investment income | (.12)c | .05 | .04 | (.14) | (.21) | .09 |
Portfolio Turnover | 33.81b | 75.82 | 101.40 | 90.30 | 92.86 | 128.11 |
Net Assets, end of period ($ x 1,000) | 554,641 | 507,703 | 389,890 | 368,428 | 347,613 | 299,415 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
101
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Small Cap Multi-Strategy Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.69 | 16.07 | 16.08 | 16.65 | 14.36 | 11.21 |
Investment Operations: | ||||||
Investment (loss)—net a | (.04) | (.04) | (.03) | (.06) | (.07) | (.02) |
Net realized and unrealized | 2.16 | 2.76 | .65 | .25 | 2.36 | 3.17 |
Total from Investment Operations | 2.12 | 2.72 | .62 | .19 | 2.29 | 3.15 |
Distributions: | ||||||
Dividends from investment income—net | — | — | — | — | — | — |
Dividends from net realized gain on investments | (1.70) | (.10) | (.63) | (.76) | — | — |
Total Distributions | (1.70) | (.10) | (.63) | (.76) | — | — |
Net asset value, end of period | 19.11 | 18.69 | 16.07 | 16.08 | 16.65 | 14.36 |
Total Return (%) | 11.32b | 16.94 | 4.17 | 1.13 | 15.95 | 28.10 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.26c | 1.28 | 1.30 | 1.28 | 1.28 | 1.30 |
Ratio of net expenses to average net assets | 1.26c | 1.28 | 1.30 | 1.28 | 1.28 | 1.30 |
Ratio of net investment (loss) | (.37)c | (.20) | (.21) | (.39) | (.46) | (.16) |
Portfolio Turnover Rate | 33.81b | 75.82 | 101.40 | 90.30 | 92.86 | 128.11 |
Net Assets, end of period ($ x 1,000) | 20,360 | 19,641 | 14,285 | 12,745 | 11,485 | 8,472 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
102
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Focused Equity Opportunities Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.96 | 14.63 | 14.66 | 18.30 | 15.24 | 13.08 |
Investment Operations: | ||||||
Investment income—net a | .04 | .11 | .12 | .12 | .11 | .16 |
Net realized and unrealized | 2.23 | 3.56 | 1.20 | (.69) | 4.31 | 2.12 |
Total from Investment Operations | 2.27 | 3.67 | 1.32 | (.57) | 4.42 | 2.28 |
Distributions: | ||||||
Dividends from investment income—net | (.07) | (.19) | (.11) | (.10) | (.14) | (.12) |
Dividends from net realized gain on investments | (1.86) | (1.15) | (1.24) | (2.97) | (1.22) | - |
Total Distributions | (1.93) | (1.34) | (1.35) | (3.07) | (1.36) | (.12) |
Net asset value, end of period | 17.30 | 16.96 | 14.63 | 14.66 | 18.30 | 15.24 |
Total Return (%) | 13.86b | 27.04 | 9.39 | (3.82) | 30.54 | 17.54 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .86c | .87 | .87 | .85 | .85 | .86 |
Ratio of net expenses to average net assets | .86c | .87 | .87 | .85 | .85 | .86 |
Ratio of net investment income | .43c | .72 | .83 | .73 | .65 | 1.12 |
Portfolio Turnover | 13.98b | 62.39 | 48.25 | 74.72 | 76.48 | 77.03 |
Net Assets, end of period ($ x 1,000) | 532,281 | 485,040 | 434,171 | 561,399 | 674,222 | 539,019 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
103
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Focused Equity Opportunities Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.81 | 14.51 | 14.55 | 18.20 | 15.18 | 13.05 |
Investment Operations: | ||||||
Investment income—net a | .01 | .07 | .08 | .08 | .06 | .12 |
Net realized and unrealized | 2.21 | 3.53 | 1.19 | (.69) | 4.30 | 2.10 |
Total from Investment Operations | 2.22 | 3.60 | 1.27 | (.61) | 4.36 | 2.22 |
Distributions: | ||||||
Dividends from investment income—net | (.03) | (.15) | (.07) | (.07) | (.12) | (.09) |
Dividends from net realized gain on investments | (1.86) | (1.15) | (1.24) | (2.97) | (1.22) | - |
Total Distributions | (1.89) | (1.30) | (1.31) | (3.04) | (1.34) | (.09) |
Net asset value, end of period | 17.14 | 16.81 | 14.51 | 14.55 | 18.20 | 15.18 |
Total Return (%) | 13.69b | 26.75 | 9.13 | (4.05) | 30.18 | 17.12 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.11c | 1.12 | 1.12 | 1.11 | 1.11 | 1.13 |
Ratio of net expenses to average net assets | 1.11c | 1.12 | 1.12 | 1.11 | 1.11 | 1.13 |
Ratio of net investment income | .17c | .49 | .59 | .47 | .36 | .90 |
Portfolio Turnover | 13.98b | 62.39 | 48.25 | 74.72 | 76.48 | 77.03 |
Net Assets, end of period ($ x 1,000) | 5,826 | 5,947 | 4,206 | 8,593 | 3,569 | 979 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
104
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.49 | 12.44 | 12.72 | 16.98 | 15.09 | 12.99 |
Investment Operations: | ||||||
Investment income (loss)—net a | (.00)b | .01 | .01 | (.01) | .07 | .12 |
Net realized and unrealized | 1.67 | 2.09 | .50 | .10 | 2.82 | 2.19 |
Total from Investment Operations | 1.67 | 2.10 | .51 | .09 | 2.89 | 2.31 |
Distributions: | ||||||
Dividends from investment income—net | (.00)b | (.01) | (.04) | - | (.08) | (.21) |
Dividends from net realized gain on investments | (1.48) | (.04) | (.75) | (4.35) | (.92) | - |
Total Distributions | (1.48) | (.05) | (.79) | (4.35) | (1.00) | (.21) |
Net asset value, end of period | 14.68 | 14.49 | 12.44 | 12.72 | 16.98 | 15.09 |
Total Return (%) | 11.66c | 16.94 | 4.35 | 1.71 | 19.84 | 18.07 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .93d | .94 | .95 | .94 | .91 | .92 |
Ratio of net expenses to average net assets | .93d | .94 | .95 | .94 | .91 | .92 |
Ratio of net investment income (loss) | (.04)d | .10 | .10 | (.08) | .46 | .83 |
Portfolio Turnover | 35.25 c | 79.45 | 99.45 | 110.79 | 144.87 | 169.30 |
Net Assets, end of period ($ x 1,000) | 336,723 | 327,604 | 300,557 | 339,836 | 411,334 | 464,031 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
105
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.30 | 12.31 | 12.59 | 16.88 | 15.02 | 12.94 |
Investment Operations: | ||||||
Investment income (loss)—net a | (.02) | (.02) | (.01) | (.04) | (.00)b | .09 |
Net realized and unrealized | 1.65 | 2.05 | .48 | .10 | 2.84 | 2.17 |
Total from Investment Operations | 1.63 | 2.03 | .47 | .06 | 2.84 | 2.26 |
Distributions: | ||||||
Dividends from investment income—net | - | - | - | - | (.06) | (.18) |
Dividends from net realized gain on investments | (1.48) | (.04) | (.75) | (4.35) | (.92) | - |
Total Distributions | (1.48) | (.04) | (.75) | (4.35) | (.98) | (.18) |
Net asset value, end of period | 14.45 | 14.30 | 12.31 | 12.59 | 16.88 | 15.02 |
Total Return (%) | 11.51c | 16.55 | 4.08 | 1.48 | 19.53 | 17.65 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.18d | 1.19 | 1.20 | 1.19 | 1.17 | 1.17 |
Ratio of net expenses to average net assets | 1.18d | 1.19 | 1.20 | 1.19 | 1.17 | 1.17 |
Ratio of net investment income (loss) | (.29)d | (.17) | (.11) | (.32) | (.03) | .64 |
Portfolio Turnover | 35.25c | 79.45 | 99.45 | 110.79 | 144.87 | 169.30 |
Net Assets, end of period ($ x 1,000) | 3,194 | 3,227 | 1,697 | 1,536 | 3,088 | 439 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
106
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.17 | 11.22 | 11.55 | 12.72 | 11.14 | 9.29 |
Investment Operations: | ||||||
Investment income—net a | .04 | .19 | .18 | .18 | .21 | .19 |
Net realized and unrealized | .86 | 1.98 | (.35) | (1.16) | 1.57 | 1.98 |
Total from Investment Operations | .90 | 2.17 | (.17) | (.98) | 1.78 | 2.17 |
Distributions: | ||||||
Dividends from investment income—net | (.21) | (.22) | (.16) | (.19) | (.20) | (.32) |
Net asset value, end of period | 13.86 | 13.17 | 11.22 | 11.55 | 12.72 | 11.14 |
Total Return (%) | 6.84b | 19.80 | (1.49) | (7.68) | 16.11 | 23.74 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.02c | 1.04 | 1.03 | 1.03 | 1.03 | 1.05 |
Ratio of net expenses to average net assets | 1.02c | 1.04 | 1.03 | 1.03 | 1.03 | 1.05 |
Ratio of net investment income | .59c | 1.64 | 1.59 | 1.49 | 1.64 | 1.77 |
Portfolio Turnover | 25.00b | 81.88 | 86.83 | 112.69 | 92.94 | 55.78 |
Net Assets, end of period ($ x 1,000) | 1,154,007 | 1,076,444 | 1,007,752 | 1,005,637 | 990,119 | 519,964 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
107
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.02 | 11.92 | 12.26 | 13.50 | 11.82 | 9.84 |
Investment Operations: | ||||||
Investment income—net a | .03 | .20 | .15 | .15 | .19 | .17 |
Net realized and unrealized | .91 | 2.10 | (.37) | (1.22) | 1.67 | 2.10 |
Total from Investment Operations | .94 | 2.30 | (.22) | (1.07) | 1.86 | 2.27 |
Distributions: | ||||||
Dividends from investment income—net | (.18) | (.20) | (.12) | (.17) | (.18) | (.29) |
Net asset value, end of period | 14.78 | 14.02 | 11.92 | 12.26 | 13.50 | 11.82 |
Total Return (%) | 6.74b | 19.59 | (1.78) | (7.88) | 15.85 | 23.36 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.27c | 1.29 | 1.28 | 1.28 | 1.28 | 1.30 |
Ratio of net expenses to average net assets | 1.27c | 1.29 | 1.28 | 1.28 | 1.28 | 1.30 |
Ratio of net investment income | .35c | 1.53 | 1.25 | 1.17 | 1.38 | 1.51 |
Portfolio Turnover Rate | 25.00b | 81.88 | 86.83 | 112.69 | 92.94 | 55.78 |
Net Assets, end of period ($ x 1,000) | 19,805 | 18,145 | 11,553 | 14,040 | 8,952 | 4,432 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
108
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Emerging Markets Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.23 | 8.96 | 7.98 | 10.98 | 9.11 | 9.19 |
Investment Operations: | ||||||
Investment income (loss)—net a | (.01) | .08 | .09 | .09 | .10 | .12 |
Net realized and unrealized | 1.28 | 2.26 | .96 | (2.96) | 1.88 | (.10) |
Total from Investment Operations | 1.27 | 2.34 | 1.05 | (2.87) | 1.98 | .02 |
Distributions: | ||||||
Dividends from investment income—net | (.09) | (.07) | (.07) | (.13) | (.11) | (.10) |
Dividends from net realized gain on investments | — | — | — | — | — | — |
Total Distributions | (.09) | (.07) | (.07) | (.13) | (.11) | (.10) |
Net asset value, end of period | 12.41 | 11.23 | 8.96 | 7.98 | 10.98 | 9.11 |
Total Return (%) | 11.41b | 26.36 | 13.35 | (26.28) | 21.82 | .09 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.41c | 1.40 | 1.44 | 1.42 | 1.42 | 1.41 |
Ratio of net expenses to average net assets | 1.41c | 1.40 | 1.44 | 1.42 | 1.42 | 1.41 |
Ratio of net investment income (loss) | (.12)c | .84 | 1.10 | .98 | 1.04 | 1.19 |
Portfolio Turnover | 37.74 b | 91.81 | 103.60 | 107.27 | 70.89 | 53.25 |
Net Assets, end of period ($ x 1,000) | 1,040,583 | 904,774 | 693,652 | 1,108,616 | 2,046,317 | 1,830,754 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
109
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Emerging Markets Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.53 | 9.20 | 8.17 | 11.25 | 9.33 | 9.41 |
Investment Operations: | ||||||
Investment income (loss)—net a | (.02) | .07 | .07 | .08 | .09 | .09 |
Net realized and unrealized | 1.31 | 2.31 | 1.00 | (3.04) | 1.91 | (.10) |
Total from Investment Operations | 1.29 | 2.38 | 1.07 | (2.96) | 2.00 | (.01) |
Distributions: | ||||||
Dividends from investment income—net | (.07) | (.05) | (.04) | (.12) | (.08) | (.07) |
Dividends from net realized gain on investments | — | — | — | — | — | — |
Total Distributions | (.07) | (.05) | (.04) | (.12) | (.08) | (.07) |
Net asset value, end of period | 12.75 | 11.53 | 9.20 | 8.17 | 11.25 | 9.33 |
Total Return (%) | 11.25b | 26.05 | 13.13 | (26.49) | 21.57 | (.19) |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.66c | 1.65 | 1.69 | 1.67 | 1.67 | 1.65 |
Ratio of net expenses to average net assets | 1.66c | 1.65 | 1.69 | 1.67 | 1.67 | 1.65 |
Ratio of net investment income (loss) | (.36)c | .69 | .85 | .76 | .90 | .90 |
Portfolio Turnover Rate | 37.74b | 91.81 | 103.60 | 107.27 | 70.89 | 53.25 |
Net Assets, end of period ($ x 1,000) | 21,724 | 17,970 | 11,263 | 17,033 | 22,947 | 10,864 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
110
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Appreciation Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.85 | 12.19 | 12.51 | 13.90 | 12.38 | 10.80 |
Investment Operations: | ||||||
Investment income—net a | .07 | .26 | .26 | .27 | .38 | .27 |
Net realized and unrealized | .77 | 1.73 | (.29) | (1.26) | 1.42 | 1.69 |
Total from Investment Operations | .84 | 1.99 | (.03) | (.99) | 1.80 | 1.96 |
Distributions: | ||||||
Dividends from investment income—net | (.28) | (.33) | (.29) | (.40) | (.28) | (.38) |
Net asset value, end of period | 14.41 | 13.85 | 12.19 | 12.51 | 13.90 | 12.38 |
Total Return (%) | 6.12b | 16.76 | (.22) | (7.14) | 14.65 | 18.39 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .93c | .92 | .92 | .83 | .81 | .83 |
Ratio of net expenses to average net assets | .93c | .92 | .92 | .83 | .81 | .83 |
Ratio of net investment income | .91c | 2.01 | 2.21 | 2.02 | 2.78 | 2.27 |
Portfolio Turnover | 2.38b | 4.49 | 3.04 | 12.51 | 4.41 | 1.24 |
Net Assets, end of period ($ x 1,000) | 77,306 | 75,885 | 73,896 | 101,023 | 111,225 | 98,361 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
111
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Appreciation Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.73 | 12.04 | 12.37 | 13.74 | 12.24 | 10.68 |
Investment Operations: | ||||||
Investment income—net a | .05 | .18 | .23 | .23 | .34 | .25 |
Net realized and unrealized | .76 | 1.76 | (.31) | (1.24) | 1.41 | 1.66 |
Total from Investment Operations | .81 | 1.94 | (.08) | (1.01) | 1.75 | 1.91 |
Distributions: | ||||||
Dividends from investment income—net | (.25) | (.25) | (.25) | (.36) | (.25) | (.35) |
Net asset value, end of period | 14.29 | 13.73 | 12.04 | 12.37 | 13.74 | 12.24 |
Total Return (%) | 5.93b | 16.47 | (.57) | (7.32) | 14.39 | 18.13 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.18c | 1.17 | 1.17 | 1.08 | 1.06 | 1.08 |
Ratio of net expenses to average net assets | 1.18c | 1.17 | 1.17 | 1.08 | 1.06 | 1.08 |
Ratio of net investment income | .66c | 1.50 | 1.96 | 1.77 | 2.52 | 2.08 |
Portfolio Turnover | 2.38b | 4.49 | 3.04 | 12.51 | 4.41 | 1.24 |
Net Assets, end of period ($ x 1,000) | 1,547 | 1,427 | 4,360 | 4,966 | 5,310 | 4,773 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
112
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Equity Income Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.20 | 12.35 | 11.92 | 14.82 | 13.81 | 12.87 |
Investment Operations: | ||||||
Investment income—net a | .19 | .42 | .34 | .43 | .75 | .64 |
Net realized and unrealized | 1.00 | 1.84 | .41 | (2.82) | .90 | .87 |
Total from Investment Operations | 1.19 | 2.26 | .75 | (2.39) | 1.65 | 1.51 |
Distributions: | ||||||
Dividends from investment income—net | (.32) | (.41) | (.32) | (.51) | (.64) | (.57) |
Net asset value, end of period | 15.07 | 14.20 | 12.35 | 11.92 | 14.82 | 13.81 |
Total Return (%) | 8.47b | 18.72 | 6.51 | (16.51) | 12.08 | 11.96 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.07c | 1.09 | 1.09 | 1.07 | 1.08 | 1.15 |
Ratio of net expenses to average net assets | 1.07c | 1.09 | 1.09 | 1.07 | 1.08 | 1.15 |
Ratio of net investment income | 2.51c | 3.27 | 2.85 | 3.25 | 5.13 | 4.57 |
Portfolio Turnover | 26.29b | 46.42 | 78.17 | 88.45 | 83.07 | 74.80 |
Net Assets, end of period ($ x 1,000) | 389,851 | 367,829 | 282,609 | 283,099 | 341,645 | 165,132 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
113
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Equity Income Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.36 | 12.47 | 11.97 | 14.89 | 13.89 | 12.88 |
Investment Operations: | ||||||
Investment income—net a | .20 | .62 | .23 | .39 | .50 | .98 |
Net realized and unrealized | .98 | 1.57 | .52 | (2.83) | 1.11 | .49 |
Total from Investment Operations | 1.18 | 2.19 | .75 | (2.44) | 1.61 | 1.47 |
Distributions: | ||||||
Dividends from investment income—net | (.31) | (.30) | (.25) | (.48) | (.61) | (.46) |
Net asset value, end of period | 15.23 | 14.36 | 12.47 | 11.97 | 14.89 | 13.89 |
Total Return (%) | 8.28b | 17.87 | 6.40 | (16.77) | 11.79 | 11.56 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.32c | 1.37 | 1.34 | 1.33 | 1.36 | 1.42 |
Ratio of net expenses to average net assets | 1.32c | 1.37 | 1.34 | 1.33 | 1.36 | 1.42 |
Ratio of net investment income | 2.77c | 4.13 | 1.92 | 2.84 | 3.81 | 5.34 |
Portfolio Turnover Rate | 26.29b | 46.42 | 78.17 | 88.45 | 83.07 | 74.80 |
Net Assets, end of period ($ x 1,000) | 1,333 | 2,135 | 765 | 2,924 | 919 | 51 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
114
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Asset Allocation Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.30 | 11.30 | 11.51 | 12.57 | 11.68 | 10.97 |
Investment Operations: | ||||||
Investment income—net a | .10 | .18 | .17 | .18 | .17 | .19 |
Net realized and unrealized | .78 | 1.12 | .39 | (.46) | 1.67 | .81 |
Total from Investment Operations | .88 | 1.30 | .56 | (.28) | 1.84 | 1.00 |
Distributions: | ||||||
Dividends from investment income—net | (.15) | (.20) | (.19) | (.32) | (.26) | (.26) |
Dividends from net realized gain on investments | (.36) | (.10) | (.58) | (.46) | (.69) | (.03) |
Total Distributions | (.51) | (.30) | (.77) | (.78) | (.95) | (.29) |
Net asset value, end of period | 12.67 | 12.30 | 11.30 | 11.51 | 12.57 | 11.68 |
Total Return (%) | 7.11b | 11.73 | 5.08 | (2.39) | 16.25 | 9.20 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets c | .38d | .38 | .37 | .35 | .35 | .37 |
Ratio of net expenses to average net assets c | .29d | .30 | .27 | .26 | .26 | .25 |
Ratio of net investment income | 1.57d | 1.51 | 1.52 | 1.48 | 1.43 | 1.69 |
Portfolio Turnover | 11.38b | 27.34 | 23.99 | 30.31 | 48.28 | 27.39e |
Net Assets, end of period ($ x 1,000) | 474,621 | 460,142 | 444,399 | 467,431 | 493,660 | 411,214 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
e The portfolio turnover rate excluding mortgage dollar roll transactions for the period ended August 31, 2013 was 27.03%.
See notes to financial statements.
115
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Asset Allocation Fund | February 28, 2018 (Unaudited) | 2017 | 2016 | 2015 | 2014 | 2013 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.39 | 11.38 | 11.58 | 12.64 | 11.74 | 11.03 |
Investment Operations: | ||||||
Investment income—net a | .08 | .15 | .14 | .15 | .14 | .17 |
Net realized and unrealized | .78 | 1.14 | .40 | (.46) | 1.68 | .80 |
Total from Investment Operations | .86 | 1.29 | .54 | (.31) | 1.82 | .97 |
Distributions: | ||||||
Dividends from investment income—net | (.13) | (.18) | (.16) | (.29) | (.23) | (.23) |
Dividends from net realized gain on investments | (.36) | (.10) | (.58) | (.46) | (.69) | (.03) |
Total Distributions | (.49) | (.28) | (.74) | (.75) | (.92) | (.26) |
Net asset value, end of period | 12.76 | 12.39 | 11.38 | 11.58 | 12.64 | 11.74 |
Total Return (%) | 6.92b | 11.49 | 4.89 | (2.62) | 15.96 | 8.86 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets c | .63d | .63 | .62 | .60 | .61 | .62 |
Ratio of net expenses to average net assets c | .54d | .55 | .52 | .51 | .52 | .50 |
Ratio of net investment income | 1.30d | 1.22 | 1.25 | 1.25 | 1.17 | 1.45 |
Portfolio Turnover | 11.38b | 27.34 | 23.99 | 30.31 | 48.28 | 27.39e |
Net Assets, end of period ($ x 1,000) | 6,492 | 6,745 | 5,131 | 6,393 | 8,338 | 4,939 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
e The portfolio turnover rate excluding mortgage dollar roll transactions for the period ended August 31, 2013 was 27.03%.
See notes to financial statements.
116
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-five series, including the following diversified funds: BNY Mellon Large Cap Stock Fund, BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Income Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Small/Mid Cap Multi-Strategy Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund, BNY Mellon International Appreciation Fund, BNY Mellon International Equity Income Fund and BNY Mellon Asset Allocation Fund and the following non-diversified fund: BNY Mellon Focused Equity Opportunities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Large Cap Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Focused Equity Opportunities Fund and BNY Mellon Small/Mid Cap Multi-Strategy Fund seek capital appreciation. BNY Mellon Income Stock Fund and BNY Mellon International Equity Income Fund seek total return (consisting of capital appreciation and income). BNY Mellon International Fund and BNY Mellon Emerging Markets Fund seek long-term capital growth. BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and BNY Mellon International Appreciation Fund seek long-term capital appreciation. BNY Mellon Asset Allocation Fund seeks long-term growth of principal in conjunction with current income.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. Walter Scott & Partners Limited (“Walter Scott”), also a wholly-owned subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as the BNY Mellon Large Cap Market Opportunities Fund’s and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s sub-investment adviser with respect to the U.S. Large Cap Equity Strategy of each fund. Boston Partners Global Investors, Inc. (“Boston Partners”), and Geneva Capital Management LLC (“Geneva”), serve as BNY Mellon Mid Cap Multi-Strategy Fund’s sub-investment adviser with respect to the Boston Partners Mid Cap Value Strategy and the Geneva Mid Cap Growth Strategy, respectively. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor and for BNY Mellon Income Stock Fund only Class A, Class C, Class I, Class T and Class Y. Class A and Class T shares generally are subject to a sales charge imposed at the time of purchase. Class C shares are subject to a contingent deferred sales charge (“CDSC”) imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares ten years after the date of purchase, without the imposition of a sales charge. Class I and Class Y shares are sold at net asset value per share generally to institutional investors. As of the date of this report, the fund did not offer Class T shares for purchase. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
As of February 28, 2018, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held all of the outstanding Class Y shares of BNY Mellon Income Stock Fund.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
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
117
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
GAAP for SEC registrants. 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.
(a) Portfolio valuation: 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 each 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 funds’ 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 each fund’s investments are as follows:
BNY Mellon Asset Allocation Fund: Investments in debt securities, excluding short-term investments (other than U.S. Treasury Bills), are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board of Trustees (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). Other investments are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.
Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S Treasury Bills are valued at the mean price between quoted prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general supervision of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When 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 significantly affected by events 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 funds calculate their net asset value, the funds 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
118
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 restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.
Futures and options, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy. Options traded over-the-counter (“OTC”) are valued at the mean between the bid and asked price and are generally categorized within Level 2 of the fair value hierarchy. Forward foreign currency exchange contracts (“forward contracts”) are valued at the forward rate and are generally categorized within Level 2 of the fair value hierarchy.
Table 1 summarizes the inputs used as of February 28, 2018 in valuing each fund’s investments:
At February 28, 2018, there were no transfers between levels of the fair value hierarchy, except for BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund which had transfers between Level 1 and Level 2 at period end. It is the fund’s policy to recognize transfers between levels at the end of the reporting period.
(b) Foreign currency transactions: BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.
(c) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.
Table 1—Fair Value Measurements | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon Large Cap | |||||||||||||||||
Equity Securities—Domestic | 286,923,095 | - | - | - | - | - | 286,923,095 | ||||||||||
Equity Securities—Foreign | 435,104 | - | - | - | - | - | 435,104 | ||||||||||
Registered Investment Companies | 2,793,262 | - | - | - | - | - | 2,793,262 |
119
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 1—Fair Value Measurements (continued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon Large Cap Market | |||||||||||||||||
Equity Securities—Domestic | 32,491,651 | - | - | - | - | - | 32,491,651 | ||||||||||
Equity Securities—Foreign | 666,428 | - | - | - | - | - | 666,428 | ||||||||||
Registered Investment Companies | 33,713,856 | - | - | - | - | - | 33,713,856 | ||||||||||
BNY Mellon Tax-Sensitive | |||||||||||||||||
Equity Securities—Domestic | 234,601,222 | - | - | - | - | - | 234,601,222 | ||||||||||
Equity Securities—Foreign | 2,584,335 | - | - | - | - | - | 2,584,335 | ||||||||||
Registered Investment Companies | 104,853,075 | - | - | - | - | - | 104,853,075 | ||||||||||
BNY Mellon Income Stock Fund | |||||||||||||||||
Equity Securities—Domestic | 1,166,399,472 | - | - | - | - | - | 1,166,399,472 | ||||||||||
Equity Securities—Domestic | 12,094,677 | - | - | - | - | - | 12,094,677 | ||||||||||
Equity Securities—Foreign | 11,243,147 | - | - | - | - | - | 11,243,147 | ||||||||||
Registered Investment Companies | 50,059,434 | - | - | - | - | - | 50,059,434 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Options Written | (760,684) | - | - | - | - | - | (760,684) | ||||||||||
BNY Mellon Mid Cap | |||||||||||||||||
Equity Securities—Domestic | 3,056,698,510 | - | - | - | - | - | 3,056,698,510 | ||||||||||
Equity Securities—Foreign | 39,053,245 | - | - | - | - | - | 39,053,245 | ||||||||||
Exchange-Traded Funds | 20,622,878 | - | - | - | - | - | 20,622,878 | ||||||||||
Registered Investment Companies | 131,735,768 | - | - | - | - | - | 131,735,768 | ||||||||||
Rights† | 233 | - | - | - | - | - | 233 |
120
Table 1—Fair Value Measurements (continued) | |||||||||||||||||||
Investments in Securities | |||||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant |
|
| |||||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||||
BNY Mellon Small Cap | |||||||||||||||||||
Equity Securities—Domestic | 527,245,998 | - | - | - | - | - | 527,245,998 | ||||||||||||
Equity Securities—Foreign | 30,650,526 | - | - | - | - | - | 30,650,526 | ||||||||||||
Exchange-Traded Funds | 5,166,987 | - | - | - | - | - | 5,166,987 | ||||||||||||
Registered Investment Companies | 66,371,131 | - | - | - | - | - | 66,371,131 | ||||||||||||
BNY Mellon Focused Equity | |||||||||||||||||||
Equity Securities—Domestic | 521,323,260 | - | - | - | - | - | 521,323,260 | ||||||||||||
Equity Securities—Foreign | 13,196,947 | - | - | - | - | - | 13,196,947 | ||||||||||||
Registered Investment Companies | 2,736,772 | - | - | - | - | - | 2,736,772 | ||||||||||||
BNY Mellon Small/Mid Cap | |||||||||||||||||||
Equity Securities—Domestic | 319,019,058 | - | - | - | - | - | 319,019,058 | ||||||||||||
Equity Securities—Foreign | 13,705,471 | - | - | - | - | - | 13,705,471 | ||||||||||||
Exchange-Traded Funds | 3,519,419 | - | - | - | - | - | 3,519,419 | ||||||||||||
Registered Investment Companies | 25,275,773 | - | - | - | - | - | 25,275,773 | ||||||||||||
BNY Mellon International Fund | |||||||||||||||||||
Equity Securities—Foreign | - | - | 1,148,957,681 | †† | - | - | - | 1,148,957,681 | |||||||||||
Exchange-Traded Funds | 7,659,430 | - | - | - | - | - | 7,659,430 | ||||||||||||
Registered Investment Company | 7,638,291 | - | - | - | - | - | 7,638,291 | ||||||||||||
Rights | - | - | 68,314 | †† | - | - | - | 68,314 | |||||||||||
Forward Foreign Currency | - | - | 22,651 | (8,516) | - | - | 14,135 | ||||||||||||
BNY Mellon | |||||||||||||||||||
Equity Securities—Foreign | 160,752,489 | - | 819,080,777 | †† | - | - | - | 979,833,266 | |||||||||||
Equity Securities—Foreign | - | - | 58,323,604 | †† | - | - | - | 58,323,604 | |||||||||||
Exchange-Traded Funds | 8,816,280 | - | - | - | - | - | 8,816,280 | ||||||||||||
Registered Investment Companies | 27,085,694 | - | - | - | - | - | 27,085,694 | ||||||||||||
Rights | - | - | 120,932 | †† | - | - | - | 120,932 | |||||||||||
Forward Foreign Currency | - | - | 1,068 | (6,122) | - | - | (5,054) |
121
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 1—Fair Value Measurements (continued) | |||||||||||||||||||
Investments in Securities | |||||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant |
|
| |||||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||||
BNY Mellon International | |||||||||||||||||||
Equity Securities—Foreign | 78,294,738 | - | - | - | - | - | 78,294,738 | ||||||||||||
Registered Investment Companies | 261,636 | - | - | - | - | - | 261,636 | ||||||||||||
U.S. Treasury | - | - | 54,987 | - | - | - | 54,987 | ||||||||||||
Other Financial Instruments: | |||||||||||||||||||
Futures††† | - | (8,469) | - | - | - | - | (8,469) | ||||||||||||
BNY Mellon International | |||||||||||||||||||
Equity Securities—Foreign | 1,768,330 | - | 378,775,926 | †† | - | - | - | 380,544,256 | |||||||||||
Equity Securities—Foreign | - | - | 3,875,410 | †† | - | - | - | 3,875,410 | |||||||||||
Exchange-Traded Fund | 2,108,100 | - | - | - | - | - | 2,108,100 | ||||||||||||
Registered Investment Company | 2,126,372 | - | - | - | - | - | 2,126,372 | ||||||||||||
BNY Mellon Asset | |||||||||||||||||||
Commercial Mortgage-Backed | - | - | 1,124,358 | - | - | - | 1,124,358 | ||||||||||||
Corporate Bonds† | - | - | 26,052,854 | - | - | - | 26,052,854 | ||||||||||||
Equity Securities—Domestic | 109,148,442 | - | - | - | - | - | 109,148,442 | ||||||||||||
Equity Securities—Foreign | 164,524 | - | - | - | - | - | 164,524 | ||||||||||||
Foreign Government | - | - | 904,098 | - | - | - | 904,098 | ||||||||||||
Municipal Bonds† | - | - | 4,416,941 | - | - | - | 4,416,941 | ||||||||||||
Registered Investment Companies | 309,532,827 | - | - | - | - | - | 309,532,827 | ||||||||||||
U.S. Government | - | - | 17,513,835 | - | - | - | 17,513,835 | ||||||||||||
U.S. Treasury | - | - | 12,335,663 | - | - | - | 12,335,663 |
† See Statement of Investments for additional detailed categorizations.
†† Securities classified within Level 2 at period end as the values were determined pursuant to the fund’s fair valuation procedures.
††† Amount shown represents unrealized appreciation (depreciation) at period end.
122
Pursuant to a securities lending agreement with The Bank of New York Mellon, the funds may lend securities to qualified institutions. It is the funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, or U.S. Government and Agency securities. The funds are entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the funds or credit the funds with the market value of the unreturned securities and is subrogated to the funds’ rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. Table 2 summarizes the amount The Bank of New York Mellon earned from each relevant fund from lending portfolio securities, pursuant to the securities lending agreement during the period ended February 28, 2018.
Table 2—Securities Lending Agreement |
|
BNY Mellon Large Cap Stock Fund | $252 |
BNY Mellon Large Cap Market Opportunities Fund | 5 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 104 |
BNY Mellon Income Stock Fund | 5,204 |
BNY Mellon Mid Cap Multi-Strategy Fund | 50,195 |
BNY Mellon Small Cap Multi-Strategy Fund | 73,773 |
BNY Mellon Focused Equity Opportunities Fund | 1,999 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 28,921 |
BNY Mellon Emerging Markets Fund | 1,575 |
BNY Mellon Asset Allocation Fund | 182 |
(d) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act.
(e) Risk: BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund invest in foreign markets which may involve special risks and considerations not typically associated with investing in the U.S. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls and delayed settlements, and their prices may be more volatile than those of comparable securities in the U.S.
BNY Mellon Asset Allocation Fund invests in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering the fund’s share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.
BNY Mellon Focused Equity Opportunities Fund is non-diversified, which means that a relatively high percentage of the fund’s assets may be invested in a limited number of issuers. Therefore, the fund’s performance may be vulnerable to changes in market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.
(f) Dividends and distributions to shareholders: Dividends and distributions payable to shareholders are recorded by each fund on the ex-dividend date. BNY Mellon Large Cap Stock Fund, BNY Mellon Income Stock Fund and BNY Mellon Asset Allocation Fund normally declare and pay dividends from investment income-net monthly. BNY Mellon International Equity Income Fund normally declares and pays dividends from investment income-net quarterly. BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Focused Equity Opportunities Fund, BNY Mellon Small/Mid Cap Multi-Strategy Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Appreciation Fund normally declare and pay dividends from investment income-net annually. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers of a fund, it is the policy of each fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
123
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(g) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2018, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 28, 2018, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2017 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), each fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute. The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.
Table 3 summarizes each relevant fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, realized subsequent to August 31, 2017.
Table 4 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2017. The tax character of current year distributions will be determined at the end of the current fiscal year.
Table 3—Capital Loss Carryover | ||||||
Post-Enactment | Post-Enactment | |||||
Expiring in fiscal year | Total ($) | |||||
2018 ($)† | ||||||
BNY Mellon International Fund | 462,294,170 | 2,030,988 | 101,785,423 | 566,110,581 | ||
BNY Mellon Emerging Markets Fund | - | 201,359,124 | 234,948,125 | 436,307,249 | ||
BNY Mellon International Appreciation Fund | - | 383,070 | 29,203,125 | 29,586,195 | ||
BNY Mellon International Equity Income Fund | - | 33,126,045 | 8,704,795 | 41,830,840 |
† If not applied, the carryovers expire in the above fiscal years.
†† Post-enactment short-term capital losses which can be carried forward for an unlimited period.
††† Post-enactment long-term capital losses which can be carried forward for an unlimited period.
Table 4— Tax Character of Distributions Paid | |||||
2017 | |||||
|
| Ordinary Income ($) | Long-Term | ||
BNY Mellon Large Cap Stock Fund | 3,649,329 | 12,129,717 | |||
BNY Mellon Large Cap Market Opportunities Fund | 1,470,911 | 7,979,895 | |||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 5,840,522 | 15,840,777 | |||
BNY Mellon Income Stock Fund | 27,616,101 | 32,076,068 | |||
BNY Mellon Mid Cap Multi-Strategy Fund | 20,569,662 | 21,609,214 | |||
BNY Mellon Small Cap Multi-Strategy Fund | – | 2,370,605 | |||
BNY Mellon Focused Equity Opportunities Fund | 9,861,114 | 27,877,152 | |||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 240,001 | 1,046,913 | |||
BNY Mellon International Fund | 19,135,813 | – | |||
BNY Mellon Emerging Markets Fund | 5,250,373 | – | |||
BNY Mellon International Appreciation Fund | 1,954,995 | – | |||
BNY Mellon International Equity Income Fund | 9,867,923 | – | |||
BNY Mellon Asset Allocation Fund | 7,809,568 | 3,842,171 |
124
NOTE 2—Bank Lines of Credit:
The funds participate with other Dreyfus-managed funds in an $830 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 4, 2017, the unsecured credit facility with Citibank, N.A. was $810 million. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2018, BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund, BNY Mellon International Appreciation Fund and BNY Mellon Asset Allocation Fund did not borrow under the Facilities.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2018 for BNY Mellon Large Cap Stock Fund was approximately $26,500, with a related weighted average annualized interest rate of 2.31%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2018 for BNY Mellon Income Stock Fund was approximately $10,500, with a related weighted average annualized interest rate of 2.27%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2018 for BNY Mellon Focused Equity Opportunities Fund was approximately $56,900, with a related weighted average annualized interest rate of 2.12%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2018 for BNY Mellon Small/Mid Cap Multi-Strategy Fund was approximately $26,500, with a related weighted average annualized interest rate of 2.46%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2018 for BNY Mellon International Equity Income Fund was approximately $31,500, with a related weighted average annualized interest rate of 2.42%.
NOTE 3—Investment Advisory Fee, Administration Fee, Sub-Investment Advisory Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an investment advisory agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .65% of BNY Mellon Large Cap Stock Fund, .70% (direct investment in securities) and .15% (other underlying funds, which may consist of affiliated funds, mutual funds and exchange traded funds) of BNY Mellon Large Cap Market Opportunities Fund, .70% (direct investment in securities) and .15% (other underlying funds, which may consist of affiliated funds, mutual funds and exchange traded funds) of BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, .65% of BNY Mellon Income Stock Fund, .75% of BNY Mellon Mid Cap Multi-Strategy Fund, .85% of BNY Mellon Small Cap Multi-Strategy Fund, .70% of BNY Mellon Focused Equity Opportunities Fund, .75% of BNY Mellon Small/Mid Cap Multi-Strategy Fund, .85% of BNY Mellon International Fund, 1.15% of BNY Mellon Emerging Markets Fund, .50% of BNY Mellon International Appreciation Fund, .85% of BNY Mellon International Equity Income Fund and .65% (equity investments), .40% (debt securities) and .15% (money market investments and other underlying funds, which may consist of affiliated funds, mutual funds and exchange traded funds) of BNY Mellon Asset Allocation Fund.
For BNY Mellon Income Stock Fund, the Investment Adviser has contractually agreed, from September 1, 2017 through June 1, 2018, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the total expenses of Class A, Class C, Class I and Class Y shares (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .90% of the value of the fund’s average daily net assets. During the period ended February 28, 2018, there were no reduction in expenses, pursuant to the undertaking.
For BNY Mellon Asset Allocation Fund, the Investment Adviser has contractually agreed, from September 1, 2017 through December 31, 2018, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the total annual fund operating expenses of neither class (including indirect fees, and expense of the underlying funds, but excluding Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .87% of the value of the fund’s average daily net assets. The
125
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
reduction in expenses, pursuant to the undertaking, amounted to $215,764 during the period ended February 28, 2018.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
No administration fee is applied to assets held by BNY Mellon Large Cap Market Opportunities Fund and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund which are invested in shares of other underlying funds.
No administration fee is applied to assets held by BNY Mellon Asset Allocation Fund which are invested in cash or money market instruments or shares of other underlying funds.
Pursuant to a sub-investment advisory agreement between Dreyfus and Walter Scott, Dreyfus pays Walter Scott a monthly fee at an annual rate of .41% of BNY Mellon Large Cap Market Opportunities Fund’s and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s average daily net assets allocated to the U.S. Large Cap Equity Strategy.
Pursuant to separate sub-investment advisory agreements, Geneva and Boston Partners serve as a sub-investment adviser responsible for the day-to-day management of their respective portion of BNY Mellon Mid Cap Multi-Strategy Fund’s portfolio. Dreyfus pays Boston Partners and Geneva separate monthly fees at an annual percentage of BNY Mellon Mid Cap Multi-Strategy Fund’s average daily net assets allocated to the Boston Partners Mid Cap Value Strategy and the Geneva Mid Cap Growth Strategy, respectively. Dreyfus has obtained an exemptive order from the SEC (the “Order”), upon which the funds may rely, to use a manager of managers approach that permits Dreyfus, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-investment advisers who are either unaffiliated with Dreyfus or are wholly-owned subsidiaries (as defined under the Act) of Dreyfus’ ultimate parent company, BNY Mellon, without obtaining shareholder approval. The Order also allows the funds to disclose the sub-investment advisory fee paid by Dreyfus to any unaffiliated sub-investment adviser in the aggregate with other unaffiliated sub-investment advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-investment advisory fee payable by Dreyfus separately to a sub-investment adviser that is a wholly-owned subsidiary of BNY Mellon in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to Dreyfus. Dreyfus has ultimate responsibility (subject to oversight by the Board) to supervise any sub-investment adviser and recommend the hiring, termination, and replacement of any sub-investment adviser to the Board.
(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares of BNY Mellon Income Stock Fund pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. During the period ended February 28, 2018, Class C shares were charged $3,683 pursuant to the Distribution Plan.
Each fund has adopted a Shareholder Services Plan with respect to its Investor shares. BNY Mellon Income Stock Fund has also adopted a Shareholder Services Plan with respect to its Class A and Class C shares. Each fund pays the Distributor at an annual rate of .25% of the value of its Investor shares, and BNY Mellon Income Stock Fund pays the Distributor at an annual rate of .25% of the value of its Class A and Class C shares, based on the respective fund’s average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 5 summarizes the amounts Investor, Class A and Class C shares were charged during the period ended February 28, 2018, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
126
Table 5—Shareholder Services Plan Fees |
|
BNY Mellon Large Cap Stock Fund | $12,827 |
BNY Mellon Large Cap Market Opportunities Fund | 1,104 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 8,256 |
BNY Mellon Income Stock Fund | |
Investor Shares | 35,324 |
Class A | 5,548 |
Class C | 1,228 |
BNY Mellon Mid Cap Multi-Strategy Fund | 116,276 |
BNY Mellon Small Cap Multi-Strategy Fund | 25,983 |
BNY Mellon Focused Equity Opportunities Fund | 7,697 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 4,596 |
BNY Mellon International Fund | 24,164 |
BNY Mellon Emerging Markets Fund | 24,763 |
BNY Mellon International Appreciation Fund | 1,940 |
BNY Mellon International Equity Income Fund | 1,716 |
BNY Mellon Asset Allocation Fund | 8,035 |
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the funds. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees out of the administration fee it receives from the Trust. Table 6 summarizes the amount each fund was charged during the period ended February 28, 2018 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations. Cash management fees were offset by earnings credits, also summarized in Table 6.
Table 6—Cash Management Agreement Fees | ||||
| Dreyfus Transfer, Inc. | Dreyfus Transfer, Inc. | ||
BNY Mellon Large Cap Stock Fund | 49 | (49) | ||
BNY Mellon Large Cap Market Opportunities Fund | 10 | (10) | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 21 | (21) | ||
BNY Mellon Income Stock Fund | 124 | (124) | ||
BNY Mellon Mid Cap Multi-Strategy Fund | 706 | (706) | ||
BNY Mellon Small Cap Multi-Strategy Fund | 287 | (287) | ||
BNY Mellon Focused Equity Opportunities Fund | 31 | (31) | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 34 | (34) | ||
BNY Mellon International Fund | 70 | (70) | ||
BNY Mellon Emerging Markets Fund | 82 | (82) | ||
BNY Mellon International Appreciation Fund | 115 | (115) | ||
BNY Mellon International Equity Income Fund | 19 | (19) | ||
BNY Mellon Asset Allocation Fund | 23 | (23) |
127
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 7 summarizes the amount each fund was charged during the period ended February 28, 2018 pursuant to the custody agreement. These fees were partially offset by earnings credits, also summarized in Table 7.
Table 8 summarizes the amount each fund was charged for services performed by the Chief Compliance Officer and his staff, during the period ended February 28, 2018.
Table 8—Chief Compliance Officer Fees |
|
BNY Mellon Large Cap Stock Fund | $5,495 |
BNY Mellon Large Cap Market Opportunities Fund | 7,693 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 7,693 |
BNY Mellon Income Stock Fund | 5,495 |
BNY Mellon Mid Cap Multi-Strategy Fund | 8,792 |
BNY Mellon Small Cap Multi-Strategy Fund | 5,495 |
BNY Mellon Focused Equity Opportunities Fund | 5,495 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 5,495 |
BNY Mellon International Fund | 5,495 |
BNY Mellon Emerging Markets Fund | 5,495 |
BNY Mellon International Appreciation Fund | 5,495 |
BNY Mellon International Equity Income Fund | 5,495 |
BNY Mellon Asset Allocation Fund | 6,594 |
Table 9 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
Table 7—Custody Agreement Fees | ||||
| Custody Fees ($) | Earnings Credits ($) | ||
BNY Mellon Large Cap Stock Fund | 13,327 | – | ||
BNY Mellon Large Cap Market Opportunities Fund | 2,209 | – | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 7,332 | – | ||
BNY Mellon Income Stock Fund | 19,889 | (993) | ||
BNY Mellon Mid Cap Multi-Strategy Fund | 90,483 | (1,125) | ||
BNY Mellon Small Cap Multi-Strategy Fund | 30,989 | (136) | ||
BNY Mellon Focused Equity Opportunities Fund | 18,891 | – | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 29,894 | (69) | ||
BNY Mellon International Fund | 158,245 | (1) | ||
BNY Mellon Emerging Markets Fund | 518,417 | (922) | ||
BNY Mellon International Appreciation Fund | 4,212 | (10) | ||
BNY Mellon International Equity Income Fund | 104,890 | (110) | ||
BNY Mellon Asset Allocation Fund | 10,868 | – |
Table 9—Due to The Dreyfus Corporation and Affiliates | |||||||||||
| Investment | Distribution | Shareholder | Custodian | Chief Compliance | Less Expense | |||||
BNY Mellon Large Cap Stock Fund | 144,785 | – | 1,889 | 21,000 | 7,326 | – | |||||
BNY Mellon Large Cap Market Opportunities Fund | 22,016 | – | 131 | 4,671 | 10,257 | – | |||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 141,608 | – | 1,156 | 7,620 | 10,257 | – | |||||
BNY Mellon Income Stock Fund | 617,996 | 484 | 5,853 | 18,646 | 7,326 | – | |||||
BNY Mellon Mid Cap Multi-Strategy Fund | 1,809,654 | – | 17,753 | 85,146 | 11,722 | – | |||||
BNY Mellon Small Cap Multi-Strategy Fund | 373,937 | — | 3,917 | 32,436 | 7,326 | – | |||||
BNY Mellon Focused Equity Opportunities Fund | 289,314 | – | 1,131 | 18,349 | 7,326 | – | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 197,386 | – | 621 | 29,435 | 7,326 | – | |||||
BNY Mellon International Fund | 769,558 | – | 3,811 | 150,000 | 7,326 | – | |||||
BNY Mellon Emerging Markets Fund | 935,201 | – | 4,107 | 518,030 | 7,326 | – | |||||
BNY Mellon International Appreciation Fund | 30,640 | – | 299 | 4,422 | 7,326 | – | |||||
BNY Mellon International Equity Income Fund | 256,721 | – | 231 | 107,646 | 7,326 | – | |||||
BNY Mellon Asset Allocation Fund | 109,389 | – | 1,274 | 10,202 | 8,792 | (65,957) |
128
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—Securities Transactions:
Table 10 summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, forward contracts, futures and options transactions, during the period ended February 28, 2018.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each relevant fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, “Master Agreements”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination.
Each type of derivative instrument that was held by each relevant fund during the period ended February 28, 2018 is discussed below.
Futures: In the normal course of pursuing their investment objective, BNY Mellon International Appreciation Fund is exposed to market risk, including equity price risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage their exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statements of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statements of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at February 28, 2018 are set forth in the Statements of Futures.
Table 10—Purchases and Sales | ||||||||
| Purchases ($) | Sales ($) | ||||||
BNY Mellon Large Cap Stock Fund | 69,627,409 | 101,266,247 | ||||||
BNY Mellon Large Cap Market Opportunities Fund | 4,543,227 | 11,912,845 | ||||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 23,245,755 | 54,771,926 | ||||||
BNY Mellon Income Stock Fund | 421,043,047 | 511,005,333 | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund | 731,974,386 | 739,820,087 | ||||||
BNY Mellon Small Cap Multi-Strategy Fund | 187,734,476 | 201,352,826 | ||||||
BNY Mellon Focused Equity Opportunities Fund | 72,566,109 | 91,214,296 | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 119,996,265 | 145,361,651 | ||||||
BNY Mellon International Fund | 295,853,431 | 283,499,479 | ||||||
BNY Mellon Emerging Markets Fund | 397,083,215 | 368,882,218 | ||||||
BNY Mellon International Appreciation Fund | 1,891,144 | 4,134,932 | ||||||
BNY Mellon International Equity Income Fund | 99,866,514 | 101,790,142 | ||||||
BNY Mellon Asset Allocation Fund | 56,003,349 | 54,190,217 |
129
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Options Transactions: BNY Mellon Income Stock Fund purchases and writes (sells) put and call options to hedge against changes in the values of equities or as a substitute for an investment. The fund is subject to market risk, in the course of pursuing its investment objectives through its investments in options contracts. A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the writer to sell, the underlying financial instrument at the exercise price at any time during the option period, or at a specified date. Conversely, a put option gives the purchaser of the option the right (but not the obligation) to sell, and obligates the writer to buy the underlying financial instrument at the exercise price at any time during the option period, or at a specified date.
As a writer of call options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument increases between those dates.
As a writer of put options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument increases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument decreases between those dates.
As a writer of an option, the fund has no control over whether the underlying financial instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the financial instrument underlying the written option. There is a risk of loss from a change in value of such options which may exceed the related premiums received. The Statement of Operations reflects any unrealized gains or losses which occurred during the period as well as any realized gains or losses which occurred upon the expiration or closing of the option transaction. Options written open at February 28, 2018 are set forth in the Statement of Option Written.
Forward Foreign Currency Exchange Contracts: BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund enter into forward contracts in order to hedge their exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of their investment strategies. When executing forward contracts, each fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, each fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. Each fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, each fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. Each fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statements of Operations. Each fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. Each fund is also exposed to credit risk associated with counterparty non-performance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between each fund and the counterparty and the posting of collateral, if any, by the counterparty to each fund to cover the funds’ exposure to the counterparty. At February 28, 2018, there were no forward contracts outstanding for BNY Mellon International Equity Income Fund. Forward contracts open at February 28, 2018 for BNY Mellon International Fund and BNY Mellon Emerging Markets Fund are set forth in the Statement of Forward Foreign Currency Exchange Contracts.
The provisions of ASC Topic 210 “Disclosures about Offsetting Assets and Liabilities” require disclosure on the offsetting of financial assets and liabilities. These disclosures are required for certain investments, including derivative financial instruments subject to Master Agreements which are eligible for offsetting in the Statement of Assets and Liabilities and require each relevant fund to disclose both gross and net information with respect to such investments. For financial reporting purposes, each relevant fund does not offset derivative assets and derivative liabilities that are subject to Master Agreements in the Statement of Assets and Liabilities.
Table 11 summarizes each relevant fund’s derivatives assets and liabilities (by type) on a gross basis, and net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of February 28, 2018.
130
Table 11—Derivative of Assets and Liabilities subject to Master Netting Agreements
BNY Mellon International Fund |
|
|
| ||
|
|
|
|
|
|
Derivative Financial Instruments: |
| Assets ($) |
| Liabilities ($) |
|
Forward contracts |
| 22,651 |
| (8,516) |
|
Total gross amount of derivative |
|
|
|
|
|
assets and liabilities in the |
|
|
|
|
|
Statement of Assets and Liabilities |
| 22,651 |
| (8,516) |
|
Derivatives not subject to |
|
|
|
|
|
Master Agreements |
| - |
| - |
|
Total gross amount of assets |
|
|
|
|
|
and liabilities subject to |
|
|
|
|
|
Master Agreements |
| 22,651 |
| (8,516) |
|
|
|
|
|
|
|
|
|
|
| Financial |
|
|
|
|
|
| Instruments |
|
|
|
|
|
| and Derivatives |
|
|
|
| Gross Amount of |
| Available | Collateral |
| Net Amount of |
Counterparty | Assets ($) | 1 | for Offset ($) | Received ($) |
| Assets ($) |
Barclays Bank | 85 |
| - |
|
| 85 |
Goldman Sachs | 22,566 |
| - |
|
| 22,566 |
Total | 22,651 |
| - | - |
| 22,651 |
|
|
| Financial |
|
|
|
|
|
| Instruments |
|
|
|
|
|
| and Derivatives |
|
|
|
| Gross Amount of |
| Available | Collateral |
| Net Amount of |
Counterparty | Liabilities ($) | 1 | for Offset ($) | Pledged ($) |
| Liabilities ($) |
Bank of America | (7,752) |
| - | - |
| (7,752) |
UBS | (764) |
| - | - |
| (764) |
Total | (8,516) |
| - | - |
| (8,516) |
1 Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statements of Assets and Liabilities. |
131
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 11—Derivative of Assets and Liabilities subject to Master Netting Agreements
BNY Mellon Emerging Markets Fund |
|
|
| ||
|
|
|
|
|
|
Derivative Financial Instruments: |
| Assets ($) |
| Liabilities ($) |
|
Forward contracts |
| 1,068 |
| (6,122) |
|
Total gross amount of derivative |
|
|
|
|
|
assets and liabilities in the |
|
|
|
|
|
Statement of Assets and Liabilities |
| 1,068 |
| (6,122) |
|
Derivatives not subject to |
|
|
|
|
|
Master Agreements |
| - |
| - |
|
Total gross amount of assets |
|
|
|
|
|
and liabilities subject to |
|
|
|
|
|
Master Agreements |
| 1,068 |
| (6,122) |
|
|
|
|
|
|
|
|
|
|
| Financial |
|
|
|
|
|
| Instruments |
|
|
|
|
|
| and Derivatives |
|
|
|
| Gross Amount of |
| Available | Collateral |
| Net Amount of |
Counterparty | Assets ($) | 1 | for Offset ($) | Received ($) |
| Assets ($) |
Barclays Bank | 1,049 |
| - |
|
| 1,049 |
Goldman Sachs | 19 |
| - |
|
| 19 |
Total | 1,068 |
| - | - |
| 1,068 |
|
|
| Financial |
|
|
|
|
|
| Instruments |
|
|
|
|
|
| and Derivatives |
|
|
|
| Gross Amount of |
| Available | Collateral |
| Net Amount of |
Counterparty | Liabilities ($) | 1 | for Offset ($) | Pledged ($) |
| Liabilities ($) |
Deutsche Bank | (164) |
| - | - |
| (164) |
Morgan Stanley | (859) |
| - | - |
| (859) |
Northern Trust | (5,099) |
| - | - |
| (5,099) |
Total | (6,122) |
| - | - |
| (6,122) |
1 Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statements of Assets and Liabilities. |
132
Table 12 summarizes each relevant fund’s average market value of derivatives outstanding during the period ended February 28, 2018.
Table 12—Average Market Value of Derivatives | |
Average Market | |
BNY Mellon Income Stock Fund | 323,332 |
BNY Mellon International Fund | 5,591,872 |
BNY Mellon Emerging Markets Fund | 6,247,290 |
BNY Mellon International Appreciation Fund | 587,741 |
BNY Mellon International Equity Income Fund | 84,509 |
Table 13 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments inclusive of derivative contracts for each fund at February 28, 2018.
At February 28, 2018, the cost of investments inclusive of derivative contracts for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
Table 13—Accumulated Net Unrealized Appreciation (Depreciation) | ||||||||
| Gross | Gross | Net ($) | |||||
BNY Mellon Large Cap Stock Fund | 82,054,105 | 4,303,332 | 77,750,773 | |||||
BNY Mellon Large Cap Market Opportunities Fund | 18,875,712 | 397,695 | 18,478,017 | |||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 133,843,183 | 1,478,626 | 132,364,557 | |||||
BNY Mellon Income Stock Fund | 254,036,989 | 35,351,159 | 218,685,830 | |||||
BNY Mellon Mid Cap Multi-Strategy Fund | 968,271,213 | 38,215,562 | 930,055,651 | |||||
BNY Mellon Small Cap Multi-Strategy Fund | 119,717,515 | 15,575,433 | 104,142,082 | |||||
BNY Mellon Focused Equity Opportunities Fund | 179,302,959 | 8,579,653 | 170,723,306 | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 72,460,799 | 10,142,249 | 62,318,550 | |||||
BNY Mellon International Fund | 187,569,941 | 35,032,984 | 152,536,957 | |||||
BNY Mellon Emerging Markets Fund | 340,053,159 | 14,260,331 | 325,792,828 | |||||
BNY Mellon International Appreciation Fund | 16,308,342 | 26,941,082 | (10,632,740) | |||||
BNY Mellon International Equity Income Fund | 58,470,681 | 7,650,886 | 50,819,795 | |||||
BNY Mellon Asset Allocation Fund | 87,919,983 | 5,258,377 | 82,661,606 |
133
NOTES
134
NOTES
135
The BNY Mellon Funds
c/o The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Investment Adviser
BNY Mellon Fund Advisers, a division of
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Sub-Investment Adviser
Walter Scott & Partners Limited
One Charlotte Square
Edinburgh, Scotland, UK
Geneva Capital Management LLC
100 East Wisconsin Avenue
Suite 2550,
Milwaukee, WI 53202
Boston Partners Global Investors, Inc.
909 Third Avenue
New York, NY 10022
Administrator
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166
Ticker Symbols: | ||||||
BNY Mellon Large Cap Stock Fund | Class M: MPLCX | Investor: MILCX | ||||
BNY Mellon Large Cap Market Opportunities Fund | Class M: MMOMX | Investor: MMOIX | ||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | Class M: MTSMX | Investor: MTSIX | ||||
BNY Mellon Income Stock Fund | Class M: MPISX | Investor: MIISX | Class A: BMIAX | Class C: BMISX | Class I: BMIIX | Class Y: BMIYX |
BNY Mellon Mid Cap Multi-Strategy Fund | Class M: MPMCX | Investor: MIMSX | ||||
BNY Mellon Small Cap Multi-Strategy Fund | Class M: MPSSX | Investor: MISCX | ||||
BNY Mellon Focused Equity Opportunities Fund | Class M: MFOMX | Investor: MFOIX | ||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | Class M: MMCMX | Investor: MMCIX | ||||
BNY Mellon International Fund | Class M: MPITX | Investor: MIINX | ||||
BNY Mellon Emerging Markets Fund | Class M: MEMKX | Investor: MIEGX | ||||
BNY Mellon International Appreciation Fund | Class M: MPPMX | Investor: MARIX | ||||
BNY Mellon International Equity Income Fund | Class M: MLIMX | Investor: MLIIX | ||||
BNY Mellon Asset Allocation Fund | Class M: MPBLX | Investor: MIBLX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-866-804-5023. Brokerage Clients of BNY Mellon Wealth Advisors (BNYMWA), please contact your financial representative or call 1-800-830-0549, Option 2 for BNY Mellon Wealth Management Direct or 1-800-843-5466 for former brokerage clients of BNY Mellon Wealth Advisors whose accounts are now held by Dreyfus Brokerage Services. Individual Account holders, please call Dreyfus at 1-800-DREYFUS.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.
© 2018 MBSC Securities Corporation | MFTSA0218-EQ |
The BNY Mellon Funds
BNY Mellon Bond Fund
BNY Mellon Intermediate Bond Fund
BNY Mellon Corporate Bond Fund
BNY Mellon Short-Term U.S. Government Securities Fund
SEMIANNUAL REPORT February 28, 2018 | |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2017 through February 28, 2018. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
Stocks set a series of new record highs while bonds generally lost a degree of value over the reporting period. Riskier sectors of the financial markets responded positively to growing corporate earnings, improving global economic conditions and the enactment of tax reform legislation. While the rally was relatively broad-based, growth stocks produced substantially higher returns than value-oriented stocks. International stocks also performed well amid more positive economic data from Europe, Japan, and the emerging markets. In the bond market, U.S. government securities and municipal bonds declined when short-term interest rates and inflation expectations increased, while lower-rated corporate-backed securities fared somewhat better in anticipation of improved business conditions.
The markets’ performance was supported by solid underlying fundamentals, including sustained economic growth, a robust labor market and strong consumer and business confidence. We currently expect these favorable conditions to persist, but we remain watchful for economic and political developments that could negatively affect the markets. Indeed, in February 2018, we witnessed a return of heightened volatility to the financial markets. As always, we encourage you to discuss the risks and opportunities of today’s investment environment with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2018
3
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period from September 1, 2017 through February 28, 2018, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Bond Fund’s Class M shares produced a total return of -1.90%, and Investor shares produced a total return of -2.02%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”), produced a total return of -2.18% for the same period.2
Bonds produced negative total returns, on average, over the reporting period amid rising interest rates and expectations of accelerating inflation in a growing economy. The fund produced higher returns than the Index, primarily due to the success of our sector allocation and duration management strategies.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund normally invests at least 80% of its net assets in bonds. Investments in bonds may include government securities, corporate bonds, municipal bonds and mortgage-related securities. The investment adviser actively manages the fund’s bond market and maturity exposure and credit profile and uses a disciplined process to select bonds and manage risks. The fund’s investments in bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the average effective duration of the fund’s portfolio will not exceed eight years.
Rising Interest Rates Dampened Bond Market Returns
Bonds typically lost a degree of value over the reporting period. Major central banks—including the Federal Reserve Board (the “Fed”)—continued to move away from the aggressively accommodative monetary policies of the past few years in light of mounting evidence of stronger global economic growth. In the United States, interest rates continued to rise when the Fed in October began to unwind its balance sheet through sales of U.S. government securities, and in December the Fed implemented an additional increase in short-term interest rates. Intermediate- and long-term interest rates also climbed over much of the reporting period, but to a lesser extent than their short-term counterparts, causing yield differences to narrow across the market’s maturity range. Bond market declines proved particularly severe in early February 2018, when concerns about accelerating inflation and a higher-than-expected number of rate hikes weighted on investor sentiment.
Corporate-backed securities fared better than U.S. government securities in this environment as investors anticipated lower corporate tax rates, rising earnings, and favorable business conditions in the constructive economy.
Fund Strategies Enhanced Relative Results
An overweighted allocation to corporate-backed bonds helped bolster the fund’s performance relative to the Index as corporate bond prices were supported by growing earnings, upbeat business sentiment, and investors’ preference for higher levels of current income. The fund received particularly strong contributions from shorter duration bonds backed by finance and industrial companies. Overweighted exposure to Treasury Inflation Protected Securities (TIPS) and taxable municipal bonds also helped bolster the fund’s relative results. Performance was further buoyed by our duration management strategy, as a relatively short average duration helped cushion the adverse impact of rising interest rates.
Disappointments during the reporting period included longer duration holdings, such as corporate bonds issued on behalf of utilities. The fund’s positions in mortgage-backed securities, U.S. government agency debentures, foreign sovereign bonds, and supranational bonds generally produced returns that were roughly in line with market averages. The fund’s yield curve strategy also had little material impact on its relative performance.
Positioned for Modestly Higher Interest Rates
Most analysts expect additional short-term interest-rate hikes by the Fed in 2018, and we anticipate that long-term interest rates will rise modestly in response to continued economic growth and higher inflationary pressures. We believe these developments could constrain total returns from U.S. government securities, but corporate bonds currently may continue to benefit from the global economic expansion, growing corporate earnings, and reduced U.S. tax rates.
Therefore, as of the reporting period’s end, we have maintained the fund’s average duration in a modestly defensive position to protect against rising interest rates, and we have maintained overweighted exposure to corporate-backed bonds. Conversely, we have established underweighted positions in U.S. Treasury securities that could be more vulnerable to additional interest-rate hikes by the Fed.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency). Investors cannot invest directly in any index.
3 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines. The fund may use derivative instruments, such as options, futures, options on futures, forward contracts, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
4
For the period from September 1, 2017 through February 28, 2018, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Intermediate Bond Fund’s Class M shares produced a total return of -1.38%, and Investor shares produced a total return of -1.43%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Government/Credit Index (the “Index”), produced a total return of -1.98% for the same period.2
Intermediate-term bonds produced negative total returns, on average, over the reporting period amid rising interest rates and expectations of accelerating inflation in a growing economy. The fund produced higher returns than the Index, primarily due to the success of our sector allocation and duration management strategies.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund normally invests at least 80% of its net assets in bonds. The investment adviser actively manages bond market and maturity exposure and credit profile and uses a disciplined process to select bonds and manage risk. Investments in bonds may include government securities, corporate bonds and municipal bonds. The fund’s investments in bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the fund’s average effective portfolio maturity will be between 3 and 10 years, and the average effective duration of the fund’s portfolio will be between 2.5 and 5.5 years. When managing the fund, we use a disciplined process to select bonds and manage risk. We generally choose bonds based on yield, credit quality, the level of interest rates and inflation, general economic and financial trends, and our outlook for the securities markets. Our management process also includes computer modeling and scenario testing of possible changes in market conditions.
Rising Interest Rates Dampened Bond Market Returns
Bonds typically lost a degree of value over the reporting period. Major central banks—including the Federal Reserve Board (the “Fed”)—continued to move away from the aggressively accommodative monetary policies of the past few years in light of evidence of stronger global economic growth. In the United States, interest rates continued to rise when the Fed in October began to unwind its balance sheet through sales of U.S. government securities, and in December the Fed implemented an additional increase in short-term interest rates. Intermediate- and long-term interest rates also climbed over much of the reporting period, but to a lesser extent than their short-term counterparts, causing yield differences to narrow across the market’s maturity range. Bond market declines proved particularly severe in early February 2018, when concerns about the potential for accelerating inflation and a higher-than-expected number of rate hikes weighed on investor sentiment.
Corporate-backed securities fared better than U.S. government securities in this environment as investors anticipated lower corporate tax rates, rising earnings, and favorable business conditions in the constructive economy.
Fund Strategies Enhanced Relative Results
An overweighted allocation to corporate-backed bonds helped bolster the fund’s relative performance as corporate bond prices were supported by growing earnings, upbeat business sentiment, and investors’ preference for higher levels of current income. The fund received particularly strong contributions from its holdings of shorter duration bonds backed by companies in the finance, industrial, and utilities industry groups. Overweighted exposure to Treasury Inflation Protected Securities (TIPS) and taxable municipal bonds also helped bolster the fund’s relative results.
Performance was further buoyed by our interest-rate strategies. A relatively short average duration helped cushion the adverse impact of rising interest rates, as did an emphasis on bonds with 1- to 3-year maturities and correspondingly light positions in bonds with 8- to 10-year maturities.
Disappointments during the reporting period included longer duration corporate-backed bonds. The fund’s positions in U.S. government agency debentures, foreign sovereign bonds, and supranational bonds generally produced returns that were roughly in line with market averages.
Positioned for Modestly Higher Interest Rates
Most analysts expect additional short-term interest-rate hikes by the Fed in 2018, and we anticipate that intermediate- and long-term interest rates will rise modestly in response to continued economic growth and higher inflationary pressures. We believe these developments could constrain total returns from U.S. government securities, but corporate bonds currently may continue to benefit from the global economic expansion, growing corporate earnings, and reduced U.S. tax rates.
Therefore, as of the reporting period’s end, we have maintained the fund’s average duration in a modestly defensive position to protect against rising interest-rates, and we have maintained overweighted exposure to corporate-backed bonds. Conversely, we have established underweighted positions in U.S. Treasury securities that could be more vulnerable to additional interest rate hikes by the Fed.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. – The Bloomberg Barclays U.S. Intermediate Government/Credit Index is a broad-based flagship benchmark that measures the non-securitized component of the Bloomberg Barclays U.S. Aggregate Bond Index. Investors cannot invest directly in any index.
3 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
The fund may use derivative instruments, such as options, futures, options on futures, forward contracts, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
5
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2017 through February 28, 2018, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Corporate Bond Fund’s Class M shares produced a total return of -1.16%, and Investor shares produced a total return of -1.37%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Credit Index (the “Index”), produced a total return of -1.62%, and the Bloomberg Barclays U.S. Credit Index, the fund’s secondary benchmark, produced a total return of -1.63% for the same period.2,3
Investment-grade corporate-backed bonds produced negative total returns, on average, over the reporting period amid rising interest rates and expectations of accelerating inflation in a growing economy. The fund produced higher returns than the Index, primarily due to the success of our sector allocation and security selection strategies.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund normally invests at least 80% of its net assets in corporate bonds, which include U.S. dollar-denominated bonds issued by U.S. and foreign corporations. The remainder of the fund’s assets may be invested in U.S. government and agency bonds, mortgage-related securities, including commercial mortgage-backed securities, asset-backed securities, foreign corporate bonds denominated in foreign currencies, foreign government bonds, municipal bonds and commercial paper, and other money market instruments. For additional yield, the fund may invest up to 20% of its assets in fixed-income securities rated below investment grade (“high yield” or “junk” bonds) or the unrated equivalent as determined by the investment adviser.
We employ a disciplined process to select bonds and manage risk. We choose bonds based on yield, credit quality, the level of interest rates and inflation, general economic and financial trends, and our outlook for the securities markets. In selecting corporate bonds for investment, we analyze fundamental metrics, including the issuer’s cash flow, leverage and operating margins, as well as its business strategy and operating performance, and macroeconomic factors.
Rising Interest Rates Dampened Bond Market Returns
Bonds typically lost a degree of value over the reporting period. Major central banks—including the Federal Reserve Board (the “Fed”)—continued to move away from the aggressively accommodative monetary policies of the past few years in light of evidence of stronger global economic growth. In the United States, interest rates continued to rise when the Fed in October began to unwind its balance sheet through sales of U.S. government securities, and in December the Fed implemented an additional increase in short-term interest rates. Intermediate- and long-term interest rates also climbed over much of the reporting period, but to a lesser extent than their short-term counterparts, causing yield differences to narrow across the market’s maturity range. Bond market declines proved particularly severe in early February 2018, when concerns about the potential for accelerating inflation and a higher-than-expected number of rate hikes weighed on investor sentiment.
Corporate-backed securities generally fared better than U.S. government securities in this environment as investors anticipated lower corporate tax rates, rising earnings, and favorable business conditions in the constructive economy.
Fund Strategies Enhanced Relative Results
An overweighted allocation to corporate-backed bonds helped bolster the fund’s relative performance as corporate bond prices were supported by growing earnings, upbeat business sentiment, and investors’ preference for higher levels of current income. The fund received particularly strong contributions from overweighted positions in investment-grade bonds backed by companies in the finance, industrials, information technology, and energy industry groups. Exposure to high yield bonds also helped buoy relative results, as did an overweighted position in taxable municipal bonds and underweighted exposure to U.S. government securities.
On the other hand, the fund’s interest-rate strategies weighed to a degree on its relative performance. Most notably, a modestly long average duration compared to the Index proved counterproductive in the rising interest-rate environment.
Positioned for Continued Economic Growth
Most analysts expect additional short-term interest-rate hikes by the Fed in 2018, and we anticipate that intermediate- and long-term interest rates will rise modestly in response to continued economic growth and higher inflationary pressures. We believe these developments could constrain total returns from U.S. government securities, but corporate bonds currently may continue to benefit from the global economic expansion, growing corporate earnings, and reduced U.S. tax rates.
Therefore, as of the reporting period’s end, we have maintained overweighted exposure to corporate-backed bonds, and we have set the fund’s average duration in a modestly long position to capture potential higher yields among longer-term securities. We have maintained underweighted exposure to bonds with maturities in the one- to three-year range, instead emphasizing bonds with five- to seven-year maturities.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. – The Bloomberg Barclays U.S. Intermediate Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with a maturity greater than 1 year and less than 10 years. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities constrained by maturity. The U.S. Intermediate Credit Index is a subset of the U.S. Credit Index, which feeds into the U.S. Government/Credit Index and U.S. Aggregate Index. Investors cannot invest directly in any index.
3 Source: Lipper Inc. – The Bloomberg Barclays U.S. Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies sovereigns, supranationals and local authorities. Investors cannot invest directly in any index.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
The fund may use derivative instruments, such as options, futures, options on futures, forward contracts, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
6
For the period from September 1, 2017 through February 28, 2018, as provided by Lawrence R. Dunn, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Short-Term U.S. Government Securities Fund’s Class M shares produced a total return of -1.02%, and Investor shares produced a total return of -1.22%.1 In comparison, the Bloomberg Barclays U.S. Government 1-3 Year Bond Index (the “Index”), the fund’s benchmark, produced a total return of -0.78% for the same period.2
Short-term U.S. government securities produced mildly negative total returns over the reporting period amid rising interest rates and expectations of accelerating inflation in a strengthening economy. The fund underperformed its benchmark, mainly due to weakness among its holdings of mortgage-backed securities from U.S. government agencies.
The Fund’s Investment Approach
The fund seeks to provide as high a level of current income as is consistent with the preservation of capital. To pursue this goal, the fund normally invests at least 80% of its net assets in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and in repurchase agreements. The fund may invest in mortgage-related securities issued by U.S. government agencies or instrumentalities, such as mortgage pass-through securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The fund may also invest in collateralized mortgage obligations (“CMOs”), including stripped mortgage-backed securities. Generally, the fund’s average effective portfolio maturity and the average effective duration of the fund’s portfolio will be less than three years.
When choosing securities, we typically first examine U.S. and global economic conditions and other market factors to estimate long- and short-term interest rates. Using a research-driven investment process, generally we then seek to identify what we believe are potentially profitable sectors before they are widely perceived as such by the market. We also seek to identify underpriced or mispriced securities that appear likely to perform well over time.
Rising Interest Rates Dampened Bond Market Returns
Major central banks, including the Federal Reserve Board (the “Fed”) and the European Central Bank, continued to move away from the aggressively accommodative monetary policies of the past few years amid evidence of stronger global economic growth. In the United States, short-term interest rates continued to rise when the Fed in October 2017 began to unwind its balance sheet through sales of U.S. government securities, and in December implemented an additional increase in the overnight federal funds rate. Intermediate- and long-term interest rates also climbed over much of the reporting period, but to a lesser extent than short-term rates, causing yield differences to narrow along the market’s maturity spectrum.
Mortgage-Backed Securities Weighed on Fund Results
The fund’s performance compared to the Index was constrained over the reporting period by its holdings of mortgage-backed securities, which typically feature longer durations and tend to be more sensitive to the adverse effects of rising interest rates. Heavy trading of mortgage-backed securities in January and February 2018 proved particularly counterproductive, especially among the fund’s holdings of pools of 10-year amortizing mortgages with average maturities of two to three-and-a-half years. Exposure to U.S. Treasury securities, which comprised between 15% and 20% of the fund’s assets, also detracted mildly from its relative performance due to the relatively long durations of those securities.
The fund achieved better results from its holdings of U.S. government agency debentures, which were supported by relatively short durations and a low level of early-redemption activity in the rising interest-rate environment.
We generally maintained the fund’s average duration in a market-neutral position of approximately 1.9 years in order to reduce the portfolio’s exposure to interest-rate risks. We achieved this average duration through “barbelled” positions that emphasized longer- and shorter-term securities.
Positioned for Rising Short-Term Interest Rates
As of the end of the reporting period, we expect the longstanding U.S. economic recovery to gain momentum as a result of greater fiscal stimulus stemming from recent tax reform legislation, rising corporate profits, and robust labor markets. In this environment, many analysts anticipate that the Fed will attempt to address potential inflationary pressures by implementing several additional increases in the overnight federal funds rate over the remainder of 2018, which we believe should drive yields of short-term U.S. government securities higher.
In this environment, we may look for opportunities to reduce the fund’s average duration and its exposure to interest-rate risks. We also have slightly reduced the fund’s allocation to mortgage-backed securities, instead preferring positions in U.S. government agency debentures, U.S. Treasury securities, and taxable municipal bonds. We may later increase the fund’s allocation to higher yielding-mortgage-backed securities as its holdings of U.S. government agency debentures mature.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. – The Bloomberg Barclays U.S. Government 1-3 Year Bond Index comprises the U.S. Treasury and U.S. Agency Indices. The index includes U.S. dollar-denominated, fixed-rate, nominal U.S. Treasuries and U.S. agency debentures, which reach maturity in 1-3 years. Investors cannot invest directly in any index.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
The fund may use derivative instruments, such as options, futures, options on futures, forward contracts, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
7
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2017 to February 28, 2018. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment | |||||||||||||||
assuming actual returns for the six months ended February 28, 2018 | |||||||||||||||
|
|
|
|
|
| Class M |
|
| Investor Shares |
| |||||
BNY Mellon Bond Fund | |||||||||||||||
Expenses paid per $1,000† | $ | 2.75 | $ | 3.98 | |||||||||||
Ending value (after expenses) | $ | 981.00 | $ | 979.80 | |||||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||||
BNY Mellon Intermediate Bond Fund | |||||||||||||||
Expenses paid per $1,000† | $ | 2.76 | $ | 3.99 | |||||||||||
Ending value (after expenses) | $ | 986.20 | $ | 985.70 | |||||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||||
BNY Mellon Corporate Bond Fund | |||||||||||||||
Expenses paid per $1,000† | $ | 2.76 | $ | 3.99 | |||||||||||
Ending value (after expenses) | $ | 988.40 | $ | 986.30 | |||||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||||||||
Expenses paid per $1,000† | $ | 2.76 | $ | 3.99 | |||||||||||
Ending value (after expenses) | $ | 989.80 | $ | 987.80 | |||||||||||
Annualized expense ratio (%) | .56 | .81 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
8
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment | |||||||||||||||||
assuming a hypothetical 5% annualized return for the six months ended February 28, 2018 | |||||||||||||||||
|
|
|
|
|
| Class M |
|
|
| Investor Shares |
| ||||||
BNY Mellon Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.81 | $ | 4.06 | |||||||||||||
Ending value (after expenses) | $ | 1,022.02 | $ | 1,020.78 | |||||||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||||||
BNY Mellon Intermediate Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.81 | $ | 4.06 | |||||||||||||
Ending value (after expenses) | $ | 1,022.02 | $ | 1,020.78 | |||||||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||||||
BNY Mellon Corporate Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.81 | $ | 4.06 | |||||||||||||
Ending value (after expenses) | $ | 1,022.02 | $ | 1,020.78 | |||||||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.81 | $ | 4.06 | |||||||||||||
Ending value (after expenses) | $ | 1,022.02 | $ | 1,020.78 | |||||||||||||
Annualized expense ratio (%) | .56 | .81 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
9
STATEMENT OF INVESTMENTS
February 28, 2018 (Unaudited)
BNY Mellon Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.2% | |||||||||
Commercial Mortgage Pass-Through Ctfs. - 1.8% | |||||||||
UBS Commercial Mortgage Trust, | 3.40 | 5/10/45 | 4,187,153 | 4,230,758 | |||||
WFRBS Commercial Mortgage Trust, | 3.20 | 3/15/48 | 4,835,000 | 4,833,768 | |||||
WFRBS Commercial Mortgage Trust, | 3.00 | 5/15/45 | 9,045,000 | 8,948,967 | |||||
18,013,493 | |||||||||
Consumer Discretionary - 5.2% | |||||||||
21st Century Fox America, | 6.15 | 3/1/37 | 4,365,000 | 5,406,428 | |||||
Amazon.com, | 2.50 | 11/29/22 | 6,675,000 | 6,523,667 | |||||
Comcast, | 3.60 | 3/1/24 | 9,400,000 | 9,500,170 | |||||
eBay, | 2.60 | 7/15/22 | 5,295,000 | 5,133,590 | |||||
Ford Motor Credit, | 3.22 | 1/9/22 | 4,995,000 | 4,917,867 | |||||
General Motors Financial, | 3.20 | 7/6/21 | 3,240,000 | 3,218,194 | |||||
Scripps Networks Interactive, | 2.80 | 6/15/20 | 5,465,000 | 5,421,101 | |||||
Time Warner, | 4.00 | 1/15/22 | 7,570,000 | 7,776,523 | |||||
Toyota Motor Credit, | 2.15 | 3/12/20 | 5,145,000 | 5,096,317 | |||||
52,993,857 | |||||||||
Consumer Staples - 1.6% | |||||||||
Anheuser-Busch InBev Finance, | 4.90 | 2/1/46 | 5,935,000 | 6,352,284 | |||||
CVS Health, | 4.88 | 7/20/35 | 2,525,000 | 2,630,495 | |||||
PepsiCo, | 4.50 | 1/15/20 | 7,040,000 | 7,282,573 | |||||
16,265,352 | |||||||||
Energy - 3.0% | |||||||||
Andeavor, | 3.80 | 4/1/28 | 4,250,000 | 4,043,382 | |||||
Apache, | 3.25 | 4/15/22 | 4,120,000 | 4,083,273 | |||||
BP Capital Markets, | 4.75 | 3/10/19 | 4,640,000 | 4,746,035 | |||||
Exxon Mobil, | 1.71 | 3/1/19 | 4,425,000 | 4,398,916 | |||||
Sabine Pass Liquefaction, | 5.75 | 5/15/24 | 3,300,000 | 3,568,746 | |||||
Spectra Energy Partners, | 3.50 | 3/15/25 | 3,145,000 | 3,056,477 | |||||
Sunoco Logistics Partners Operations, | 4.00 | 10/1/27 | 2,810,000 | 2,681,504 | |||||
Williams Partners, | 4.30 | 3/4/24 | 3,516,000 | 3,609,106 | |||||
30,187,439 | |||||||||
Financials - 13.3% | |||||||||
AerCap Ireland Capital, | 4.50 | 5/15/21 | 10,430,000 | 10,757,074 | |||||
Bank of America, | 2.60 | 1/15/19 | 9,330,000 | 9,333,809 |
10
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.2% (continued) | |||||||||
Financials - 13.3% (continued) | |||||||||
Bank of America, | 3.95 | 4/21/25 | 9,170,000 | 9,164,494 | |||||
Barclays, | 5.20 | 5/12/26 | 4,055,000 | 4,125,216 | |||||
Citigroup, | 4.45 | 9/29/27 | 10,200,000 | 10,421,047 | |||||
Citizens Financial Group, | 4.15 | 9/28/22 | 8,555,000 | a | 8,706,901 | ||||
Cooperatieve Rabobank, | 4.50 | 1/11/21 | 8,060,000 | 8,386,018 | |||||
GE Capital International Funding, | 2.34 | 11/15/20 | 5,070,000 | 4,961,712 | |||||
Goldman Sachs Group, | 6.75 | 10/1/37 | 8,270,000 | 10,494,262 | |||||
Intercontinental Exchange, | 2.75 | 12/1/20 | 6,035,000 | 6,025,628 | |||||
JPMorgan Chase & Co., | 3.38 | 5/1/23 | 5,770,000 | 5,723,138 | |||||
MetLife, | 7.72 | 2/15/19 | 6,865,000 | 7,196,183 | |||||
Morgan Stanley, | 4.88 | 11/1/22 | 11,490,000 | 12,127,022 | |||||
Royal Bank of Scotland Group, | 6.13 | 12/15/22 | 3,660,000 | 3,907,337 | |||||
Societe Generale, | 4.75 | 11/24/25 | 8,355,000 | a | 8,537,473 | ||||
Total System Services, | 4.80 | 4/1/26 | 5,765,000 | 6,056,790 | |||||
Wells Fargo & Co., | 2.63 | 7/22/22 | 3,530,000 | 3,431,273 | |||||
Wells Fargo & Co., | 4.90 | 11/17/45 | 6,265,000 | 6,634,289 | |||||
135,989,666 | |||||||||
Foreign/Governmental - 1.5% | |||||||||
Petroleos Mexicanos, | 4.88 | 1/24/22 | 8,605,000 | 8,858,417 | |||||
Province of Ontario Canada, | 4.00 | 10/7/19 | 6,500,000 | 6,655,604 | |||||
15,514,021 | |||||||||
Health Care - 2.0% | |||||||||
AbbVie, | 2.90 | 11/6/22 | 5,090,000 | 4,991,327 | |||||
Amgen, | 5.65 | 6/15/42 | 4,955,000 | 5,918,680 | |||||
Biogen, | 2.90 | 9/15/20 | 5,600,000 | 5,591,688 | |||||
Celgene, | 2.88 | 8/15/20 | 4,305,000 | 4,296,777 | |||||
20,798,472 | |||||||||
Industrials - 3.4% | |||||||||
ABB Finance USA, | 2.88 | 5/8/22 | 7,215,000 | 7,192,549 | |||||
American Airlines, | 3.38 | 11/1/28 | 4,788,670 | 4,714,925 | |||||
Burlington Northern Santa Fe, | 3.45 | 9/15/21 | 6,415,000 | 6,536,968 | |||||
General Electric, | 5.00 | 12/31/49 | 4,500,000 | 4,455,675 | |||||
General Electric, | 5.30 | 2/11/21 | 2,373,000 | 2,506,126 |
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.2% (continued) | |||||||||
Industrials - 3.4% (continued) | |||||||||
Northrop Grumman, | 2.08 | 10/15/20 | 3,560,000 | 3,488,933 | |||||
Tech Data, | 4.95 | 2/15/27 | 5,230,000 | 5,384,310 | |||||
34,279,486 | |||||||||
Information Technology - 4.3% | |||||||||
Adobe Systems, | 3.25 | 2/1/25 | 4,895,000 | 4,855,638 | |||||
Apple, | 4.38 | 5/13/45 | 4,895,000 | 5,141,772 | |||||
Arrow Electronics, | 3.50 | 4/1/22 | 5,620,000 | 5,583,240 | |||||
Dell International, | 6.02 | 6/15/26 | 5,775,000 | a | 6,188,037 | ||||
Fidelity National Information Services, | 3.88 | 6/5/24 | 2,016,000 | 2,052,775 | |||||
Intel, | 2.70 | 12/15/22 | 4,020,000 | 3,973,512 | |||||
Microsoft, | 3.75 | 2/12/45 | 7,035,000 | 6,941,317 | |||||
Oracle, | 2.50 | 5/15/22 | 9,660,000 | 9,449,364 | |||||
44,185,655 | |||||||||
Materials - .3% | |||||||||
Eastman Chemical, | 3.60 | 8/15/22 | 3,440,000 | 3,483,834 | |||||
Municipal Bonds - 7.0% | |||||||||
California Earthquake Authority, | 2.81 | 7/1/19 | 4,788,000 | 4,780,531 | |||||
California Educational Facilities Authority, | 5.00 | 10/1/32 | 6,125,000 | 7,678,667 | |||||
Chicago, | 7.38 | 1/1/33 | 4,710,000 | 5,211,332 | |||||
Commonwealth of Massachusetts, | 4.91 | 5/1/29 | 4,990,000 | 5,634,957 | |||||
Commonwealth of Massachusetts, | 4.20 | 12/1/21 | 335,000 | 348,939 | |||||
New York City, | 6.25 | 6/1/35 | 5,470,000 | 5,855,252 | |||||
New York City Municipal Water Finance Authority, | 6.28 | 6/15/42 | 8,440,000 | 9,222,135 | |||||
Oakland Unified School District, | 9.50 | 8/1/34 | 3,550,000 | 3,902,906 | |||||
South Carolina Public Service Authority, | 2.39 | 12/1/23 | 3,950,000 | 3,712,210 | |||||
State Board of Administration Finance Corporation, | 3.00 | 7/1/20 | 14,000,000 | 14,134,960 | |||||
Texas Public Finance Authority, | 8.25 | 7/1/24 | 4,890,000 | 5,025,795 | |||||
University of California, | 4.13 | 5/15/45 | 5,530,000 | 5,651,383 | |||||
71,159,067 | |||||||||
Real Estate - 2.2% | |||||||||
Alexandria Real Estate Equities, | 4.30 | 1/15/26 | 4,180,000 | 4,250,002 | |||||
Boston Properties, | 4.13 | 5/15/21 | 3,005,000 | 3,102,700 | |||||
CubeSmart, | 4.80 | 7/15/22 | 5,173,000 | 5,432,277 |
12
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.2% (continued) | |||||||||
Real Estate - 2.2% (continued) | |||||||||
Essex Portfolio, | 3.38 | 1/15/23 | 4,301,000 | 4,281,028 | |||||
Kimco Realty, | 3.40 | 11/1/22 | 5,595,000 | 5,618,281 | |||||
22,684,288 | |||||||||
Telecommunications - 3.4% | |||||||||
AT&T, | 4.45 | 5/15/21 | 7,980,000 | b | 8,280,919 | ||||
AT&T, | 3.90 | 8/14/27 | 5,205,000 | 5,174,186 | |||||
Telefonica Emisiones, | 4.10 | 3/8/27 | 9,675,000 | 9,625,103 | |||||
Verizon Communications, | 5.50 | 3/16/47 | 10,605,000 | 11,629,453 | |||||
34,709,661 | |||||||||
U.S. Government Agencies - .5% | |||||||||
Federal Farm Credit Bank, | 3.15 | 2/14/25 | 5,170,000 | 5,125,373 | |||||
U.S. Government Agencies Mortgage-Backed - 26.2% | |||||||||
Federal Home Loan Mortgage Corp. | |||||||||
3.00%, 8/1/47 | 2,474,289 | c | 2,400,893 | ||||||
3.50%, 12/1/28-1/1/48 | 58,673,568 | c | 58,828,506 | ||||||
4.00%, 6/1/26-11/1/47 | 13,318,024 | c | 13,722,348 | ||||||
4.50%, 12/1/47 | 7,575,445 | c | 7,965,640 | ||||||
5.00%, 12/1/39-7/1/40 | 5,485,128 | c | 5,938,331 | ||||||
Federal National Mortgage Association | |||||||||
2.50%, 10/1/31 | 13,161,071 | c | 12,853,806 | ||||||
3.00%, 2/1/32-8/1/47 | 58,831,576 | c | 57,484,701 | ||||||
3.50%, 5/1/44-7/1/47 | 25,279,258 | c | 25,274,532 | ||||||
4.00%, 5/1/29-12/1/47 | 27,863,855 | c | 28,662,338 | ||||||
4.50%, 11/1/47-1/1/48 | 12,187,184 | c | 12,800,965 | ||||||
5.00%, 11/1/43 | 1,231,079 | c | 1,321,426 | ||||||
Government National Mortgage Association I | |||||||||
5.00%, 11/15/34 | 9,675 | 10,407 | |||||||
Government National Mortgage Association II | |||||||||
3.00%, 9/20/47 | 13,570,416 | 13,287,206 | |||||||
3.50%, 9/20/47 | 7,766,990 | 7,822,708 | |||||||
4.00%, 2/20/48 | 14,200,178 | 14,622,125 | |||||||
4.50%, 2/20/48 | 3,710,000 | 3,871,441 | |||||||
266,867,373 | |||||||||
U.S. Government Securities - 21.1% | |||||||||
U.S. Treasury Bonds | 2.88 | 8/15/45 | 8,700,000 | 8,295,926 | |||||
U.S. Treasury Bonds | 2.50 | 5/15/46 | 2,340,000 | 2,062,949 | |||||
U.S. Treasury Bonds | 2.25 | 8/15/46 | 5,500,000 | b | 4,588,206 | ||||
U.S. Treasury Bonds | 3.00 | 2/15/47 | 12,120,000 | b | 11,821,261 | ||||
U.S. Treasury Bonds | 2.75 | 11/15/47 | 4,000,000 | b | 3,706,719 | ||||
U.S. Treasury Inflation Protected Securities, | 1.00 | 2/15/46 | 9,754,219 | d | 9,799,067 | ||||
U.S. Treasury Inflation Protected Securities, | 0.13 | 4/15/20 | 4,947,831 | d | 4,932,922 | ||||
U.S. Treasury Inflation Protected Securities, | 0.63 | 7/15/21 | 14,504,053 | b,d | 14,672,281 | ||||
U.S. Treasury Inflation Protected Securities, | 0.13 | 1/15/22 | 11,850,714 | d | 11,707,782 | ||||
U.S. Treasury Inflation Protected Securities, | 0.38 | 7/15/25 | 12,693,272 | d | 12,464,105 |
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.2% (continued) | |||||||||
U.S. Government Securities - 21.1% (continued) | |||||||||
U.S. Treasury Inflation Protected Securities, | 0.38 | 1/15/27 | 5,102,850 | d | 4,943,052 | ||||
U.S. Treasury Notes | 1.13 | 2/28/19 | 5,215,000 | 5,166,008 | |||||
U.S. Treasury Notes | 1.38 | 9/30/19 | 6,500,000 | 6,415,957 | |||||
U.S. Treasury Notes | 1.88 | 12/31/19 | 15,750,000 | b | 15,647,256 | ||||
U.S. Treasury Notes | 1.38 | 2/15/20 | 19,750,000 | 19,412,476 | |||||
U.S. Treasury Notes | 1.50 | 4/15/20 | 4,000,000 | b | 3,934,375 | ||||
U.S. Treasury Notes | 1.50 | 7/15/20 | 19,500,000 | 19,126,376 | |||||
U.S. Treasury Notes | 1.13 | 2/28/21 | 18,825,000 | 18,115,019 | |||||
U.S. Treasury Notes | 2.13 | 9/30/21 | 13,750,000 | 13,562,549 | |||||
U.S. Treasury Notes | 1.88 | 4/30/22 | 6,500,000 | 6,316,045 | |||||
U.S. Treasury Notes | 2.38 | 1/31/23 | 3,500,000 | 3,456,250 | |||||
U.S. Treasury Notes | 2.00 | 11/15/26 | 2,675,000 | 2,495,326 | |||||
U.S. Treasury Notes | 2.38 | 5/15/27 | 3,470,000 | b | 3,328,760 | ||||
U.S. Treasury Notes | 2.25 | 11/15/27 | 9,395,000 | b | 8,891,120 | ||||
214,861,787 | |||||||||
Utilities - 1.4% | |||||||||
Consumers Energy, | 3.25 | 8/15/46 | 2,720,000 | 2,444,480 | |||||
Exelon, | 3.40 | 4/15/26 | 4,400,000 | 4,289,198 | |||||
NiSource Finance, | 3.95 | 3/30/48 | 5,115,000 | 4,866,654 | |||||
Public Service Enterprise Group, | 1.60 | 11/15/19 | 2,670,000 | 2,619,775 | |||||
14,220,107 | |||||||||
Total Bonds and Notes | 1,001,338,931 | ||||||||
Shares | |||||||||
Other Investment - 1.0% | |||||||||
Registered Investment Company; | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 10,340,878 | e | 10,340,878 | ||||||
Investment of Cash Collateral for Securities Loaned - .8% | |||||||||
Registered Investment Company; | |||||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 8,292,155 | e | 8,292,155 | ||||||
Total Investments (cost $1,027,497,157) | 100.0% | 1,019,971,964 | |||||||
Liabilities, Less Cash and Receivables | 0.0% | (210,098) | |||||||
Net Assets | 100.0% | 1,019,761,866 |
GO—General Obligation
a 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 February 28, 2018, these securities were valued at $23,432,411 or 2.3% of net assets.
b Security, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $56,344,141 and the value of the collateral held by the fund was $57,595,546, consisting of cash collateral of $8,292,155 and U.S. Government & Agency securities valued at $49,303,391.
c The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
d Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
e Investment in affiliated money market mutual fund.
14
Portfolio Summary (Unaudited) † | Value (%) |
Corporate Bonds | 40.1 |
U.S. Government Agencies/Mortgage-Backed | 26.7 |
U.S. Government Securities | 21.1 |
Municipal Bonds | 7.0 |
Money Market Investments | 1.8 |
Commercial Mortgage-Backed | 1.8 |
Foreign/Governmental | 1.5 |
100.0 |
† Based on net assets.
See notes to financial statements.
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Intermediate Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.2% | |||||||||
Consumer Discretionary - 5.0% | |||||||||
American Honda Finance, | 1.70 | 9/9/21 | 4,260,000 | 4,083,809 | |||||
BMW US Capital, | 2.08 | 4/6/20 | 2,000,000 | a,b | 2,010,126 | ||||
Discovery Communications, | 2.95 | 3/20/23 | 3,795,000 | 3,672,972 | |||||
General Motors Financial, | 3.20 | 7/6/21 | 2,805,000 | 2,786,121 | |||||
NBCUniversal Media, | 4.38 | 4/1/21 | 7,050,000 | 7,352,813 | |||||
Paccar Financial, | 2.80 | 3/1/21 | 3,730,000 | 3,734,184 | |||||
Stanford University, | 4.75 | 5/1/19 | 5,000,000 | 5,133,418 | |||||
Time Warner, | 4.00 | 1/15/22 | 7,400,000 | 7,601,885 | |||||
Toyota Motor Credit, | 2.15 | 3/12/20 | 5,960,000 | 5,903,605 | |||||
42,278,933 | |||||||||
Consumer Staples - 2.0% | |||||||||
Anheuser-Busch InBev Finance, | 2.65 | 2/1/21 | 6,635,000 | 6,577,987 | |||||
CVS Health, | 2.80 | 7/20/20 | 4,340,000 | 4,311,923 | |||||
Dr. Pepper Snapple Group, | 2.60 | 1/15/19 | 6,145,000 | 6,144,161 | |||||
17,034,071 | |||||||||
Energy - 2.5% | |||||||||
BP Capital Markets, | 4.75 | 3/10/19 | 5,813,000 | 5,945,840 | |||||
Enterprise Products Operating, | 2.55 | 10/15/19 | 3,330,000 | 3,316,044 | |||||
Noble Energy, | 3.85 | 1/15/28 | 3,575,000 | c | 3,503,564 | ||||
ONEOK, | 4.00 | 7/13/27 | 3,400,000 | 3,362,599 | |||||
Sabine Pass Liquefaction, | 5.75 | 5/15/24 | 2,500,000 | 2,703,596 | |||||
Spectra Energy Partners, | 3.50 | 3/15/25 | 2,760,000 | 2,682,313 | |||||
21,513,956 | |||||||||
Financials - 15.7% | |||||||||
AerCap Ireland Capital, | 4.50 | 5/15/21 | 4,435,000 | 4,574,077 | |||||
Bank of America, | 2.60 | 1/15/19 | 7,325,000 | 7,327,991 | |||||
Bank of America, | 3.95 | 4/21/25 | 7,175,000 | 7,170,692 | |||||
Bank of Montreal, | 2.10 | 12/12/19 | 8,250,000 | 8,158,714 | |||||
Bank of Nova Scotia, | 2.50 | 1/8/21 | 4,855,000 | 4,799,031 | |||||
Berkshire Hathaway Finance, | 1.70 | 3/15/19 | 3,225,000 | 3,202,270 | |||||
Citigroup, | 2.50 | 7/29/19 | 5,565,000 | 5,546,272 |
16
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal Amount ($) | Value ($) | |||||
Bonds and Notes - 98.2% (continued) | |||||||||
Financials - 15.7% (continued) | |||||||||
Citigroup, | 4.40 | 6/10/25 | 5,500,000 | 5,650,593 | |||||
Citizens Financial Group, | 4.30 | 12/3/25 | 6,885,000 | 7,014,398 | |||||
Cooperatieve Rabobank, | 3.75 | 7/21/26 | 6,785,000 | 6,605,315 | |||||
Credit Suisse Group Funding Guernsey, | 3.45 | 4/16/21 | 4,315,000 | 4,329,941 | |||||
Deutsche Bank, | 3.38 | 5/12/21 | 4,420,000 | 4,400,859 | |||||
Ford Motor Credit, | 3.81 | 1/9/24 | 4,270,000 | 4,214,753 | |||||
GE Capital International Funding, | 2.34 | 11/15/20 | 1,715,000 | 1,678,370 | |||||
Goldman Sachs Group, | 2.91 | 7/24/23 | 7,900,000 | 7,705,110 | |||||
Intercontinental Exchange, | 2.75 | 12/1/20 | 6,195,000 | 6,185,379 | |||||
JPMorgan Chase & Co., | 3.38 | 5/1/23 | 7,895,000 | 7,830,879 | |||||
Morgan Stanley, | 4.88 | 11/1/22 | 7,610,000 | 8,031,909 | |||||
Royal Bank of Canada, | 4.65 | 1/27/26 | 6,510,000 | 6,764,787 | |||||
Royal Bank of Scotland Group, | 6.13 | 12/15/22 | 3,100,000 | 3,309,493 | |||||
Santander Holdings USA, | 2.65 | 4/17/20 | 4,615,000 | 4,584,545 | |||||
Societe Generale, | 2.63 | 10/1/18 | 2,000,000 | 2,001,097 | |||||
Societe Generale, | 4.75 | 11/24/25 | 7,335,000 | b | 7,495,196 | ||||
Sumitomo Mitsui Banking, | 2.51 | 1/17/20 | 4,570,000 | 4,542,647 | |||||
133,124,318 | |||||||||
Foreign/Governmental - 1.6% | |||||||||
Petroleos Mexicanos, | 4.88 | 1/24/22 | 6,390,000 | 6,578,185 | |||||
Province of Ontario Canada, | 4.00 | 10/7/19 | 6,515,000 | 6,670,963 | |||||
13,249,148 | |||||||||
Health Care - 4.5% | |||||||||
Abbott Laboratories, | 2.35 | 11/22/19 | 3,925,000 | 3,906,121 | |||||
AbbVie, | 2.85 | 5/14/23 | 4,235,000 | 4,112,337 | |||||
Actavis Funding, | 3.45 | 3/15/22 | 4,560,000 | 4,543,516 | |||||
Amgen, | 5.70 | 2/1/19 | 2,905,000 | 2,986,486 | |||||
Celgene, | 3.25 | 2/20/23 | 3,955,000 | 3,920,858 | |||||
GlaxoSmithKline Capital, | 5.65 | 5/15/18 | 5,853,000 | 5,894,758 | |||||
Providence St Joseph Health Obligated Group, | 2.75 | 10/1/26 | 4,095,000 | 3,846,210 | |||||
Shire Acquisitions Investments Ireland, | 3.20 | 9/23/26 | 5,005,000 | 4,663,750 |
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.2% (continued) | |||||||||
Health Care - 4.5% (continued) | |||||||||
UnitedHealth Group, | 1.90 | 7/16/18 | 4,335,000 | 4,330,676 | |||||
38,204,712 | |||||||||
Industrials - 3.8% | |||||||||
American Airlines, | 3.38 | 11/1/28 | 4,129,679 | 4,066,082 | |||||
Caterpillar Financial Services, | 2.10 | 6/9/19 | 6,590,000 | 6,566,838 | |||||
General Electric, | 5.00 | 12/31/49 | 3,400,000 | 3,366,510 | |||||
General Electric, | 5.30 | 2/11/21 | 792,000 | 836,431 | |||||
John Deere Capital, | 2.15 | 9/8/22 | 5,000,000 | 4,802,969 | |||||
Snap-on, | 3.25 | 3/1/27 | 3,890,000 | 3,805,955 | |||||
Vulcan Materials, | 2.19 | 6/15/20 | 3,600,000 | a | 3,602,637 | ||||
Waste Management, | 3.13 | 3/1/25 | 4,775,000 | 4,676,856 | |||||
31,724,278 | |||||||||
Information Technology - 10.4% | |||||||||
Adobe Systems, | 4.75 | 2/1/20 | 6,414,000 | 6,668,112 | |||||
Amazon.com, | 2.60 | 12/5/19 | 6,345,000 | 6,349,225 | |||||
Apple, | 2.25 | 2/23/21 | 5,915,000 | 5,829,399 | |||||
Automatic Data Processing, | 2.25 | 9/15/20 | 4,135,000 | 4,094,105 | |||||
Cisco Systems, | 2.13 | 3/1/19 | 7,265,000 | 7,244,338 | |||||
Dell International, | 6.02 | 6/15/26 | 4,850,000 | b | 5,196,880 | ||||
eBay, | 2.15 | 6/5/20 | 3,855,000 | 3,799,294 | |||||
EMC, | 1.88 | 6/1/18 | 5,710,000 | 5,693,175 | |||||
Fidelity National Information Services, | 2.25 | 8/15/21 | 6,000,000 | 5,823,513 | |||||
Fiserv, | 3.85 | 6/1/25 | 6,035,000 | 6,101,540 | |||||
Intel, | 2.45 | 7/29/20 | 7,930,000 | 7,912,185 | |||||
Microsoft, | 3.13 | 11/3/25 | 6,550,000 | 6,469,661 | |||||
Oracle, | 2.50 | 5/15/22 | 7,000,000 | 6,847,365 | |||||
QUALCOMM, | 1.85 | 5/20/19 | 5,340,000 | 5,292,949 | |||||
Tech Data, | 4.95 | 2/15/27 | 4,425,000 | 4,555,558 | |||||
87,877,299 | |||||||||
Materials - .5% | |||||||||
Dow Chemical, | 4.25 | 11/15/20 | 4,053,000 | 4,178,370 | |||||
Municipal Bonds - 5.0% | |||||||||
California Earthquake Authority, | 2.81 | 7/1/19 | 4,032,000 | 4,025,710 |
18
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.2% (continued) | |||||||||
Municipal Bonds - 5.0% (continued) | |||||||||
City of Chicago, | 7.05 | 1/1/29 | 4,000,000 | 4,292,680 | |||||
Commonwealth of Massachusetts, | 4.20 | 12/1/21 | 6,495,000 | 6,765,257 | |||||
Florida Hurricane Catastrophe Fund Finance, | 3.00 | 7/1/20 | 7,375,000 | 7,446,095 | |||||
South Carolina Public Service Authority, | 2.39 | 12/1/23 | 3,380,000 | 3,176,524 | |||||
State of California, | 2.37 | 4/1/22 | 2,850,000 | 2,812,836 | |||||
Texas Public Finance Authority, | 8.25 | 7/1/24 | 4,305,000 | 4,424,550 | |||||
University of California, | 3.06 | 7/1/25 | 9,140,000 | 9,061,670 | |||||
42,005,322 | |||||||||
Real Estate - 1.1% | |||||||||
Brandywine Operating Partners, | 3.95 | 11/15/27 | 4,000,000 | 3,861,217 | |||||
HealthCare Realty Trust, | 3.63 | 1/15/28 | 2,375,000 | 2,289,197 | |||||
UDR, | 2.95 | 9/1/26 | 3,620,000 | 3,382,678 | |||||
9,533,092 | |||||||||
Telecommunications - 2.8% | |||||||||
AT&T, | 3.00 | 6/30/22 | 7,245,000 | 7,130,607 | |||||
Telefonica Emisiones, | 4.57 | 4/27/23 | 4,460,000 | 4,725,449 | |||||
Verizon Communications, | 5.15 | 9/15/23 | 10,515,000 | 11,406,028 | |||||
23,262,084 | |||||||||
U.S. Government Agencies - .4% | |||||||||
Federal National Mortgage Association, | 2.00 | 4/30/20 | 3,610,000 | d | 3,591,834 | ||||
U.S. Government Agencies Mortgage-Backed - .4% | |||||||||
Government National Mortgage Association, | 2.30 | 1/16/49 | 3,274,134 | 3,166,464 | |||||
U.S. Government Securities - 40.7% | |||||||||
U.S. Treasury Inflation Protected Securities, | 0.13 | 4/15/20 | 4,231,974 | e | 4,219,222 | ||||
U.S. Treasury Inflation Protected Securities, | 0.63 | 7/15/21 | 11,911,700 | c,e | 12,049,860 | ||||
U.S. Treasury Inflation Protected Securities, | 0.13 | 1/15/22 | 10,102,515 | e | 9,980,669 | ||||
U.S. Treasury Inflation Protected Securities, | 0.38 | 1/15/27 | 13,226,587 | e | 12,812,391 | ||||
U.S. Treasury Notes | 1.38 | 9/30/18 | 9,305,000 | 9,275,013 | |||||
U.S. Treasury Notes | 1.38 | 11/30/18 | 12,500,000 | 12,441,895 | |||||
U.S. Treasury Notes | 1.13 | 1/31/19 | 20,900,000 | 20,721,614 | |||||
U.S. Treasury Notes | 1.25 | 3/31/19 | 21,500,000 | 21,303,056 | |||||
U.S. Treasury Notes | 0.88 | 5/15/19 | 23,000,000 | 22,657,696 | |||||
U.S. Treasury Notes | 0.88 | 6/15/19 | 22,840,000 | c | 22,472,420 | ||||
U.S. Treasury Notes | 1.38 | 7/31/19 | 20,000,000 | c | 19,779,296 | ||||
U.S. Treasury Notes | 0.75 | 8/15/19 | 21,500,000 | 21,060,761 | |||||
U.S. Treasury Notes | 1.75 | 9/30/19 | 18,500,000 | 18,370,284 | |||||
U.S. Treasury Notes | 1.38 | 12/15/19 | 18,750,000 | c | 18,469,849 | ||||
U.S. Treasury Notes | 1.88 | 12/31/19 | 7,750,000 | c | 7,699,444 | ||||
U.S. Treasury Notes | 1.50 | 7/15/20 | 17,750,000 | 17,409,906 |
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.2% (continued) | |||||||||
U.S. Government Securities - 40.7% (continued) | |||||||||
U.S. Treasury Notes | 2.00 | 11/30/20 | 26,475,000 | 26,200,941 | |||||
U.S. Treasury Notes | 1.13 | 2/28/21 | 13,460,000 | 12,952,359 | |||||
U.S. Treasury Notes | 1.13 | 6/30/21 | 8,990,000 | 8,600,024 | |||||
U.S. Treasury Notes | 1.88 | 1/31/22 | 10,250,000 | 9,987,544 | |||||
U.S. Treasury Notes | 1.88 | 2/28/22 | 7,200,000 | 7,009,734 | |||||
U.S. Treasury Notes | 2.00 | 7/31/22 | 3,340,000 | 3,257,152 | |||||
U.S. Treasury Notes | 1.75 | 9/30/22 | 11,400,000 | c | 10,969,828 | ||||
U.S. Treasury Notes | 1.38 | 8/31/23 | 4,000,000 | 3,730,470 | |||||
U.S. Treasury Notes | 2.25 | 11/15/24 | 7,750,000 | c | 7,492,524 | ||||
U.S. Treasury Notes | 1.63 | 5/15/26 | 4,000,000 | c | 3,640,703 | ||||
344,564,655 | |||||||||
Utilities - 1.8% | |||||||||
Edison International, | 2.40 | 9/15/22 | 3,035,000 | 2,920,691 | |||||
NiSource Finance, | 3.49 | 5/15/27 | 3,600,000 | 3,535,298 | |||||
Public Service Enterprise Group, | 2.65 | 11/15/22 | 3,860,000 | 3,757,339 | |||||
Southern, | 1.55 | 7/1/18 | 4,990,000 | 4,977,760 | |||||
15,191,088 | |||||||||
Total Bonds and Notes | 830,499,624 | ||||||||
Shares | |||||||||
Other Investment - 1.2% | |||||||||
Registered Investment Company; | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 10,272,759 | f | 10,272,759 | ||||||
Investment of Cash Collateral for Securities Loaned - .4% | |||||||||
Registered Investment Company; | |||||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 3,796,171 | f | 3,796,171 | ||||||
Total Investments (cost $851,478,447) | 99.8% | 844,568,554 | |||||||
Cash and Receivables (Net) | 0.2% | 1,451,800 | |||||||
Net Assets | 100.0% | 846,020,354 |
GO—General Obligation
LIBOR—London Interbank Offered Rate
a Variable rate security—rate shown is the interest rate in effect at period end.
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 February 28, 2018, these securities were valued at $14,702,202 or 1.74% of net assets.
c Security, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $95,486,255 and the value of the collateral held by the fund was $97,984,421, consisting of cash collateral of $3,796,171 and U.S. Government & Agency securities valued at $94,188,250.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Investment in affiliated money market mutual fund.
20
Portfolio Summary (Unaudited) † | Value (%) |
Corporate Bonds | 50.1 |
U.S. Government Securities | 40.7 |
Municipal Bonds | 5.0 |
Money Market Investments | 1.6 |
Foreign/Governmental | 1.6 |
U.S. Government Agencies/Mortgage-Backed | .8 |
99.8 |
† Based on net assets.
See notes to financial statements.
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 96.7% | |||||||||
Consumer Discretionary - 13.0% | |||||||||
AutoNation, | 3.50 | 11/15/24 | 6,000,000 | 5,810,152 | |||||
BorgWarner, | 4.63 | 9/15/20 | 3,000,000 | 3,120,165 | |||||
Brinker International, | 3.88 | 5/15/23 | 2,000,000 | a | 1,930,000 | ||||
Daimler Finance North America, | 2.25 | 7/31/19 | 4,000,000 | a,b | 3,977,893 | ||||
Discovery Communications, | 3.95 | 3/20/28 | 6,250,000 | 6,012,156 | |||||
Ford Motor Credit, | 4.39 | 1/8/26 | 4,120,000 | 4,098,990 | |||||
General Motors Financial, | 4.00 | 1/15/25 | 2,000,000 | 1,985,640 | |||||
General Motors Financial, | 5.75 | 12/31/49 | 5,000,000 | a | 5,082,000 | ||||
Grupo Televisa, | 4.63 | 1/30/26 | 5,000,000 | 5,113,669 | |||||
Harley-Davidson Financial Services, | 2.15 | 2/26/20 | 5,000,000 | b | 4,925,628 | ||||
Hasbro, | 3.15 | 5/15/21 | 6,000,000 | 6,002,454 | |||||
Macy's Retail Holdings, | 3.63 | 6/1/24 | 3,000,000 | a | 2,870,675 | ||||
Marriott International, | 2.88 | 3/1/21 | 3,000,000 | 2,986,400 | |||||
Michael Kors, | 4.00 | 11/1/24 | 3,000,000 | b | 2,997,647 | ||||
NBCUniversal Media, | 4.38 | 4/1/21 | 6,500,000 | 6,779,189 | |||||
Newell Brands, | 4.20 | 4/1/26 | 2,500,000 | 2,479,804 | |||||
Nordstorm, | 4.00 | 3/15/27 | 4,000,000 | a | 3,913,425 | ||||
NVR, | 3.95 | 9/15/22 | 6,750,000 | 6,921,272 | |||||
Scripps Networks Interactive, | 2.80 | 6/15/20 | 4,250,000 | 4,215,861 | |||||
Sky, | 2.63 | 9/16/19 | 5,515,000 | b | 5,502,669 | ||||
Tapestry, | 3.00 | 7/15/22 | 3,000,000 | 2,931,716 | |||||
Thomson Reuters, | 4.70 | 10/15/19 | 5,000,000 | 5,162,128 | |||||
Time Warner, | 4.00 | 1/15/22 | 2,000,000 | 2,054,564 | |||||
Time Warner, | 3.80 | 2/15/27 | 3,000,000 | 2,908,707 | |||||
Volkswagen Group of America Finance, | 2.13 | 5/23/19 | 5,000,000 | b | 4,968,556 | ||||
104,751,360 | |||||||||
Consumer Staples - 4.1% | |||||||||
Alimentation Couche-Tard, | 3.55 | 7/26/27 | 3,000,000 | b | 2,889,287 | ||||
Anheuser-Busch InBev Finance, | 3.65 | 2/1/26 | 4,000,000 | 3,970,686 | |||||
BAT Capital, | 3.56 | 8/15/27 | 4,000,000 | b | 3,831,358 |
22
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal | Value ($) | |||||
Bonds and Notes - 96.7% (continued) | |||||||||
Consumer Staples - 4.1% (continued) | |||||||||
Becle, | 3.75 | 5/13/25 | 6,000,000 | b | 5,890,154 | ||||
Flowers Foods, | 4.38 | 4/1/22 | 5,500,000 | 5,701,870 | |||||
Flowers Foods, | 3.50 | 10/1/26 | 2,000,000 | 1,908,247 | |||||
Grupo Bimbo, | 3.88 | 6/27/24 | 3,000,000 | b | 3,036,377 | ||||
Kraft Heinz Foods, | 4.88 | 2/15/25 | 3,000,000 | b | 3,136,066 | ||||
McCormick & Co., | 3.15 | 8/15/24 | 3,000,000 | 2,943,024 | |||||
33,307,069 | |||||||||
Energy - 8.7% | |||||||||
Anadarko Petroleum, | 5.55 | 3/15/26 | 2,750,000 | a | 3,008,096 | ||||
Andeavor, | 4.75 | 12/15/23 | 4,000,000 | 4,171,932 | |||||
Andeavor Logistics, | 3.50 | 12/1/22 | 2,000,000 | 1,970,358 | |||||
Andeavor Logistics , | 6.25 | 10/15/22 | 746,000 | 782,368 | |||||
Antero Resources, | 5.13 | 12/1/22 | 3,000,000 | 3,041,250 | |||||
Boardwalk Pipelines, | 4.95 | 12/15/24 | 2,500,000 | 2,585,331 | |||||
Continental Resources, | 5.00 | 9/15/22 | 3,750,000 | 3,815,625 | |||||
Enbridge, | 4.25 | 12/1/26 | 4,000,000 | 4,033,356 | |||||
Energy Transfer, | 4.90 | 2/1/24 | 3,300,000 | 3,414,826 | |||||
Energy Transfer Partners, | 5.88 | 3/1/22 | 2,500,000 | 2,682,443 | |||||
Marathon Oil, | 2.80 | 11/1/22 | 5,000,000 | 4,834,865 | |||||
MPLX, | 4.00 | 3/15/28 | 1,500,000 | 1,477,252 | |||||
Newfield Exploration, | 5.63 | 7/1/24 | 1,500,000 | 1,586,250 | |||||
Newfield Exploration, | 5.38 | 1/1/26 | 2,000,000 | a | 2,075,000 | ||||
Noble Energy, | 3.90 | 11/15/24 | 3,000,000 | 3,013,323 | |||||
Patterson-UTI Energy, | 3.95 | 2/1/28 | 3,000,000 | b | 2,894,090 | ||||
Petrobras Global Finance, | 5.38 | 1/27/21 | 7,500,000 | 7,743,750 | |||||
Petroleos Mexicanos, | 5.35 | 2/12/28 | 200,000 | b | 197,500 | ||||
Pioneer Natural Resources, | 3.95 | 7/15/22 | 5,855,000 | 5,983,833 | |||||
Sabine Pass Liquefaction, | 5.63 | 3/1/25 | 6,000,000 | 6,463,432 | |||||
Valero Energy Partners, | 4.38 | 12/15/26 | 1,000,000 | 1,012,974 | |||||
Williams Partners, | 3.75 | 6/15/27 | 3,000,000 | 2,905,373 | |||||
69,693,227 |
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 96.7% (continued) | |||||||||
Financials - 26.4% | |||||||||
Apollo Management Holdings, | 4.00 | 5/30/24 | 7,000,000 | b | 7,030,477 | ||||
Assured Guaranty U.S. Holdings, | 5.00 | 7/1/24 | 7,000,000 | a | 7,459,290 | ||||
BAC Capital Trust XIV, | 4.00 | 3/15/43 | 3,000,000 | 2,651,250 | |||||
Bank of America, | 4.20 | 8/26/24 | 6,000,000 | 6,125,140 | |||||
Bank of Nova Scotia, | 4.65 | 12/31/49 | 5,000,000 | 4,853,125 | |||||
Barclays, | 5.20 | 5/12/26 | 7,500,000 | 7,629,870 | |||||
BBVA Bancomer, | 4.38 | 4/10/24 | 5,250,000 | b | 5,348,437 | ||||
Blackstone Holdings Finance, | 4.75 | 2/15/23 | 3,000,000 | b | 3,188,262 | ||||
BNP Paribas, | 4.38 | 5/12/26 | 5,000,000 | b | 5,056,178 | ||||
Carlyle Holdings Finance, | 3.88 | 2/1/23 | 5,921,000 | b | 5,953,153 | ||||
Citigroup, | 5.95 | 12/31/49 | 5,000,000 | 5,188,375 | |||||
Citigroup, | 4.40 | 6/10/25 | 4,000,000 | 4,109,522 | |||||
Citizens Financial Group, | 3.75 | 7/1/24 | 6,000,000 | 5,932,084 | |||||
Cooperatieve Rabobank, | 4.38 | 8/4/25 | 6,500,000 | 6,614,022 | |||||
Credit Agricole, | 4.00 | 1/10/33 | 7,250,000 | b | 6,982,750 | ||||
Credit Suisse Group Funding Guernsey, | 3.80 | 9/15/22 | 7,000,000 | 7,075,116 | |||||
Deutsche Bank, | 4.50 | 4/1/25 | 9,000,000 | a | 8,830,237 | ||||
E*Trade Financial, | 3.80 | 8/24/27 | 3,500,000 | 3,407,155 | |||||
Five Corners Funding Trust, | 4.42 | 11/15/23 | 6,750,000 | b | 7,091,408 | ||||
Goldman Sachs Group, | 6.15 | 4/1/18 | 2,000,000 | 2,006,161 | |||||
Goldman Sachs Group, | 3.50 | 11/16/26 | 6,000,000 | 5,786,481 | |||||
International Lease Finance, | 5.88 | 8/15/22 | 7,000,000 | 7,652,440 | |||||
JPMorgan Chase & Co., | 3.38 | 5/1/23 | 4,500,000 | 4,463,452 | |||||
JPMorgan Chase & Co., | 3.63 | 12/1/27 | 3,000,000 | 2,901,825 | |||||
Legg Mason, | 4.75 | 3/15/26 | 6,000,000 | 6,262,062 | |||||
Llyods Banking Group, | 4.58 | 12/10/25 | 4,500,000 | 4,561,261 | |||||
Llyoyds Bank, | 12.00 | 12/29/49 | 3,000,000 | b | 3,915,363 | ||||
Moody's, | 4.50 | 9/1/22 | 5,000,000 | 5,231,993 | |||||
Morgan Stanley, | 4.88 | 11/1/22 | 7,000,000 | 7,388,090 | |||||
Nasdaq, | 3.85 | 6/30/26 | 2,000,000 | 1,982,654 |
24
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 96.7% (continued) | |||||||||
Financials - 26.4% (continued) | |||||||||
Nuveen Finance, | 2.95 | 11/1/19 | 6,000,000 | b | 6,005,211 | ||||
Royal Bank of Canada, | 4.65 | 1/27/26 | 6,000,000 | 6,234,827 | |||||
Royal Bank of Scotland Group, | 6.13 | 12/15/22 | 5,000,000 | 5,337,891 | |||||
Royal Bank of Scotland Group, | 6.00 | 12/19/23 | 3,000,000 | 3,206,972 | |||||
Santander Holdings USA, | 3.70 | 3/28/22 | 7,500,000 | b | 7,520,058 | ||||
Societe Generale, | 4.75 | 11/24/25 | 7,250,000 | b | 7,408,340 | ||||
Stifel Financial, | 4.25 | 7/18/24 | 7,000,000 | 7,051,337 | |||||
Toronto-Dominion Bank, | 3.63 | 9/15/31 | 1,500,000 | 1,445,453 | |||||
Westpac Banking, | 4.32 | 11/23/31 | 5,000,000 | 5,011,199 | |||||
211,898,921 | |||||||||
Foreign/Governmental - 2.1% | |||||||||
Bermuda Government, | 5.60 | 7/20/20 | 6,102,000 | b | 6,493,504 | ||||
Petroleos Mexicanos, | 5.50 | 1/21/21 | 3,000,000 | 3,144,450 | |||||
Petroleos Mexicanos, | 4.63 | 9/21/23 | 5,000,000 | 5,038,000 | |||||
Saudi Arabian Government, | 2.38 | 10/26/21 | 2,700,000 | b | 2,605,581 | ||||
17,281,535 | |||||||||
Health Care - 5.3% | |||||||||
AbbVie, | 3.60 | 5/14/25 | 5,000,000 | 4,947,189 | |||||
Aetna, | 2.20 | 3/15/19 | 4,000,000 | 3,978,571 | |||||
Amgen, | 3.88 | 11/15/21 | 3,500,000 | 3,586,747 | |||||
Boston Medical Center, | 3.91 | 7/1/28 | 5,000,000 | 4,840,574 | |||||
Celgene, | 3.90 | 2/20/28 | 7,000,000 | 6,893,314 | |||||
Dignity Health, | 3.13 | 11/1/22 | 5,000,000 | 4,923,155 | |||||
Express Scripts Holding, | 3.00 | 7/15/23 | 3,000,000 | 2,898,252 | |||||
Magellan Health, | 4.40 | 9/22/24 | 5,000,000 | 4,967,776 | |||||
Teva Pharmaceuticals Finance, | 2.20 | 7/21/21 | 3,000,000 | 2,782,329 | |||||
UnitedHealth Group, | 2.88 | 3/15/22 | 3,000,000 | 2,977,899 | |||||
42,795,806 | |||||||||
Industrials - 6.3% | |||||||||
Air Canada Pass Through Trust, | 3.60 | 9/15/28 | 2,735,984 | b | 2,749,965 | ||||
American Airlines Pass Through Trust, | 3.38 | 11/1/28 | 3,953,948 | 3,893,057 | |||||
Arrow Electronics, | 3.25 | 9/8/24 | 2,000,000 | 1,920,025 | |||||
Carlisle Cos., | 3.75 | 12/1/27 | 4,000,000 | 3,945,742 |
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 96.7% (continued) | |||||||||
Industrials - 6.3% (continued) | |||||||||
CRH America Finance, | 3.40 | 5/9/27 | 1,000,000 | b | 968,314 | ||||
GATX, | 4.75 | 6/15/22 | 3,000,000 | 3,137,746 | |||||
GATX, | 3.25 | 3/30/25 | 2,000,000 | 1,928,609 | |||||
General Electric, | 5.00 | 12/31/49 | 6,400,000 | 6,336,960 | |||||
Huntington Ingalls Industries, | 3.48 | 12/1/27 | 2,000,000 | b | 1,939,620 | ||||
Pentair Finance, | 2.65 | 12/1/19 | 4,500,000 | 4,466,447 | |||||
Stanley Black & Decker, | 1.62 | 11/17/18 | 3,000,000 | 2,981,966 | |||||
Tech Data, | 4.95 | 2/15/27 | 7,250,000 | 7,463,909 | |||||
United Airlines Pass Through Trust, | 3.10 | 4/7/30 | 5,000,000 | 4,815,500 | |||||
Waste Management, | 4.75 | 6/30/20 | 3,853,000 | 4,018,430 | |||||
50,566,290 | |||||||||
Information Technology - 11.2% | |||||||||
Arrow Electronics, | 3.50 | 4/1/22 | 2,000,000 | 1,986,918 | |||||
Arrow Electronics, | 4.00 | 4/1/25 | 3,000,000 | 2,982,616 | |||||
Avnet, | 4.88 | 12/1/22 | 3,000,000 | 3,122,970 | |||||
Broadridge Financial Solutions, | 3.95 | 9/1/20 | 4,850,000 | 4,961,946 | |||||
CA, | 3.60 | 8/1/20 | 5,000,000 | 5,071,874 | |||||
Cadence Design Systems, | 4.38 | 10/15/24 | 6,250,000 | 6,464,117 | |||||
Citrix Systems, | 4.50 | 12/1/27 | 6,000,000 | 5,968,142 | |||||
Dell International, | 7.13 | 6/15/24 | 1,500,000 | a,b | 1,620,347 | ||||
Dell International, | 6.02 | 6/15/26 | 1,750,000 | b | 1,875,163 | ||||
Dell International, | 8.10 | 7/15/36 | 3,000,000 | b | 3,665,759 | ||||
eBay, | 3.60 | 6/5/27 | 3,500,000 | 3,395,460 | |||||
eBay , | 3.80 | 3/9/22 | 2,500,000 | 2,546,750 | |||||
Electronic Arts, | 4.80 | 3/1/26 | 3,000,000 | 3,221,748 | |||||
EMC, | 1.88 | 6/1/18 | 2,000,000 | 1,994,107 | |||||
Fidelity National Information Services, | 3.50 | 4/15/23 | 1,055,000 | 1,058,783 | |||||
Fiserv, | 3.50 | 10/1/22 | 6,500,000 | 6,573,466 | |||||
Flex , | 4.75 | 6/15/25 | 7,000,000 | 7,291,845 | |||||
Jabil, | 5.63 | 12/15/20 | 3,737,000 | 3,973,926 | |||||
Lam Research, | 3.80 | 3/15/25 | 8,000,000 | 8,130,382 |
26
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 96.7% (continued) | |||||||||
Information Technology - 11.2% (continued) | |||||||||
Maxim Integrated Products, | 2.50 | 11/15/18 | 3,000,000 | 2,997,428 | |||||
Total System Services, | 4.80 | 4/1/26 | 7,500,000 | 7,879,606 | |||||
VMware, | 2.95 | 8/21/22 | 3,000,000 | 2,896,087 | |||||
89,679,440 | |||||||||
Materials - 3.2% | |||||||||
CRH America, | 3.88 | 5/18/25 | 3,000,000 | b | 3,031,493 | ||||
Dow Chemical, | 3.00 | 11/15/22 | 6,000,000 | 5,916,891 | |||||
Georgia-Pacific, | 3.16 | 11/15/21 | 6,000,000 | b | 6,024,065 | ||||
Glencore Funding, | 4.63 | 4/29/24 | 2,000,000 | b | 2,075,674 | ||||
Glencore Funding, | 4.00 | 3/27/27 | 2,000,000 | b | 1,954,572 | ||||
International Paper, | 3.00 | 2/15/27 | 5,000,000 | 4,677,959 | |||||
Valmont Industries, | 6.63 | 4/20/20 | 1,667,000 | 1,793,786 | |||||
25,474,440 | |||||||||
Municipal Bonds - 5.2% | |||||||||
Chicago, | 7.05 | 1/1/29 | 6,985,000 | 7,496,092 | |||||
Detroit, | 4.00 | 4/1/44 | 2,000,000 | 1,605,120 | |||||
Detroit, | 5.00 | 12/10/26 | 1,943,148 | 1,912,893 | |||||
Illinois, | 5.88 | 3/1/19 | 2,385,000 | 2,443,218 | |||||
Illinois, | 6.20 | 7/1/21 | 880,000 | 918,606 | |||||
Las Vegas Valley Water District, | 7.10 | 6/1/39 | 5,000,000 | 5,285,850 | |||||
Massachusetts Development Finance Agency, | 2.96 | 1/1/19 | 4,000,000 | 3,999,160 | |||||
Medical Center Hospital Authority, | 4.88 | 8/1/22 | 5,000,000 | 5,262,150 | |||||
North Texas Tollway Authority, | 8.91 | 2/1/30 | 5,000,000 | 5,524,050 | |||||
Texas Public Finance Authority, | 8.25 | 7/1/24 | 7,500,000 | 7,708,275 | |||||
42,155,414 | |||||||||
Real Estate - 6.6% | |||||||||
Alexandria Real Estate Equities, | 4.30 | 1/15/26 | 2,000,000 | 2,033,494 | |||||
Alexandria Real Estate Equities, | 3.95 | 1/15/27 | 3,327,000 | 3,287,630 | |||||
CBRE Services, | 4.88 | 3/1/26 | 6,000,000 | 6,331,898 | |||||
CubeSmart, | 4.80 | 7/15/22 | 6,205,000 | 6,516,002 | |||||
Duke Realty, | 3.25 | 6/30/26 | 1,000,000 | 970,460 | |||||
EPR Properties, | 4.75 | 12/15/26 | 2,500,000 | 2,509,543 | |||||
EPR Properties, | 4.50 | 6/1/27 | 2,000,000 | 1,972,324 |
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 96.7% (continued) | |||||||||
Real Estate - 6.6% (continued) | |||||||||
Essex Portfolio, | 3.25 | 5/1/23 | 3,000,000 | 2,961,475 | |||||
Healthcare Trust of America Holdings, | 3.75 | 7/1/27 | 4,000,000 | 3,885,031 | |||||
Hudson Pacific Properties, | 3.95 | 11/1/27 | 2,500,000 | 2,396,001 | |||||
Kilroy Realty, | 4.38 | 10/1/25 | 4,250,000 | 4,341,451 | |||||
Liberty Property, | 3.25 | 10/1/26 | 4,000,000 | 3,824,993 | |||||
Retail Opportunity Investments Partnership, | 5.00 | 12/15/23 | 3,750,000 | 3,827,394 | |||||
Retail Opportunity Investments Partnership, | 4.00 | 12/15/24 | 3,000,000 | 2,886,862 | |||||
SL Green Operating Partnership, | 3.25 | 10/15/22 | 2,000,000 | 1,966,858 | |||||
Weingarten Realty Investors, | 4.45 | 1/15/24 | 3,000,000 | 3,084,014 | |||||
52,795,430 | |||||||||
Telecommunications - 2.9% | |||||||||
AT&T, | 3.90 | 3/11/24 | 4,575,000 | 4,619,991 | |||||
AT&T, | 4.45 | 4/1/24 | 3,000,000 | 3,096,062 | |||||
Telefonica Emisiones, | 4.57 | 4/27/23 | 6,500,000 | 6,886,864 | |||||
Verizon Communications, | 5.15 | 9/15/23 | 5,500,000 | 5,966,063 | |||||
Verizon Communications, | 4.50 | 8/10/33 | 3,000,000 | 3,020,803 | |||||
23,589,783 | |||||||||
Utilities - 1.7% | |||||||||
Black Hills, | 4.25 | 11/30/23 | 5,000,000 | 5,145,484 | |||||
Entergy, | 2.95 | 9/1/26 | 2,000,000 | 1,885,096 | |||||
Exelon, | 3.50 | 6/1/22 | 3,500,000 | 3,499,038 | |||||
NextEra Energy Capital Holdings, | 2.70 | 9/15/19 | 3,000,000 | 2,998,421 | |||||
13,528,039 | |||||||||
Total Bonds and Notes | 777,516,754 | ||||||||
Shares | |||||||||
Other Investment - 2.5% | |||||||||
Registered Investment Company; | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 19,958,488 | c | 19,958,488 |
28
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Investment of Cash Collateral for Securities Loaned - 2.8% | |||||||||
Registered Investment Company; | |||||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 22,890,274 | c | 22,890,274 | ||||||
Total Investments (cost $815,146,120) | 102.0% | 820,365,516 | |||||||
Liabilities, Less Cash and Receivables | (2.0%) | (16,246,463) | |||||||
Net Assets | 100.0% | 804,119,053 |
GO—General Obligation
a Security, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $22,106,783 and the value of the collateral held by the fund was $22,890,274.
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 February 28, 2018, these securities were valued at $144,750,919 or 18.0% of net assets.
c Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Corporate Bonds | 89.4 |
Money Market Investments | 5.3 |
Municipal Bonds | 5.2 |
Foreign/Governmental | 2.1 |
102.0 |
† Based on net assets.
See notes to financial statements.
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.9% | |||||||||
Municipal Bonds - 2.8% | |||||||||
California Earthquake Authority, | 2.81 | 7/1/19 | 1,071,000 | 1,069,329 | |||||
Florida Hurricane Catastrophe Fund Finance Corporation, | 2.11 | 7/1/18 | 2,850,000 | 2,850,257 | |||||
Kansas Development Finance Authority, | 1.88 | 4/15/18 | 1,000,000 | 1,000,210 | |||||
4,919,796 | |||||||||
U.S. Government Agencies - 31.5% | |||||||||
Federal Farm Credit Bank, | 1.10 | 10/15/18 | 6,500,000 | 6,464,425 | |||||
Federal Farm Credit Bank, | 1.23 | 1/25/19 | 7,660,000 | 7,604,948 | |||||
Federal Farm Credit Bank, | 1.11 | 1/28/19 | 3,050,000 | 3,025,033 | |||||
Federal Farm Credit Bank, | 1.25 | 3/4/19 | 2,775,000 | 2,748,410 | |||||
Federal Farm Credit Bank, | 1.18 | 8/1/19 | 2,000,000 | 1,971,040 | |||||
Federal Farm Credit Bank, | 1.16 | 9/26/19 | 1,000,000 | 982,375 | |||||
Federal Farm Credit Bank, | 1.17 | 1/13/20 | 3,000,000 | 2,937,972 | |||||
Federal Home Loan Bank, | 1.75 | 7/13/20 | 3,630,000 | 3,577,136 | |||||
Federal Home Loan Mortgage Corp., | 1.30 | 5/24/19 | 2,000,000 | a | 1,978,676 | ||||
Federal Home Loan Mortgage Corp., | 1.30 | 9/20/19 | 4,000,000 | a | 3,935,340 | ||||
Federal Home Loan Mortgage Corp., | 1.50 | 9/27/19 | 2,000,000 | a | 1,975,730 | ||||
Federal National Mortgage Association, | 1.25 | 2/26/19 | 1,810,000 | a | 1,794,706 | ||||
Federal National Mortgage Association, | 1.27 | 2/26/19 | 1,710,000 | a | 1,694,824 | ||||
Federal National Mortgage Association, | 1.38 | 6/21/19 | 6,000,000 | a | 5,932,176 | ||||
Federal National Mortgage Association, | 1.25 | 7/26/19 | 2,180,000 | a | 2,146,430 | ||||
Federal National Mortgage Association, | 1.20 | 8/16/19 | 1,800,000 | a | 1,772,973 | ||||
Federal National Mortgage Association, | 1.54 | 7/6/21 | 2,965,000 | a | 2,849,137 | ||||
Federal National Mortgage Association, | 1.00 | 4/30/18 | 2,000,000 | a | 1,998,222 | ||||
55,389,553 | |||||||||
U.S. Government Agencies Mortgage-Backed - 45.2% | |||||||||
Federal Home Loan Mortgage Corp.: | |||||||||
REMIC, Ser. 3846, Cl. CK, 1.50%, 9/15/20 | 2,660 | a | 2,645 | ||||||
REMIC, Ser. 4020, Cl. PC, 1.75%, 3/15/27 | 913,424 | a | 877,696 | ||||||
2.00%, 2/1/23-7/1/23 | 2,325,499 | a | 2,285,792 | ||||||
REMIC, Ser. 3942, Cl. AC, 2.00%, 10/15/21 | 4,129,488 | a | 4,058,974 | ||||||
Multifamily Structured Pass Through Certificates, Ser. K709, Cl. A2, 2.09%, 3/25/19 | 2,000,000 | a | 1,992,820 | ||||||
2.50%, 8/1/25 | 1,070,960 | a | 1,056,419 | ||||||
REMIC, Ser. 3684, Cl. CM, 2.50%, 8/15/24 | 435,010 | a | 435,553 | ||||||
REMIC, Ser. 3928, Cl. A, 3.00%, 11/15/21 | 5,160,659 | a | 5,179,733 |
30
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.9% (continued) | |||||||||
U.S. Government Agencies Mortgage-Backed - 45.2% (continued) | |||||||||
3.00%, 3/1/27 | 1,766,461 | a | 1,772,813 | ||||||
3.50%, 10/1/26-5/1/27 | 2,466,735 | a | 2,485,945 | ||||||
REMIC, Ser. 4532, Cl. VW, 3.50%, 10/15/26 | 4,503,775 | a | 4,593,558 | ||||||
REMIC, Ser. 2675, Cl. CK, 4.00%, 9/15/18 | 8,414 | a | 8,447 | ||||||
4.50%, 9/1/26 | 162,230 | a | 164,172 | ||||||
Federal National Mortgage Association: | |||||||||
REMIC, Ser. 2012-98, Cl. YM, 1.50%, 9/25/27 | 1,495,205 | a | 1,432,986 | ||||||
REMIC, Ser. 2010-124, Cl. AG, 1.75%, 11/25/20 | 3,111,343 | a | 3,020,127 | ||||||
2.00%, 4/1/23-2/1/27 | 11,846,390 | a | 11,662,032 | ||||||
REMIC, Ser. 2010-13, Cl. KA, 2.00%, 12/25/18 | 38,946 | a | 38,840 | ||||||
2.50%, 10/1/23-7/1/27 | 14,034,613 | a | 13,858,128 | ||||||
REMIC, Ser. 2013-138, Cl. BE, 2.50%, 1/25/29 | 782,059 | a | 781,381 | ||||||
REMIC, Ser. 2011-23, Cl. AB, 2.75%, 6/25/20 | 213,015 | a | 212,979 | ||||||
3.00%, 9/1/27 | 1,849,665 | a | 1,853,344 | ||||||
REMIC, Ser. 2012-94, Cl. E, 3.00%, 6/25/22 | 1,914,021 | a | 1,919,722 | ||||||
4.00%, 5/1/29 | 4,447,451 | a | 4,576,547 | ||||||
4.50%, 11/1/22 | 1,276,772 | a | 1,291,145 | ||||||
REMIC, Ser. 2003-67, Cl. TJ, 4.75%, 7/25/18 | 19,150 | a | 19,161 | ||||||
6.00%, 8/1/22 | 1,550,536 | a | 1,614,617 | ||||||
Government National Mortgage Association I: | |||||||||
Ser. 2013-101, Cl. A, 0.51%, 5/16/35 | 3,436,050 | 3,318,080 | |||||||
Ser. 2013-73, Cl. A, 0.98%, 12/16/35 | 3,683,662 | 3,586,172 | |||||||
Ser. 2012-55, Cl. A, 1.70%, 8/16/33 | 374,622 | 374,104 | |||||||
Ser. 2013-105, Cl. A, 1.71%, 2/16/37 | 3,314,731 | 3,228,834 | |||||||
Ser. 2011-20, Cl. A, 1.88%, 4/16/32 | 60,259 | 60,197 | |||||||
Ser. 2011-47, Cl. C, 3.84%, 2/16/42 | 1,691,890 | 1,709,453 | |||||||
79,472,416 | |||||||||
U.S. Government Securities - 19.4% | |||||||||
U.S. Treasury Notes | 1.13 | 2/28/19 | 3,000,000 | 2,971,817 | |||||
U.S. Treasury Notes | 1.88 | 12/31/19 | 5,750,000 | b | 5,712,490 | ||||
U.S. Treasury Notes | 1.38 | 1/15/20 | 3,500,000 | 3,444,082 | |||||
U.S. Treasury Notes | 1.38 | 2/15/20 | 3,000,000 | 2,948,731 | |||||
U.S. Treasury Notes | 2.25 | 2/29/20 | 4,500,000 | 4,499,473 | |||||
U.S. Treasury Notes | 1.63 | 3/15/20 | 4,000,000 | 3,947,422 | |||||
U.S. Treasury Notes | 1.50 | 7/15/20 | 3,500,000 | 3,432,939 | |||||
U.S. Treasury Notes | 1.50 | 8/15/20 | 2,500,000 | b | 2,450,342 | ||||
U.S. Treasury Notes | 1.25 | 3/31/21 | 5,000,000 | b | 4,823,340 | ||||
34,230,636 | |||||||||
Total Bonds and Notes | 174,012,401 | ||||||||
Shares | |||||||||
Other Investment - .9% | |||||||||
Registered Investment Company; | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1,602,725 | c | 1,602,725 | ||||||
Total Investments (cost $178,616,065) | 99.8% | 175,615,126 | |||||||
Cash and Receivables (Net) | 0.2% | 304,134 | |||||||
Net Assets | 100.0% | 175,919,260 |
REMIC—Real Estate Mortgage Investment Conduit
a The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
b Security, or portion thereof, on loan. At February 28, 2018, the value of the fund’s securities on loan was $12,986,172 and the value of the collateral held by the fund was $13,291,967, consisting of U.S. Government & Agency securities.
c Investment in affiliated money market mutual fund.
31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † | Value (%) |
U.S. Government Agencies/Mortgage-Backed | 76.7 |
U.S. Government Securities | 19.4 |
Municipal Bonds | 2.8 |
Money Market Investment | .9 |
99.8 |
† Based on net assets.
See notes to financial statements.
32
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited)
Registered Investment Companies | Value | Purchases ($) | Sales ($) | Value | Net | Dividends/ |
BNY Mellon Bond Fund | ||||||
Dreyfus Institutional Preferred | 1,199,000 | 61,341,995 | 54,248,840 | 8,292,155 | .8 | - |
Dreyfus Institutional Preferred | 12,777,129 | 99,607,804 | 102,044,055 | 10,340,878 | 1.0 | 69,513 |
Total | 13,976,129 | 160,949,799 | 156,292,895 | 18,633,033 | 1.8 | 69,513 |
BNY Mellon Intermediate Bond Fund | ||||||
Dreyfus Institutional Preferred | 3,164,700 | 76,371,894 | 75,740,423 | 3,796,171 | .4 | - |
Dreyfus Institutional Preferred | 9,460,867 | 77,198,832 | 76,386,940 | 10,272,759 | 1.2 | 55,660 |
Total | 12,625,567 | 153,570,726 | 152,127,363 | 14,068,930 | 1.6 | 55,660 |
BNY Mellon Corporate Bond Fund | ||||||
Dreyfus Institutional Preferred | 32,008,032 | 80,142,727 | 89,260,485 | 22,890,274 | 2.8 | - |
Dreyfus Institutional Preferred | 10,207,722 | 99,129,979 | 89,379,213 | 19,958,488 | 2.5 | 77,032 |
Total | 42,215,754 | 179,272,706 | 178,639,698 | 42,848,762 | 5.3 | 77,032 |
BNY Mellon Short-Term U.S. | ||||||
Dreyfus Institutional Preferred | - | 14,444,888 | 14,444,888 | - | - | - |
Dreyfus Institutional Preferred | 867,636 | 49,955,409 | 49,220,320 | 1,602,725 | .9 | 15,308 |
Total | 867,636 | 64,400,297 | 63,665,208 | 1,602,725 | .9 | 15,308 |
See notes to financial statements.
33
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2018 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Bond Fund |
| BNY Mellon Intermediate Bond Fund |
| BNY Mellon Corporate Bond Fund |
| BNY Mellon Short-Term U.S. Government Securities Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 1,001,338,931 |
| 830,499,624 |
| 777,516,754 |
| 174,012,401 |
| |
Affiliated issuers |
|
|
| 18,633,033 |
| 14,068,930 |
| 42,848,762 |
| 1,602,725 |
| |
Cash |
|
|
| 584,926 |
| 101,553 |
| - |
| 1,353,109 |
| |
Interest receivable |
|
|
| 6,761,698 |
| 5,115,169 |
| 8,663,786 |
| 430,185 |
| |
Receivable for investment securities sold |
|
|
| 6,564,114 |
| 1,054,332 |
| 438,791 |
| - | ||
Receivable for shares of Beneficial |
|
|
| 550,543 |
| 286,448 |
| 201,957 |
| 26,506 |
| |
Dividends receivable |
|
|
| 11,403 |
| 8,641 |
| 18,191 |
| 3,131 |
| |
Securities lending receivable |
|
|
| 7,632 |
| 6,584 |
| 16,829 |
| 991 |
| |
Prepaid expenses |
|
|
| 21,582 |
| 18,798 |
| 29,123 |
| 14,755 |
| |
|
|
|
| 1,034,473,862 |
| 851,160,079 |
| 829,734,193 |
| 177,443,803 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 359,293 |
| 298,283 |
| 281,498 |
| 61,745 |
| |
Due to Administrator—Note 3(a) |
|
|
| 96,008 |
| 79,624 |
| 75,315 |
| 16,231 |
| |
Cash overdraft due to Custodian |
|
|
| - |
| - |
| 795,664 |
| - |
| |
Liability for securities on loan—Note 1(b) |
|
|
| 8,292,155 |
| 3,796,171 |
| 22,890,274 |
| - |
| |
Payable for investment securities purchased |
|
|
| 5,688,739 |
| 577,138 |
| 716,197 |
| 994,137 |
| |
Payable for shares of Beneficial |
|
|
| 210,343 |
| 314,290 |
| 804,459 |
| 422,201 | ||
Accrued expenses |
|
|
| 65,458 |
| 74,219 |
| 51,733 |
| 30,229 |
| |
|
|
|
| 14,711,996 |
| 5,139,725 |
| 25,615,140 |
| 1,524,543 |
|
|
Net Assets ($) |
|
|
| 1,019,761,866 |
| 846,020,354 |
| 804,119,053 |
| 175,919,260 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 1,037,739,397 |
| 867,403,275 |
| 815,434,565 |
| 192,107,804 |
| |
Accumulated undistributed (distributions in |
|
|
| (1,301,254) |
| (473,711) |
| (1,120,430) |
| (138,169) |
| |
Accumulated net realized gain (loss) |
|
|
| (9,151,084) |
| (13,999,317) |
| (15,414,478) |
| (13,049,436) |
| |
Accumulated net unrealized appreciation |
|
|
| (7,525,193) |
| (6,909,893) |
| 5,219,396 |
| (3,000,939) |
| |
Net Assets ($) |
|
|
| 1,019,761,866 |
| 846,020,354 |
| 804,119,053 |
| 175,919,260 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 1,008,864,124 |
| 837,409,517 |
| 772,297,358 |
| 177,013,340 |
|
|
Affiliated issuers |
|
|
| 18,633,033 |
| 14,068,930 |
| 42,848,762 |
| 1,602,725 |
|
|
†† Value of securities on loan ($) |
|
|
| 56,344,141 |
| 95,486,255 |
| 22,106,783 |
| 12,986,172 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 1,012,722,256 |
| 840,342,850 |
| 802,469,861 |
| 174,199,629 |
| |
Shares Outstanding |
|
|
| 81,662,909 |
| 68,302,186 |
| 63,334,560 |
| 15,109,666 |
| |
Net Asset Value Per Share ($) |
|
|
| 12.40 |
| 12.30 |
| 12.67 |
| 11.53 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 7,039,610 |
| 5,677,504 |
| 1,649,192 |
| 1,719,631 |
| |
Shares Outstanding |
|
|
| 569,077 |
| 461,276 |
| 130,112 |
| 149,354 |
| |
Net Asset Value Per Share ($) |
|
|
| 12.37 |
| 12.31 |
| 12.68 |
| 11.51 |
| |
| ||||||||||||
See notes to financial statements. |
|
34
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2018 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Bond Fund |
| BNY Mellon Intermediate Bond Fund |
| BNY Mellon Corporate Bond Fund |
| BNY Mellon Short-Term U.S. Government Securities Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
| ||
Interest |
|
| 15,464,270 |
| 10,226,956 |
| 15,104,330 |
| 1,263,341 |
| ||
Dividends from affiliated issuers |
|
| 69,513 |
| 55,660 |
| 77,032 |
| 15,308 |
| ||
Income from securities lending—Note 1(b) |
|
| 26,666 |
| 28,224 |
| 123,120 |
| 5,608 |
| ||
Total Income |
|
| 15,560,449 |
| 10,310,840 |
| 15,304,482 |
| 1,284,257 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 2,022,237 |
| 1,688,082 |
| 1,578,062 |
| 294,588 |
| ||
Administration fee—Note 3(a) |
|
| 620,859 |
| 518,272 |
| 484,489 |
| 103,364 |
| ||
Custodian fees—Note 3(b) |
|
| 37,466 |
| 29,710 |
| 26,637 |
| 7,394 |
| ||
Professional fees |
|
| 35,271 |
| 43,100 |
| 30,906 |
| 22,771 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 28,685 |
| 27,473 |
| 24,542 |
| 5,707 |
| ||
Loan commitment fees—Note 2 |
|
| 22,435 |
| 12,949 |
| 12,996 |
| 2,473 |
| ||
Registration fees |
|
| 18,922 |
| 17,697 |
| 18,709 |
| 15,719 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 10,454 |
| 8,319 |
| 2,561 |
| 2,075 |
| ||
Prospectus and shareholders’ reports |
|
| 4,085 |
| 6,693 |
| 3,046 |
| 3,640 | |||
Miscellaneous |
|
| 23,396 |
| 20,803 |
| 24,037 |
| 15,175 |
| ||
Total Expenses |
|
| 2,823,810 |
| 2,373,098 |
| 2,205,985 |
| 472,906 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (312) |
| (217) |
| (35) |
| (44) |
| ||
Net Expenses |
|
| 2,823,498 |
| 2,372,881 |
| 2,205,950 |
| 472,862 |
| ||
Investment Income—Net |
|
| 12,736,951 |
| 7,937,959 |
| 13,098,532 |
| 811,395 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | 1,493,825 |
| 880,881 |
| 2,731,546 |
| (358,518) |
| ||||
Net unrealized appreciation (depreciation) on investments |
|
| (33,494,758) |
| (20,110,081) |
| (25,464,716) |
| (2,252,357) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (32,000,933) |
| (19,229,200) |
| (22,733,170) |
| (2,610,875) |
| ||
Net (Decrease) in Net Assets Resulting from Operations |
| (19,263,982) |
| (11,291,241) |
| (9,634,638) |
| (1,799,480) |
| |||
See notes to financial statements. |
35
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon Bond Fund |
| BNY Mellon Intermediate Bond Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 12,736,951 |
|
|
| 25,102,413 |
| 7,937,959 |
|
|
| 15,192,095 |
| |
Net realized gain (loss) on investments |
| 1,493,825 |
|
|
| (2,405,730) |
| 880,881 |
|
|
| 769,919 |
| ||
Net unrealized appreciation (depreciation) |
| (33,494,758) |
|
|
| (15,291,612) |
| (20,110,081) |
|
|
| (7,681,641) |
| ||
Net Increase (Decrease) in Net Assets | (19,263,982) |
|
|
| 7,405,071 |
| (11,291,241) |
|
|
| 8,280,373 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (14,269,762) |
|
|
| (28,638,017) |
| (8,617,159) |
|
|
| (17,926,346) |
| |
Investor Shares |
|
| (105,350) |
|
|
| (226,317) |
| (57,590) |
|
|
| (127,446) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| - |
|
|
| (2,338,221) |
| - |
|
|
| - |
| |
Investor Shares |
|
| - |
|
|
| (20,354) |
| - |
|
|
| - |
| |
Total Distributions |
|
| (14,375,112) |
|
|
| (31,222,909) |
| (8,674,749) |
|
|
| (18,053,792) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 105,584,973 |
|
|
| 157,399,563 |
| 89,561,883 |
|
|
| 149,116,716 |
| |
Investor Shares |
|
| 1,266,143 |
|
|
| 9,227,669 |
| 2,358,712 |
|
|
| 8,605,753 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 2,625,784 |
|
|
| 6,520,913 |
| 1,828,911 |
|
|
| 3,865,056 |
| |
Investor Shares |
|
| 96,161 |
|
|
| 226,047 |
| 52,557 |
|
|
| 119,914 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (63,399,641) |
|
|
| (169,728,840) |
| (69,970,279) |
|
|
| (173,981,449) |
| |
Investor Shares |
|
| (3,675,259) |
|
|
| (9,228,455) |
| (4,149,538) |
|
|
| (9,315,196) |
| |
Increase (Decrease) in Net Assets | 42,498,161 |
|
|
| (5,583,103) |
| 19,682,246 |
|
|
| (21,589,206) |
| |||
Total Increase (Decrease) in Net Assets | 8,859,067 |
|
|
| (29,400,941) |
| (283,744) |
|
|
| (31,362,625) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 1,010,902,799 |
|
|
| 1,040,303,740 |
| 846,304,098 |
|
|
| 877,666,723 |
| |
End of Period |
|
| 1,019,761,866 |
|
|
| 1,010,902,799 |
| 846,020,354 |
|
|
| 846,304,098 |
| |
Undistributed (distributions in excess of) | (1,301,254) |
|
|
| 336,907 |
| (473,711) |
|
|
| 263,079 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 8,333,076 |
|
|
| 12,353,358 |
| 7,180,541 |
|
|
| 11,892,867 |
| |
Shares issued for distributions reinvested |
|
| 207,830 |
|
|
| 513,521 |
| 146,927 |
|
|
| 307,921 |
| |
Shares redeemed |
|
| (5,004,526) |
|
|
| (13,360,693) |
| (5,616,401) |
|
|
| (13,876,208) |
| |
Net Increase (Decrease) in Shares Outstanding | 3,536,380 |
|
|
| (493,814) |
| 1,711,067 |
|
|
| (1,675,420) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 100,055 |
|
|
| 722,680 |
| 189,189 |
|
|
| 684,836 |
| |
Shares issued for distributions reinvested |
|
| 7,624 |
|
|
| 17,811 |
| 4,217 |
|
|
| 9,547 |
| |
Shares redeemed |
|
| (290,382) |
|
|
| (724,064) |
| (332,344) |
|
|
| (741,492) |
| |
Net Increase (Decrease) in Shares Outstanding | (182,703) |
|
|
| 16,427 |
| (138,938) |
|
|
| (47,109) |
| |||
|
| ||||||||||||||
a | During the period ended February 28, 2018, 35,616 Class M Shares representing $460,343 were exchanged for 35,708 Investor shares for BNY Mellon Bond Fund and 165,493 Class M Shares representing $2,064,662 were exchanged for 165,454 Investor Shares for BNY Mellon Intermediate Bond Fund and during the period ended August 31, 2017, 634,208 Class M Shares representing $8,113,155 were exchanged for 635,580 Investor Shares for BNY Mellon Bond Fund and 597,818 Class M Shares representing $7,510,190 were exchanged for 597,627 Investor Shares for BNY Mellon Intermediate Bond Fund. | ||||||||||||||
See notes to financial statements. |
36
|
|
|
| BNY Mellon Corporate Bond Fund |
| BNY Mellon Short-Term U.S. Government Securities Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 13,098,532 |
|
|
| 26,447,362 |
| 811,395 |
|
|
| 1,349,503 |
| |
Net realized gain (loss) on investments |
| 2,731,546 |
|
|
| 3,894,619 |
| (358,518) |
|
|
| (352,790) |
| ||
Net unrealized appreciation (depreciation) |
| (25,464,716) |
|
|
| (3,450,234) |
| (2,252,357) |
|
|
| (417,376) |
| ||
Net Increase (Decrease) in Net Assets | (9,634,638) |
|
|
| 26,891,747 |
| (1,799,480) |
|
|
| 579,337 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (14,804,427) |
|
|
| (29,448,184) |
| (1,029,951) |
|
|
| (1,975,337) |
| |
Investor Shares |
|
| (33,440) |
|
|
| (89,761) |
| (8,001) |
|
|
| (13,983) |
| |
Total Distributions |
|
| (14,837,867) |
|
|
| (29,537,945) |
| (1,037,952) |
|
|
| (1,989,320) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 99,929,737 |
|
|
| 166,856,298 |
| 45,434,069 |
|
|
| 137,551,952 |
| |
Investor Shares |
|
| 1,215,769 |
|
|
| 13,928,758 |
| 559,014 |
|
|
| 1,945,189 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 3,858,741 |
|
|
| 8,221,541 |
| 275,181 |
|
|
| 494,054 |
| |
Investor Shares |
|
| 21,984 |
|
|
| 64,950 |
| 7,295 |
|
|
| 12,669 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (61,142,721) |
|
|
| (238,094,978) |
| (41,302,343) |
|
|
| (178,801,248) |
| |
Investor Shares |
|
| (2,335,846) |
|
|
| (13,097,169) |
| (572,034) |
|
|
| (2,097,052) |
| |
Increase (Decrease) in Net Assets | 41,547,664 |
|
|
| (62,120,600) |
| 4,401,182 |
|
|
| (40,894,436) |
| |||
Total Increase (Decrease) in Net Assets | 17,075,159 |
|
|
| (64,766,798) |
| 1,563,750 |
|
|
| (42,304,419) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 787,043,894 |
|
|
| 851,810,692 |
| 174,355,510 |
|
|
| 216,659,929 |
| |
End of Period |
|
| 804,119,053 |
|
|
| 787,043,894 |
| 175,919,260 |
|
|
| 174,355,510 |
| |
Undistributed (distributions in excess of) | (1,120,430) |
|
|
| 618,905 |
| (138,169) |
|
|
| 88,388 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 7,729,704 |
|
|
| 12,932,113 |
| 3,913,023 |
|
|
| 11,746,685 |
| |
Shares issued for distributions reinvested |
|
| 299,085 |
|
|
| 637,719 |
| 23,706 |
|
|
| 42,133 |
| |
Shares redeemed |
|
| (4,722,726) |
|
|
| (18,553,332) |
| (3,549,758) |
|
|
| (15,256,386) |
| |
Net Increase (Decrease) in Shares Outstanding | 3,306,063 |
|
|
| (4,983,500) |
| 386,971 |
|
|
| (3,467,568) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 93,881 |
|
|
| 1,083,503 |
| 48,435 |
|
|
| 165,703 |
| |
Shares issued for distributions reinvested |
|
| 1,702 |
|
|
| 5,036 |
| 629 |
|
|
| 1,082 |
| |
Shares redeemed |
|
| (180,276) |
|
|
| (1,010,979) |
| (49,375) |
|
|
| (178,818) |
| |
Net Increase (Decrease) in Shares Outstanding | (84,693) |
|
|
| 77,560 |
| (311) |
|
|
| (12,033) |
| |||
|
| ||||||||||||||
a | During the period ended February 28, 2018, 85,222 Class M Shares representing $1,104,777 were exchanged for 85,196 Investor Shares for BNY Mellon Corporate Bond Fund and 36,221 Class M Shares representing $418,366 were exchanged for 36,280 Investor Shares for BNY Mellon Short-Term U.S. Government Securities Fund and during the period ended August 31, 2017, 429,818 Class M Shares representing $5,546,314 were exchanged for 429,906 Investor Shares for BNY Mellon Corporate Bond Fund and 162,475 Class M Shares representing $1,909,863 were exchanged for 162,678 Investor Shares for BNY Mellon Short-Term U.S. Government Securities Fund. | ||||||||||||||
See notes to financial statements. |
37
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Bond Fund | Six Months Ended | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.82 | 13.11 | 12.74 | 13.00 | 12.89 | 13.71 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .16 | .32 | .31 | .29 | .31 | .32 | |||||||||
Net realized and unrealized | (.40) | (.21) | .42 | (.18) | .34 | (.64) | |||||||||
Total from Investment Operations | (.24) | .11 | .73 | .11 | .65 | (.32) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.18) | (.37) | (.36) | (.34) | (.36) | (.39) | |||||||||
Dividends from net realized gain on investments | - | (.03) | - | (.03) | (.18) | (.11) | |||||||||
Total Distributions | (.18) | (.40) | (.36) | (.37) | (.54) | (.50) | |||||||||
Net asset value, end of period | 12.40 | 12.82 | 13.11 | 12.74 | 13.00 | 12.89 | |||||||||
Total Return (%) | (1.90) | b | .87 | 5.82 | .87 | 5.19 | (2.41) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .56 | c | .56 | .56 | .55 | .55 | .55 | ||||||||
Ratio of net expenses to average net assets | .56 | c | .56 | .56 | .55 | .55 | .55 | ||||||||
Ratio of net investment income | 2.52 | c | 2.50 | 2.38 | 2.21 | 2.41 | 2.40 | ||||||||
Portfolio Turnover Rate | 25.89 | b | 72.85 | 72.21 | 59.94 | 43.62 | 66.14 | d | |||||||
Net Assets, end of period ($ x 1,000) | 1,012,722 | 1,001,290 | 1,030,685 | 1,010,387 | 1,040,204 | 1,148,032 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
d The portfolio turnover rate excluding mortgage dollar roll transactions for the period ended August 31, 2013 was 65.03%.
See notes to financial statements.
38
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Bond Fund | Six Months Ended | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.79 | 13.08 | 12.71 | 12.97 | 12.86 | 13.69 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .14 | .28 | .27 | .26 | .28 | .29 | |||||||||
Net realized and unrealized | (.40) | (.21) | .43 | (.18) | .34 | (.65) | |||||||||
Total from Investment Operations | (.26) | .07 | .70 | .08 | .62 | (.36) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.16) | (.33) | (.33) | (.31) | (.33) | (.36) | |||||||||
Dividends from net realized gain on investments | - | (.03) | - | (.03) | (.18) | (.11) | |||||||||
Total Distributions | (.16) | (.36) | (.33) | (.34) | (.51) | (.47) | |||||||||
Net asset value, end of period | 12.37 | 12.79 | 13.08 | 12.71 | 12.97 | 12.86 | |||||||||
Total Return (%) | (2.02) | b | .63 | 5.55 | .62 | 4.95 | (2.74) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .81 | c | .81 | .81 | .80 | .80 | .80 | ||||||||
Ratio of net expenses to average net assets | .81 | c | .81 | .81 | .80 | .80 | .80 | ||||||||
Ratio of net investment income | 2.27 | c | 2.24 | 2.14 | 1.95 | 2.16 | 2.16 | ||||||||
Portfolio Turnover Rate | 25.89 | b | 72.85 | 72.21 | 59.94 | 43.62 | 66.14 | d | |||||||
Net Assets, end of period ($ x 1,000) | 7,040 | 9,613 | 9,619 | 8,221 | 9,246 | 8,387 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
d The portfolio turnover rate excluding mortgage dollar roll transactions for the period ended August 31, 2013 was 65.03%.
See notes to financial statements.
39
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Intermediate Bond Fund | Six Months Ended | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.60 | 12.74 | 12.55 | 12.75 | 12.73 | 13.26 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .12 | .22 | .20 | .19 | .21 | .23 | |||||||||
Net realized and unrealized | (.29) | (.10) | .25 | (.15) | .17 | (.44) | |||||||||
Total from Investment Operations | (.17) | .12 | .45 | .04 | .38 | (.21) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.13) | (.26) | (.26) | (.24) | (.27) | (.30) | |||||||||
Dividends from net realized gain on investments | - | - | - | - | (.09) | (.02) | |||||||||
Total Distributions | (.13) | (.26) | (.26) | (.24) | (.36) | (.32) | |||||||||
Net asset value, end of period | 12.30 | 12.60 | 12.74 | 12.55 | 12.75 | 12.73 | |||||||||
Total Return (%) | (1.38) | b | 1.01 | 3.60 | .39 | 2.87 | (1.64) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .56 | c | .56 | .56 | .55 | .55 | .56 | ||||||||
Ratio of net expenses to average net assets | .56 | c | .56 | .56 | .55 | .55 | .56 | ||||||||
Ratio of net investment income | 1.88 | c | 1.77 | 1.61 | 1.46 | 1.66 | 1.77 | ||||||||
Portfolio Turnover Rate | 15.40 | b | 48.97 | 32.99 | 50.80 | 42.45 | 44.76 | ||||||||
Net Assets, end of period ($ x 1,000) | 840,343 | 838,741 | 869,419 | 877,322 | 912,247 | 949,095 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
40
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Intermediate Bond Fund | Six Months Ended | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.60 | 12.74 | 12.56 | 12.75 | 12.73 | 13.26 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .10 | .19 | .17 | .15 | .18 | .20 | |||||||||
Net realized and unrealized | (.28) | (.10) | .24 | (.13) | .16 | (.45) | |||||||||
Total from Investment Operations | (.18) | .09 | .41 | .02 | .34 | (.25) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.11) | (.23) | (.23) | (.21) | (.23) | (.26) | |||||||||
Dividends from net realized gain on investments | - | - | - | - | (.09) | (.02) | |||||||||
Total Distributions | (.11) | (.23) | (.23) | (.21) | (.32) | (.28) | |||||||||
Net asset value, end of period | 12.31 | 12.60 | 12.74 | 12.56 | 12.75 | 12.73 | |||||||||
Total Return (%) | (1.43) | b | .75 | 3.26 | .14 | 2.69 | (1.91) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .81 | c | .81 | .81 | .80 | .80 | .82 | ||||||||
Ratio of net expenses to average net assets | .81 | c | .81 | .81 | .80 | .80 | .82 | ||||||||
Ratio of net investment income | 1.63 | c | 1.52 | 1.36 | 1.21 | 1.40 | 1.51 | ||||||||
Portfolio Turnover Rate | 15.40 | b | 48.97 | 32.99 | 50.80 | 42.45 | 44.76 | ||||||||
Net Assets, end of period ($ x 1,000) | 5,678 | 7,563 | 8,247 | 7,468 | 6,415 | 8,397 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
41
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Corporate Bond Fund | Six Months Ended | 2017 | 2016 | 2015 |
| 2014 |
| 2013 |
| ||||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.06 | 13.07 | 12.59 | 12.96 | 12.49 | 12.91 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .21 | .42 | .39 | .35 | .32 | .30 | |||||||||
Net realized and unrealized | (.36) | .05 | .54 | (.31) | .56 | (.29) | |||||||||
Total from Investment Operations | (.15) | .47 | .93 | .04 | .88 | .01 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.24) | (.48) | (.45) | (.41) | (.41) | (.39) | |||||||||
Dividends from net realized gain on investments | - | - | - | - | (.00) | b | (.04) | ||||||||
Total Distributions | (.24) | (.48) | (.45) | (.41) | (.41) | (.43) | |||||||||
Net asset value, end of period | 12.67 | 13.06 | 13.07 | 12.59 | 12.96 | 12.49 | |||||||||
Total Return (%) | (1.16) | c | 3.67 | 7.55 | .31 | 7.21 | .02 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .56 | d | .56 | .56 | .56 | .56 | .58 | ||||||||
Ratio of net expenses to average net assets | .56 | d | .56 | .56 | .56 | .56 | .58 | ||||||||
Ratio of net investment income | 3.32 | d | 3.29 | 3.10 | 2.71 | 2.48 | 2.31 | ||||||||
Portfolio Turnover Rate | 17.65 | c | 33.05 | 34.99 | 34.56 | 33.17 | 36.99 | ||||||||
Net Assets, end of period ($ x 1,000) | 802,470 | 784,237 | 850,017 | 786,085 | 747,274 | 554,152 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
42
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Corporate Bond Fund | Six Months Ended | 2017 | 2016 | 2015 |
| 2014 |
| 2013 |
| ||||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.07 | 13.07 | 12.59 | 12.96 | 12.49 | 12.91 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .19 | .42 | .35 | .33 | .28 | .26 | |||||||||
Net realized and unrealized | (.36) | .03 | .55 | (.32) | .57 | (.29) | |||||||||
Total from Investment Operations | (.17) | .45 | .90 | .01 | .85 | (.03) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.22) | (.45) | (.42) | (.38) | (.38) | (.35) | |||||||||
Dividends from net realized gain on investments | - | - | - | - | (.00) | b | (.04) | ||||||||
Total Distributions | (.22) | (.45) | (.42) | (.38) | (.38) | (.39) | |||||||||
Net asset value, end of period | 12.68 | 13.07 | 13.07 | 12.59 | 12.96 | 12.49 | |||||||||
Total Return (%) | (1.37) | c | 3.53 | 7.29 | .04 | 6.92 | (.24) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .81 | d | .81 | .81 | .81 | .82 | .85 | ||||||||
Ratio of net expenses to average net assets | .81 | d | .81 | .81 | .81 | .82 | .85 | ||||||||
Ratio of net investment income | 3.07 | d | 3.02 | 2.83 | 2.46 | 2.21 | 2.05 | ||||||||
Portfolio Turnover Rate | 17.65 | c | 33.05 | 34.99 | 34.56 | 33.17 | 36.99 | ||||||||
Net Assets, end of period ($ x 1,000) | 1,649 | 2,807 | 1,793 | 5,315 | 1,519 | 575 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
43
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Short-Term | Six Months Ended | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.72 | 11.81 | 11.84 | 11.95 | 12.03 | 12.22 | |||||||||
Investment Operations: | |||||||||||||||
Investment income (loss)—net a | .06 | .08 | .04 | .06 | .02 | (.02) | |||||||||
Net realized and unrealized | (.18) | (.05) | .05 | (.02) | .03 | (.04) | |||||||||
Total from Investment Operations | (.12) | .03 | .09 | .04 | .05 | (.06) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.07) | (.12) | (.12) | (.15) | (.13) | (.13) | |||||||||
Net asset value, end of period | 11.53 | 11.72 | 11.81 | 11.84 | 11.95 | 12.03 | |||||||||
Total Return (%) | (1.02) | b | .26 | .77 | .31 | .44 | (.49) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .56 | c | .55 | .55 | .54 | .53 | .53 | ||||||||
Ratio of net expenses to average net assets | .56 | c | .55 | .55 | .54 | .53 | .53 | ||||||||
Ratio of net investment income | .97 | c | .68 | .37 | .47 | .19 | (.13) | ||||||||
Portfolio Turnover Rate | 32.47 | b | 65.98 | 100.46 | 105.49 | 116.19 | 125.01 | ||||||||
Net Assets, end of period ($ x 1,000) | 174,200 | 172,603 | 214,754 | 195,648 | 253,961 | 279,192 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
44
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Short-Term | Six Months Ended | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.71 | 11.79 | 11.82 | 11.93 | 12.01 | 12.21 | |||||||||
Investment Operations: | |||||||||||||||
Investment income (loss)—net a | .04 | .05 | .01 | .03 | (.01) | (.05) | |||||||||
Net realized and unrealized | (.18) | (.04) | .05 | (.02) | .03 | (.05) | |||||||||
Total from Investment Operations | (.14) | .01 | .06 | .01 | .02 | (.10) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.06) | (.09) | (.09) | (.12) | (.10) | (.10) | |||||||||
Net asset value, end of period | 11.51 | 11.71 | 11.79 | 11.82 | 11.93 | 12.01 | |||||||||
Total Return (%) | (1.22) | b | .10 | .51 | .07 | .18 | (.84) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .81 | c | .80 | .80 | .79 | .78 | .78 | ||||||||
Ratio of net expenses to average net assets | .81 | c | .80 | .80 | .79 | .78 | .78 | ||||||||
Ratio of net investment income | .71 | c | .43 | .12 | .22 | (.06) | (.40) | ||||||||
Portfolio Turnover Rate | 32.47 | b | 65.98 | 100.46 | 105.49 | 116.19 | 125.01 | ||||||||
Net Assets, end of period ($ x 1,000) | 1,720 | 1,753 | 1,906 | 1,576 | 801 | 894 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
45
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-five series, including the following diversified funds: BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund, BNY Mellon Corporate Bond Fund and BNY Mellon Short-Term U.S. Government Securities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund and BNY Mellon Corporate Bond Fund seek total return (consisting of capital appreciation and current income). BNY Mellon Short-Term U.S. Government Securities Fund seeks to provide as high a level of current income as is consistent with the preservation of capital.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Each class of shares has identical rights and privileges, except with respect to the Shareholder Service Plan and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 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’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.
(a) Portfolio valuation: 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 each 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 funds’ 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 each fund’s investments are as follows:
46
Registered investment companies that are not traded on an exchange are valued at their net asset value and are generally categorized within Level 1 of the fair value hierarchy.
Investments in securities, excluding short-term investments (other than U.S. Treasury Bills), are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board of Trustees (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). Other investments (which constitute a majority of the portfolio securities) are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general supervision of the Board.
When 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 significantly affected by events 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 funds calculate their net asset value, the funds 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 restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Table 1 summarizes the inputs used as of February 28, 2018 in valuing each fund’s investments:
At February 28, 2018, there were no transfers between levels of the fair value hierarchy. It is the fund’s policy to recognize transfers between levels at the end of the reporting period.
Table 1—Fair Value Measurements | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon Bond Fund | |||||||||||||||||
Commercial Mortgage-Backed | - | - | 18,013,493 | - | - | - | 18,013,493 | ||||||||||
Corporate Bonds† | - | - | 409,797,817 | - | - | - | 409,797,817 | ||||||||||
Foreign Government | - | - | 15,514,021 | - | - | - | 15,514,021 | ||||||||||
Municipal Bonds† | - | - | 71,159,067 | - | - | - | 71,159,067 | ||||||||||
Registered Investment | 18,633,033 | - | - | - | - | - | 18,633,033 | ||||||||||
U.S. Government Agencies/ | - | - | 271,992,746 | - | - | - | 271,992,746 | ||||||||||
U.S. Treasury | - | - | 214,861,787 | - | - | - | 214,861,787 | ||||||||||
BNY Mellon | |||||||||||||||||
Corporate Bonds† | - | - | 423,922,201 | - | - | - | 423,922,201 | ||||||||||
Foreign Government | - | - | 13,249,148 | - | - | - | 13,249,148 | ||||||||||
Municipal Bonds† | - | - | 42,005,322 | - | - | - | 42,005,322 | ||||||||||
Registered Investment | 14,068,930 | - | - | - | - | - | 14,068,930 | ||||||||||
U.S. Government Agencies/ | - | - | 6,758,298 | - | - | - | 6,758,298 | ||||||||||
U.S. Treasury | - | - | 344,564,655 | - | - | - | 344,564,655 |
47
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 1—Fair Value Measurements (contibued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon | |||||||||||||||||
Corporate Bonds† | - | - | 718,079,805 | - | - | - | 718,079,805 | ||||||||||
Foreign Government | - | - | 17,281,535 | - | - | - | 17,281,535 | ||||||||||
Municipal Bonds† | - | - | 42,155,414 | - | - | - | 42,155,414 | ||||||||||
Registered Investment | 42,848,762 | - | - | - | - | - | 42,848,762 | ||||||||||
BNY Mellon Short-Term U.S. | |||||||||||||||||
Municipal Bonds† | - | - | 4,919,796 | - | - | - | 4,919,796 | ||||||||||
Registered Investment | 1,602,725 | - | - | - | - | - | 1,602,725 | ||||||||||
U.S. Government Agencies/ | - | - | 134,861,969 | - | - | - | 134,861,969 | ||||||||||
U.S. Treasury | - | - | 34,230,636 | - | - | - | 34,230,636 |
† See Statement of Investments for additional detailed categorizations.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the funds may lend securities to qualified institutions. It is the funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, or U.S. Government and Agency securities. The funds are entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the funds or credit the funds with the market value of the unreturned securities and is subrogated to the funds’ rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. Table 2 summarizes the amount The Bank of New York Mellon earned from each fund from lending portfolio securities, pursuant to the securities lending agreement during the period ended February 28, 2018.
Table 2—Securities Lending Agreement |
|
BNY Mellon Bond Fund | $ 5,156 |
BNY Mellon Intermediate Bond Fund | 5,421 |
BNY Mellon Corporate Bond Fund | 22,706 |
BNY Mellon Short-Term U.S. | 1,093 |
(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act.
(d) Risk: The funds invests primarily in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering each fund’s share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.
48
(e) Dividends and distributions to shareholders: Dividends and distributions payable to shareholders are recorded by each fund on the ex-dividend date. The funds normally declare and pay dividends from investment income-net monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers of a fund, it is the policy of each fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(f) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2018, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 28, 2018, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2017 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), each fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute. The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.
Table 3 summarizes each relevant fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, realized subsequent to August 31, 2017.
Table 4 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2017. The tax character of current year distributions will be determined at the end of the current fiscal year.
Table 3—Capital Loss Carryover | ||||||||||
Expiring in fiscal year | Post-Enactment | †† | Post-Enactment | |||||||
2018 ($) | † | 2019 ($) | † | ††† | Total($) | |||||
BNY Mellon Intermediate Bond Fund | - | - | 5,167,502 | 4,730,513 | 9,898,015 | |||||
BNY Mellon Corporate Bond Fund | - | - | 3,261,008 | 7,906,313 | 11,167,321 | |||||
BNY Mellon Short-Term U.S. Government Securities Fund | 28,528 | 64,834 | 7,051,956 | 5,465,934 | 12,611,252 |
† If not applied, the carryovers expire in the above fiscal years.
†† Post-enactment short-term losses which can be carried forward for an unlimited period.
††† Post-enactment long-term losses which can be carried forward for an unlimited period.
Table 4—Tax Character of Distributions Paid | |||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||
2017 | |||||||||||||||||
|
|
| Ordinary | Long-Term | |||||||||||||
BNY Mellon Bond Fund | 29,026,163 | 2,196,746 | |||||||||||||||
BNY Mellon Intermediate Bond Fund | 18,053,792 | - | |||||||||||||||
BNY Mellon Corporate Bond Fund | 29,537,945 | - | |||||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | 1,989,320 | - |
49
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 2—Bank Lines of Credit:
The funds participate with other Dreyfus-managed funds in an $830 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 4, 2017, the unsecured credit facility with Citibank, N.A. was $810 million. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2018, the funds did not borrow under the Facilities.
NOTE 3—Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an investment advisory agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .40% of BNY Mellon Bond Fund, .40% of BNY Mellon Intermediate Bond Fund, .40% of BNY Mellon Corporate Bond Fund and .35% of BNY Mellon Short-Term U.S. Government Securities Fund.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
(b) Each fund has adopted a Shareholder Services Plan with respect to its Investor shares. Each fund pays the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 5 summarizes the amounts Investor shares were charged during the period ended February 28, 2018, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
Table 5—Shareholder Services Plan Fees |
|
BNY Mellon Bond Fund | $ 10,280 |
BNY Mellon Intermediate Bond Fund | 8,146 |
BNY Mellon Corporate Bond Fund | 2,514 |
BNY Mellon Short-Term | 2,036 |
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the funds. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees out of the administration fee it receives from the Trust. Table 6 summarizes the amount each fund was charged during the period ended February 28, 2018 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations. Cash management fees were offset by earnings credits, also summarized in Table 6.
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 7 summarizes the amount each fund was charged during the period ended February 28, 2018 pursuant to the custody agreement. These fees were partially offset by earnings credits for each relevant fund, also summarized in Table 7.
50
Table 6—Cash Management Agreement Fees | ||||
| Dreyfus Transfer, Inc. | Dreyfus Transfer, Inc. | ||
BNY Mellon Bond Fund | 137 | (137) | ||
BNY Mellon Intermediate Bond Fund | 113 | (113) | ||
BNY Mellon Corporate Bond Fund | 35 | (35) | ||
BNY Mellon Short-Term U.S. Government Securities Fund | 29 | (29) |
Table 7—Custody Agreement Fees |
| |
Custody fees ($) | Earnings Credits ($) | |
BNY Mellon Bond Fund | 37,466 | (175) |
BNY Mellon Intermediate Bond Fund | 29,710 | (104) |
BNY Mellon Corporate Bond Fund | 26,637 | - |
BNY Mellon Short-Term U.S. Government Securities Fund | 7,394 | (15) |
Each fund compensates The Bank of New York Mellon under a shareholder redemptions draft processing agreement for providing certain services related to the funds’ check writing privilege. Table 8 summarizes the amount each fund was charged during the period ended February 28, 2018 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 8—The Bank of New York Mellon Cash Management Fees | |
BNY Mellon Bond Fund | $ 47 |
BNY Mellon Intermediate Bond Fund | 64 |
BNY Mellon Corporate Bond Fund | 16 |
BNY Mellon Short-Term | 10 |
During the period ended February 28, 2018, each fund was charged $5,495 for services performed by the Chief Compliance Officer and his staff.
Table 9 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—Securities Transactions:
Table 10 summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities during the period ended February 28, 2018.
Table 11 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at February 28, 2018.
At February 28, 2018, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
Table 9—Due to The Dreyfus Corporation and Affiliates | ||||||||
| Investment | Shareholder | Custodian | Chief | ||||
BNY Mellon Bond Fund | 313,328 | 1,392 | 37,247 | 7,326 | ||||
BNY Mellon Intermediate Bond Fund | 259,858 | 1,099 | 30,000 | 7,326 | ||||
BNY Mellon Corporate Bond Fund | 245,795 | 345 | 28,032 | 7,326 | ||||
BNY Mellon Short-Term U.S. Government Securities Fund | 46,351 | 274 | 7,794 | 7,326 |
Table 10—Purchases and Sales | ||||||||
| Purchases ($) | Sales ($) | ||||||
BNY Mellon Bond Fund | 298,480,031 | 259,560,055 | ||||||
BNY Mellon Intermediate Bond Fund | 146,805,661 | 128,851,653 | ||||||
BNY Mellon Corporate Bond Fund | 168,102,997 | 136,570,375 | ||||||
BNY Mellon Short-Term U.S. Government Securities Fund | 59,416,178 | 54,685,416 |
51
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 11—Accumulated Net Unrealized Appreciation (Depreciation) | ||||||||
| Gross | Gross | Net ($) | |||||
BNY Mellon Bond Fund | 10,554,802 | 18,079,995 | (7,525,193) | |||||
BNY Mellon Intermediate Bond Fund | 4,001,308 | 10,911,201 | (6,909,893) | |||||
BNY Mellon Corporate Bond Fund | 11,957,296 | 6,737,900 | 5,219,396 | |||||
BNY Mellon Short-Term U.S. Government Securities Fund | 210 | 3,001,149 | (3,000,939) |
52
NOTES
53
NOTES
54
NOTES
55
The BNY Mellon Funds
c/o The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Investment Adviser
BNY Mellon Fund Advisers, a division of
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Administrator
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166
Ticker Symbols: | |||||||
BNY Mellon Bond Fund | Class M: MPBFX | Investor: MIBDX | |||||
BNY Mellon Intermediate Bond Fund | Class M: MPIBX | Investor: MIIDX | |||||
BNY Mellon Corporate Bond Fund | Class M: BYMMX | Investor: BYMIX | |||||
BNY Mellon Short-Term U.S. Government Securities Fund | Class M: MPSUX | Investor: MISTX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-866-804-5023. Brokerage Clients of BNY Mellon Wealth Advisors (BNYMWA), please contact your financial representative or call 1-800-830-0549, Option 2 for BNY Mellon Wealth Management Direct or 1-800-843-5466 for former brokerage clients of BNY Mellon Wealth Advisors whose accounts are now held by Dreyfus Brokerage Services. Individual Account holders, please call Dreyfus at 1-800-DREYFUS.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.
© 2018 MBSC Securities Corporation | MFTSA0218-TB |
The BNY Mellon Funds
BNY Mellon Government Money Market Fund
BNY Mellon National Municipal Money Market Fund
SEMIANNUAL REPORT February 28, 2018 | |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2017 through February 28, 2018. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
Stocks set a series of new record highs while bonds generally lost a degree of value over the reporting period. Riskier sectors of the financial markets responded positively to growing corporate earnings, improving global economic conditions and the enactment of tax reform legislation. While the rally was relatively broad-based, growth stocks produced substantially higher returns than value-oriented stocks. International stocks also performed well amid more positive economic data from Europe, Japan, and the emerging markets. In the bond market, U.S. government securities and municipal bonds declined when short-term interest rates and inflation expectations increased, while lower-rated corporate-backed securities fared somewhat better in anticipation of improved business conditions.
The markets’ performance was supported by solid underlying fundamentals, including sustained economic growth, a robust labor market and strong consumer and business confidence. We currently expect these favorable conditions to persist, but we remain watchful for economic and political developments that could negatively affect the markets. Indeed, in February 2018, we witnessed a return of heightened volatility to the financial markets. As always, we encourage you to discuss the risks and opportunities of today’s investment environment with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2018
3
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period from September 1, 2017 through February 28, 2018, as provided by Patricia A. Larkin, Senior Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Government Money Market Fund’s Class M shares produced an annualized yield of 0.92%, and its Investor shares produced an annualized yield of 0.67%. Taking into account the effects of compounding, the fund’s Class M shares and Investor shares produced annualized effective yields of 0.92% and 0.67%, respectively.1
Yields of money market instruments moved higher over the reporting period as the Federal Reserve Board (the “Fed”) began to unwind its balance sheet and implemented one additional increase in short-term interest rates amid expectations of stronger economic growth and rising inflationary pressures.
The Fund’s Investment Approach
The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goal, the fund, which is a “government money market fund,” is required to invest at least 99.5% of its total assets in securities issued or guaranteed as to principal and interest by the U.S. government or its agencies or instrumentalities, repurchase agreements collateralized solely by cash and/or government securities, and cash. The securities in which the fund invests include those backed by the full faith and credit of the U.S. government, and those that are neither insured nor guaranteed by the U.S. government. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in government securities and/or repurchase agreements collateralized solely by government securities.
Less Accommodative Monetary Policy Boosted Interest Rates
September provided further evidence of economic expansion. U.S. factory activity climbed to a 13-year high as companies invested to make their operations more efficient, but the labor market produced only 14,000 new jobs, in part due to hurricanes affecting Florida and Texas. Yet, the unemployment rate fell to 4.2% during the month.
In October, the Fed started the process of removing monetary stimulus created through previous quantitative easing programs as it began to unwind its balance sheet through the sale of U.S. government securities. In addition, the unemployment rate declined to 4.1%, its lowest level since December 2000, and 271,000 jobs were created. Automobile purchases increased 0.7% in October as Gulf Coast residents replaced flood-damaged vehicles.
The labor market continued to show signs of strength in November with the addition of 216,000 new jobs. The unemployment rate remained at 4.1%, but average annual wage growth fell short of analysts’ expectations. The Fed implemented its third interest-rate hike of 2017 in December, raising the overnight federal funds rate to between 1.25% and 1.50%. The unemployment rate remained at 4.1% during the month and 175,000 new jobs were created. Retail sales during the holiday season climbed 4.9% compared to the previous year, and investors responded positively to the enactment of federal tax reform legislation. The U.S. economy grew at an annualized 2.6% rate during the fourth quarter of 2017.
In January 2018, 176,000 new jobs were added and the unemployment rate stayed at 4.1%. Corporate earnings growth continued to exceed expectations and hiring activity proved brisk. On the other hand, the U.S. trade deficit climbed to its highest level in more than nine years. Hourly wages began to rise at their strongest pace since the 2008 recession, suggesting that inflation might begin to accelerate in the months ahead. Indeed, February saw the addition of an estimated 326,000 new jobs, which sparked renewed volatility in the financial markets as inflation fears mounted. The unemployment rate stayed steady at 4.1% for the fifth consecutive month. Manufacturing activity continued to expand, and consumer confidence remained high.
Additional Rate Hikes Expected
The Fed has continued to move away from its accommodative monetary policy in the expanding economy, and we anticipate more short-term interest-rate hikes over the remainder of 2018. In the rising interest-rate environment, we have maintained the fund’s weighted average maturity in a range that is modestly shorter than industry averages. This strategy is intended to capture potential higher yields as they become available. As always, we have retained our longstanding focus on quality and liquidity.
March 15, 2018
1 Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate. Yields for Investor shares provided reflect the absorption of certain fund expenses by the investment adviser pursuant to an undertaking, which is voluntary and temporary, not contractual, and that can be terminated at any time without notice.
You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Although the fund’s board has no current intention to impose a fee upon the sale of shares or temporarily suspend redemptions if the fund’s liquidity falls below certain levels, the board reserves the ability to do so after providing at least 60 days’ prior written notice to shareholders.
4
For the period from September 1, 2017 through February 28, 2018, as provided by Joseph Irace, Senior Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon National Municipal Money Market Fund’s Class M shares produced an annualized yield of 0.77%, and Investor shares produced an annualized yield of 0.52%. Taking into account the effects of compounding, the fund’s Class M and Investor shares also produced annualized effective yields of 0.77% and 0.52%, respectively.1
Yields of municipal money market instruments generally rose during the reporting period as the Federal Reserve Board (the “Fed”) began to unwind its balance sheet and implemented one additional increase in the federal funds rate. Supply-and-demand dynamics in the municipal securities market also contributed to the performance of tax-exempt money market instruments.
The Fund’s Investment Approach
The fund seeks as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and maintenance of liquidity. To pursue its goal, the fund invests at least 80% of its net assets in short-term, high-quality municipal obligations that provide income exempt from federal income tax. Among these are municipal notes, short-term municipal bonds, tax-exempt commercial paper, and municipal leases. The fund may invest up to 20% of its total assets in taxable money market securities, such as U.S. government obligations, U.S. and foreign bank and corporate obligations, and commercial paper. The fund also may invest in custodial receipts.
Rising Rates and Technical Factors Drove Yields Higher
Yields of tax-exempt money market instruments moved higher during the reporting period due to accelerating economic growth and an ongoing shift by the Fed toward a less accommodative monetary policy. Most notably, the Fed began in October 2017 to unwind its balance sheet through the sale of U.S. government securities, and monetary policymakers raised their target for short-term interest rates in December.
In addition, issuers of longer-term municipal bonds rushed to market in late 2017 with a flood of new securities in anticipation of the enactment of tax reform legislation that seemed likely at the time to curtail the use of certain traditional financing vehicles by states and municipalities. This increase in supply put upward pressure on yields of short-term municipal securities and downward pressure on prices when investors sold short-term securities to raise funds for the purchase of newly issued, longer-dated bonds. Consequently, yield differences narrowed further along the market’s maturity range, causing yields of one-year notes to roughly match those of seven-day variable rate demand notes (VRDNs).
The surge in new issuance at year-end 2017 resulted in a relative scarcity of newly issued municipal instruments in January and February 2018. The lack of new supply, combined with investors’ need to reinvest coupon payments, pushed yields lower during the early part of the new year. A moderate rebound in yields during February was not enough to fully offset January’s decline.
We have begun to see some deterioration in municipal credit quality after several years of generally sound fiscal conditions. Some states and municipalities have encountered difficulty in balancing their budgets due to stalled growth in tax receipts. States with underfunded pension programs and those whose economies rely on energy production also have faced greater credit pressures. Moreover, tax reform legislation may pose challenges to states with high personal income tax rates, including New York, California, and New Jersey. Municipalities with high property tax levies also may experience declining home values, as the new law limits the deductibility of property tax payments.
Maintaining a Prudent Investment Posture
In the rising interest-rate environment, most municipal money market funds maintained short weighted average maturities with a focus on liquidity. The fund was no exception, as we set its weighted average maturity in a range that is consistent with industry averages.
We have also maintained a careful and well-researched credit selection strategy. We have continued to identify what we believe to be low credit-risk opportunities among certain state general obligation bonds; essential service revenue bonds issued by water, sewer, and electric enterprises; select local credits with strong financial positions and stable tax bases; and various health care and education issuers.
Additional Rate Hikes Expected
A series of additional interest-rate hikes is expected over the remainder of 2018 as the Fed continues to back away from its accommodative monetary policy. At its meeting in late January, the Fed left interest rates unchanged but upgraded its outlook for inflation, and a new chairperson took the reins of the central bank at the beginning of February.
In light of these developments and the market’s ongoing adjustment to the new tax laws, we intend to maintain the fund’s emphasis on liquidity in order to capture potential higher yields as short-term rates rise. In addition, we believe that a continued focus on preservation of capital and liquidity remains the prudent course for the fund in light of market conditions.
March 15, 2018
1 Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate. Yields provided reflect the absorption of certain fund expenses by the investment adviser pursuant to an undertaking, which is voluntary and temporary, not contractual, and can be terminated at any time without notice.
You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Short-term corporate, asset-backed securities holdings and municipal securities holdings (as applicable), while rated in the highest rating category by one or more nationally recognized statistical rating organizations (or unrated, if deemed of comparable quality by Dreyfus), involve credit and liquidity risks and risk of principal loss.
5
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2017 to February 28, 2018. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment |
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assuming actual returns for the six months ended February 28, 2018 | ||||||||||||||||
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BNY Mellon Government Money Market Fund | ||||||||||||||||
Expenses paid per $1,000† | $ | 1.49 | $ | 2.73 | ||||||||||||
Ending value (after expenses) | $ | 1,004.60 | $ | 1,003.30 | ||||||||||||
Annualized expense ratio (%) | .30 | .55 | ||||||||||||||
BNY Mellon National Municipal Money Market Fund | ||||||||||||||||
Expenses paid per $1,000† | $ | 1.54 | $ | 2.78 | ||||||||||||
Ending value (after expenses) | $ | 1,003.80 | $ | 1,002.60 | ||||||||||||
Annualized expense ratio (%) | .31 | .56 |
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment |
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assuming a hypothetical 5% annualized return for the six months ended February 28, 2018 | ||||||||||||||||
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BNY Mellon Government Money Market Fund | ||||||||||||||||
Expenses paid per $1,000† | $ | 1.51 | $ | 2.76 | ||||||||||||
Ending value (after expenses) | $ | 1,023.31 | $ | 1,022.07 | ||||||||||||
Annualized expense ratio (%) | .30 | .55 | ||||||||||||||
BNY Mellon National Municipal Money Market Fund | ||||||||||||||||
Expenses paid per $1,000† | $ | 1.56 | $ | 2.81 | ||||||||||||
Ending value (after expenses) | $ | 1,023.26 | $ | 1,022.02 | ||||||||||||
Annualized expense ratio (%) | .31 | .56 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
6
STATEMENT OF INVESTMENTS
February 28, 2018 (Unaudited)
BNY Mellon Government Money Market Fund | |||||||
Description | Annualized Yield on Date of Purchase (%) | Principal Amount($) | Value($) | ||||
U.S. Government Agencies - 58.9% | |||||||
Federal Farm Credit Bank: | |||||||
3/1/18, FFE + .01% | 1.41 | 5,000,000 | a | 5,000,862 | |||
3/1/18, 1 Month LIBOR + .15% | 1.53 | 5,000,000 | a | 5,009,675 | |||
3/1/18, FFE + .17% | 1.61 | 10,000,000 | a | 9,999,054 | |||
3/3/18, 1 Month LIBOR + .05% | 1.63 | 10,000,000 | a | 10,000,000 | |||
3/29/18, 1 Month LIBOR + .13% | 1.76 | 5,000,000 | a | 5,000,187 | |||
8/27/18, FCPR - 2.90% | 1.67 | 20,000,000 | a | 19,993,572 | |||
9/5/19, FCPR - 3.06% | 1.43 | 15,000,000 | a | 15,001,899 | |||
10/10/19, FCPR - 3.08% | 1.42 | 10,000,000 | a | 9,999,182 | |||
Federal Home Loan Bank: | |||||||
3/1/18 | 1.33 | 50,000,000 | 49,998,162 | ||||
3/8/18, 1 Month LIBOR - .07% | 1.51 | 20,000,000 | a | 20,000,127 | |||
3/9/18, 1 Month LIBOR - .04% | 1.54 | 25,000,000 | a | 25,000,003 | |||
3/12/18, 1 Month LIBOR - .07% | 1.51 | 5,000,000 | a | 5,000,000 | |||
3/17/18, 1 Month LIBOR - .12% | 1.47 | 5,000,000 | a | 5,000,000 | |||
3/26/18, 1 Month LIBOR - .17% | 1.46 | 50,000,000 | a | 50,000,000 | |||
3/28/18 | 1.36 | 150,000,000 | 149,847,750 | ||||
3/28/18, 1 Month LIBOR FLAT | 1.65 | 50,000,000 | a | 50,000,000 | |||
3/29/18 | 1.36 | 50,000,000 | 49,947,111 | ||||
Total U.S. Government Agencies (cost $484,797,584) | 484,797,584 | ||||||
U.S. Treasury Bills - 6.1% | |||||||
3/15/18 | 1.14 | 50,000,000 | 49,978,028 | ||||
U.S. Treasury Floating Rate Notes - 1.7% | |||||||
3/1/18, 3 Month U.S. T-BILL + .07% | 1.71 | 5,000,000 | a | 5,000,872 | |||
3/1/18, 3 Month U.S. T-BILL + .14% | 1.78 | 9,000,000 | a | 9,001,246 | |||
Total U.S. Treasury Floating Rate Notes (cost $14,002,118) | 14,002,118 | ||||||
Repurchase Agreements - 33.3% | |||||||
Bank of Nova Scotia | 1.34 | 179,000,000 | 179,000,000 | ||||
Tri-Party Agreement thru BNY Mellon, dated 2/28/18, due 3/1/18 in the amount of $179,006,663 (fully collateralized by $185,051,475 U.S. Treasuries (including strips), 0%-4.25%, due 3/1/18-11/15/44, value $182,580,017) | |||||||
BNP Paribas | 1.35 | 75,000,000 | 75,000,000 | ||||
Tri-Party Agreement thru BNY Mellon, dated 2/28/18, due 3/1/18 in the amount of $75,002,813 (fully collateralized by $77,037,600 U.S. Treasuries (including strips), 0%-1.50%, due 6/7/18-10/31/19, value $76,500,059) |
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Government Money Market Fund (continued) | |||||||
Description | Annualized Yield on Date of Purchase (%) | Principal Amount($) | Value($) | ||||
Repurchase Agreements - 33.3% (continued) | |||||||
Credit Agricole CIB | 1.35 | 20,000,000 | 20,000,000 | ||||
Tri-Party Agreement thru BNY Mellon, dated 2/28/18, due 3/1/18 in the amount of $20,000,750 (fully collateralized by $21,288,203 U.S. Treasuries (including strips), 0%-5.38%, due 4/12/18-8/15/47, value $20,400,000) | |||||||
Total Repurchase Agreements (cost $274,000,000) | 274,000,000 | ||||||
Total Investments (cost $822,777,730) | 100.0% | 822,777,730 | |||||
Liabilities, Less Cash and Receivables | .0% | (283,952) | |||||
Net Assets | 100.0% | 822,493,778 |
FFE—Federal Fund Effected
FCPR—Farm Credit Prime Rate
LIBOR—London Interbank Offered Rate
a Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
Portfolio Summary (Unaudited) † | Value (%) |
Federal Home Loan Bank | 49.2 |
Repurchase Agreements | 33.3 |
Federal Farm Credit Bank | 9.7 |
U.S Treasury Bills | 6.1 |
U.S. Treasury Floating Rate Notes | 1.7 |
100.0 |
† Based on net assets.
See notes to financial statements.
8
BNY Mellon National Municipal Money Market Fund | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 101.0% | |||||||||||
Alaska - 1.7% | |||||||||||
Tender Option Bond Trust Receipts (Series 2017-XL0044), 4/1/2025, | 1.19 | 3/7/18 | 6,750,000 | a,b,c | 6,750,000 | ||||||
Tender Option Bond Trust Receipts (Series 2017-XM0532), 4/1/2025, | 1.19 | 3/7/18 | 4,665,000 | a,b,c | 4,665,000 | ||||||
11,415,000 | |||||||||||
Arizona - 5.0% | |||||||||||
Casa Grande Industrial Development Authority, | 1.12 | 3/7/18 | 2,010,000 | a | 2,010,000 | ||||||
Phoenix Industrial Development Authority, | 1.22 | 3/7/18 | 980,000 | a | 980,000 | ||||||
Phoenix Industrial Development Authority, | 1.15 | 3/7/18 | 17,300,000 | a | 17,300,000 | ||||||
RBC Municipal Products Trust (Series E-85), | 1.12 | 3/7/18 | 12,000,000 | a,b,c | 12,000,000 | ||||||
Tempe Industrial Development Authority, | 1.27 | 3/7/18 | 770,000 | a | 770,000 | ||||||
33,060,000 | |||||||||||
Arkansas - .7% | |||||||||||
Benton County Public Facilities Board, | 1.14 | 3/7/18 | 4,890,000 | a | 4,890,000 | ||||||
California - 6.3% | |||||||||||
California Enterprise Development Authority, | 1.14 | 3/7/18 | 4,510,000 | a | 4,510,000 | ||||||
California Enterprise Development Authority, | 1.16 | 3/7/18 | 1,000,000 | a | 1,000,000 | ||||||
California Enterprise Development Authority, | 1.14 | 3/7/18 | 15,000,000 | a,b | 15,000,000 | ||||||
San Diego County Water Authority, | 1.00 | 3/13/18 | 20,550,000 | 20,549,325 | |||||||
Tender Option Bond Trust Receipts (Series 2018-XF0608), 11/1/2047, | 1.20 | 3/7/18 | 1,000,000 | a,b,c | 1,000,000 | ||||||
42,059,325 | |||||||||||
Colorado - .6% | |||||||||||
Colorado Educational and Cultural Facilities Authority, | 1.22 | 3/7/18 | 1,915,000 | a | 1,915,000 | ||||||
Colorado Educational and Cultural Facilities Authority, | 1.22 | 3/7/18 | 2,010,000 | a | 2,010,000 | ||||||
3,925,000 | |||||||||||
Connecticut - 2.6% | |||||||||||
RIB Floater Trust (Series 2017-016), | 1.15 | 3/7/18 | 17,000,000 | a,b,c | 17,000,000 | ||||||
District of Columbia - 2.1% | |||||||||||
District of Columbia, | 1.19 | 3/7/18 | 4,000,000 | a | 4,000,000 |
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 101.0% (continued) | |||||||||||
District of Columbia - 2.1% (continued) | |||||||||||
RBC Municipal Products Trust (Series E-109), | 1.12 | 3/7/18 | 10,000,000 | a,b,c | 10,000,000 | ||||||
14,000,000 | |||||||||||
Florida - 1.3% | |||||||||||
Brevard County, | 1.27 | 3/7/18 | 345,000 | a | 345,000 | ||||||
Collier County Industrial Development Authority, | 1.25 | 3/7/18 | 2,225,000 | a | 2,225,000 | ||||||
Florida Development Finance Corporation, | 1.16 | 3/7/18 | 1,490,000 | a | 1,490,000 | ||||||
Jacksonville, | 1.22 | 3/7/18 | 2,700,000 | a | 2,700,000 | ||||||
Jacksonville, | 1.22 | 3/7/18 | 245,000 | a | 245,000 | ||||||
Jacksonville, | 1.14 | 3/7/18 | 1,400,000 | a | 1,400,000 | ||||||
8,405,000 | |||||||||||
Georgia - 1.1% | |||||||||||
RBC Municipal Products Trust (Series E-107), | 1.15 | 3/7/18 | 7,050,000 | a,b,c | 7,050,000 | ||||||
Illinois - 3.7% | |||||||||||
Illinois Finance Authority, | 1.22 | 3/7/18 | 5,280,000 | a | 5,280,000 | ||||||
Illinois Finance Authority, | 1.17 | 3/7/18 | 3,810,000 | a | 3,810,000 | ||||||
Illinois Housing Development Authority, | 1.12 | 3/7/18 | 7,615,000 | a | 7,615,000 | ||||||
Kendall Kane & Will Counties, | 2.00 | 7/31/18 | 6,000,000 | 6,010,560 | |||||||
Lake Villa, | 1.15 | 3/7/18 | 1,560,000 | a | 1,560,000 | ||||||
24,275,560 | |||||||||||
Indiana - 3.2% | |||||||||||
Crawfordsville, | 1.22 | 3/7/18 | 4,000,000 | a | 4,000,000 | ||||||
Indiana Development Finance Authority, | 1.14 | 3/7/18 | 4,630,000 | a | 4,630,000 | ||||||
Indiana Development Finance Authority, | 1.18 | 3/7/18 | 2,000,000 | a | 2,000,000 | ||||||
Indiana Finance Authority, | 1.15 | 3/7/18 | 4,375,000 | a | 4,375,000 | ||||||
Indiana Health Facility Financing Authority, | 1.22 | 3/7/18 | 1,750,000 | a | 1,750,000 |
10
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 101.0% (continued) | |||||||||||
Indiana - 3.2% (continued) | |||||||||||
Saint Joseph County, | 1.14 | 3/7/18 | 4,160,000 | a | 4,160,000 | ||||||
20,915,000 | |||||||||||
Kansas - 1.4% | |||||||||||
Burlington, | 1.17 | 3/7/18 | 2,200,000 | a | 2,200,000 | ||||||
Burlington, | 1.17 | 3/7/18 | 6,750,000 | a | 6,750,000 | ||||||
8,950,000 | |||||||||||
Kentucky - .6% | |||||||||||
Jefferson County, | 1.18 | 3/7/18 | 3,625,000 | a | 3,625,000 | ||||||
Lexington-Fayette Urban County Government, | 1.15 | 3/7/18 | 665,000 | a | 665,000 | ||||||
4,290,000 | |||||||||||
Maryland - 1.5% | |||||||||||
Baltimore County, | 1.19 | 3/7/18 | 835,000 | a | 835,000 | ||||||
Maryland Economic Development Corporation, | 1.22 | 3/7/18 | 2,135,000 | a | 2,135,000 | ||||||
Tender Option Bond Trust Receipts (Series 2017-XG0146), 11/15/2024, | 1.12 | 3/7/18 | 6,635,000 | a,b,c | 6,635,000 | ||||||
9,605,000 | |||||||||||
Massachusetts - 1.5% | |||||||||||
RBC Municipal Products Trust (Series 2018-E116), | 1.12 | 3/7/18 | 10,000,000 | a,b,c | 10,000,000 | ||||||
Michigan - 4.8% | |||||||||||
JPMorgan Chase Putters/Drivers Trust, | 1.15 | 3/1/18 | 32,000,000 | a,b,c | 32,000,000 | ||||||
Minnesota - .5% | |||||||||||
Minneapolis, | 1.22 | 3/7/18 | 1,055,000 | a | 1,055,000 | ||||||
Minnesota Higher Education Facilities Authority, | 1.16 | 3/7/18 | 1,200,000 | a | 1,200,000 | ||||||
Saint Paul Housing and Redevelopment Authority, | 1.16 | 3/7/18 | 1,115,000 | a | 1,115,000 | ||||||
3,370,000 | |||||||||||
Mississippi - .5% | |||||||||||
Mississippi Business Finance Corporation, | 1.13 | 3/7/18 | 3,545,000 | a | 3,545,000 | ||||||
Missouri - 1.0% | |||||||||||
Kirkwood Industrial Development Authority, | 1.22 | 3/7/18 | 1,340,000 | a | 1,340,000 | ||||||
St Charles County Industrial Development Authority, | 1.09 | 3/7/18 | 5,445,000 | a | 5,445,000 | ||||||
6,785,000 |
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 101.0% (continued) | |||||||||||
New Jersey - 4.5% | |||||||||||
New Jersey Economic Development Authority, | 1.27 | 3/7/18 | 600,000 | a | 600,000 | ||||||
Nutley, | 2.00 | 5/1/18 | 4,867,000 | 4,872,780 | |||||||
RBC Municipal Products Trust (Series 2017-E-103), | 1.12 | 3/7/18 | 12,000,000 | a,b,c | 12,000,000 | ||||||
Tender Option Bond Trust Receipts (Series 2016-XF2370), 6/15/2030, | 1.12 | 3/7/18 | 2,500,000 | a,b,c | 2,500,000 | ||||||
Tender Option Bond Trust Receipts (Series 2016-ZF0468), 6/15/2019, | 1.14 | 3/7/18 | 8,750,000 | a,b,c | 8,750,000 | ||||||
Tender Option Bond Trust Receipts (Series 2016-ZF0470), 7/1/2020, | 1.14 | 3/7/18 | 1,200,000 | a,b,c | 1,200,000 | ||||||
29,922,780 | |||||||||||
New York - 12.1% | |||||||||||
Copiague Union Free School District, | 2.25 | 4/2/18 | 4,000,000 | 4,002,823 | |||||||
Metropolitan Transportation Authority of New York, | 1.14 | 3/7/18 | 2,590,000 | a,b,c | 2,590,000 | ||||||
New York City Capital Resource Corporation, | 1.21 | 3/7/18 | 3,700,000 | a | 3,700,000 | ||||||
New York State Housing Finance Agency, | 1.14 | 3/1/18 | 27,500,000 | a | 27,500,000 | ||||||
Oneida County Industrial Development Agency, | 1.12 | 3/7/18 | 1,500,000 | a | 1,500,000 | ||||||
Sachem Central School District of Holbrook, | 2.00 | 6/28/18 | 10,000,000 | 10,016,960 | |||||||
Tender Option Bond Trust Receipts (Series 2016-XF2360), 10/15/2023, | 1.11 | 3/7/18 | 900,000 | a,b,c | 900,000 | ||||||
Tender Option Bond Trust Receipts (Series 2016-ZF0275), 1/15/2039, | 1.14 | 3/7/18 | 2,385,000 | a,b,c | 2,385,000 | ||||||
Tompkins County Industrial Development Agency, | 1.19 | 3/7/18 | 5,300,000 | a | 5,300,000 | ||||||
Triborough Bridge and Tunnel Authority, | 1.14 | 3/1/18 | 22,500,000 | a | 22,500,000 | ||||||
80,394,783 | |||||||||||
North Carolina - .1% | |||||||||||
North Carolina Medical Care Commission, | 1.13 | 3/7/18 | 950,000 | a | 950,000 |
12
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 101.0% (continued) | |||||||||||
North Dakota - 1.0% | |||||||||||
Grand Forks, | 1.26 | 3/1/18 | 6,600,000 | a | 6,600,000 | ||||||
Ohio - 2.3% | |||||||||||
Butler County, | 1.15 | 3/7/18 | 1,500,000 | a | 1,500,000 | ||||||
Hamilton County, | 1.14 | 3/7/18 | 2,750,000 | a | 2,750,000 | ||||||
Ohio, | 1.20 | 3/7/18 | 1,120,000 | a | 1,120,000 | ||||||
Ohio Water Development Authority, | 1.20 | 3/7/18 | 2,925,000 | a | 2,925,000 | ||||||
Salem, | 1.14 | 3/7/18 | 5,165,000 | a | 5,165,000 | ||||||
Stark County Port Authority, | 1.19 | 3/7/18 | 610,000 | a | 610,000 | ||||||
Stark County Port Authority, | 1.18 | 3/7/18 | 1,205,000 | a | 1,205,000 | ||||||
15,275,000 | |||||||||||
Pennsylvania - .7% | |||||||||||
Pennsylvania Economic Development Financing Authority, | 1.21 | 3/7/18 | 1,100,000 | a | 1,100,000 | ||||||
Pennsylvania Higher Educational Facilities Authority, | 1.15 | 3/7/18 | 1,300,000 | a | 1,300,000 | ||||||
York Redevelopment Authority, | 1.24 | 3/7/18 | 2,160,000 | a | 2,160,000 | ||||||
4,560,000 | |||||||||||
South Carolina - 4.4% | |||||||||||
South Carolina Association of Governmental Organizations, | 3.00 | 3/1/18 | 10,000,000 | 10,000,000 | |||||||
South Carolina Housing Finance & Development Authority, | 0.84 | 7/2/18 | 410,000 | 409,104 | |||||||
South Carolina Jobs-Economic Development Authority, | 1.13 | 3/7/18 | 1,210,000 | a | 1,210,000 | ||||||
South Carolina Jobs-Economic Development Authority, | 1.22 | 3/7/18 | 2,290,000 | a | 2,290,000 | ||||||
Tender Option Bond Trust Receipts (Series 2017-XG0149), 12/1/2050, | 1.13 | 3/7/18 | 15,315,000 | a,b,c | 15,315,000 | ||||||
29,224,104 | |||||||||||
Tennessee - 8.2% | |||||||||||
Clarksville Public Building Authority, | 1.24 | 3/1/18 | 7,025,000 | a | 7,025,000 | ||||||
Clarksville Public Building Authority, | 1.24 | 3/1/18 | 8,910,000 | a | 8,910,000 | ||||||
Cleveland Health and Educational Facilities Board, | 1.15 | 3/7/18 | 600,000 | a | 600,000 |
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 101.0% (continued) | |||||||||||
Tennessee - 8.2% (continued) | |||||||||||
Hawkins County Industrial Development Board, | 1.27 | 3/7/18 | 1,750,000 | a | 1,750,000 | ||||||
Montgomery County Public Building Authority, | 1.24 | 3/1/18 | 16,115,000 | a | 16,115,000 | ||||||
Montgomery County Public Building Authority, | 1.24 | 3/1/18 | 16,465,000 | a | 16,465,000 | ||||||
Tender Option Bond Trust Receipts (Series 2017-XG0145), 7/1/2048, | 1.13 | 3/7/18 | 3,485,000 | a,b,c | 3,485,000 | ||||||
54,350,000 | |||||||||||
Texas - 17.0% | |||||||||||
Atascosa County Industrial Development Corporation, | 1.13 | 3/7/18 | 24,000,000 | a | 24,000,000 | ||||||
Gulf Coast Industrial Development Authority, | 1.19 | 3/7/18 | 6,200,000 | a | 6,200,000 | ||||||
Harris County Health Facilities Development Corporation, | 1.14 | 3/1/18 | 27,095,000 | a | 27,095,000 | ||||||
Lower Neches Valley Authority Industrial Development Corporation, | 1.10 | 3/1/18 | 6,200,000 | a | 6,200,000 | ||||||
Midlothian Industrial Development Corporation, | 1.14 | 3/7/18 | 18,300,000 | a | 18,300,000 | ||||||
Red River Education Finance Corporation, | 1.10 | 3/7/18 | 23,600,000 | a | 23,600,000 | ||||||
Tender Option Bond Trust Receipts (Series 2018-XG0164), 2/1/48, | 1.14 | 3/7/18 | 2,795,000 | a,b,c | 2,795,000 | ||||||
Texas, | 1.07 | 3/7/18 | 4,770,000 | a | 4,770,000 | ||||||
112,960,000 | |||||||||||
Utah - 4.1% | |||||||||||
County of Emery, | 1.13 | 3/7/18 | 25,000,000 | a | 25,000,000 | ||||||
Ogden City Redevelopment Agency, | 1.22 | 3/7/18 | 2,185,000 | a | 2,185,000 | ||||||
27,185,000 | |||||||||||
Vermont - .1% | |||||||||||
Vermont Educational and Health Buildings Financing Agency, | 1.35 | 3/7/18 | 730,000 | a | 730,000 | ||||||
Washington - 4.1% | |||||||||||
Squaxin Island Tribe, | 1.20 | 3/7/18 | 7,530,000 | a | 7,530,000 | ||||||
Washington Housing Finance Commission, | 1.15 | 3/7/18 | 15,750,000 | a | 15,750,000 | ||||||
Washington Housing Finance Commission, | 1.22 | 3/7/18 | 495,000 | a | 495,000 |
14
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 101.0% (continued) | |||||||||||
Washington - 4.1% (continued) | |||||||||||
Washington Housing Finance Commission, | 1.14 | 3/7/18 | 3,200,000 | a | 3,200,000 | ||||||
26,975,000 | |||||||||||
West Virginia - .3% | |||||||||||
Cabell County Commission, | 1.18 | 3/7/18 | 1,975,000 | a | 1,975,000 | ||||||
Wisconsin - 2.0% | |||||||||||
Byron, | 1.22 | 3/7/18 | 6,500,000 | a | 6,500,000 | ||||||
Wisconsin Health and Educational Facilities Authority, | 1.22 | 3/7/18 | 5,065,000 | a | 5,065,000 | ||||||
Wisconsin Health and Educational Facilities Authority, | 1.18 | 3/7/18 | 1,215,000 | a | 1,215,000 | ||||||
Wisconsin Health and Educational Facilities Authority, | 1.18 | 3/7/18 | 255,000 | a | 255,000 | ||||||
13,035,000 | |||||||||||
Total Investments (cost $669,675,179) | 101.0% | 669,676,552 | |||||||||
Liabilities, Less Cash and Receivables | (1.0%) | (6,436,661) | |||||||||
Net Assets | 100.0% | 663,239,891 |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b 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 February 28, 2018, these securities amounted to $174,020,000 or 26.24% of net assets.
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates).
Portfolio Summary (Unaudited) † | Value (%) |
Industrial | 14.5 |
Health Care | 9.4 |
State/Territory | 9.0 |
Education | 8.9 |
Utility-Electric | 7.3 |
Multi-Family Housing | 7.2 |
Transportation Services | 6.3 |
Pollution Control | 5.3 |
Housing | 5.0 |
Utility-Water and Sewer | 4.8 |
County | 4.5 |
City | 3.6 |
Utility Water & Sewer | 3.1 |
Special Tax | 2.2 |
Single Family Housing | .1 |
Other | 9.8 |
101.0 |
† Based on net assets.
See notes to financial statements.
15
Summary of Abbreviations (Unaudited) | |||
ABAG | Association of Bay Area | ACA | American Capital Access |
AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
AMBAC | American Municipal Bond | ARRN | Adjustable Rate |
BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
CP | Commercial Paper | DRIVERS | Derivative Inverse |
EDR | Economic Development | EIR | Environmental Improvement |
FGIC | Financial Guaranty | FHA | Federal Housing Administration |
FHLB | Federal Home | FHLMC | Federal Home Loan Mortgage |
FNMA | Federal National | GAN | Grant Anticipation Notes |
GIC | Guaranteed Investment | GNMA | Government National Mortgage |
GO | General Obligation | HR | Hospital Revenue |
IDB | Industrial Development Board | IDC | Industrial Development Corporation |
IDR | Industrial Development | LIFERS | Long Inverse Floating |
LOC | Letter of Credit | LOR | Limited Obligation Revenue |
LR | Lease Revenue | MERLOTS | Municipal Exempt Receipts |
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue |
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes |
P-FLOATS | Puttable Floating Option | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | RIB | Residual Interest Bonds |
ROCS | Reset Options Certificates | RRR | Resources Recovery Revenue |
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
SONYMA | State of New York | SPEARS | Short Puttable Exempt |
SWDR | Solid Waste Disposal Revenue | TAN | Tax Anticipation Notes |
TAW | Tax Anticipation Warrants | TRAN | Tax and Revenue Anticipation Notes |
XLCA | XL Capital Assurance |
See notes to financial statements.
16
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2018 (Unaudited)
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
| |
Assets ($): |
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
| 822,777,730 | †† | 669,676,552 |
| |
Interest receivable |
|
|
| 199,422 |
| 1,188,931 |
| |
Prepaid expenses |
|
|
| 21,914 |
| 22,788 |
| |
|
|
|
| 822,999,066 |
| 670,888,271 |
|
|
Liabilities ($): |
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 120,591 |
| 102,754 |
| |
Due to Administrator—Note 2(a) |
|
|
| 75,665 |
| 64,572 |
| |
Cash overdraft due to Custodian |
|
|
| 256,497 |
| 418,960 |
| |
Payable for investment securities purchased |
|
|
| - |
| 7,010,560 |
| |
Accrued expenses |
|
|
| 52,535 |
| 51,534 |
| |
|
|
|
| 505,288 |
| 7,648,380 |
|
|
Net Assets ($) |
|
|
| 822,493,778 |
| 663,239,891 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 822,497,067 |
| 663,198,015 |
| |
Accumulated net realized gain (loss) |
|
|
| (3,289) |
| 40,503 |
| |
Accumulated net unrealized appreciation |
|
|
| - |
| 1,373 |
| |
Net Assets ($) |
|
|
| 822,493,778 |
| 663,239,891 |
|
|
† Investments at cost ($) |
|
|
| 822,777,730 |
| 669,675,179 |
|
|
†† Value of repurchase |
|
|
| 274,000,000 |
| - |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 806,017,531 |
| 663,184,931 |
| |
Shares Outstanding |
|
|
| 806,023,607 |
| 663,968,253 |
| |
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 16,476,247 |
| 54,960 |
| |
Shares Outstanding |
|
|
| 16,476,254 |
| 55,034 |
| |
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
| |
| ||||||||
See notes to financial statements. |
|
17
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2018 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
|
Investment Income ($): |
|
|
|
|
|
| ||
Interest Income |
|
| 4,728,757 |
| 3,635,452 |
| ||
Expenses: |
|
|
|
|
|
| ||
Investment advisory fee—Note 2(a) |
|
| 580,516 |
| 508,472 |
| ||
Administration fee—Note 2(a) |
|
| 475,244 |
| 416,277 |
| ||
Shareholder servicing costs—Note 2(b) |
|
| 24,111 |
| 71 |
| ||
Trustees’ fees and expenses—Note 2(c) |
|
| 23,007 |
| 23,353 |
| ||
Professional fees |
|
| 20,861 |
| 21,875 |
| ||
Custodian fees—Note 2(b) |
|
| 17,356 |
| 23,371 |
| ||
Registration fees |
|
| 14,954 |
| 17,149 |
| ||
Prospectus and shareholders’ reports |
|
| 8,776 |
| 6,494 |
| ||
Miscellaneous |
|
| 14,729 |
| 20,598 |
| ||
Total Expenses |
|
| 1,179,554 |
| 1,037,660 |
| ||
Less—reduction in fees due to earnings credits—Note 2(b) |
|
| (2,131) |
| (1,417) |
| ||
Net Expenses |
|
| 1,177,423 |
| 1,036,243 |
| ||
Investment Income—Net |
|
| 3,551,334 |
| 2,599,209 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
| ||||
Net realized gain (loss) on investments | - |
| 40,503 |
| ||||
Net unrealized appreciation (depreciation) on investments |
|
| - |
| 1,373 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| - |
| 41,876 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 3,551,334 |
| 2,641,085 |
| |||
See notes to financial statements. |
18
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 3,551,334 |
|
|
| 2,840,182 |
| 2,599,209 |
|
|
| 2,391,789 |
| |
Net realized gain (loss) on investments |
| - |
|
|
| (3,289) |
| 40,503 |
|
|
| 94,244 |
| ||
Net unrealized appreciation (depreciation) |
| - |
|
|
| - |
| 1,373 |
|
|
| (9,775) |
| ||
Net Increase (Decrease) in Net Assets | 3,551,334 |
|
|
| 2,836,893 |
| 2,641,085 |
|
|
| 2,476,258 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (3,487,670) |
|
|
| (2,816,846) |
| (2,599,072) |
|
|
| (2,391,695) |
| |
Investor Shares |
|
| (63,664) |
|
|
| (30,956) |
| (137) |
|
|
| (94) |
| |
Total Distributions |
|
| (3,551,334) |
|
|
| (2,847,802) |
| (2,599,209) |
|
|
| (2,391,789) |
| |
Beneficial Interest Transactions ($1.00 per share): |
|
|
|
|
|
|
|
|
|
|
| ||||
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 584,208,347 |
|
|
| 1,099,083,546 |
| 755,720,884 |
|
|
| 1,112,006,777 |
| |
Investor Shares |
|
| 11,102,275 |
|
|
| 25,709,856 |
| 15,000 |
|
|
| 71,063 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 23,610 |
|
|
| 4,229 |
| 75,113 |
|
|
| 86,364 |
| |
Investor Shares |
|
| 63,170 |
|
|
| 30,796 |
| 34 |
|
|
| 1 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (473,556,204) |
|
|
| (1,243,212,154) |
| (714,087,902) |
|
|
| (1,062,025,863) |
| |
Investor Shares |
|
| (15,056,918) |
|
|
| (14,171,816) |
| - |
|
|
| (2,365,959) |
| |
Increase (Decrease) in Net Assets | 106,784,280 |
|
|
| (132,555,543) |
| 41,723,129 |
|
|
| 47,772,383 |
| |||
Total Increase (Decrease) in Net Assets | 106,784,280 |
|
|
| (132,566,452) |
| 41,765,005 |
|
|
| 47,856,852 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 715,709,498 |
|
|
| 848,275,950 |
| 621,474,886 |
|
|
| 573,618,034 |
| |
End of Period |
|
| 822,493,778 |
|
|
| 715,709,498 |
| 663,239,891 |
|
|
| 621,474,886 |
| |
|
| ||||||||||||||
See notes to financial statements. |
19
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Six Months Ended | Class M Shares | ||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Government Money Market Fund | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .005 | .004 | .000 | a | .000 | a | .000 | a | .000 | a | |||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.005) | (.004) | (.000) | a | (.000) | a | (.000) | a | (.000) | a | |||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Total Return (%) | .46 | b | .38 | .04 | .00 | c | .00 | c | .00 | c | |||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .30 | d | .31 | .33 | .32 | .32 | .31 | ||||||||
Ratio of net expenses to average net assets | .30 | d | .31 | .30 | .19 | .14 | .20 | ||||||||
Ratio of net investment income to average net assets | .92 | d | .36 | .04 | .00 | c | .00 | c | .00 | c | |||||
Net Assets, end of period ($ x 1,000) | 806,018 | 695,342 | 839,477 | 329,114 | 381,864 | 387,463 |
a Amount represents less than $.001 per share.
b Not annualized.
c Amount represents less than .01%.
d Annualized.
See notes to financial statements
20
Six Months Ended | Investor Shares | ||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Government Money Market Fund | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .003 | .002 | .000 | a | .000 | a | .000 | a | .000 | a | |||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.003) | (.002) | (.000) | a | (.000) | a | (.000) | a | (.000) | a | |||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Total Return (%) | .33 | b | .18 | .01 | .00 | c | .00 | c | .00 | c | |||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .55 | d | .56 | .58 | .57 | .57 | .56 | ||||||||
Ratio of net expenses to average net assets | .55 | d | .52 | .32 | .19 | .14 | .19 | ||||||||
Ratio of net investment income to average net assets | .66 | d | .20 | .01 | .00 | c | .00 | c | .00 | c | |||||
Net Assets, end of period ($ x 1,000) | 16,476 | 20,368 | 8,799 | 8,035 | 8,056 | 4,640 |
a Amount represents less than $.001 per share.
b Not annualized.
c Amount represents less than .01%.
d Annualized.
See notes to financial statements
21
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended | Class M Shares | ||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Municipal Money Market Fund | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .004 | .004 | .000 | a | .000 | a | .000 | a | .000 | a | |||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.004) | (.004) | (.000) | a | (.000) | a | (.000) | a | (.000) | a | |||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Total Return (%) | .38 | b | .44 | .04 | .00 | c | .00 | c | .00 | c | |||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .31 | d | .31 | .31 | .30 | .30 | .30 | ||||||||
Ratio of net expenses to average net assets | .31 | d | .31 | .16 | .08 | .13 | .23 | ||||||||
Ratio of net investment income to average net assets | .77 | d | .44 | .04 | .00 | c | .00 | c | .00 | c | |||||
Net Assets, end of period ($ x 1,000) | 663,185 | 621,435 | 571,287 | 780,977 | 851,238 | 1,009,973 |
a Amount represents less than $.001 per share.
b Not annualized.
c Amount represents less than .01%.
d Annualized.
See notes to financial statements
.
22
Six Months Ended | Investor Shares | ||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Municipal Money Market Fund | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .003 | .002 | .000 | a | .000 | a | .000 | a | .000 | a | |||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.003) | (.002) | (.000) | a | (.000) | a | (.000) | a | (.000) | a | |||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Total Return (%) | .26 | b | .19 | .01 | .00 | c | .00 | c | .00 | c | |||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .56 | d | .57 | .56 | .56 | .55 | .57 | ||||||||
Ratio of net expenses to average net assets | .56 | d | .57 | .17 | .09 | .13 | .24 | ||||||||
Ratio of net investment income to average net assets | .53 | d | .12 | .01 | .00 | c | .00 | c | .00 | c | |||||
Net Assets, end of period ($ x 1,000) | 55 | 40 | 2,331 | 6,788 | 2,648 | 2,865 |
a Amount represents less than $.001 per share.
b Not annualized.
c Amount represents less than .01%.
d Annualized.
See notes to financial statements
23
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-five series, including the following diversified funds: BNY Mellon Government Money Market Fund and BNY Mellon National Municipal Money Market Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Government Money Market Fund’s investment objective is to seek as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. BNY Mellon National Municipal Money Market Fund’s investment objective is to provide investors with as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and the maintenance of liquidity.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Each class of shares has identical rights and privileges, except with respect to the Shareholder Service Plan and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
It is each fund’s policy to maintain a constant net asset value (NAV) per share of $1.00; the funds have adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the funds will be able to maintain a constant NAV per share of $1.00.
BNY Mellon National Municipal Money Market Fund operates as a “retail money market fund” as that term is defined in Rule 2a-7 under the Act, and, such, the fund may, or in certain circumstances, must impose a fee upon the sale of shares or may temporarily suspend redemptions if the fund’s weekly liquid assets fall below required minimums because of market conditions or other factors. BNY Mellon Government Money Market Fund is a “government money market fund” as that term is defined in Rule 2a-7 under the Act, and, as such, the fund is not subject to liquidity fees or temporary suspensions of redemptions due to declines in the fund’s weekly liquid assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 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’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.
(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the Board.
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
24
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 each 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 funds’ 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. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected within Level 2 of the fair value hierarchy.
At February 28, 2018, all of the securities in each fund were considered Level 2 within the fair value hierarchy.
At February 28, 2018, there were no transfers between levels of the fair value hierarchy.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis.
BNY Mellon Government Money Market Fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by Dreyfus, subject to the seller’s agreement to repurchase and the fund agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller. The collateral is held on behalf of the fund by the tri-party administrator with respect to any tri-party agreement. The fund may also jointly enter into one or more repurchase agreements with other Dreyfus-managed funds in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities.
(c) Dividends and distributions to shareholders: It is the policy of each fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of each fund not to distribute such gains.
(d) Federal income taxes: It is the policy of BNY Mellon Government Money Market Fund to continue to qualify as a regulated investment company if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.
It is the policy of BNY Mellon National Municipal Money Market Fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2018, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 28, 2018, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2017 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010, each fund is permitted to carry forward capital
25
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
BNY Mellon Government Money Market Fund has an unused capital loss carryover of $3,289 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2017. These short-term capital losses can be carried forward for an unlimited period.
The tax character of distributions paid to shareholders for each fund during the fiscal year ended August 31, 2017 was all ordinary income for BNY Mellon Money Market Fund and all tax-exempt income for BNY Mellon National Municipal Money Market Fund. The tax character of current year distributions will be determined at the end of the current fiscal year.
At February 28, 2018, the cost of investments for federal income tax purposes for each fund was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
NOTE 2—Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an investment advisory agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .15% of BNY Mellon Government Money Market Fund and .15% of BNY Mellon National Municipal Money Market Fund.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
(b) Each fund has adopted a Shareholder Services Plan with respect to its Investor shares. Each fund pays the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 1 summarizes the amounts Investor shares were charged during the period ended February 28, 2018, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
Table 1 —Shareholder Services Plan Fees |
|
BNY Mellon Government Money Market Fund | $23,995 |
BNY Mellon National Municipal | 65 |
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the funds. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees out of the administration fee it receives from the Trust. Table 2 summarizes the amount each fund was charged during the period ended February 28, 2018 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations. Cash management fees were offset by earnings credits, also summarized in Table 2.
Table 2—Cash Management Agreement Fees | ||||
| Dreyfus Transfer, Inc. | Dreyfus Transfer, Inc. | ||
BNY Mellon Government Money Market Fund | 9 | (9) | ||
BNY Mellon National Municipal Money Market Fund | 5 | (5) |
26
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 3 summarizes the amount each fund was charged during the period ended February 28, 2018 pursuant to the custody agreement. These fees were partially offset by earnings credits for each relevant fund, also summarized in Table 3.
Each fund compensates The Bank of New York Mellon under a shareholder redemptions draft processing agreement for providing certain services related to the funds’ check writing privilege. Table 4 summarizes the amount each fund was charged during the period ended February 28, 2018 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 4 —The Bank of New York Mellon Cash Management Fees |
|
BNY Mellon Government Money Market Fund | $2 |
BNY Mellon National Municipal | 1 |
During the period ended February 28, 2018, each fund was charged $5,495 for services performed by the Chief Compliance Officer and his staff.
Table 5 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 3—Securities Transactions:
BNY Mellon National Municipal Money Market Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers, complies with Rule 17a-7 under the Act. During the period ended February 28, 2018, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act amounting to $196,945,000 and $150,585,000 respectively.
Table 3—Custody Agreement Fees | |||
| Custody Fees ($) | Earnings Credits ($) | |
BNY Mellon Government Money Market Fund | 17,356 | (2,122) | |
BNY Mellon National Municipal Money Market Fund | 23,371 | (1,412) |
Table 5—Due to The Dreyfus Corporation and Affiliates | ||||||
| Investment | Shareholder | Custodian | Chief | ||
BNY Mellon Government Money Market Fund | 92,601 | 3,375 | 17,289 | 7,326 | ||
BNY Mellon National Municipal Money Market Fund | 79,026 | 10 | 16,392 | 7,326 |
27
The BNY Mellon Funds
c/o The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Investment Adviser
BNY Mellon Fund Advisers, a division of
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Administrator
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166
Ticker Symbols: | ||||||||
BNY Mellon Government Money Market Fund | Class M: MLMXX | Investor: MLOXX | ||||||
BNY Mellon National Municipal Money Market Fund | Class M: MOMXX | Investor: MNTXX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-866-804-5023. Brokerage Clients of BNY Mellon Wealth Advisors (BNYMWA), please contact your financial representative or call 1-800-830-0549, Option 2 for BNY Mellon Wealth Management Direct or 1-800-843-5466 for former brokerage clients of BNY Mellon Wealth Advisors whose accounts are now held by Dreyfus Brokerage Services. Individual Account holders, please call Dreyfus at 1-800-DREYFUS.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund will disclose daily, on www.dreyfus.com, the fund’s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website until the fund files its Form N-Q or Form N-CSR for the period that includes the date of the posted holdings.
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.
© 2018 MBSC Securities Corporation | MFTSA0218-MM |
The BNY Mellon Funds
BNY Mellon National Intermediate Municipal Bond Fund
BNY Mellon National Short-Term Municipal Bond Fund
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund
BNY Mellon Massachusetts Intermediate Municipal Bond Fund
BNY Mellon New York Intermediate Tax-Exempt Bond Fund
BNY Mellon Municipal Opportunities Fund
SEMIANNUAL REPORT February 28, 2018 | |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2017 through February 28, 2018. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
Stocks set a series of new record highs while bonds generally lost a degree of value over the reporting period. Riskier sectors of the financial markets responded positively to growing corporate earnings, improving global economic conditions and the enactment of tax reform legislation. While the rally was relatively broad-based, growth stocks produced substantially higher returns than value-oriented stocks. International stocks also performed well amid more positive economic data from Europe, Japan, and the emerging markets. In the bond market, U.S. government securities and municipal bonds declined when short-term interest rates and inflation expectations increased, while lower-rated corporate-backed securities fared somewhat better in anticipation of improved business conditions.
The markets’ performance was supported by solid underlying fundamentals, including sustained economic growth, a robust labor market and strong consumer and business confidence. We currently expect these favorable conditions to persist, but we remain watchful for economic and political developments that could negatively affect the markets. Indeed, in February 2018, we witnessed a return of heightened volatility to the financial markets. As always, we encourage you to discuss the risks and opportunities of today’s investment environment with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2018
3
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period from September 1, 2017 through February 28, 2018, as provided by John F. Flahive and Mary Collette O’Brien, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon National Intermediate Municipal Bond Fund’s Class M shares produced a total return of -1.48%, and Investor shares produced a total return of -1.60%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of -1.87%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of -1.77% for the same period.3,4
Municipal bonds generally produced negative total returns during the reporting period due to bouts of market volatility stemming from rising interest rates and shifting supply-and-demand dynamics in the municipal securities market. The fund outperformed the Index, mainly due to a relatively short average duration and overweighted exposure to higher-yielding revenue-backed bonds.
The Fund’s Investment Approach
The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal income tax. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.5 Generally, the fund’s average effective portfolio maturity will be between 3 and 10 years, and the average effective duration of the fund’s portfolio will not exceed 8 years.
Supply-and-Demand Dynamics Drove Municipal Bonds
In the wake of a sustained market rally, municipal bonds during the reporting period encountered bouts of weakness due to negotiations surrounding federal tax reform legislation. As a result of this uncertainty, states, municipalities, and authorities rushed to market with a flood of newly issued bonds, which put upward pressure on yields and downward pressure on prices over the final months of 2017. Heightened market volatility continued through January 2018 despite a return to more favorable supply-and-demand dynamics early in the new year. Investors grew concerned that the Federal Reserve Board might raise short-term interest rates more than previously expected in an environment of greater fiscal stimulus, increased economic growth, accelerating inflation, and ballooning federal budget deficits. The market generally stabilized in February when investors’ inflation fears began to ease.
Yields climbed especially sharply among short-term securities, causing yield differences to narrow along the municipal bond market’s maturity spectrum. Lower-rated municipal bonds typically outperformed their higher-quality counterparts over the reporting period.
Credit conditions have remained sound in the strong economy, but growth in tax revenues has slowed nationally, and several states are facing pressure from underfunded pension systems.
Revenue-Backed Bonds Supported Fund Results
The fund’s performance relative to the Index was supported during the reporting period by a focus on higher-yielding revenue-backed bonds and relatively light holdings of state and local general obligation bonds. Results were particularly favorable from overweighted exposure to bonds backed by transportation facilities and an underweighted position in bonds issued on behalf of utilities. The fund further benefited from a relatively short average duration, which we achieved in part through the use of futures contracts. A “barbelled” yield curve strategy also proved favorable due to overweighted exposure to bonds with maturities of 20 years and more, which were balanced by relatively heavy positions in securities with one- to two-year maturities. From a credit quality perspective, the fund outperformed the Index in every credit rating tier, and results were particularly strong from an emphasis on bonds with BBB credit ratings.
Disappointments proved relatively mild during the reporting period. The fund’s holdings of municipal bonds with 10-year maturities proved especially vulnerable to bouts of heightened market volatility. In addition, overweighted exposure to bonds backed by revenues from health care facilities weighed to a degree on the fund’s relative results.
A Constructive Investment Posture
Market volatility surrounding the enactment of tax reform legislation and rising short-term interest rates appears to have eased. While sharply lower corporate tax rates could weigh on demand for municipal bonds from banks and insurance companies, we believe modestly lower personal tax rates seem unlikely to dampen demand from individual investors seeking tax-exempt current income. We anticipate that favorable supply-and-demand dynamics could continue to support municipal bond prices over the foreseeable future. In addition, municipal bonds historically have been less sensitive than U.S. Treasury securities to rising interest rates.
Therefore, we have maintained a constructive investment posture, including an emphasis on higher-yielding revenue bonds with longer maturities. However, we have also maintained the fund’s generally defensive duration posture amid rising interest rates, and we have maintained a “barbelled” yield curve exposure in anticipation of a further narrowing of yield differences along the market’s maturity spectrum.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
2 Source: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.
3 Source: Lipper Inc.— The S&P Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.
4 The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period.
5 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
4
For the period from September 1, 2017 through February 28, 2018, as provided by John F. Flahive, Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon National Short-Term Municipal Bond Fund’s Class M shares produced a total return of -0.50%, and Investor shares produced a total return of -0.63%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Short Index (the “Index”), produced a total return of -0.51%,2 and the fund’s former benchmark, the S&P Municipal Bond Short Index, produced a total return of -0.51% for the same period.3,4
Short-term municipal bonds generally produced mildly negative total returns during the reporting period due to bouts of market volatility stemming from rising interest rates and shifting supply-and-demand dynamics in the municipal securities market. The fund produced returns that were roughly in line with the Index.
The Fund’s Investment Approach
The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal income tax. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.5 Generally, the average effective portfolio maturity and the average effective portfolio duration of the fund’s portfolio will be less than three years.
Supply-and-Demand Dynamics Drove Municipal Bonds
In the wake of a sustained market rally, municipal bonds during the reporting period encountered bouts of weakness due to negotiations surrounding federal tax reform legislation. As a result of this uncertainty, states, municipalities, and authorities rushed to market with a flood of newly issued bonds, which put upward pressure on yields and downward pressure on prices over the final months of 2017. Heightened market volatility continued through January 2018 despite a return to more favorable supply-and-demand dynamics early in the new year. Investors grew concerned that the Federal Reserve Board might raise short-term interest rates more than previously expected in an environment of greater fiscal stimulus, increased economic growth, accelerating inflation, and ballooning federal budget deficits. The market generally stabilized in February when investors’ inflation fears began to ease.
Yields climbed especially sharply among short-term securities, causing yield differences to narrow along the municipal bond market’s maturity spectrum. Lower-rated municipal bonds typically outperformed their higher-quality counterparts over the reporting period.
Credit conditions have remained sound in the strong economy, but growth in tax revenues has slowed nationally, and several states are facing pressure from underfunded pension systems.
Revenue-Backed Bonds Supported Fund Results
The fund’s performance relative to the Index was supported during the reporting period by a focus on higher-yielding revenue-backed bonds and relatively light holdings of general obligation bonds. Results were particularly strong from overweighted exposure to bonds backed by transportation facilities and utilities. The fund’s holding of general obligation bonds from Texas, New York, and Pennsylvania also added value. The fund further benefited from a relatively short average duration. Our yield curve strategy also proved beneficial due to overweighted exposure to bonds with short-term maturities. From a credit quality perspective, the fund outperformed the Index in every credit rating tier, and results were particularly strong from an emphasis on bonds with A and BBB credit ratings.
These positive influences were balanced over the reporting period by a handful of investments that lagged market averages. Most notably, overweighted exposure to bonds backed by revenues from health care and education facilities weighed on the fund’s relative results.
A Constructive Investment Posture
Market volatility surrounding the enactment of tax reform legislation and rising short-term interest rates appears to have eased. While sharply lower corporate tax rates could weigh on demand for municipal bonds from banks and insurance companies, we believe modestly lower personal tax rates seem unlikely to dampen demand from individual investors seeking tax-exempt current income. We anticipate that favorable supply-and-demand dynamics could continue to support municipal bond prices over the foreseeable future. In addition, municipal bonds historically have been less sensitive than U.S. Treasury securities to rising interest rates.
Therefore, we have maintained a constructive investment posture, including an emphasis on higher-yielding revenue bonds. However, we have also maintained the fund’s generally defensive duration posture amid rising short-term interest rates, and we have maintained a focus on shorter-term securities.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
2 Source: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Short Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of six months and a maximum maturity of up to, but not including, four years as measured from the rebalancing date. Investors cannot invest directly in any index.
3 Source: Bloomberg L.P. — The S&P Municipal Bond Short Indexconsists of bonds in the S&P Municipal Bond Index with a minimum maturity of six months and a maximum maturity of up to, but not including, four years as measured from the rebalancing date. Investors cannot invest directly in any index.
4 The S&P Municipal Bond Investment Grade Short Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Short Index until the S&P Municipal Bond Investment Grade Short Index has been calculated for a 10-year period.
5 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
5
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2017 through February 28, 2018, as provided by Gregory J. Conant and Mary Collette O’Brien, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund’s Class M shares produced a total return of -1.36%, and Investor shares produced a total return of -1.56%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of -1.87%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of -1.77% for the same period.3,4
Municipal bonds generally produced negative total returns during the reporting period amid rising interest rates and shifting supply-and-demand dynamics in the municipal securities market. The fund outperformed the Index mainly due to a relatively short average duration and overweighted exposure to higher yielding revenue-backed bonds.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal and Pennsylvania state income taxes as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal and Pennsylvania state personal income taxes. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.5 Generally, the fund’s average effective portfolio maturity will be between 3 and 10 years, and the average effective duration of the fund’s portfolio will not exceed 8 years.
Supply-and-Demand Dynamics Drove Municipal Bonds
In the wake of a sustained market rally, municipal bonds during the reporting period encountered bouts of weakness due to negotiations surrounding federal tax reform legislation. As a result of this uncertainty, states, municipalities, and authorities rushed to market with a flood of newly issued bonds, which put upward pressure on yields and downward pressure on prices over the final months of 2017. Heightened market volatility continued through January 2018 despite a return to more favorable supply-and-demand dynamics early in the new year. Investors grew concerned that the Federal Reserve Board might raise short-term interest rates more than previously expected in an environment of greater fiscal stimulus, increased economic growth, accelerating inflation, and ballooning federal budget deficits. The market generally stabilized in February when investors’ inflation fears began to ease.
Yields climbed especially sharply among short-term securities, causing yield differences to narrow along the municipal bond market’s maturity spectrum. Lower-rated municipal bonds typically outperformed their higher-quality counterparts over the reporting period.
Credit conditions have remained sound in the strong economy, but growth in tax revenues has slowed nationally, and several states, including Pennsylvania, are facing pressure from underfunded pension systems. While Pennsylvania generally has maintained a stable fiscal condition stemming from its diverse economic base, the state has been troubled by a relatively heavy debt burden.
Revenue-Backed Bonds Supported Fund Results
The fund’s performance relative to the Index was supported during the reporting period by a focus on higher-yielding revenue-backed bonds and relatively light holdings of general obligation bonds. Results were particularly strong from overweighted exposure to revenue bonds backed by utilities. Our security selection strategy also added value among general obligation bonds. The fund further benefited from a relatively short average duration, which we achieved in part through the use of futures contracts. A “barbelled” yield curve strategy also proved advantageous due to overweighted exposure to bonds with maturities of 20 years and more, which were balanced by relatively heavy positions in securities with one- to two-year maturities. From a credit quality perspective, the fund outperformed the Index among municipal bonds with “A” credit ratings.
On a more negative note, the fund’s holdings of municipal bonds with 10-year maturities proved especially vulnerable to bouts of heightened market volatility. Overweighted exposure to bonds backed by revenues from health care facilities and transportation projects also weighed on the fund’s relative results.
A Constructive Investment Posture
Market volatility surrounding the enactment of tax reform legislation and rising short-term interest rates appears to have eased. While sharply lower corporate tax rates could weigh on demand for municipal bonds from banks and insurance companies, we believe modestly lower personal tax rates seem unlikely to dampen demand from individual investors seeking tax-exempt current income. We anticipate that favorable supply-and-demand dynamics could continue to support municipal bond prices over the foreseeable future. In addition, municipal bonds historically have been less sensitive than U.S. Treasury securities to rising interest rates.
Therefore, we have maintained a constructive investment posture, including an emphasis on higher-yielding revenue bonds with longer maturities. However, we have also maintained the fund’s generally defensive duration posture amid rising interest rates, and we have maintained a “barbelled” yield curve exposure in anticipation of a further narrowing of yield differences along the market’s maturity spectrum.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes for non-Pennsylvania residents, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
2 Source: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the index is not subject to charges, fees, and other expenses and is not limited to investments principally in Pennsylvania municipal obligations. Investors cannot invest directly in any index.
3 Source: Lipper Inc.— The S&P Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.
4 The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period.
5 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
6
For the period from September 1, 2017 through February 28, 2018, as provided by Mary Collette O’Brien and Stephen J. O’Brien, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Massachusetts Intermediate Municipal Bond Fund’s Class M shares produced a total return of -1.55%, and Investor shares produced a total return of -1.75%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of -1.87%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of -1.77% for the same period.3,4
Municipal bonds generally produced negative total returns during the reporting period amid rising interest rates and shifting supply-and-demand dynamics in the municipal securities market. The fund outperformed the Index, mainly due to a relatively short average duration and overweighted exposure to higher-yielding revenue-backed bonds.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal and Massachusetts state personal income taxes. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.5 Generally, the fund’s average effective portfolio maturity will be between three and ten years, and the average effective duration of the fund’s portfolio will not exceed eight years.
Supply-and-Demand Dynamics Drove Municipal Bonds
In the wake of a sustained market rally, municipal bonds during the reporting period encountered bouts of weakness due to negotiations surrounding federal tax reform legislation. As a result of this uncertainty, states, municipalities, and authorities rushed to market with a flood of newly issued bonds, which put upward pressure on yields and downward pressure on prices over the final months of 2017. Heightened market volatility continued through January 2018 despite a return to more favorable supply-and-demand dynamics early in the new year. Investors grew concerned that the Federal Reserve Board might raise short-term interest rates more than previously expected in an environment of greater fiscal stimulus, increased economic growth, accelerating inflation, and ballooning federal budget deficits. The market generally stabilized in February when investors’ inflation fears began to ease.
Yields climbed especially sharply among short-term securities, causing yield differences to narrow along the municipal bond market’s maturity spectrum. Lower-rated municipal bonds typically outperformed their higher-quality counterparts over the reporting period.
Credit conditions have remained sound in the strong economy, but growth in tax revenues has slowed nationally. A number of states, including Massachusetts, are facing pressure from underfunded pension systems. Yet, Massachusetts has fared better than most states due to a diverse economic base and prudent budget management practices.
Revenue-Backed Bonds Supported Fund Results
The fund’s performance relative to the Index was supported during the reporting period by a focus on higher-yielding revenue-backed bonds and relatively light holdings of general obligation bonds. Results were particularly favorable from overweighted exposure to bonds backed by education facilities. The fund further benefited from a relatively short average duration, which we achieved in part through the use of futures contracts. A “barbelled” yield curve strategy also contributed positively to results due to overweighted exposure to bonds with maturities of 20 years and more, which were balanced by relatively heavy positions in securities with one- to two-year maturities. From a credit quality perspective, the fund outperformed the Index in every credit rating tier, and results were particularly strong from an emphasis on bonds with A and BBB credit ratings.
On a more negative note, the fund’s holdings of municipal bonds with maturities in 10 to 15 years proved especially vulnerable to bouts of heightened market volatility, and overweighted exposure to bonds backed by revenues from health care facilities also weighed on the fund’s relative results.
A Constructive Investment Posture
Market volatility surrounding the enactment of tax reform legislation and rising short-term interest rates appears to have eased. While sharply lower corporate tax rates could weigh on demand for municipal bonds from banks and insurance companies, we believe modestly lower personal tax rates seem unlikely to dampen demand from individual investors seeking tax-exempt current income. We anticipate that favorable supply-and-demand dynamics could continue to support municipal bond prices over the foreseeable future. In addition, municipal bonds historically have been less sensitive than U.S. Treasury securities to rising interest rates.
Therefore, we have maintained a constructive investment posture, including an emphasis on higher-yielding revenue bonds with longer maturities. However, we have also maintained the fund’s generally defensive duration posture amid rising interest rates, and we have maintained a “barbelled” yield curve exposure in anticipation of a further narrowing of yield differences along the market’s maturity spectrum.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes for non-Massachusetts residents, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are taxable.
2 Source: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The S&P Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.
4 The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period.
5 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines. The amount of public information available about municipal bonds is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund’s investments in municipal bonds. Other factors include the general conditions of the municipal bond market, the size of the particular offering, the maturity of the obligation, and the rating of the issue. Changes in economic, business, or political conditions relating to a particular municipal project, municipality, or state in which the fund invests may have an impact on the fund’s share price.
7
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2017 through February 28, 2018, as provided by John F. Flahive and Gregory J. Conant, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon New York Intermediate Tax-Exempt Bond Fund’s Class M shares produced a total return of -1.52%, and Investor shares produced a total return of -1.64%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of -1.87%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of -1.77% for the same period.3,4
Municipal bonds generally produced negative total returns during the reporting period amid rising interest rates and shifting supply-and-demand dynamics in the municipal securities market. The fund outperformed the Index, mainly due to a relatively short average duration and overweighted exposure to higher-yielding revenue-backed bonds.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal, New York state, and New York City income taxes as is consistent with the preservation of capital. This objective may be changed without shareholder approval. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal, New York state, and New York City personal income taxes. These municipal bonds include those issued by New York state and New York City as well as those issued by U.S. territories and possessions. Generally, the fund’s average effective portfolio maturity will be between three and 10 years.
Supply-and-Demand Dynamics Drove Municipal Bonds
In the wake of a sustained market rally, municipal bonds during the reporting period encountered bouts of weakness due to negotiations surrounding federal tax reform legislation. As a result of this uncertainty, states, municipalities, and authorities rushed to market with a flood of newly issued bonds, which put upward pressure on yields and downward pressure on prices over the final months of 2017. Heightened market volatility continued through January 2018 despite a return to more favorable supply-and-demand dynamics early in the new year. Investors grew concerned that the Federal Reserve Board might raise short-term interest rates more than previously expected in an environment of greater fiscal stimulus, increased economic growth, accelerating inflation, and ballooning federal budget deficits. The market generally stabilized in February when investors’ inflation fears began to ease.
Yields climbed especially sharply among short-term securities, causing yield differences to narrow along the municipal bond market’s maturity spectrum. Lower-rated municipal bonds typically outperformed their higher-quality counterparts over the reporting period.
Credit conditions have remained sound in the strong economy, but growth in tax revenues has slowed nationally, and several states are facing pressure from underfunded pension systems. New York has fared better than most states due to a diverse economic base, high wealth levels, and prudent budget management.
Revenue-Backed Bonds Supported Fund Results
The fund’s performance relative to the Index was supported during the reporting period by a focus on higher-yielding revenue-backed bonds and relatively light holdings of general obligation bonds. Results were particularly strong from overweighted exposure to bonds backed by education facilities, underweighted positions in bonds backed by utilities, and advantageous security selections among bonds issued on behalf of transportation facilities. The fund further benefited from a relatively short average duration, which we achieved in part through the use of futures contracts. A “barbelled” yield curve strategy also proved favorable due to overweighted exposure to bonds with maturities of 20 years and more, which were balanced by relatively heavy positions in securities with one- to two-year maturities. From a credit quality perspective, the fund outperformed the Index among municipal bonds with “AA” credit ratings.
On a more negative note, the fund’s holdings of municipal bonds with 10-year maturities proved especially vulnerable to bouts of heightened market volatility, and overweighted exposure to bonds backed by revenues from health care facilities also weighed on the fund’s relative results.
A Constructive Investment Posture
Market volatility surrounding the enactment of tax reform legislation and rising short-term interest rates appears to have eased. While sharply lower corporate tax rates could weigh on demand for municipal bonds from banks and insurance companies, we believe modestly lower personal tax rates seem unlikely to dampen demand from individual investors seeking tax-exempt current income. We anticipate that favorable supply-and-demand dynamics could continue to support municipal bond prices over the foreseeable future. In addition, municipal bonds historically have been less sensitive than U.S. Treasury securities to rising interest rates.
Therefore, we have maintained a constructive investment posture, including an emphasis on higher-yielding revenue bonds with longer maturities. However, we have also maintained the fund’s generally defensive duration posture amid rising interest rates, and we have maintained “barbelled” yield curve exposure in anticipation of a further narrowing of yield differences along the market’s maturity spectrum.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes for non-New York residents, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable. The fund’s returns reflect the absorption of certain fund expenses by BNY Mellon Fund Advisers pursuant to an agreement in effect through December 31, 2018, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns would have been lower.
2 Source: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The S&P Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, neither index is subject to charges, fees, and other expenses and is not limited to investments principally in New York municipal obligations. Investors cannot invest directly in any index.
4 The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
8
For the period from September 1, 2017 through February 28, 2018, as provided by John F. Flahive, Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2018, BNY Mellon Municipal Opportunities Fund’s Class M shares produced a total return of 0.41%, and Investor shares produced a total return of 0.29%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Municipal Bond Index (the “Index”), produced a total return of -1.24% for the same period.2
Municipal bonds generally produced negative total returns during the reporting period due to bouts of market volatility stemming from rising interest rates and shifting supply-and-demand dynamics in the municipal securities market. The fund outperformed the Index, mainly due to a relatively short average duration and overweighted exposure to higher-yielding revenue-backed bonds.
The Fund’s Investment Approach
The fund seeks to maximize total return consisting of high current income exempt from federal income tax and capital appreciation. This objective may be changed without shareholder approval. To pursue its goal, the fund normally invests at least 80% of its net assets in U.S. dollar-denominated fixed-income securities that provide income exempt from federal income tax (municipal bonds). While the fund typically invests in a diversified portfolio of municipal bonds, it may invest up to 20% of its assets in taxable fixed-income securities, including taxable municipal bonds and non-U.S. dollar-denominated foreign debt securities, such as Brady bonds and sovereign debt obligations.
We seek to deliver value-added excess returns (“alpha”) by applying an investment approach designed to identify and exploit relative value opportunities within the municipal bond market. Although the fund seeks to be diversified by geography and sector, it may at times invest a significant portion of its assets in a particular state or region or in a particular sector due to market conditions.
Supply-and-Demand Dynamics Drove Municipal Bonds
In the wake of a sustained market rally, municipal bonds during the reporting period encountered bouts of weakness due to negotiations surrounding federal tax reform legislation. As a result of this uncertainty, states, municipalities, and authorities rushed to market with a flood of newly issued bonds, which put upward pressure on yields and downward pressure on prices over the final months of 2017. Heightened market volatility continued through January 2018 despite a return to more favorable supply-and-demand dynamics early in the new year. Investors grew concerned that the Federal Reserve Board might raise short-term interest rates more than previously expected in an environment of greater fiscal stimulus, increased economic growth, accelerating inflation, and ballooning federal budget deficits. The market generally stabilized in February when investors’ inflation fears began to ease.
Yields climbed especially sharply among short-term securities, causing yield differences to narrow along the municipal bond market’s maturity spectrum. Lower-rated municipal bonds typically outperformed their higher-quality counterparts over the reporting period.
Credit conditions have remained sound in the strong economy, but growth in tax revenues has slowed nationally, and several states are facing pressure from underfunded pension systems.
Revenue-Backed Bonds Supported Fund Results
The fund’s performance compared to the Index was supported during the reporting period by a focus on higher yielding revenue-backed bonds and relatively light holdings of general obligation bonds. Results were particularly strong from overweighted exposure to bonds backed by hospitals, transportation facilities, and charter schools. The fund further benefited from a relatively short average duration, which we achieved in part through the use of futures contracts. Our yield curve strategy also proved beneficial due to overweighted exposure to bonds with long-term maturities. From a credit quality perspective, the fund outperformed the Index in every credit rating tier, and results were particularly strong from an emphasis on bonds with A and BBB credit ratings.
Disappointments proved relatively mild during the reporting period. The fund’s holdings of bonds issued by Puerto Rico and other U.S. territories weighed on the fund’s relative results.
A Constructive Investment Posture
Market volatility surrounding the enactment of tax reform legislation and rising short-term interest rates appears to have eased. While sharply lower corporate tax rates could weigh on demand for municipal bonds from banks and insurance companies, we believe modestly lower personal tax rates seem unlikely to dampen demand from individual investors seeking tax-exempt current income. We anticipate that favorable supply-and-demand dynamics could continue to support municipal bond prices over the foreseeable future. In addition, municipal bonds historically have been less sensitive than U.S. Treasury securities to rising interest rates.
Therefore, we have maintained a constructive investment posture, including an emphasis on lower-rated, higher-yielding revenue bonds with longer maturities. However, we have also maintained the fund’s generally defensive duration posture in an environment of rising interest rates.
March 15, 2018
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
2 Source: Lipper Inc. — The Bloomberg Barclays U.S. Municipal Bond Index covers the USD-denominated long-term tax-exempt bond market. Investors cannot invest directly in any index.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
9
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2017 to February 28, 2018. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment |
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assuming actual returns for the six months ended February 28, 2018 | ||||||||||||||||
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| Class M |
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| Investor Shares |
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BNY Mellon National Intermediate | ||||||||||||||||
Expenses paid per $1,000† | $ | 2.46 | $ | 3.69 | ||||||||||||
Ending value (after expenses) | $ | 985.20 | $ | 984.00 | ||||||||||||
Annualized expense ratio (%) | .50 | .75 | ||||||||||||||
BNY Mellon National Short-Term | ||||||||||||||||
Expenses paid per $1,000† | $ | 2.47 | $ | 3.71 | ||||||||||||
Ending value (after expenses) | $ | 995.00 | $ | 993.70 | ||||||||||||
Annualized expense ratio (%) | .50 | .75 | ||||||||||||||
BNY Mellon Pennsylvania | ||||||||||||||||
Expenses paid per $1,000† | $ | 3.45 | $ | 4.67 | ||||||||||||
Ending value (after expenses) | $ | 986.40 | $ | 984.40 | ||||||||||||
Annualized expense ratio (%) | .70 | .95 | ||||||||||||||
BNY Mellon Massachusetts | ||||||||||||||||
Expenses paid per $1,000† | $ | 2.61 | $ | 3.83 | ||||||||||||
Ending value (after expenses) | $ | 984.50 | $ | 982.50 | ||||||||||||
Annualized expense ratio (%) | .53 | .78 | ||||||||||||||
BNY Mellon New York | ||||||||||||||||
Expenses paid per $1,000† | $ | 2.90 | $ | 4.13 | ||||||||||||
Ending value (after expenses) | $ | 984.80 | $ | 983.60 | ||||||||||||
Annualized expense ratio (%) | .59 | .84 | ||||||||||||||
BNY Mellon Municipal | ||||||||||||||||
Expenses paid per $1,000† | $ | 3.63 | $ | 4.87 | ||||||||||||
Ending value (after expenses) | $ | 1,004.10 | $ | 1,002.90 | ||||||||||||
Annualized expense ratio (%) | .73 | .98 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
10
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment |
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| |||||||||
assuming a hypothetical 5% annualized return for the six months ended February 28, 2018 | |||||||||||||||
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| Class M |
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| Investor Shares |
| |||||
BNY Mellon National Intermediate | |||||||||||||||
Expenses paid per $1,000† | $ | 2.51 | $ | 3.76 | |||||||||||
Ending value (after expenses) | $ | 1,022.32 | $ | 1,021.08 | |||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||
BNY Mellon National Short-Term | |||||||||||||||
Expenses paid per $1,000† | $ | 2.51 | $ | 3.76 | |||||||||||
Ending value (after expenses) | $ | 1,022.32 | $ | 1,021.08 | |||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||
BNY Mellon Pennsylvania | |||||||||||||||
Expenses paid per $1,000† | $ | 3.51 | $ | 4.76 | |||||||||||
Ending value (after expenses) | $ | 1,021.32 | $ | 1,020.08 | |||||||||||
Annualized expense ratio (%) | .70 | .95 | |||||||||||||
BNY Mellon Massachusetts | |||||||||||||||
Expenses paid per $1,000† | $ | 2.66 | $ | 3.91 | |||||||||||
Ending value (after expenses) | $ | 1,022.17 | $ | 1,020.93 | |||||||||||
Annualized expense ratio (%) | .53 | .78 | |||||||||||||
BNY Mellon New York | |||||||||||||||
Expenses paid per $1,000† | $ | 2.96 | $ | 4.21 | |||||||||||
Ending value (after expenses) | $ | 1,021.87 | $ | 1,020.63 | |||||||||||
Annualized expense ratio (%) | .59 | .84 | |||||||||||||
BNY Mellon Municipal | |||||||||||||||
Expenses paid per $1,000† | $ | 3.66 | $ | 4.91 | |||||||||||
Ending value (after expenses) | $ | 1,021.17 | $ | 1,019.93 | |||||||||||
Annualized expense ratio (%) | .73 | .98 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
11
STATEMENT OF INVESTMENTS
February 28, 2018 (Unaudited)
BNY Mellon National Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% | |||||||||
Alabama - .6% | |||||||||
Alabama 21st Century Authority, | 5.00 | 6/1/20 | 1,500,000 | 1,610,370 | |||||
Alabama 21st Century Authority, | 5.00 | 6/1/21 | 1,240,000 | 1,362,934 | |||||
Birmingham Waterworks Board, | 4.00 | 1/1/35 | 5,585,000 | 5,803,932 | |||||
Black Belt Energy Gas District, | 4.00 | 6/1/21 | 5,000,000 | 5,285,250 | |||||
14,062,486 | |||||||||
Alaska - .3% | |||||||||
Alaska, | 5.00 | 10/1/32 | 5,000,000 | 5,695,250 | |||||
Arizona - .4% | |||||||||
Maricopa County Industrial Development Authority, | 5.00 | 1/1/27 | 5,000,000 | 5,915,250 | |||||
Salt River Agricultural Improvement & Power District, | 5.00 | 1/1/33 | 2,000,000 | 2,364,440 | |||||
8,279,690 | |||||||||
Arkansas - .2% | |||||||||
University of Arkansas, | 5.00 | 11/1/33 | 500,000 | 586,540 | |||||
University of Arkansas, | 5.00 | 11/1/34 | 1,100,000 | 1,285,339 | |||||
University of Arkansas, | 5.00 | 11/1/36 | 580,000 | 674,024 | |||||
University of Arkansas, | 5.00 | 11/1/37 | 900,000 | 1,043,451 | |||||
University of Arkansas, | 5.00 | 11/1/38 | 800,000 | 926,064 | |||||
4,515,418 | |||||||||
California - 15.1% | |||||||||
Alameda Corridor Transportation Authority, | 5.00 | 10/1/34 | 1,500,000 | 1,683,210 | |||||
Alameda Corridor Transportation Authority, | 5.00 | 10/1/35 | 2,050,000 | 2,324,905 | |||||
Anaheim Housing and Public Improvement Authority, | 5.00 | 10/1/33 | 3,000,000 | 3,348,090 | |||||
Anaheim Housing and Public Improvement Authority, | 5.00 | 10/1/34 | 3,250,000 | 3,620,565 | |||||
Anaheim Housing and Public Improvement Authority, | 5.00 | 10/1/35 | 2,485,000 | 2,763,320 | |||||
Anaheim Housing and Public Improvement Authority, | 5.00 | 10/1/36 | 1,750,000 | 1,943,358 | |||||
Bay Area Toll Authority, | 2.00 | 4/1/21 | 5,000,000 | 5,020,050 | |||||
Bay Area Toll Authority, | 4.00 | 4/1/35 | 10,000,000 | 10,617,800 | |||||
California, | 5.00 | 12/1/23 | 12,500,000 | 14,518,625 | |||||
California, | 5.00 | 12/1/23 | 2,500,000 | 2,903,725 | |||||
California, | 5.25 | 9/1/29 | 10,000,000 | 11,537,500 | |||||
California, | 4.00 | 9/1/31 | 10,000,000 | 10,706,400 | |||||
California, | 6.50 | 4/1/33 | 8,750,000 | 9,227,750 |
12
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
California - 15.1% (continued) | |||||||||
California, | 5.00 | 11/1/25 | 5,000,000 | 5,947,350 | |||||
California Department of Water Resources, | 5.00 | 12/1/19 | 115,000 | 121,975 | |||||
California Health Facilities Financing Authority, | 4.00 | 3/1/33 | 7,500,000 | 7,807,800 | |||||
California Health Facilities Financing Authority, | 5.00 | 11/15/23 | 1,500,000 | 1,706,040 | |||||
California Health Facilities Financing Authority, | 5.00 | 11/15/24 | 1,600,000 | 1,811,296 | |||||
California Health Facilities Financing Authority, | 5.00 | 11/15/42 | 825,000 | 944,287 | |||||
California Health Facilities Financing Authority, | 4.00 | 11/15/47 | 1,120,000 | 1,145,301 | |||||
California Health Facilities Financing Authority, | 6.25 | 10/1/18 | 8,500,000 | a | 8,747,520 | ||||
California Health Facilities Financing Authority, | 6.25 | 10/1/18 | 4,000,000 | a | 4,116,480 | ||||
California Health Facilities Financing Authority, | 6.50 | 10/1/18 | 60,000 | a | 61,816 | ||||
California Health Facilities Financing Authority, | 6.50 | 10/1/18 | 3,440,000 | a | 3,544,094 | ||||
California Health Facilities Financing Authority, | 5.00 | 11/15/32 | 8,240,000 | 9,724,518 | |||||
California Infrastructure and Economic Development Bank, | 4.00 | 10/1/45 | 8,275,000 | 8,635,376 | |||||
California Municipal Finance Authority, | 4.00 | 1/1/48 | 2,500,000 | 2,594,675 | |||||
California State Public Works Board, | 5.00 | 10/1/20 | 2,000,000 | 2,173,860 | |||||
California Statewide Communities Development Authority, | 6.25 | 8/1/19 | 4,120,000 | a | 4,380,137 | ||||
California Statewide Communities Development Authority, | 4.50 | 7/1/18 | 590,000 | 596,490 | |||||
Escondido Union School District, | 5.00 | 8/1/25 | 1,320,000 | 1,569,559 | |||||
Evergreen School District, | 4.00 | 8/1/41 | 5,000,000 | 5,198,350 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/29 | 10,680,000 | 11,923,686 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/32 | 2,000,000 | 2,279,680 | |||||
Long Beach Unified School District, | 4.00 | 8/1/38 | 10,300,000 | 10,802,537 | |||||
Los Angeles Department of Airports, | 5.25 | 5/15/26 | 15,520,000 | 16,726,835 | |||||
New Haven Unified School District, | 0.00 | 8/1/33 | 4,000,000 | b | 2,273,200 | ||||
Port of Oakland, | 5.00 | 5/1/23 | 1,875,000 | 2,051,400 | |||||
Riverside County Transportation Commission, | 5.25 | 6/1/23 | 5,000,000 | a | 5,832,600 | ||||
Sacramento County Sanitation Districts Financing Authority, | 1.52 | 12/1/35 | 10,000,000 | c | 9,660,900 |
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
California - 15.1% (continued) | |||||||||
Sacramento County Water Financing Authority, | 1.54 | 6/1/34 | 8,000,000 | c | 7,747,600 | ||||
San Diego Unified School District, | 4.00 | 7/1/37 | 4,000,000 | 4,203,440 | |||||
San Francisco City & County Commission International Airport, | 5.00 | 5/1/25 | 10,500,000 | 12,196,695 | |||||
San Francisco City & County Public Utilities Commission, | 5.00 | 11/1/33 | 4,000,000 | 4,594,320 | |||||
San Francisco City & County Public Utilities Commission, | 5.00 | 11/1/34 | 5,000,000 | 5,719,850 | |||||
San Francisco City & County Public Utilities Commission, | 5.00 | 11/1/35 | 4,000,000 | 4,565,360 | |||||
San Francisco City & County Public Utilities Commission, | 5.00 | 11/1/39 | 5,090,000 | 5,786,108 | |||||
San Francisco City and County, | 4.00 | 4/1/37 | 11,000,000 | 11,467,390 | |||||
San Francisco Community College District, | 5.00 | 6/15/29 | 5,000,000 | 5,871,400 | |||||
San Jose Airport, | 5.00 | 3/1/42 | 1,000,000 | 1,139,760 | |||||
San Jose Airport, | 5.00 | 3/1/47 | 1,750,000 | 1,987,248 | |||||
Southern California Public Power Authority, | 5.25 | 11/1/20 | 4,000,000 | 4,347,440 | |||||
Southern California Public Power Authority, | 5.00 | 7/1/30 | 1,000,000 | 1,157,550 | |||||
Southern California Public Power Authority, | 5.00 | 7/1/31 | 3,855,000 | 4,450,096 | |||||
Southern California Public Power Authority, | 5.00 | 7/1/33 | 3,380,000 | 3,880,341 | |||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, | 5.00 | 9/1/21 | 1,325,000 | 1,466,192 | |||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, | 5.00 | 9/1/26 | 6,610,000 | 7,795,966 | |||||
University of California, | 4.00 | 5/15/37 | 5,000,000 | 5,227,550 | |||||
University of California Regents, | 5.00 | 5/15/31 | 9,000,000 | 10,506,600 | |||||
University of California Regents, | 5.00 | 5/15/30 | 11,000,000 | 12,833,590 | |||||
329,537,556 | |||||||||
Colorado - 1.4% | |||||||||
Colorado Health Facilities Authority, | 6.00 | 10/1/23 | 2,000,000 | 2,045,800 | |||||
Colorado Health Facilities Authority, | 6.25 | 10/1/33 | 1,600,000 | 1,639,664 | |||||
Colorado School of Mines Institutional Enterprise, | 4.00 | 12/1/42 | 1,750,000 | 1,792,560 | |||||
Mesa County Valley School District Grand Junction, | 5.50 | 12/1/35 | 4,000,000 | 4,877,360 | |||||
Mesa County Valley School District Grand Junction, | 5.50 | 12/1/37 | 2,000,000 | 2,427,300 |
14
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Colorado - 1.4% (continued) | |||||||||
Public Authority for Colorado Energy, | 5.75 | 11/15/18 | 520,000 | 534,633 | |||||
Public Authority for Colorado Energy, | 6.13 | 11/15/23 | 5,350,000 | 6,340,178 | |||||
Regional Transportation District, | 5.50 | 6/1/22 | 450,000 | 486,702 | |||||
Regional Transportation District, | 5.50 | 6/1/20 | 1,750,000 | a | 1,898,383 | ||||
Regional Transportation District of Colorado, | 5.00 | 6/1/19 | 1,750,000 | 1,823,588 | |||||
Regional Transportation District of Colorado, | 5.00 | 6/1/20 | 2,700,000 | 2,899,287 | |||||
University of Colorado, | 4.00 | 6/1/35 | 3,000,000 | 3,157,170 | |||||
29,922,625 | |||||||||
Connecticut - 1.6% | |||||||||
Connecticut, | 5.00 | 11/15/21 | 9,430,000 | 10,339,052 | |||||
Connecticut, | 5.00 | 4/15/22 | 5,000,000 | 5,498,650 | |||||
Connecticut, | 4.00 | 6/15/30 | 3,000,000 | 3,101,460 | |||||
Connecticut, | 5.00 | 9/1/28 | 10,000,000 | 11,345,900 | |||||
Connecticut Health and Educational Facilities Authority, | 5.00 | 7/1/42 | 2,000,000 | 2,218,460 | |||||
Connecticut Housing Finance Authority, | 4.00 | 11/15/47 | 2,500,000 | 2,655,700 | |||||
35,159,222 | |||||||||
Delaware - .7% | |||||||||
Delaware River and Bay Authority, | 5.00 | 1/1/21 | 2,000,000 | 2,169,440 | |||||
Delaware River and Bay Authority, | 5.00 | 1/1/22 | 2,710,000 | 2,997,721 | |||||
Delaware River and Bay Authority, | 5.00 | 1/1/23 | 1,500,000 | 1,685,580 | |||||
Delaware River and Bay Authority, | 5.00 | 1/1/24 | 1,000,000 | 1,138,900 | |||||
University of Delaware, | 5.00 | 11/1/27 | 5,440,000 | 6,173,856 | |||||
14,165,497 | |||||||||
District of Columbia - .9% | |||||||||
District of Columbia, | 5.00 | 7/1/42 | 5,955,000 | 6,608,561 | |||||
District of Columbia, | 5.00 | 7/1/37 | 5,810,000 | 6,478,150 | |||||
Metropolitan Washington Airports Authority, | 5.00 | 10/1/23 | 4,250,000 | 4,663,652 | |||||
Metropolitan Washington Airports Authority, | 5.00 | 10/1/24 | 2,500,000 | 2,735,200 | |||||
20,485,563 | |||||||||
Florida - 3.0% | |||||||||
Florida Department of Transportation, | 5.00 | 7/1/19 | 4,220,000 | 4,271,948 | |||||
Jacksonville, | 5.00 | 10/1/21 | 2,500,000 | 2,768,825 | |||||
Lee County, | 5.50 | 10/1/23 | 3,565,000 | 3,966,633 |
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Florida - 3.0% (continued) | |||||||||
Lee County, | 5.50 | 10/1/24 | 5,000,000 | 5,543,900 | |||||
Miami-Dade County, | 5.50 | 10/1/25 | 3,165,000 | 3,458,111 | |||||
Miami-Dade County School Board, | 5.00 | 5/1/26 | 5,600,000 | 6,437,592 | |||||
Miami-Dade County Water & Sewer System, | 5.00 | 10/1/30 | 3,000,000 | 3,445,710 | |||||
Miami-Dade County Water & Sewer System, | 5.00 | 10/1/31 | 7,920,000 | 9,073,390 | |||||
Miami-Dade County Water & Sewer System, | 5.00 | 10/1/32 | 3,765,000 | 4,296,769 | |||||
Orange County, | 4.00 | 10/1/32 | 5,000,000 | 5,301,800 | |||||
Palm Beach County School Board, | 5.00 | 8/1/27 | 4,595,000 | 5,307,363 | |||||
Sarasota County, | 5.25 | 10/1/18 | 240,000 | a | 245,393 | ||||
Sarasota County, | 5.25 | 10/1/18 | 245,000 | a | 250,505 | ||||
Sarasota County, | 5.25 | 10/1/18 | 210,000 | a | 214,719 | ||||
Sarasota County, | 5.25 | 10/1/18 | 1,790,000 | a | 1,831,277 | ||||
Tallahassee, | 5.00 | 10/1/35 | 5,000,000 | 5,628,000 | |||||
Tampa Sports Authority, | 5.00 | 1/1/24 | 90,000 | 103,451 | |||||
Tampa Sports Authority, | 5.00 | 1/1/25 | 2,865,000 | 3,333,571 | |||||
65,478,957 | |||||||||
Georgia - 1.8% | |||||||||
Atlanta Water and Wastewater, | 5.00 | 11/1/37 | 3,375,000 | 3,925,192 | |||||
Burke County Development Authority, | 2.35 | 12/11/20 | 7,500,000 | 7,481,850 | |||||
Cobb County Development Authority, | 4.00 | 6/1/42 | 1,600,000 | 1,647,344 | |||||
Cobb County Kennestone Hospital Authority, | 5.00 | 4/1/35 | 2,000,000 | 2,243,540 | |||||
Cobb County Kennestone Hospital Authority, | 5.00 | 4/1/36 | 2,710,000 | 3,033,276 | |||||
Cobb County Kennestone Hospital Authority, | 5.00 | 4/1/37 | 2,845,000 | 3,177,296 | |||||
DeKalb County, | 5.25 | 10/1/36 | 3,500,000 | 3,883,425 | |||||
Main Street Natural Gas Inc., | 6.38 | 7/15/38 | 1,335,000 | d | 13,350 | ||||
Main Street Natural Gas Incorporated, | 4.00 | 9/1/23 | 5,000,000 | 5,383,000 | |||||
Private Colleges and Universities Authority, | 5.00 | 9/1/41 | 6,990,000 | 7,670,057 | |||||
38,458,330 |
16
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Hawaii - 1.1% | |||||||||
Hawaii, | 5.00 | 5/1/25 | 10,750,000 | 12,625,660 | |||||
Hawaii, | 5.00 | 10/1/28 | 5,000,000 | 5,892,200 | |||||
Honolulu City & County, | 4.00 | 10/1/34 | 4,230,000 | 4,446,364 | |||||
22,964,224 | |||||||||
Idaho - .7% | |||||||||
Idaho Health Facilities Authority, | 5.00 | 12/1/33 | 5,000,000 | 5,511,150 | |||||
University of Idaho Regents, | 5.25 | 4/1/21 | 9,515,000 | 10,407,412 | |||||
15,918,562 | |||||||||
Illinois - 3.9% | |||||||||
Chicago, | 5.00 | 1/1/22 | 4,615,000 | 5,113,974 | |||||
Chicago, | 5.00 | 1/1/23 | 2,000,000 | 2,255,240 | |||||
Chicago, | 5.00 | 1/1/24 | 5,000,000 | 5,723,750 | |||||
Chicago, | 5.00 | 1/1/25 | 4,450,000 | 5,162,623 | |||||
Chicago, | 5.00 | 1/1/25 | 7,055,000 | 7,890,100 | |||||
Chicago, | 5.00 | 1/1/26 | 2,000,000 | 2,339,560 | |||||
Chicago, | 5.00 | 1/1/27 | 2,500,000 | 2,901,400 | |||||
Chicago, | 5.00 | 1/1/24 | 4,500,000 | 4,862,880 | |||||
Chicago, | 5.00 | 1/1/26 | 3,000,000 | 3,229,590 | |||||
Chicago, | 5.50 | 1/1/35 | 3,750,000 | 3,988,575 | |||||
Chicago, | 5.50 | 1/1/37 | 3,500,000 | 3,705,730 | |||||
Chicago, | 5.25 | 1/1/22 | 1,000,000 | 1,084,200 | |||||
Chicago, | 5.00 | 1/1/26 | 1,995,000 | 2,000,586 | |||||
Chicago, | 5.00 | 1/1/24 | 3,000,000 | 3,359,520 | |||||
Chicago, | 5.00 | 1/1/25 | 2,110,000 | 2,385,503 | |||||
Chicago Board of Education, | 5.50 | 12/1/18 | 1,605,000 | 1,637,341 | |||||
Illinois, | 5.00 | 8/1/19 | 10,000,000 | 10,326,600 | |||||
Illinois, | 5.00 | 9/1/19 | 185,000 | 185,270 | |||||
Illinois, | 5.00 | 8/1/23 | 5,000,000 | 5,251,000 |
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Illinois - 3.9% (continued) | |||||||||
Illinois, | 5.25 | 2/1/28 | 6,000,000 | 6,048,720 | |||||
Illinois, | 5.00 | 1/1/20 | 5,000,000 | 5,259,850 | |||||
84,712,012 | |||||||||
Kansas - 1.2% | |||||||||
Kansas Department of Transportation, | 5.00 | 9/1/27 | 5,000,000 | 5,800,600 | |||||
Kansas Department of Transportation, | 5.00 | 9/1/28 | 6,000,000 | 6,945,060 | |||||
Kansas Development Finance Authority, | 4.00 | 5/1/21 | 3,370,000 | 3,528,794 | |||||
Wichita, | 5.00 | 10/1/21 | 7,990,000 | 8,863,866 | |||||
25,138,320 | |||||||||
Kentucky - 1.5% | |||||||||
Kentucky Property and Buildings Commission, | 5.00 | 11/1/22 | 5,000,000 | 5,567,900 | |||||
Kentucky Public Energy Authority, | 4.00 | 4/1/24 | 7,500,000 | 8,038,875 | |||||
Kentucky State Property and Buildings Commission, | 5.00 | 8/1/21 | 1,785,000 | 1,953,415 | |||||
Kentucky State Property and Buildings Commission, | 5.00 | 2/1/28 | 5,150,000 | 5,882,381 | |||||
University of Kentucky General Receipt, | 4.00 | 10/1/32 | 10,000,000 | 10,616,700 | |||||
32,059,271 | |||||||||
Louisiana - 1.1% | |||||||||
Louisiana, | 5.00 | 8/1/26 | 5,000,000 | 5,723,650 | |||||
Louisiana Citizens Property Insurance Corporation, | 5.00 | 6/1/21 | 5,000,000 | 5,497,350 | |||||
Louisiana Local Government Environmental Facilities and Community Development Authority, | 5.00 | 10/1/20 | 5,000,000 | a | 5,425,350 | ||||
Louisiana Public Facilities Authority, | 6.00 | 7/1/29 | 2,000,000 | 2,109,340 | |||||
Louisiana Public Facilities Authority, | 5.00 | 10/1/41 | 6,000,000 | 6,196,080 | |||||
24,951,770 | |||||||||
Maine - .1% | |||||||||
Maine Health and Higher Educational Facilities Authority, | 5.00 | 7/1/39 | 1,475,000 | 1,659,272 | |||||
Maryland - 3.4% | |||||||||
Anne Arundel County, | 5.00 | 4/1/29 | 4,640,000 | 5,275,541 | |||||
Anne Arundel County, | 5.00 | 4/1/30 | 4,640,000 | 5,273,174 | |||||
Cecil County, | 5.00 | 8/1/27 | 3,085,000 | 3,719,677 | |||||
Maryland, | 4.00 | 6/1/27 | 10,000,000 | 10,880,400 | |||||
Maryland Department of Transportation, | 4.00 | 11/1/27 | 10,000,000 | 10,870,400 | |||||
Maryland Economic Development Corporation, | 5.00 | 3/31/24 | 6,000,000 | 6,541,740 |
18
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Maryland - 3.4% (continued) | |||||||||
Maryland Health and Higher Educational Facilities Authority, | 5.00 | 5/15/42 | 2,500,000 | 2,771,975 | |||||
Maryland Health and Higher Educational Facilities Authority, | 5.00 | 7/1/31 | 1,000,000 | 1,149,390 | |||||
Maryland Health and Higher Educational Facilities Authority, | 5.00 | 7/1/33 | 1,000,000 | 1,142,430 | |||||
Maryland Health and Higher Educational Facilities Authority, | 5.00 | 7/1/34 | 1,300,000 | 1,479,543 | |||||
Montgomery County, | 4.00 | 12/1/30 | 12,000,000 | 12,732,960 | |||||
Montgomery County, | 5.00 | 11/1/24 | 10,000,000 | a | 11,760,300 | ||||
73,597,530 | |||||||||
Massachusetts - 3.4% | |||||||||
Massachusetts, | 4.00 | 6/1/46 | 10,000,000 | 10,318,900 | |||||
Massachusetts, | 4.50 | 12/1/43 | 15,000,000 | 16,144,200 | |||||
Massachusetts, | 5.50 | 10/1/20 | 3,285,000 | 3,606,700 | |||||
Massachusetts, | 1.65 | 11/1/18 | 2,000,000 | c | 2,000,660 | ||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/33 | 5,000,000 | 5,508,750 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/34 | 1,000,000 | 1,115,950 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/35 | 1,000,000 | 1,111,750 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/36 | 850,000 | 941,426 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/35 | 5,000,000 | 5,159,950 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/36 | 10,000,000 | 10,294,900 | |||||
Massachusetts Development Finance Agency, | 5.00 | 5/1/44 | 2,505,000 | 2,766,772 | |||||
Massachusetts School Building Authority, | 5.00 | 2/15/35 | 3,100,000 | 3,491,437 | |||||
Massachusetts School Building Authority, | 5.00 | 2/15/36 | 3,500,000 | 3,935,785 | |||||
Massachusetts School Building Authority, | 5.00 | 2/15/37 | 1,000,000 | 1,122,760 | |||||
Massachusetts Water Pollution Abatement Trust, | 5.75 | 8/1/29 | 380,000 | 381,364 | |||||
The Commonwealth of Massachusetts, | 4.00 | 2/1/29 | 5,000,000 | 5,375,650 | |||||
73,276,954 | |||||||||
Michigan - 3.4% | |||||||||
Detroit, | 5.75 | 7/1/22 | 7,000,000 | 7,102,480 | |||||
Michigan Building Authority, | 5.00 | 10/15/22 | 2,400,000 | 2,705,952 | |||||
Michigan Building Authority, | 5.00 | 10/15/29 | 10,000,000 | 11,325,200 | |||||
Michigan Building Authority, | 5.00 | 10/15/33 | 5,000,000 | 5,601,250 | |||||
Michigan Finance Authority, | 5.00 | 12/1/34 | 5,000,000 | 5,721,250 |
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Michigan - 3.4% (continued) | |||||||||
Michigan Finance Authority, | 5.00 | 12/1/35 | 5,750,000 | 6,553,677 | |||||
Michigan Finance Authority, | 5.00 | 12/1/31 | 10,000,000 | 11,056,300 | |||||
Michigan Finance Authority, | 5.00 | 12/1/35 | 5,000,000 | 5,492,050 | |||||
Michigan Finance Authority, | 5.00 | 12/1/39 | 7,095,000 | 7,717,515 | |||||
Michigan Finance Authority, | 5.00 | 7/1/26 | 1,875,000 | 2,124,338 | |||||
Michigan Finance Authority, | 5.00 | 7/1/27 | 3,000,000 | 3,385,890 | |||||
Michigan Finance Authority, | 5.00 | 7/1/28 | 2,500,000 | 2,809,225 | |||||
Michigan Finance Authority, | 5.00 | 7/1/26 | 2,500,000 | 2,832,450 | |||||
74,427,577 | |||||||||
Minnesota - .7% | |||||||||
Minneapolis, | 6.63 | 11/15/18 | 12,000,000 | a | 12,436,680 | ||||
Minnesota Housing Finance Agency Residential Housing Finance, | 4.00 | 7/1/47 | 1,945,000 | 2,052,286 | |||||
Western Minnesota Municipal Power Agency, | 5.00 | 1/1/22 | 1,500,000 | 1,668,615 | |||||
16,157,581 | |||||||||
Mississippi - .7% | |||||||||
Mississippi, | 5.00 | 10/1/30 | 8,000,000 | 9,396,320 | |||||
Mississippi, | 5.00 | 10/1/31 | 4,600,000 | 5,386,094 | |||||
Southern Mississippi Educational Building Corporation, | 5.00 | 9/1/24 | 450,000 | 519,705 | |||||
Southern Mississippi Educational Building Corporation, | 5.00 | 9/1/25 | 250,000 | 291,930 | |||||
Southern Mississippi Educational Building Corporation, | 5.00 | 9/1/26 | 550,000 | 648,681 | |||||
16,242,730 | |||||||||
Missouri - 2.0% | |||||||||
Kansas City Sanitation Sewer System, | 5.00 | 1/1/23 | 775,000 | 850,524 | |||||
Kansas City Sanitation Sewer System, | 5.00 | 1/1/25 | 800,000 | 898,168 | |||||
Kansas City Sanitation Sewer System, | 5.00 | 1/1/27 | 700,000 | 797,139 | |||||
Kansas City Sanitation Sewer System, | 5.00 | 1/1/29 | 525,000 | 600,065 |
20
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Missouri - 2.0% (continued) | |||||||||
Kansas City Sanitation Sewer System, | 5.00 | 1/1/31 | 525,000 | 594,227 | |||||
Kansas City Sanitation Sewer System, | 5.00 | 1/1/33 | 475,000 | 533,211 | |||||
Kansas City Sanitation Sewer System, | 5.00 | 1/1/34 | 350,000 | 391,423 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/21 | 1,505,000 | 1,663,567 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/23 | 2,125,000 | 2,441,115 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 1/1/26 | 750,000 | 857,903 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/21 | 45,000 | 49,618 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/22 | 65,000 | 73,164 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/23 | 75,000 | 85,871 | |||||
Missouri Health & Educational Facilities Authority, | 4.00 | 11/15/36 | 1,300,000 | 1,353,027 | |||||
Missouri Health & Educational Facilities Authority, | 4.00 | 11/15/37 | 1,250,000 | 1,287,488 | |||||
Missouri Health and Educational Facilities Authority, | 5.00 | 10/1/38 | 2,000,000 | 2,252,040 | |||||
Missouri Highways and Transportation Commission, | 5.00 | 5/1/23 | 25,625,000 | 29,351,131 | |||||
44,079,681 | |||||||||
Montana - .2% | |||||||||
Montana Board of Housing, | 3.50 | 6/1/44 | 4,480,000 | 4,682,317 | |||||
Nebraska - .2% | |||||||||
Omaha Public Power District Electric System, | 5.00 | 2/1/34 | 3,500,000 | 4,055,590 | |||||
Nevada - .7% | |||||||||
Clark County School District, | 5.00 | 6/15/26 | 7,765,000 | 8,970,516 | |||||
Clark County School District, | 5.00 | 6/15/36 | 5,000,000 | 5,531,800 | |||||
14,502,316 | |||||||||
New Jersey - 4.9% | |||||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/21 | 10,000,000 | 10,826,400 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/24 | 5,000,000 | 5,447,500 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/20 | 5,000,000 | 5,281,600 | |||||
New Jersey Economic Development Authority, | 5.50 | 12/15/19 | 1,410,000 | 1,493,557 |
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
New Jersey - 4.9% (continued) | |||||||||
New Jersey Economic Development Authority, | 5.25 | 12/15/20 | 5,000,000 | 5,377,450 | |||||
New Jersey Economic Development Authority, | 5.00 | 3/1/25 | 13,000,000 | 14,066,520 | |||||
New Jersey Economic Development Authority, | 5.50 | 9/1/23 | 10,000,000 | 11,301,600 | |||||
New Jersey Educational Facilities Authority, | 7.50 | 6/1/19 | 3,750,000 | a | 4,020,525 | ||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/22 | 1,830,000 | 2,055,346 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/24 | 3,005,000 | 3,341,921 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/19 | 2,000,000 | 2,088,320 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/24 | 1,000,000 | 1,129,250 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/25 | 1,060,000 | 1,203,757 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/26 | 1,000,000 | 1,137,730 | |||||
New Jersey Transportation Trust Fund Authority, | 5.25 | 12/15/21 | 3,000,000 | 3,273,450 | |||||
New Jersey Transportation Trust Fund Authority, | 5.50 | 6/15/31 | 5,000,000 | 5,350,900 | |||||
New Jersey Transportation Trust Fund Authority, | 5.50 | 12/15/21 | 10,000,000 | 11,057,800 | |||||
New Jersey Transportation Trust Fund Authority, | 5.75 | 6/15/25 | 4,245,000 | 4,925,389 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/19 | 10,000,000 | 10,360,600 | |||||
Rutgers The State University, | 5.00 | 5/1/21 | 2,000,000 | 2,194,640 | |||||
105,934,255 | |||||||||
New Mexico - .2% | |||||||||
New Mexico Municipal Energy Acquisition Authority, | 5.00 | 8/1/19 | 5,000,000 | 5,226,600 | |||||
New York - 12.9% | |||||||||
Brooklyn Arena Local Development Corporation, | 4.00 | 7/15/32 | 750,000 | 786,525 | |||||
Brooklyn Arena Local Development Corporation, | 4.00 | 7/15/33 | 900,000 | 939,618 | |||||
Brooklyn Arena Local Development Corporation, | 4.00 | 7/15/34 | 1,000,000 | 1,041,690 | |||||
Hudson Yards Infrastructure Corporation Second Indenture, | 5.00 | 2/15/32 | 7,000,000 | 8,091,930 | |||||
Long Island Power Authority, | 5.00 | 9/1/47 | 1,500,000 | 1,692,105 | |||||
Metropolitan Transportation Authority, | 5.25 | 11/15/33 | 5,000,000 | 6,001,350 |
22
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
New York - 12.9% (continued) | |||||||||
Metropolitan Transportation Authority, | 5.00 | 11/15/26 | 5,000,000 | 5,911,950 | |||||
Metropolitan Transportation Authority, | 4.00 | 11/15/38 | 10,000,000 | 10,318,800 | |||||
Metropolitan Transportation Authority, | 6.50 | 11/15/28 | 2,250,000 | 2,331,203 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/31 | 10,000,000 | 11,513,200 | |||||
Metropolitan Transportation Authority, | 6.50 | 11/15/18 | 9,030,000 | a | 9,357,879 | ||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, | 5.00 | 11/15/51 | 5,000,000 | 5,431,900 | |||||
Monroe County Industrial Development Corporation, | 5.00 | 7/1/30 | 2,000,000 | 2,357,220 | |||||
Nassau County, | 5.00 | 4/1/35 | 4,845,000 | 5,478,484 | |||||
New York City, | 5.00 | 8/1/23 | 5,000,000 | 5,727,250 | |||||
New York City, | 5.00 | 8/1/24 | 5,000,000 | 5,800,650 | |||||
New York City, | 5.00 | 8/1/26 | 5,660,000 | 6,315,485 | |||||
New York City, | 5.00 | 8/1/28 | 16,000,000 | 17,587,200 | |||||
New York City, | 5.25 | 3/1/35 | 7,000,000 | 8,321,530 | |||||
New York City Transitional Finance Authority, | 5.00 | 2/1/34 | 7,000,000 | 7,953,190 | |||||
New York City Transitional Finance Authority, | 5.00 | 11/1/38 | 4,015,000 | 4,532,855 | |||||
New York City Transitional Finance Authority, | 5.00 | 2/1/23 | 8,325,000 | 9,075,332 | |||||
New York Counties Tobacco Trust VI, | 5.00 | 6/1/45 | 2,000,000 | 2,127,640 | |||||
New York Liberty Development Corporation, | 5.15 | 11/15/34 | 3,500,000 | e | 3,826,900 | ||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 11,400,000 | e | 12,063,822 | ||||
New York State Dormitory Authority, | 5.00 | 10/1/41 | 7,500,000 | 8,161,800 | |||||
New York State Dormitory Authority, | 5.75 | 7/1/18 | 45,000 | 45,679 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/31 | 5,165,000 | 5,874,929 | |||||
New York State Dormitory Authority, | 5.00 | 2/15/33 | 25,000,000 | 28,622,500 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/34 | 2,500,000 | 2,830,175 | |||||
New York State Thruway Authority, | 5.00 | 1/1/32 | 3,000,000 | 3,413,610 | |||||
New York State Urban Development Corporation, | 5.00 | 3/15/23 | 10,845,000 | 12,346,056 | |||||
New York State Urban Development Corporation, | 5.00 | 3/15/25 | 5,000,000 | 5,851,100 | |||||
New York State Urban Development Corporation, | 5.00 | 3/15/29 | 10,000,000 | 11,251,600 |
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
New York - 12.9% (continued) | |||||||||
New York Transportation Development Corporation, | 5.00 | 7/1/41 | 2,000,000 | 2,180,800 | |||||
New York Transportation Development Corporation, | 5.00 | 7/1/46 | 2,500,000 | 2,715,600 | |||||
Port Authority of New York and New Jersey, | 5.00 | 11/15/31 | 4,205,000 | 4,954,794 | |||||
Port Authority of New York and New Jersey, | 5.00 | 11/15/32 | 3,845,000 | 4,519,913 | |||||
Sales Tax Asset Receivable Corporation, | 5.00 | 10/15/29 | 6,370,000 | 7,403,341 | |||||
Suffolk County, | 4.00 | 2/1/24 | 5,000,000 | 5,429,900 | |||||
Suffolk County, | 4.00 | 10/15/27 | 5,000,000 | 5,428,050 | |||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/29 | 10,000,000 | b | 6,794,300 | ||||
TSASC, Inc. of New York, | 5.00 | 6/1/23 | 5,000,000 | 5,671,500 | |||||
Utility Debt Securitization Authority of New York, | 5.00 | 12/15/26 | 2,500,000 | 2,885,625 | |||||
280,966,980 | |||||||||
North Carolina - .3% | |||||||||
North Carolina Medical Care Commission, | 5.00 | 10/1/26 | 1,000,000 | 1,187,720 | |||||
North Carolina Medical Care Commission, | 5.00 | 10/1/28 | 1,030,000 | 1,222,095 | |||||
North Carolina Medical Care Commission, | 5.00 | 10/1/29 | 1,725,000 | 2,030,825 | |||||
North Carolina Medical Care Commission, | 5.00 | 10/1/30 | 780,000 | 913,294 | |||||
North Carolina Municipal Power Agency Number 1, | 5.00 | 1/1/24 | 1,585,000 | 1,628,714 | |||||
6,982,648 | |||||||||
Ohio - 1.4% | |||||||||
Board of Education of the Winton Woods City School District, | 5.00 | 5/1/22 | 1,750,000 | a | 1,969,153 | ||||
Board of Education of the Winton Woods City School District, | 5.00 | 5/1/22 | 2,590,000 | a | 2,914,346 | ||||
Columbus, | 5.00 | 7/1/21 | 3,005,000 | 3,315,447 | |||||
Hamilton County, | 5.00 | 12/1/26 | 3,500,000 | 4,018,105 | |||||
Montgomery County, | 6.00 | 10/1/23 | 3,055,000 | 3,124,959 | |||||
Ohio Housing Finance Agency, | 4.00 | 3/1/47 | 6,470,000 | 6,799,129 | |||||
Ohio Housing Finance Agency, | 4.50 | 3/1/47 | 2,450,000 | 2,632,917 | |||||
Revere Local School District, | 5.00 | 6/1/22 | 2,500,000 | a | 2,819,075 | ||||
Revere Local School District, | 5.00 | 6/1/22 | 2,100,000 | a | 2,368,023 | ||||
29,961,154 |
24
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Oklahoma - .8% | |||||||||
Oklahoma Turnpike Authority, | 5.00 | 1/1/31 | 7,500,000 | 8,249,775 | |||||
Oklahoma Turnpike Authority, | 5.00 | 1/1/32 | 3,000,000 | 3,292,980 | |||||
Oklahoma Turnpike Authority, | 4.00 | 1/1/31 | 6,375,000 | 6,820,102 | |||||
18,362,857 | |||||||||
Oregon - .2% | |||||||||
Oregon Housing and Community Services Department, | 4.00 | 1/1/47 | 4,550,000 | 4,796,428 | |||||
Pennsylvania - 9.2% | |||||||||
Berks County Industrial Development Authority, | 4.00 | 11/1/32 | 1,400,000 | 1,434,958 | |||||
Chester County Health and Education Facilities Authority Health System, | 4.00 | 10/1/37 | 2,105,000 | 2,169,224 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/30 | 4,000,000 | 4,509,040 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/31 | 3,500,000 | 3,929,380 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/33 | 3,250,000 | 3,616,242 | |||||
Geisinger Authority, | 5.00 | 2/15/34 | 2,000,000 | 2,271,620 | |||||
Pennsylvania, | 5.00 | 8/15/21 | 7,210,000 | 7,907,856 | |||||
Pennsylvania, | 5.00 | 6/15/22 | 5,220,000 | 5,798,741 | |||||
Pennsylvania, | 5.00 | 3/15/31 | 5,000,000 | 5,619,900 | |||||
Pennsylvania, | 5.00 | 4/1/23 | 11,520,000 | a | 13,181,530 | ||||
Pennsylvania, | 5.00 | 6/1/22 | 7,540,000 | a | 8,502,330 | ||||
Pennsylvania, | 5.00 | 11/15/21 | 5,000,000 | a | 5,581,950 | ||||
Pennsylvania, | 5.00 | 8/15/23 | 10,000,000 | 11,277,700 | |||||
Pennsylvania, | 4.00 | 1/1/30 | 12,000,000 | 12,657,360 | |||||
Pennsylvania Economic Development Financing Authority, | 4.00 | 11/15/35 | 6,000,000 | 6,170,040 | |||||
Pennsylvania Economic Development Financing Authority, | 4.00 | 11/15/36 | 3,750,000 | 3,847,012 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/24 | 5,000,000 | 5,815,000 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/29 | 5,000,000 | 5,760,300 | |||||
Pennsylvania Housing Finance Agency, | 4.00 | 10/1/46 | 2,670,000 | 2,817,998 | |||||
Pennsylvania Turnpike Commission, | 4.00 | 12/1/37 | 5,000,000 | 5,003,750 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/22 | 5,110,000 | a | 5,810,734 | ||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/38 | 10,000,000 | 11,159,200 |
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Pennsylvania - 9.2% (continued) | |||||||||
Pennsylvania Turnpike Commission, | 5.00 | 6/1/33 | 10,000,000 | 11,387,600 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/35 | 7,085,000 | 7,962,123 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/20 | 3,675,000 | 3,978,445 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/21 | 3,740,000 | 4,128,773 | |||||
Philadelphia Authority for Industrial Development Hospital, | 4.00 | 7/1/35 | 1,575,000 | 1,634,630 | |||||
Philadelphia Authority for Industrial Development Hospital, | 4.00 | 7/1/36 | 3,750,000 | 3,876,862 | |||||
Philadelphia Authority for Industrial Development Hospital, | 4.00 | 7/1/37 | 3,500,000 | 3,604,370 | |||||
Pittsburgh Water & Sewer Authority, | 5.00 | 9/1/26 | 10,000,000 | 11,678,100 | |||||
State Public School Building Authority, | 5.00 | 4/1/22 | 1,000,000 | 1,090,710 | |||||
State Public School Building Authority, | 5.00 | 4/1/25 | 2,750,000 | 2,964,087 | |||||
State Public School Building Authority, | 5.00 | 6/1/25 | 5,000,000 | 5,639,850 | |||||
State Public School Building Authority, | 5.00 | 6/1/31 | 5,000,000 | 5,501,300 | |||||
West Mifflin Area School District, | 5.00 | 4/1/27 | 1,140,000 | 1,277,438 | |||||
West Mifflin Area School District, | 5.00 | 4/1/28 | 1,000,000 | 1,114,250 | |||||
200,680,403 | |||||||||
South Carolina - .9% | |||||||||
Growth Remedy Opportunity Without Tax Hike, | 5.00 | 12/1/28 | 1,750,000 | 1,986,810 | |||||
Growth Remedy Opportunity Without Tax Hike, | 5.00 | 12/1/29 | 2,000,000 | 2,266,040 | |||||
Lexington County Health Services District, | 4.00 | 11/1/30 | 1,000,000 | 1,058,330 | |||||
Lexington County Health Services District, | 4.00 | 11/1/31 | 1,000,000 | 1,049,450 | |||||
Lexington County Health Services District, | 4.00 | 11/1/32 | 750,000 | 784,253 | |||||
South Carolina Public Service Authority, | 5.00 | 12/1/30 | 3,315,000 | 3,734,115 | |||||
South Carolina Public Service Authority, | 5.00 | 12/1/22 | 7,500,000 | 8,405,475 | |||||
19,284,473 | |||||||||
South Dakota - .1% | |||||||||
South Dakota Educational Enhancement Funding Corporation, | 5.00 | 6/1/25 | 1,800,000 | 1,997,496 | |||||
South Dakota Educational Enhancement Funding Corporation, | 5.00 | 6/1/27 | 500,000 | 550,235 | |||||
2,547,731 |
26
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Tennessee - .8% | |||||||||
Clarksville Natural Gas Acquisition Corporation, | 5.00 | 12/15/20 | 1,690,000 | 1,825,251 | |||||
Tennessee Energy Acquisition Corporation, | 4.00 | 5/1/23 | 10,000,000 | 10,667,200 | |||||
Tennessee Housing Development Agency, | 3.50 | 1/1/47 | 2,690,000 | 2,803,222 | |||||
Tennessee Housing Development Agency, | 4.00 | 1/1/42 | 1,950,000 | 2,076,731 | |||||
17,372,404 | |||||||||
Texas - 9.8% | |||||||||
Arlington Higher Education Finance Corporation, | 4.00 | 12/1/42 | 2,760,000 | 2,835,127 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 2/15/42 | 1,000,000 | 1,130,830 | |||||
City of Arlington TX, | 5.00 | 2/15/34 | 4,180,000 | 4,709,439 | |||||
Clifton Higher Education Finance Corporation, | 5.00 | 8/15/23 | 1,100,000 | 1,235,179 | |||||
Culberson County-Allamoore Independent School District, | 4.00 | 2/15/41 | 1,300,000 | 1,313,481 | |||||
Dallas and Fort Worth, | 5.00 | 11/1/31 | 5,000,000 | 5,488,250 | |||||
Dallas and Fort Worth, | 5.00 | 11/1/26 | 3,000,000 | 3,238,770 | |||||
Dallas and Fort Worth, | 5.00 | 11/1/27 | 3,400,000 | 3,666,900 | |||||
Dallas Area Rapid Transit, | 5.00 | 12/1/22 | 5,700,000 | 6,467,790 | |||||
Dallas Area Rapid Transit Senior Lien Sales Tax, | 5.00 | 12/1/41 | 5,305,000 | 5,990,300 | |||||
El Paso, | 5.00 | 3/1/22 | 1,000,000 | 1,118,780 | |||||
Forney Independent School District, | 5.00 | 8/15/27 | 2,200,000 | 2,542,716 | |||||
Forney Independent School District, | 5.75 | 8/15/18 | 1,000,000 | a | 1,019,550 | ||||
Harris County Cultural Education Facilities Finance Corp., | 4.00 | 11/15/32 | 2,170,000 | 2,293,299 | |||||
Harris County Flood Control District, | 5.00 | 10/1/26 | 10,000,000 | 11,706,500 | |||||
Harris County-Houston Sports Authority, | 5.00 | 11/15/22 | 6,500,000 | 7,352,150 | |||||
Houston, | 5.00 | 5/15/21 | 5,000,000 | 5,494,000 | |||||
Houston, | 5.00 | 3/1/29 | 5,000,000 | 5,830,600 | |||||
Houston Community College System, | 5.00 | 2/15/32 | 8,200,000 | 9,177,686 | |||||
Houston Community College System, | 5.00 | 2/15/21 | 2,250,000 | 2,461,567 | |||||
New Hope Cultural Educational Facilities Finance Corp., | 4.00 | 8/15/33 | 2,000,000 | 2,096,280 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/26 | 10,000,000 | 11,342,400 |
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Texas - 9.8% (continued) | |||||||||
North Texas Tollway Authority, | 5.00 | 1/1/29 | 2,885,000 | 3,315,298 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/40 | 5,000,000 | 5,444,000 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/30 | 3,000,000 | 3,433,860 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/30 | 1,750,000 | 1,995,193 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/31 | 2,120,000 | 2,417,033 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/31 | 1,875,000 | 2,127,900 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/38 | 3,000,000 | 3,303,270 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/30 | 3,000,000 | 3,379,800 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/31 | 11,415,000 | 12,807,630 | |||||
San Antonio Independent School District, | 5.00 | 2/15/23 | 9,535,000 | 10,838,816 | |||||
Texas, | 5.00 | 10/1/36 | 10,000,000 | 11,434,300 | |||||
Texas Municipal Power Agency, | 5.00 | 9/1/42 | 1,750,000 | 1,871,520 | |||||
Texas Municipal Power Agency, | 5.00 | 9/1/47 | 2,500,000 | 2,670,450 | |||||
Texas Public Finance Authority, | 5.00 | 10/1/23 | 4,220,000 | 4,681,541 | |||||
Texas Public Finance Authority, | 5.00 | 10/1/21 | 5,165,000 | a | 5,710,940 | ||||
Texas Transportation Commission, | 5.00 | 10/1/24 | 4,000,000 | 4,634,120 | |||||
Texas Transportation Commission, | 5.00 | 4/1/24 | 10,000,000 | 11,579,100 | |||||
Texas Water Development Board, | 5.00 | 10/15/45 | 21,165,000 | 23,874,755 | |||||
214,031,120 | |||||||||
Utah - .6% | |||||||||
Salt Lake City, | 5.00 | 7/1/29 | 2,500,000 | 2,880,025 | |||||
Salt Lake City, | 5.00 | 7/1/30 | 2,000,000 | 2,291,800 | |||||
Salt Lake City, | 5.00 | 7/1/31 | 2,400,000 | 2,739,744 | |||||
Utah Associated Municipal Power Systems, | 5.00 | 4/1/22 | 5,675,000 | 6,252,091 | |||||
14,163,660 | |||||||||
Vermont - .6% | |||||||||
Burlington, | 5.00 | 11/1/37 | 1,000,000 | 1,122,920 | |||||
Vermont Educational & Health Buildings Financing Agency, | 5.00 | 12/1/32 | 10,000,000 | 11,326,200 | |||||
12,449,120 | |||||||||
Virginia - .5% | |||||||||
Virginia Small Business Financing Authority, | 5.00 | 7/1/34 | 9,500,000 | 10,189,415 | |||||
Washington - 2.8% | |||||||||
Energy Northwest, | 5.00 | 7/1/31 | 7,500,000 | 8,038,050 |
28
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
Washington - 2.8% (continued) | |||||||||
King County Sewer, | 5.00 | 7/1/35 | 2,050,000 | 2,381,444 | |||||
King County Sewer, | 5.00 | 7/1/36 | 2,650,000 | 3,071,429 | |||||
Port of Seattle, | 5.00 | 3/1/28 | 1,750,000 | 2,001,843 | |||||
Port of Seattle, | 5.00 | 4/1/29 | 1,000,000 | 1,141,680 | |||||
Port of Seattle, | 5.00 | 4/1/30 | 2,840,000 | 3,231,352 | |||||
Washington, | 5.00 | 9/1/22 | 5,000,000 | 5,614,600 | |||||
Washington, | 5.00 | 9/1/23 | 5,000,000 | 5,701,700 | |||||
Washington, | 5.00 | 2/1/23 | 5,315,000 | 6,047,354 | |||||
Washington, | 5.00 | 7/1/32 | 5,000,000 | 5,745,750 | |||||
Washington Health Care Facilities Authority, | 5.00 | 10/1/21 | 5,550,000 | 6,132,805 | |||||
Washington Health Care Facilities Authority, | 5.00 | 10/1/31 | 2,000,000 | 2,360,280 | |||||
Washington Health Care Facilities Authority, | 5.00 | 10/1/32 | 2,500,000 | 2,942,925 | |||||
Washington Health Care Facilities Authority, | 5.00 | 8/15/25 | 1,700,000 | 1,937,711 | |||||
Washington Health Care Facilities Authority, | 5.00 | 8/15/26 | 2,000,000 | 2,290,240 | |||||
Washington Health Care Facilities Authority, | 5.00 | 8/15/27 | 2,175,000 | 2,503,642 | |||||
61,142,805 | |||||||||
West Virginia - 1.0% | |||||||||
West Virginia Economic Development Authority, | 5.00 | 6/1/28 | 10,000,000 | 11,077,700 | |||||
West Virginia Economic Development Authority, | 5.00 | 6/1/29 | 10,000,000 | 11,060,600 | |||||
22,138,300 | |||||||||
Wisconsin - 1.5% | |||||||||
Wisconsin, | 4.00 | 5/1/34 | 12,415,000 | 13,120,420 | |||||
Wisconsin Health and Educational Facilities Authority, | 4.00 | 11/15/34 | 10,000,000 | 10,418,700 | |||||
Wisconsin Transportation, | 5.00 | 7/1/36 | 1,800,000 | 2,041,596 | |||||
Wisconsin Transportation, | 5.00 | 7/1/37 | 1,600,000 | 1,811,776 | |||||
WPPI Energy, | 5.00 | 7/1/29 | 1,000,000 | 1,136,720 | |||||
WPPI Energy, | 5.00 | 7/1/30 | 1,000,000 | 1,134,220 | |||||
WPPI Energy, | 5.00 | 7/1/31 | 1,000,000 | 1,132,360 | |||||
WPPI Energy, | 5.00 | 7/1/32 | 500,000 | 565,245 | |||||
WPPI Energy, | 5.00 | 7/1/33 | 2,000,000 | 2,257,260 | |||||
33,618,297 |
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.2% (continued) | |||||||||
U.S. Related - .4% | |||||||||
A.B. Won International Airport Authority of Guam, | 5.50 | 10/1/33 | 1,000,000 | 1,114,500 | |||||
Guam, | 5.00 | 12/1/28 | 2,000,000 | 2,234,880 | |||||
Guam, | 5.00 | 12/1/29 | 2,000,000 | 2,223,640 | |||||
Puerto Rico Electric Power Authority, | 5.25 | 7/1/18 | 5,000,000 | d | 1,881,250 | ||||
Puerto Rico Sales Tax Financing Corporation, | 6.75 | 8/1/32 | 5,000,000 | d | 900,000 | ||||
Puerto Rico Sales Tax Financing Corporation, | 0/6.25 | 8/1/33 | 2,500,000 | f | 367,525 | ||||
8,721,795 | |||||||||
Total Long-Term Municipal Investments | 2,162,756,746 | ||||||||
Short-Term Municipal Investments - .7% | |||||||||
Florida - .1% | |||||||||
Pinellas County Health Facilities Authority, | 1.10 | 3/1/18 | 1,100,000 | g | 1,100,000 | ||||
Illinois - .1% | |||||||||
Illinois Finance Authority, | 1.10 | 3/1/18 | 1,800,000 | g | 1,800,000 | ||||
Kansas - .0% | |||||||||
Kansas Development Finance Authority, | 1.11 | 3/1/18 | 100,000 | g | 100,000 | ||||
Mississippi - .0% | |||||||||
Mississippi Business Finance Corporation, | 1.11 | 3/1/18 | 1,100,000 | g | 1,100,000 | ||||
New York - .2% | |||||||||
Metropolitan Transportation Authority, | 1.11 | 3/1/18 | 3,000,000 | g | 3,000,000 | ||||
New York State Housing Finance Agency, | 1.13 | 3/1/18 | 1,500,000 | g | 1,500,000 | ||||
4,500,000 | |||||||||
Tennessee - .3% | |||||||||
Clarksville Public Building Authority, | 1.24 | 3/1/18 | 2,700,000 | g | 2,700,000 | ||||
Clarksville Public Building Authority, | 1.24 | 3/1/18 | 1,200,000 | g | 1,200,000 |
30
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Short-Term Municipal Investments - .7% (continued) | |||||||||
Tennessee - .3% (continued) | |||||||||
Montgomery County Public Building Authority, | 1.24 | 3/1/18 | 1,600,000 | g | 1,600,000 | ||||
5,500,000 | |||||||||
Total Short-Term Municipal Investments | 14,100,000 | ||||||||
Total Investments (cost $2,161,144,910) | 99.9% | 2,176,856,746 | |||||||
Cash and Receivables (Net) | 0.1% | 3,053,383 | |||||||
Net Assets | 100.0% | 2,179,910,129 |
GO—General Obligation
LIBOR—London Interbank Offered Rate
a 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.
b Security issued with a zero coupon. Income is recognized through the accretion of discount.
c Variable rate security—rate shown is the interest rate in effect at period end.
d Non-income producing—security in default.
e Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2018, these securities were valued at $15,890,722 or .73% of net assets.
f Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
g The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
Portfolio Summary (Unaudited) † | Value (%) |
Transportation Services | 20.7 |
State/Territory | 13.0 |
Education | 11.0 |
Health Care | 9.4 |
Special Tax | 9.1 |
Utility-Water and Sewer | 7.7 |
Utility-Electric | 4.4 |
Prerefunded | 4.2 |
County | 4.0 |
Lease | 3.4 |
City | 3.3 |
Housing | 1.7 |
Industrial | 1.1 |
Multi-Family Housing | .1 |
Pollution Control | .0 |
Other | 6.8 |
99.9 |
† Based on net assets.
See notes to financial statements.
31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.0% | |||||||||
Alabama - 1.7% | |||||||||
Black Belt Energy Gas District, | 4.00 | 6/1/21 | 14,435,000 | 15,258,517 | |||||
Arizona - 1.0% | |||||||||
Arizona, | 5.00 | 10/1/19 | 7,000,000 | 7,366,520 | |||||
Coconino County Pollution Control, | 1.60 | 5/21/20 | 1,100,000 | 1,092,377 | |||||
Phoenix Union High School District Number 210, | 5.00 | 7/1/20 | 1,000,000 | 1,077,450 | |||||
9,536,347 | |||||||||
California - 2.8% | |||||||||
Bay Area Toll Authority, | 1.38 | 4/1/53 | 6,750,000 | 6,716,250 | |||||
California Municipal Finance Authority, | 5.00 | 2/1/19 | 1,000,000 | 1,027,850 | |||||
California Pollution Control Finance Authority, | 1.50 | 6/1/18 | 1,500,000 | 1,501,470 | |||||
California State University Trustees, | 3.00 | 11/1/19 | 1,690,000 | 1,717,750 | |||||
Escondido Union School District, | 4.00 | 8/1/20 | 1,250,000 | 1,324,413 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/20 | 3,000,000 | 3,200,820 | |||||
San Francisco City & County Commission International Airport, | 5.00 | 5/1/21 | 5,000,000 | 5,475,250 | |||||
South Monterey County Joint Union High School District, | 5.00 | 8/1/19 | 1,665,000 | 1,745,486 | |||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, | 5.00 | 9/1/18 | 2,750,000 | 2,796,943 | |||||
25,506,232 | |||||||||
Colorado - 1.5% | |||||||||
Colorado Educational and Cultural Facilities Authority, | 5.00 | 4/1/20 | 1,300,000 | 1,385,111 | |||||
Colorado Health Facilities Authority, | 1.88 | 11/6/19 | 5,000,000 | 4,976,600 | |||||
Regional Transportation District of Colorado, | 5.00 | 6/1/18 | 5,000,000 | 5,045,400 | |||||
University of Colorado Hospital Authority, | 4.00 | 3/1/20 | 2,000,000 | 2,066,340 | |||||
13,473,451 | |||||||||
Connecticut - 3.8% | |||||||||
Bridgeport, | 4.00 | 8/15/18 | 2,000,000 | 2,020,540 | |||||
Connecticut, | 1.84 | 6/15/18 | 11,495,000 | a | 11,504,081 | ||||
Connecticut, | 5.00 | 1/1/21 | 5,000,000 | 5,407,800 | |||||
Connecticut, | 5.00 | 1/1/22 | 5,000,000 | 5,505,650 | |||||
Connecticut Health and Educational Facilities Authority, | 5.00 | 7/1/20 | 10,000,000 | 10,767,400 | |||||
35,205,471 |
32
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.0% (continued) | |||||||||
Florida - 5.9% | |||||||||
Citizens Property Insurance Corporation, | 5.00 | 6/1/20 | 9,400,000 | 10,080,842 | |||||
Hillsborough County School Board, | 5.00 | 7/1/21 | 7,000,000 | 7,696,920 | |||||
Miami-Dade County, | 5.00 | 10/1/18 | 3,700,000 | 3,773,889 | |||||
Miami-Dade County, | 5.00 | 10/1/20 | 4,000,000 | 4,326,560 | |||||
Miami-Dade County Industrial Development Authority, | 1.45 | 8/1/18 | 5,000,000 | 4,997,700 | |||||
Orange County Health Facilities Authority, | 5.25 | 10/1/20 | 5,000,000 | 5,286,650 | |||||
Orlando Utilities Commission, | 5.00 | 10/1/20 | 2,000,000 | 2,163,800 | |||||
Orlando-Orange County Expressway Authority, | 5.00 | 7/1/21 | 5,000,000 | 5,392,050 | |||||
Palm Beach County Health Facilities Authority, | 4.00 | 11/15/19 | 2,000,000 | 2,073,760 | |||||
Palm Beach County Health Facilities Authority, | 4.00 | 11/15/20 | 2,000,000 | 2,100,360 | |||||
Palm Beach County School Board, | 5.00 | 8/1/21 | 1,525,000 | 1,684,256 | |||||
Palm Beach County School Board, | 5.00 | 8/1/22 | 1,875,000 | 2,110,631 | |||||
Putnam County Development Authority, | 5.35 | 5/1/18 | 2,250,000 | 2,264,400 | |||||
53,951,818 | |||||||||
Georgia - 1.6% | |||||||||
Burke County Development Authority, | 2.35 | 12/11/20 | 5,000,000 | 4,987,900 | |||||
Georgia Municipal Association, Inc., | 5.00 | 12/1/19 | 2,270,000 | 2,400,797 | |||||
Monroe County Development Authority, | 2.00 | 6/21/18 | 7,000,000 | 7,005,110 | |||||
14,393,807 | |||||||||
Illinois - 4.9% | |||||||||
Chicago, | 5.00 | 11/1/19 | 3,250,000 | 3,414,158 | |||||
Chicago, | 5.00 | 11/1/19 | 2,500,000 | 2,626,275 | |||||
Chicago Board of Education, | 5.00 | 12/1/19 | 2,020,000 | 2,093,427 | |||||
Chicago Board of Education, | 5.25 | 12/1/20 | 1,275,000 | 1,347,981 | |||||
Chicago Board of Education, | 5.25 | 12/1/20 | 1,175,000 | 1,242,257 | |||||
Chicago Board of Education, | 4.25 | 12/1/18 | 3,115,000 | 3,149,203 | |||||
Chicago Board of Education, | 4.25 | 12/1/18 | 1,905,000 | 1,945,329 | |||||
Cook County, | 5.00 | 11/15/20 | 890,000 | 959,393 |
33
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.0% (continued) | |||||||||
Illinois - 4.9% (continued) | |||||||||
Illinois, | 4.00 | 7/1/18 | 5,000,000 | 5,027,800 | |||||
Illinois, | 5.00 | 6/1/18 | 1,960,000 | 1,964,939 | |||||
Illinois, | 5.00 | 1/1/19 | 10,000,000 | 10,250,600 | |||||
Illinois Development Finance Authority, | 1.88 | 3/1/19 | 3,500,000 | 3,494,680 | |||||
Illinois Toll Highway Authority, | 5.00 | 12/1/18 | 2,000,000 | 2,052,080 | |||||
Railsplitter Tobacco Settlement Authority, | 5.00 | 6/1/22 | 5,000,000 | 5,532,450 | |||||
45,100,572 | |||||||||
Indiana - 1.8% | |||||||||
Indiana Health Facility Financing Authority, | 2.80 | 8/1/19 | 1,560,000 | 1,584,960 | |||||
Whiting, | 1.85 | 10/1/19 | 10,000,000 | 10,043,500 | |||||
Whiting, | 1.84 | 12/1/44 | 5,000,000 | a | 5,009,600 | ||||
16,638,060 | |||||||||
Kentucky - 1.4% | |||||||||
Kentucky, | 5.00 | 5/1/20 | 2,000,000 | 2,129,900 | |||||
Kentucky Property and Buildings Commission, | 5.00 | 11/1/20 | 10,000,000 | 10,782,300 | |||||
12,912,200 | |||||||||
Louisiana - 1.1% | |||||||||
East Baton Rouge Sewerage Commission, | 1.60 | 2/1/46 | 6,890,000 | a | 6,890,000 | ||||
Louisiana Public Facilities Authority, | 5.00 | 6/1/20 | 2,800,000 | 2,998,968 | |||||
9,888,968 | |||||||||
Maryland - .5% | |||||||||
University System of Maryland, | 1.25 | 6/1/18 | 5,000,000 | 4,993,400 | |||||
Massachusetts - 2.3% | |||||||||
Massachusetts Bay Transportation Authority, | 4.00 | 12/1/21 | 12,500,000 | 13,482,500 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/21 | 3,010,000 | 3,310,699 | |||||
Massachusetts Educational Financing Authority, | 4.00 | 7/1/18 | 2,780,000 | 2,800,350 | |||||
Massachusetts Educational Financing Authority, | 4.00 | 7/1/20 | 375,000 | 390,506 | |||||
Massachusetts Educational Financing Authority, | 4.00 | 7/1/21 | 1,000,000 | 1,051,880 | |||||
21,035,935 | |||||||||
Michigan - 4.7% | |||||||||
Michigan, | 5.00 | 3/15/20 | 3,700,000 | 3,944,089 | |||||
Michigan Building Authority, | 5.00 | 10/15/20 | 2,250,000 | 2,443,028 | |||||
Michigan Finance Authority, | 1.10 | 8/15/19 | 3,000,000 | 2,976,390 | |||||
Michigan Finance Authority, | 5.00 | 10/1/18 | 2,280,000 | 2,326,330 |
34
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.0% (continued) | |||||||||
Michigan - 4.7% (continued) | |||||||||
Michigan Finance Authority, | 5.00 | 7/1/18 | 1,500,000 | 1,517,010 | |||||
Michigan Finance Authority, | 5.00 | 7/1/18 | 1,000,000 | 1,011,340 | |||||
Michigan Finance Authority, | 5.00 | 7/1/20 | 17,325,000 | 18,106,357 | |||||
Michigan Finance Authority, | 5.00 | 7/1/21 | 10,000,000 | 10,116,000 | |||||
Michigan Strategic Fund, | 1.45 | 9/1/21 | 1,000,000 | 971,270 | |||||
43,411,814 | |||||||||
Minnesota - .8% | |||||||||
Saint Louis Park, | 5.75 | 7/1/19 | 6,690,000 | b | 7,062,098 | ||||
Mississippi - .6% | |||||||||
Mississippi, | 1.39 | 9/1/27 | 6,000,000 | a | 6,000,660 | ||||
Missouri - .4% | |||||||||
Missouri State Environmental Improvement and Energy Resources Authority, | 2.88 | 7/2/18 | 3,400,000 | 3,412,240 | |||||
Nebraska - .5% | |||||||||
Central Plains Energy Project, | 5.00 | 12/1/19 | 4,625,000 | 4,872,576 | |||||
Nevada - 1.6% | |||||||||
Clark County Nevada Airport System, | 4.00 | 7/1/19 | 3,000,000 | 3,091,140 | |||||
Clark County Nevada Airport System, | 5.00 | 7/1/20 | 3,010,000 | 3,221,663 | |||||
Clark County Pollution Control, | 1.60 | 5/21/20 | 3,000,000 | 2,973,390 | |||||
Washoe County, | 1.50 | 6/3/19 | 5,500,000 | 5,460,675 | |||||
14,746,868 | |||||||||
New Hampshire - .1% | |||||||||
New Hampshire Business Finance Authority, | 2.13 | 6/1/18 | 1,000,000 | 1,000,650 | |||||
New Jersey - 4.6% | |||||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/18 | 6,500,000 | 6,560,580 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/20 | 3,000,000 | 3,188,250 | |||||
New Jersey Economic Development Authority, | 5.00 | 12/15/18 | 1,500,000 | 1,535,595 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/19 | 10,700,000 | 11,085,842 | |||||
New Jersey Sports and Exposition Authority, | 5.00 | 9/1/18 | 3,950,000 | 4,009,724 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/21 | 5,000,000 | 5,046,150 |
35
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.0% (continued) | |||||||||
New Jersey - 4.6% (continued) | |||||||||
New Jersey Transportation Trust Fund Authority, | 5.88 | 12/15/38 | 10,835,000 | 11,145,856 | |||||
42,571,997 | |||||||||
New York - 17.2% | |||||||||
Lancaster, | 2.25 | 7/26/18 | 4,900,000 | 4,916,709 | |||||
Long Island Power Authority, | 1.75 | 5/1/33 | 10,000,000 | a | 10,004,800 | ||||
Long Island Power Authority, | 5.50 | 5/1/19 | 15,000,000 | b | 15,696,450 | ||||
Metropolitan Transportation Authority, | 5.00 | 2/15/20 | 10,000,000 | 10,597,400 | |||||
Monroe County Industrial Development Corporation, | 5.00 | 7/1/20 | 1,000,000 | 1,077,930 | |||||
Nassau County, | 5.00 | 4/1/19 | 10,000,000 | 10,378,000 | |||||
Nassau County, | 3.00 | 9/18/18 | 3,000,000 | 3,026,580 | |||||
New York City Housing Development Corp., | 1.70 | 7/1/21 | 12,150,000 | 12,071,875 | |||||
New York City Housing Development Corporation, | 1.38 | 5/1/20 | 5,000,000 | 4,977,200 | |||||
New York City Industrial Development Agency, | 2.96 | 3/1/23 | 2,000,000 | c | 1,988,900 | ||||
New York City Transitional Finance Authority Future Tax Secured Bonds, | 4.44 | 8/1/21 | 13,870,000 | 14,582,363 | |||||
New York Housing Finance Authority, | 1.50 | 5/1/21 | 5,000,000 | 4,913,250 | |||||
New York State Housing Finance Agency, | 1.00 | 11/1/19 | 3,465,000 | 3,412,575 | |||||
New York State School Districts Dormitory Authority, | 4.00 | 10/1/21 | 5,175,000 | 5,562,400 | |||||
New York State School Districts Dormitory Authority, | 4.00 | 10/1/21 | 9,555,000 | 10,242,864 | |||||
New York State Thruway Authority, | 5.00 | 5/1/19 | 15,000,000 | 15,601,350 | |||||
North Syracuse Central School District, | 2.25 | 6/28/18 | 2,000,000 | 2,005,560 | |||||
Skaneateles Central School District, | 2.25 | 7/6/18 | 2,000,000 | 2,005,880 | |||||
Triborough Bridge and Tunnel Authority, | 1.64 | 1/1/31 | 15,000,000 | a | 15,026,400 | ||||
Triborough Bridge and Tunnel Authority, | 1.53 | 1/1/19 | 250,000 | a | 250,543 | ||||
TSASC, Inc. of New York, | 4.00 | 6/1/19 | 3,000,000 | 3,080,220 | |||||
TSASC, Inc. of New York, | 5.00 | 6/1/20 | 2,500,000 | 2,666,200 | |||||
Yonkers, | 4.00 | 8/1/18 | 3,130,000 | 3,161,457 | |||||
Yonkers, | 4.00 | 9/1/18 | 1,230,000 | 1,244,809 | |||||
158,491,715 |
36
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.0% (continued) | |||||||||
North Carolina - .1% | |||||||||
North Carolina Medical Care Commission, | 5.00 | 10/1/20 | 890,000 | 963,834 | |||||
Ohio - 1.2% | |||||||||
American Municipal Power, | 5.25 | 2/15/22 | 5,040,000 | b | 5,671,764 | ||||
Hamilton County, | 4.00 | 12/1/20 | 1,280,000 | 1,358,310 | |||||
Miami University (A State University of Ohio), | 5.00 | 9/1/19 | 4,015,000 | 4,221,050 | |||||
11,251,124 | |||||||||
Oklahoma - .7% | |||||||||
Oklahoma County Independent School, | 5.00 | 7/1/20 | 3,625,000 | 3,890,241 | |||||
Oklahoma Turnpike Authority, | 4.00 | 1/1/19 | 600,000 | 612,780 | |||||
Oklahoma Turnpike Authority, | 4.00 | 1/1/20 | 2,000,000 | 2,087,700 | |||||
6,590,721 | |||||||||
Pennsylvania - 13.4% | |||||||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/20 | 3,250,000 | 3,459,430 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/21 | 3,000,000 | 3,251,940 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/22 | 3,000,000 | 3,293,970 | |||||
Commonwealth of Pennsylvania, | 5.00 | 1/15/21 | 5,000,000 | 5,410,350 | |||||
Dauphin County General Authority Health System, | 6.00 | 6/1/29 | 6,520,000 | 6,814,639 | |||||
Lehigh County Industrial Development Authority, | 1.80 | 8/15/22 | 7,000,000 | 6,763,750 | |||||
Lehigh County Industrial Development Authority, | 1.80 | 9/1/22 | 5,000,000 | 4,879,100 | |||||
Norwin School District, | 4.00 | 11/15/20 | 1,325,000 | 1,401,890 | |||||
Pennsylvania, | 5.00 | 8/15/19 | 4,995,000 | 5,237,158 | |||||
Pennsylvania, | 5.00 | 1/1/21 | 5,000,000 | 5,404,900 | |||||
Pennsylvania, | 5.00 | 8/15/22 | 9,000,000 | 10,026,810 | |||||
Pennsylvania Economic Development Financing Authority, | 4.00 | 6/30/18 | 4,000,000 | 4,026,800 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 6/30/19 | 2,500,000 | 2,595,050 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 12/31/19 | 2,000,000 | 2,100,980 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 6/30/20 | 2,000,000 | 2,124,460 | |||||
Pennsylvania Economic Development Financing Authority, | 1.70 | 8/3/20 | 3,000,000 | 2,995,740 | |||||
Pennsylvania Economic Development Financing Authority, | 2.25 | 7/1/19 | 5,000,000 | 5,032,700 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 7/1/20 | 3,720,000 | 3,890,822 |
37
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.0% (continued) | |||||||||
Pennsylvania - 13.4% (continued) | |||||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/20 | 11,030,000 | 11,811,586 | |||||
Pennsylvania Turnpike Commission, | 1.89 | 12/1/45 | 5,000,000 | a | 5,008,700 | ||||
Philadelphia, | 5.00 | 8/1/21 | 4,000,000 | 4,389,840 | |||||
Philadelphia, | 5.00 | 1/1/20 | 6,150,000 | 6,517,585 | |||||
Philadelphia School District, | 5.00 | 9/1/18 | 5,350,000 | 5,433,834 | |||||
Pittsburgh, | 5.00 | 9/1/18 | 7,000,000 | 7,122,290 | |||||
Pittsburgh Water & Sewer Authority, | 1.75 | 9/1/40 | 2,500,000 | a | 2,508,175 | ||||
State Public School Building Authority, | 1.86 | 9/1/24 | 2,365,000 | a | 2,374,862 | ||||
123,877,361 | |||||||||
Rhode Island - .7% | |||||||||
Rhode Island Commerce Corporation, | 5.00 | 6/15/19 | 2,000,000 | 2,087,220 | |||||
Rhode Island Health and Educational Building Corporation, | 5.00 | 5/15/18 | 1,250,000 | 1,257,450 | |||||
Rhode Island Health and Educational Building Corporation, | 5.00 | 5/15/19 | 1,500,000 | 1,550,925 | |||||
Rhode Island Health and Educational Building Corporation, | 5.00 | 5/15/20 | 1,500,000 | 1,587,450 | |||||
6,483,045 | |||||||||
South Carolina - .6% | |||||||||
South Carolina Public Service Authority, | 5.00 | 12/1/18 | 5,000,000 | 5,135,500 | |||||
Tennessee - 1.2% | |||||||||
Memphis-Shelby County Airport Authority, | 5.38 | 7/1/18 | 3,175,000 | 3,215,005 | |||||
Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, | 1.55 | 11/3/20 | 7,500,000 | 7,455,150 | |||||
10,670,155 | |||||||||
Texas - 12.9% | |||||||||
Alvin Independent School District, | 3.00 | 8/14/19 | 4,000,000 | 4,077,600 | |||||
Clear Creek Independent School District, | 1.35 | 8/15/18 | 2,000,000 | 1,999,100 | |||||
Corpus Christi Independent School District, | 2.00 | 8/15/19 | 5,000,000 | 5,025,700 | |||||
Cypress-Fairbanks Independent School District, | 1.40 | 8/17/20 | 4,125,000 | 4,086,472 | |||||
Dallas Independent School District, | 1.50 | 8/15/18 | 4,050,000 | 4,050,891 | |||||
Dallas Independent School District, | 5.00 | 2/15/21 | 3,000,000 | 3,266,700 |
38
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.0% (continued) | |||||||||
Texas - 12.9% (continued) | |||||||||
Eagle Mountain-Saginaw Independent School District, | 2.00 | 8/1/19 | 9,925,000 | 9,974,724 | |||||
Fort Bend Independent School District, | 0.90 | 8/1/18 | 5,375,000 | 5,362,799 | |||||
Harris County Cultural Education Facilities Finance Corporation, | 5.00 | 11/15/18 | 1,550,000 | 1,587,309 | |||||
Harris County Metropolitan Transportation Authority, | 5.00 | 11/1/21 | 10,500,000 | 11,662,245 | |||||
Houston Independent School District, | 3.00 | 6/1/19 | 5,000,000 | 5,086,650 | |||||
Lamar Consolidated Independent School District, | 1.05 | 8/15/18 | 9,300,000 | 9,283,260 | |||||
Mansfield Independent School District, | 2.50 | 8/1/21 | 3,500,000 | 3,559,780 | |||||
Matagorda County, | 1.75 | 9/1/20 | 5,000,000 | 4,937,200 | |||||
North Harris County Regional Water Authority, | 5.00 | 12/15/19 | 1,150,000 | 1,219,184 | |||||
Northside Independent School District, | 1.35 | 6/1/18 | 9,185,000 | 9,183,071 | |||||
Northside Independent School District, | 2.00 | 6/1/21 | 5,000,000 | 5,001,500 | |||||
Plano, | 5.00 | 9/1/20 | 2,125,000 | 2,296,275 | |||||
Round Rock Independent School District, | 1.50 | 8/1/40 | 9,545,000 | 9,354,100 | |||||
San Antonio Electric & Gas, | 2.00 | 12/1/21 | 5,000,000 | 4,992,750 | |||||
San Antonio Independent School District, | 2.00 | 8/1/18 | 2,770,000 | 2,776,233 | |||||
Texas, | 4.00 | 10/1/20 | 5,845,000 | 6,193,596 | |||||
Texas Municipal Gas Acquisition and Supply Corporation I, | 5.25 | 12/15/18 | 3,325,000 | 3,418,299 | |||||
118,395,438 | |||||||||
Virginia - 1.8% | |||||||||
Greater Richmond Convention Center Authority, | 5.00 | 6/15/18 | 1,750,000 | 1,767,973 | |||||
Peninsula Ports Authority of Virginia, | 1.55 | 10/1/19 | 2,750,000 | 2,739,743 | |||||
York County Economic Development Authority, | 1.88 | 5/16/19 | 12,075,000 | 12,110,017 | |||||
16,617,733 | |||||||||
Washington - 3.0% | |||||||||
Port of Seattle, | 5.00 | 2/1/19 | 5,875,000 | 6,057,066 | |||||
Port of Seattle, | 5.00 | 12/1/21 | 5,000,000 | 5,426,850 |
39
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.0% (continued) | |||||||||
Washington - 3.0% (continued) | |||||||||
Seattle, | 1.77 | 5/1/45 | 7,500,000 | a | 7,506,750 | ||||
State of Washington, | 5.00 | 7/1/20 | 4,420,000 | 4,757,069 | |||||
Washington, | 5.00 | 7/1/20 | 3,345,000 | 3,600,090 | |||||
27,347,825 | |||||||||
West Virginia - .3% | |||||||||
West Virginia Economic Development Authority, | 1.70 | 9/1/20 | 2,500,000 | 2,450,250 | |||||
Wisconsin - 1.3% | |||||||||
Muskego, | 2.25 | 9/1/18 | 1,500,000 | 1,501,005 | |||||
Wisconsin, | 4.00 | 3/1/19 | 2,340,000 | 2,399,810 | |||||
Wisconsin, | 5.00 | 5/1/22 | 6,300,000 | b | 7,062,048 | ||||
Wisconsin Health and Educational Facilities Authority, | 4.00 | 3/1/18 | 1,495,000 | 1,495,000 | |||||
Wisconsin Health and Educational Facilities Authority, | 4.00 | 3/1/18 | 5,000 | b | 5,000 | ||||
12,462,863 | |||||||||
U.S. Related - .0% | |||||||||
Puerto Rico Highways and Transportation Authority, | 5.00 | 12/31/18 | 2,885,000 | d | 346,200 | ||||
Total Long-Term Municipal Investments | 902,057,445 | ||||||||
Short-Term Municipal Investments - .6% | |||||||||
Mississippi - .1% | |||||||||
Jackson County, | 1.11 | 3/1/18 | 600,000 | e | 600,000 | ||||
New York - .5% | |||||||||
New York City, | 1.13 | 3/1/18 | 4,300,000 | e | 4,300,000 | ||||
New York State Housing Finance Agency, | 1.13 | 3/1/18 | 300,000 | e | 300,000 | ||||
New York State Housing Finance Agency, | 1.14 | 3/1/18 | 100,000 | e | 100,000 | ||||
4,700,000 |
40
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Short-Term Municipal Investments - .6% (continued) | |||||||||
Tennessee - .0% | |||||||||
Montgomery County Public Building Authority, | 1.24 | 3/1/18 | 600,000 | e | 600,000 | ||||
Total Short-Term Municipal Investments | 5,900,000 | ||||||||
Total Investments (cost $914,988,599) | 98.6% | 907,957,445 | |||||||
Cash and Receivables (Net) | 1.4% | 12,603,349 | |||||||
Net Assets | 100.0% | 920,560,794 |
LIBOR—London Interbank Offered Rate
MUNIPSA—SIFMA Municipal Swap Index Yield
a Variable rate security—rate shown is the interest rate in effect at period end.
b These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
c Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
d Non-income producing—security in default.
e The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
Portfolio Summary (Unaudited) † | Value (%) |
Transportation Services | 15.0 |
Education | 12.6 |
Utility-Electric | 8.5 |
State/Territory | 7.3 |
City | 7.2 |
Lease | 6.6 |
Special Tax | 5.7 |
Health Care | 5.0 |
Prerefunded | 4.6 |
Utility-Water and Sewer | 4.4 |
Housing | 3.2 |
Industrial | 2.6 |
County | 2.2 |
Resource Recovery | 2.2 |
Pollution Control | .4 |
Multi-Family Housing | .0 |
Other | 11.1 |
98.6 |
† Based on net assets.
See notes to financial statements.
41
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.7% | |||||||||
Florida - .9% | |||||||||
Lake County School Board, | 5.00 | 6/1/27 | 1,620,000 | 1,782,859 | |||||
Illinois - 2.0% | |||||||||
Chicago, | 5.00 | 1/1/24 | 500,000 | 540,320 | |||||
Chicago, | 5.25 | 1/1/22 | 1,285,000 | 1,393,197 | |||||
Illinois, | 5.25 | 2/1/29 | 2,000,000 | 2,082,320 | |||||
4,015,837 | |||||||||
Michigan - 1.0% | |||||||||
Michigan Finance Authority, | 5.00 | 12/1/33 | 1,850,000 | 2,039,125 | |||||
New Jersey - 2.9% | |||||||||
New Jersey Economic Development Authority, | 5.00 | 3/1/27 | 2,000,000 | 2,127,960 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/20 | 1,250,000 | 1,344,362 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/21 | 2,000,000 | 2,189,840 | |||||
5,662,162 | |||||||||
New York - 1.8% | |||||||||
New York City Transitional Finance Authority, | 5.00 | 2/1/34 | 1,000,000 | 1,136,170 | |||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 2,250,000 | a | 2,381,017 | ||||
3,517,187 | |||||||||
Pennsylvania - 87.1% | |||||||||
Allegheny County Higher Education Building Authority, | 5.00 | 3/1/26 | 750,000 | 863,430 | |||||
Allegheny County Port Authority, | 5.25 | 3/1/24 | 2,000,000 | 2,188,180 | |||||
Beaver County Hospital Authority, | 5.00 | 5/15/23 | 1,345,000 | 1,464,947 | |||||
Beaver County Hospital Authority, | 5.00 | 5/15/25 | 1,250,000 | 1,351,150 | |||||
Berks County Industrial Development Authority, | 4.00 | 11/1/33 | 1,300,000 | 1,325,038 | |||||
Berks County Municipal Authority, | 5.00 | 11/1/19 | 2,000,000 | 2,101,020 | |||||
Boyertown Area School District, | 5.00 | 10/1/34 | 1,060,000 | 1,188,271 | |||||
Boyertown Area School District, | 5.00 | 10/1/35 | 1,425,000 | 1,594,903 | |||||
Canonsburg-Houston Joint Authority, | 5.00 | 12/1/23 | 1,260,000 | 1,426,169 | |||||
Chester County Health and Education Facilities Authority, | 4.00 | 10/1/36 | 1,000,000 | 1,032,970 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/32 | 3,500,000 | 3,913,455 | |||||
Commonwealth of Pennsylvania, | 5.00 | 2/1/23 | 2,500,000 | 2,794,625 | |||||
Dallastown Area School District York County, | 5.00 | 4/15/31 | 1,400,000 | 1,600,424 | |||||
Dallastown Area School District York County, | 5.00 | 4/15/32 | 1,000,000 | 1,141,780 |
42
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Pennsylvania - 87.1% (continued) | |||||||||
Dauphin County General Authority, | 5.00 | 6/1/29 | 1,000,000 | 1,145,910 | |||||
Delaware County Authority, | 5.00 | 8/1/30 | 1,000,000 | 1,142,750 | |||||
Erie County, | 5.50 | 9/1/22 | 1,640,000 | 1,875,061 | |||||
Fox Chapel Area School District, | 5.00 | 8/1/34 | 3,190,000 | 3,548,747 | |||||
Geisinger Authority, | 5.00 | 2/15/34 | 2,085,000 | 2,368,164 | |||||
Lancaster County Hospital Authority, | 5.00 | 8/15/31 | 1,250,000 | 1,444,500 | |||||
Lancaster County Solid Waste Management Authority, | 5.00 | 12/15/33 | 1,895,000 | 2,142,127 | |||||
Lower Paxton Township, | 5.00 | 4/1/42 | 1,000,000 | 1,115,680 | |||||
Monroeville Finance Authority, | 5.00 | 2/15/25 | 1,000,000 | 1,155,870 | |||||
Montgomery County, | 5.00 | 12/15/19 | 100,000 | b | 105,924 | ||||
Montgomery County Higher Education and Health Authority, | 5.00 | 8/15/37 | 500,000 | 552,965 | |||||
Montgomery County Industrial Development Authority, | 5.50 | 8/1/20 | 995,000 | b | 1,085,276 | ||||
Montgomery County Industrial Development Authority, | 5.00 | 1/15/20 | 1,000,000 | 1,047,410 | |||||
Northhampton County General Purpose Authority, | 5.00 | 11/1/43 | 3,500,000 | 3,865,820 | |||||
Pennsylvania, | 5.00 | 9/15/23 | 1,000,000 | 1,129,050 | |||||
Pennsylvania, | 5.00 | 3/15/28 | 2,200,000 | 2,495,108 | |||||
Pennsylvania, | 5.00 | 8/15/22 | 3,060,000 | 3,409,115 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 11/1/26 | 1,000,000 | 1,091,410 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 3/1/25 | 1,000,000 | 1,096,930 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 2/1/26 | 2,455,000 | 2,816,032 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 3/15/31 | 1,000,000 | 1,142,340 | |||||
Pennsylvania Economic Development Financing Authority, | 2.25 | 7/1/19 | 5,000,000 | 5,032,700 | |||||
Pennsylvania Economic Development Financing Authority, | 4.00 | 11/15/34 | 2,000,000 | 2,063,280 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/24 | 1,310,000 | 1,523,530 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/40 | 2,000,000 | 2,234,180 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 11/1/25 | 2,010,000 | 2,171,061 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/22 | 1,500,000 | 1,670,850 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/26 | 250,000 | 268,008 |
43
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Pennsylvania - 87.1% (continued) | |||||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 4/1/26 | 1,000,000 | 1,102,110 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/32 | 2,240,000 | 2,618,157 | |||||
Pennsylvania Higher Educational Facilities Authority, | 4.00 | 8/15/36 | 1,000,000 | 1,032,600 | |||||
Pennsylvania Industrial Development Authority, | 5.00 | 7/1/21 | 3,000,000 | 3,293,610 | |||||
Pennsylvania Infrastructure Investment Authority, | 5.00 | 5/15/22 | 1,655,000 | 1,864,109 | |||||
Pennsylvania Intergovernmental Cooperation Authority, | 5.00 | 6/15/21 | 1,000,000 | 1,075,300 | |||||
Pennsylvania Intergovernmental Cooperation Authority, | 5.00 | 6/15/22 | 3,395,000 | 3,649,048 | |||||
Pennsylvania State University, | 5.00 | 9/1/33 | 1,010,000 | 1,168,721 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/38 | 2,415,000 | 2,649,545 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/22 | 1,190,000 | b | 1,353,185 | ||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/30 | 1,325,000 | 1,530,799 | |||||
Pennsylvania Turnpike Commission, | 5.25 | 7/15/25 | 2,500,000 | 2,952,650 | |||||
Pennsylvania Turnpike Commission, | 4.00 | 12/1/36 | 1,670,000 | 1,675,277 | |||||
Pennsylvania Turnpike Commission, | 4.00 | 12/1/38 | 1,250,000 | 1,264,050 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 6/1/34 | 1,000,000 | 1,130,230 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/38 | 1,230,000 | 1,372,582 | |||||
Pennsylvania Turnpike Commission, | 5.25 | 12/1/35 | 2,280,000 | 2,589,989 | |||||
Perkiomen Valley School District, | 4.00 | 3/1/28 | 3,345,000 | 3,551,888 | |||||
Philadelphia, | 5.00 | 6/15/20 | 1,750,000 | 1,871,572 | |||||
Philadelphia, | 5.00 | 8/1/29 | 1,000,000 | 1,153,190 | |||||
Philadelphia, | 5.00 | 8/1/29 | 1,000,000 | 1,153,190 | |||||
Philadelphia, | 5.00 | 8/1/30 | 1,275,000 | 1,481,614 | |||||
Philadelphia, | 5.00 | 11/1/27 | 355,000 | 395,651 | |||||
Philadelphia, | 5.00 | 11/1/22 | 2,485,000 | b | 2,815,331 | ||||
Philadelphia, | 5.00 | 7/1/31 | 2,000,000 | 2,279,740 | |||||
Philadelphia, | 5.00 | 10/1/33 | 1,250,000 | 1,435,475 | |||||
Philadelphia, | 5.00 | 1/1/36 | 2,830,000 | 3,028,496 |
44
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Pennsylvania - 87.1% (continued) | |||||||||
Philadelphia Airport, | 5.00 | 7/1/31 | 500,000 | 579,515 | |||||
Philadelphia Airport, | 5.00 | 7/1/32 | 350,000 | 404,429 | |||||
Philadelphia Airport, | 5.00 | 7/1/33 | 350,000 | 402,896 | |||||
Philadelphia Authority for Industrial Development, | 5.00 | 4/1/25 | 2,500,000 | 2,887,425 | |||||
Philadelphia Authority for Industrial Development, | 5.00 | 4/1/31 | 2,000,000 | 2,272,540 | |||||
Philadelphia Authority for Industrial Development, | 5.00 | 9/1/35 | 2,000,000 | 2,229,840 | |||||
Philadelphia School District, | 5.00 | 9/1/20 | 1,805,000 | 1,923,968 | |||||
Pittsburgh, | 5.00 | 9/1/25 | 2,000,000 | 2,235,820 | |||||
Pittsburgh, | 5.00 | 9/1/26 | 2,000,000 | 2,234,900 | |||||
Pittsburgh, | 5.00 | 9/1/36 | 700,000 | 795,123 | |||||
Pittsburgh and Allegheny County Sports & Exhibition Authority, | 5.00 | 12/15/23 | 355,000 | 402,318 | |||||
Pittsburgh and Allegheny County Sports & Exhibition Authority, | 5.00 | 12/15/24 | 500,000 | 572,520 | |||||
Pittsburgh and Allegheny County Sports & Exhibition Authority, | 5.00 | 12/15/32 | 1,000,000 | 1,127,760 | |||||
Pittsburgh Water & Sewer Authority, | 5.00 | 9/1/26 | 2,500,000 | 2,919,525 | |||||
Pittsburgh Water and Sewer Authority, | 5.00 | 9/1/23 | 2,580,000 | b | 2,969,425 | ||||
Saint Mary Hospital Authority, | 5.00 | 11/15/20 | 915,000 | b | 996,188 | ||||
Southcentral Pennsylvania General Authority, | 5.00 | 6/1/27 | 2,085,000 | 2,350,900 | |||||
Southeastern Pennsylvania Transportation Authority, | 5.00 | 6/1/21 | 2,000,000 | b | 2,204,260 | ||||
State Public School Building Authority, | 5.00 | 6/1/24 | 2,000,000 | 2,244,400 | |||||
State Public School Building Authority, | 5.00 | 4/1/31 | 2,490,000 | 2,654,215 | |||||
University Area Joint Authority Centre County, | 5.00 | 11/1/24 | 1,000,000 | 1,157,200 | |||||
Upper Merion Area School District, | 5.00 | 1/15/34 | 350,000 | 400,313 | |||||
Upper Merion Area School District, | 5.00 | 1/15/34 | 620,000 | 701,369 | |||||
Upper Merion Area School District, | 5.00 | 1/15/35 | 420,000 | 479,111 | |||||
Upper Merion Area School District, | 5.00 | 1/15/35 | 650,000 | 733,584 |
45
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.7% (continued) | |||||||||
Pennsylvania - 87.1% (continued) | |||||||||
Upper Merion Area School District, | 5.00 | 1/15/36 | 250,000 | 284,620 | |||||
Upper Merion Area School District, | 5.00 | 1/15/37 | 275,000 | 312,463 | |||||
Upper Merion Area School District, | 5.00 | 1/15/37 | 400,000 | 449,844 | |||||
Upper Moreland Township School District, | 4.00 | 10/1/33 | 780,000 | 810,147 | |||||
West Mifflin Area School District, | 5.00 | 4/1/26 | 1,000,000 | 1,120,440 | |||||
West View Borough Municipal Authority, | 5.00 | 11/15/24 | 3,000,000 | b | 3,530,970 | ||||
Westmoreland County Municipal Authority, | 5.00 | 8/15/27 | 1,500,000 | 1,732,575 | |||||
Westmoreland County Municipal Authority, | 5.00 | 8/15/28 | 1,000,000 | 1,150,670 | |||||
173,485,542 | |||||||||
U.S. Related - 3.0% | |||||||||
Guam, | 5.00 | 1/1/24 | 1,500,000 | 1,612,020 | |||||
Guam, | 5.63 | 12/1/19 | 1,000,000 | b | 1,071,030 | ||||
Puerto Rico Commonwealth, | 5.50 | 7/1/19 | 3,000,000 | 3,059,520 | |||||
Puerto Rico Infrastructure Financing Authority, | 5.00 | 7/1/21 | 3,500,000 | c | 214,375 | ||||
Puerto Rico Sales Tax Financing Corporation, | 0/6.25 | 8/1/33 | 500,000 | d | 73,505 | ||||
6,030,450 | |||||||||
Total Long-Term Municipal Investments | 196,533,162 | ||||||||
Short-Term Municipal Investments - .5% | |||||||||
Missouri - .0% | |||||||||
Health & Educational Facilities Authority of the State of Missouri, | 1.03 | 3/1/18 | 100,000 | e | 100,000 | ||||
New York - .3% | |||||||||
New York State Housing Finance Agency, | 1.13 | 3/1/18 | 400,000 | e | 400,000 | ||||
New York State Housing Finance Agency, | 1.14 | 3/1/18 | 100,000 | e | 100,000 | ||||
500,000 |
46
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Short-Term Municipal Investments - .5% (continued) | |||||||||
Tennessee - .2% | |||||||||
Clarksville Public Building Authority, | 1.24 | 3/1/18 | 400,000 | e | 400,000 | ||||
Total Short-Term Municipal Investments | 1,000,000 | ||||||||
Total Investments (cost $197,815,696) | 99.2% | 197,533,162 | |||||||
Cash and Receivables (Net) | 0.8% | 1,595,560 | |||||||
Net Assets | 100.0% | 199,128,722 |
a 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 February 28, 2018, these securities were valued at $2,381,017 or 1.2% of net assets.
b These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
c Non-income producing—security in default.
d Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
e The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
Portfolio Summary (Unaudited) † | Value (%) |
Education | 19.0 |
Health Care | 13.8 |
Transportation Services | 12.0 |
Utility-Water and Sewer | 8.4 |
Prerefunded | 8.1 |
City | 6.7 |
State/Territory | 6.5 |
Special Tax | 5.8 |
Lease | 3.9 |
County | 3.5 |
Industrial | 2.8 |
Resource Recovery | 2.5 |
Multi-Family Housing | .2 |
Other | 6.0 |
99.2 |
† Based on net assets.
See notes to financial statements.
47
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 97.9% | |||||||||
Illinois - .7% | |||||||||
Chicago, | 5.00 | 1/1/23 | 1,970,000 | 2,122,892 | |||||
Massachusetts - 91.0% | |||||||||
Berkshire Wind Power Cooperative Corporation, | 5.00 | 7/1/26 | 475,000 | 554,838 | |||||
Berkshire Wind Power Cooperative Corporation, | 5.00 | 7/1/28 | 1,000,000 | 1,168,770 | |||||
Berkshire Wind Power Cooperative Corporation, | 5.00 | 7/1/30 | 1,000,000 | 1,157,270 | |||||
Berkshire Wind Power Cooperative Corporation, | 5.25 | 1/1/20 | 750,000 | a | 800,303 | ||||
Boston Water and Sewer Commission, | 5.00 | 11/1/31 | 600,000 | 690,366 | |||||
Brookline, | 5.00 | 3/15/25 | 1,360,000 | 1,605,983 | |||||
Dedham, | 4.00 | 6/15/29 | 495,000 | 533,214 | |||||
Dedham, | 4.00 | 6/15/30 | 495,000 | 530,511 | |||||
Mansfield, | 4.00 | 5/15/29 | 815,000 | 883,346 | |||||
Mansfield, | 4.00 | 5/15/30 | 845,000 | 912,414 | |||||
Massachusetts, | 4.00 | 6/1/46 | 2,500,000 | 2,579,725 | |||||
Massachusetts, | 5.00 | 6/15/25 | 5,060,000 | 5,880,934 | |||||
Massachusetts, | 5.00 | 6/15/27 | 2,000,000 | 2,311,780 | |||||
Massachusetts, | 5.00 | 2/1/33 | 2,000,000 | 2,317,560 | |||||
Massachusetts, | 4.50 | 12/1/43 | 5,000,000 | 5,381,400 | |||||
Massachusetts, | 5.00 | 3/1/31 | 2,250,000 | 2,557,440 | |||||
Massachusetts, | 5.00 | 8/1/21 | 5,000,000 | a | 5,532,650 | ||||
Massachusetts, | 1.65 | 11/1/18 | 2,500,000 | b | 2,500,825 | ||||
Massachusetts, | 5.00 | 7/1/29 | 1,000,000 | 1,169,390 | |||||
Massachusetts Bay Transportation Authority, | 5.25 | 7/1/21 | 2,000,000 | 2,226,840 | |||||
Massachusetts Bay Transportation Authority, | 5.25 | 7/1/22 | 2,430,000 | 2,764,635 | |||||
Massachusetts Bay Transportation Authority, | 0.00 | 7/1/32 | 2,500,000 | c | 1,548,625 | ||||
Massachusetts Clean Energy Cooperative Corporation, | 5.00 | 7/1/28 | 1,250,000 | 1,407,675 | |||||
Massachusetts Clean Water Trust, | 5.00 | 2/1/35 | 990,000 | 1,126,689 | |||||
Massachusetts College Building Authority, | 5.00 | 5/1/27 | 3,000,000 | 3,403,110 | |||||
Massachusetts Department of Transportation, | 5.00 | 1/1/32 | 1,530,000 | 1,613,186 |
48
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Massachusetts - 91.0% (continued) | |||||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/25 | 545,000 | 632,020 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 350,000 | 402,038 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/40 | 1,500,000 | 1,686,675 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/37 | 1,750,000 | 1,983,275 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/23 | 400,000 | 458,960 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/23 | 765,000 | 856,624 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 475,000 | 536,983 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 500,000 | 569,935 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/26 | 500,000 | 572,810 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/44 | 2,000,000 | 2,169,520 | |||||
Massachusetts Development Finance Agency, | 4.00 | 10/1/32 | 1,000,000 | 1,052,680 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/46 | 2,000,000 | 2,257,000 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/22 | 1,000,000 | 1,119,860 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 1,000,000 | 1,148,680 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/26 | 1,000,000 | 1,167,150 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/29 | 1,000,000 | 1,138,510 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/30 | 1,000,000 | 1,131,450 | |||||
Massachusetts Development Finance Agency, | 5.00 | 12/1/32 | 1,565,000 | 1,801,581 | |||||
Massachusetts Development Finance Agency, | 5.00 | 12/1/33 | 1,500,000 | 1,720,530 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/19 | 2,000,000 | 2,050,640 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/22 | 565,000 | 618,652 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/23 | 400,000 | 445,224 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/25 | 1,000,000 | 1,138,540 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/30 | 1,000,000 | 1,117,400 | |||||
Massachusetts Development Finance Agency, | 4.00 | 10/1/46 | 1,000,000 | 980,830 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 350,000 | 397,436 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/29 | 490,000 | 553,886 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/30 | 975,000 | 1,097,129 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/47 | 1,000,000 | 982,500 | |||||
Massachusetts Development Finance Agency, | 5.00 | 8/15/27 | 1,000,000 | 1,080,840 |
49
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Massachusetts - 91.0% (continued) | |||||||||
Massachusetts Development Finance Agency, | 5.00 | 8/15/28 | 1,000,000 | 1,079,280 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 1,550,000 | 1,780,640 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/31 | 1,000,000 | 1,136,150 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/37 | 465,000 | 523,167 | |||||
Massachusetts Development Finance Agency, | 5.00 | 11/1/38 | 5,000,000 | 5,519,850 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 1,825,000 | 1,991,878 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/32 | 2,000,000 | 2,096,720 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/15/33 | 3,410,000 | 3,654,224 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/15/40 | 1,730,000 | 1,836,187 | |||||
Massachusetts Development Finance Agency, | 5.25 | 10/1/24 | 465,000 | 532,513 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/25 | 700,000 | 808,647 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/29 | 1,000,000 | 1,123,150 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 530,000 | 604,121 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 500,000 | 576,000 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 750,000 | 851,528 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/41 | 2,000,000 | 2,179,760 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/20 | 530,000 | 555,122 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 1,000,000 | 1,179,600 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/32 | 1,910,000 | 2,182,576 | |||||
Massachusetts Development Finance Agency, | 5.13 | 7/1/40 | 210,000 | 219,675 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/23 | 2,500,000 | 2,815,350 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 1,340,000 | 1,540,772 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 1,300,000 | 1,488,435 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/29 | 2,250,000 | 2,564,617 | |||||
Massachusetts Development Finance Agency, | 5.25 | 4/1/21 | 3,675,000 | a | 4,059,037 | ||||
Massachusetts Development Finance Agency, | 5.25 | 4/1/21 | 1,500,000 | a | 1,656,750 | ||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/21 | 300,000 | 327,174 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 1,000,000 | 1,135,470 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 2,375,000 | 2,722,391 |
50
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Massachusetts - 91.0% (continued) | |||||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 1,000,000 | 1,138,510 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/20 | 705,000 | 758,481 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/24 | 550,000 | 624,723 | |||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/35 | 1,000,000 | 1,085,980 | |||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/40 | 2,650,000 | 2,864,756 | |||||
Massachusetts Development Finance Agency, | 4.00 | 1/1/19 | 170,000 | 173,463 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/20 | 200,000 | 211,804 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/21 | 100,000 | 108,415 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/22 | 200,000 | 221,156 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/23 | 250,000 | 280,320 | |||||
Massachusetts Development Finance Agency, | 3.00 | 1/1/25 | 190,000 | 194,723 | |||||
Massachusetts Development Finance Agency, | 4.00 | 1/1/26 | 130,000 | 141,565 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/27 | 310,000 | 361,854 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/28 | 140,000 | 162,625 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/29 | 200,000 | 231,518 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/30 | 410,000 | 472,972 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/31 | 415,000 | 477,084 | |||||
Massachusetts Development Finance Agency, | 5.25 | 10/1/37 | 945,000 | 945,019 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/30 | 1,000,000 | 1,191,280 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/20 | 905,000 | 980,794 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/21 | 830,000 | 922,603 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/37 | 1,600,000 | 1,710,624 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/35 | 3,500,000 | 3,611,965 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/41 | 2,500,000 | 2,548,825 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/25 | 1,000,000 | 1,169,070 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/26 | 2,000,000 | 2,363,740 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/34 | 750,000 | 874,763 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/35 | 500,000 | 581,365 |
51
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Massachusetts - 91.0% (continued) | |||||||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/36 | 3,250,000 | 3,770,065 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/37 | 750,000 | 867,990 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/23 | 1,935,000 | 2,180,997 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/30 | 525,000 | 597,125 | |||||
Massachusetts Development Finance Agency, | 5.00 | 5/1/34 | 1,000,000 | 1,109,530 | |||||
Massachusetts Development Finance Agency, | 5.00 | 5/1/39 | 1,460,000 | 1,615,023 | |||||
Massachusetts Development Finance Agency, | 5.75 | 5/1/19 | 2,000,000 | a | 2,097,180 | ||||
Massachusetts Development Finance Authority, | 5.00 | 4/1/31 | 350,000 | 395,763 | |||||
Massachusetts Development Finance Authority, | 5.00 | 4/1/32 | 370,000 | 416,831 | |||||
Massachusetts Development Finance Authority, | 5.00 | 4/1/33 | 390,000 | 437,740 | |||||
Massachusetts Development Finance Authority, | 5.00 | 4/1/35 | 840,000 | 937,961 | |||||
Massachusetts Development Finance Authority, | 5.00 | 4/1/37 | 835,000 | 928,261 | |||||
Massachusetts Development Finance Authority, | 4.00 | 7/1/21 | 625,000 | 645,250 | |||||
Massachusetts Development Finance Authority, | 4.00 | 7/1/22 | 655,000 | 677,080 | |||||
Massachusetts Development Finance Authority, | 5.00 | 7/1/21 | 500,000 | 545,885 | |||||
Massachusetts Educational Financing Authority, | 5.00 | 1/1/20 | 1,400,000 | 1,470,952 | |||||
Massachusetts Educational Financing Authority, | 5.00 | 7/1/21 | 2,350,000 | 2,546,742 | |||||
Massachusetts Educational Financing Authority, | 5.00 | 7/1/24 | 2,000,000 | 2,240,000 | |||||
Massachusetts Federal Highway, | 5.00 | 6/15/27 | 2,300,000 | 2,743,026 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/32 | 125,000 | 125,375 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/37 | 360,000 | 361,080 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.13 | 11/15/19 | 1,000,000 | a | 1,059,650 | ||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 7/1/18 | 690,000 | 697,963 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.25 | 7/1/18 | 1,000,000 | a | 1,012,960 | ||||
Massachusetts Health and Educational Facilities Authority, | 5.25 | 12/1/22 | 2,750,000 | 2,835,607 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.25 | 12/1/27 | 2,000,000 | 2,060,680 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.50 | 7/1/22 | 1,800,000 | 2,071,350 |
52
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Massachusetts - 91.0% (continued) | |||||||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 7/1/23 | 3,335,000 | 3,838,418 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/24 | 1,000,000 | 1,121,820 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/24 | 2,000,000 | 2,158,540 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.63 | 10/1/29 | 3,000,000 | 3,185,730 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/30 | 3,000,000 | 3,224,430 | |||||
Massachusetts Health and Educational Facilities Authority, | 7.50 | 10/1/18 | 590,000 | a | 611,081 | ||||
Massachusetts Health and Educational Facilities Authority, | 7.50 | 10/1/18 | 410,000 | a | 424,649 | ||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 7/1/20 | 2,500,000 | a | 2,696,625 | ||||
Massachusetts Health and Educational Facilities Authority, | 6.25 | 7/1/30 | 840,000 | 882,630 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.25 | 2/15/26 | 3,130,000 | 3,757,252 | |||||
Massachusetts Housing Finance Agency, | 4.00 | 6/1/19 | 775,000 | 795,336 | |||||
Massachusetts Housing Finance Agency, | 2.95 | 12/1/32 | 1,000,000 | 916,240 | |||||
Massachusetts Housing Finance Agency, | 3.50 | 12/1/46 | 1,645,000 | 1,713,679 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/24 | 315,000 | 360,833 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/27 | 1,345,000 | 1,492,654 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/28 | 200,000 | 227,266 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/29 | 200,000 | 226,280 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/31 | 1,500,000 | 1,679,790 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/32 | 750,000 | 851,603 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/33 | 2,000,000 | 2,264,720 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/40 | 2,000,000 | 2,133,080 | |||||
Massachusetts School Building Authority, | 5.00 | 2/15/37 | 1,040,000 | 1,167,670 | |||||
Massachusetts School Building Authority, | 5.00 | 8/15/26 | 4,000,000 | 4,499,680 | |||||
Massachusetts School Building Authority, | 5.00 | 8/15/29 | 2,700,000 | 3,021,408 | |||||
Massachusetts School Building Authority, | 5.00 | 8/15/30 | 2,000,000 | 2,233,580 | |||||
Massachusetts School Building Authority, | 4.00 | 8/15/32 | 2,500,000 | 2,636,750 | |||||
Massachusetts Transportation Fund, | 5.00 | 6/1/36 | 3,300,000 | 3,733,521 | |||||
Massachusetts Turnpike Authority, | 5.00 | 1/1/20 | 1,565,000 | 1,637,178 |
53
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
Massachusetts - 91.0% (continued) | |||||||||
Massachusetts Water Pollution Abatement Trust, | 5.00 | 8/1/18 | 75,000 | 75,230 | |||||
Massachusetts Water Pollution Abatement Trust, | 5.75 | 8/1/29 | 155,000 | 155,556 | |||||
Massachusetts Water Resources Authority, | 5.00 | 8/1/21 | 500,000 | a | 552,390 | ||||
Massachusetts Water Resources Authority, | 5.25 | 8/1/26 | 3,560,000 | 4,343,912 | |||||
Metropolitan Boston Transit Parking Corporation, | 5.00 | 7/1/41 | 4,090,000 | 4,424,194 | |||||
Mount Greylock Regional School District, | 4.00 | 6/15/27 | 640,000 | 688,941 | |||||
Mount Greylock Regional School District, | 4.00 | 6/15/28 | 420,000 | 450,605 | |||||
Mount Greylock Regional School District, | 4.00 | 6/15/29 | 745,000 | 793,522 | |||||
Mount Greylock Regional School District, | 4.00 | 6/15/30 | 315,000 | 333,468 | |||||
Newburyport, | 5.00 | 1/15/26 | 1,305,000 | 1,482,519 | |||||
Plainville, | 4.00 | 10/15/30 | 1,210,000 | 1,313,588 | |||||
The Commonwealth of Massachusetts, | 4.00 | 2/1/29 | 2,500,000 | 2,687,825 | |||||
Worcester, | 5.00 | 1/15/29 | 1,690,000 | 1,969,070 | |||||
270,390,947 | |||||||||
Michigan - .8% | |||||||||
Michigan Finance Authority, | 5.00 | 12/1/33 | 2,000,000 | 2,204,460 | |||||
New Jersey - 2.2% | |||||||||
New Jersey Economic Development Authority, | 5.25 | 12/15/20 | 1,760,000 | 1,892,862 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/25 | 2,000,000 | 2,197,460 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/21 | 2,160,000 | 2,365,027 | |||||
6,455,349 | |||||||||
New Mexico - .4% | |||||||||
New Mexico Finance Authority, | 5.00 | 6/1/24 | 1,100,000 | 1,278,827 | |||||
New York - 1.4% | |||||||||
New York City Transitional Finance Authority, | 5.00 | 2/1/34 | 1,500,000 | 1,704,255 | |||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 2,250,000 | d | 2,381,017 | ||||
4,085,272 | |||||||||
U.S. Related - 1.4% | |||||||||
Guam, | 5.00 | 1/1/25 | 1,500,000 | 1,597,440 | |||||
Guam, | 6.00 | 11/1/26 | 500,000 | 547,050 | |||||
Guam, | 5.63 | 12/1/19 | 1,000,000 | a | 1,071,030 | ||||
Puerto Rico Commonwealth, | 5.50 | 7/1/19 | 800,000 | 807,712 |
54
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 97.9% (continued) | |||||||||
U.S. Related - 1.4% (continued) | |||||||||
Puerto Rico Infrastructure Financing Authority, | 5.00 | 7/1/20 | 2,000,000 | e | 122,500 | ||||
Puerto Rico Sales Tax Financing Corporation, | 0/6.25 | 8/1/19 | 750,000 | f | 110,258 | ||||
4,255,990 | |||||||||
Total Long-Term Municipal Investments | 290,793,737 | ||||||||
Short-Term Municipal Investments - 1.2% | |||||||||
Massachusetts - 1.2% | |||||||||
Massachusetts Development Finance Agency, | 1.09 | 3/1/18 | 1,300,000 | g | 1,300,000 | ||||
Massachusetts Health and Educational Facilities Authority, | 1.09 | 3/1/18 | 100,000 | g | 100,000 | ||||
Massachusetts Health and Educational Facilities Authority, | 1.12 | 3/1/18 | 800,000 | g | 800,000 | ||||
Massachusetts Health and Educational Facilities Authority, | 1.10 | 3/1/18 | 600,000 | g | 600,000 | ||||
Massachusetts Water Resources Authority, | 1.06 | 3/1/18 | 900,000 | g | 900,000 | ||||
Total Short-Term Municipal Investments | 3,700,000 | ||||||||
Total Investments (cost $295,115,942) | 99.1% | 294,493,737 | |||||||
Cash and Receivables (Net) | 0.9% | 2,540,973 | |||||||
Net Assets | 100.0% | 297,034,710 |
a 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.
b Variable rate security—rate shown is the interest rate in effect at period end.
c Security issued with a zero coupon. Income is recognized through the accretion of discount.
d 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 February 28, 2018, these securities were valued at $2,381,017 or .8% of net assets.
e Non-income producing—security in default.
f Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
g The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
Portfolio Summary (Unaudited) † | Value (%) |
Education | 37.2 |
Health Care | 15.6 |
Transportation Services | 11.9 |
Prerefunded | 7.5 |
State/Territory | 5.6 |
City | 4.6 |
Special Tax | 3.3 |
Utility-Water and Sewer | 2.4 |
Housing | 2.1 |
Utility-Electric | 1.7 |
Industrial | .8 |
Pollution Control | .0 |
Other | 6.4 |
99.1 |
† Based on net assets.
See notes to financial statements.
55
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 97.1% | |||||||||
Illinois - .8% | |||||||||
Chicago, | 5.25 | 1/1/22 | 1,150,000 | 1,246,830 | |||||
Michigan - .8% | |||||||||
Michigan Finance Authority, | 5.00 | 12/1/33 | 1,150,000 | 1,267,565 | |||||
New Jersey - 1.5% | |||||||||
New Jersey Economic Development Authority, | 5.25 | 12/15/20 | 1,000,000 | 1,075,490 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/21 | 1,265,000 | 1,385,074 | |||||
2,460,564 | |||||||||
New York - 92.3% | |||||||||
Albany County Airport Authority, | 5.00 | 12/15/23 | 1,500,000 | 1,605,600 | |||||
Battery Park City Authority, | 5.00 | 11/1/23 | 1,065,000 | 1,237,115 | |||||
Dutchess County Local Development Corp., | 5.00 | 7/1/26 | 525,000 | 606,055 | |||||
Dutchess County Local Development Corporation, | 5.00 | 7/1/27 | 1,000,000 | 1,155,990 | |||||
Erie County Fiscal Stability Authority, | 5.00 | 12/1/21 | 1,000,000 | a | 1,118,510 | ||||
Haverstraw-Stony Point Central School District, | 5.00 | 10/15/33 | 725,000 | 817,829 | |||||
Haverstraw-Stony Point Central School District, | 5.00 | 10/15/34 | 730,000 | 821,841 | |||||
Hudson Yards Infrastructure Corporation Second Indenture, | 5.00 | 2/15/32 | 1,500,000 | 1,733,985 | |||||
Long Island Power Authority, | 5.00 | 5/1/20 | 1,000,000 | 1,069,800 | |||||
Long Island Power Authority, | 5.00 | 5/1/21 | 1,000,000 | 1,094,730 | |||||
Long Island Power Authority, | 5.00 | 9/1/24 | 1,270,000 | 1,464,246 | |||||
Long Island Power Authority, | 5.00 | 9/1/33 | 1,500,000 | 1,724,925 | |||||
Metropolitan Transportation Authority, | 5.25 | 11/15/28 | 1,000,000 | 1,202,580 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/39 | 2,000,000 | 2,252,800 | |||||
Metropolitan Transportation Authority, | 4.00 | 11/15/33 | 1,000,000 | 1,061,090 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/22 | 1,010,000 | 1,148,239 | |||||
Metropolitan Transportation Authority, | 6.25 | 11/15/23 | 60,000 | 62,061 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/24 | 1,465,000 | 1,705,392 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/25 | 1,000,000 | 1,173,380 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/28 | 2,375,000 | 2,660,332 | |||||
Metropolitan Transportation Authority, | 6.25 | 11/15/18 | 5,000 | a | 5,175 |
56
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 97.1% (continued) | |||||||||
New York - 92.3% (continued) | |||||||||
Monroe County Industrial Development Corporation, | 5.00 | 12/1/28 | 1,095,000 | 1,248,639 | |||||
Monroe County Industrial Development Corporation, | 5.00 | 12/1/32 | 1,000,000 | 1,124,360 | |||||
Monroe County Industrial Development Corporation, | 5.00 | 7/1/30 | 1,000,000 | 1,178,610 | |||||
Monroe County Industrial Development Corporation, | 4.00 | 7/1/34 | 1,000,000 | 1,054,960 | |||||
Monroe County Industrial Development Corporation, | 4.00 | 7/1/35 | 1,000,000 | 1,050,860 | |||||
Nassau County, | 5.00 | 4/1/35 | 1,000,000 | 1,130,750 | |||||
Nassau County, | 5.00 | 4/1/29 | 1,500,000 | 1,694,925 | |||||
Nassau County, | 5.00 | 10/1/23 | 1,100,000 | 1,259,038 | |||||
Nassau County Sewer and Storm Water Finance Authority, | 5.38 | 11/1/18 | 1,000,000 | a | 1,026,560 | ||||
New York, | 5.00 | 8/1/32 | 1,000,000 | 1,172,260 | |||||
New York City, | 5.00 | 8/1/25 | 1,255,000 | 1,474,449 | |||||
New York City, | 5.25 | 3/1/35 | 2,000,000 | 2,377,580 | |||||
New York City Housing Development Corporation, | 5.00 | 7/1/25 | 1,500,000 | 1,701,240 | |||||
New York City Industrial Development Agency, | 7.00 | 3/1/49 | 1,000,000 | 1,052,800 | |||||
New York City Municipal Water Finance Authority, | 5.00 | 6/15/44 | 2,110,000 | 2,282,281 | |||||
New York City Transitional Finance Authority, | 5.00 | 7/15/29 | 1,000,000 | 1,177,470 | |||||
New York City Transitional Finance Authority, | 5.00 | 7/15/30 | 1,000,000 | 1,171,180 | |||||
New York City Transitional Finance Authority, | 5.00 | 2/1/34 | 1,000,000 | 1,136,170 | |||||
New York City Transitional Finance Authority, | 5.00 | 11/1/25 | 1,000,000 | 1,180,220 | |||||
New York City Transitional Finance Authority, | 5.00 | 5/1/29 | 2,000,000 | 2,223,280 | |||||
New York City Trust for Cultural Resources, | 5.00 | 7/1/37 | 1,000,000 | 1,129,870 | |||||
New York City Trust for Cultural Resources, | 5.00 | 12/1/26 | 1,075,000 | 1,280,282 | |||||
New York City Trust for Cultural Resources, | 5.00 | 1/1/39 | 2,500,000 | 2,565,375 | |||||
New York City Trust for Cultural Resources, | 5.00 | 8/1/31 | 1,480,000 | 1,666,228 | |||||
New York City Water & Sewer System, | 4.50 | 6/15/39 | 1,450,000 | 1,565,072 | |||||
New York Counties Tobacco Trust VI, | 5.00 | 6/1/45 | 1,000,000 | 1,063,820 | |||||
New York Dormitory Authority, | 4.00 | 7/1/34 | 1,000,000 | 1,053,320 |
57
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 97.1% (continued) | |||||||||
New York - 92.3% (continued) | |||||||||
New York Dormitory Authority, | 4.00 | 7/1/35 | 1,000,000 | 1,050,040 | |||||
New York Dormitory Authority, | 4.00 | 7/1/34 | 1,500,000 | 1,598,580 | |||||
New York Dormitory Authority, | 4.00 | 7/1/37 | 1,750,000 | 1,850,520 | |||||
New York Dormitory Authority, | 5.00 | 2/15/31 | 1,500,000 | 1,764,210 | |||||
New York Liberty Development Corporation, | 5.00 | 9/15/29 | 1,000,000 | 1,114,120 | |||||
New York Liberty Development Corporation, | 5.15 | 11/15/34 | 1,500,000 | b | 1,640,100 | ||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 2,000,000 | b | 2,116,460 | ||||
New York Local Government Assistance Corporation, | 5.00 | 4/1/21 | 1,000,000 | 1,071,210 | |||||
New York State Dormitory Authority, | 5.75 | 7/1/18 | 360,000 | 365,260 | |||||
New York State Dormitory Authority, | 5.00 | 2/15/32 | 1,000,000 | 1,160,250 | |||||
New York State Dormitory Authority, | 5.00 | 10/1/41 | 2,500,000 | 2,720,600 | |||||
New York State Dormitory Authority, | 5.63 | 11/1/35 | 1,000,000 | 1,107,000 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/23 | 1,000,000 | 1,133,620 | |||||
New York State Dormitory Authority, | 4.00 | 7/1/26 | 1,200,000 | 1,319,412 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/25 | 1,000,000 | 1,174,520 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/31 | 2,000,000 | 2,308,320 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/37 | 650,000 | 729,917 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/43 | 2,400,000 | 2,687,448 | |||||
New York State Dormitory Authority, | 5.00 | 10/1/28 | 1,805,000 | 2,150,008 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/23 | 1,000,000 | 1,072,930 | |||||
New York State Dormitory Authority, | 5.00 | 10/1/26 | 1,000,000 | 1,188,570 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/32 | 1,530,000 | 1,724,601 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/35 | 1,100,000 | 1,258,554 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/21 | 1,000,000 | 1,097,240 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/30 | 1,275,000 | 1,494,045 | |||||
New York State Energy Research and Development Authority, | 2.00 | 5/1/20 | 2,000,000 | 1,999,340 |
58
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 97.1% (continued) | |||||||||
New York - 92.3% (continued) | |||||||||
New York State Environmental Facilities Corporation, | 4.00 | 6/15/46 | 1,475,000 | 1,544,900 | |||||
New York State School Districts Dormitory Authority, | 5.00 | 10/1/24 | 1,000,000 | 1,161,340 | |||||
New York State Thruway Authority, | 5.00 | 1/1/32 | 1,000,000 | 1,137,870 | |||||
New York State Thruway Authority, | 5.00 | 1/1/31 | 2,000,000 | 2,302,620 | |||||
New York State Urban Development Corporation, | 5.00 | 3/15/25 | 1,000,000 | 1,170,220 | |||||
New York State Urban Development Corporation, | 5.00 | 3/15/23 | 1,410,000 | 1,605,158 | |||||
Onondaga County Trust for Cultural Resources, | 5.00 | 12/1/19 | 1,500,000 | 1,589,100 | |||||
Oyster Bay, | 4.00 | 11/1/19 | 2,000,000 | 2,064,760 | |||||
Oyster Bay, | 5.00 | 3/15/21 | 1,330,000 | 1,432,277 | |||||
Oyster Bay, | 5.00 | 8/15/22 | 1,715,000 | 1,890,033 | |||||
Port Authority of New York and New Jersey, | 5.00 | 5/1/30 | 1,000,000 | 1,152,380 | |||||
Port Authority of New York and New Jersey, | 5.00 | 10/15/41 | 1,000,000 | 1,133,110 | |||||
Port Authority of New York and New Jersey, | 5.00 | 12/1/25 | 2,600,000 | 2,944,370 | |||||
Rockland County, | 5.00 | 6/1/23 | 575,000 | 644,960 | |||||
Sales Tax Asset Receivable Corporation, | 5.00 | 10/15/31 | 1,060,000 | 1,227,024 | |||||
St. Lawrence County New York Development Agency, | 5.00 | 9/1/29 | 1,000,000 | 1,147,340 | |||||
Suffolk County, | 5.00 | 2/1/22 | 1,000,000 | 1,108,000 | |||||
Suffolk County, | 4.00 | 2/1/24 | 2,115,000 | 2,296,848 | |||||
Suffolk County, | 4.00 | 2/1/28 | 1,425,000 | 1,543,845 | |||||
Suffolk County Water Authority, | 4.00 | 6/1/38 | 1,000,000 | 1,050,880 | |||||
Suffolk County Water Authority, | 4.00 | 6/1/30 | 1,895,000 | 2,043,966 | |||||
Triborough Bridge and Tunnel Authority, | 5.00 | 11/15/23 | 1,000,000 | 1,157,980 | |||||
TSASC, Inc. of New York, | 5.00 | 6/1/22 | 1,000,000 | 1,112,480 | |||||
Utility Debt Securitization Authority of New York, | 5.00 | 6/15/26 | 2,000,000 | 2,308,500 | |||||
Westchester County Health Care Corporation, | 5.00 | 11/1/20 | 1,400,000 | 1,506,120 | |||||
Westchester County Health Care Corporation, | 5.00 | 11/1/24 | 1,500,000 | 1,618,440 | |||||
Westchester County Local Development Corporation, | 5.00 | 6/1/37 | 1,000,000 | 1,127,680 |
59
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 97.1% (continued) | |||||||||
New York - 92.3% (continued) | |||||||||
Westchester County Local Development Corporation, | 5.00 | 11/1/28 | 1,000,000 | 1,118,550 | |||||
Yonkers, | 5.00 | 9/1/21 | 2,640,000 | 2,920,368 | |||||
Yonkers, | 5.00 | 11/15/26 | 1,000,000 | 1,177,290 | |||||
148,898,558 | |||||||||
U.S. Related - 1.7% | |||||||||
Guam, | 5.00 | 1/1/24 | 1,000,000 | 1,074,680 | |||||
Puerto Rico Commonwealth, | 5.50 | 7/1/19 | 1,550,000 | 1,564,942 | |||||
Puerto Rico Sales Tax Financing Corporation, | 0/6.25 | 8/1/33 | 500,000 | c | 73,505 | ||||
2,713,127 | |||||||||
Total Long-Term Municipal Investments | 156,586,644 | ||||||||
Short-Term Municipal Investments - 3.2% | |||||||||
New York - 3.2% | |||||||||
Metropolitan Transportation Authority, | 1.11 | 3/1/18 | 400,000 | d | 400,000 | ||||
New York City, | 1.13 | 3/1/18 | 900,000 | d | 900,000 | ||||
New York City Municipal Water Finance Authority, | 1.08 | 3/1/18 | 1,200,000 | d | 1,200,000 | ||||
New York State Housing Finance Agency, | 1.13 | 3/1/18 | 100,000 | d | 100,000 | ||||
New York State Housing Finance Agency, | 1.13 | 3/1/18 | 100,000 | d | 100,000 | ||||
New York State Housing Finance Agency, | 1.14 | 3/1/18 | 1,200,000 | d | 1,200,000 | ||||
New York State Housing Finance Agency, | 1.14 | 3/1/18 | 1,200,000 | d | 1,200,000 | ||||
Total Short-Term Municipal Investments | 5,100,000 | ||||||||
Total Investments (cost $160,625,607) | 100.3% | 161,686,644 | |||||||
Liabilities, Less Cash and Receivables | (0.3%) | (439,745) | |||||||
Net Assets | 100.0% | 161,246,899 |
a 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.
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 February 28, 2018, these securities were valued at $3,756,560 or 2.33% of net assets.
c Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
d The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
60
Portfolio Summary (Unaudited) † | Value (%) |
Education | 21.1 |
Transportation Services | 14.3 |
Health Care | 8.5 |
Special Tax | 8.3 |
County | 8.2 |
City | 8.2 |
Utility-Water and Sewer | 6.0 |
Industrial | 4.9 |
Utility-Electric | 4.8 |
Multi-Family Housing | 1.5 |
Lease | 1.5 |
Prerefunded | 1.3 |
Housing | 1.1 |
Other | 10.6 |
100.3 |
† Based on net assets.
See notes to financial statements.
61
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - .4% | |||||||||
Health Care - .4% | |||||||||
Partners Healthcare System, | 3.77 | 7/1/48 | 5,000,000 | 4,708,846 | |||||
Long-Term Municipal Investments - 101.2% | |||||||||
Alabama - .5% | |||||||||
Birmingham Waterworks Board, | 4.00 | 1/1/38 | 5,000,000 | 5,157,600 | |||||
Tuscaloosa Public Educational Building Authority, | 6.75 | 7/1/18 | 1,100,000 | a | 1,119,492 | ||||
6,277,092 | |||||||||
Arizona - .7% | |||||||||
Arizona Health Facilities Authority, | 5.00 | 2/1/42 | 6,000,000 | 6,312,840 | |||||
University Medical Center Corporation, | 6.00 | 7/1/21 | 2,500,000 | a | 2,832,675 | ||||
9,145,515 | |||||||||
Arkansas - .6% | |||||||||
University of Arkansas, | 5.00 | 11/1/42 | 5,990,000 | 6,896,047 | |||||
California - 16.2% | |||||||||
Alameda Corridor Transportation Authority, | 5.00 | 10/1/35 | 2,500,000 | 2,799,400 | |||||
Alameda Corridor Transportation Authority, | 4.00 | 10/1/35 | 1,500,000 | 1,558,530 | |||||
Alameda Corridor Transportation Authority, | 4.00 | 10/1/37 | 1,000,000 | 1,034,510 | |||||
Anaheim Public Financing Authority, | 5.00 | 5/1/46 | 2,000,000 | 2,246,240 | |||||
Bay Area Toll Authority, | 4.00 | 4/1/47 | 5,000,000 | 5,196,900 | |||||
California Communities Development Authority, | 4.00 | 4/1/42 | 1,600,000 | 1,609,664 | |||||
California Communities Development Authority, | 4.00 | 4/1/47 | 1,500,000 | 1,503,360 | |||||
California Communities Development Authority, | 5.00 | 4/1/47 | 1,500,000 | 1,660,170 | |||||
California Education Facilities Authority, | 5.00 | 4/1/42 | 2,000,000 | 2,239,860 | |||||
California Education Facilities Authority, | 5.00 | 4/1/47 | 2,500,000 | 2,789,500 | |||||
California Health Facilities Financing Authority, | 5.00 | 8/15/47 | 1,000,000 | 1,112,160 | |||||
California Health Facilities Financing Authority, | 4.00 | 11/1/44 | 12,000,000 | 12,319,320 | |||||
California Health Facilities Financing Authority, | 5.00 | 7/1/37 | 590,000 | b | 654,682 | ||||
California Health Facilities Financing Authority, | 5.00 | 7/1/47 | 870,000 | b | 955,982 |
62
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 101.2% (continued) | |||||||||
California - 16.2% (continued) | |||||||||
California Health Facilities Financing Authority, | 5.00 | 11/15/56 | 7,500,000 | 8,457,900 | |||||
California Health Facilities Financing Authority, | 6.50 | 10/1/18 | 10,000 | a | 10,303 | ||||
California Health Facilities Financing Authority, | 5.00 | 7/1/37 | 2,270,000 | 2,528,712 | |||||
California Health Facilities Financing Authority, | 4.00 | 11/15/48 | 5,000,000 | 5,084,350 | |||||
California Infrastructure and Economic Development Bank, | 5.25 | 10/1/34 | 900,000 | 987,156 | |||||
California Municipal Finance Authority, | 5.00 | 2/1/42 | 1,000,000 | 1,093,150 | |||||
California Municipal Finance Authority, | 6.00 | 1/1/22 | 6,000,000 | a | 6,933,360 | ||||
California Municipal Finance Authority, | 5.25 | 11/1/41 | 1,200,000 | 1,315,296 | |||||
California Municipal Finance Authority, | 5.00 | 11/1/47 | 2,000,000 | 2,148,160 | |||||
California Municipal Finance Authority, | 5.25 | 11/1/47 | 700,000 | 764,568 | |||||
California Municipal Finance Authority, | 6.50 | 11/1/31 | 300,000 | 339,276 | |||||
California Municipal Finance Authority, | 5.00 | 6/1/35 | 600,000 | 652,734 | |||||
California Municipal Finance Authority, | 5.00 | 6/1/50 | 2,750,000 | 2,966,233 | |||||
California School Finance Authority, | 5.00 | 6/1/47 | 1,500,000 | b | 1,616,115 | ||||
California State Public Works Board, | 5.00 | 12/1/31 | 2,000,000 | 2,200,300 | |||||
California State University Trustees, | 4.00 | 11/1/45 | 500,000 | 517,240 | |||||
California Statewide Communities Development Authority, | 6.75 | 8/1/19 | 2,230,000 | a | 2,392,500 | ||||
California Statewide Communities Development Authority, | 5.00 | 12/1/36 | 2,500,000 | b | 2,673,975 | ||||
California Statewide Communities Development Authority, | 5.00 | 12/1/41 | 2,500,000 | b | 2,648,775 | ||||
California Statewide Communities Development Authority, | 5.25 | 12/1/44 | 2,000,000 | 2,147,660 | |||||
California Statewide Communities Development Authority, | 5.00 | 12/1/46 | 3,500,000 | b | 3,698,135 | ||||
California Statewide Communities Development Authority, | 6.00 | 8/15/42 | 6,000,000 | 6,553,500 | |||||
California Statewide Communities Development Authority, | 5.00 | 5/15/40 | 2,000,000 | 2,222,760 | |||||
California Statewide Communities Development Authority, | 5.38 | 5/15/38 | 1,900,000 | 2,031,936 | |||||
Capistrano Unified School District Community Facilities District Number 90-2, | 5.00 | 9/1/32 | 4,000,000 | 4,458,440 | |||||
Foothill Eastern Transportation Corridor Agency, | 3.95 | 1/15/53 | 1,250,000 | 1,229,475 |
63
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 101.2% (continued) | |||||||||
California - 16.2% (continued) | |||||||||
Galt Redevelopment Agency, | 7.38 | 9/1/33 | 2,000,000 | 2,327,480 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/27 | 3,000,000 | 3,473,370 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/28 | 3,000,000 | 3,452,490 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/29 | 3,000,000 | 3,434,310 | |||||
Grant Joint Union High School District, | 0.00 | 8/1/29 | 2,080,000 | c | 1,402,960 | ||||
Grant Joint Union High School District, | 0.00 | 2/1/33 | 4,380,000 | c | 2,524,106 | ||||
Irvine Reassessment District Number 12-1, | 4.00 | 9/2/29 | 1,000,000 | 1,037,530 | |||||
Long Beach, | 5.00 | 5/15/40 | 2,500,000 | 2,750,175 | |||||
Long Beach, | 5.00 | 5/15/45 | 2,000,000 | 2,186,780 | |||||
Los Angeles County Public Works Financing Authority, | 5.00 | 12/1/34 | 1,000,000 | 1,140,960 | |||||
Los Angeles County Public Works Financing Authority, | 5.00 | 12/1/39 | 1,000,000 | 1,130,430 | |||||
New Haven Unified School District, | 0.00 | 8/1/32 | 2,500,000 | c | 1,492,700 | ||||
Northern California Gas Authority Number 1, | 1.86 | 7/1/27 | 660,000 | d | 637,910 | ||||
Palomar Health, | 5.00 | 11/1/39 | 1,000,000 | 1,084,760 | |||||
Riverside County Transportation Commission, | 5.25 | 6/1/23 | 3,500,000 | a | 4,082,820 | ||||
Riverside County Transportation Commission, | 5.25 | 6/1/23 | 2,000,000 | a | 2,333,040 | ||||
Riverside County Transportation Commission, | 5.25 | 6/1/23 | 2,000,000 | a | 2,333,040 | ||||
Riverside County Transportation Commission, | 5.75 | 6/1/44 | 2,000,000 | 2,227,060 | |||||
Riverside County Transportation Commission, | 5.75 | 6/1/48 | 5,000,000 | 5,557,500 | |||||
San Diego County Regional Airport Authority, | 5.00 | 7/1/42 | 1,000,000 | 1,118,480 | |||||
San Diego Unified School District, | 0.00 | 7/1/25 | 4,000,000 | c | 3,257,680 | ||||
San Diego Unified School District, | 4.00 | 7/1/35 | 2,205,000 | 2,326,760 | |||||
San Francisco City and County Redevelopment Agency Community Facilities District Number 6, | 0.00 | 8/1/38 | 2,000,000 | c | 674,820 | ||||
San Francisco City and County Redevelopment Agency Community Facilities District Number 6, | 0.00 | 8/1/43 | 7,835,000 | c | 1,953,422 | ||||
San Francisco City and County Redevelopment Financing Authority, | 6.63 | 2/1/21 | 1,250,000 | a | 1,426,575 | ||||
San Joaquin Hills Transportation Corridor Agency, | 5.00 | 1/15/50 | 5,000,000 | 5,428,800 | |||||
San Jose Airport, | 5.00 | 3/1/47 | 1,500,000 | 1,678,515 |
64
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 101.2% (continued) | |||||||||
California - 16.2% (continued) | |||||||||
Sierra Joint Community College District School Facilities Improvement District #2, | 0.00 | 8/1/30 | 3,020,000 | c | 1,982,358 | ||||
Sierra Joint Community College District School Facilities Improvement District #2, | 0.00 | 8/1/31 | 5,330,000 | c | 3,346,547 | ||||
South Bayside Waste Management Authority, | 6.00 | 9/1/36 | 1,000,000 | 1,062,690 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0427) Non-recourse, 5/15/26, | 5.25 | 5/15/18 | 10,000,000 | b,e | 10,769,300 | ||||
University of California, | 5.00 | 5/15/37 | 7,325,000 | 8,072,516 | |||||
University of California, | 5.00 | 5/15/22 | 7,280,000 | a | 8,199,828 | ||||
201,259,999 | |||||||||
Colorado - .3% | |||||||||
Colorado Health Facilities Authority, | 5.00 | 6/1/47 | 2,500,000 | 2,707,600 | |||||
Colorado Health Facilities Authority, | 6.00 | 10/1/23 | 500,000 | 511,450 | |||||
3,219,050 | |||||||||
Delaware - 1.3% | |||||||||
Delaware Health Facilities Authority, | 4.00 | 7/1/43 | 2,500,000 | 2,540,825 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0431) Non-recourse, 11/1/43, | 5.00 | 5/1/21 | 12,230,000 | b,e | 13,535,977 | ||||
16,076,802 | |||||||||
District of Columbia - 1.8% | |||||||||
District of Columbia, | 5.00 | 6/1/32 | 3,500,000 | 3,790,605 | |||||
District of Columbia, | 6.00 | 7/1/23 | 1,450,000 | a | 1,732,924 | ||||
District of Columbia, | 6.00 | 7/1/23 | 1,700,000 | a | 2,031,704 | ||||
District of Columbia, | 6.00 | 7/1/23 | 1,100,000 | a | 1,314,632 | ||||
District of Columbia, | 5.00 | 7/1/48 | 5,000,000 | 5,522,650 | |||||
District of Columbia, | 5.00 | 7/1/42 | 4,000,000 | 4,439,000 | |||||
Metropolitan Washington Airports Authority, | 0.00 | 10/1/36 | 6,275,000 | c | 2,951,948 | ||||
21,783,463 | |||||||||
Florida - 4.3% | |||||||||
Cape Coral Water and Sewer, | 4.00 | 10/1/42 | 8,315,000 | 8,514,477 | |||||
Collier County Health Facilities Authority, | 5.00 | 5/1/45 | 2,500,000 | 2,764,025 | |||||
Higher Educational Facilities Financing Authority, | 5.25 | 4/1/42 | 1,100,000 | 1,210,792 |
65
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 101.2% (continued) | |||||||||
Florida - 4.3% (continued) | |||||||||
Jacksonville, | 5.00 | 10/1/30 | 750,000 | 830,663 | |||||
Miami Beach Redevelopment Agency, | 5.00 | 2/1/40 | 7,545,000 | 8,491,897 | |||||
Miami-Dade County, | 5.50 | 10/1/41 | 1,200,000 | 1,307,316 | |||||
Miami-Dade County, | 5.50 | 10/1/42 | 14,145,000 | 15,864,325 | |||||
Miami-Dade County Expressway Authority, | 5.00 | 7/1/40 | 1,050,000 | 1,115,667 | |||||
Miami-Dade County Health Facilities Authority, | 4.00 | 8/1/42 | 2,650,000 | 2,657,155 | |||||
Miami-Dade County Health Facilities Authority, | 5.00 | 8/1/42 | 4,000,000 | 4,440,920 | |||||
Miami-Dade County Health Facilities Authority, | 5.00 | 8/1/47 | 1,125,000 | 1,244,284 | |||||
Orange County Health Facilities Authority, | 5.00 | 10/1/42 | 5,000,000 | 5,428,750 | |||||
53,870,271 | |||||||||
Georgia - .5% | |||||||||
Atlanta Development Authority, | 5.25 | 7/1/44 | 1,500,000 | 1,708,905 | |||||
Atlanta Development Authority Senior Health Care Facilities, | 6.75 | 1/1/35 | 2,500,000 | 2,559,150 | |||||
Atlanta Development Authority Senior Health Care Facilities, | 7.00 | 1/1/40 | 2,500,000 | 2,567,525 | |||||
6,835,580 | |||||||||
Hawaii - 3.1% | |||||||||
Hawaii Department of Budget and Finance, | 6.50 | 7/1/39 | 6,000,000 | 6,339,480 | |||||
Hawaii Department of Budget and Finance, | 5.00 | 7/1/35 | 7,000,000 | 7,841,470 | |||||
Hawaii Department of Budget and Finance, | 5.13 | 11/15/32 | 1,000,000 | 1,106,390 | |||||
Hawaii Department of Budget and Finance, | 5.25 | 11/15/37 | 1,000,000 | 1,106,280 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0429) Non-recourse, 12/1/24, | 5.00 | 12/1/19 | 20,000,000 | b,e | 22,238,385 | ||||
38,632,005 | |||||||||
Idaho - .5% | |||||||||
Idaho Health Facilities Authority, | 5.00 | 12/1/47 | 1,500,000 | 1,675,185 | |||||
Idaho Health Facilities Authority, | 5.00 | 12/1/32 | 3,900,000 | 4,305,327 | |||||
5,980,512 | |||||||||
Illinois - 12.4% | |||||||||
Board of Education of Chicago Unlimited Tax, | 6.75 | 12/1/30 | 7,500,000 | b | 8,996,250 | ||||
Board of Education of Chicago Unlimited Tax, | 7.00 | 12/1/42 | 10,000,000 | b | 11,998,000 | ||||
Board of Education of Chicago Unlimited Tax, | 7.00 | 12/1/46 | 5,000,000 | b | 5,981,500 | ||||
Chicago, | 5.50 | 1/1/43 | 4,000,000 | 4,505,800 |
66
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 101.2% (continued) | |||||||||
Illinois - 12.4% (continued) | |||||||||
Chicago, | 5.00 | 1/1/31 | 15,000,000 | 16,938,600 | |||||
Chicago, | 5.00 | 1/1/41 | 6,800,000 | 7,576,764 | |||||
Chicago, | 5.50 | 1/1/40 | 5,000,000 | 5,278,850 | |||||
Chicago, | 5.50 | 1/1/42 | 1,750,000 | 1,845,498 | |||||
Chicago, | 5.50 | 1/1/42 | 1,250,000 | 1,318,213 | |||||
Chicago, | 7.75 | 1/1/42 | 7,480,000 | 8,089,695 | |||||
Chicago, | 5.00 | 1/1/35 | 5,000,000 | 5,157,700 | |||||
Chicago Board of Education, | 6.00 | 4/1/46 | 1,500,000 | 1,757,025 | |||||
Chicago Board of Education, | 5.00 | 12/1/46 | 5,000,000 | 5,003,450 | |||||
Chicago Board of Education, | 6.50 | 12/1/46 | 4,500,000 | 5,116,590 | |||||
Chicago Board of Education, | 7.00 | 12/1/44 | 2,500,000 | 2,895,900 | |||||
Chicago Board of Education Dedicated Capital Improvement, | 5.00 | 4/1/42 | 1,700,000 | 1,822,434 | |||||
Chicago Board of Education Dedicated Capital Improvement, | 5.00 | 4/1/46 | 1,600,000 | 1,708,960 | |||||
Chicago O'Hare International Airport, | 5.75 | 1/1/39 | 415,000 | 455,803 | |||||
Chicago O'Hare International Airport, | 5.75 | 1/1/21 | 2,085,000 | a | 2,316,122 | ||||
Chicago O'Hare International Airport, | 5.00 | 1/1/32 | 10,000,000 | 11,252,800 | |||||
Detroit Michigan Financial Recovery, | 5.00 | 12/10/26 | 2,331,778 | 2,295,472 | |||||
Detroit Michigan Financial Recovery, | 4.00 | 4/1/44 | 3,000,000 | 2,407,680 | |||||
Illinois, | 5.50 | 7/1/33 | 2,500,000 | 2,601,525 | |||||
Illinois, | 5.50 | 7/1/38 | 12,500,000 | 12,971,750 | |||||
Illinois Finance Authority, | 6.25 | 10/1/33 | 2,760,000 | 2,971,802 | |||||
Illinois Finance Authority, | 5.25 | 5/15/47 | 4,250,000 | 4,480,732 | |||||
Illinois Finance Authority, | 5.00 | 5/15/37 | 3,000,000 | 3,225,720 | |||||
Illinois Finance Authority, | 5.63 | 5/15/42 | 3,000,000 | 3,149,970 | |||||
Illinois Finance Authority, | 5.50 | 7/1/28 | 1,560,000 | 1,745,032 | |||||
Illinois Finance Authority, | 6.50 | 7/1/34 | 2,140,000 | 2,163,925 | |||||
Illinois Finance Authority, | 6.00 | 7/1/43 | 5,000,000 | 5,559,100 | |||||
153,588,662 | |||||||||
Indiana - .6% | |||||||||
Allen County, | 6.75 | 1/15/43 | 750,000 | b | 792,405 |
67
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 101.2% (continued) | |||||||||
Indiana - .6% (continued) | |||||||||
Allen County, | 6.88 | 1/15/52 | 1,250,000 | b | 1,320,738 | ||||
Indiana Finance Authority, | 5.25 | 2/1/35 | 5,000,000 | 5,818,500 | |||||
7,931,643 | |||||||||
Kentucky - .9% | |||||||||
Kentucky Economic Development Finance Authority, | 5.00 | 12/1/45 | 4,000,000 | 4,363,880 | |||||
Kentucky Economic Development Finance Authority, | 5.00 | 12/1/47 | 3,500,000 | 3,831,765 | |||||
Kentucky Public Transportation Infrastructure Authority, | 5.75 | 7/1/49 | 3,000,000 | 3,322,410 | |||||
Kentucky State Property and Buildings Commission, | 5.38 | 11/1/18 | 165,000 | a | 169,427 | ||||
11,687,482 | |||||||||
Louisiana - .7% | |||||||||
Jefferson Parish Hospital Service District Number 2, | 6.25 | 7/1/31 | 5,000,000 | 5,141,300 | |||||
Louisiana Public Facilities Authority, | 6.00 | 7/1/29 | 1,000,000 | 1,054,670 | |||||
Louisiana Public Facilities Authority, | 0/5.70 | 10/1/46 | 2,500,000 | f | 2,026,325 | ||||
New Orleans, | 5.00 | 12/1/34 | 500,000 | 558,385 | |||||
8,780,680 | |||||||||
Maine - 1.5% | |||||||||
Maine Finance Authority, | 5.38 | 12/15/33 | 4,500,000 | b | 4,680,090 | ||||
Maine Health and Higher Educational Facilities Authority, | 6.00 | 7/1/26 | 825,000 | 874,599 | |||||
Maine Health and Higher Educational Facilities Authority, | 6.75 | 7/1/41 | 2,725,000 | 2,960,222 | |||||
Maine Health and Higher Educational Facilities Authority, | 7.00 | 7/1/41 | 4,240,000 | 4,660,396 | |||||
Maine Health and Higher Educational Facilities Authority, | 5.00 | 7/1/38 | 5,000,000 | 5,760,050 | |||||
18,935,357 | |||||||||
Maryland - 2.4% | |||||||||
Maryland, | 4.00 | 3/15/20 | 20,000,000 | a | 20,982,400 | ||||
Maryland Economic Development Corporation, | 5.75 | 6/1/20 | 3,500,000 | a | 3,820,075 | ||||
Maryland Health and Higher Educational Facilities Authority, | 6.75 | 7/1/19 | 2,000,000 | a | 2,131,980 | ||||
Maryland Health and Higher Educational Facilities Authority, | 5.13 | 7/1/19 | 250,000 | a | 261,685 | ||||
Maryland Health and Higher Educational Facilities Authority, | 4.00 | 7/1/42 | 2,000,000 | 2,045,320 | |||||
29,241,460 | |||||||||
Massachusetts - 7.2% | |||||||||
Massachusetts Development Finance Agency, | 5.25 | 11/15/41 | 4,370,000 | 4,805,689 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/40 | 5,500,000 | 6,184,475 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/39 | 5,000,000 | 5,650,500 |
68
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 101.2% (continued) | |||||||||
Massachusetts - 7.2% (continued) | |||||||||
Massachusetts Development Finance Agency, | 5.00 | 12/1/41 | 3,000,000 | 3,378,540 | |||||
Massachusetts Development Finance Agency, | 5.25 | 1/1/42 | 5,500,000 | 6,185,410 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/43 | 4,260,000 | 4,634,454 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/47 | 2,100,000 | 2,063,250 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/15/40 | 1,500,000 | 1,592,070 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/36 | 2,115,000 | 2,327,536 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/46 | 2,015,000 | 2,204,470 | |||||
Massachusetts Development Finance Agency, | 7.25 | 1/1/32 | 1,240,000 | 1,409,409 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/40 | 1,000,000 | 1,117,630 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/37 | 1,000,000 | b | 1,072,320 | ||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/47 | 1,000,000 | b | 1,062,530 | ||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/57 | 2,000,000 | b | 2,100,900 | ||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/41 | 10,000,000 | 10,195,300 | |||||
Massachusetts Development Finance Agency, | 6.75 | 1/1/36 | 470,000 | 528,078 | |||||
Massachusetts Development Finance Agency, | 6.88 | 1/1/41 | 400,000 | 450,208 | |||||
Massachusetts Development Finance Agency, | 6.75 | 1/1/21 | 695,000 | a | 787,025 | ||||
Massachusetts Development Finance Agency, | 6.88 | 1/1/21 | 600,000 | a | 681,504 | ||||
Massachusetts Development Finance Agency, | 7.25 | 1/1/21 | 1,850,000 | a | 2,120,322 | ||||
Massachusetts Health and Educational Facilities Authority, | 7.50 | 10/1/18 | 205,000 | a | 212,325 | ||||
Massachusetts Health and Educational Facilities Authority, | 7.50 | 10/1/18 | 295,000 | a | 305,540 | ||||
Massachusetts Water Pollution Abatement Trust, | 5.75 | 8/1/29 | 50,000 | 50,180 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0428) Non-recourse, 4/1/23, | 5.00 | 4/1/19 | 15,000,000 | b,e | 16,451,287 | ||||
Tender Option Bond Trust Receipts (Series 2016-XM0430) Non-recourse, 8/15/30, | 5.00 | 8/15/20 | 10,000,000 | b,e | 11,166,450 | ||||
88,737,402 | |||||||||
Michigan - 2.0% | |||||||||
Michigan Building Authority, | 5.38 | 10/15/41 | 3,000,000 | 3,331,770 | |||||
Michigan Finance Authority, | 4.00 | 12/1/36 | 5,250,000 | 5,381,985 | |||||
Michigan Finance Authority, | 5.00 | 8/1/32 | 2,000,000 | 2,219,440 |
69
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 101.2% (continued) | |||||||||
Michigan - 2.0% (continued) | |||||||||
Michigan Finance Authority, | 5.00 | 12/1/38 | 6,475,000 | 7,074,002 | |||||
Michigan Finance Authority, | 5.00 | 5/1/25 | 1,250,000 | 1,422,125 | |||||
Wayne County Building Authority, | 10.00 | 12/1/40 | 5,000,000 | 5,722,050 | |||||
25,151,372 | |||||||||
Minnesota - 2.4% | |||||||||
Tender Option Bond Trust Receipts (Series 2016-XM0425) Non-recourse, 8/1/23, | 5.00 | 8/1/18 | 17,125,000 | b,e | 18,488,034 | ||||
Tender Option Bond Trust Receipts (Series 2016-XM0426) Non-recourse, 8/1/20, | 5.00 | 8/1/18 | 10,000,000 | b,e | 10,802,350 | ||||
29,290,384 | |||||||||
Mississippi - .3% | |||||||||
Mississippi Development Bank, | 6.88 | 12/1/40 | 1,625,000 | 1,985,783 | |||||
Warren County, | 5.80 | 5/1/34 | 1,500,000 | 1,626,735 | |||||
3,612,518 | |||||||||
Nevada - .6% | |||||||||
Director of Nevada Department of Business & Industry Environment, | 6.25 | 12/15/37 | 5,000,000 | b | 5,442,250 | ||||
Director of Nevada Department of Business and Industry Environment Improvement, | 5.13 | 12/15/37 | 1,500,000 | b | 1,507,335 | ||||
6,949,585 | |||||||||
New Hampshire - 1.0% | |||||||||
New Hampshire Business Finance Authority, | 2.52 | 5/1/21 | 12,250,000 | g | 12,250,000 | ||||
New Jersey - 3.4% | |||||||||
New Jersey, | 5.25 | 6/15/19 | 1,000,000 | a | 1,046,520 | ||||
New Jersey Economic Development Authority, | 5.00 | 6/15/26 | 2,500,000 | 2,700,625 | |||||
New Jersey Economic Development Authority, | 5.13 | 1/1/34 | 5,325,000 | 5,863,091 | |||||
New Jersey Economic Development Authority, | 5.38 | 1/1/43 | 5,500,000 | 6,082,120 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/29 | 13,000,000 | 14,098,760 | |||||
New Jersey Economic Development Authority MTR Vehicle Surcharges, | 5.00 | 7/1/33 | 2,500,000 | 2,692,950 | |||||
New Jersey Health Care Facilities Financing Authority, | 6.25 | 7/1/35 | 1,500,000 | 1,612,380 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/30 | 1,500,000 | 1,641,345 |
70
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 101.2% (continued) | |||||||||
New Jersey - 3.4% (continued) | |||||||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/31 | 3,000,000 | 3,023,940 | |||||
South Jersey Port Subordinated Marine Terminal, | 5.00 | 1/1/42 | 1,250,000 | 1,324,625 | |||||
South Jersey Port Subordinated Marine Terminal, | 5.00 | 1/1/48 | 1,500,000 | 1,584,600 | |||||
41,670,956 | |||||||||
New York - 6.2% | |||||||||
Build New York City Resource Corporation, | 5.00 | 6/1/32 | 500,000 | b | 539,105 | ||||
Build New York City Resource Corporation, | 5.00 | 6/1/37 | 700,000 | b | 744,709 | ||||
Build New York City Resource Corporation, | 5.00 | 6/1/47 | 1,000,000 | b | 1,054,440 | ||||
Build New York City Resource Corporation, | 5.00 | 6/1/52 | 1,000,000 | b | 1,046,660 | ||||
Hudson Yards Infrastructure Corporation, | 5.75 | 2/15/47 | 1,930,000 | 2,113,215 | |||||
Hudson Yards Infrastructure Corporation, | 5.75 | 2/15/21 | 3,070,000 | a | 3,420,932 | ||||
Metropolitan Transportation Authority, | 6.50 | 11/15/28 | 140,000 | 145,053 | |||||
Metropolitan Transportation Authority, | 6.50 | 11/15/18 | 55,000 | a | 56,997 | ||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, | 5.00 | 11/15/56 | 5,000,000 | 5,553,600 | |||||
New York City, | 6.00 | 10/15/23 | 145,000 | 149,206 | |||||
New York City, | 5.00 | 12/1/35 | 2,000,000 | 2,284,160 | |||||
New York City, | 5.00 | 12/1/37 | 3,150,000 | 3,576,888 | |||||
New York City, | 5.00 | 12/1/41 | 4,000,000 | 4,516,040 | |||||
New York City, | 6.00 | 10/15/18 | 355,000 | a | 365,164 | ||||
New York City Industrial Development Agency, | 6.50 | 1/1/46 | 325,000 | 337,912 | |||||
New York City Industrial Development Agency, | 7.00 | 3/1/49 | 1,300,000 | 1,368,640 | |||||
New York City Industrial Development Agency, | 2.90 | 3/1/20 | 6,100,000 | h | 6,089,386 | ||||
New York Counties Tobacco Trust VI, | 5.00 | 6/1/51 | 4,585,000 | 4,770,051 | |||||
New York Dormitory Authority, | 4.00 | 7/1/47 | 1,000,000 | 1,032,220 | |||||
New York Liberty Development Corporation, | 5.75 | 11/15/51 | 5,000,000 | 5,623,900 | |||||
New York Liberty Development Corporation, | 5.00 | 3/15/44 | 2,000,000 | 2,125,920 | |||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 14,000,000 | b | 14,815,220 | ||||
New York State Dormitory Authority, | 5.00 | 5/1/38 | 500,000 | 537,330 | |||||
Port Authority of New York and New Jersey, | 6.00 | 12/1/42 | 5,000,000 | 5,488,150 |
71
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 101.2% (continued) | |||||||||
New York - 6.2% (continued) | |||||||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/27 | 2,000,000 | c | 1,486,740 | ||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/28 | 4,715,000 | c | 3,363,822 | ||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/31 | 5,000,000 | c | 3,124,800 | ||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/32 | 3,000,000 | c | 1,798,620 | ||||
77,528,880 | |||||||||
North Carolina - .2% | |||||||||
North Carolina Eastern Municipal Power Agency, | 6.00 | 1/1/19 | 50,000 | 51,917 | |||||
North Carolina Medical Care Commission, | 5.00 | 10/1/34 | 1,000,000 | 1,149,270 | |||||
North Carolina Medical Care Commission, | 5.00 | 10/1/35 | 1,000,000 | 1,145,710 | |||||
2,346,897 | |||||||||
Ohio - 1.7% | |||||||||
Butler County, | 6.38 | 1/15/43 | 1,500,000 | b | 1,551,660 | ||||
Hamilton County, | 5.00 | 12/1/37 | 5,140,000 | 5,941,840 | |||||
Montgomery County, | 6.25 | 10/1/33 | 1,115,000 | 1,142,652 | |||||
Ohio, | 5.00 | 12/31/35 | 3,000,000 | 3,310,950 | |||||
Ohio, | 5.00 | 12/31/39 | 2,000,000 | 2,193,680 | |||||
Ohio Air Quality Development Authority, | 4.25 | 1/15/38 | 2,500,000 | b | 2,524,000 | ||||
Ohio Air Quality Development Authority, | 4.50 | 1/15/48 | 2,000,000 | b | 2,052,860 | ||||
Ohio Turnpike and Infrastructure Commission, | 0/5.70 | 2/15/34 | 3,000,000 | f | 2,865,120 | ||||
21,582,762 | |||||||||
Pennsylvania - 2.5% | |||||||||
Berks County Industrial Development Authority, | 5.00 | 11/1/47 | 3,000,000 | 3,298,950 | |||||
Berks County Industrial Development Authority, | 4.00 | 11/1/38 | 5,000,000 | 5,019,700 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/34 | 4,000,000 | 4,432,720 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/35 | 3,500,000 | 3,862,915 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 12/1/43 | 4,425,000 | 4,752,184 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 7/1/22 | 1,000,000 | a | 1,121,180 | ||||
Pennsylvania Higher Educational Facilities Authority, | 4.00 | 8/15/42 | 4,000,000 | 4,082,120 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.75 | 8/15/21 | 2,550,000 | a | 2,888,462 |
72
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 101.2% (continued) | |||||||||
Pennsylvania - 2.5% (continued) | |||||||||
Philadelphia Hospitals and Higher Education Facilities Authority, | 5.00 | 7/1/34 | 1,000,000 | 1,073,960 | |||||
30,532,191 | |||||||||
Rhode Island - .6% | |||||||||
Rhode Island Health and Educational Building Corporation, | 5.00 | 11/1/45 | 7,000,000 | 7,789,670 | |||||
South Carolina - .7% | |||||||||
South Carolina Public Service Authority, | 5.00 | 12/1/36 | 2,000,000 | 2,216,220 | |||||
Spartanburg South Carolina Waterworks, | 5.00 | 6/1/39 | 5,740,000 | 6,561,107 | |||||
8,777,327 | |||||||||
Tennessee - .1% | |||||||||
Memphis-Shelby County Industrial Development Board Economic Development Growth Engine, | 4.75 | 7/1/27 | 400,000 | 414,316 | |||||
Memphis-Shelby County Industrial Development Board Economic Development Growth Engine, | 5.50 | 7/1/37 | 600,000 | 625,746 | |||||
Memphis-Shelby County Industrial Development Board Economic Development Growth Engine, | 5.63 | 1/1/46 | 750,000 | 777,758 | |||||
1,817,820 | |||||||||
Texas - 15.7% | |||||||||
Arlington Higher Education Finance Corporation, | 5.00 | 8/15/38 | 1,000,000 | 991,130 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 8/15/48 | 1,900,000 | 1,850,676 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 8/15/53 | 925,000 | 884,670 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 12/1/36 | 1,315,000 | 1,430,036 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 12/1/46 | 1,100,000 | 1,171,258 | |||||
Austin, | 5.00 | 11/15/46 | 13,120,000 | 14,763,018 | |||||
Bexar County Health Facilities Development Corporation, | 5.00 | 7/15/41 | 1,750,000 | 1,866,935 | |||||
Central Texas Regional Mobility Authority, | 5.00 | 1/1/40 | 7,300,000 | 8,017,079 | |||||
Central Texas Regional Mobility Authority, | 5.00 | 1/1/46 | 2,000,000 | 2,185,200 | |||||
Central Texas Regional Mobility Authority, | 6.00 | 1/1/21 | 5,000,000 | a | 5,573,900 | ||||
Clifton Higher Education Finance Corporation, | 5.00 | 8/15/32 | 2,745,000 | 2,893,669 | |||||
Clifton Higher Education Finance Corporation, | 6.00 | 8/15/33 | 1,500,000 | 1,711,005 | |||||
Clifton Higher Education Finance Corporation, | 5.00 | 8/15/42 | 6,135,000 | 6,403,222 | |||||
Clifton Higher Education Finance Corporation, | 6.00 | 8/15/43 | 2,770,000 | 3,163,395 | |||||
Clifton Higher Education Finance Corporation, | 5.50 | 8/15/21 | 1,250,000 | a | 1,401,025 |
73
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 101.2% (continued) | |||||||||
Texas - 15.7% (continued) | |||||||||
Clifton Higher Education Finance Corporation, | 5.75 | 8/15/21 | 1,000,000 | a | 1,129,140 | ||||
Clifton Higher Education Finance Corporation, | 5.00 | 12/1/45 | 3,855,000 | 4,140,501 | |||||
Dallas and Fort Worth, | 5.00 | 11/1/32 | 7,500,000 | 8,171,550 | |||||
Grand Parkway Transportation Corporation, | 5.50 | 4/1/53 | 4,500,000 | 5,074,020 | |||||
Grand Parkway Transportation Corporation, | 0/5.20 | 10/1/31 | 2,000,000 | f | 1,847,200 | ||||
Grand Parkway Transportation Corporation, | 0/5.40 | 10/1/33 | 2,500,000 | f | 2,314,575 | ||||
Grand Parkway Transportation Corporation, | 0/5.45 | 10/1/34 | 2,235,000 | f | 2,065,341 | ||||
Houston, | 5.00 | 7/1/32 | 500,000 | 542,850 | |||||
Houston, | 2.98 | 7/1/30 | 9,825,000 | g | 9,531,331 | ||||
Houston, | 2.98 | 7/1/30 | 3,400,000 | g | 3,285,862 | ||||
Houston Higher Education Finance Corporation, | 6.50 | 5/15/21 | 1,530,000 | a | 1,747,627 | ||||
Houston Higher Education Finance Corporation, | 6.50 | 5/15/21 | 1,270,000 | a | 1,450,645 | ||||
Houston Higher Education Finance Corporation, | 5.88 | 5/15/21 | 500,000 | 532,650 | |||||
Houston Higher Education Finance Corporation, | 6.88 | 5/15/21 | 4,400,000 | a | 5,076,896 | ||||
Mission Economic Development Corporation, | 5.75 | 10/1/31 | 1,000,000 | b | 1,041,770 | ||||
Newark Higher Education Finance Corporation, | 5.50 | 8/15/35 | 750,000 | b | 778,268 | ||||
Newark Higher Education Finance Corporation, | 5.75 | 8/15/45 | 1,000,000 | b | 1,043,630 | ||||
North Texas Education Finance Corporation, | 4.88 | 12/1/32 | 1,630,000 | 1,706,512 | |||||
North Texas Tollway Authority, | 6.00 | 1/1/21 | 7,000,000 | a | 7,824,040 | ||||
North Texas Tollway Authority, | 5.50 | 9/1/21 | 20,000,000 | a | 22,482,800 | ||||
Pottsboro Higher Education Finance Corporation, | 5.00 | 8/15/46 | 1,000,000 | 993,960 | |||||
Texas Private Activity Bond Surface Transportation Corporation, | 5.00 | 12/31/45 | 1,000,000 | 1,091,180 | |||||
Texas Private Activity Bond Surface Transportation Corporation, | 7.00 | 6/30/40 | 11,175,000 | 12,358,321 |
74
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 101.2% (continued) | |||||||||
Texas - 15.7% (continued) | |||||||||
Texas Private Activity Bond Surface Transportation Corporation, | 7.00 | 12/31/38 | 10,000,000 | 11,763,800 | |||||
Texas Private Activity Bond Surface Transportation Corporation, | 6.75 | 6/30/43 | 5,000,000 | 5,800,800 | |||||
Texas Private Activity Bond Surface Transportation Corporation, | 7.50 | 12/31/31 | 2,500,000 | 2,742,975 | |||||
Texas Transportation Commission, | 5.00 | 8/15/37 | 15,950,000 | 17,670,526 | |||||
Texas Transportation Commission, | 5.00 | 8/15/41 | 6,000,000 | 6,559,440 | |||||
195,074,428 | |||||||||
Utah - .4% | |||||||||
Salt Lake City, | 5.00 | 7/1/42 | 4,000,000 | 4,450,360 | |||||
Virginia - 3.4% | |||||||||
Chesapeake, | 0/4.87 | 7/15/40 | 2,000,000 | f | 1,705,000 | ||||
University of Virginia, | 4.00 | 4/1/45 | 3,950,000 | 4,072,805 | |||||
Virginia Small Business Financing Authority, | 5.00 | 12/31/49 | 4,500,000 | 4,858,155 | |||||
Virginia Small Business Financing Authority, | 5.00 | 12/31/56 | 4,000,000 | 4,295,760 | |||||
Virginia Small Business Financing Authority, | 5.00 | 1/1/40 | 12,395,000 | 13,215,797 | |||||
Virginia Small Business Financing Authority, | 5.00 | 1/1/40 | 7,510,000 | 8,007,312 | |||||
Virginia Small Business Financing Authority, | 5.25 | 1/1/32 | 4,000,000 | 4,398,600 | |||||
Virginia Small Business Financing Authority, | 6.00 | 1/1/37 | 1,665,000 | 1,873,558 | |||||
42,426,987 | |||||||||
Washington - .3% | |||||||||
Washington Economic Development Finance Authority, | 7.50 | 1/1/32 | 3,500,000 | b | 4,133,850 | ||||
West Virginia - .1% | |||||||||
Monongalia County West Virginia Commission Special District Excise Tax, | 5.75 | 6/1/43 | 750,000 | b | 779,903 | ||||
Wisconsin - 1.0% | |||||||||
Oneida Tribe of Indians, | 6.50 | 2/1/31 | 1,325,000 | b | 1,400,578 | ||||
Wisconsin, | 5.75 | 5/1/19 | 130,000 | a | 136,471 | ||||
Wisconsin, | 6.00 | 5/1/19 | 930,000 | a | 978,416 | ||||
Wisconsin, | 6.00 | 5/1/19 | 70,000 | a | 73,686 | ||||
Wisconsin Center District, | 0.00 | 12/15/44 | 8,735,000 | c | 2,914,520 |
75
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 101.2% (continued) | |||||||||
Wisconsin - 1.0% (continued) | |||||||||
Wisconsin Center District, | 0.00 | 12/15/46 | 3,990,000 | c | 1,223,095 | ||||
Wisconsin Health & Educational Facilities Authority, | 5.00 | 2/15/47 | 5,000,000 | 5,420,050 | |||||
12,146,816 | |||||||||
U.S. Related - 3.1% | |||||||||
A.B. Won International Airport Authority of Guam, | 6.25 | 10/1/34 | 1,000,000 | 1,125,330 | |||||
A.B. Won International Airport Authority of Guam, | 6.38 | 10/1/43 | 1,000,000 | 1,139,410 | |||||
A.B. Won International Airport Authority of Guam, | 6.00 | 10/1/34 | 2,000,000 | 2,298,880 | |||||
A.B. Won International Airport Authority of Guam, | 6.13 | 10/1/43 | 2,000,000 | 2,289,060 | |||||
Guam, | 6.00 | 11/1/26 | 2,500,000 | 2,735,250 | |||||
Guam, | 6.13 | 11/1/31 | 5,000,000 | 5,491,850 | |||||
Guam, | 6.50 | 11/1/40 | 2,000,000 | 2,221,180 | |||||
Guam, | 5.00 | 12/1/46 | 1,500,000 | 1,613,445 | |||||
Guam Government Department of Education, | 6.63 | 12/1/30 | 1,000,000 | 1,034,570 | |||||
Puerto Rico Commonwealth, | 8.00 | 7/1/35 | 5,000,000 | i | 1,550,000 | ||||
Puerto Rico Electric Power Authority, | 5.00 | 7/1/22 | 2,000,000 | i | 752,500 | ||||
Puerto Rico Electric Power Authority, | 6.75 | 7/1/36 | 10,000,000 | i | 3,762,500 | ||||
Puerto Rico Electric Power Authority, | 5.00 | 7/1/21 | 500,000 | 499,390 | |||||
Puerto Rico Infrastructure Financing Authority, | 5.00 | 7/1/21 | 500,000 | i | 30,625 | ||||
Puerto Rico Sales Tax Financing Corporation, | 5.00 | 8/1/22 | 4,585,000 | i | 2,619,181 | ||||
Puerto Rico Sales Tax Financing Corporation, | 0/6.25 | 8/1/33 | 750,000 | f | 110,258 | ||||
Puerto Rico Sales Tax Financing Corporation, | 6.75 | 8/1/32 | 15,000,000 | i | 2,700,000 | ||||
Virgin Islands Public Finance Authority, | 5.00 | 10/1/29 | 2,250,000 | 1,321,875 | |||||
Virgin Islands Public Finance Authority, | 5.00 | 10/1/30 | 5,000,000 | 2,937,500 | |||||
Virgin Islands Public Finance Authority, | 5.00 | 10/1/34 | 1,500,000 | 881,250 | |||||
Virgin Islands Public Finance Authority, | 6.75 | 10/1/37 | 1,250,000 | 759,375 | |||||
37,873,429 | |||||||||
Total Long-Term Municipal Investments | 1,255,065,157 |
76
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Short-Term Municipal Investments - 1.3% | |||||||||
District of Columbia - .0% | |||||||||
Metropolitan Washington Airports Authority, | 1.16 | 3/1/18 | 100,000 | j | 100,000 | ||||
Illinois - .3% | |||||||||
Illinois Finance Authority, | 1.10 | 3/1/18 | 3,100,000 | j | 3,100,000 | ||||
Iowa - .2% | |||||||||
Iowa Higher Education Loan Authority, | 1.11 | 3/1/18 | 3,000,000 | j | 3,000,000 | ||||
Mississippi - .0% | |||||||||
Mississippi Business Finance Corp., | 1.70 | 3/1/18 | 300,000 | j | 300,000 | ||||
Missouri - .0% | |||||||||
Missouri Health and Educational Facilities Authority, | 1.10 | 3/1/18 | 500,000 | j | 500,000 | ||||
New York - .3% | |||||||||
New York State Housing Finance Agency, | 1.13 | 3/1/18 | 400,000 | j | 400,000 | ||||
New York State Housing Finance Agency, | 1.14 | 3/1/18 | 1,900,000 | j | 1,900,000 | ||||
New York State Housing Finance Agency, | 1.14 | 3/1/18 | 1,500,000 | j | 1,500,000 | ||||
3,800,000 | |||||||||
Pennsylvania - .4% | |||||||||
Lancaster County Hospital Authority, | 1.11 | 3/1/18 | 4,300,000 | j | 4,300,000 | ||||
Wisconsin - .1% | |||||||||
Wisconsin Health and Educational Facilities Authority, | 1.12 | 3/1/18 | 1,400,000 | j | 1,400,000 | ||||
Total Short-Term Municipal Investments | 16,500,000 | ||||||||
Total Investments (cost $1,240,152,993) | 102.9% | 1,276,274,003 | |||||||
Liabilities, Less Cash and Receivables | (2.9%) | (35,751,050) | |||||||
Net Assets | 100.0% | 1,240,522,953 |
LIBOR—London Interbank Offered Rate
a 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.
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 February 28, 2018, these securities were valued at $194,160,418 or 15.65% of net assets.
c Security issued with a zero coupon. Income is recognized through the accretion of discount.
d Variable rate security—rate shown is the interest rate in effect at period end.
e Collateral for floating rate borrowings.
f Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
g Auction Rate Security—interest rate is reset periodically under an auction process that is conducted by an auction agent. Rate shown is the interest rate in effect at period end.
h Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
i Non-income producing—security in default.
j The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
77
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † | Value (%) |
Transportation Services | 24.6 |
Education | 18.7 |
Health Care | 18.5 |
Prerefunded | 10.6 |
Special Tax | 6.6 |
Industrial | 4.6 |
Lease | 3.4 |
City | 2.8 |
Utility-Water and Sewer | 2.2 |
Utility-Electric | 1.4 |
County | 1.3 |
Resource Recovery | 1.1 |
Housing | .5 |
State/Territory | .3 |
Pollution Control | .2 |
Other | 6.1 |
102.9 |
† Based on net assets.
See notes to financial statements.
78
STATEMENTS OF FUTURES
February 28, 2018 (Unaudited)
BNY Mellon National Intermediate Municipal Bond Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 5 Year Notes | 138 | 3/2018 | (16,110,110) | (15,763,266) | 346,844 | ||||||
Ultra 10 Year U.S. Treasury Notes | 520 | 3/2018 | (69,766,897) | (66,828,125) | 2,938,772 | ||||||
Gross Unrealized Appreciation | 3,285,616 |
See notes to financial statements.
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 5 Year Notes | 13 | 3/2018 | (1,517,620) | (1,484,946) | 32,674 | ||||||
Ultra 10 Year U.S. Treasury Notes | 50 | 3/2018 | (6,708,355) | (6,425,781) | 282,574 | ||||||
Gross Unrealized Appreciation | 315,248 |
See notes to financial statements.
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 5 Year Notes | 20 | 3/2018 | (2,334,798) | (2,284,531) | 50,267 | ||||||
Ultra 10 Year U.S. Treasury Notes | 75 | 3/2018 | (10,062,534) | (9,638,672) | 423,862 | ||||||
Gross Unrealized Appreciation | 474,129 |
See notes to financial statements.
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 5 Year Notes | 11 | 3/2018 | (1,284,139) | (1,256,492) | 27,647 | ||||||
Ultra 10 Year U.S. Treasury Notes | 40 | 3/2018 | (5,366,684) | (5,140,625) | 226,059 | ||||||
Gross Unrealized Appreciation | 253,706 |
See notes to financial statements.
BNY Mellon Municipal Opportunities Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 10 Year Notes | 213 | 3/2018 | (26,588,047) | (25,699,781) | 888,266 | ||||||
U.S. Treasury 5 Year Notes | 630 | 3/2018 | (73,546,154) | (71,962,735) | 1,583,419 | ||||||
U.S. Treasury Ultra Long Bond | 300 | 3/2018 | (50,049,969) | (47,015,625) | 3,034,344 | ||||||
Ultra 10 Year U.S. Treasury Notes | 933 | 3/2018 | (125,177,913) | (119,905,078) | 5,272,835 | ||||||
Gross Unrealized Appreciation | 10,778,864 |
See notes to financial statements.
79
Summary of Abbreviations (Unaudited) | |||
ABAG | Association of Bay Area | ACA | American Capital Access |
AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
AMBAC | American Municipal Bond | ARRN | Adjustable Rate |
BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
CP | Commercial Paper | DRIVERS | Derivative Inverse |
EDR | Economic Development | EIR | Environmental Improvement |
FGIC | Financial Guaranty | FHA | Federal Housing Administration |
FHLB | Federal Home | FHLMC | Federal Home Loan Mortgage |
FNMA | Federal National | GAN | Grant Anticipation Notes |
GIC | Guaranteed Investment | GNMA | Government National Mortgage |
GO | General Obligation | HR | Hospital Revenue |
IDB | Industrial Development Board | IDC | Industrial Development Corporation |
IDR | Industrial Development | LIFERS | Long Inverse Floating |
LOC | Letter of Credit | LOR | Limited Obligation Revenue |
LR | Lease Revenue | MERLOTS | Municipal Exempt Receipts |
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue |
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes |
P-FLOATS | Puttable Floating Option | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | RIB | Residual Interest Bonds |
ROCS | Reset Options Certificates | RRR | Resources Recovery Revenue |
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
SONYMA | State of New York | SPEARS | Short Puttable Exempt |
SWDR | Solid Waste Disposal Revenue | TAN | Tax Anticipation Notes |
TAW | Tax Anticipation Warrants | TRAN | Tax and Revenue Anticipation Notes |
XLCA | XL Capital Assurance |
See notes to financial statements.
80
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2018 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon National Intermediate Municipal Bond Fund |
| BNY Mellon National Short-Term Municipal Bond Fund |
| BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
| BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
| 2,176,856,746 |
| 907,957,445 |
| 197,533,162 |
| 294,493,737 |
| |
Cash |
|
|
| - |
| 4,675,377 |
| - |
| - |
| |
Cash collateral held by broker—Note 4 |
|
|
| 701,280 |
| - |
| 67,280 |
| 101,200 |
| |
Interest receivable |
|
|
| 24,647,215 |
| 7,512,059 |
| 2,187,612 |
| 2,841,661 |
| |
Receivable for investment securities sold |
|
|
| 17,500,892 |
| - |
| - |
| - |
| |
Receivable for shares of Beneficial |
|
|
| 2,129,882 |
| 1,321,190 |
| 35,075 |
| 136,500 |
| |
Prepaid expenses |
|
|
| 32,839 |
| 31,944 |
| 11,759 |
| 11,851 |
| |
|
|
|
| 2,221,868,854 |
| 921,498,015 |
| 199,834,888 |
| 297,584,949 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 622,573 |
| 279,093 |
| 93,093 |
| 93,045 |
| |
Due to Administrator—Note 3(a) |
|
|
| 204,397 |
| 85,769 |
| 18,820 |
| 28,049 |
| |
Cash overdraft due to Custodian |
|
|
| 1,784,957 |
| - |
| 213,195 |
| 235,390 |
| |
Payable for investment securities purchased |
|
|
| 36,463,249 |
| - |
| - |
| - |
| |
Payable for shares of Beneficial |
|
|
| 2,525,965 |
| 511,512 |
| 301,308 |
| 102,979 |
| |
Payable for futures |
|
|
| 238,281 |
| - |
| 22,891 |
| 34,375 |
| |
Accrued expenses |
|
|
| 119,303 |
| 60,847 |
| 56,859 |
| 56,401 |
| |
|
|
|
| 41,958,725 |
| 937,221 |
| 706,166 |
| 550,239 |
|
|
Net Assets ($) |
|
|
| 2,179,910,129 |
| 920,560,794 |
| 199,128,722 |
| 297,034,710 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 2,153,773,758 |
| 930,391,353 |
| 198,180,154 |
| 296,558,653 |
| |
Accumulated undistributed investment |
|
|
| 93,085 |
| 6,377 |
| - |
| - |
| |
Accumulated net realized gain (loss) |
|
|
| 7,045,834 |
| (2,805,782) |
| 915,854 |
| 624,133 |
| |
Accumulated net unrealized appreciation |
|
|
| 15,711,836 |
| (7,031,154) |
| (282,534) |
| (622,205) |
| |
Accumulated net unrealized appreciation |
|
|
| 3,285,616 |
| - |
| 315,248 |
| 474,129 |
| |
Net Assets ($) |
|
|
| 2,179,910,129 |
| 920,560,794 |
| 199,128,722 |
| 297,034,710 |
|
|
† Investments at cost ($) |
|
|
| 2,161,144,910 |
| 914,988,599 |
| 197,815,696 |
| 295,115,942 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 2,135,267,928 |
| 912,879,398 |
| 193,702,061 |
| 290,103,305 |
| |
Shares Outstanding |
|
|
| 160,878,299 |
| 71,886,823 |
| 16,269,277 |
| 23,403,373 |
| |
Net Asset Value Per Share ($) |
|
|
| 13.27 |
| 12.70 |
| 11.91 |
| 12.40 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 44,642,201 |
| 7,681,396 |
| 5,426,661 |
| 6,931,405 |
| |
Shares Outstanding |
|
|
| 3,367,206 |
| 605,227 |
| 456,368 |
| 559,322 |
| |
Net Asset Value Per Share ($) |
|
|
| 13.26 |
| 12.69 |
| 11.89 |
| 12.39 |
| |
| ||||||||||||
See notes to financial statements. |
|
81
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (continued)
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
| BNY Mellon Municipal Opportunities Fund |
| |
Assets ($): |
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
| 161,686,644 |
| 1,276,274,003 |
| |
Cash |
|
|
| 132,087 |
| - |
| |
Cash collateral held by broker—Note 4 |
|
|
| 54,160 |
| 2,664,750 |
| |
Interest receivable |
|
|
| 1,802,090 |
| 14,523,307 |
| |
Receivable for shares of Beneficial |
|
|
| 82,500 |
| - |
| |
Receivable for investment securities sold |
|
|
| - |
| 10,218,350 |
| |
Prepaid expenses |
|
|
| 16,960 |
| 23,832 |
| |
|
|
|
| 163,774,441 |
| 1,303,704,242 |
|
|
Liabilities ($): |
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 61,057 |
| 504,711 |
| |
Due to Administrator—Note 3(a) |
|
|
| 15,164 |
| 116,888 |
| |
Cash overdraft due to Custodian |
|
|
| - |
| 1,879,121 |
| |
Payable for shares of Beneficial |
|
|
| 9,151 |
| 316,774 |
| |
Payable for investment securities purchased |
|
|
| 2,370,000 |
| - |
| |
Payable for futures |
|
|
| 18,359 |
| 888,984 |
| |
Payable for floating rate notes issued—Note 4 |
|
|
| - |
| 58,975,000 |
| |
Interest and expense payable related to |
|
|
| - |
| 223,248 |
| |
Accrued expenses |
|
|
| 53,811 |
| 276,563 |
| |
|
|
|
| 2,527,542 |
| 63,181,289 |
|
|
Net Assets ($) |
|
|
| 161,246,899 |
| 1,240,522,953 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 159,337,357 |
| 1,209,736,203 |
| |
Accumulated undistributed investment |
|
|
| - |
| 183,245 |
| |
Accumulated net realized gain (loss) |
|
|
| 594,799 |
| (16,296,369) |
| |
Accumulated net unrealized appreciation |
|
|
| 1,061,037 |
| 36,121,010 |
| |
Accumulated net unrealized appreciation |
|
|
| 253,706 |
| 10,778,864 |
| |
Net Assets ($) |
|
|
| 161,246,899 |
| 1,240,522,953 |
|
|
† Investments at cost ($) |
|
|
| 160,625,607 |
| 1,240,152,993 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 149,479,268 |
| 1,216,274,897 |
| |
Shares Outstanding |
|
|
| 13,719,178 |
| 93,710,864 |
| |
Net Asset Value Per Share ($) |
|
|
| 10.90 |
| 12.98 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 11,767,631 |
| 24,248,056 |
| |
Shares Outstanding |
|
|
| 1,079,378 |
| 1,867,112 |
| |
Net Asset Value Per Share ($) |
|
|
| 10.90 |
| 12.99 |
| |
| ||||||||
See notes to financial statements. |
|
82
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2018 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon National Intermediate Municipal Bond Fund |
| BNY Mellon National Short-Term Municipal Bond Fund |
| BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
| BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Interest Income |
|
| 32,077,521 |
| 6,905,337 |
| 3,193,463 |
| 4,430,262 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 3,736,235 |
| 1,573,705 |
| 514,189 |
| 529,646 |
| ||
Administration fee—Note 3(a) |
|
| 1,310,951 |
| 552,178 |
| 126,299 |
| 185,848 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 69,684 |
| 29,241 |
| 7,442 |
| 9,995 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 62,018 |
| 11,415 |
| 7,436 |
| 9,996 |
| ||
Professional fees |
|
| 43,992 |
| 26,777 |
| 22,962 |
| 19,705 |
| ||
Registration fees |
|
| 25,887 |
| 18,852 |
| 15,121 |
| 17,183 |
| ||
Loan commitment fees—Note 2 |
|
| 25,635 |
| 9,774 |
| 2,952 |
| 3,318 |
| ||
Custodian fees—Note 3(b) |
|
| 23,257 |
| 25,137 |
| 7,620 |
| 4,727 |
| ||
Prospectus and shareholders’ reports |
|
| 6,751 |
| 3,242 |
| 4,396 |
| 1,630 |
| ||
Miscellaneous |
|
| 57,990 |
| 29,822 |
| 23,234 |
| 28,557 |
| ||
Total Expenses |
|
| 5,362,400 |
| 2,280,143 |
| 731,651 |
| 810,605 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (252) |
| (50) |
| (360) |
| (201) |
| ||
Net Expenses |
|
| 5,362,148 |
| 2,280,093 |
| 731,291 |
| 810,404 |
| ||
Investment Income—Net |
|
| 26,715,373 |
| 4,625,244 |
| 2,462,172 |
| 3,619,858 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | 7,028,155 |
| (388,066) |
| 1,297,963 |
| 1,003,491 |
| ||||
Net realized gain (loss) on futures |
|
| 1,498,762 |
| - |
| 151,299 |
| 214,092 |
| ||
Net Realized Gain (Loss) |
|
| 8,526,917 |
| (388,066) |
| 1,449,262 |
| 1,217,583 |
| ||
Net unrealized appreciation (depreciation) on investments |
|
| (71,548,349) |
| (8,799,312) |
| (7,145,345) |
| (10,310,221) |
| ||
Net unrealized appreciation (depreciation) on futures |
|
| 3,584,249 |
| - |
| 345,217 |
| 516,817 |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| (67,964,100) |
| (8,799,312) |
| (6,800,128) |
| (9,793,404) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (59,437,183) |
| (9,187,378) |
| (5,350,866) |
| (8,575,821) |
| ||
Net (Decrease) in Net Assets Resulting from Operations |
| (32,721,810) |
| (4,562,134) |
| (2,888,694) |
| (4,955,963) |
| |||
See notes to financial statements. |
83
STATEMENTS OF OPERATIONS (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
| BNY Mellon Municipal Opportunities Fund |
|
Investment Income ($): |
|
|
|
|
|
| ||
Interest Income |
|
| 2,368,015 |
| 26,139,275 |
| ||
Expenses: |
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 406,618 |
| 3,168,357 |
| ||
Administration fee—Note 3(a) |
|
| 99,875 |
| 778,233 |
| ||
Professional fees |
|
| 23,958 |
| 33,784 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 15,553 |
| 52,490 |
| ||
Registration fees |
|
| 14,643 |
| 25,927 |
| ||
Prospectus and shareholders’ reports |
|
| 6,698 |
| 4,807 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 5,942 |
| 44,195 |
| ||
Custodian fees—Note 3(b) |
|
| 5,696 |
| 17,994 |
| ||
Loan commitment fees—Note 2 |
|
| 1,953 |
| 14,033 |
| ||
Interest and expense related to floating rate notes issued—Note 4 |
|
| - |
| 491,450 |
| ||
Miscellaneous |
|
| 22,201 |
| 51,063 |
| ||
Total Expenses |
|
| 603,137 |
| 4,682,333 |
| ||
Less—reduction in expenses due to undertakings—Note 3(a) |
|
| (105,932) |
| - |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (395) |
| (376) |
| ||
Net Expenses |
|
| 496,810 |
| 4,681,957 |
| ||
Investment Income—Net |
|
| 1,871,205 |
| 21,457,318 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
| ||||
Net realized gain (loss) on investments | 843,623 |
| 7,609,252 |
| ||||
Net realized gain (loss) on futures |
|
| 114,836 |
| 3,082,028 |
| ||
Net Realized Gain (Loss) |
|
| 958,459 |
| 10,691,280 |
| ||
Net unrealized appreciation (depreciation) on investments |
|
| (5,648,475) |
| (38,666,677) |
| ||
Net unrealized appreciation (depreciation) on futures |
|
| 276,550 |
| 11,491,333 |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| (5,371,925) |
| (27,175,344) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (4,413,466) |
| (16,484,064) |
| ||
Net Increase (Decrease) in Net Assets Resulting from Operations |
| (2,542,261) |
| 4,973,254 |
| |||
See notes to financial statements. |
84
STATEMENT OF CASH FLOWS
Six Months Ended February 28, 2018 (Unaudited)
BNY Mellon Municipal Opportunities Fund |
|
|
Cash Flows from Operating Activities ($): | ||
Purchases of portfolio securities | (267,128,772) | |
Proceeds from sales of portfolio securities | 297,830,271 | |
Futures transactions | 15,421,217 | |
Net sales of short-term portfolio securities | 10,640,000 | |
Interest received | 27,842,058 | |
Operating expenses paid | (1,236,206) | |
Cash paid to The Dreyfus Corporation for investment advisory fee | (3,272,973) | |
Net Cash provided by Operating Activities | 80,095,595 | |
Cash Flows from Financing Activities ($): | ||
Net Beneficial Interest transactions | (65,672,424) | |
Dividends paid | (14,159,481) | |
Net Cash Used in Financing Activities | (79,831,905) | |
Increase in cash due to custodian | 263,690 | |
Cash overdraft due to custodian at beginning of period | (2,142,811) | |
Cash overdraft due to custodian at end of period | (1,879,121) | |
Reconciliation of Net Increase in Net Assets Resulting | ||
Net Increase in Net Assets Resulting from Operations | 4,973,253 | |
Adjustments to reconcile net increase in net assets resulting | ||
Purchases of portfolio securities | (267,128,772) | |
Proceeds from sales of portfolio securities | 297,830,271 | |
Futures transactions | 15,421,217 | |
Net sales of short-term portfolio securities | 10,640,000 | |
Increase in interest receivable | (971,234) | |
Increase in accrued expenses | 181,796 | |
Decrease in prepaid expenses and other assets | 117,848 | |
Decrease in Due to The Dreyfus Corporation and affiliates | (104,616) | |
Decrease in Due to Administrator | (22,250) | |
Increase in interest and expense payable | 4,489 | |
Net realized gain on investments and futures transactions | (10,691,280) | |
Net unrealized depreciation on investments and futures | 27,175,344 | |
Net amortization of premiums on investments | 2,669,529 | |
Net Cash Provided by Operating Activities | 80,095,595 | |
Supplemental non-cash financing disclosure: | ||
Reinvestment of dividends | 7,575,214 |
See notes to financial statements.
85
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon National Intermediate Municipal Bond Fund |
| BNY Mellon National Short-Term Municipal Bond Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 26,715,373 |
|
|
| 53,740,560 |
| 4,625,244 |
|
|
| 8,964,818 |
| |
Net realized gain (loss) on investments |
| 8,526,917 |
|
|
| 1,791,757 |
| (388,066) |
|
|
| (2,372,606) |
| ||
Net unrealized appreciation (depreciation) |
| (67,964,100) |
|
|
| (50,266,297) |
| (8,799,312) |
|
|
| (1,534,285) |
| ||
Net Increase (Decrease) in Net Assets | (32,721,810) |
|
|
| 5,266,020 |
| (4,562,134) |
|
|
| 5,057,927 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (26,065,632) |
|
|
| (52,338,335) |
| (4,583,405) |
|
|
| (8,877,598) |
| |
Investor Shares |
|
| (556,656) |
|
|
| (1,168,985) |
| (35,462) |
|
|
| (74,272) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (374,312) |
|
|
| (14,139,955) |
| - |
|
|
| (1,195,000) |
| |
Investor Shares |
|
| (8,464) |
|
|
| (353,740) |
| - |
|
|
| (8,660) |
| |
Total Distributions |
|
| (27,005,064) |
|
|
| (68,001,015) |
| (4,618,867) |
|
|
| (10,155,530) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 292,347,541 |
|
|
| 464,961,765 |
| 189,228,624 |
|
|
| 351,029,658 |
| |
Investor Shares |
|
| 10,951,431 |
|
|
| 39,289,745 |
| 3,073,220 |
|
|
| 20,423,368 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 3,929,819 |
|
|
| 14,329,916 |
| 908,374 |
|
|
| 2,217,207 |
| |
Investor Shares |
|
| 423,452 |
|
|
| 1,160,740 |
| 26,472 |
|
|
| 64,988 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (196,284,693) |
|
|
| (548,178,549) |
| (157,410,784) |
|
|
| (563,035,625) |
| |
Investor Shares |
|
| (17,606,225) |
|
|
| (41,884,372) |
| (8,847,176) |
|
|
| (12,880,518) |
| |
Increase (Decrease) in Net Assets | 93,761,325 |
|
|
| (70,320,755) |
| 26,978,730 |
|
|
| (202,180,922) |
| |||
Total Increase (Decrease) in Net Assets | 34,034,451 |
|
|
| (133,055,750) |
| 17,797,729 |
|
|
| (207,278,525) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 2,145,875,678 |
|
|
| 2,278,931,428 |
| 902,763,065 |
|
|
| 1,110,041,590 |
| |
End of Period |
|
| 2,179,910,129 |
|
|
| 2,145,875,678 |
| 920,560,794 |
|
|
| 902,763,065 |
| |
Undistributed investment income—net | 93,085 |
|
|
| - |
| 6,377 |
|
|
| - |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 21,689,003 |
|
|
| 34,444,410 |
| 14,853,543 |
|
|
| 27,512,365 |
| |
Shares issued for distributions reinvested |
|
| 292,270 |
|
|
| 1,071,958 |
| 71,337 |
|
|
| 173,928 |
| |
Shares redeemed |
|
| (14,546,017) |
|
|
| (40,856,606) |
| (12,357,631) |
|
|
| (44,177,739) |
| |
Net Increase (Decrease) in Shares Outstanding | 7,435,256 |
|
|
| (5,340,238) |
| 2,567,249 |
|
|
| (16,491,446) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 811,426 |
|
|
| 2,904,127 |
| 241,131 |
|
|
| 1,600,474 |
| |
Shares issued for distributions reinvested |
|
| 31,519 |
|
|
| 86,441 |
| 2,079 |
|
|
| 5,092 |
| |
Shares redeemed |
|
| (1,306,790) |
|
|
| (3,110,518) |
| (693,004) |
|
|
| (1,007,809) |
| |
Net Increase (Decrease) in Shares Outstanding | (463,845) |
|
|
| (119,950) |
| (449,794) |
|
|
| 597,757 |
| |||
|
| ||||||||||||||
a | During the period ended February 28, 2018, 759,516 Class M shares representing $10,261,737 were exchanged for 760,314 Investor shares for BNY Mellon National Intermediate Municipal Bond Fund and 221,345 Class M shares representing $2,822,833 were exchanged for 221,493 Investor shares for BNY Mellon National Short-Term Municipal Bond Fund. During the period ended August 31, 2017, 2,722,998 Class M shares representing $36,899,982 were exchanged for 2,726,012 Investor shares for BNY Mellon National Intermediate Municipal Bond Fund and 1,231,437 Class M shares representing $15,723,475 were exchanged for 1,232,157 Investor shares for BNY Mellon National Short-Term Municipal Bond Fund. | ||||||||||||||
See notes to financial statements. |
86
|
|
|
| BNY Mellon Pennsylvania |
| BNY Mellon Massachusetts |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 2,462,172 |
|
|
| 5,638,618 |
| 3,619,858 |
|
|
| 7,406,115 |
| |
Net realized gain (loss) on investments |
| 1,449,262 |
|
|
| 643,602 |
| 1,217,583 |
|
|
| 1,053,368 |
| ||
Net unrealized appreciation (depreciation) |
| (6,800,128) |
|
|
| (6,388,794) |
| (9,793,404) |
|
|
| (10,348,095) |
| ||
Net Increase (Decrease) in Net Assets | (2,888,694) |
|
|
| (106,574) |
| (4,955,963) |
|
|
| (1,888,612) |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (2,398,412) |
|
|
| (5,519,051) |
| (3,534,974) |
|
|
| (7,200,296) |
| |
Investor Shares |
|
| (63,760) |
|
|
| (119,567) |
| (84,884) |
|
|
| (205,819) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (343,953) |
|
|
| (3,691,537) |
| (88,632) |
|
|
| (2,949,849) |
| |
Investor Shares |
|
| (11,783) |
|
|
| (86,542) |
| (2,253) |
|
|
| (92,935) |
| |
Total Distributions |
|
| (2,817,908) |
|
|
| (9,416,697) |
| (3,710,743) |
|
|
| (10,448,899) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 9,282,111 |
|
|
| 24,449,460 |
| 33,688,896 |
|
|
| 71,259,007 |
| |
Investor Shares |
|
| 2,091,304 |
|
|
| 2,708,628 |
| 319,995 |
|
|
| 5,566,606 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 305,545 |
|
|
| 2,397,494 |
| 736,167 |
|
|
| 2,530,486 |
| |
Investor Shares |
|
| 71,092 |
|
|
| 181,526 |
| 69,588 |
|
|
| 235,740 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (19,802,787) |
|
|
| (63,118,005) |
| (33,115,930) |
|
|
| (124,543,987) |
| |
Investor Shares |
|
| (1,611,965) |
|
|
| (3,593,488) |
| (2,635,177) |
|
|
| (4,590,867) |
| |
Increase (Decrease) in Net Assets | (9,664,700) |
|
|
| (36,974,385) |
| (936,461) |
|
|
| (49,543,015) |
| |||
Total Increase (Decrease) in Net Assets | (15,371,302) |
|
|
| (46,497,656) |
| (9,603,167) |
|
|
| (61,880,526) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 214,500,024 |
|
|
| 260,997,680 |
| 306,637,877 |
|
|
| 368,518,403 |
| |
End of Period |
|
| 199,128,722 |
|
|
| 214,500,024 |
| 297,034,710 |
|
|
| 306,637,877 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 767,128 |
|
|
| 2,025,605 |
| 2,669,923 |
|
|
| 5,661,003 |
| |
Shares issued for distributions reinvested |
|
| 25,281 |
|
|
| 200,854 |
| 58,599 |
|
|
| 201,893 |
| |
Shares redeemed |
|
| (1,635,421) |
|
|
| (5,219,093) |
| (2,630,595) |
|
|
| (9,929,865) |
| |
Net Increase (Decrease) in Shares Outstanding | (843,012) |
|
|
| (2,992,634) |
| 97,927 |
|
|
| (4,066,969) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 172,237 |
|
|
| 223,741 |
| 25,551 |
|
|
| 442,792 |
| |
Shares issued for distributions reinvested |
|
| 5,901 |
|
|
| 15,096 |
| 5,539 |
|
|
| 18,765 |
| |
Shares redeemed |
|
| (134,289) |
|
|
| (298,376) |
| (208,566) |
|
|
| (364,170) |
| |
Net Increase (Decrease) in Shares Outstanding | 43,849 |
|
|
| (59,539) |
| (177,476) |
|
|
| 97,387 |
| |||
|
| ||||||||||||||
a | During the period ended February 28, 2018, 171,812 Class M shares representing $2,089,303 were exchanged for 172,073 Investor shares for BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and 18,556 Class M shares representing $231,331 were exchanged for 18,556 Investor shares for BNY Mellon Massachusetts Intermediate Municipal Bond Fund. During the period ended August 31, 2017, 219,175 Class M shares representing $2,656,057 were exchanged for 219,383 Investor shares for BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and 424,713 Class M shares representing $5,338,623 were exchanged for 424,751 Investor shares for BNY Mellon Massachusetts Intermediate Municipal Bond Fund. | ||||||||||||||
See notes to financial statements. |
87
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon New York Intermediate |
| BNY Mellon Municipal Opportunities Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 1,871,205 |
|
|
| 4,034,042 |
| 21,457,318 |
|
|
| 41,117,090 |
| |
Net realized gain (loss) on investments |
| 958,459 |
|
|
| 421,108 |
| 10,691,280 |
|
|
| 16,787,864 |
| ||
Net unrealized appreciation (depreciation) |
| (5,371,925) |
|
|
| (4,670,637) |
| (27,175,344) |
|
|
| (35,288,604) |
| ||
Net Increase (Decrease) in Net Assets | (2,542,261) |
|
|
| (215,487) |
| 4,973,254 |
|
|
| 22,616,350 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (1,745,054) |
|
|
| (3,745,574) |
| (20,628,346) |
|
|
| (39,572,767) |
| |
Investor Shares |
|
| (126,151) |
|
|
| (279,994) |
| (645,727) |
|
|
| (1,067,663) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (49,606) |
|
|
| (2,556,555) |
| (450,997) |
|
|
| (223,073) |
| |
Investor Shares |
|
| (4,061) |
|
|
| (209,342) |
| (9,625) |
|
|
| (3,169) |
| |
Total Distributions |
|
| (1,924,872) |
|
|
| (6,791,465) |
| (21,734,695) |
|
|
| (40,866,672) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 16,545,287 |
|
|
| 22,229,807 |
| 7,195,582 |
|
|
| 365,448,364 |
| |
Investor Shares |
|
| 347,785 |
|
|
| 1,876,931 |
| 4,776,783 |
|
|
| 66,921,405 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 266,471 |
|
|
| 1,838,885 |
| 6,995,806 |
|
|
| 14,506,224 |
| |
Investor Shares |
|
| 113,182 |
|
|
| 419,414 |
| 579,408 |
|
|
| 942,001 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (16,116,791) |
|
|
| (39,701,418) |
| (39,166,806) |
|
|
| (188,436,751) |
| |
Investor Shares |
|
| (1,457,088) |
|
|
| (3,016,640) |
| (38,458,834) |
|
|
| (35,881,226) |
| |
Increase (Decrease) in Net Assets | (301,154) |
|
|
| (16,353,021) |
| (58,078,061) |
|
|
| 223,500,017 |
| |||
Total Increase (Decrease) in Net Assets | (4,768,287) |
|
|
| (23,359,973) |
| (74,839,502) |
|
|
| 205,249,695 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 166,015,186 |
|
|
| 189,375,159 |
| 1,315,362,455 |
|
|
| 1,110,112,760 |
| |
End of Period |
|
| 161,246,899 |
|
|
| 166,015,186 |
| 1,240,522,953 |
|
|
| 1,315,362,455 |
| |
Undistributed investment income—net | - |
|
|
| - |
| 183,245 |
|
|
| - |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 1,494,211 |
|
|
| 2,005,486 |
| 551,348 |
|
|
| 28,499,079 |
| |
Shares issued for distributions reinvested |
|
| 24,134 |
|
|
| 167,853 |
| 535,870 |
|
|
| 1,118,271 |
| |
Shares redeemed |
|
| (1,456,196) |
|
|
| (3,584,901) |
| (2,991,498) |
|
|
| (14,607,840) |
| |
Net Increase (Decrease) in Shares Outstanding | 62,149 |
|
|
| (1,411,562) |
| (1,904,280) |
|
|
| 15,009,510 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 31,833 |
|
|
| 168,471 |
| 364,999 |
|
|
| 5,171,811 |
| |
Shares issued for distributions reinvested |
|
| 10,245 |
|
|
| 38,019 |
| 44,340 |
|
|
| 72,316 |
| |
Shares redeemed |
|
| (131,247) |
|
|
| (270,033) |
| (2,940,259) |
|
|
| (2,738,110) |
| |
Net Increase (Decrease) in Shares Outstanding | (89,169) |
|
|
| (63,543) |
| (2,530,920) |
|
|
| 2,506,017 |
| |||
|
| ||||||||||||||
a | During the period ended February 28, 2018, 26,832 Class M shares representing $291,959 were exchanged for 26,808 Investor shares for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and 365,225 Class M shares representing $4,776,784 were exchanged for 365,000 Investor shares for BNY Mellon Municipal Opportunities Fund. During the period ended August 31, 2017, 75,328 Class M shares representing $834,807 were exchanged for 75,294 Investor shares for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and 2,139,351 Class M shares representing $27,790,102 were exchanged for 2,138,157 Investor shares for BNY Mellon Municipal Opportunities Fund. | ||||||||||||||
See notes to financial statements. |
88
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2018 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Intermediate Municipal Bond Fund | (Unaudited) | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.64 | 14.00 | 13.56 | 13.77 | 13.22 | 13.98 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .17 | .34 | .36 | .37 | .39 | .41 | |||||||||
Net realized and unrealized gain (loss) on investments | (.37) | (.27) | .43 | (.21) | .55 | (.73) | |||||||||
Total from Investment Operations | (.20) | .07 | .79 | .16 | .94 | (.32) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.17) | (.34) | (.35) | (.37) | (.39) | (.39) | |||||||||
Dividends from net realized gain on investments | (.00) | b | (.09) | (.00) | b | - | - | (.05) | |||||||
Total Distributions | (.17) | (.43) | (.35) | (.37) | (.39) | (.44) | |||||||||
Net asset value, end of period | 13.27 | 13.64 | 14.00 | 13.56 | 13.77 | 13.22 | |||||||||
Total Return (%) | (1.48) | c | .60 | 5.94 | 1.23 | 7.18 | (2.43) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .50 | d | .50 | .50 | .50 | .50 | .50 | ||||||||
Ratio of net expenses to average net assets | .50 | d | .50 | .50 | .50 | .50 | .50 | ||||||||
Ratio of net investment income to average net assets | 2.51 | d | 2.52 | 2.58 | 2.70 | 2.90 | 2.94 | ||||||||
Portfolio Turnover Rate | 20.96 | c | 32.14 | 18.61 | 35.65 | 24.65 | 24.05 | ||||||||
Net Assets, end of period ($ x 1,000) | 2,135,268 | 2,093,660 | 2,223,660 | 1,970,693 | 1,827,575 | 1,692,786 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
89
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2018 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Intermediate Municipal Bond Fund | (Unaudited) | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.63 | 13.99 | 13.54 | 13.75 | 13.20 | 13.97 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .15 | .31 | .32 | .34 | .36 | .37 | |||||||||
Net realized and unrealized gain (loss) on investments | (.37) | (.27) | .45 | (.22) | .54 | (.74) | |||||||||
Total from Investment Operations | (.22) | .04 | .77 | .12 | .90 | (.37) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.15) | (.31) | (.32) | (.33) | (.35) | (.35) | |||||||||
Dividends from net realized gain on investments | (.00) | b | (.09) | (.00) | b | - | - | (.05) | |||||||
Total Distributions | (.15) | (.40) | (.32) | (.33) | (.35) | (.40) | |||||||||
Net asset value, end of period | 13.26 | 13.63 | 13.99 | 13.54 | 13.75 | 13.20 | |||||||||
Total Return (%) | (1.60) | c | .35 | 5.76 | .90 | 6.92 | (2.68) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .75 | d | .75 | .75 | .75 | .75 | .75 | ||||||||
Ratio of net expenses to average net assets | .75 | d | .75 | .75 | .75 | .75 | .75 | ||||||||
Ratio of net investment income to average net assets | 2.26 | d | 2.27 | 2.33 | 2.45 | 2.65 | 2.68 | ||||||||
Portfolio Turnover Rate | 20.96 | c | 32.14 | 18.61 | 35.65 | 24.65 | 24.05 | ||||||||
Net Assets, end of period ($ x 1,000) | 44,642 | 52,216 | 55,272 | 50,199 | 42,042 | 37,095 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
90
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2018 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Short-Term Municipal Bond Fund | (Unaudited) | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.83 | 12.87 | 12.83 | 12.94 | 12.86 | 13.01 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .07 | .12 | .11 | .11 | .10 | .12 | |||||||||
Net realized and unrealized gain (loss) on investments | (.13) | (.02) | .05 | (.09) | .09 | (.15) | |||||||||
Total from Investment Operations | (.06) | .10 | .16 | .02 | .19 | (.03) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.07) | (.12) | (.11) | (.11) | (.10) | (.12) | |||||||||
Dividends from net realized gain on investments | - | (.02) | (.01) | (.02) | (.01) | - | |||||||||
Total Distributions | (.07) | (.14) | (.12) | (.13) | (.11) | (.12) | |||||||||
Net asset value, end of period | 12.70 | 12.83 | 12.87 | 12.83 | 12.94 | 12.86 | |||||||||
Total Return (%) | (.50) | b | .76 | 1.21 | .17 | 1.37 | (.27) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .50 | c | .51 | .51 | .50 | .50 | .50 | ||||||||
Ratio of net expenses to average net assets | .50 | c | .51 | .51 | .50 | .50 | .50 | ||||||||
Ratio of net investment income to average net assets | 1.03 | c | .94 | .84 | .82 | .77 | .89 | ||||||||
Portfolio Turnover Rate | 25.20 | b | 35.60 | 51.47 | 34.24 | 39.43 | 41.94 | ||||||||
Net Assets, end of period ($ x 1,000) | 912,879 | 889,237 | 1,104,162 | 1,007,532 | 1,244,187 | 1,181,988 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
91
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2018 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Short-Term Municipal Bond Fund | (Unaudited) | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.82 | 12.86 | 12.82 | 12.93 | 12.85 | 13.00 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .05 | .09 | .08 | .08 | .07 | .08 | |||||||||
Net realized and unrealized gain (loss) on investments | (.13) | (.02) | .05 | (.10) | .09 | (.15) | |||||||||
Total from Investment Operations | (.08) | .07 | .13 | (.02) | .16 | (.07) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.05) | (.09) | (.08) | (.07) | (.07) | (.08) | |||||||||
Dividends from net realized gain on investments | - | (.02) | (.01) | (.02) | (.01) | - | |||||||||
Total Distributions | (.05) | (.11) | (.09) | (.09) | (.08) | (.08) | |||||||||
Net asset value, end of period | 12.69 | 12.82 | 12.86 | 12.82 | 12.93 | 12.85 | |||||||||
Total Return (%) | (.63) | b | .52 | .97 | (.15) | 1.20 | (.52) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .75 | c | .76 | .76 | .76 | .76 | .76 | ||||||||
Ratio of net expenses to average net assets | .75 | c | .76 | .76 | .76 | .76 | .76 | ||||||||
Ratio of net investment income to average net assets | .78 | c | .72 | .60 | .59 | .52 | .63 | ||||||||
Portfolio Turnover Rate | 25.20 | b | 35.60 | 51.47 | 34.24 | 39.43 | 41.94 | ||||||||
Net Assets, end of period ($ x 1,000) | 7,681 | 13,526 | 5,880 | 12,166 | 9,696 | 4,479 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
92
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2018 | Year Ended August 31, | ||||||||||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | (Unaudited) | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.24 | 12.68 | 12.31 | 12.56 | 12.27 | 13.15 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .14 | .30 | .32 | .33 | .36 | .36 | |||||||||
Net realized and unrealized gain (loss) on investments | (.31) | (.24) | .41 | (.25) | .40 | (.79) | |||||||||
Total from Investment Operations | (.17) | .06 | .73 | .08 | .76 | (.43) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.14) | (.30) | (.32) | (.33) | (.36) | (.36) | |||||||||
Dividends from net realized gain on investments | (.02) | (.20) | (.04) | - | (.11) | (.09) | |||||||||
Total Distributions | (.16) | (.50) | (.36) | (.33) | (.47) | (.45) | |||||||||
Net asset value, end of period | 11.91 | 12.24 | 12.68 | 12.31 | 12.56 | 12.27 | |||||||||
Total Return (%) | (1.36) | b | .55 | 5.96 | .74 | 6.31 | (3.47) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .70 | c | .70 | .69 | .68 | .68 | .67 | ||||||||
Ratio of net expenses to average net assets | .70 | c | .70 | .69 | .68 | .68 | .67 | ||||||||
Ratio of net investment income to average net assets | 2.40 | c | 2.44 | 2.52 | 2.65 | 2.89 | 2.80 | ||||||||
Portfolio Turnover Rate | 16.36 | b | 20.07 | 25.94 | 35.96 | 25.84 | 29.10 | ||||||||
Net Assets, end of period ($ x 1,000) | 193,702 | 209,457 | 255,017 | 276,729 | 306,673 | 357,431 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
93
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2018 | Year Ended August 31, | ||||||||||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | (Unaudited) | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.23 | 12.67 | 12.29 | 12.54 | 12.25 | 13.14 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .13 | .27 | .28 | .30 | .33 | .33 | |||||||||
Net realized and unrealized gain (loss) on investments | (.32) | (.24) | .42 | (.25) | .39 | (.80) | |||||||||
Total from Investment Operations | (.19) | .03 | .70 | .05 | .72 | (.47) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.13) | (.27) | (.28) | (.30) | (.32) | (.33) | |||||||||
Dividends from net realized gain on investments | (.02) | (.20) | (.04) | - | (.11) | (.09) | |||||||||
Total Distributions | (.15) | (.47) | (.32) | (.30) | (.43) | (.42) | |||||||||
Net asset value, end of period | 11.89 | 12.23 | 12.67 | 12.29 | 12.54 | 12.25 | |||||||||
Total Return (%) | (1.56) | b | .30 | 5.79 | .40 | 6.04 | (3.71) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .95 | c | .95 | .94 | .93 | .93 | .92 | ||||||||
Ratio of net expenses to average net assets | .95 | c | .95 | .94 | .93 | .93 | .92 | ||||||||
Ratio of net investment income to average net assets | 2.16 | c | 2.20 | 2.27 | 2.41 | 2.64 | 2.58 | ||||||||
Portfolio Turnover Rate | 16.36 | b | 20.07 | 25.94 | 35.96 | 25.84 | 29.10 | ||||||||
Net Assets, end of period ($ x 1,000) | 5,427 | 5,043 | 5,981 | 5,558 | 4,437 | 4,200 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
94
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2018 | Year Ended August 31, | ||||||||||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | (Unaudited) | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.75 | 13.16 | 12.73 | 12.95 | 12.62 | 13.54 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .15 | .30 | .31 | .33 | .36 | .37 | |||||||||
Net realized and unrealized gain (loss) on investments | (.35) | (.28) | .43 | (.21) | .42 | (.77) | |||||||||
Total from Investment Operations | (.20) | .02 | .74 | .12 | .78 | (.40) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.15) | (.30) | (.31) | (.34) | (.36) | (.37) | |||||||||
Dividends from net realized gain on investments | (.00) | b | (.13) | - | - | (.09) | (.15) | ||||||||
Total Distributions | (.15) | (.43) | (.31) | (.34) | (.45) | (.52) | |||||||||
Net asset value, end of period | 12.40 | 12.75 | 13.16 | 12.73 | 12.95 | 12.62 | |||||||||
Total Return (%) | (1.55) | c | .24 | 5.88 | .98 | 6.21 | (3.11) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .53 | d | .54 | .54 | .53 | .53 | .53 | ||||||||
Ratio of net expenses to average net assets | .53 | d | .54 | .54 | .53 | .53 | .53 | ||||||||
Ratio of net investment income to average net assets | 2.40 | d | 2.35 | 2.39 | 2.60 | 2.85 | 2.79 | ||||||||
Portfolio Turnover Rate | 21.05 | c | 31.61 | 28.71 | 41.79 | 32.80 | 21.16 | ||||||||
Net Assets, end of period ($ x 1,000) | 290,103 | 297,243 | 360,108 | 310,635 | 305,513 | 312,640 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
95
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 218 | Year Ended August 31, | ||||||||||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | (Unaudited) | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.75 | 13.15 | 12.73 | 12.94 | 12.62 | 13.54 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .13 | .27 | .28 | .31 | .34 | .34 | |||||||||
Net realized and unrealized gain (loss) on investments | (.36) | (.27) | .42 | (.22) | .40 | (.77) | |||||||||
Total from Investment Operations | (.23) | - | .70 | .09 | .74 | (.43) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.13) | (.27) | (.28) | (.30) | (.33) | (.34) | |||||||||
Dividends from net realized gain on investments | (.00) | b | (.13) | - | - | (.09) | (.15) | ||||||||
Total Distributions | (.13) | (.40) | (.28) | (.30) | (.42) | (.49) | |||||||||
Net asset value, end of period | 12.39 | 12.75 | 13.15 | 12.73 | 12.94 | 12.62 | |||||||||
Total Return (%) | (1.75) | c | .06 | 5.54 | .73 | 5.95 | (3.35) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .78 | d | .79 | .79 | .78 | .78 | .78 | ||||||||
Ratio of net expenses to average net assets | .78 | d | .79 | .79 | .78 | .78 | .78 | ||||||||
Ratio of net investment income to average net assets | 2.15 | d | 2.12 | 2.15 | 2.35 | 2.60 | 2.55 | ||||||||
Portfolio Turnover Rate | 21.05 | c | 31.61 | 28.71 | 41.79 | 32.80 | 21.16 | ||||||||
Net Assets, end of period ($ x 1,000) | 6,931 | 9,395 | 8,410 | 8,632 | 9,910 | 8,261 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
96
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2018 | Year Ended August 31, | ||||||||||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | (Unaudited) | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.20 | 11.62 | 11.24 | 11.40 | 11.11 | 11.92 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .13 | .26 | .29 | .30 | .31 | .30 | |||||||||
Net realized and unrealized gain (loss) on investments | (.30) | (.24) | .41 | (.16) | .46 | (.69) | |||||||||
Total from Investment Operations | (.17) | .02 | .70 | .14 | .77 | (.39) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.13) | (.26) | (.29) | (.30) | (.31) | (.30) | |||||||||
Dividends from net realized gain on investments | (.00) | b | (.18) | (.03) | - | (.17) | (.12) | ||||||||
Total Distributions | (.13) | (.44) | (.32) | (.30) | (.48) | (.42) | |||||||||
Net asset value, end of period | 10.90 | 11.20 | 11.62 | 11.24 | 11.40 | 11.11 | |||||||||
Total Return (%) | (1.52) | c | .31 | 6.30 | 1.33 | 7.04 | (3.40) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .72 | d | .73 | .72 | .71 | .71 | .70 | ||||||||
Ratio of net expenses to average net assets | .59 | d | .59 | .59 | .59 | .59 | .59 | ||||||||
Ratio of net investment income to average net assets | 2.32 | d | 2.38 | 2.53 | 2.64 | 2.79 | 2.57 | ||||||||
Portfolio Turnover Rate | 20.79 | c | 37.78 | 36.53 | 52.79 | 36.42 | 39.32 | ||||||||
Net Assets, end of period ($ x 1,000) | 149,479 | 152,923 | 175,053 | 169,337 | 172,407 | 184,657 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
97
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2018 | Year Ended August 31, | ||||||||||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | (Unaudited) | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.20 | 11.62 | 11.24 | 11.40 | 11.12 | 11.93 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .11 | .24 | .26 | .27 | .29 | .27 | |||||||||
Net realized and unrealized gain (loss) on investments | (.30) | (.24) | .41 | (.16) | .44 | (.69) | |||||||||
Total from Investment Operations | (.19) | - | .67 | .11 | .73 | (.42) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.11) | (.24) | (.26) | (.27) | (.28) | (.27) | |||||||||
Dividends from net realized gain on investments | (.00) | b | (.18) | (.03) | - | (.17) | (.12) | ||||||||
Total Distributions | (.11) | (.42) | (.29) | (.27) | (.45) | (.39) | |||||||||
Net asset value, end of period | 10.90 | 11.20 | 11.62 | 11.24 | 11.40 | 11.12 | |||||||||
Total Return (%) | (1.64) | c | .07 | 6.03 | .98 | 6.77 | (3.63) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .97 | d | .98 | .97 | .96 | .96 | .95 | ||||||||
Ratio of net expenses to average net assets | .84 | d | .84 | .84 | .84 | .84 | .84 | ||||||||
Ratio of net investment income to average net assets | 2.07 | d | 2.13 | 2.28 | 2.39 | 2.54 | 2.32 | ||||||||
Portfolio Turnover Rate | 20.79 | c | 37.78 | 36.53 | 52.79 | 36.42 | 39.32 | ||||||||
Net Assets, end of period ($ x 1,000) | 11,768 | 13,093 | 14,322 | 15,495 | 16,428 | 17,930 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
98
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2018 | Year Ended August 31, | ||||||||||||||
BNY Mellon Municipal Opportunities Fund | (Unaudited) | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.15 | 13.46 | 12.99 | 13.16 | 12.38 | 13.42 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .22 | .45 | .50 | .47 | .49 | .43 | |||||||||
Net realized and unrealized gain (loss) on investments | (.17) | (.32) | .45 | (.18) | 1.04 | (.92) | |||||||||
Total from Investment Operations | .05 | .13 | .95 | .29 | 1.53 | (.49) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.22) | (.44) | (.48) | (.46) | (.48) | (.43) | |||||||||
Dividends from net realized gain on investments | (.00) | b | (.00) | b | - | - | (.27) | (.12) | |||||||
Total Distributions | (.22) | (.44) | (.48) | (.46) | (.75) | (.55) | |||||||||
Net asset value, end of period | 12.98 | 13.15 | 13.46 | 12.99 | 13.16 | 12.38 | |||||||||
Total Return (%) | .41 | c | 1.11 | 7.40 | 2.20 | 12.88 | (3.95) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .73 | d | .73 | .71 | .69 | .71 | .71 | ||||||||
Ratio of net expenses to average net assets | .73 | d | .73 | .71 | .69 | .71 | .71 | ||||||||
Ratio of interest and expense related to floating | .08 | d | .07 | .05 | .04 | .05 | .05 | ||||||||
Ratio of net investment income to average net assets | 3.40 | d | 3.44 | 3.79 | 3.57 | 3.88 | 3.22 | ||||||||
Portfolio Turnover Rate | 19.77 | c | 34.78 | 31.92 | 41.90 | 58.87 | 93.04 | ||||||||
Net Assets, end of period ($ x 1,000) | 1,216,275 | 1,257,498 | 1,084,650 | 1,141,309 | 1,023,660 | 946,739 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
99
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2018 | Year Ended August 31, | ||||||||||||||
BNY Mellon Municipal Opportunities Fund | (Unaudited) | 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.16 | 13.46 | 12.99 | 13.16 | 12.38 | 13.43 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .21 | .41 | .47 | .43 | .46 | .40 | |||||||||
Net realized and unrealized gain (loss) on investments | (.18) | (.30) | .44 | (.18) | 1.05 | (.93) | |||||||||
Total from Investment Operations | .03 | .11 | .91 | .25 | 1.51 | (.53) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.20) | (.41) | (.44) | (.42) | (.46) | (.40) | |||||||||
Dividends from net realized gain on investments | (.00) | b | (.00) | b | - | - | (.27) | (.12) | |||||||
Total Distributions | (.20) | (.41) | (.44) | (.42) | (.73) | (.52) | |||||||||
Net asset value, end of period | 12.99 | 13.16 | 13.46 | 12.99 | 13.16 | 12.38 | |||||||||
Total Return (%) | .29 | c | .95 | 7.13 | 1.93 | 12.54 | (4.19) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .98 | d | .99 | .96 | .96 | .98 | .96 | ||||||||
Ratio of net expenses to average net assets | .98 | d | .99 | .96 | .96 | .98 | .96 | ||||||||
Ratio of interest and expense related to floating | .08 | d | .07 | .05 | .04 | .05 | .05 | ||||||||
Ratio of net investment income to average net assets | 3.11 | d | 3.14 | 3.55 | 3.30 | 3.67 | 2.98 | ||||||||
Portfolio Turnover Rate | 19.77 | c | 34.78 | 31.92 | 41.90 | 58.87 | 93.04 | ||||||||
Net Assets, end of period ($ x 1,000) | 24,248 | 57,865 | 25,463 | 16,832 | 5,126 | 2,947 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
100
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-five series, including the following non-diversified funds: BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon National Short-Term Municipal Bond Fund, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon Massachusetts Intermediate Municipal Bond Fund, BNY Mellon New York Intermediate Tax-Exempt Bond Fund and BNY Mellon Municipal Opportunities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon National Short-Term Municipal Bond Fund seek to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. BNY Mellon Pennsylvania Intermediate Municipal Bond Fund seeks as high a level of income exempt from federal and Pennsylvania state income taxes as is consistent with the preservation of capital. BNY Mellon Massachusetts Intermediate Municipal Bond Fund seeks as high a level of income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital. BNY Mellon New York Intermediate Tax-Exempt Bond Fund seeks as high a level of current income exempt from federal, New York state and New York city income taxes as is consistent with the preservation of capital. BNY Mellon Municipal Opportunities Fund seeks to maximize total return consisting of high current income exempt from federal income tax and capital appreciation..
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Each class of shares has identical rights and privileges, except with respect to the Shareholder Service Plan and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 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’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.
(a) Portfolio valuation: 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 each 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.
101
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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 funds’ 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 each fund’s investments are as follows:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board of Trustees (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). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general supervision of the Board.
When 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 significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the funds calculate their net asset value, the funds 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 restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Futures on municipal and U.S. Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy.
Table 1 summarizes the inputs used as of February 28, 2018 in valuing each fund’s investments:
At February 28, 2018, there were no transfers between levels of the fair value hierarchy. It is the fund’s policy to recognize transfers between levels at the end of the reporting period.
Table 1—Fair Value Measurements | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon National | |||||||||||||||||
Municipal Bonds† | - | - | 2,176,856,746 | - | - | - | 2,176,856,746 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | 3,285,616 | - | - | - | - | - | 3,285,616 |
102
Table 1—Fair Value Measurements (continued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon National | |||||||||||||||||
Municipal Bonds† | - | - | 907,957,445 | - | - | - | 907,957,445 | ||||||||||
BNY Mellon Pennsylvania | |||||||||||||||||
Municipal Bonds† | - | - | 197,533,162 | - | - | - | 197,533,162 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | 315,248 | - | - | - | - | - | 315,248 | ||||||||||
BNY Mellon Massachusetts | |||||||||||||||||
Municipal Bonds† | - | - | 294,493,737 | - | - | - | 294,493,737 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | 474,129 | - | - | - | - | - | 474,129 | ||||||||||
BNY Mellon New York | |||||||||||||||||
Municipal Bonds† | - | - | 161,686,644 | - | - | - | 161,686,644 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | 253,706 | - | - | - | - | - | 253,706 | ||||||||||
BNY Mellon Municipal | |||||||||||||||||
Corporate Bonds† | - | - | 4,708,846 | - | - | - | 4,708,846 | ||||||||||
Municipal Bonds† | - | - | 1,271,565,157 | - | - | - | 1,271,565,157 | ||||||||||
Futures†† | 10,778,864 | - | - | - | - | - | 10,778,864 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Floating Rate Notes††† | - | - | - | (58,975,000) | - | - | (58,975,000) |
† See Statement of Investments for additional detailed categorizations.
†† Amount shown represents unrealized depreciation at period end.
††† Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when issued or delayed delivery basis may be settled a month or more after the trade date.
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon Massachusetts Intermediate Municipal Bond Fund and BNY Mellon New York Intermediate Tax-Exempt Bond Fund each follow an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the funds.
(c) Dividends and distributions to shareholders: It is the policy of each fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of each fund not to distribute such gains. Income and capital gain distributions are determined in
103
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
accordance with income tax regulations, which may differ from GAAP.
(d) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2018, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 28, 2018, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2017 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010, each fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
Table 2 summarizes each relevant fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, realized subsequent to August 31, 2017.
Table 3 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2017. The tax character of current year distributions will be determined at the end of the current fiscal year.
Table 2—Capital Loss Carryover | ||||
Short-Term | Long-Term | Total($) | ||
BNY Mellon National Short-Term Municipal Bond Fund | 2,273,704 | 98,902 | 2,372,606 | |
BNY Mellon Municipal Opportunities Fund | 24,617,013 | 5,075,213 | 29,692,226 |
† Short-term capital losses which can be carried forward for an unlimited period.
†† Long-term capital losses which can be carried forward for an unlimited period.
Table 3—Tax Character of Distributions Paid | |||||||
2017 | |||||||
| Tax-Exempt |
| Ordinary | Long-Term Capital | |||
BNY Mellon National Intermediate Municipal Bond Fund | 53,509,362 | 3,193,470 | 11,298,183 | ||||
BNY Mellon National Short-Term Municipal Bond Fund | 8,960,424 | 405,623 | 789,483 | ||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 5,639,243 | 263,264 | 3,514,190 | ||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 7,408,903 | 137,940 | 2,902,056 | ||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 4,025,568 | 712,073 | 2,053,824 | ||||
BNY Mellon Municipal Opportunities Fund | 40,279,302 | 587,370 | - |
NOTE 2—Bank Lines of Credit:
The funds participate with other Dreyfus-managed funds in an $830 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 4, 2017, the unsecured credit facility with Citibank, N.A. was $810 million. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2018, the funds did not borrow under the Facilities.
NOTE 3—Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an Investment Advisory Agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .35% of BNY Mellon National Intermediate Municipal Bond Fund, .35% of BNY Mellon National Short-Term Municipal Bond Fund, .50% of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, .35% of BNY Mellon Massachusetts Intermediate Municipal Bond Fund, .50% of BNY Mellon
104
New York Intermediate Tax-Exempt Bond Fund and .50% of BNY Mellon Municipal Opportunities Fund.
For BNY Mellon New York Intermediate Tax-Exempt Bond Fund, the Investment Adviser has contractually agreed from September 1, 2017 through December 31, 2018, to waive receipt of its fees and/or assume the direct expense of the fund so that the direct expense of neither class (excluding Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .59% of the value of the fund’s average daily net assets. The reduction in expenses, pursuant to the undertaking, amounted to $105,932 during the period ended February 28, 2018.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
(b) Each fund has adopted a Shareholder Services Plan with respect to its Investor shares. Each fund pays the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 4 summarizes the amounts Investor shares were charged during the period ended February 28, 2018, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
Table 4—Shareholder Services Plan Fees |
|
BNY Mellon National Intermediate | $61,710 |
BNY Mellon National Short-Term | 11,341 |
BNY Mellon Pennsylvania Intermediate | 7,391 |
BNY Mellon Massachusetts Intermediate | 9,866 |
BNY Mellon New York Intermediate | 15,232 |
BNY Mellon Municipal | 52,424 |
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the funds. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees out of the administration fee it receives from the Trust. Table 5 summarizes the amount each fund was charged during the period ended February 28, 2018 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations. Cash management fees were offset by earnings credits, also summarized in Table 5.
Table 5—Cash Management Agreement Fees | |||
| Dreyfus Transfer, Inc. | Dreyfus Transfer, Inc. | |
BNY Mellon National Intermediate Municipal Bond Fund | 198 | (198) | |
BNY Mellon National Short-Term Municipal Bond Fund | 50 | (50) | |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 29 | (29) | |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 77 | (77) | |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 212 | (212) | |
BNY Mellon Municipal Opportunities Fund | 44 | (44) |
105
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 6 summarizes the amount each fund was charged during the period ended February 28, 2018 pursuant to the custody agreement.
Each fund compensates The Bank of New York Mellon under a shareholder redemptions draft processing agreement for providing certain services related to the funds’ check writing privilege. Table 7 summarizes the amount each fund was charged during the period ended February 28, 2018 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 7—The Bank of New York Mellon Cash Management Fees | |
BNY Mellon National Intermediate | $94 |
BNY Mellon National Short-Term | 20 |
BNY Mellon Pennsylvania Intermediate | 14 |
BNY Mellon Massachusetts Intermediate | 45 |
BNY Mellon New York Intermediate | 123 |
BNY Mellon Municipal | 19 |
During the period ended February 28, 2018, each fund was charged $5,495 for services performed by the Chief Compliance Officer and his staff.
Table 8 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
Table 6—Custody Agreement Fees | |||
| Custody Fees ($) | Custody | |
BNY Mellon National Intermediate Municipal Bond Fund | 23,257 | (54) | |
BNY Mellon National Short-Term Municipal Bond Fund | 25,137 | - | |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 7,620 | (331) | |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 4,727 | (124) | |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 5,696 | (183) | |
BNY Mellon Municipal Opportunities Fund | 17,994 | (332) |
Table 8—Due to The Dreyfus Corporation and Affiliates | |||||
| Investment | Shareholder | Custodian | Chief | Less Expense |
BNY Mellon National Intermediate Municipal Bond Fund | 583,680 | 8,761 | 22,806 | 7,326 | - |
BNY Mellon National Short-Term Municipal Bond Fund | 244,923 | 1,512 | 25,332 | 7,326 | - |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 76,777 | 1,076 | 7,914 | 7,326 | - |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 80,095 | 1,355 | 4,269 | 7,326 | - |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 61,861 | 2,209 | 6,387 | 7,326 | (16,726) |
BNY Mellon Municipal Opportunities Fund | 476,841 | 4,718 | 15,826 | 7,326 | - |
106
NOTE 4—Securities Transactions:
Table 9 summarizes each fund’s aggregate amount of purchases and sales of investment securities, excluding short-term securities and futures, during the period ended February 28, 2018.
Inverse Floater Securities: BNY Mellon Municipal Opportunities 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 accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the related floating rate certificate securities reflected as fund liabilities in the Statement of Assets and Liabilities.
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.
The average amount of borrowings outstanding under the inverse floater structure during the period ended February 28, 2018, was approximately $58,975,000 with a related weighted average annualized interest rate of 1.68%.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by each fund during the period ended February 28, 2018 is discussed below.
Table 9—Purchases and Sales | ||
| Purchases ($) | Sales ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 568,549,502 | 445,846,163 |
BNY Mellon National Short-Term Municipal Bond Fund | 242,779,276 | 226,389,921 |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 33,485,132 | 41,462,383 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 62,617,877 | 64,777,134 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 33,294,569 | 33,513,058 |
BNY Mellon Municipal Opportunities Fund | 244,534,482 | 276,627,666 |
107
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Futures: In the normal course of pursuing their investment objective, BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon Massachusetts Intermediate Municipal Bond Fund, BNY Mellon New York Intermediate Tax-Exempt Bond Fund and BNY Mellon Municipal Opportunities Fund are exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The funds invest in futures in order to manage their exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statements of Operations. When the contracts are closed, the funds recognize a realized gain or loss which is reflected in the Statements of Operations. There is minimal counterparty credit risk to the funds with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at February 28, 2018 are set forth in the Statements of Futures.
Table 10 summarizes each fund’s average market value of derivatives outstanding during the period ended February 28, 2018.
Table 10—Average Market Value of Derivatives | |
Average | |
BNY Mellon National Intermediate | 92,295,179 |
BNY Mellon Pennsylvania Intermediate | 9,039,644 |
BNY Mellon Massachusetts Intermediate | 13,288,821 |
BNY Mellon New York Intermediate | 7,137,338 |
BNY Mellon Municipal | 272,995,004 |
Table 11 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments inclusive of derivative contracts for each fund at February 28, 2018.
At February 28, 2018, the cost of investments inclusive of derivative contracts for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
Table 11—Accumulated Net Unrealized Appreciation (Depreciation) | |||
| Gross | Gross | Net ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 44,600,523 | 25,603,071 | 18,997,452 |
BNY Mellon National Short-Term Municipal Bond Fund | 509,984 | 7,541,138 | (7,031,154) |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 4,832,044 | 4,799,330 | 32,714 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 5,665,099 | 5,813,175 | (148,076) |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 2,868,607 | 1,553,864 | 1,314,743 |
BNY Mellon Municipal Opportunities Fund | 81,253,655 | 34,353,781 | 46,899,874 |
108
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109
NOTES
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The BNY Mellon Funds
c/o The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Investment Adviser
BNY Mellon Fund Advisers, a division of
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Administrator
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166
Ticker Symbols: | ||||||
BNY Mellon National Intermediate Municipal Bond Fund | Class M: MPNIX | Investor: MINMX | ||||
BNY Mellon National Short-Term Municipal Bond Fund | Class M: MPSTX | Investor: MINSX | ||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | Class M: MPPIX | Investor: MIPAX | ||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | Class M: MMBMX | Investor: MMBIX | ||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | Class M: MNYMX | Investor: MNYIX | ||||
BNY Mellon Municipal Opportunities Fund | Class M: MOTMX | Investor: MOTIX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-866-804-5023. Brokerage Clients of BNY Mellon Wealth Advisors (BNYMWA), please contact your financial representative or call 1-800-830-0549, Option 2 for BNY Mellon Wealth Management Direct or 1-800-843-5466 for former brokerage clients of BNY Mellon Wealth Advisors whose accounts are now held by Dreyfus Brokerage Services. Individual Account holders, please call Dreyfus at 1-800-DREYFUS.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.
© 2018 MBSC Securities Corporation | MFTSA0218-MB |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures applicable to Item 10.
Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
BNY Mellon Funds Trust
By: /s/ Patrick T. Crowe
Patrick T. Crowe
President
Date: April 27, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Patrick T. Crowe
Patrick T. Crowe
President
Date: April 27, 2018
By: /s/ James Windels
James Windels
Treasurer
Date: April 27, 2018
EXHIBIT INDEX
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)