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: | 08/31/18
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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
ANNUAL REPORT August 31, 2018 | |
Contents
THE FUNDS
Public Accounting Firm | |
Advisory Agreement, Administration Agreement and BNY Mellon | |
Mid Cap Multi-Strategy Fund’s Sub-Advisory Agreements | |
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 annual report for BNY Mellon Funds Trust, covering the 12-month period from September 1, 2017 through August 31, 2018. For information about how the funds performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
The 12-month period started on solid footing which gave way to a shifting landscape. Through February of 2018, major global economies appeared to be in lock-step as they moved towards less accommodative monetary policy and concurrent growth. In the equity markets, both U.S. and non-U.S. markets enjoyed an upward trek across sectors and market caps. Interest rates rose across the curve putting pressure on bond prices, but sectors such as investment grade and high yield corporates, non-U.S. dollar denominated bonds, and emerging market debt, were able to outperform like-duration U.S. Treasuries.
In February, the first rumblings of discontent shook equity markets. Global growth and monetary policy paths began to diverge. Non-U.S. economies weakened. Momentum sputtered, and equities began to struggle. Emerging market debt, non-U.S. denominated bonds, and corporate debt gave up much of the performance earned earlier in the period. Long-term U.S. interest rates started to fall. The shockwave ended in April and pressure on U.S. equity markets eased, allowing U.S. equity markets to end the 12-month period with double-digit gains.
Despite new concerns regarding trade, U.S. inflationary pressures, and global growth, we are optimistic that U.S. consumer spending, corporate earnings, and economic data will remain strong in the near term. However, we will stay attentive to signs that signal possible change on the horizon. 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
September 17, 2018
3
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period from September 1, 2017 through August 31, 2018, as provided by C. Wesley Boggs, William S. Cazalet, CAIA, Peter D. Goslin, CFA, and Syed A. Zamil, CFA, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Large Cap Stock Fund’s Class M shares produced a total return of 18.31%, and Investor shares produced a total return of 18.02%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 19.66% 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 participated significantly in the market rally but produced lower returns than the Index, mainly due to security selection shortfalls.
As of April 2, 2018, C. Wesley Boggs, William S. Cazalet, Peter D. Goslin, and Syed A. Zamil became the fund’s co-primary portfolio managers.
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, that is, 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 Drive Markets Higher
The last half of 2017 brought an energized environment for stocks across all capitalization ranges fueled by better-than-expected corporate earnings growth, strengthening U.S. labor markets, tax cuts for U.S. businesses and individuals, and encouraging global economic developments. Consequently, the Index reached a series of new highs through January 2018. When inflation fears sparked heightened market volatility in February, it marked a shift in the global economic environment, monetary policies, and equity market behavior.
Volatility roiled global equity markets through late February, but the U.S. was able to stabilize and renew the upward trend on the back of continued positive economic data, corporate balance sheet strength, and consumer spending. However, economic growth and market activity in many other global areas stalled. While the U.S. Federal Reserve Board (the “Fed”) continued to raise rates, central banks elsewhere reconsidered discontinuing their easy money policies in favor of continued stimulus measures. A comparatively rosy picture in the U.S. economy continued to support stock prices despite concerns over rising inflation. In this environment, large-cap stocks trailed their mid- and small-cap counterparts, and growth stocks typically produced higher returns than value-oriented stocks. Among large-cap stocks, the information technology and consumer discretionary sectors—which constitute two of the Index’s four largest industry groups—were the highest performers. Financials, energy, and health care also fared quite well.
Security Selections Impact Fund Performance
Positioning in the industrials and financials sectors supported the fund’s gains over the reporting period. This positioning was the result of our quantitative security selection process which identifies opportunities across market sectors. The industrials sector generally benefited from stronger global economic growth, helping to boost business prospects for shipping companies such as Union Pacific, which saw robust shipping volumes. Boeing, a top contributor, benefited from a positive earnings report driven by increased orders for planes. Conversely, the fund benefited from underweighted exposure to industrial conglomerate General Electric, which lost considerable value over the reporting period due to dividend cuts and other issues. The financials sector was a 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 information technology sector, where a lack of exposure to Netflix was a drag on the fund’s returns. Elsewhere within the sector, an underweight in Microsoft weighed heavily on relative performance. A position in Western Digital also detracted from the fund’s performance. An underweight to consumer discretionary company Amazon.com also provided a headwind. The model’s tilt towards quality and value had mixed effects during the period.
While value was out of favor and eclipsed by growth, quality factors fared better. However, price momentum and growth were the dominant factors within the market for the reporting period, which caused the model to underperform in certain respects.
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. Stock market volatility seen earlier in the year presented 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.
September 17, 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 August 31, 2018, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Large Cap Market Opportunities Fund’s Class M shares produced a total return of 22.00%, and Investor shares produced a total return of 21.61%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 19.66% 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 due to positive contributions from all five of the fund’s active underlying investment 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, plus any borrowings for investment purposes, 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.
A Healthy Economy and Strong Corporate Earnings Drove Markets Higher
Despite investors’ concerns about trade relations, stocks across all capitalization ranges gained during the reporting period, driven by better-than-expected corporate earnings growth, strengthening U.S. labor markets, and a steady global economy. 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 offset by gains later in the reporting period.
The market’s advance also was supported by well-telegraphed shifts in monetary policy as the Federal Reserve Board continued to take a gradual approach to raising interest rates. In this environment, large-cap stocks outperformed their mid-cap counterparts, and growth stocks easily outperformed value 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 investment strategies. Results were especially favorable from the Focused Equity Strategy, where strong security selections in the energy, consumer discretionary, and information technology sectors more than made up for relatively weak selections in the financials, industrials, and real estate sectors. The strategy’s underexposure to utilities and telecommunication services, and its overweight to information technology, also boosted its relative performance. The Large Cap Growth Strategy benefited from strong stock selection in the information technology, health care, and energy sectors while relatively heavy exposure to information technology and underweighted positions in the lagging real estate and consumer staples sectors added to the fund’s returns as well. Relatively weak results from an overweight to telecommunication services and underweights to consumer discretionary and energy failed to fully offset strength in other sectors.
The Large Cap Value Strategy achieved positive relative results primarily through strong stock selection in the energy, industrials, and consumer staples sectors. Also contributing were an underweighted allocation to the utilities and consumer staples sectors and overweighted representation in financials. The Income Stock Strategy also fared well through strong sector allocations, including an underweight to utilities and an overweight to information technology, while weak stock selection in the information technology and energy sectors hindered performance. The Walter Scott & Partners U.S. Large Cap Equity Strategy achieved good results through its advantageous overweight to the information technology sector and underweights in the consumer staples, utilities, and financials sectors. Good stock selection in the consumer staples, industrials, energy, and consumer discretionary sectors also contributed positively to the fund’s performance.
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, increasing corporate earnings, and gradually rising interest rates. 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.
September 17, 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 August 31, 2018, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s Class M shares produced a total return of 21.44%, and Investor shares produced a total return of 21.15%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 19.66% 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 investment 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, plus any borrowings for investment purposes, in equity securities of large-cap companies. The fund currently considers large-cap companies to be those 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 Tax-Sensitive Strategy, Large Cap Core 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 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.
A Healthy Economy and Strong Corporate Earnings Drove Markets Higher
Despite investors’ concerns about trade relations, stocks across all capitalization ranges gained during the reporting period, driven by better-than-expected corporate earnings growth, strengthening U.S. labor markets, and a steady global economy. 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 offset by gains later in the reporting period.
The market’s advance also was supported by well-telegraphed shifts in monetary policy as the Federal Reserve Board continued to take a gradual approach to raising interest rates. In this environment, large-cap stocks outperformed their mid-cap counterparts, and growth stocks easily outperformed value stocks.
Underlying Strategies Bolstered Fund Performance
The fund’s relative performance was supported by all six of its underlying investment strategies. Results were especially favorable from the Focused Equity Strategy, where strong security selections in the energy, consumer discretionary, and information technology sectors more than made up for relatively weak security selections in the financials, industrials, and real estate sectors. The strategy’s lack of exposure to utilities and telecommunication services, and its overweight to information technology, also boosted its relative performance. The Large Cap Growth Strategy benefited from strong stock selection in the information technology, health care, and energy sectors while relatively heavy exposure to information technology and underweighted positions in the lagging real estate and consumer staples sectors added to returns as well. Relatively weak results from an overweight to telecommunication services and underweights to consumer discretionary and energy failed to fully offset strength in other sectors.
The Large Cap Value Strategy achieved strong relative results primarily through strong stock selection in the energy, industrials, and consumer staples sectors. Also contributing were an underweighted allocation to the utilities and consumer staples sectors and overweighted representation in financials. The Income Stock Strategy also fared well through strong sector allocations, including an underweight to utilities and an overweight to information technology. Weak stock selection in the information technology and energy sectors hindered performance. The Walter Scott & Partners U.S. Large Cap Equity Strategy achieved good results through its advantageous overweight in the information technology sector and underweights in the consumer staples, utilities, and financials sectors. Good stock selection in the consumer staples, industrials, energy, and consumer discretionary sectors also contributed positively to the fund’s performance. The Large Cap Tax-Sensitive Strategy mildly outperformed through its use of tax-sensitive strategies that seek to reduce the impact of federal and state income taxes on its after-tax returns.
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, increasing corporate earnings, and gradually rising interest rates. 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.
September 17, 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 from September 1, 2017 through August 31, 2018, as provided by John C. Bailer, Brian C. Ferguson, and David S. Intoppa, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Income Stock Fund’s Class M shares produced a total return of 15.31%, Investor shares produced a total return of 15.08%, Class A shares produced a total return of 15.01%, Class C shares produced a total return of 14.07%, Class I shares produced a total return of 15.18%, and Class Y shares produced a total return of 15.31%.1 In comparison, the fund’s benchmark, the Dow Jones U.S. Select Dividend™ Index (the “Index”), produced a total return of 13.67% 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, information technology, and consumer staples 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 computer-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. The fund invests primarily in common stocks but also may invest up to 10% of its assets in convertible securities and up to 10% of its assets in preferred stocks.
Positive Economic Trends and Strong Corporate Earnings Boosted Stocks
The long-running U.S. economic expansion that began in mid-2009 continued throughout the reporting period, maintaining a favorable backdrop for equity markets. September 2017 saw an upward revision to second-quarter GDP growth despite hurricane-related economic disruptions. Positive economic news continued to accumulate during the remainder of 2017, as corporate earnings exceeded expectations, economic growth remained near 3%, and the Federal Reserve Board (the “Fed”) raised growth forecasts for 2018. Tax reform legislation in December caused markets to rally sharply, and the Index continued to climb.
January 2018 saw a continuation of positive market and economic trends. Economic data indicated robust levels of consumer spending during the critical year-end shopping season, and long-awaited signs of wage growth began to appear. However, concerns about rising inflationary pressures and prospects for more aggressive interest-rate hikes by the Fed began to weigh on market sentiment. In response to these concerns, markets dipped sharply in early February.
In the second half of the reporting period, trade tensions also became a concern, but earnings remained strong, and the U.S. economy continued to gain momentum. The employment picture also improved, and consumer and business confidence remained high. Although the global economy moderated, domestic economic activity remained positive despite rising trade tensions and geopolitical concerns and, as a result, markets continued to gain ground.
For the reporting period overall, small-cap stocks fared better than their mid- and large-cap counterparts, and growth stocks significantly underperformed value stocks.
Performance Helped by Sector Allocations and Stock Selections
Much of the fund’s strong performance versus the Index was driven by an underweight to the utilities sector, which lagged the Index, and good security selection in that sector. The fund avoided PG&E, a California utility, which has potential liability for wildfires in the state, and was overweight FirstEnergy Corporation, which performed well as the company is making progress on its plans to divest its merchant power plants. An overweight to the information technology sector contributed to the fund’s performance, with strong relative returns from positions in Cisco Systems, Apple, and Texas Instruments. Cisco Systems has generated strong profits and used repatriated cash from overseas to raise its dividend and buy back stock. Apple continues to benefit from strong demand for iPhones, and Texas Instruments is capitalizing on increased demand for semiconductors in its end markets, including automobiles and home appliances. In the consumer staples sectors, avoiding Phillip Morris, which many investors consider a bond proxy, also added to the fund’s performance.
On the negative side, the fund’s performance was hurt primarily by an underweighting of multi-line retailers. Companies such as Macy’s, Target, and Kohl’s performed well, but the fund’s decision to avoid these names hindered performance. Similarly, although the fund was overweight to the energy sector, the fund missed out on strong returns from a few highly leveraged energy stocks which benefited from higher oil prices. Our overweight to the telecommunications sector also detracted from the fund’s performance, as this sector lagged the Index. The fund’s position in AT&T also hindered the fund’s returns, as the company has not yet realized the benefits of its merger with Time Warner.
Investment Environment Provides Support for the Fund’s Disciplined 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 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, real estate, and telecommunication services sectors. In contrast, we have identified relatively few opportunities in the utilities, consumer discretionary, and consumer staples sectors.
September 17, 2018
1 Total return includes reinvestment of dividends and any capital gains paid, and does not take into consideration the maximum initial sales charge in the case of Class A shares, or the applicable contingent deferred sales charge imposed on redemptions in the case of Class C shares. Had these charges been reflected, returns would have been lower. 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 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.
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 August 31, 2018, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of 20.48%, and Investor shares produced a total return of 20.13%.1 In comparison, the fund’s benchmark, the Russell Midcap® Index (the “Index”), produced a total return of 17.89% for the reporting period.2 The Russell Midcap® Value Index and Russell Midcap® Growth Index, the fund’s secondary benchmarks, produced total returns of 12.67% and 25.06%, 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 Index due to an emphasis on growth strategies and positive contributions from all five of the fund’s underlying investment 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 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.
A Healthy Economy and Strong Corporate Earnings Drove Markets Higher
Despite investors’ concerns about trade relations, stocks across all capitalization ranges gained during the reporting period, driven by better-than-expected corporate earnings growth, strengthening U.S. labor markets, and a steady global economy. 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 offset by gains later in the reporting period.
The market’s advance also was supported by well-telegraphed shifts in monetary policy as the Federal Reserve Board continued to take a gradual approach to raising interest rates. In this environment, large-cap stocks outperformed their mid-cap counterparts, and growth stocks easily outperformed value stocks.
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 underlying investment strategies.
The Mid Cap Growth Strategy benefited from favorable security selections in the information technology and health care sectors, as well as an overweight to information technology and underweights to the telecommunications and real estate sectors. The Opportunistic Mid Cap Value Strategy avoided relative weakness in the real estate and utilities sectors while capitalizing on an overweight to information technology. Good stock selections in the information technology, financials, and consumer staples sectors also contributed positively to the fund’s performance. These positions more than compensated for relatively weak security selections in the industrials, consumer discretionary and health care sectors.
The Geneva Capital Mid Cap Growth Strategy benefited from underweights to the materials and real estate sectors as well as strong stock selections in the health care and consumer discretionary sectors, offsetting weak selections in the industrials, consumer staples and financials sectors. The Boston Partners Mid Cap Value Strategy also mainly benefited from favorable sector allocations, primarily an overweight in information technology and underweights in the real estate and utilities sectors, which more than offset weak stock selections in the information technology, utilities and materials sectors. The Mid Cap Tax-Sensitive Core Strategy mildly outperformed through its use of tax-sensitive strategies that seek to reduce the impact of federal and state income taxes on its after-tax returns.
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 the Boston Partners Mid Cap Value Strategy. In our judgment, these changes position the fund well for the prevailing market environment.
September 17, 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 mid-cap 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 capitalization 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 mid-cap segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The Russell Midcap® Value Index measures the performance of the mid-cap 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 mid-cap 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 mid-cap value market. Investors cannot invest directly in any index.
4 Source: Lipper Inc. — The Russell Midcap® Growth Index measures the performance of the mid-cap 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 mid-cap 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 mid-cap 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 mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.
8
For the period from September 1, 2017 through August 31, 2018, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Fund and Market Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Small Cap Multi-Strategy Fund’s Class M shares produced a total return of 28.97%, and Investor shares produced a total return of 28.62%.1 In comparison, the fund’s primary benchmark, the Russell 2000® Index (the “Index”), produced a total return of 25.45% for the same period.2 The Russell 2000® Growth Index and Russell 2000® Value Index, the fund’s secondary benchmarks, produced total returns of 30.72% and 20.05%, 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 two of the fund’s three underlying investment 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.
A Healthy Economy and Strong Corporate Earnings Drove Markets Higher
Despite investors’ concerns about trade relations, stocks across all capitalization ranges gained during the reporting period, driven by better-than-expected corporate earnings growth, strengthening U.S. labor markets, and a steady global economy. 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 offset by gains later in the reporting period.
The market’s advance also was supported by well-telegraphed shifts in monetary policy as the Federal Reserve Board continued to take a gradual approach to raising interest rates. In this environment, large-cap stocks outperformed their mid-cap counterparts, and growth stocks easily outperformed value stocks.
Underlying Strategies Bolstered Fund Performance
The fund’s performance relative to the Index was supported by strong results from two of its three underlying investment strategies. The Opportunistic Small Cap Strategy underperformed primarily due to poor stock selection in the materials, industrials, and consumer discretionary sectors. Offsetting this negative contribution somewhat was the strong stock selection in the information technology sector. Also helping to mitigate losses were advantageous sector allocations, including overweights to the real estate and utilities sectors as well as an underweight in the consumer discretionary sector. The Small Cap Growth Strategy made beneficial stock selections in the information technology and consumer staples sectors, offset somewhat by weak stock selections in the industrials, health care, and materials sectors. Sector allocations proved helpful through relatively light holdings in the real estate and industrials sectors and overweighted exposure to information technology.
The Small Cap Value Strategy achieved good results on the strength of beneficial security selections in 7 of 11 sectors, particularly in the consumer discretionary, information technology, and financials sectors. Relatively heavy exposure to consumer discretionary stocks and underweighted positions in the utilities and real estate sectors also contributed positively to the fund’s performance.
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 stocks 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 position the fund well for the prevailing market environment.
September 17, 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 capitalization 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 August 31, 2018, as provided by Donald Sauber and Thomas Lee, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Focused Equity Opportunities Fund’s Class M shares produced a total return of 22.62%, and Investor shares produced a total return of 22.24%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 19.66% 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 energy and information technology sectors.
As of April 2, 2018, Donald Sauber and Thomas Lee became the 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 managers monitor sector and security weightings and regularly evaluate the fund’s risk-adjusted returns to manage the risk profile of the fund’s portfolio. The portfolio managers adjust exposure limits as necessary.
A Healthy Economy and Strong Corporate Earnings Drove Markets Higher
Equities across all capitalization ranges continued to benefit from an improving economic environment, strengthening labor markets, and corporate earnings growth assisted by tax cuts, helping to drive the Index to new highs. While trade tensions continue to cause concern for investors, some progress on this front eased worries during the reporting period.
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.
Energy and Information Technology Sectors Buoyed Fund Performance
The fund participated fully in the Index’s gains over the reporting period, supported by our security selection strategy across several sectors and industries. In the energy sector, Andeavor, a refining company, saw its stock price rise as a result of its acquisition by Marathon Oil. Valero, also a refiner, advanced on strong demand and expanding margins. In the information technology sector, companies participating in positive secular trends, such as graphics microchip maker NVIDIA and software developer Adobe Systems, helped drive the fund’s outperformance. In addition, payment processing company Visa benefited from the trend toward digital payment systems. In the consumer discretionary sector, the fund benefited as Amazon continued to dominate in the online retail segment. The fund also benefited from the run-up in price for Twenty-First Century Fox, which became the target of a bidding war between Comcast and Disney. The fund gained as well from underweights to the lagging utilities and telecommunication services sectors.
Disappointments proved relatively mild during the reporting period. An overweight to the consumer staples sector hindered the fund’s performance as did a position in Philip Morris International, which declined on weak financial results and disappointing performance of its smokeless cigarette product. In financial services, asset managers as a group have been struggling, and the fund’s holdings of Invesco were a drag on the fund’s performance, as the firm was hurt by net outflows in the second quarter.
Growth Stocks Well Positioned
We believe moderating global economic growth and stable interest rates will benefit stocks in the coming months, even with higher valuations. But gains in the broader market may be more modest in the months ahead, so we favor companies that are able to capitalize on secular growth trends that are less dependent on the broader economy. We also are constructive on companies in the industrials, materials, and health care sectors that undertake restructuring efforts. In the energy sector, we believe companies will benefit from consolidation. We remain cautious about the utilities and telecommunications sectors.
September 17, 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 August 31, 2018, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Small/Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of 28.25%, and Investor shares produced a total return of 27.87%.1 In comparison, the Russell 2500™ Index (the “Index”), the fund’s primary benchmark, produced a total return of 23.33% for the same period.2 The Russell 2500™ Growth Index and Russell 2500™ Value Index, the fund’s secondary benchmarks, produced total returns of 30.18% and 17.43%, 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 Index due to positive contributions from two of the fund’s three underlying investment 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.
A Healthy Economy and Strong Corporate Earnings Drove Markets Higher
Despite some concerns about trade relations, stocks across all capitalization ranges gained during the reporting period, driven by better-than-expected corporate earnings growth, strengthening U.S. labor markets, and a steady global economy. 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 offset by gains later in the reporting period.
The market’s advance also was supported by well-telegraphed shifts in monetary policy as the Federal Reserve Board continued to take a gradual approach to raising interest rates. In this environment, large-cap and small-cap stocks outperformed their mid-cap counterparts, and growth stocks easily outperformed value stocks.
Underlying Strategies Bolstered Fund Performance
The fund’s performance relative to the Index was supported by strong results from two of its three underlying investment strategies. The Opportunistic Small/Mid Cap Strategy underperformed due primarily to poor stock selection in the materials, industrials, and consumer discretionary sectors, which more than offset positive contributions from overweights to the real estate, information technology, and utilities sectors as well as strong selection in the information technology, financials, and health care sectors. The Small/Mid Cap Value Strategy made beneficial stock selections in 9 of 10 sectors, led by health care, consumer discretionary, and consumer staples. Sector allocation also contributed positively to the strategy’s performance by underweights to the utilities and real estate sectors, and an overweight to the health care sector.
The Small/Mid Cap Growth Strategy achieved good results on the strength of beneficial security selections in the information technology, consumer staples, and consumer discretionary sectors, as well as relatively heavy exposure to the information technology and real estate sectors, and an underweighted position to the materials sector. In contrast, the strategy’s stock selections proved less successful in the industrials and health care sectors.
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 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.
September 17, 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 capitalization 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 mid-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.
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 from September 1, 2017 through August 31, 2018, as provided by Mark A. Bogar, Andrew R. Leger, and James A. Lydotes, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon International Fund’s Class M shares produced a total return of 3.68%, and Investor shares produced a total return of 3.41%.1 In comparison, the fund’s benchmark, the MSCI EAFE Index (the “Index”), produced a total return of 4.39% for the same period.2
International equity markets largely posted gains amid healthy corporate earnings and moderate economic growth. The fund underperformed its benchmark due to weakness in its security selections in Italy, Switzerland, and France, and a few disappointments in the health care and information technology 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 Conditions and Corporate Earnings Bolstered Stocks
Developed international markets gained ground over the reporting period despite a downturn in the second half. Gains early in the period were supported by both global economic expansion and corporate earnings growth of around 9%. Asian equity markets led the advance, with Japanese stocks benefiting from greater relative economic growth, a slew of unexpectedly strong corporate earnings reports, and the reelection of the incumbent government in the country’s October snap elections. In Europe, however, political uncertainties, particularly in Germany and Spain, weighed on European stock prices during the final months of 2017.
In January 2018, most developed markets rallied, including those in the Eurozone, but February saw a sharp dip in equity prices, prompted by perceived inflationary pressures and the prospect of higher interest rates in the United States. These concerns eased later in the month as fundamentals remained supportive, and international equities generally rebounded.
But political risk re-emerged in Europe as a corruption scandal in Spain and immigration issues in Germany roiled markets. The re-emergence of the euro-skeptic movement, particularly in Italy, also added to market uncertainty. Later in the reporting period, rising U.S. interest rates, a stronger U.S. dollar, and growing trade tensions between the United States and Europe caused investors some concern. Trade tensions, in particular, heightened between the U.S. and China, as well as the U.S. and Europe, raising the possibility of retaliatory actions that could escalate to a full-blown trade war.
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 the fund’s relative results. Allocations to France, Italy and Switzerland in particular hindered the fund’s performance. In France, technology services provider Atos missed analysts’ expectations and lost ground, while Michelin, the tire manufacturer, declined on weak pricing and rising costs for raw materials. In Italy, defense contractor Leonardo dropped 32% on a number of difficulties early in the reporting period, including weak pricing, missed analysts’ expectations, and a recall of one of its helicopter models. In Switzerland, staffing company Adecco slipped from its recent peak in part due to profit-taking but also as a result of concerns about the effect of a trade war on employment. From a sector perspective, holdings in health care and information technology hurt the fund’s performance. The fund’s position in Fresenius, a German company that specializes in home health care, dialysis equipment, and related devices, hindered its performance; the stock slipped 9% because the company’s bid for a competing business remained bogged down in the legal system. In addition, the fund’s lack of holdings of Australian health care companies, which rose 44% during the period, hampered the fund’s performance.
On the other hand, holdings in Australia, Japan, and Sweden bolstered the fund’s relative performance. Although the fund was underweight to Australia, which rose 21%, it owned Macquarie, a diversified financial company based in Australia, which jumped 43% on better-than-expected results and strong outcomes in its capital markets and asset management groups. The fund’s position in Aristocrat Leisure, a leading maker of gaming machines for casinos, helped the fund’s performance as well, climbing 38% on its rise to the top position in global unit sales. In Japan, the fund’s weighting roughly matched the Index, at 24%, and Japanese stocks rose 9% during the reporting period. The fund’s holdings in this market rose 12.5%, however, in part due to a position in Sony. This stock jumped 46% on restructuring moves as well as continued success with its secular growth strategy focused on videogaming, sensors for self-driving autos, lenses for dual-lens cameras, music streaming, and network services. Japanese petrochemical company Showa Denko, which rose 82%, also boosted the fund’s performance amid a pullback from companies in China in this industry. In Sweden, the fund was underweighted, but its holdings rose 24% while Swedish stocks in the Index were down 3%. The fund’s performance stemmed in part from its position in Alfa Laval, an industrial equipment company, which jumped 21%. The company makes scrubbers for container ships, and regulations restricting emissions are increasing demand for these products.
12
From a sector perspective, the fund’s holdings in the consumer discretionary and materials sectors had the greatest positive contribution to performance. In addition to Sony, the fund also benefited from a position in Moncler, an Italian high-end ski apparel manufacturer and lifestyle brand. The stock rose 61% in part due to the company’s new digital strategy aimed at millennials. In the materials sector, in addition to Showa Denko, a position in Lonza Group, a Swiss chemical and pharmaceutical company, proved beneficial as the shares rose 29% on strong sales growth and on synergies from a prior acquisition.
Trade Tensions Could Be Resolved
International markets have been heavily affected by rhetoric over trade during the past several months, and the outlook for trade depends largely on how trade negotiations proceed over the near term. While recent threats of new U.S. tariffs have raised concerns, some progress may emerge over the next few months. The new agreement with Mexico and Canada indicates that some headway is possible, and with Europe, negotiations have proceeded intermittently. If these negotiations produce agreements, Europe and others with an interest in protecting intellectual property may then join with the U.S. to pressure China in this regard. Assuming trade tensions ease and earnings remain strong, the pullback in the asset class over the second half of the reporting period could lead to more investment opportunities for securities that we believe have attractive valuations.
September 17, 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.
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 August 31, 2018, as provided by George E. DeFina, Sean P. Fitzgibbon, and Jay Malikowski, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Emerging Markets Fund’s Class M shares produced a total return of -3.76%, and Investor shares produced a total return of -3.93%.1 In comparison, the fund’s benchmark, the MSCI Emerging Markets Index (the “Index”), produced a total return of -0.68% for the same period.2
Stocks in the emerging markets lost ground during the reporting period, largely in response to weakening currencies in the emerging-market countries and rising trade tensions between the U.S. and China. The fund lagged the Index, mainly due to country weights and its security selections in Turkey, South Korea, 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 Hurt by Trade Tensions, Stronger U.S. Dollar
Emerging-market equities declined slightly during the reporting period despite the markets’ strong performance in the first five months of the period. Initially, these markets benefited broadly from positive global economic trends, including corporate earnings growth that accelerated across most industry groups and geographic regions. Strengthening global demand for commodities also bolstered the markets of those countries that export raw materials and energy, such as Russia and Brazil. Strong performance in the information technology and financials sectors drove gains in China. In addition, South Korea benefited from an easing of tensions with North Korea and China.
In the last seven months of the reporting period, however, emerging-market equities came under pressure as a result of heightening trade tensions, a stronger dollar, and rising interest rates in the United States. Markets with weaker current account dynamics and higher near-term political uncertainties were under pressure, including South Africa and Brazil. The lira crisis in Turkey intensified over the period, and the possibility of contagion to other emerging markets added to market uncertainty. With the drop in the benchmark, emerging-market stocks finished the reporting period down by more than 20% from their late high in January 2018.
Mexican and Chinese Holdings Outperformed
The fund’s performance relative to the Index was hindered by a small overweight to Turkey, an underweight to South Korean health care companies, and by certain holdings in Taiwan. In Turkey, the market was down 56% during the reporting period due to the lira crisis, which has ignited inflation and created uncertainty about the country’s economic outlook. A position in TofaÅŸ Türk Otomobil, an automaker, hurt the fund’s performance as the stock fell 60%, mostly due to the currency’s plunge. Garanti Bank, another holding, also detracted from the fund’s performance. Although the company is well managed, skepticism about the country’s economic environment hurt the stock’s performance. In South Korea, the fund’s underweight to health care hurt the fund’s returns, as the sector rose 64% over the reporting period. Also, Samsung SDI, a sister company of Samsung Electronics and a maker of flat-panel displays and lithium ion batteries, was hampered by weak demand for organic light-emitting diode (OLED) screens and by the rollout of Apple’s iPhone X. In Taiwan, the fund’s holding of Catcher, a supplier to Apple, also suffered on the rollout of the iPhone X. The fund’s underweight to TSMC, a leading semiconductor capital equipment manufacturer, hurt relative performance, as the stock jumped 20% during the reporting period.
From a sector perspective, the fund’s holdings in information technology and health care were detractors. In addition to Catcher, the fund’s position in Taiwan’s MediaTek, a semiconductor company, was hampered by weak demand for handsets and by trade war concerns. In health care, the fund was hindered by a holding of Qualicorp, a Brazilian health insurer, which dropped 33% on high churn rates in its book of business due to the weakening domestic economy as well as higher exposure to the self-employed sector of the economy, which has been a laggard versus large corporate employers.
Despite the overall decline in emerging-market stocks, there were a few bright spots for the fund. Mexico, China, and South Africa helped performance on a relative basis. In Mexico, the fund benefited from its position in Banorte, a commercial and retail bank, which was flat while the rest of the industry declined by 9%. Walmex, Walmart’s operation in Mexico, jumped 15% on higher-than-expected same-store sales. The fund also benefited from its position in OMAB, the operator of an airport in north central Mexico. The stock rose 9% over the reporting period on strong growth in air traffic. In China, Huazhu Group, a hotel operator, jumped 21% as the company has successfully shifted much of its portfolio to higher-end properties, and the company gained from healthy domestic travel activity. The fund’s position in Ping An Insurance, a life insurance company, also contributed positively to the fund’s performance. The company has outpaced its peers in adding to its life insurance book, causing earnings to rise 34%. In South Africa, where the market dropped 8.5%, the fund’s underweight position helped performance. In addition, the position in Sasol, a domestic energy company, added to returns, as the company’s bottom line benefited from a reduction in capital expenditures and a rise in oil prices.
14
From a sector perspective, materials and real estate were positive contributors to the fund’s performance. In materials, Suzano Papel, a Brazilian paper company, rose 130% on shareholder-friendly moves by management, higher prices, a cheaper Brazilian currency, and takeover speculation. In real estate, stocks were down nearly 8%, but the fund’s exposure to those stocks led to a smaller decline, as China’s diversified developer Shimao Property slipped only 1%.
Uncertainty About Trade Relation Weighs on Emerging Market Equities
While most of the recent decline in emerging-market stock prices has been due to depreciating currencies in emerging-market countries, corporate earnings have remained relatively strong. And with the decline in stock prices, we believe that securities’ valuations have become more attractive. Nonetheless, the performance of emerging-market stocks over the short term will depend heavily on the outcome of trade tensions, particularly with China. While the impact of proposed U.S. tariffs on $500 billion in Chinese goods is not expected to be large, the reaction of companies to these tariffs could be significant if they cut back on their capital expenditures. Given the uncertainty, our portfolio maintains a barbell strategy with approximately equal weight in growth and value stocks.
September 17, 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.
15
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2017 through August 31, 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 12-month period ended August 31, 2018, BNY Mellon International Appreciation Fund’s Class M shares produced a total return of 3.24%, and Investor shares produced a total return of 2.89%.1 In comparison, the fund’s benchmark, the MSCI EAFE Index (the “Index”), produced a total return of 4.39% for the same period.2
International equity markets posted gains over the reporting period in the midst of rising corporate earnings and constructive economic activity. The fund participated significantly in the market rally but produced lower returns than the Index, mainly due to security selection shortfalls in the financials and telecommunication services sectors.
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.
Divisions in Global Markets
Developed international markets gained ground over the reporting period, supported by corporate earnings that rose throughout the period on a global basis. Through February 2018, global markets and economic growth appeared to move in lockstep, with all countries and regions experiencing positive growth. Asian equity markets led the way, pushed by Japanese stocks. Despite Brexit concerns, the U.K. was also able to post gains. The Eurozone experienced difficulties in late 2017 as Germany and Spain weighed on European stock prices, but managed to shake free of those concerns and rally in January.
In February, concerns over rising U.S. inflation and a strengthening dollar caused turbulence in equity markets. In addition, news from the Eurozone and Japan that economic growth had stagnated led to a market slowdown despite continued strength in corporate earnings. Both of these regions pledged to maintain an accommodative monetary policy for the near term in hopes of stimulating growth. The U.S. dollar’s gain against the euro, yen, and currencies of many emerging-market countries caused a market decline in these regions. In addition, political unrest in some areas of Europe and South America, and trade tensions between the U.S. and multiple trading partners, added to the potential for global market volatility. Despite these headwinds, the Index was able to produce a positive return for the period.
Energy, Information Technology, and Japan Drive Index Gains
The Index’s advance was led by stocks in the energy sector, where rising oil prices bolstered returns for many European energy companies, particularly those from the Netherlands. In the U.K., energy company BP saw its stock price appreciate on the back of its efforts to cut debt levels. Information technology (IT) also did well, particularly within the software and chip manufacturing industries. Companies are investing in their technology infrastructures, increasing the demand for software and other IT products. High consumer demand for smartphones and new products requiring more sophisticated components has bolstered demand for chips. Consumer demand is also driving returns in the consumer discretionary sector, where electronics companies and car manufacturers are outperforming, along with luxury goods companies. Japan contributed most of the Index return for the period. Japanese companies have been focused on driving efficiencies and earnings improvements. These efforts are coming to fruition. Japanese companies have also strategically placed many of their factories in other countries such as the U.S., helping to insulate them from the effects of trade disputes. Japanese electronics, information technology, and car companies did particularly well during the period.
Laggards during the reporting period included the financials sector, where the knock-on effects of political disruption in South America are affecting global banks, particularly those in Spain. In addition, interest rates are not rising as anticipated, hurting revenues. Telecommunications companies, especially those located in Spain, also struggled due to exposure to struggling regions. In Europe, competition for customers has led to price cutting, which is hurting companies’ profitability. The attempt to move to a 5G network is also proving expensive, further reducing profit margins. In addition to banking and telecom issues in Spain, exposure to Danish banks weighed on the fund’s returns, primarily due to positions in Danske Bank.
Maintaining a Disciplined Approach
The softening economic data in some non-U.S. economies and strengthening dollar have recently provided a headwind for returns. 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.
September 17, 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.
16
For the period from September 1, 2017 through August 31, 2018, as provided by C. Wesley Boggs, William S. Cazalet, CAIA, Peter D. Goslin, CFA, and Syed A. Zamil, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon International Equity Income Fund’s Class M shares produced a total return of 1.63%, and Investor shares produced a total return of 1.27%.1 In comparison, the fund’s benchmark, the MSCI ACWI ex USA Index (the “Index”), produced a total return of 3.18% for the same period.2
International stocks gained over the reporting period amid constructive economic activity and rising corporate earnings. The fund underperformed the Index, mainly due to security selection shortfalls in Asia and the Middle East.
As of April 2, 2018, C. Wesley Boggs, William S. Cazalet, Peter D. Goslin, and Syed A. Zamil became the fund’s co-primary portfolio managers.
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.
Divisions in Global Markets
Developed international markets gained ground over the reporting period, supported by corporate earnings that rose throughout the period on a global basis. Through February 2018, global markets and economic growth appeared to move in lockstep with all countries and regions experiencing positive growth. Asian equity markets led the way, pushed by Japanese stocks. Despite Brexit concerns, the U.K. was also able to post gains. The Eurozone experienced difficulties in late 2017 as Germany and Spain weighed on European stock prices, but managed to shake free and rally in January. Emerging markets also produced market gains, bolstered by strong energy prices and a relatively weak U.S. dollar.
In February, concerns over rising U.S. inflation and a strengthening dollar caused turbulence in equity markets. In addition, news from the Eurozone and Japan that economic growth had stagnated led to a market slowdown despite continued strength in corporate earnings. Both of these regions pledged to maintain an accommodative monetary policy for the near term in hopes of stimulating growth. The U.S. dollar’s gain against the euro, yen, and currencies of many emerging countries caused a market decline in these regions. In addition, political unrest in some areas of Europe and South America, and trade tensions between the U.S. and multiple trading partners, added to the potential for global market volatility. Despite these headwinds, the Index was able to produce a positive return for the period.
Security Selections Impact Fund Performance
Positioning in the utilities, energy, and information technology sectors supported the fund’s gains over the reporting period. This positioning was the result of our quantitative security selection process which identifies opportunities across several countries and market sectors. In the utilities sector, ÄŒEZ in the Czech Republic gained value after announcing the divestment of some assets. A Finnish utility company, Fortum, rallied in conjunction with an increase among power prices throughout the European Union. Within energy, BP, a British oil and gas company, enjoyed price appreciation on the back of higher production and lower costs stemming from a lower debt burden. In the information technology sector, chip maker STMicroelectronics, which saw increased production efficiencies and higher sales, gained on higher-than-expected fourth-quarter revenues and increased earnings guidance.
On the other hand, some holdings detracted from the fund’s relative results. Turkish petrochemical company Petkim Petrokimya Holding was a leading detractor from portfolio returns. The company’s stock price fell during the period on the back of a strengthening U.S. dollar and political turmoil in the region. Israeli telecommunications company Bezeq also experienced a declining stock price during the period. The company issued a profit warning in March due to the write-off of debt associated with losses in its satellite television division. Takeda Pharmaceutical, the largest drug company in Asia, saw its shares drop after issuing weak guidance for the company’s 2019 fiscal year.
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. We believe that current inefficiencies in international markets 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.
September 17, 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.
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.
17
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2017 through August 31, 2018, as provided by Jeffrey M. Mortimer, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Asset Allocation Fund’s Class M shares produced a total return of 11.86%, and Investor shares produced a total return of 11.50%.1 In comparison, the fund’s benchmark, the Morningstar Moderate Target Risk Index (the “Index”), produced a total return of 7.36% for the same period.2
Stocks continued to gain ground while bonds generally were flat over the reporting period amid improved economic conditions and rising interest rates. The fund outperformed the Index, mainly due to overweighted exposure to U.S. stocks and an underweight position to 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.
U.S. Stocks Continued to Climb
Despite investors’ concerns about trade relations, stocks rose during the reporting period, driven by better-than-expected corporate earnings growth, strengthening U.S. labor markets, a steady global economy, and the continuing tailwind from U.S. tax-reform legislation. Several broad measures of stock market performance reached a series of new highs. While inflation fears sparked heightened market volatility in February, the resulting market declines were later erased as the market continued to climb during the reporting period.
Bonds fared less well in the midst of rising interest rates, a shift to a less accommodative monetary policy, and expectations that inflation will accelerate. High yield bonds, however, generally produced positive total returns in an environment of rising corporate earnings and low default rates.
U.S. Stocks and High Yield Bonds 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. An overweight to U.S. large-cap stocks and small-cap stocks contributed to performance, as did an allocation to high yield bonds. The fund’s underweight to fixed-income securities also benefited the fund’s returns.
Several of the fund’s underlying equity investments produced strong results, the most notable of which was BNY Mellon Focused Equity Opportunities Fund. BNY Mellon Mid Cap Multi-Strategy Fund and Dreyfus Select Managers Small Cap Growth Fund further bolstered the fund’s relative results.
Disappointments during the reporting period proved relatively mild. From an asset allocation perspective, exposure to international stocks, including emerging markets, weighed on the fund’s relative performance. Among individual underlying investments, BNY Mellon Emerging Markets Fund hindered the fund’s returns as emerging-market equities broadly declined. A direct investment in a high-quality fixed-income security also hindered the fund’s performance.
The fund sold portions of its holdings in BNY Mellon Mid Cap Multi-Strategy Fund, Dreyfus Select Managers Small Cap Growth Fund, and Dreyfus Select Managers Small Cap Value Fund during the reporting period to raise cash to satisfy minor shareholder redemptions.
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 for further growth in corporate earnings. However, we believe that gains may be more modest over the months ahead. Still, we continue to believe that stocks will fare better than bonds, so we have made no changes to the fund’s asset allocation strategy at this time. We also made no strategic changes to the way assets are apportioned among the fund’s underlying investments. We continue to maintain exposure to fixed-income and alternative investments as we seek to mitigate volatility in the fund’s portfolio.
September 17, 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.
18
FUND PERFORMANCE (Unaudited)
Comparison of change in value of $10,000 investment in BNY Mellon Large Cap Stock Fund Class M shares and Investor shares and the S&P 500® Index (the “Index”)
Average Annual Total Returns as of 8/31/18 |
|
|
| |
| 1 Year | 5 Years | 10 Years | |
Class M shares | 18.31% | 13.26% | 9.06% | |
Investor shares | 18.02% | 13.02% | 8.80% | |
S&P 500® Index | 19.66% | 14.51% | 10.85% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Large Cap Stock Fund on 8/31/08 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The 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. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
19
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of $10,000 investment in BNY Mellon Large Cap Market Opportunities Fund Class M shares and Investor shares and the S&P 500® Index (the “Index”)
Average Annual Total Returns as of 8/31/18 |
|
|
| |
| Inception Date | 1 Year | 5 Years | From Inception |
Class M shares | 7/30/10 | 22.00% | 14.18% | 13.55% |
Investor shares | 7/30/10 | 21.61% | 13.89% | 13.38% |
S&P 500® Index | 7/31/10 | 19.66% | 14.51% | 15.11% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Large Cap Market Opportunities Fund on 7/30/10 (inception date) to a $10,000 investment made in the Index. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The 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. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
20
Comparison of change in value of $10,000 investment in BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund Class M shares and Investor shares and the S&P 500® Index (the “Index”)
Average Annual Total Returns as of 8/31/18 |
|
|
| |
| Inception Date | 1 Year | 5 Years | From Inception |
Class M shares | 7/30/10 | 21.44% | 14.10% | 13.80% |
Investor shares | 7/30/10 | 21.15% | 13.81% | 13.61% |
S&P 500® Index | 7/31/10 | 19.66% | 14.51% | 15.11% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund on 7/30/10 (inception date) to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The 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. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
21
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of $10,000 investment in BNY Mellon Income Stock Fund Class M shares, Investor shares, Class A shares, Class C shares, Class I shares and Class Y shares and the Dow Jones U.S. Select DividendTM Index (the “Index”)
† Source: Lipper Inc.
†† The total return figures presented for Class A, Class C, Class I and Class Y shares of the fund reflect the performance of the fund’s Class M shares for the period prior to 5/31/16 (the inception date for Class A, Class C, Class I and Class Y shares) adjusted to reflect each share class’ applicable sales charges, and the performance for the fund’s Class A, Class C, Class I and Class Y shares thereafter.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M, Investor, Class A, Class C, Class I and Class Y shares of BNY Mellon Income Stock Fund on 8/31/08 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses on all classes. The 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 three-month average daily trading volume of 200,000 shares. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
22
Average Annual Total Returns as of 8/31/18 |
|
|
| ||||
| Inception Date | 1 Year | 5 Years | 10 Years | |||
Class M shares | 1/1/85 | 15.31% | 12.61% | 10.19% | |||
Investor shares | 7/11/01 | 15.08% | 12.32% | 9.92% | |||
Class A shares | |||||||
with maximum sales charge (5.75%) | 5/31/16 | 8.37% | 11.19%†† | 9.49%†† | |||
without sales charge | 5/31/16 | 15.01% | 12.51%†† | 10.14%†† | |||
Class C shares | |||||||
with applicable redemption charge† | 5/31/16 | 13.07% | 12.09%†† | 9.93%†† | |||
without redemption | 5/31/16 | 14.07% | 12.09%†† | 9.93%†† | |||
Class I shares | 5/31/16 | 15.18% | 12.61%†† | 10.19%†† | |||
Class Y shares | 5/31/16 | 15.31% | 12.61%†† | 10.19%†† | |||
Dow Jones U.S. Select Dividend TM Index | 13.67% | 13.34% | 11.03% |
† The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the date of purchase.
†† The total return figures presented for Class A, Class C, Class I and Class Y shares of the fund reflect the performance of the fund’s Class M shares for the period prior to 5/31/16 (the inception date for Class A, Class C, Class I and Class Y shares) adjusted to reflect each share class’ applicable sales charges, and the performance for the fund’s Class A, Class C, Class I and Class Y shares thereafter.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
23
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of $10,000 investment in BNY Mellon Mid Cap Multi-Strategy Fund Class M shares and Investor shares with the Russell Midcap® Index, Russell Midcap® Value Index and Russell Midcap® Growth Index
Average Annual Total Returns as of 8/31/18 |
|
|
| |
| 1 Year | 5 Years | 10 Years | |
Class M shares | 20.48% | 12.55% | 9.55% | |
Investor shares | 20.13% | 12.27% | 9.28% | |
Russell Midcap® Index | 17.89% | 12.80% | 10.92% | |
Russell Midcap® Value Index | 12.67% | 11.81% | 10.33% | |
Russell Midcap® Growth Index | 25.06% | 14.19% | 11.64% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Mid Cap Multi-Strategy Fund on 8/31/08 to a $10,000 investment made in each of the (1) the Russell Midcap® Index, (2) the Russell Midcap® Value Index and (3) the Russell Midcap® Growth Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on August 20, 2012. Prior to that date, the fund generally had a single primary portfolio manager and investment strategy – selecting stocks of mid cap domestic companies through a disciplined investment process that combined computer modeling techniques, fundamental analysis and risk management. Different investment strategies may lead to different performance results. The fund’s performance for periods prior to August 20, 2012 reflects the fund’s investment strategy in effect prior to that date.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Russell Midcap® Index measures the performance of the mid-cap 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 mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The Russell Midcap® Value Index measures the performance of the mid-cap 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 mid-cap value market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. The Russell Midcap® Growth Index measures the performance of the mid-cap 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 mid-cap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
24
Comparison of change in value of $10,000 investment in BNY Mellon Small Cap Multi-Strategy Fund Class M shares and Investor shares with the Russell 2000® Index, Russell 2000® Value Index and Russell 2000® Growth Index
Average Annual Total Returns as of 8/31/18 |
|
|
| |
| 1 Year | 5 Years | 10 Years | |
Class M shares | 28.97% | 13.21% | 9.66% | |
Investor shares | 28.62% | 12.93% | 9.45% | |
Russell 2000® Index | 25.45% | 13.00% | 10.46% | |
Russell 2000® Value Index | 20.05% | 11.72% | 9.27% | |
Russell 2000® Growth Index | 30.72% | 14.20% | 11.57% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Small Cap Multi-Strategy Fund on 8/31/08 to a $10,000 investment made in each of the (1) the Russell 2000® Index, (2) the Russell 2000® Value Index and (3) the Russell 2000® Growth Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on August 20, 2012. Prior to that date, the fund generally had a single primary portfolio manager and investment strategy – selecting stocks of small cap domestic companies through a disciplined investment process that combined computer modeling techniques, fundamental analysis and risk management. Different investment strategies may lead to different performance results. The fund’s performance for periods prior to August 20, 2012 reflects the fund’s investment strategy in effect prior to that date.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. 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. 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 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. 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 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. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
25
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of $10,000 investment in BNY Mellon Focused Equity Opportunities Fund Class M shares and Investor shares and the S&P 500® Index (the “Index”)
Average Annual Total Returns as of 8/31/18 |
|
|
| ||
| Inception Date | 1 Year | 5 Years | From Inception | |
Class M shares | 9/30/09 | 22.62% | 16.43% | 14.40% | |
Investor shares | 9/30/09 | 22.24% | 16.13% | 14.11% | |
S&P 500® Index | 9/30/09 | 19.66% | 14.51% | 14.35% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Focused Equity Opportunities Fund on 9/30/09 (inception date) to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The 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. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
26
Comparison of change in value of $10,000 investment in BNY Mellon Small/Mid Cap Multi-Strategy Fund Class M shares and Investor shares and the Russell 2500™ Index, Russell 2500™ Value Index and Russell 2500™ Growth Index
Average Annual Total Returns as of 8/31/18 |
|
|
| |
| Inception Date | 1 Year | 5 Years | From Inception |
Class M shares | 9/30/09 | 28.25% | 13.79% | 13.14% |
Investor shares | 9/30/09 | 27.87% | 13.48% | 12.83% |
Russell 2500™ Index | 9/30/09 | 23.33% | 12.96% | 14.52% |
Russell 2500™ Value Index | 9/30/09 | 17.43% | 11.44% | 12.74% |
Russell 2500™ Growth Index | 9/30/09 | 30.18% | 14.63% | 15.98% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Small/Mid Cap Multi-Strategy Fund on 9/30/09 (inception date) to a $10,000 investment made in each of (1) the Russell 2500™ Index, (2) the Russell 2500™ Value Index and (3) the Russell 2500™ Growth Index on that date. All dividends and capital gain distributions are reinvested.
On April 28, 2014, the fund’s investment strategy changed. From August 20, 2012 through April 27, 2014, the investment adviser selected securities for the fund using a disciplined investment process that combined quantitative modeling techniques, fundamental analysis and risk management. Prior to August 20, 2012, the investment adviser selected securities for the fund using proprietary computer models, along with fundamental analysis to identify and rank stocks within industries or sectors, based on several characteristics, including value, growth and financial profile. Different investment strategies may lead to different performance results. The fund’s performance for the period August 20, 2012 through April 27, 2014 and for the periods prior to August 20, 2012 reflects the fund’s investment strategy in effect during those periods.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. 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 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. 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 growth market. The 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 value characteristics. 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 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. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
27
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of $10,000 investment in BNY Mellon International Fund Class M shares and Investor shares and the MSCI EAFE Index (the “Index”)
Average Annual Total Returns as of 8/31/18 |
|
|
| |
| 1 Year | 5 Years | 10 Years | |
Class M shares | 3.68% | 5.58% | 3.82% | |
Investor shares | 3.41% | 5.33% | 3.56% | |
MSCI EAFE Index | 4.39% | 5.73% | 3.66% |
† Source: Lipper Inc.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon International Fund on 8/31/08 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on August 6, 2015. Prior to that date, the fund allocated its assets between a core investment style and a value investment style at the discretion of the investment adviser. Different investment strategies may lead to different performance results. The fund’s performance shown in the line chart and table reflects the fund’s investment strategy in effect during those periods.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index 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. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any Index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
28
Comparison of change in value of $10,000 investment in BNY Mellon Emerging Markets Fund Class M shares and Investor shares and the MSCI Emerging Markets Index (the “Index”)
Average Annual Total Returns as of 8/31/18 |
|
|
| |
| 1 Year | 5 Years | 10 Years | |
Class M shares | -3.76% | 4.36% | 2.68% | |
Investor shares | -3.93% | 4.13% | 2.43% | |
MSCI Emerging Markets Index | -0.68% | 5.04% | 3.45% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Emerging Markets Fund on 8/31/08 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on August 6, 2015. Prior to that date, the fund allocated its assets between a core investment style and a value investment style at the discretion of the investment adviser. Different investment strategies may lead to different performance results. The fund’s performance shown in the line chart and table reflects the fund’s investment strategy in effect during those periods.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance of emerging markets. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
29
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of $10,000 investment in BNY Mellon International Appreciation Fund Class M shares and Investor shares and the MSCI EAFE Index (the “Index”)
Average Annual Total Returns as of 8/31/18 |
|
|
| |
| 1 Year | 5 Years | 10 Years | |
Class M shares | 3.24% | 5.07% | 3.14% | |
Investor shares | 2.89% | 4.78% | 2.87% | |
MSCI EAFE Index | 4.39% | 5.73% | 3.66% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon International Appreciation Fund on 8/31/08 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. 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. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
30
Comparison of change in value of $10,000 investment in BNY Mellon International Equity Income Fund Class M shares and Investor shares and the MSCI ACWI ex-USA Index (“the Index”)
Average Annual Total Returns as of 8/31/18 |
|
|
| |
| Inception Date | 1 Year | 5 Year | From Inception |
Class M shares | 12/15/11 | 1.63% | 3.76% | 5.33% |
Investor shares | 12/15/11 | 1.27% | 3.40% | 4.98% |
MSCI ACWI ex-USA Index | 11/30/11 | 3.18% | 5.43% | 6.70%†† |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon International Equity Income Fund on 12/15/11 (inception date) to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index captures large- and mid-cap representation across Developed Market (DM) countries (excluding the U.S.) and Emerging Market (EM) countries. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
†† For comparative purposes, the value of the Index on 11/30/11 is used as the beginning value on 12/15/11.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
31
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of $10,000 investment in BNY Mellon Asset Allocation Fund Class M shares and Investor shares and the Morningstar Moderate Target Risk Index (the “Index”)
Average Annual Total Returns as of 8/31/18 |
|
|
| |
| 1 Year | 5 Years | 10 Years | |
Class M shares | 11.86% | 8.31% | 6.62% | |
Investor shares | 11.50% | 8.05% | 6.37% | |
Morningstar Moderate Target Risk Index | 7.36% | 7.16% | 6.64% |
† Source: Morningstar Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Asset Allocation Fund on 8/31/08 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on September 15, 2011. Prior to that date, the fund invested in individual securities and BNY Mellon funds only and its target allocation was 60% of its assets invested in equity securities (directly and through underlying funds) and 40% of its assets invested in bonds and money market instruments (directly), with a range of 15% above or below such target amount. Different investment strategies may lead to different performance results. The fund’s performance for periods prior to September 15, 2011 reflects the investment strategy in effect prior to that date.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index serves as a benchmark to help with target-risk mutual fund selection and evaluation by offering an objective yardstick for moderate performance comparison. Unlike a mutual fund, the index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
32
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 March 1, 2018 to August 31, 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 August 31, 2018 | ||||||||||||||
|
|
| Class M | Investor | Class A |
| Class C | Class I |
| Class Y | ||||
BNY Mellon Large Cap Stock Fund | ||||||||||||||
Expenses paid per $1,000† | $ | 4.25 | $ | 5.55 | – | – | – | – | ||||||
Ending value (after expenses) | $ | 1,058.50 | $ | 1,058.80 | – | – | – | – | ||||||
Annualized expense ratio (%) | .82 | 1.07 | – | – | – | – | ||||||||
BNY Mellon Large Cap Market | ||||||||||||||
Expenses paid per $1,000† | $ | 3.68 | $ | 5.00 | – | – | – | – | ||||||
Ending value (after expenses) | $ | 1,088.10 | $ | 1,087.00 | – | – | – | – | ||||||
Annualized expense ratio (%) | .70 | .95 | – | – | – | – | ||||||||
BNY Mellon Tax-Sensitive | ||||||||||||||
Expenses paid per $1,000† | $ | 3.52 | $ | 4.83 | – | – | – | – | ||||||
Ending value (after expenses) | $ | 1,085.70 | $ | 1,084.30 | – | – | – | – | ||||||
Annualized expense ratio (%) | .67 | .92 | – | – | – | – | ||||||||
BNY Mellon Income Stock Fund | ||||||||||||||
Expenses paid per $1,000† | $ | 4.15 | $ | 5.44 | $ | 5.85 | $ | 9.76 | $ | 4.30 | $ | 4.15 | ||
Ending value (after expenses) | $ | 1,055.80 | $ | 1,056.00 | $ | 1,055.60 | $ | 1,049.60 | $ | 1,055.80 | $ | 1,056.90 | ||
Annualized expense ratio (%) | .80 | 1.05 | 1.13 | 1.89 | .83 | .80 | ||||||||
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||||||||
Expenses paid per $1,000† | $ | 4.69 | $ | 6.00 | – | – | – | – | ||||||
Ending value (after expenses) | $ | 1,091.30 | $ | 1,089.30 | – | – | – | – | ||||||
Annualized expense ratio (%) | .89 | 1.14 | – | – | – | – | ||||||||
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||||||||
Expenses paid per $1,000† | $ | 5.49 | $ | 6.85 | – | – | – | – | ||||||
Ending value (after expenses) | $ | 1,156.80 | $ | 1,155.40 | – | – | – | – | ||||||
Annualized expense ratio (%) | 1.01 | 1.26 | – | – | – | – | ||||||||
BNY Mellon Focused | ||||||||||||||
Expenses paid per $1,000† | $ | 4.45 | $ | 5.75 | – | – | – | – | ||||||
Ending value (after expenses) | $ | 1,076.90 | $ | 1,075.30 | – | – | – | – | ||||||
Annualized expense ratio (%) | .85 | 1.10 | – | – | – | – |
33
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited) (continued)
Expenses and Value of a $1,000 Investment (continued) | |||||||||||||||||
assuming actual returns for the six months ended August 31, 2018 | |||||||||||||||||
|
|
|
|
|
| Class M |
|
| Investor Shares |
| |||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 4.98 | $ | 6.33 | |||||||||||||
Ending value (after expenses) | $ | 1,148.50 | $ | 1,146.70 | |||||||||||||
Annualized expense ratio (%) | .92 | 1.17 | |||||||||||||||
BNY Mellon International Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 5.02 | $ | 6.25 | |||||||||||||
Ending value (after expenses) | $ | 970.40 | $ | 968.90 | |||||||||||||
Annualized expense ratio (%) | 1.01 | 1.26 | |||||||||||||||
BNY Mellon Emerging Markets Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 6.44 | $ | 7.61 | |||||||||||||
Ending value (after expenses) | $ | 863.80 | $ | 863.50 | |||||||||||||
Annualized expense ratio (%) | 1.37 | 1.62 | |||||||||||||||
BNY Mellon International Appreciation Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 4.87 | $ | 6.11 | |||||||||||||
Ending value (after expenses) | $ | 972.90 | $ | 971.30 | |||||||||||||
Annualized expense ratio (%) | .98 | 1.23 | |||||||||||||||
BNY Mellon International Equity Income Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 5.27 | $ | 6.49 | |||||||||||||
Ending value (after expenses) | $ | 936.90 | $ | 935.30 | |||||||||||||
Annualized expense ratio (%) | 1.08 | 1.33 | |||||||||||||||
BNY Mellon Asset Allocation Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 1.49 | $ | 2.78 | |||||||||||||
Ending value (after expenses) | $ | 1,044.30 | $ | 1,042.90 | |||||||||||||
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 184/365 (to reflect the one-half year period).
34
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 August 31, 2018 | ||||||||||||||||
|
|
|
|
| Class M | Investor |
| Class A |
| Class C | Class I |
| Class Y | |||
BNY Mellon Large Cap Stock Fund | ||||||||||||||||
Expenses paid per $1,000† | $ | 4.18 | $ | 5.45 | – | – | – | – | ||||||||
Ending value (after expenses) | $ | 1,021.07 | $ | 1,019.81 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .82 | 1.07 | – | – | – | – | ||||||||||
BNY Mellon Large Cap Market | ||||||||||||||||
Expenses paid per $1,000† | $ | 3.57 | $ | 4.84 | – | – | – | – | ||||||||
Ending value (after expenses) | $ | 1,021.68 | $ | 1,020.42 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .70 | .95 | – | – | – | – | ||||||||||
BNY Mellon Tax-Sensitive | ||||||||||||||||
Expenses paid per $1,000† | $ | 3.41 | $ | 4.69 | – | – | – | – | ||||||||
Ending value (after expenses) | $ | 1,021.83 | $ | 1.020.57 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .67 | .92 | – | – | – | – | ||||||||||
BNY Mellon Income Stock Fund | ||||||||||||||||
Expenses paid per $1,000† | $ | 4.08 | $ | 5.35 | $ | 5.75 | $ | 9.60 | $ | 4.23 | $ | 4.08 | ||||
Ending value (after expenses) | $ | 1,021.17 | $ | 1,019.91 | $ | 1,019.51 | $ | 1,015.68 | $ | 1,021.02 | $ | 1,021.17 | ||||
Annualized expense ratio (%) | .80 | 1.05 | 1.13 | 1.89 | .83 | .80 | ||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||||||||||
Expenses paid per $1,000† | $ | 4.53 | $ | 5.80 | – | – | – | – | ||||||||
Ending value (after expenses) | $ | 1,020.72 | $ | 1,019.46 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .89 | 1.14 | – | – | – | – | ||||||||||
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||||||||||
Expenses paid per $1,000† | $ | 5.14 | $ | 6.41 | – | – | – | – | ||||||||
Ending value (after expenses) | $ | 1,020.11 | $ | 1,018.85 | – | – | – | – | ||||||||
Annualized expense ratio (%) | 1.01 | 1.26 | – | – | – | – | ||||||||||
BNY Mellon Focused | ||||||||||||||||
Expenses paid per $1,000† | $ | 4.33 | $ | 5.60 | – | – | – | – | ||||||||
Ending value (after expenses) | $ | 1,020.92 | $ | 1,019.66 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .85 | 1.10 | – | – | – | – |
35
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 August 31, 2018 | |||||||||||||||||
|
|
|
|
|
Class M |
|
|
Investor Shares |
| ||||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 4.69 | $ | 5.96 | |||||||||||||
Ending value (after expenses) | $ | 1,020.57 | $ | 1,019.31 | |||||||||||||
Annualized expense ratio (%) | .92 | 1.17 | |||||||||||||||
BNY Mellon International Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 5.14 | $ | 6.41 | |||||||||||||
Ending value (after expenses) | $ | 1,020.11 | $ | 1,018.85 | |||||||||||||
Annualized expense ratio (%) | 1.01 | 1.26 | |||||||||||||||
BNY Mellon Emerging Markets Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 6.97 | $ | 8.24 | |||||||||||||
Ending value (after expenses) | $ | 1,018.30 | $ | 1,017.04 | |||||||||||||
Annualized expense ratio (%) | 1.37 | 1.62 | |||||||||||||||
BNY Mellon International Appreciation Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 4.99 | $ | 6.26 | |||||||||||||
Ending value (after expenses) | $ | 1,020.27 | $ | 1,019.00 | |||||||||||||
Annualized expense ratio (%) | .98 | 1.23 | |||||||||||||||
BNY Mellon International Equity Income Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 5.50 | $ | 6.77 | |||||||||||||
Ending value (after expenses) | $ | 1,019.76 | $ | 1,018.50 | |||||||||||||
Annualized expense ratio (%) | 1.08 | 1.33 | |||||||||||||||
BNY Mellon Asset Allocation Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 1.48 | $ | 2.75 | |||||||||||||
Ending value (after expenses) | $ | 1,023.74 | $ | 1,022.48 | |||||||||||||
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 184/365 (to reflect the one-half year period).
36
STATEMENT OF INVESTMENTS
August 31, 2018
BNY Mellon Large Cap Stock Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.3% | |||||
Automobiles & Components - .7% | |||||
Lear | 11,864 | 1,924,341 | |||
Banks - 5.3% | |||||
Bank of America | 183,963 | 5,689,976 | |||
Comerica | 25,016 | 2,438,560 | |||
JPMorgan Chase & Co. | 58,628 | 6,717,596 | |||
Wells Fargo & Co. | 1,808 | 105,732 | |||
14,951,864 | |||||
Capital Goods - 4.4% | |||||
Boeing | 13,177 | 4,516,944 | |||
Caterpillar | 3,387 | 470,285 | |||
Lockheed Martin | 8,794 | 2,817,686 | |||
Raytheon | 11,376 | 2,268,829 | |||
Spirit AeroSystems Holdings, Cl. A | 26,652 | 2,278,746 | |||
12,352,490 | |||||
Consumer Durables & Apparel - 1.9% | |||||
NVR | 541 | a | 1,443,631 | ||
PulteGroup | 73,516 | b | 2,054,772 | ||
Toll Brothers | 46,583 | 1,687,702 | |||
5,186,105 | |||||
Consumer Services - 1.4% | |||||
Carnival | 33,693 | 2,071,783 | |||
Grand Canyon Education | 3,433 | a | 409,008 | ||
Las Vegas Sands | 23,488 | 1,536,585 | |||
4,017,376 | |||||
Diversified Financials - 5.5% | |||||
American Express | 29,986 | 3,177,916 | |||
Berkshire Hathaway, Cl. B | 8,724 | a | 1,820,873 | ||
Discover Financial Services | 31,730 | 2,478,748 | |||
Dun & Bradstreet | 7,050 | 1,007,586 | |||
S&P Global | 14,097 | 2,918,784 | |||
State Street | 26,684 | 2,319,106 | |||
Synchrony Financial | 54,232 | 1,717,527 | |||
15,440,540 | |||||
Energy - 7.7% | |||||
Chevron | 35,800 | 4,240,868 | |||
ConocoPhillips | 39,129 | 2,873,242 | |||
Exxon Mobil | 37,457 | 3,002,928 | |||
Halliburton | 43,509 | 1,735,574 | |||
Marathon Petroleum | 35,410 | 2,913,889 | |||
Occidental Petroleum | 14,462 | 1,155,080 | |||
Phillips 66 | 24,432 | 2,895,436 | |||
Valero Energy | 23,146 | 2,728,450 | |||
21,545,467 | |||||
Food & Staples Retailing - 2.1% | |||||
Walgreens Boots Alliance | 32,188 | 2,206,809 | |||
Walmart | 37,346 | 3,579,988 | |||
5,786,797 | |||||
Food, Beverage & Tobacco - 1.5% | |||||
Altria Group | 23,664 | 1,384,817 | |||
Campbell Soup | 7,410 | b | 292,325 | ||
ConAgra Foods | 29,526 | 1,085,080 | |||
PepsiCo | 11,027 | 1,235,134 | |||
Philip Morris International | 3,805 | 296,371 | |||
4,293,727 | |||||
BNY Mellon Large Cap Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.3% (continued) | |||||
Health Care Equipment & Services - 3.3% | |||||
Baxter International | 40,683 | 3,025,595 | |||
Cigna | 11,744 | 2,211,865 | |||
Danaher | 25,539 | 2,644,308 | |||
Express Scripts Holding | 14,990 | a | 1,319,420 | ||
9,201,188 | |||||
Household & Personal Products - 1.8% | |||||
Herbalife Nutrition | 27,101 | a | 1,533,646 | ||
Kimberly-Clark | 17,089 | 1,974,463 | |||
Procter & Gamble | 20,191 | 1,674,843 | |||
5,182,952 | |||||
Insurance - 4.0% | |||||
Allstate | 26,768 | 2,692,058 | |||
Marsh & McLennan Cos. | 14,462 | 1,223,919 | |||
Principal Financial Group | 23,963 | 1,322,518 | |||
Progressive | 39,198 | 2,647,041 | |||
Prudential Financial | 3,190 | 313,417 | |||
Torchmark | 24,883 | 2,187,713 | |||
Unum Group | 20,528 | 757,073 | |||
11,143,739 | |||||
Materials - 2.0% | |||||
Huntsman | 57,783 | 1,761,804 | |||
LyondellBasell Industries, Cl. A | 18,123 | 2,043,912 | |||
Westlake Chemical | 18,304 | b | 1,731,009 | ||
5,536,725 | |||||
Media - 1.3% | |||||
Walt Disney | 31,793 | 3,561,452 | |||
Pharmaceuticals Biotechnology & Life Sciences - 13.2% | |||||
AbbVie | 39,880 | 3,827,682 | |||
Agilent Technologies | 23,663 | 1,598,199 | |||
Amgen | 19,509 | 3,898,093 | |||
Biogen | 8,745 | a | 3,091,270 | ||
Bristol-Myers Squibb | 49,972 | 3,025,805 | |||
Eli Lilly & Co. | 16,622 | 1,756,114 | |||
Illumina | 4,878 | a | 1,730,861 | ||
Johnson & Johnson | 44,929 | 6,051,487 | |||
Mettler-Toledo International | 1,265 | a | 739,342 | ||
Pfizer | 119,836 | 4,975,591 | |||
Thermo Fisher Scientific | 7,662 | 1,831,984 | |||
Waters | 9,779 | a | 1,852,925 | ||
Zoetis | 28,459 | 2,578,385 | |||
36,957,738 | |||||
Real Estate - 1.6% | |||||
Prologis | 33,774 | c | 2,268,937 | ||
Public Storage | 10,978 | c | 2,333,703 | ||
4,602,640 | |||||
Retailing - 5.6% | |||||
Amazon.com | 4,649 | a | 9,357,089 | ||
Best Buy | 35,575 | 2,830,347 | |||
Foot Locker | 21,681 | 1,068,873 | |||
Home Depot | 7,588 | 1,523,443 | |||
Netflix | 2,531 | a | 930,598 | ||
15,710,350 |
37
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Large Cap Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.3% (continued) | |||||
Semiconductors & Semiconductor Equipment - 2.3% | |||||
Applied Materials | 58,891 | 2,533,491 | |||
Micron Technology | 53,516 | a | 2,810,660 | ||
Skyworks Solutions | 3,433 | 313,433 | |||
Texas Instruments | 7,592 | 853,341 | |||
6,510,925 | |||||
Software & Services - 17.3% | |||||
Accenture | 20,111 | 3,400,167 | |||
Adobe Systems | 7,304 | a | 1,924,677 | ||
Alphabet, Cl. A | 4,280 | a | 5,272,104 | ||
Alphabet, Cl. C | 4,458 | a | 5,430,691 | ||
Automatic Data Processing | 13,357 | 1,960,140 | |||
Cadence Design Systems | 46,198 | a | 2,173,154 | ||
CDK Global | 25,294 | 1,576,322 | |||
Cognizant Technology Solutions, Cl. A | 30,217 | 2,369,919 | |||
Electronic Arts | 19,924 | a | 2,259,581 | ||
Facebook, Cl. A | 38,014 | a | 6,680,200 | ||
Fiserv | 13,496 | a | 1,080,625 | ||
International Business Machines | 9,725 | 1,424,518 | |||
MasterCard, Cl. A | 2,426 | 522,949 | |||
Microsoft | 62,525 | 7,023,433 | |||
Paychex | 7,466 | 546,884 | |||
Visa, Cl. A | 33,700 | 4,950,193 | |||
48,595,557 | |||||
Technology Hardware & Equipment - 6.9% | |||||
Apple | 58,544 | 13,326,371 | |||
F5 Networks | 9,302 | a | 1,759,194 | ||
HP | 120,231 | 2,963,694 | |||
Seagate Technology | 23,488 | 1,257,548 | |||
19,306,807 | |||||
Telecommunication Services - 3.4% | |||||
AT&T | 154,469 | 4,933,740 | |||
Verizon Communications | 85,476 | 4,647,330 | |||
9,581,070 | |||||
Transportation - 3.1% | |||||
Copa Holdings | 3,081 | 246,295 | |||
CSX | 24,943 | 1,849,773 | |||
Norfolk Southern | 17,370 | 3,019,601 | |||
Union Pacific | 23,376 | 3,520,893 | |||
8,636,562 | |||||
Utilities - 3.0% | |||||
CMS Energy | 34,328 | 1,690,311 | |||
Exelon | 64,039 | 2,799,145 | |||
NRG Energy | 55,128 | 1,950,980 | |||
OGE Energy | 49,887 | 1,837,338 | |||
8,277,774 | |||||
Total Common Stocks (cost $199,825,398) | 278,304,186 | ||||
BNY Mellon Large Cap Stock Fund (continued) | |||||
Description | 7-Day | Shares | Value ($) | ||
Investment Companies - .8% | |||||
Registered Investment Companies - .8% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 2,371,133 | d | 2,371,133 | |
Total Investments (cost $202,196,531) | 100.1% | 280,675,319 | |||
Liabilities, Less Cash and Receivables | (.1%) | (372,354) | |||
Net Assets | 100.0% | 280,302,965 |
aNon-income producing security.
bSecurity, or portion thereof, on loan. At August 31, 2018, the value of the fund’s securities on loan was $2,146,674 and the value of the collateral held by the fund was $2,190,751, consisting of U.S. Government & Agency securities.
cInvestment in real estate investment trust.
dInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Information Technology | 26.9 |
Health Care | 16.5 |
Financials | 14.5 |
Consumer Discretionary | 10.8 |
Energy | 7.7 |
Industrials | 7.5 |
Consumer Staples | 5.4 |
Telecommunication Services | 3.4 |
Utilities | 3.0 |
Materials | 2.0 |
Real Estate | 1.6 |
Investment Companies | .8 |
100.1 |
† Based on net assets.
See notes to financial statements.
38
BNY Mellon Large Cap Market Opportunities Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 49.6% | |||||
Banks - 1.3% | |||||
SVB Financial Group | 2,700 | a | 871,425 | ||
Capital Goods - 4.5% | |||||
Boeing | 2,534 | 868,630 | |||
Deere & Co. | 5,485 | 788,743 | |||
Donaldson | 1,054 | b | 53,332 | ||
Fastenal | 1,885 | 110,009 | |||
Flowserve | 1,545 | 80,525 | |||
Hexcel | 1,395 | 92,237 | |||
Honeywell International | 5,022 | 798,799 | |||
Toro | 2,115 | b | 128,571 | ||
2,920,846 | |||||
Commercial & Professional Services - .1% | |||||
Healthcare Services Group | 1,480 | b | 60,991 | ||
Consumer Durables & Apparel - .3% | |||||
NIKE, Cl. B | 2,099 | 172,538 | |||
Consumer Services - 2.6% | |||||
McDonald's | 717 | 116,319 | |||
MGM Resorts International | 23,700 | 687,063 | |||
Starbucks | 2,002 | 107,007 | |||
Yum! Brands | 8,630 | 749,861 | |||
1,660,250 | |||||
Diversified Financials - 3.6% | |||||
Charles Schwab | 15,065 | 765,151 | |||
Intercontinental Exchange | 11,600 | 884,268 | |||
Invesco | 29,618 | 713,794 | |||
2,363,213 | |||||
Energy - 3.5% | |||||
Andeavor Logistics | 5,640 | 861,736 | |||
EOG Resources | 1,243 | 146,960 | |||
Occidental Petroleum | 1,641 | 131,067 | |||
Pioneer Natural Resources | 287 | 50,139 | |||
Schlumberger | 1,966 | 124,173 | |||
Valero Energy | 8,375 | 987,245 | |||
2,301,320 | |||||
Food, Beverage & Tobacco - 2.7% | |||||
Constellation Brands, Cl. A | 3,800 | 791,160 | |||
Mondelez International, Cl. A | 22,235 | 949,879 | |||
1,741,039 | |||||
Health Care Equipment & Services - 4.1% | |||||
Cerner | 2,035 | a | 132,499 | ||
Edwards Lifesciences | 900 | a | 129,816 | ||
Henry Schein | 1,639 | a,b | 127,317 | ||
Intuitive Surgical | 361 | a | 202,160 | ||
Medtronic | 8,110 | 781,885 | |||
ResMed | 1,040 | 115,866 | |||
Stryker | 730 | 123,684 | |||
UnitedHealth Group | 3,941 | 1,058,001 | |||
2,671,228 | |||||
Household & Personal Products - .4% | |||||
Colgate-Palmolive | 2,011 | 133,550 | |||
Estee Lauder, Cl. A | 993 | 139,139 | |||
272,689 | |||||
Materials - 1.6% | |||||
DowDuPont | 9,580 | 671,845 | |||
Ecolab | 916 | 137,840 | |||
BNY Mellon Large Cap Market Opportunities Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 49.6% (continued) | |||||
Materials - 1.6% (continued) | |||||
FMC | 1,480 | 126,466 | |||
Praxair | 768 | 121,490 | |||
1,057,641 | |||||
Media - 1.7% | |||||
Comcast, Cl. A | 25,860 | 956,562 | |||
Walt Disney | 1,137 | 127,367 | |||
1,083,929 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 3.6% | |||||
Allergan | 4,587 | 879,374 | |||
Biogen | 371 | a | 131,145 | ||
Eli Lilly & Co. | 755 | 79,766 | |||
Gilead Sciences | 1,600 | 121,168 | |||
Johnson & Johnson | 861 | 115,968 | |||
Mettler-Toledo International | 128 | a | 74,811 | ||
Pfizer | 19,800 | 822,096 | |||
Waters | 592 | a | 112,172 | ||
2,336,500 | |||||
Real Estate - 1.0% | |||||
Equinix | 1,444 | c | 629,772 | ||
Retailing - 2.8% | |||||
Amazon.com | 751 | a | 1,511,545 | ||
O'Reilly Automotive | 389 | a | 130,478 | ||
The TJX Companies | 1,941 | 213,452 | |||
1,855,475 | |||||
Semiconductors & Semiconductor Equipment - 3.8% | |||||
NVIDIA | 5,278 | 1,481,429 | |||
Texas Instruments | 8,655 | 972,822 | |||
2,454,251 | |||||
Software & Services - 10.8% | |||||
Adobe Systems | 5,421 | a | 1,428,488 | ||
Alphabet, Cl. A | 1,153 | a | 1,420,265 | ||
Alphabet, Cl. C | 101 | a | 123,037 | ||
Automatic Data Processing | 743 | 109,035 | |||
Cognizant Technology Solutions, Cl. A | 1,450 | 113,723 | |||
Electronic Arts | 6,584 | a | 746,691 | ||
Jack Henry & Associates | 1,130 | b | 179,037 | ||
Manhattan Associates | 2,620 | a,b | 151,934 | ||
MasterCard, Cl. A | 1,218 | 262,552 | |||
Microsoft | 10,639 | 1,195,079 | |||
Oracle | 2,091 | 101,581 | |||
Paychex | 1,896 | 138,882 | |||
Visa, Cl. A | 7,195 | 1,056,874 | |||
7,027,178 | |||||
Technology Hardware & Equipment - 1.0% | |||||
Amphenol, Cl. A | 2,213 | 209,306 | |||
Cisco Systems | 3,313 | 158,262 | |||
Cognex | 2,260 | 121,588 | |||
IPG Photonics | 566 | a | 99,322 | ||
TE Connectivity | 940 | 86,179 | |||
674,657 |
39
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Large Cap Market Opportunities Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 49.6% (continued) | |||||
Transportation - .2% | |||||
Expeditors International of Washington | 1,860 | 136,301 | |||
Total Common Stocks (cost $21,473,362) | 32,291,243 | ||||
7-Day | |||||
Investment Companies - 50.2% | |||||
Registered Investment Companies - 50.2% | |||||
BNY Mellon Income Stock Fund, Cl. M | 711,945 | d | 6,962,823 | ||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 558,067 | d | 558,067 | |
Dreyfus Research Growth Fund, Cl. Y | 953,218 | d | 16,290,492 | ||
Dreyfus Strategic Value Fund, Cl. Y | 209,538 | d | 8,873,949 | ||
Total Investment Companies (cost $24,481,298) | 32,685,331 | ||||
Investment of Cash Collateral for Securities Loaned - .3% | |||||
Registered Investment Companies - .3% | |||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 1.87 | 193,919 | d | 193,919 | |
Total Investments (cost $46,148,579) | 100.1% | 65,170,493 | |||
Liabilities, Less Cash and Receivables | (.1%) | (85,299) | |||
Net Assets | 100.0% | 65,085,194 |
aNon-income producing security.
bSecurity, or portion thereof, on loan. At August 31, 2018, the value of the fund’s securities on loan was $613,883 and the value of the collateral held by the fund was $626,161, consisting of cash collateral of $193,919 and U.S. Government & Agency securities valued at $432,242.
cInvestment in real estate investment trust.
dInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Investment Companies | 50.5 |
Information Technology | 15.6 |
Health Care | 7.7 |
Consumer Discretionary | 7.3 |
Financials | 5.0 |
Industrials | 4.8 |
Energy | 3.5 |
Consumer Staples | 3.1 |
Materials | 1.6 |
Real Estate | 1.0 |
100.1 |
† Based on net assets.
See notes to financial statements.
40
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.8% | |||||
Automobiles & Components - .1% | |||||
Aptiv | 1,380 | 121,454 | |||
Ford Motor | 5,798 | 54,965 | |||
General Motors | 155 | 5,588 | |||
Goodyear Tire & Rubber | 4,315 | 97,907 | |||
Harley-Davidson | 3,784 | a | 161,274 | ||
441,188 | |||||
Banks - 3.3% | |||||
Bank of America | 56,979 | 1,762,360 | |||
BB&T | 10,592 | 547,183 | |||
Citigroup | 11,670 | 831,371 | |||
Citizens Financial Group | 6,935 | 285,445 | |||
Fifth Third Bancorp | 3,234 | 95,177 | |||
JPMorgan Chase & Co. | 19,507 | 2,235,112 | |||
KeyCorp | 10,500 | 221,235 | |||
M&T Bank | 630 | 111,605 | |||
PNC Financial Services | 4,920 | 706,217 | |||
SunTrust Banks | 1,700 | 125,052 | |||
SVB Financial Group | 9,200 | b | 2,969,300 | ||
U.S. Bancorp | 5,082 | 274,987 | |||
Wells Fargo & Co. | 25,282 | 1,478,491 | |||
Zions Bancorporation | 2,665 | a | 142,018 | ||
11,785,553 | |||||
Capital Goods - 5.5% | |||||
3M | 4,629 | 976,349 | |||
Acuity Brands | 655 | 100,110 | |||
Allegion | 2,996 | a | 261,311 | ||
Arconic | 975 | 21,821 | |||
Boeing | 12,280 | 4,209,461 | |||
Caterpillar | 3,798 | 527,352 | |||
Deere & Co. | 19,491 | 2,802,806 | |||
Donaldson | 2,950 | a | 149,270 | ||
Dover | 4,252 | 365,119 | |||
Eaton | 4,989 | 414,785 | |||
Emerson Electric | 2,093 | 160,596 | |||
Fastenal | 5,310 | 309,892 | |||
Flowserve | 5,865 | a | 305,684 | ||
Fortive | 2,056 | 172,663 | |||
General Dynamics | 741 | 143,309 | |||
General Electric | 41,885 | 541,992 | |||
Hexcel | 3,890 | 257,207 | |||
Honeywell International | 23,650 | 3,761,769 | |||
Illinois Tool Works | 2,190 | 304,147 | |||
Ingersoll-Rand | 5,160 | 522,656 | |||
Johnson Controls International | 2,771 | 104,661 | |||
Lockheed Martin | 1,377 | 441,205 | |||
Northrop Grumman | 1,146 | 342,070 | |||
Parker-Hannifin | 612 | 107,467 | |||
Raytheon | 3,200 | 638,208 | |||
Rockwell Collins | 1,753 | 238,320 | |||
Stanley Black & Decker | 653 | 91,766 | |||
Toro | 5,945 | a | 361,397 | ||
TransDigm Group | 632 | a,b | 221,200 | ||
United Rentals | 875 | b | 136,386 | ||
United Technologies | 2,681 | 353,088 | |||
W.W. Grainger | 220 | a | 77,895 | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.8% (continued) | |||||
Capital Goods - 5.5% (continued) | |||||
Xylem | 2,698 | a | 204,805 | ||
19,626,767 | |||||
Commercial & Professional Services - .2% | |||||
Healthcare Services Group | 4,170 | a | 171,846 | ||
Nielsen Holdings | 545 | 14,170 | |||
Robert Half International | 2,005 | 156,751 | |||
Stericycle | 1,465 | a,b | 90,376 | ||
Waste Management | 2,644 | 240,340 | |||
673,483 | |||||
Consumer Durables & Apparel - .7% | |||||
Leggett & Platt | 5,590 | a | 254,010 | ||
Lennar, Cl. A | 4,900 | 253,183 | |||
Mattel | 5,880 | a,b | 90,728 | ||
Newell Brands | 1,340 | a | 29,105 | ||
NIKE, Cl. B | 18,260 | 1,500,972 | |||
Under Armour, Cl. A | 1,015 | a,b | 20,757 | ||
VF | 3,110 | 286,524 | |||
Whirlpool | 237 | 29,620 | |||
2,464,899 | |||||
Consumer Services - 2.2% | |||||
Carnival | 2,398 | 147,453 | |||
Chipotle Mexican Grill | 60 | b | 28,511 | ||
Marriott International, Cl. A | 608 | 76,894 | |||
McDonald's | 6,559 | 1,064,067 | |||
MGM Resorts International | 80,840 | 2,343,552 | |||
Starbucks | 19,558 | 1,045,375 | |||
Wyndham Destinations | 840 | 37,128 | |||
Wyndham Hotels & Resorts | 840 | 47,670 | |||
Wynn Resorts | 1,077 | 159,762 | |||
Yum! Brands | 33,017 | 2,868,847 | |||
7,819,259 | |||||
Diversified Financials - 4.3% | |||||
American Express | 1,959 | 207,615 | |||
Ameriprise Financial | 1,989 | 282,358 | |||
Berkshire Hathaway, Cl. B | 9,775 | b | 2,040,238 | ||
BlackRock | 456 | 218,451 | |||
Capital One Financial | 4,413 | 437,284 | |||
Charles Schwab | 63,606 | 3,230,549 | |||
CME Group | 3,750 | 655,238 | |||
Discover Financial Services | 5,797 | 452,862 | |||
Goldman Sachs | 1,634 | 388,582 | |||
Intercontinental Exchange | 45,723 | 3,485,464 | |||
Invesco | 106,850 | 2,575,085 | |||
Moody's | 720 | 128,174 | |||
Morgan Stanley | 6,300 | 307,629 | |||
Navient | 11,370 | 155,087 | |||
S&P Global | 1,858 | 384,699 | |||
State Street | 5,399 | 469,227 | |||
T. Rowe Price Group | 31 | 3,593 | |||
15,422,135 | |||||
Energy - 4.4% | |||||
Anadarko Petroleum | 4,930 | 317,492 | |||
Andeavor Logistics | 21,410 | 3,271,234 | |||
Apache | 1,510 | a | 66,183 |
41
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.8% (continued) | |||||
Energy - 4.4% (continued) | |||||
Baker Hughes, a GE company | 1,617 | a | 53,312 | ||
Cabot Oil & Gas | 5,290 | 126,061 | |||
Chevron | 8,952 | 1,060,454 | |||
Cimarex Energy | 467 | 39,452 | |||
ConocoPhillips | 2,901 | 213,020 | |||
Devon Energy | 6,515 | 279,689 | |||
EOG Resources | 9,132 | 1,079,676 | |||
EQT | 1,555 | 79,336 | |||
Exxon Mobil | 21,034 | 1,686,296 | |||
Halliburton | 3,252 | 129,722 | |||
Helmerich & Payne | 5,610 | 367,848 | |||
Hess | 1,575 | 106,061 | |||
Marathon Oil | 15,500 | 333,405 | |||
Marathon Petroleum | 3,221 | 265,056 | |||
National Oilwell Varco | 1,545 | a | 72,723 | ||
Newfield Exploration | 2,200 | b | 60,016 | ||
Noble Energy | 3,335 | 99,116 | |||
Occidental Petroleum | 4,597 | 367,162 | |||
ONEOK | 1,650 | 108,752 | |||
Phillips 66 | 3,608 | 427,584 | |||
Pioneer Natural Resources | 1,815 | 317,081 | |||
Range Resources | 7,495 | a | 123,068 | ||
Schlumberger | 8,142 | 514,249 | |||
TechnipFMC | 5,105 | 156,366 | |||
Valero Energy | 34,023 | 4,010,631 | |||
Williams Cos. | 1,494 | 44,207 | |||
15,775,252 | |||||
Food & Staples Retailing - .7% | |||||
Costco Wholesale | 3,397 | 791,943 | |||
Kroger | 13,152 | 414,288 | |||
Sysco | 1,650 | 123,453 | |||
Walgreens Boots Alliance | 7,587 | 520,165 | |||
Wal-Mart Stores | 5,992 | 574,393 | |||
2,424,242 | |||||
Food, Beverage & Tobacco - 3.3% | |||||
Altria Group | 15,089 | 883,008 | |||
Archer-Daniels-Midland | 4,910 | 247,464 | |||
Coca-Cola | 15,865 | 707,103 | |||
Constellation Brands, Cl. A | 15,266 | 3,178,381 | |||
General Mills | 1,650 | 75,917 | |||
Hershey | 281 | 28,246 | |||
Kraft Heinz | 4,451 | 259,360 | |||
McCormick & Co. | 2,837 | a | 354,285 | ||
Molson Coors Brewing, Cl. B | 4,105 | 273,968 | |||
Mondelez International, Cl. A | 92,265 | 3,941,561 | |||
Monster Beverage | 2,265 | b | 137,916 | ||
PepsiCo | 8,990 | 1,006,970 | |||
Philip Morris International | 5,694 | 443,506 | |||
Tyson Foods, Cl. A | 1,390 | 87,306 | |||
11,624,991 | |||||
Health Care Equipment & Services - 5.0% | |||||
Abbott Laboratories | 5,493 | 367,152 | |||
Aetna | 3,538 | 708,555 | |||
AmerisourceBergen | 2,188 | 196,854 | |||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.8% (continued) | |||||
Health Care Equipment & Services - 5.0% (continued) | |||||
Anthem | 2,439 | 645,676 | |||
Baxter International | 1,555 | 115,645 | |||
Becton Dickinson & Co. | 3,010 | 788,229 | |||
Boston Scientific | 19,239 | b | 684,139 | ||
Cardinal Health | 1,070 | a | 55,843 | ||
Cerner | 6,425 | b | 418,332 | ||
Cigna | 2,556 | 481,397 | |||
CVS Health | 4,781 | 359,722 | |||
Danaher | 4,112 | 425,756 | |||
Dentsply Sirona | 1,420 | 56,686 | |||
Edwards Lifesciences | 2,538 | b | 366,081 | ||
Envision Healthcare | 1,120 | b | 50,803 | ||
Express Scripts Holding | 63 | b | 5,545 | ||
Henry Schein | 4,596 | a,b | 357,017 | ||
Hologic | 385 | b | 15,308 | ||
Humana | 1,673 | 557,544 | |||
Intuitive Surgical | 2,288 | b | 1,281,280 | ||
McKesson | 469 | 60,384 | |||
Medtronic | 35,535 | 3,425,929 | |||
ResMed | 2,927 | 326,097 | |||
Stryker | 3,048 | 516,423 | |||
UnitedHealth Group | 20,350 | 5,463,161 | |||
Zimmer Biomet Holdings | 216 | 26,704 | |||
17,756,262 | |||||
Household & Personal Products - .8% | |||||
Clorox | 2,630 | a | 381,297 | ||
Colgate-Palmolive | 12,478 | 828,664 | |||
Estee Lauder, Cl. A | 3,885 | 544,366 | |||
Kimberly-Clark | 1,327 | 153,322 | |||
Procter & Gamble | 10,901 | 904,238 | |||
2,811,887 | |||||
Insurance - 1.0% | |||||
Aflac | 500 | 23,120 | |||
Allstate | 4,455 | 448,039 | |||
American International Group | 6,990 | 371,658 | |||
Aon | 3,762 | 547,597 | |||
Brighthouse Financial | 614 | 25,487 | |||
Chubb | 739 | 99,942 | |||
Cincinnati Financial | 1,410 | 108,105 | |||
Hartford Financial Services | 8,125 | 409,256 | |||
Lincoln National | 2,076 | 136,144 | |||
Marsh & McLennan Cos. | 5,996 | 507,441 | |||
MetLife | 3,712 | 170,344 | |||
Prudential Financial | 1,076 | 105,717 | |||
Travelers | 3,967 | 522,057 | |||
3,474,907 | |||||
Materials - 1.9% | |||||
Air Products & Chemicals | 3,283 | 545,930 | |||
CF Industries Holdings | 940 | 48,833 | |||
DowDuPont | 46,652 | 3,271,705 | |||
Ecolab | 2,580 | 388,238 | |||
FMC | 4,140 | 353,763 | |||
Freeport-McMoRan | 21,175 | 297,509 |
42
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.8% (continued) | |||||
Materials - 1.9% (continued) | |||||
International Paper | 2,004 | 102,485 | |||
LyondellBasell Industries | 3,186 | 359,317 | |||
Newmont Mining | 4,165 | 129,240 | |||
Nucor | 1,060 | 66,250 | |||
PPG Industries | 3,746 | 414,083 | |||
Praxair | 2,557 | 404,492 | |||
Sealed Air | 295 | 11,832 | |||
Sherwin-Williams | 186 | 84,738 | |||
Vulcan Materials | 2,949 | 326,749 | |||
6,805,164 | |||||
Media - 1.9% | |||||
CBS, Cl. B | 959 | 50,846 | |||
Charter Communications, Cl. A | 446 | b | 138,438 | ||
Comcast, Cl. A | 123,907 | 4,583,320 | |||
Discovery, Cl. C | 2,145 | b | 54,998 | ||
DISH Network, Cl. A | 2,680 | b | 94,738 | ||
Omnicom Group | 820 | a | 56,842 | ||
Twenty-First Century Fox, Cl. A | 4,796 | 217,738 | |||
Walt Disney | 15,060 | 1,687,021 | |||
6,883,941 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 5.0% | |||||
AbbVie | 8,413 | 807,480 | |||
Allergan | 16,940 | 3,247,567 | |||
Biogen | 2,584 | b | 913,418 | ||
Bristol-Myers Squibb | 11,752 | 711,584 | |||
Celgene | 7,636 | b | 721,220 | ||
Eli Lilly & Co. | 11,021 | 1,164,369 | |||
Gilead Sciences | 16,056 | 1,215,921 | |||
Incyte | 535 | b | 39,542 | ||
Johnson & Johnson | 16,902 | 2,276,530 | |||
Merck & Co. | 13,701 | 939,752 | |||
Mettler-Toledo International | 359 | b | 209,821 | ||
Mylan | 595 | b | 23,282 | ||
Perrigo | 535 | a | 40,933 | ||
Pfizer | 102,593 | 4,259,661 | |||
Regeneron Pharmaceuticals | 206 | b | 83,791 | ||
Thermo Fisher Scientific | 3,872 | 925,795 | |||
Waters | 1,672 | b | 316,811 | ||
17,897,477 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - .3% | |||||
Alexion Pharmaceuticals | 567 | b | 69,310 | ||
Amgen | 4,842 | 967,480 | |||
1,036,790 | |||||
Real Estate - 1.6% | |||||
American Tower | 2,360 | c | 351,923 | ||
Apartment Investment & Management, Cl. A | 5,805 | c | 254,259 | ||
AvalonBay Communities | 2,636 | c | 483,152 | ||
Crown Castle International | 2,870 | c | 327,266 | ||
Equinix | 5,313 | c | 2,317,159 | ||
Equity Residential | 177 | c | 11,992 | ||
Extra Space Storage | 710 | a,c | 65,469 | ||
Federal Realty Investment Trust | 488 | c | 63,738 | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.8% (continued) | |||||
Real Estate - 1.6% (continued) | |||||
HCP | 11,405 | c | 308,277 | ||
Iron Mountain | 7,405 | c | 267,321 | ||
Kimco Realty | 13,895 | c | 237,743 | ||
Mid-America Apartment Communities | 55 | c | 5,696 | ||
Realty Income | 1,140 | a,c | 66,770 | ||
Simon Property Group | 780 | c | 142,763 | ||
SL Green Realty | 2,005 | c | 209,322 | ||
Ventas | 3,150 | c | 188,591 | ||
Welltower | 4,935 | c | 329,214 | ||
Weyerhaeuser | 5,650 | c | 196,112 | ||
5,826,767 | |||||
Retailing - 4.7% | |||||
Amazon.com | 4,804 | b | 9,669,059 | ||
Booking Holdings | 407 | b | 794,281 | ||
Dollar Tree | 3,014 | b | 242,657 | ||
Expedia | 132 | 17,226 | |||
Genuine Parts | 414 | 41,338 | |||
Home Depot | 8,482 | 1,702,931 | |||
L Brands | 239 | a | 6,317 | ||
Lowe's | 6,692 | 727,755 | |||
Macy's | 1,719 | a | 62,829 | ||
Netflix | 3,201 | b | 1,176,944 | ||
O'Reilly Automotive | 2,153 | b | 722,159 | ||
Ross Stores | 2,308 | 221,060 | |||
The TJX Companies | 12,657 | 1,391,890 | |||
TripAdvisor | 875 | b | 47,521 | ||
16,823,967 | |||||
Semiconductors & Semiconductor Equipment - 3.9% | |||||
Analog Devices | 1,503 | 148,572 | |||
Applied Materials | 5,935 | 255,324 | |||
Broadcom | 1,590 | 348,258 | |||
Intel | 27,932 | 1,352,747 | |||
Lam Research | 2,579 | 446,399 | |||
Micron Technology | 6,870 | b | 360,812 | ||
NVIDIA | 21,905 | 6,148,295 | |||
Qualcomm | 4,182 | 287,345 | |||
Texas Instruments | 38,174 | 4,290,758 | |||
Xilinx | 1,834 | 142,740 | |||
13,781,250 | |||||
Software & Services - 12.7% | |||||
Accenture | 4,575 | 773,495 | |||
Activision Blizzard | 1,375 | 99,138 | |||
Adobe Systems | 22,359 | b | 5,891,820 | ||
Alphabet, Cl. A | 5,776 | b | 7,114,877 | ||
Alphabet, Cl. C | 1,805 | b | 2,198,833 | ||
Autodesk | 1,980 | b | 305,613 | ||
Automatic Data Processing | 7,070 | 1,037,522 | |||
Cognizant Technology Solutions, Cl. A | 6,222 | 487,991 | |||
DXC Technology | 1,729 | 157,495 | |||
eBay | 2,742 | b | 94,901 | ||
Electronic Arts | 22,499 | b | 2,551,612 | ||
Facebook, Cl. A | 14,253 | b | 2,504,680 |
43
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.8% (continued) | |||||
Software & Services - 12.7% (continued) | |||||
Fiserv | 6,967 | b | 557,848 | ||
International Business Machines | 3,077 | 450,719 | |||
Intuit | 737 | 161,749 | |||
Jack Henry & Associates | 3,185 | a | 504,631 | ||
Manhattan Associates | 7,370 | a,b | 427,386 | ||
MasterCard, Cl. A | 10,526 | 2,268,985 | |||
Microsoft | 82,928 | 9,315,302 | |||
Oracle | 19,520 | 948,282 | |||
Paychex | 10,624 | 778,208 | |||
PayPal Holdings | 3,142 | b | 290,101 | ||
Perspecta | 864 | 20,097 | |||
salesforce.com | 6,733 | b | 1,027,994 | ||
Take-Two Interactive Software | 34 | b | 4,541 | ||
Visa, Cl. A | 35,890 | 5,271,882 | |||
Western Union | 4,157 | a | 78,650 | ||
45,324,352 | |||||
Technology Hardware & Equipment - 3.4% | |||||
Amphenol, Cl. A | 10,124 | 957,528 | |||
Apple | 30,091 | 6,849,614 | |||
Cisco Systems | 36,287 | 1,733,430 | |||
Cognex | 6,350 | 341,630 | |||
Corning | 14,950 | 500,975 | |||
Hewlett Packard Enterprise | 20,128 | 332,716 | |||
HP | 20,128 | 496,155 | |||
IPG Photonics | 1,590 | b | 279,013 | ||
Motorola Solutions | 768 | 98,580 | |||
Seagate Technology | 345 | 18,471 | |||
TE Connectivity | 2,640 | 242,035 | |||
Western Digital | 1,496 | 94,607 | |||
11,944,754 | |||||
Telecommunication Services - .7% | |||||
AT&T | 36,853 | 1,177,085 | |||
CenturyLink | 16,190 | 345,818 | |||
Verizon Communications | 18,405 | 1,000,680 | |||
2,523,583 | |||||
Transportation - 1.0% | |||||
CSX | 7,713 | 571,996 | |||
Delta Air Lines | 3,995 | 233,628 | |||
Expeditors International of Washington | 5,240 | 383,987 | |||
FedEx | 2,533 | 617,925 | |||
Norfolk Southern | 757 | 131,597 | |||
Southwest Airlines | 9,025 | 553,233 | |||
Union Pacific | 6,428 | 968,185 | |||
United Parcel Service, Cl. B | 1,636 | 201,032 | |||
3,661,583 | |||||
Utilities - 1.2% | |||||
AES | 11,440 | 153,982 | |||
American Electric Power | 2,915 | 209,093 | |||
CenterPoint Energy | 5,755 | 159,931 | |||
CMS Energy | 8,781 | 432,376 | |||
Dominion Energy | 978 | 69,213 | |||
DTE Energy | 660 | 73,352 | |||
Duke Energy | 1,027 | 83,433 | |||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 69.8% (continued) | |||||
Utilities - 1.2% (continued) | |||||
Eversource Energy | 3,785 | 236,298 | |||
Exelon | 4,340 | 189,701 | |||
NextEra Energy | 4,726 | 803,893 | |||
NiSource | 10,190 | a | 275,843 | ||
NRG Energy | 6,525 | 230,920 | |||
Pinnacle West Capital | 1,425 | 111,934 | |||
PPL | 5,385 | a | 160,150 | ||
SCANA | 4,180 | 160,261 | |||
Sempra Energy | 4,408 | a | 511,681 | ||
Southern | 38 | 1,664 | |||
Xcel Energy | 10,110 | 485,786 | |||
4,349,511 | |||||
Total Common Stocks (cost $124,219,813) | 248,959,964 | ||||
Limited Partnerships - .0% | |||||
Real Estate - .0% | |||||
Brookfield Property Partners | 43 | 864 | |||
7-Day | |||||
Investment Companies - 30.1% | |||||
Registered Investment Companies - 30.1% | |||||
BNY Mellon Income Stock Fund, Cl. M | 2,441,934 | d | 23,882,111 | ||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 2,850,823 | d | 2,850,823 | |
Dreyfus Research Growth Fund, Cl. Y | 3,112,604 | d | 53,194,402 | ||
Dreyfus Strategic Value Fund, Cl. Y | 645,412 | d | 27,333,196 | ||
Total Investment Companies (cost $85,835,088) | 107,260,532 | ||||
Investment of Cash Collateral for Securities Loaned - .2% | |||||
Registered Investment Companies - .2% | |||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 1.87 | 776,954 | d | 776,954 | |
Total Investments (cost $210,832,759) | 100.1% | 356,998,314 | |||
Liabilities, Less Cash and Receivables | (.1%) | (440,038) | |||
Net Assets | 100.0% | 356,558,276 |
aSecurity, or portion thereof, on loan. At August 31, 2018, the value of the fund’s securities on loan was $5,968,641 and the value of the collateral held by the fund was $6,096,411, consisting of cash collateral of $776,954 and U.S. Government & Agency securities valued at $5,319,457.
bNon-income producing security.
cInvestment in real estate investment trust.
dInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
44
Portfolio Summary (Unaudited) † | Value (%) |
Investment Companies | 30.3 |
Information Technology | 19.7 |
Health Care | 10.3 |
Consumer Discretionary | 9.7 |
Financials | 8.6 |
Industrials | 7.0 |
Consumer Staples | 4.7 |
Energy | 4.4 |
Materials | 1.9 |
Real Estate | 1.6 |
Utilities | 1.2 |
Telecommunication Services | .7 |
100.1 |
† Based on net assets.
See notes to financial statements.
45
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Income Stock Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 94.0% | |||||
Automobiles & Components - .6% | |||||
General Motors | 214,112 | 7,718,738 | |||
Banks - 21.8% | |||||
Bank of America | 1,521,871 | 47,071,470 | |||
BB&T | 829,012 | 42,826,760 | |||
Citigroup | 153,611 | 10,943,248 | |||
JPMorgan Chase & Co. | 517,340 | 59,276,817 | |||
PNC Financial Services Group | 82,226 | 11,802,720 | |||
SunTrust Banks | 286,135 | 21,048,091 | |||
U.S. Bancorp | 964,978 | 52,214,960 | |||
Wells Fargo & Co. | 403,919 | 23,621,183 | |||
268,805,249 | |||||
Capital Goods - 4.1% | |||||
Honeywell International | 94,382 | 15,012,401 | |||
Raytheon | 72,739 | 14,507,066 | |||
United Technologies | 162,783 | 21,438,521 | |||
50,957,988 | |||||
Consumer Services - .7% | |||||
Las Vegas Sands | 130,694 | 8,550,001 | |||
Diversified Financials - 2.5% | |||||
Ameriprise Financial | 77,716 | 11,032,563 | |||
Morgan Stanley | 408,404 | 19,942,367 | |||
30,974,930 | |||||
Energy - 10.0% | |||||
Marathon Petroleum | 299,845 | 24,674,245 | |||
Occidental Petroleum | 556,065 | 44,412,912 | |||
Phillips 66 | 179,373 | 21,257,494 | |||
Schlumberger | 176,203 | 11,128,981 | |||
Valero Energy | 184,686 | 21,770,786 | |||
123,244,418 | |||||
Food, Beverage & Tobacco - 5.9% | |||||
Coca-Cola | 259,206 | 11,552,812 | |||
ConAgra Brands | 414,335 | 15,226,811 | |||
Kellogg | 461,700 | a | 33,145,443 | ||
PepsiCo | 119,353 | 13,368,730 | |||
73,293,796 | |||||
Health Care Equipment & Services - 3.0% | |||||
CVS Health | 174,473 | 13,127,349 | |||
Medtronic | 127,237 | 12,266,919 | |||
UnitedHealth Group | 45,514 | 12,218,688 | |||
37,612,956 | |||||
Insurance - 2.2% | |||||
American International Group | 228,126 | 12,129,459 | |||
Hartford Financial Services Group | 286,907 | 14,451,506 | |||
26,580,965 | |||||
Materials - 5.6% | |||||
CF Industries Holdings | 462,048 | 24,003,394 | |||
DowDuPont | 399,381 | 28,008,590 | |||
Vulcan Materials | 158,383 | 17,548,836 | |||
69,560,820 | |||||
Media - 2.7% | |||||
Comcast, Cl. A | 421,605 | 15,595,169 | |||
Omnicom Group | 251,706 | a | 17,448,260 | ||
33,043,429 | |||||
BNY Mellon Income Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 94.0% (continued) | |||||
Pharmaceuticals Biotechnology & Life Sciences - 5.7% | |||||
Merck & Co. | 540,256 | 37,056,159 | |||
Pfizer | 810,181 | 33,638,715 | |||
70,694,874 | |||||
Real Estate - 4.3% | |||||
Lamar Advertising, Cl. A | 348,915 | b | 26,883,901 | ||
Outfront Media | 875,745 | b | 17,401,053 | ||
Uniti Group | 404,406 | a,b | 8,419,733 | ||
52,704,687 | |||||
Semiconductors & Semiconductor Equipment - 2.5% | |||||
Qualcomm | 269,744 | 18,534,110 | |||
Texas Instruments | 109,129 | 12,266,100 | |||
30,800,210 | |||||
Software & Services - 1.9% | |||||
International Business Machines | 164,220 | 24,054,946 | |||
Technology Hardware & Equipment - 6.2% | |||||
Apple | 124,910 | 28,433,263 | |||
Cisco Systems | 998,397 | 47,693,425 | |||
76,126,688 | |||||
Telecommunication Services - 6.5% | |||||
AT&T | 1,024,920 | 32,735,945 | |||
Verizon Communications | 876,356 | 47,647,476 | |||
80,383,421 | |||||
Transportation - 1.6% | |||||
Delta Air Lines | 344,251 | 20,131,798 | |||
Utilities - 6.2% | |||||
FirstEnergy | 737,267 | 27,559,040 | |||
NextEra Energy Partners | 324,487 | a | 15,737,619 | ||
PPL | 1,111,023 | a | 33,041,824 | ||
76,338,483 | |||||
Total Common Stocks (cost $907,545,804) | 1,161,578,397 | ||||
7-Day | |||||
Investment Companies - 4.1% | |||||
Registered Investment Companies - 4.1% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 50,950,671 | c | 50,950,671 | |
Investment of Cash Collateral for Securities Loaned - .9% | |||||
Registered Investment Companies - .9% | |||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 1.87 | 10,316,873 | c | 10,316,873 | |
Total Investments (cost $968,813,348) | 99.0% | 1,222,845,941 | |||
Cash and Receivables (Net) | 1.0% | 12,470,033 | |||
Net Assets | 100.0% | 1,235,315,974 |
aSecurity, or portion thereof, on loan. At August 31, 2018, the value of the fund’s securities on loan was $76,324,376 and the value of the collateral held by the fund was $77,782,947, consisting of cash collateral of $10,316,873 and U.S. Government & Agency securities valued at $67,466,074.
bInvestment in real estate investment trust.
cInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
46
Portfolio Summary (Unaudited) † | Value (%) |
Financials | 26.4 |
Information Technology | 10.6 |
Energy | 10.0 |
Health Care | 8.8 |
Telecommunication Services | 6.5 |
Utilities | 6.2 |
Consumer Staples | 5.9 |
Industrials | 5.7 |
Materials | 5.6 |
Investment Companies | 5.0 |
Real Estate | 4.3 |
Consumer Discretionary | 4.0 |
99.0 |
† Based on net assets.
See notes to financial statements.
47
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Mid Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% | |||||
Automobiles & Components - .6% | |||||
Adient | 3,137 | 135,801 | |||
Aptiv | 29,680 | 2,612,137 | |||
BorgWarner | 79,052 | 3,460,106 | |||
Gentex | 84,095 | 1,966,141 | |||
Goodyear Tire & Rubber | 24,430 | 554,317 | |||
Harley-Davidson | 17,480 | 744,998 | |||
Lear | 18,907 | 3,066,715 | |||
Thor Industries | 12,105 | 1,155,301 | |||
Visteon | 58,879 | a | 6,499,653 | ||
20,195,169 | |||||
Banks - 4.9% | |||||
Bank OZK | 7,940 | 321,252 | |||
BOK Financial | 11,415 | 1,170,608 | |||
CIT Group | 50,255 | 2,725,831 | |||
Citizens Financial Group | 73,310 | 3,017,440 | |||
Comerica | 30,315 | 2,955,106 | |||
Cullen/Frost Bankers | 15,365 | 1,703,825 | |||
East West Bancorp | 540,100 | 34,236,939 | |||
Fifth Third Bancorp | 319,230 | 9,394,939 | |||
First Horizon National | 56,965 | 1,049,295 | |||
First Republic Bank | 138,620 | 14,082,406 | |||
Huntington Bancshares | 518,579 | 8,406,166 | |||
KeyCorp | 478,479 | 10,081,553 | |||
M&T Bank | 18,002 | 3,189,054 | |||
New York Community Bancorp | 65,180 | 701,989 | |||
PacWest Bancorp | 45,530 | 2,298,810 | |||
People's United Financial | 76,030 | 1,407,315 | |||
Popular | 33,565 | 1,689,662 | |||
Regions Financial | 401,076 | 7,804,939 | |||
Signature Bank | 74,226 | 8,590,917 | |||
SunTrust Banks | 164,131 | 12,073,476 | |||
SVB Financial Group | 106,300 | a | 34,308,325 | ||
TCF Financial | 78,080 | 1,979,328 | |||
Webster Financial | 56,550 | 3,697,239 | |||
Zions Bancorporation | 64,130 | 3,417,488 | |||
170,303,902 | |||||
Capital Goods - 9.6% | |||||
AECOM | 46,100 | a | 1,550,804 | ||
Air Lease | 99,484 | 4,597,156 | |||
Allegion | 135,544 | 11,822,148 | |||
AMETEK | 200,040 | 15,395,078 | |||
Arconic | 168,862 | 3,779,132 | |||
Beacon Roofing Supply | 183,821 | a | 6,816,083 | ||
BWX Technologies | 139,096 | 8,529,367 | |||
Cummins | 39,644 | 5,621,519 | |||
Curtiss-Wright | 30,524 | 4,088,690 | |||
Donaldson | 40,700 | 2,059,420 | |||
Dover | 72,069 | 6,188,565 | |||
Eaton | 60,855 | 5,059,485 | |||
EnerSys | 38,156 | 3,166,566 | |||
Fastenal | 164,366 | 9,592,400 | |||
Flowserve | 1,620 | 84,434 | |||
Fluor | 342,109 | 19,640,478 | |||
Fortune Brands Home & Security | 172,139 | 9,119,924 | |||
Graco | 76,630 | 3,602,376 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% (continued) | |||||
Capital Goods - 9.6% (continued) | |||||
Harris | 34,608 | 5,624,146 | |||
HD Supply Holdings | 9,690 | a | 441,767 | ||
Hubbell | 18,778 | 2,372,788 | |||
Huntington Ingalls Industries | 10,876 | 2,658,856 | |||
IDEX | 114,198 | 17,496,276 | |||
Ingersoll-Rand | 48,970 | 4,960,171 | |||
ITT | 31,273 | 1,848,547 | |||
Jacobs Engineering Group | 9,215 | 669,838 | |||
L3 Technologies | 29,662 | 6,339,363 | |||
Lincoln Electric Holdings | 16,185 | 1,523,980 | |||
Masco | 195,293 | 7,415,275 | |||
MasTec | 26,076 | a | 1,142,129 | ||
Mercury Systems | 176,959 | a | 9,646,035 | ||
Middleby | 6,891 | a | 837,532 | ||
MSC Industrial Direct, Cl. A | 8,510 | 727,435 | |||
Nordson | 20,995 | 2,918,725 | |||
nVent Electric | 26,730 | 750,846 | |||
Owens Corning | 86,403 | 4,892,138 | |||
PACCAR | 112,927 | 7,726,465 | |||
Parker-Hannifin | 45,333 | 7,960,475 | |||
Pentair | 26,730 | 1,162,220 | |||
Quanta Services | 130,738 | a | 4,522,227 | ||
Regal Beloit | 5,480 | 458,676 | |||
Rockwell Automation | 12,719 | 2,301,630 | |||
Rockwell Collins | 23,475 | 3,191,426 | |||
Roper Technologies | 113,165 | 33,765,041 | |||
Snap-on | 60,278 | 10,655,945 | |||
Spirit AeroSystems Holdings, Cl. A | 49,899 | 4,266,364 | |||
Stanley Black & Decker | 16,676 | 2,343,478 | |||
Terex | 26,455 | 1,025,131 | |||
Textron | 116,747 | 8,059,045 | |||
Timken | 83,047 | 4,040,237 | |||
TransDigm Group | 8,180 | a | 2,863,000 | ||
United Rentals | 18,545 | a | 2,890,609 | ||
W.W. Grainger | 7,602 | 2,691,640 | |||
WABCO Holdings | 88,499 | a | 10,892,457 | ||
Wabtec | 19,895 | 2,155,026 | |||
Watsco | 48,934 | 8,562,961 | |||
WESCO International | 36,880 | a | 2,255,212 | ||
Xylem | 226,991 | 17,230,887 | |||
333,999,624 | |||||
Commercial & Professional Services - 3.5% | |||||
Cintas | 17,005 | 3,628,357 | |||
Copart | 347,330 | a | 22,336,792 | ||
CoStar Group | 68,687 | a | 30,370,644 | ||
Equifax | 17,235 | 2,308,973 | |||
IHS Markit | 54,071 | a | 2,973,905 | ||
KAR Auction Services | 59,506 | 3,730,431 | |||
Manpowergroup | 31,267 | 2,930,656 | |||
Nielsen Holdings | 623,146 | 16,201,796 | |||
Republic Services | 43,970 | 3,225,639 | |||
Robert Half International | 85,659 | 6,696,821 | |||
Stericycle | 360 | a | 22,208 | ||
Verisk Analytics | 130,519 | a | 15,543,508 |
48
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% (continued) | |||||
Commercial & Professional Services - 3.5% (continued) | |||||
Waste Connections | 159,760 | 12,683,346 | |||
122,653,076 | |||||
Consumer Durables & Apparel - 3.1% | |||||
Carter's | 85,913 | 9,100,764 | |||
D.R. Horton | 26,010 | 1,157,705 | |||
Garmin | 22,545 | 1,536,216 | |||
Hanesbrands | 51,240 | 898,750 | |||
Hasbro | 124,399 | 12,354,065 | |||
Leggett & Platt | 22,780 | 1,035,123 | |||
Lennar | 330 | 13,919 | |||
Lennar, Cl. A | 16,500 | 852,555 | |||
Lululemon Athletica | 147,778 | a | 22,895,246 | ||
Mattel | 32,650 | 503,790 | |||
Michael Kors Holdings | 22,195 | a | 1,611,801 | ||
Mohawk Industries | 1,835 | a | 351,568 | ||
Newell Brands | 580,032 | 12,598,295 | |||
NVR | 780 | a | 2,081,391 | ||
Polaris Industries | 12,611 | 1,367,663 | |||
PulteGroup | 55,720 | 1,557,374 | |||
PVH | 56,857 | 8,139,648 | |||
Ralph Lauren | 10,939 | 1,452,809 | |||
Skechers USA, Cl. A | 458,627 | a | 13,520,324 | ||
Tapestry | 33,095 | 1,677,586 | |||
Toll Brothers | 45,290 | 1,640,857 | |||
TopBuild | 6,003 | a | 373,867 | ||
Under Armour, Cl. A | 369,887 | a | 7,564,189 | ||
Under Armour, Cl. C | 24,910 | a | 472,543 | ||
VF | 16,815 | 1,549,166 | |||
Whirlpool | 8,340 | 1,042,333 | |||
107,349,547 | |||||
Consumer Services - 2.9% | |||||
Aramark | 54,045 | 2,220,169 | |||
Caesars Entertainment | 87,555 | a | 893,061 | ||
Chipotle Mexican Grill | 21,275 | a | 10,109,454 | ||
Darden Restaurants | 22,040 | 2,557,522 | |||
Dunkin' Brands Group | 15,355 | 1,119,226 | |||
Grand Canyon Education | 75,449 | a | 8,988,994 | ||
H&R Block | 37,435 | 1,012,991 | |||
Hilton Grand Vacations | 21,761 | a | 710,714 | ||
Hilton Worldwide Holdings | 19,703 | 1,529,347 | |||
Hyatt Hotels, Cl. A | 9,770 | 755,807 | |||
ILG | 8,080 | 275,770 | |||
International Game Technology | 24,415 | 513,692 | |||
Marriott International, Cl. A | 11,320 | 1,431,640 | |||
MGM Resorts International | 60,420 | 1,751,576 | |||
Norwegian Cruise Line Holdings | 240,114 | a | 12,872,512 | ||
Royal Caribbean Cruises | 20,180 | 2,473,664 | |||
Service Corporation International | 52,230 | 2,191,571 | |||
Six Flags Entertainment | 121,061 | 8,177,671 | |||
Texas Roadhouse | 154,597 | 10,659,463 | |||
Wyndham Hotels & Resorts | 82,548 | 4,684,599 | |||
Wyndham Worldwide | 96,265 | 4,254,913 | |||
Wynn Resorts | 133,343 | 19,780,101 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% (continued) | |||||
Consumer Services - 2.9% (continued) | |||||
Yum China Holdings | 41,375 | 1,600,385 | |||
100,564,842 | |||||
Diversified Financials - 5.2% | |||||
Affiliated Managers Group | 14,387 | 2,101,797 | |||
Ally Financial | 416,882 | 11,205,788 | |||
Ameriprise Financial | 22,290 | 3,164,288 | |||
Credit Acceptance | 2,099 | a | 958,634 | ||
Discover Financial Services | 171,584 | 13,404,142 | |||
Dun & Bradstreet | 36,797 | 5,259,027 | |||
E*TRADE Financial | 366,349 | 21,563,302 | |||
Eaton Vance | 151,324 | 7,979,315 | |||
Intercontinental Exchange | 214,852 | 16,378,168 | |||
Invesco | 249,509 | 6,013,167 | |||
Jefferies Financial Group | 788,698 | 18,313,568 | |||
Legg Mason | 37,895 | 1,182,324 | |||
LPL Financial Holdings | 22,080 | 1,462,579 | |||
MFA Financial | 178,380 | b | 1,366,391 | ||
Moody's | 39,343 | 7,003,841 | |||
Nasdaq | 23,680 | 2,260,019 | |||
Navient | 240,301 | 3,277,706 | |||
New Residential Investment | 28,900 | b | 536,673 | ||
Northern Trust | 19,900 | 2,138,454 | |||
Raymond James Financial | 232,758 | 21,655,804 | |||
SLM | 1,145,603 | a | 13,426,467 | ||
Starwood Property Trust | 73,040 | b | 1,609,071 | ||
State Street | 25,301 | 2,198,910 | |||
Synchrony Financial | 183,340 | 5,806,378 | |||
T. Rowe Price Group | 28,625 | 3,317,351 | |||
TD Ameritrade Holding | 111,629 | 6,538,111 | |||
Two Harbors Investment | 47,300 | b | 738,826 | ||
180,860,101 | |||||
Energy - 5.6% | |||||
Anadarko Petroleum | 49,084 | 3,161,010 | |||
Andeavor Logistics | 47,260 | 7,220,855 | |||
Antero Resources | 38,520 | a | 713,005 | ||
Apache | 50,900 | 2,230,947 | |||
Apergy | 62,871 | 2,843,027 | |||
Cabot Oil & Gas | 776,225 | 18,497,442 | |||
Cheniere Energy | 205,736 | a | 13,769,910 | ||
Cimarex Energy | 63,994 | 5,406,213 | |||
CNX Resources | 75,810 | a | 1,208,411 | ||
Concho Resources | 17,823 | a | 2,444,424 | ||
CONSOL Energy | 7,691 | a | 329,944 | ||
Devon Energy | 33,930 | 1,456,615 | |||
Diamondback Energy | 31,013 | 3,755,054 | |||
Energen | 66,152 | a | 5,130,088 | ||
Enerplus | 109,215 | 1,350,990 | |||
EQT | 168,411 | 8,592,329 | |||
Helmerich & Payne | 164,871 | 10,810,591 | |||
Hess | 21,185 | 1,426,598 | |||
HollyFrontier | 30,210 | 2,251,249 | |||
Marathon Oil | 170,985 | 3,677,887 | |||
Marathon Petroleum | 109,887 | 9,042,601 | |||
Murphy Oil | 24,030 | 740,845 | |||
National Oilwell Varco | 21,315 | 1,003,297 |
49
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% (continued) | |||||
Energy - 5.6% (continued) | |||||
Newfield Exploration | 31,030 | a | 846,498 | ||
Noble Energy | 150,190 | 4,463,647 | |||
ONEOK | 51,145 | 3,370,967 | |||
Parsley Energy, Cl. A | 579,406 | a | 16,090,105 | ||
PBF Energy, Cl. A | 24,435 | 1,268,665 | |||
PDC Energy | 195,004 | a | 10,274,761 | ||
Pioneer Natural Resources | 118,136 | 20,638,359 | |||
Targa Resources | 54,450 | 2,998,561 | |||
TechnipFMC | 283,487 | 8,683,207 | |||
Transocean | 134,575 | a | 1,629,703 | ||
Valero Energy | 111,946 | 13,196,194 | |||
Whiting Petroleum | 13,700 | a | 697,467 | ||
Williams Cos. | 51,045 | 1,510,422 | |||
WPX Energy | 118,225 | a | 2,254,551 | ||
194,986,439 | |||||
Food & Staples Retailing - .3% | |||||
Casey's General Stores | 6,785 | 774,643 | |||
Kroger | 114,320 | 3,601,080 | |||
US Foods Holding | 168,761 | a | 5,499,921 | ||
9,875,644 | |||||
Food, Beverage & Tobacco - 1.5% | |||||
Archer-Daniels-Midland | 357,511 | 18,018,554 | |||
Brown-Forman, Cl. B | 21,662 | 1,131,190 | |||
Bunge | 7,615 | 494,823 | |||
Campbell Soup | 29,260 | 1,154,307 | |||
Coca-Cola European Partners | 99,053 | 4,223,620 | |||
ConAgra Foods | 51,890 | 1,906,957 | |||
Constellation Brands, Cl. A | 7,293 | 1,518,403 | |||
Hain Celestial Group | 14,215 | a | 405,980 | ||
Hershey | 12,140 | 1,220,313 | |||
Hormel Foods | 24,060 | 941,949 | |||
Ingredion | 32,207 | 3,255,161 | |||
J.M. Smucker | 16,100 | 1,664,418 | |||
Kellogg | 26,680 | 1,915,357 | |||
Keurig Dr Pepper | 11,415 | 260,262 | |||
Lamb Weston Holdings | 32,136 | 2,172,394 | |||
McCormick & Co. | 19,335 | 2,414,555 | |||
Molson Coors Brewing, Cl. B | 7,145 | 476,857 | |||
Monster Beverage | 17,622 | a | 1,073,004 | ||
Nomad Foods | 126,996 | a | 2,647,867 | ||
Pilgrim's Pride | 5,670 | a | 104,838 | ||
Pinnacle Foods | 11,375 | 755,528 | |||
Post Holdings | 10,390 | a | 1,010,531 | ||
Tyson Foods, Cl. A | 39,385 | 2,473,772 | |||
51,240,640 | |||||
Health Care Equipment & Services - 7.9% | |||||
ABIOMED | 69,658 | a | 28,321,550 | ||
Acadia Healthcare | 12,960 | a | 538,229 | ||
Align Technology | 92,516 | a | 35,756,509 | ||
AmerisourceBergen | 28,230 | a | 2,539,853 | ||
athenahealth | 7,881 | a | 1,212,886 | ||
Boston Scientific | 895,984 | a | 31,861,191 | ||
Centene | 27,368 | a | 4,008,865 | ||
Cerner | 138,593 | a | 9,023,790 | ||
Cooper | 47,052 | 12,034,961 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% (continued) | |||||
Health Care Equipment & Services - 7.9% (continued) | |||||
DaVita | 47,498 | a | 3,291,136 | ||
Dentsply Sirona | 38,116 | 1,521,591 | |||
DexCom | 118,859 | a | 17,160,862 | ||
Edwards Lifesciences | 23,983 | a | 3,459,308 | ||
Encompass HealthSouth | 12,300 | 1,003,557 | |||
Envision Healthcare | 20,765 | a | 941,900 | ||
Henry Schein | 77,996 | a | 6,058,729 | ||
Hill-Rom Holdings | 14,955 | 1,454,673 | |||
Hologic | 23,175 | a | 921,438 | ||
IDEXX Laboratories | 56,374 | a | 14,321,251 | ||
Intuitive Surgical | 10,203 | a | 5,713,680 | ||
Laboratory Corporation of America Holdings | 84,383 | a | 14,587,289 | ||
McKesson | 45,574 | 5,867,652 | |||
Medidata Solutions | 153,857 | a | 13,074,768 | ||
Molina Healthcare | 9,280 | a | 1,280,640 | ||
Penumbra | 5,397 | a | 749,373 | ||
Quest Diagnostics | 25,140 | 2,764,897 | |||
ResMed | 23,420 | 2,609,222 | |||
STERIS | 110,082 | 12,595,582 | |||
Teleflex | 23,663 | 5,854,936 | |||
Universal Health Services, Cl. B | 34,975 | 4,552,346 | |||
Varian Medical Systems | 80,872 | a | 9,059,281 | ||
Veeva Systems, Cl. A | 16,395 | a | 1,710,982 | ||
WellCare Health Plans | 5,460 | a | 1,652,032 | ||
Zimmer Biomet Holdings | 143,888 | 17,788,873 | |||
275,293,832 | |||||
Household & Personal Products - .6% | |||||
Church & Dwight | 254,600 | 14,405,268 | |||
Clorox | 15,458 | 2,241,101 | |||
Energizer Holdings | 17,164 | 1,091,459 | |||
Herbalife Nutrition | 14,290 | a | 808,671 | ||
Nu Skin Enterprises, Cl. A | 13,635 | 1,085,346 | |||
19,631,845 | |||||
Insurance - 2.5% | |||||
Alleghany | 13,877 | 8,767,211 | |||
Allstate | 70,841 | 7,124,479 | |||
Aon | 68,183 | 9,924,717 | |||
Assurant | 20,175 | 2,074,393 | |||
Assured Guaranty | 22,780 | 928,057 | |||
Axis Capital Holdings | 7,645 | 439,740 | |||
Cincinnati Financial | 30,910 | 2,369,870 | |||
Everest Re Group | 27,203 | 6,066,813 | |||
FNF Group | 48,465 | 1,943,446 | |||
Hartford Financial Services Group | 53,110 | 2,675,151 | |||
Lincoln National | 36,155 | 2,371,045 | |||
Loews | 98,717 | 4,966,452 | |||
Markel | 1,474 | a | 1,781,771 | ||
Marsh & McLennan Cos. | 26,787 | 2,266,984 | |||
Old Republic International | 86,890 | 1,927,220 | |||
Principal Financial Group | 32,030 | 1,767,736 | |||
Progressive | 61,690 | 4,165,926 | |||
Reinsurance Group of America | 69,442 | 9,919,790 | |||
Torchmark | 20,017 | 1,759,895 |
50
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% (continued) | |||||
Insurance - 2.5% (continued) | |||||
Travelers | 25,721 | a | 3,384,884 | ||
Unum Group | 61,110 | 2,253,737 | |||
W.R. Berkley | 94,180 | 7,370,527 | |||
XL Group | 39,480 | 2,265,757 | |||
88,515,601 | |||||
Materials - 4.5% | |||||
Albemarle | 19,155 | 1,829,686 | |||
Alcoa | 8,822 | a | 394,079 | ||
Ashland Global Holdings | 9,861 | 830,296 | |||
Avery Dennison | 17,365 | 1,826,451 | |||
Axalta Coating Systems | 31,520 | a | 961,360 | ||
Ball | 34,470 | 1,443,604 | |||
Bemis | 25,965 | 1,279,555 | |||
Berry Plastics Group | 44,321 | a | 2,115,441 | ||
Celanese, Ser. A | 22,210 | 2,594,794 | |||
CEMEX, S.A.B. de C.V. | 234,940 | a | 1,665,725 | ||
CF Industries Holdings | 21,630 | 1,123,678 | |||
Crown Holdings | 52,878 | a | 2,263,707 | ||
Eagle Materials | 98,843 | 9,126,174 | |||
Eastman Chemical | 6,350 | 616,141 | |||
FMC | 51,127 | 4,368,802 | |||
Freeport-McMoRan | 1,137,491 | 15,981,749 | |||
Graphic Packaging Holding | 254,711 | 3,621,990 | |||
Huntsman | 444,987 | 13,567,654 | |||
Ingevity | 3,558 | a | 359,394 | ||
International Flavors & Fragrances | 15,023 | 1,957,347 | |||
International Paper | 48,355 | 2,472,875 | |||
LyondellBasell Industries | 120,663 | 13,608,373 | |||
Martin Marietta Materials | 12,683 | 2,520,366 | |||
Mosaic | 153,872 | 4,811,577 | |||
Newmont Mining | 322,246 | 9,999,293 | |||
Nucor | 40,615 | 2,538,437 | |||
Nutrien | 64,437 | 3,649,067 | |||
Packaging Corporation of America | 139,166 | 15,297,127 | |||
Reliance Steel & Aluminum | 23,920 | 2,102,329 | |||
Royal Gold | 14,685 | 1,119,878 | |||
Sealed Air | 29,410 | 1,179,635 | |||
Sherwin-Williams | 2,924 | 1,332,116 | |||
Sonoco Products | 26,190 | 1,467,688 | |||
Steel Dynamics | 166,353 | 7,607,323 | |||
Valvoline | 38,601 | 830,694 | |||
Vulcan Materials | 131,995 | 14,625,046 | |||
W.R. Grace & Co. | 8,521 | 602,094 | |||
WestRock | 43,441 | 2,392,730 | |||
156,084,275 | |||||
Media - 1.1% | |||||
Altice USA | 322,850 | a | 5,785,472 | ||
AMC Networks, Cl. A | 13,250 | a | 832,233 | ||
CBS, Cl. B | 26,575 | 1,409,006 | |||
Cinemark Holdings | 36,750 | 1,371,510 | |||
Discovery Communications, Cl. C | 91,358 | a | 2,342,419 | ||
DISH Network, Cl. A | 30,935 | a | 1,093,552 | ||
GCI Liberty | 14,660 | a | 719,513 | ||
Interpublic Group of Companies | 73,700 | 1,720,895 | |||
John Wiley & Sons, Cl. A | 20,226 | 1,305,588 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% (continued) | |||||
Media - 1.1% (continued) | |||||
Liberty Broadband, Cl. A | 2,552 | a | 206,712 | ||
Liberty Broadband, Cl. C | 8,505 | a | 689,670 | ||
Liberty Media Corp-Liberty Media, Cl. A | 2,552 | a | 89,269 | ||
Liberty Media Corp-Liberty SiriusXM, Cl. A | 10,210 | a | 477,215 | ||
Liberty Media Corp-Liberty SiriusXM, Cl. C | 43,000 | a | 2,022,720 | ||
Liberty Media Group, Cl. C | 255,654 | a | 9,448,972 | ||
Lions Gate Entertainment, Cl. B | 8,589 | 192,823 | |||
Live Nation Entertainment | 11,510 | a | 571,817 | ||
News Corp., Cl. A | 113,860 | 1,488,150 | |||
Omnicom Group | 47,288 | 3,278,004 | |||
Sinclair Broadcast Group, Cl. A | 107,053 | 3,099,184 | |||
Tribune Media Co. | 17,830 | 657,749 | |||
Viacom, Cl. B | 40,765 | 1,193,599 | |||
39,996,072 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 5.3% | |||||
Agilent Technologies | 141,558 | 9,560,827 | |||
Agios Phamaceuticals | 11,126 | a | 898,091 | ||
Alexion Pharmaceuticals | 116,665 | a | 14,261,130 | ||
Alkermes | 165,771 | a | 7,433,172 | ||
Alnylam Pharmaceuticals | 44,232 | a | 5,425,939 | ||
Andeavor | 130,580 | a | 4,237,321 | ||
BioMarin Pharmaceutical | 128,135 | a | 12,810,937 | ||
Bio-Techne | 11,230 | 2,158,069 | |||
Bluebird Bio | 24,902 | a | 4,191,007 | ||
Catalent | 14,965 | a | 625,537 | ||
Charles River Laboratories International | 11,800 | a | 1,457,418 | ||
Exact Sciences | 18,315 | a | 1,371,610 | ||
ICON | 29,874 | a | 4,451,823 | ||
Incyte | 14,730 | a | 1,088,694 | ||
Ionis Pharmaceuticals | 24,115 | a | 1,101,814 | ||
IQVIA Holdings | 13,985 | a | 1,777,354 | ||
Jazz Pharmaceuticals | 170,454 | a | 29,133,998 | ||
Ligand Pharmaceuticals, Cl. B | 48,739 | a | 12,657,031 | ||
Mallinckrodt | 11,771 | a | 405,629 | ||
Mettler-Toledo International | 4,135 | a | 2,416,742 | ||
Mylan | 529,871 | a | 20,733,852 | ||
Nektar Therapeutics | 21,165 | a | 1,407,261 | ||
Neurocrine Biosciences | 83,306 | a | 10,242,473 | ||
Perrigo Co. | 6,176 | 472,526 | |||
PRA Health Sciences | 147,916 | a | 15,619,930 | ||
QIAGEN | 30,176 | a | 1,175,959 | ||
Sage Therapeutics | 61,360 | a | 10,078,994 | ||
Sarepta Therapeutics | 8,875 | a | 1,225,105 | ||
Seattle Genetics | 7,885 | a | 605,253 | ||
United Therapeutics | 6,732 | a | 827,969 | ||
Waters | 14,140 | a | 2,679,247 | ||
Zoetis | 11,475 | 1,039,635 | |||
183,572,347 | |||||
Real Estate - 3.8% | |||||
American Homes 4 Rent, Cl. A | 90,399 | b | 2,097,257 | ||
Annaly Capital Management | 128,760 | b | 1,367,431 |
51
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% (continued) | |||||
Real Estate - 3.8% (continued) | |||||
Apartment Investment & Management, Cl. A | 39,930 | b | 1,748,934 | ||
AvalonBay Communities | 20,124 | b | 3,688,528 | ||
Boston Properties | 80,898 | b | 10,553,144 | ||
Brixmor Property Group | 31,015 | b | 565,093 | ||
Camden Property Trust | 27,220 | b | 2,587,533 | ||
CBRE Group, Cl. A | 63,290 | a | 3,089,185 | ||
CyrusOne | 34,850 | b | 2,333,556 | ||
DDR | 63,750 | b | 891,863 | ||
Digital Realty Trust | 37,268 | b | 4,631,667 | ||
Douglas Emmett | 108,051 | b | 4,220,472 | ||
Duke Realty | 168,129 | b | 4,789,995 | ||
EPR Properties | 9,350 | b | 656,183 | ||
Equinix | 24,081 | b | 10,502,447 | ||
Equity Commonwealth | 58,545 | a,b | 1,876,953 | ||
Equity Lifestyle Properties | 33,015 | b | 3,198,493 | ||
Equity Residential | 72,025 | b | 4,879,694 | ||
Essex Property Trust | 9,625 | b | 2,370,445 | ||
Extra Space Storage | 28,165 | b | 2,597,095 | ||
Federal Realty Investment Trust | 6,574 | b | 858,630 | ||
Forest City Realty Trust, Cl. A | 55,930 | b | 1,406,639 | ||
Gaming and Leisure Properties | 28,500 | b | 1,020,015 | ||
HCP | 43,290 | b | 1,170,129 | ||
Healthcare Trust of America, Cl. A | 46,215 | b | 1,320,363 | ||
Hospitality Properties Trust | 49,270 | b | 1,428,337 | ||
Host Hotels & Resorts | 105,409 | b | 2,269,456 | ||
Iron Mountain | 53,958 | b | 1,947,884 | ||
JBG SMITH Properties | 16,615 | b | 622,398 | ||
Jones Lang LaSalle | 8,438 | 1,286,964 | |||
Kilroy Realty | 25,413 | b | 1,858,707 | ||
Kimco Realty | 2,370 | b | 40,551 | ||
Macerich | 32,355 | b | 1,900,533 | ||
Mid-America Apartment Communities | 14,390 | b | 1,490,228 | ||
Omega Healthcare Investors | 16,155 | b | 533,923 | ||
Park Hotels & Resorts | 23,551 | b | 787,781 | ||
Prologis | 46,565 | b | 3,128,242 | ||
Rayonier | 46,864 | b | 1,632,273 | ||
Realty Income | 62,015 | b | 3,632,219 | ||
Regency Centers | 122,833 | b | 8,110,663 | ||
Retail Value | 6,198 | a,b | 221,393 | ||
SBA Communications | 17,347 | a,b | 2,692,775 | ||
Senior Housing Properties Trust | 18,740 | b | 358,121 | ||
SL Green Realty | 86,691 | b | 9,050,540 | ||
Spirit Realty Capital | 30,815 | b | 257,922 | ||
UDR | 56,260 | b | 2,248,712 | ||
Uniti Group | 31,350 | b | 652,707 | ||
Ventas | 32,460 | b | 1,943,380 | ||
VEREIT | 48,525 | b | 379,466 | ||
Vornado Realty Trust | 25,240 | b | 1,943,480 | ||
Weingarten Realty Investors | 42,645 | b | 1,319,010 | ||
Welltower | 34,295 | b | 2,287,819 | ||
Weyerhaeuser | 75,927 | b | 2,635,426 | ||
WP Carey | 22,545 | b | 1,501,046 | ||
132,583,700 | |||||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% (continued) | |||||
Retailing - 3.6% | |||||
Advance Auto Parts | 12,860 | 2,109,426 | |||
AutoNation | 17,970 | a | 814,940 | ||
AutoZone | 3,700 | a | 2,837,456 | ||
Best Buy | 36,250 | 2,884,050 | |||
Burlington Stores | 48,278 | a | 8,119,394 | ||
CarMax | 25,000 | a | 1,951,250 | ||
Dollar General | 29,430 | 3,170,494 | |||
Dollar Tree | 121,423 | a | 9,775,766 | ||
Expedia | 35,299 | 4,606,519 | |||
Foot Locker | 30,885 | 1,522,630 | |||
Gap | 33,285 | 1,010,200 | |||
Genuine Parts | 18,260 | 1,823,261 | |||
Kohl's | 27,880 | 2,205,587 | |||
L Brands | 9,270 | 245,006 | |||
LKQ | 404,405 | a | 13,960,061 | ||
Macy's | 30,005 | 1,096,683 | |||
Murphy USA | 5,077 | a | 421,289 | ||
Nordstrom | 74,673 | 4,693,198 | |||
O'Reilly Automotive | 49,338 | a | 16,548,952 | ||
Pool | 67,938 | 11,159,496 | |||
Qurate Retail Group | 67,655 | a | 1,406,547 | ||
Ross Stores | 210,227 | 20,135,542 | |||
Tiffany & Co. | 16,960 | 2,080,144 | |||
Tractor Supply | 45,693 | 4,033,778 | |||
TripAdvisor | 9,380 | a | 509,428 | ||
Ulta Beauty | 8,805 | a | 2,289,300 | ||
Wayfair, Cl. A | 7,970 | a | 1,077,305 | ||
Williams-Sonoma | 20,935 | 1,470,265 | |||
123,957,967 | |||||
Semiconductors & Semiconductor Equipment - 3.5% | |||||
Advanced Micro Devices | 850,479 | a | 21,406,556 | ||
Analog Devices | 30,871 | 3,051,598 | |||
Applied Materials | 37,675 | 1,620,778 | |||
Cypress Semiconductor | 71,745 | 1,234,731 | |||
First Solar | 16,565 | a | 862,705 | ||
KLA-Tencor | 39,056 | 4,538,698 | |||
Lam Research | 21,200 | 3,669,508 | |||
Marvell Technology Group | 466,253 | 9,642,112 | |||
Maxim Integrated Products | 191,899 | 11,604,133 | |||
Microchip Technology | 114,142 | 9,819,636 | |||
Micron Technology | 61,645 | a | 3,237,595 | ||
NVIDIA | 60,334 | 16,934,547 | |||
Qorvo | 45,820 | a | 3,669,724 | ||
Skyworks Solutions | 246,014 | 22,461,078 | |||
Teradyne | 128,662 | 5,299,588 | |||
Versum Materials | 45,731 | 1,819,636 | |||
Xilinx | 30,960 | 2,409,617 | |||
123,282,240 | |||||
Software & Services - 16.5% | |||||
2U | 7,400 | a | 661,264 | ||
Activision Blizzard | 232,579 | 16,768,946 | |||
Akamai Technologies | 16,890 | a | 1,269,115 | ||
Alliance Data Systems | 17,951 | 4,282,750 | |||
Amdocs | 73,413 | 4,792,401 |
52
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% (continued) | |||||
Software & Services - 16.5% (continued) | |||||
ANSYS | 88,440 | a | 16,448,071 | ||
Autodesk | 28,790 | a | 4,443,736 | ||
Black Knight | 14,860 | a | 793,524 | ||
Broadridge Financial Solutions | 160,240 | 21,654,834 | |||
CA | 31,425 | 1,376,415 | |||
CDK Global | 72,355 | a | 4,509,164 | ||
Citrix Systems | 11,990 | 1,367,100 | |||
Cognizant Technology Solutions, Cl. A | 13,882 | 1,088,765 | |||
Conduent | 39,424 | a | 913,848 | ||
CoreLogic | 21,925 | a | 1,114,667 | ||
Dell Technologies Inc Class V | 24,080 | a | 2,315,774 | ||
DXC Technology | 200,917 | 18,301,530 | |||
eBay | 102,399 | a | 3,544,029 | ||
Electronic Arts | 46,965 | a | 5,326,301 | ||
Fidelity National Information Services | 273,745 | 29,610,997 | |||
First Data, Cl. A | 994,990 | a | 25,591,143 | ||
Fiserv | 275,592 | a | 22,066,651 | ||
FleetCor Technologies | 10,138 | a | 2,166,896 | ||
Gartner | 98,132 | a | 14,696,248 | ||
Global Payments | 75,748 | 9,436,686 | |||
GrubHub | 13,409 | a | 1,932,371 | ||
HubSpot | 155,076 | a | 22,284,421 | ||
InterActiveCorp | 27,281 | a | 5,379,813 | ||
Intuit | 146,238 | 32,094,854 | |||
Jack Henry & Associates | 24,220 | 3,837,417 | |||
Leidos Holdings | 71,033 | 5,027,005 | |||
LogMeIn | 198,065 | 17,023,687 | |||
NetEase, ADR | 8,075 | 1,596,508 | |||
New Relic | 67,280 | a | 6,913,693 | ||
Nuance Communications | 341,419 | a | 5,571,958 | ||
Nutanix, Cl. A | 17,790 | a | 1,001,933 | ||
Okta | 16,025 | a | 990,826 | ||
Paychex | 29,815 | 2,183,949 | |||
Perspecta | 9,550 | 222,133 | |||
Proofpoint | 91,442 | a | 10,849,593 | ||
RealPage | 175,145 | a | 10,929,048 | ||
Red Hat | 114,135 | a | 16,861,164 | ||
ServiceNow | 99,239 | a | 19,486,570 | ||
Shopify, Cl. A | 98,551 | a | 14,355,924 | ||
Splunk | 210,361 | a | 26,957,762 | ||
Spotify Technology | 34,974 | a | 6,628,272 | ||
Square, Cl. A | 291,578 | a | 25,845,474 | ||
SS&C Technologies Holdings | 397,759 | 23,603,019 | |||
Symantec | 35,785 | 721,426 | |||
Tableau Software, Cl. A | 13,962 | a | 1,561,789 | ||
Take-Two Interactive Software | 14,617 | a | 1,952,247 | ||
Teradata | 214,490 | a | 8,894,900 | ||
Total System Services | 37,190 | 3,612,637 | |||
Twilio, Cl. A | 402,938 | a | 32,500,979 | ||
315,855 | a | 11,111,779 | |||
Tyler Technologies | 61,762 | a | 15,252,126 | ||
Ultimate Software Group | 32,346 | a | 10,016,586 | ||
VeriSign | 22,480 | a | 3,565,553 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% (continued) | |||||
Software & Services - 16.5% (continued) | |||||
Western Union | 188,515 | 3,566,704 | |||
WEX | 4,062 | a | 772,674 | ||
Workday, Cl. A | 13,895 | a | 2,147,333 | ||
Worldpay, Cl. A (Vantiv) | 22,610 | a | 2,201,988 | ||
Zillow Group | 15,090 | a | 734,129 | ||
574,731,099 | |||||
Technology Hardware & Equipment - 5.1% | |||||
Amphenol, Cl. A | 329,526 | 31,166,569 | |||
Arrow Electronics | 43,265 | a | 3,354,335 | ||
Avnet | 20,765 | 1,005,026 | |||
Belden | 32,117 | a | 2,335,548 | ||
CDW | 7,325 | 641,377 | |||
Cognex | 93,223 | 5,015,397 | |||
CommScope Holding | 17,765 | a | 562,973 | ||
Corning | 49,800 | 1,668,798 | |||
EchoStar, Cl. A | 18,770 | a | 900,960 | ||
F5 Networks | 9,231 | a | 1,745,767 | ||
Flex | 127,630 | a | 1,760,018 | ||
FLIR Systems | 192,957 | 12,106,122 | |||
Hewlett Packard Enterprise | 60,870 | 1,006,181 | |||
HP | 264,188 | 6,512,234 | |||
Juniper Networks | 55,900 | 1,589,237 | |||
Keysight Technologies | 203,456 | a | 13,202,260 | ||
Lumentum Holdings | 229,568 | a | 15,587,667 | ||
Motorola Solutions | 25,235 | 3,239,165 | |||
National Instruments | 178,820 | 8,538,655 | |||
NCR | 23,405 | a | 664,936 | ||
NetApp | 45,433 | 3,944,039 | |||
Palo Alto Networks | 12,380 | a | 2,861,637 | ||
TE Connectivity | 72,485 | 6,645,425 | |||
Trimble | 583,232 | a | 24,554,067 | ||
Viavi Solutions | 125,778 | a | 1,408,714 | ||
Western Digital | 53,902 | 3,408,762 | |||
Xerox | 454,537 | 12,663,401 | |||
Zebra Technologies, Cl. A | 64,165 | a | 11,019,697 | ||
179,108,967 | |||||
Telecommunication Services - .2% | |||||
Arista Networks | 6,599 | a | 1,972,969 | ||
CenturyLink | 77,993 | 1,665,930 | |||
Sprint | 116,415 | a | 711,296 | ||
Telephone & Data Systems | 32,310 | 970,592 | |||
Zayo Group Holdings | 68,170 | a | 2,362,772 | ||
7,683,559 | |||||
Transportation - 2.5% | |||||
American Airlines Group | 19,245 | 779,038 | |||
CH Robinson Worldwide | 25,380 | 2,438,510 | |||
Copa Holdings | 8,535 | 682,288 | |||
Delta Air Lines | 87,941 | 5,142,790 | |||
Expeditors International of Washington | 27,280 | 1,999,078 | |||
Genesee & Wyoming, Cl. A | 11,790 | a | 1,036,223 | ||
J.B. Hunt Transport Services | 257,751 | 31,123,433 | |||
JetBlue Airways | 48,500 | a | 925,380 | ||
Kansas City Southern | 18,870 | 2,188,165 |
53
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% (continued) | |||||
Transportation - 2.5% (continued) | |||||
Knight-Swift Transportation Holdings | 248,628 | 8,485,674 | |||
Landstar System | 15,410 | 1,784,478 | |||
Macquarie Infrastructure | 8,575 | 403,368 | |||
Southwest Airlines | 421,236 | 25,821,767 | |||
United Continental Holdings | 34,750 | a | 3,037,845 | ||
85,848,037 | |||||
Utilities - 3.1% | |||||
AES | 98,890 | 1,331,059 | |||
Alliant Energy | 111,357 | 4,770,534 | |||
Ameren | 53,545 | 3,385,650 | |||
American Electric Power | 79,212 | 5,681,877 | |||
American Water Works | 27,465 | 2,404,011 | |||
Aqua America | 52,070 | 1,935,963 | |||
Atmos Energy | 19,940 | 1,839,066 | |||
CenterPoint Energy | 75,485 | 2,097,728 | |||
CMS Energy | 76,430 | 3,763,413 | |||
Consolidated Edison | 22,755 | 1,796,052 | |||
DTE Energy | 63,288 | 7,033,828 | |||
Edison International | 207,072 | 13,610,843 | |||
Entergy | 113,377 | 9,477,183 | |||
Evergy | 62,305 | 3,554,500 | |||
Eversource Energy | 56,275 | 3,513,248 | |||
FirstEnergy | 37,365 | 1,396,704 | |||
National Fuel Gas | 10,545 | 585,564 | |||
NiSource | 80,020 | 2,166,141 | |||
NRG Energy | 65,635 | 2,322,823 | |||
OGE Energy | 7,910 | 291,325 | |||
PG&E | 29,524 | 1,363,418 | |||
Pinnacle West Capital | 131,215 | 10,306,938 | |||
PPL | 121,150 | 3,603,001 | |||
Public Service Enterprise Group | 47,975 | 2,511,491 | |||
Sempra Energy | 22,455 | 2,606,576 | |||
Vectren | 34,775 | 2,475,980 | |||
Vistra Energy | 31,240 | a | 735,390 | ||
WEC Energy Group | 33,840 | 2,286,907 | |||
Xcel Energy | 214,457 | 10,304,659 | |||
109,151,872 | |||||
Total Common Stocks (cost $2,268,015,131) | 3,391,470,397 | ||||
Limited Partnerships - .0% | |||||
Real Estate - .0% | |||||
Brookfield Property Partners LP | 33,618 | 671,691 | |||
Exchange-Traded Funds - 1.0% | |||||
Registered Investment Companies - 1.0% | |||||
iShares Russell Mid-Cap Growth ETF | 163,144 | 22,287,102 | |||
SPDR S&P MidCap 400 ETF Trust | 31,371 | 11,685,384 | |||
Total Exchange-Traded Funds (cost $31,723,098) | 33,972,486 | ||||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Number of Rights | Value ($) | |||
Rights - .0% | |||||
Health Care Equipment & Services - .0% | |||||
Community Health Systems | 33,320 | 823 | |||
7-Day | Shares | ||||
Investment Companies - 1.7% | |||||
Registered Investment Companies - 1.7% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 58,809,239 | c | 58,809,239 | |
Total Investments (cost $2,359,252,139) | 100.1% | 3,484,924,636 | |||
Liabilities, Less Cash and Receivables | (.1%) | (2,812,429) | |||
Net Assets | 100.0% | 3,482,112,207 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
aNon-income producing security.
bInvestment in real estate investment trust.
cInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Information Technology | 22.8 |
Industrials | 14.8 |
Financials | 11.6 |
Consumer Discretionary | 11.0 |
Health Care | 10.7 |
Energy | 5.6 |
Materials | 4.3 |
Real Estate | 3.7 |
Consumer, Non-cyclical | 3.1 |
Utilities | 3.1 |
Investment Companies | 2.7 |
Consumer Staples | 1.8 |
Industrial | 1.6 |
Technology | 1.2 |
Financial | 1.1 |
Consumer, Cyclical | .5 |
Telecommunication Services | .2 |
Communications | .2 |
Basic Materials | .1 |
100.1 |
† Based on net assets.
See notes to financial statements.
54
BNY Mellon Small Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 94.6% | |||||
Automobiles & Components - 1.1% | |||||
Delphi Technologies | 73,424 | 2,586,728 | |||
Gentherm | 32,930 | a | 1,620,156 | ||
Visteon | 24,046 | a | 2,654,438 | ||
6,861,322 | |||||
Banks - 8.7% | |||||
Ameris Bancorp | 26,066 | 1,294,177 | |||
Associated Banc-Corp | 70,070 | 1,909,407 | |||
Atlantic Capital Bancshares | 121,715 | a | 2,221,299 | ||
Banner | 24,470 | 1,574,155 | |||
Bryn Mawr Bank | 15,210 | 742,248 | |||
Carolina Financial | 11,436 | b | 470,591 | ||
Central Pacific Financial | 31,221 | 884,491 | |||
CVB Financial | 43,466 | 1,045,357 | |||
Essent Group | 29,065 | a | 1,260,258 | ||
FCB Financial Holdings, Cl. A | 49,807 | a | 2,580,003 | ||
First Interstate BancSystem, Cl. A | 116,606 | 5,416,349 | |||
First Merchants | 45,479 | 2,188,449 | |||
First Midwest Bancorp | 42,059 | 1,143,164 | |||
Great Western Bancorp | 85,939 | 3,741,784 | |||
Heritage Financial | 22,551 | b | 818,601 | ||
IBERIABANK | 14,709 | 1,274,535 | |||
MGIC Investment | 128,716 | a | 1,637,268 | ||
Midland States Bancorp | 31,464 | 1,083,306 | |||
National Bank Holdings, Cl. A | 101,307 | 4,067,476 | |||
Old National Bancorp | 86,065 | b | 1,747,119 | ||
Seacoast Banking Corporation of Florida | 29,233 | a,b | 924,347 | ||
South State | 20,779 | 1,713,229 | |||
Towne Bank | 23,981 | b | 781,781 | ||
TriState Capital Holdings | 68,873 | a | 2,048,972 | ||
UMB Financial | 24,355 | 1,832,470 | |||
Union Bankshares | 137,138 | b | 5,704,941 | ||
United Community Banks | 50,257 | 1,524,797 | |||
Valley National Bancorp | 55,090 | b | 663,835 | ||
Webster Financial | 52,404 | 3,426,174 | |||
Westamerica Bancorporation | 17,922 | b | 1,147,546 | ||
56,868,129 | |||||
Capital Goods - 7.9% | |||||
Aerojet Rocketdyne Holdings | 45,032 | a | 1,581,074 | ||
Aerovironment | 19,212 | a,b | 1,689,888 | ||
Altra Industrial Motion | 41,437 | b | 1,618,115 | ||
Avis Budget Group | 167,921 | a | 5,224,022 | ||
Blue Bird | 10,793 | a,b | 247,699 | ||
Capitol Investment Corp IV | 143,065 | a,b | 1,486,445 | ||
Chart Industries | 24,058 | a,b | 1,817,582 | ||
Construction Partners | 37,342 | a | 453,705 | ||
Curtiss-Wright | 12,797 | 1,714,158 | |||
EMCOR Group | 18,263 | 1,462,866 | |||
EnerSys | 29,339 | 2,434,844 | |||
Esterline Technologies | 17,418 | a | 1,497,077 | ||
Granite Construction | 17,381 | b | 793,964 | ||
Herc Holdings | 49,819 | a | 2,619,483 | ||
Kaman | 13,960 | 910,332 | |||
Kennametal | 12,507 | 510,786 | |||
Lindsay | 12,814 | b | 1,227,197 | ||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 94.6% (continued) | |||||
Capital Goods - 7.9% (continued) | |||||
Mercury Systems | 79,982 | a,b | 4,359,819 | ||
Milacron Holdings | 138,584 | a | 2,937,981 | ||
Proto Labs | 10,552 | a,b | 1,640,308 | ||
Simpson Manufacturing | 67,514 | 5,183,050 | |||
Tennant | 30,062 | b | 2,301,246 | ||
The Greenbrier Companies | 28,431 | b | 1,648,998 | ||
TPG Pace Holdings | 98,446 | a,b | 1,036,144 | ||
TPI Composites | 25,462 | a,b | 713,700 | ||
Welbilt | 93,675 | a | 2,073,028 | ||
Wesco Aircraft Holdings | 159,251 | a | 1,934,900 | ||
51,118,411 | |||||
Commercial & Professional Services - .9% | |||||
Deluxe | 16,240 | 961,733 | |||
Huron Consulting Group | 29,164 | a | 1,443,618 | ||
Knoll | 51,190 | 1,205,013 | |||
Korn/Ferry International | 21,296 | 1,429,600 | |||
LSC Communications | 45,079 | 551,316 | |||
5,591,280 | |||||
Consumer Durables & Apparel - .7% | |||||
Ethan Allen Interiors | 37,390 | 831,928 | |||
G-III Apparel Group | 53,439 | a | 2,430,406 | ||
Oxford Industries | 13,931 | b | 1,296,837 | ||
4,559,171 | |||||
Consumer Services - 5.1% | |||||
Belmond | 41,662 | a | 697,839 | ||
Cheesecake Factory | 44,587 | b | 2,370,691 | ||
Dave & Buster's Entertainment | 131,094 | a | 7,625,738 | ||
DeVry Education Group | 88,087 | a | 4,214,963 | ||
Penn National Gaming | 61,462 | a | 2,117,981 | ||
Pinnacle Entertainment | 54,817 | a | 1,876,934 | ||
Planet Fitness, Cl. A | 223,939 | a | 11,503,746 | ||
Sotheby's | 61,975 | a,b | 2,976,039 | ||
33,383,931 | |||||
Consumer, Non-cyclical - .2% | |||||
AMN Healthcare Services | 25,452 | a,b | 1,483,852 | ||
Diversified Financials - 2.5% | |||||
Cannae Holdings | 51,174 | a | 994,823 | ||
Cohen & Steers | 28,940 | b | 1,203,036 | ||
Federated Investors, Cl. B | 50,391 | b | 1,167,056 | ||
Green Dot, Cl. A | 17,716 | a | 1,517,730 | ||
Investment Technology Group | 118,777 | 2,598,841 | |||
OneMain Holdings | 175,680 | a | 6,447,456 | ||
SLM | 204,251 | a | 2,393,822 | ||
16,322,764 | |||||
Energy - 6.9% | |||||
Alamos Gold | 352,518 | 1,547,554 | |||
Apergy | 58,852 | a | 2,661,287 | ||
Arch Coal | 17,044 | b | 1,511,291 | ||
Ardmore Shipping | 80,935 | a | 566,545 | ||
Astec Industries | 18,786 | a,b | 913,939 | ||
Bonanza Creek Energy | 72,390 | a | 2,244,090 | ||
Cactus | 67,931 | a | 2,321,882 | ||
Callon Petroleum | 154,433 | a,b | 1,745,093 | ||
Delek US Holdings | 131,025 | 7,140,862 | |||
Dril-Quip | 25,554 | a,b | 1,345,418 |
55
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 94.6% (continued) | |||||
Energy - 6.9% (continued) | |||||
Frank's International | 140,103 | a,b | 1,237,109 | ||
GasLog | 61,513 | b | 1,033,418 | ||
Green Plains | 160,097 | 2,841,722 | |||
Navigator Holdings | 42,524 | a | 514,540 | ||
Newpark Resources | 113,304 | a,b | 1,189,692 | ||
Oasis Petroleum | 41,404 | a,b | 557,298 | ||
Oil States International | 37,428 | a | 1,266,938 | ||
Patterson-UTI Energy | 70,781 | 1,212,479 | |||
PBF Energy, Cl. A | 67,574 | 3,508,442 | |||
PDC Energy | 76,365 | a | 4,023,672 | ||
Scorpio Tankers | 820,807 | b | 1,575,949 | ||
Select Energy Services, Cl. A | 285,579 | a | 3,898,153 | ||
44,857,373 | |||||
Food & Staples Retailing - 1.1% | |||||
Casey's General Stores | 12,782 | b | 1,459,321 | ||
Performance Food Group | 58,838 | a | 1,947,538 | ||
SpartanNash | 15,141 | 323,260 | |||
Sprouts Farmers Market | 53,618 | a,b | 1,419,268 | ||
United Natural Foods | 23,816 | a,b | 845,706 | ||
US Foods Holding | 35,704 | a | 1,163,593 | ||
7,158,686 | |||||
Food, Beverage & Tobacco - 2.1% | |||||
Boston Beer, Cl. A | 5,199 | a,b | 1,576,077 | ||
Calavo Growers | 40,688 | b | 4,306,825 | ||
Fresh Del Monte Produce | 27,019 | 1,011,591 | |||
Freshpet | 151,219 | a | 5,617,786 | ||
Hain Celestial Group | 34,692 | a | 990,804 | ||
13,503,083 | |||||
Health Care Equipment & Services - 5.6% | |||||
AxoGen | 48,333 | a,b | 2,119,402 | ||
Evolent Health, Cl. A | 216,270 | a,b | 5,514,885 | ||
HMS Holdings | 63,305 | a | 2,028,925 | ||
iRhythm Technologies | 28,780 | a | 2,679,130 | ||
K2M Group Holdings | 69,548 | a,b | 1,901,442 | ||
LHC Group | 14,599 | a | 1,444,279 | ||
Medidata Solutions | 41,671 | a,b | 3,541,202 | ||
MEDNAX | 28,809 | a | 1,364,106 | ||
Nevro | 30,816 | a,b | 2,077,615 | ||
NuVasive | 17,790 | a,b | 1,248,680 | ||
NxStage Medical | 104,182 | a | 2,952,518 | ||
Omnicell | 22,639 | a,b | 1,556,431 | ||
Teladoc | 54,221 | a,b | 4,204,839 | ||
Tivity Health | 38,978 | a,b | 1,340,843 | ||
WellCare Health Plans | 7,696 | a | 2,328,579 | ||
36,302,876 | |||||
Household & Personal Products - .4% | |||||
Inter Parfums | 38,176 | 2,492,893 | |||
Insurance - .5% | |||||
Kemper | 17,131 | 1,393,607 | |||
Safety Insurance Group | 7,346 | 710,358 | |||
Selective Insurance Group | 18,274 | 1,173,191 | |||
3,277,156 | |||||
Materials - 6.4% | |||||
Beacon Roofing Supply | 79,201 | a,b | 2,936,773 | ||
Cabot | 163,672 | 10,625,586 | |||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 94.6% (continued) | |||||
Materials - 6.4% (continued) | |||||
Carpenter Technology | 63,051 | 3,762,253 | |||
Coeur Mining | 117,734 | a,b | 668,729 | ||
Commercial Metals | 30,598 | 660,917 | |||
Eagle Materials | 34,209 | 3,158,517 | |||
Hecla Mining Co. | 201,036 | 570,942 | |||
IAMGOLD | 680,613 | a | 2,776,901 | ||
Louisiana-Pacific | 66,006 | 1,924,735 | |||
Methanex | 29,921 | 2,181,241 | |||
OMNOVA Solutions | 339,245 | a | 3,070,167 | ||
Summit Materials, Cl. A | 139,514 | a,b | 2,967,463 | ||
Tahoe Resources | 510,872 | a | 1,757,400 | ||
TimkenSteel | 4,645 | a | 65,076 | ||
US Concrete | 94,471 | a,b | 4,553,502 | ||
41,680,202 | |||||
Media - 2.7% | |||||
Criteo, ADR | 187,677 | a,b | 4,656,266 | ||
E.W. Scripps, Cl. A | 111,605 | b | 1,637,245 | ||
Gray Television | 165,289 | a,b | 2,884,293 | ||
New York Times, Cl. A | 49,013 | 1,142,003 | |||
Nexstar Broadcasting Group, Cl. A | 32,426 | b | 2,658,932 | ||
Scholastic | 23,593 | 991,850 | |||
Sinclair Broadcast Group, Cl. A | 133,898 | 3,876,347 | |||
17,846,936 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 10.4% | |||||
Aclaris Therapeutics | 87,061 | a,b | 1,386,011 | ||
Adamas Pharmaceuticals | 52,909 | a,b | 1,218,494 | ||
Aerie Pharmaceuticals | 38,266 | a,b | 2,347,619 | ||
Align Technology | 2,900 | a | 1,120,821 | ||
Amedisys | 10,384 | a | 1,298,104 | ||
Amicus Therapeutics | 98,228 | a,b | 1,324,113 | ||
Cambrex | 70,750 | a,b | 4,768,550 | ||
Flexion Therapeutics | 243,350 | a,b | 5,572,715 | ||
Foamix Pharmaceuticals | 171,730 | a,b | 971,992 | ||
G1 Therapeutics | 53,357 | a | 3,237,703 | ||
Galapagos, ADR | 16,790 | a | 1,701,834 | ||
Halozyme Therapeutics | 92,266 | a | 1,698,617 | ||
Ligand Pharmaceuticals, Cl. B | 13,891 | a,b | 3,607,354 | ||
Natera | 149,106 | a | 4,121,290 | ||
NeoGenomics | 102,918 | a | 1,425,414 | ||
Odonate Therapeutics | 21,128 | a,b | 405,446 | ||
Otonomy | 159,425 | a | 478,275 | ||
Portola Pharmaceuticals | 33,902 | a,b | 1,011,975 | ||
PRA Health Sciences | 13,529 | a | 1,428,662 | ||
Radius Health | 50,921 | a,b | 1,047,445 | ||
Retrophin | 63,332 | a | 2,006,991 | ||
Revance Therapeutics | 149,001 | a | 4,082,627 | ||
Sage Therapeutics | 45,712 | a,b | 7,508,653 | ||
Supernus Pharmaceuticals | 21,972 | a,b | 973,360 | ||
TherapeuticsMD | 1,240,894 | a | 8,040,993 | ||
Zogenix | 106,215 | a | 5,130,184 | ||
67,915,242 | |||||
Real Estate - 2.4% | |||||
Agree Realty | 22,636 | a,c | 1,291,837 | ||
Americold Realty Trust | 37,258 | c | 927,724 |
56
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 94.6% (continued) | |||||
Real Estate - 2.4% (continued) | |||||
CareTrust | 47,449 | c | 875,434 | ||
CoreCivic | 69,020 | c | 1,786,928 | ||
Cousins Properties | 184,551 | c | 1,725,552 | ||
Monmouth Real Estate Investment | 51,825 | c | 901,237 | ||
Outfront Media | 60,187 | c | 1,195,916 | ||
Pebblebrook Hotel Trust | 27,884 | b,c | 1,076,601 | ||
Physicians Realty Trust | 100,720 | c | 1,761,593 | ||
Retail Properties of America, Cl. A | 94,915 | c | 1,208,268 | ||
Sunstone Hotel Investors | 76,236 | c | 1,279,240 | ||
Urban Edge Properties | 70,095 | c | 1,602,372 | ||
15,632,702 | |||||
Retailing - 2.9% | |||||
Abercrombie & Fitch, Cl. A | 37,609 | b | 814,987 | ||
Big Lots | 16,908 | 727,889 | |||
Carvana | 43,255 | a,b | 2,800,329 | ||
Dick's Sporting Goods | 50,320 | 1,883,981 | |||
Dillard's, Cl. A | 20,193 | 1,586,766 | |||
Express | 134,991 | a,b | 1,514,599 | ||
Guess? | 34,957 | b | 856,447 | ||
National Vision Holdings | 70,363 | a | 3,113,563 | ||
Ollie's Bargain Outlet Holdings | 27,888 | a,b | 2,429,045 | ||
Urban Outfitters | 27,992 | a,b | 1,301,068 | ||
Williams-Sonoma | 26,982 | b | 1,894,946 | ||
18,923,620 | |||||
Semiconductors & Semiconductor Equipment - 1.8% | |||||
Brooks Automation | 29,694 | b | 1,170,241 | ||
Cirrus Logic | 33,405 | a | 1,468,150 | ||
Power Integrations | 59,541 | b | 4,367,332 | ||
Semtech | 73,668 | a | 4,401,663 | ||
11,407,386 | |||||
Software & Services - 12.4% | |||||
2U | 54,977 | a,b | 4,912,745 | ||
Acxiom | 147,074 | a | 6,719,811 | ||
Bandwidth, Cl. A | 116,072 | a | 5,288,240 | ||
CACI International, Cl. A | 18,980 | a | 3,701,100 | ||
Cardtronics | 153,887 | a | 5,399,895 | ||
CommVault Systems | 18,237 | a | 1,270,207 | ||
CSG Systems International | 24,490 | 914,702 | |||
HubSpot | 45,725 | a | 6,570,682 | ||
Kornit Digital | 55,401 | a | 1,160,651 | ||
LogMeIn | 48,157 | 4,139,094 | |||
Mimecast | 71,686 | a | 2,981,421 | ||
New Relic | 25,165 | a | 2,585,955 | ||
NIC | 55,931 | b | 939,641 | ||
Proofpoint | 26,913 | a | 3,193,227 | ||
Rapid7 | 121,708 | a | 4,643,160 | ||
Shopify, Cl. A | 28,539 | a,b | 4,157,276 | ||
Talend, ADR | 90,435 | a | 5,566,274 | ||
Twilio, Cl. A | 119,533 | a | 9,641,532 | ||
Varonis Systems | 40,561 | a | 2,997,458 | ||
Verint Systems | 21,867 | a | 1,061,643 | ||
Zendesk | 37,897 | a | 2,610,724 | ||
80,455,438 | |||||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 94.6% (continued) | |||||
Technology Hardware & Equipment - 6.8% | |||||
Ciena | 352,357 | a,b | 11,127,434 | ||
Cray | 46,312 | a,b | 1,004,970 | ||
Fabrinet | 42,989 | a,b | 2,057,883 | ||
Finisar | 156,661 | a,b | 3,195,884 | ||
II-VI | 34,807 | a,b | 1,731,648 | ||
Infinera | 346,081 | a | 3,097,425 | ||
Littelfuse | 10,015 | 2,238,953 | |||
Lumentum Holdings | 66,441 | a,b | 4,511,344 | ||
Methode Electronics | 28,547 | 1,131,889 | |||
NETGEAR | 67,940 | a,b | 4,813,549 | ||
nLight | 57,735 | a | 1,778,815 | ||
Sierra Wireless | 193,280 | a | 3,643,328 | ||
Tech Data | 14,929 | a | 1,086,085 | ||
Viavi Solutions | 277,262 | a | 3,105,334 | ||
44,524,541 | |||||
Transportation - 4.1% | |||||
Hub Group, Cl. A | 30,695 | a | 1,622,231 | ||
Knight-Swift Transportation Holdings | 143,240 | 4,888,781 | |||
Marten Transport | 82,690 | b | 1,823,314 | ||
Mesa Air Group | 97,951 | a | 1,350,744 | ||
Scorpio Bulkers | 93,751 | 637,507 | |||
SkyWest | 111,319 | 7,269,131 | |||
Werner Enterprises | 253,920 | b | 9,407,736 | ||
26,999,444 | |||||
Utilities - 1.0% | |||||
Chesapeake Utilities | 15,395 | 1,323,970 | |||
IDACORP | 14,686 | b | 1,437,025 | ||
Portland General Electric | 37,470 | 1,738,608 | |||
Southwest Gas | 23,330 | 1,803,876 | |||
6,303,479 | |||||
Total Common Stocks (cost $452,912,983) | 615,469,917 | ||||
Exchange-Traded Funds - 1.1% | |||||
Registered Investment Companies - 1.1% | |||||
iShares Russell 2000 ETF | 8,275 | 1,431,740 | |||
iShares Russell 2000 Growth ETF | 17,577 | b | 3,872,740 | ||
iShares Russell 2000 Value ETF | 12,319 | 1,686,102 | |||
Total Exchange-Traded Funds (cost $6,364,494) | 6,990,582 | ||||
Description | Number of Warrants | Value ($) | |||
Warrants - .0% | |||||
Diversified Financials - .0% | |||||
Landcadia Holdings (6/1/23) | 60,686 | 51,583 | |||
7-Day | Shares | ||||
Investment Companies - 4.0% | |||||
Registered Investment Companies - 4.0% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 25,813,488 | d | 25,813,487 |
57
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | 7-Day | Shares | Value ($) | ||
Investment of Cash Collateral for Securities Loaned - 4.3% | |||||
Registered Investment Companies - 4.3% | |||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 1.87 | 28,354,418 | d | 28,354,418 | |
Total Investments (cost $513,487,862) | 104.0% | 676,679,987 | |||
Liabilities, Less Cash and Receivables | (4.0%) | (26,314,423) | |||
Net Assets | 100.0% | 650,365,564 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
aNon-income producing security.
bSecurity, or portion thereof, on loan. At August 31, 2018, the value of the fund’s securities on loan was $150,499,359 and the value of the collateral held by the fund was $152,491,820, consisting of cash collateral of $28,354,418 and U.S. Government & Agency securities valued at $124,137,402.
cInvestment in real estate investment trust.
dInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Information Technology | 21.0 |
Health Care | 16.2 |
Consumer Discretionary | 12.1 |
Financials | 11.9 |
Industrials | 11.8 |
Investment Companies | 9.4 |
Energy | 6.5 |
Materials | 6.2 |
Consumer Staples | 3.6 |
Real Estate | 2.2 |
Utilities | 1.0 |
Consumer, Cyclical | .9 |
Consumer, Non-cyclical | .8 |
Diversified | .4 |
104.0 |
† Based on net assets.
See notes to financial statements.
58
BNY Mellon Focused Equity Opportunities Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.0% | |||||
Banks - 3.3% | |||||
SVB Financial Group | 61,059 | a | 19,706,792 | ||
Capital Goods - 9.0% | |||||
Boeing | 54,469 | a | 18,671,429 | ||
Deere & Co. | 117,986 | 16,966,387 | |||
Honeywell International | 109,230 | 17,374,124 | |||
53,011,940 | |||||
Consumer Services - 5.7% | |||||
MGM Resorts International | 552,270 | 16,010,307 | |||
Yum! Brands | 202,570 | 17,601,307 | |||
33,611,614 | |||||
Diversified Financials - 8.9% | |||||
Charles Schwab | 329,900 | 16,755,621 | |||
Intercontinental Exchange | 263,150 | 20,059,924 | |||
Invesco | 644,080 | 15,522,328 | |||
52,337,873 | |||||
Energy - 6.9% | |||||
Andeavor Logistics | 118,730 | 18,140,757 | |||
Valero Energy | 189,818 | 22,375,746 | |||
40,516,503 | |||||
Food, Beverage & Tobacco - 6.6% | |||||
Constellation Brands, Cl. A | 86,066 | 17,918,941 | |||
Mondelez International, Cl. A | 487,726 | 20,835,655 | |||
38,754,596 | |||||
Health Care Equipment & Services - 7.0% | |||||
Medtronic | 179,234 | 17,279,950 | |||
UnitedHealth Group | 90,007 | 24,163,279 | |||
41,443,229 | |||||
Materials - 2.5% | |||||
DowDuPont | 208,030 | 14,589,144 | |||
Media - 3.7% | |||||
Comcast, Cl. A | 590,881 | 21,856,688 | |||
Pharmaceuticals Biotechnology & Life Sciences - 7.1% | |||||
Allergan | 105,964 | 20,314,358 | |||
Pfizer | 524,280 | 21,768,106 | |||
42,082,464 | |||||
Real Estate - 2.5% | |||||
Equinix | 33,837 | b | 14,757,331 | ||
Retailing - 5.3% | |||||
Amazon.com | 15,496 | a | 31,188,954 | ||
Semiconductors & Semiconductor Equipment - 9.2% | |||||
NVIDIA | 114,491 | 32,135,334 | |||
Texas Instruments | 193,899 | 21,794,248 | |||
53,929,582 | |||||
Software & Services - 21.3% | |||||
Adobe Systems | 110,875 | a | 29,216,671 | ||
Alphabet, Cl. A | 25,368 | a | 31,248,302 | ||
Electronic Arts | 163,402 | a | 18,531,421 | ||
Microsoft | 196,688 | 22,093,963 | |||
Visa, Cl. A | 166,704 | c | 24,487,151 | ||
125,577,508 | |||||
Total Common Stocks (cost $425,431,792) | 583,364,218 | ||||
BNY Mellon Focused Equity Opportunities Fund (continued) | |||||
Description | 7-Day | Shares | Value ($) | ||
Investment Companies - .7% | |||||
Registered Investment Companies - .7% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 4,315,710 | d | 4,315,710 | |
Total Investments (cost $429,747,502) | 99.7% | 587,679,928 | |||
Cash and Receivables (Net) | .3% | 1,884,031 | |||
Net Assets | 100.0% | 589,563,959 |
aNon-income producing security.
bInvestment in real estate investment trust.
cSecurity, or portion thereof, on loan. At August 31, 2018, the value of the fund’s securities on loan was $23,645,177 and the value of the collateral held by the fund was $24,093,951, consisting of U.S. Government & Agency securities.
dInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Information Technology | 30.4 |
Health Care | 14.2 |
Financials | 12.2 |
Consumer Discretionary | 9.4 |
Energy | 6.9 |
Consumer Staples | 6.6 |
Industrials | 5.8 |
Communications | 5.3 |
Industrial | 3.2 |
Real Estate | 2.5 |
Materials | 2.5 |
Investment Companies | .7 |
99.7 |
† Based on net assets.
See notes to financial statements.
59
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Small/Mid Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.3% | |||||
Automobiles & Components - 1.0% | |||||
Delphi Technologies | 59,207 | 2,085,863 | |||
Visteon | 14,198 | a | 1,567,317 | ||
3,653,180 | |||||
Banks - 6.2% | |||||
Cullen/Frost Bankers | 34,961 | 3,876,825 | |||
East West Bancorp | 36,140 | 2,290,915 | |||
First Interstate BancSystem, Cl. A | 32,226 | 1,496,898 | |||
First Republic Bank | 8,034 | 816,174 | |||
Great Western Bancorp | 34,485 | 1,501,477 | |||
National Bank Holdings, Cl. A | 27,624 | 1,109,104 | |||
South State | 36,090 | 2,975,620 | |||
SVB Financial Group | 11,741 | a | 3,789,408 | ||
TriState Capital Holdings | 23,652 | a | 703,647 | ||
Webster Financial | 69,982 | 4,575,423 | |||
23,135,491 | |||||
Capital Goods - 5.5% | |||||
AGCO | 22,007 | 1,312,938 | |||
Allegion | 7,430 | 648,045 | |||
Altra Industrial Motion | 14,142 | 552,245 | |||
AMETEK | 4,270 | 328,619 | |||
Beacon Roofing Supply | 27,079 | a | 1,004,089 | ||
BWX Technologies | 9,395 | 576,101 | |||
Curtiss-Wright | 4,445 | 595,408 | |||
Fluor | 28,226 | 1,620,455 | |||
Graco | 5,149 | 242,054 | |||
Herc Holdings | 17,260 | a | 907,531 | ||
Mercury Systems | 39,574 | a | 2,157,179 | ||
Milacron Holdings | 47,861 | a | 1,014,653 | ||
Proto Labs | 3,651 | a | 567,548 | ||
Quanta Services | 8,777 | a | 303,596 | ||
Roper Technologies | 4,164 | 1,242,413 | |||
Simpson Manufacturing | 9,947 | 763,631 | |||
Snap-on | 12,344 | 2,182,172 | |||
Valmont Industries | 11,808 | 1,657,843 | |||
Welbilt | 31,970 | a | 707,496 | ||
Wesco Aircraft Holdings | 94,284 | a | 1,145,551 | ||
Xylem | 12,574 | 954,492 | |||
20,484,059 | |||||
Commercial & Professional Services - 3.5% | |||||
Avis Budget Group | 85,188 | a | 2,650,199 | ||
Clean Harbors | 47,830 | a | 3,280,660 | ||
Copart | 8,228 | a | 529,143 | ||
CoStar Group | 2,058 | a | 909,965 | ||
Korn/Ferry International | 36,390 | 2,442,861 | |||
Nielsen Holdings | 87,612 | 2,277,912 | |||
Waste Connections | 10,738 | 852,490 | |||
12,943,230 | |||||
Consumer Durables & Apparel - 2.0% | |||||
Lululemon Athletica | 8,998 | a | 1,394,060 | ||
Newell Brands | 99,531 | 2,161,813 | |||
PVH | 2,903 | 415,593 | |||
Skechers USA, Cl. A | 101,372 | a | 2,988,447 | ||
Under Armour, Cl. A | 21,670 | a | 443,151 | ||
7,403,064 | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.3% (continued) | |||||
Consumer Services - 6.5% | |||||
Cheesecake Factory | 56,939 | 3,027,447 | |||
Chipotle Mexican Grill | 1,243 | a | 590,649 | ||
Dave & Buster's Entertainment | 34,651 | 2,015,649 | |||
Grand Canyon Education | 31,883 | a | 3,798,541 | ||
Norwegian Cruise Line Holdings | 67,525 | a | 3,620,015 | ||
Penn National Gaming | 59,712 | a | 2,057,675 | ||
Planet Fitness, Cl. A | 44,664 | a | 2,294,390 | ||
Service Corporation International | 96,334 | 4,042,175 | |||
Six Flags Entertainment | 8,180 | 552,559 | |||
Sotheby's | 21,529 | a | 1,033,823 | ||
Wynn Resorts | 8,150 | 1,208,971 | |||
24,241,894 | |||||
Diversified Financials - 4.7% | |||||
Ally Financial | 37,801 | 1,016,091 | |||
E*TRADE Financial | 80,296 | 4,726,223 | |||
Eaton Vance | 38,634 | 2,037,171 | |||
Invesco | 16,626 | 400,687 | |||
Jefferies Financial Group | 164,325 | 3,815,626 | |||
OneMain Holdings | 107,905 | a | 3,960,113 | ||
SLM | 146,183 | a | 1,713,265 | ||
17,669,176 | |||||
Energy - 6.5% | |||||
Apergy | 20,219 | 914,303 | |||
Bonanza Creek Energy | 16,754 | a | 519,374 | ||
Cabot Oil & Gas | 175,027 | 4,170,893 | |||
Cactus | 23,199 | 792,942 | |||
Cheniere Energy | 23,326 | a | 1,561,209 | ||
Concho Resources | 6,802 | a | 932,894 | ||
Delek US Holdings | 37,445 | 2,040,752 | |||
Dril-Quip | 62,372 | a | 3,283,886 | ||
Helmerich & Payne | 8,012 | 525,347 | |||
Parsley Energy, Cl. A | 112,620 | a | 3,127,457 | ||
PBF Energy, Cl. A | 40,303 | 2,092,532 | |||
PDC Energy | 48,605 | a | 2,560,997 | ||
Pioneer Natural Resources | 3,116 | 544,365 | |||
Scorpio Tankers | 408,643 | 784,595 | |||
TechnipFMC | 14,871 | 455,499 | |||
24,307,045 | |||||
Food & Staples Retailing - 1.2% | |||||
Casey's General Stores | 27,140 | 3,098,574 | |||
Performance Food Group | 20,439 | a | 676,531 | ||
US Foods Holding | 26,433 | a | 861,451 | ||
4,636,556 | |||||
Food, Beverage & Tobacco - 2.1% | |||||
Boston Beer, Cl. A | 13,564 | a | 4,111,927 | ||
Calavo Growers | 14,145 | 1,497,248 | |||
Freshpet | 51,610 | a | 1,917,311 | ||
Ingredion | 3,506 | 354,351 | |||
7,880,837 | |||||
Health Care Equipment & Services - 7.0% | |||||
ABIOMED | 2,229 | a | 906,267 | ||
Align Technology | 4,333 | a | 1,674,661 | ||
Amedisys | 27,053 | a | 3,381,896 | ||
Boston Scientific | 23,718 | a | 843,412 | ||
DexCom | 7,070 | a | 1,020,767 |
60
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.3% (continued) | |||||
Health Care Equipment & Services - 7.0% (continued) | |||||
Encompass HealthSouth | 39,219 | 3,199,878 | |||
Evolent Health, Cl. A | 130,725 | a | 3,333,487 | ||
iRhythm Technologies | 9,998 | a | 930,714 | ||
K2M Group Holdings | 24,017 | a | 656,625 | ||
Laboratory Corporation of America Holdings | 2,638 | a | 456,031 | ||
Medidata Solutions | 14,423 | a | 1,225,667 | ||
Nevro | 10,509 | a | 708,517 | ||
NxStage Medical | 35,925 | a | 1,018,114 | ||
Omnicell | 43,889 | a | 3,017,369 | ||
Teladoc | 18,703 | a | 1,450,418 | ||
Tivity Health | 50,261 | a | 1,728,978 | ||
WellCare Health Plans | 2,674 | a | 809,072 | ||
26,361,873 | |||||
Household & Personal Products - .2% | |||||
Inter Parfums | 13,226 | 863,658 | |||
Materials - 5.1% | |||||
Arch Coal | 8,108 | 718,936 | |||
Cabot | 36,423 | 2,364,581 | |||
Carpenter Technology | 12,099 | 721,947 | |||
Eagle Materials | 26,252 | 2,423,847 | |||
Goldcorp | 131,604 | 1,426,587 | |||
Huntsman | 95,061 | 2,898,410 | |||
Kinross Gold | 491,911 | a | 1,475,733 | ||
Packaging Corporation of America | 8,374 | 920,470 | |||
Summit Materials, Cl. A | 47,933 | a | 1,019,535 | ||
Tahoe Resources | 248,390 | a | 854,462 | ||
US Concrete | 45,676 | a | 2,201,583 | ||
Vulcan Materials | 7,660 | 848,728 | |||
Westlake Chemical | 12,818 | 1,212,198 | |||
19,087,017 | |||||
Media - 1.6% | |||||
Altice USA | 84,099 | 1,507,054 | |||
Criteo, ADR | 66,740 | a | 1,655,819 | ||
Liberty Media Group, Cl. C | 17,162 | a | 634,308 | ||
Nexstar Media Group, Cl. A | 9,561 | 784,002 | |||
Sinclair Broadcast Group, Cl. A | 44,965 | 1,301,737 | |||
5,882,920 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 10.4% | |||||
Aclaris Therapeutics | 30,045 | a | 478,316 | ||
Adamas Pharmaceuticals | 18,362 | a | 422,877 | ||
Aerie Pharmaceuticals | 13,292 | a | 815,464 | ||
Agilent Technologies | 6,769 | 457,178 | |||
Alkermes | 9,188 | a | 411,990 | ||
Alnylam Pharmaceuticals | 1,974 | a | 242,151 | ||
Amicus Therapeutics | 33,975 | a | 457,983 | ||
BioMarin Pharmaceutical | 6,877 | a | 687,562 | ||
Bluebird Bio | 1,657 | a | 278,873 | ||
Cambrex | 64,526 | a | 4,349,052 | ||
Flexion Therapeutics | 41,478 | a | 949,846 | ||
Foamix Pharmaceuticals | 59,656 | a | 337,653 | ||
G1 Therapeutics | 31,543 | a | 1,914,029 | ||
Galapagos, ADR | 5,833 | a | 591,233 | ||
Halozyme Therapeutics | 31,968 | a | 588,531 | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.3% (continued) | |||||
Pharmaceuticals Biotechnology & Life Sciences - 10.4% (continued) | |||||
Jazz Pharmaceuticals | 25,513 | a | 4,360,682 | ||
Ligand Pharmaceuticals, Cl. B | 4,813 | a | 1,249,888 | ||
Mylan | 49,783 | a | 1,948,009 | ||
Natera | 51,456 | a | 1,422,244 | ||
NeoGenomics | 35,793 | a | 495,733 | ||
Neurocrine Biosciences | 4,638 | a | 570,242 | ||
Odonate Therapeutics | 7,257 | 139,262 | |||
Otonomy | 55,381 | a | 166,143 | ||
Portola Pharmaceuticals | 11,726 | a | 350,021 | ||
PRA Health Sciences | 27,322 | a | 2,885,203 | ||
Radius Health | 17,495 | a | 359,872 | ||
Retrophin | 22,000 | a | 697,180 | ||
SAGE Therapeutics | 21,631 | a | 3,553,108 | ||
TESARO | 7,879 | a | 255,674 | ||
TherapeuticsMD | 714,422 | a | 4,629,455 | ||
Zogenix | 62,850 | a | 3,035,655 | ||
39,101,109 | |||||
Real Estate - 2.7% | |||||
CoreCivic | 131,451 | b | 3,403,266 | ||
Empire State Realty Trust, Cl. A | 105,474 | b | 1,855,288 | ||
Equinix | 1,137 | b | 495,880 | ||
Monmouth Real Estate Investment | 18,003 | b | 313,072 | ||
Pebblebrook Hotel Trust | 44,725 | b | 1,726,832 | ||
Physicians Realty Trust | 34,921 | b | 610,768 | ||
Urban Edge Properties | 80,317 | b | 1,836,047 | ||
10,241,153 | |||||
Retailing - 2.8% | |||||
Carvana | 14,880 | a | 963,331 | ||
Dick's Sporting Goods | 63,779 | 2,387,886 | |||
Dollar Tree | 6,303 | a | 507,455 | ||
National Vision Holdings | 24,009 | 1,062,398 | |||
Ollie's Bargain Outlet Holdings | 9,581 | a | 834,505 | ||
Ross Stores | 11,198 | 1,072,544 | |||
Williams-Sonoma | 53,906 | 3,785,818 | |||
10,613,937 | |||||
Semiconductors & Semiconductor Equipment - 2.9% | |||||
Advanced Micro Devices | 110,755 | a | 2,787,703 | ||
Marvell Technology Group | 13,548 | 280,173 | |||
Maxim Integrated Products | 21,502 | 1,300,226 | |||
NVIDIA | 1,387 | 389,303 | |||
Power Integrations | 20,327 | 1,490,985 | |||
Semtech | 17,936 | a | 1,071,676 | ||
Skyworks Solutions | 15,132 | 1,381,552 | |||
Teradyne | 47,609 | 1,961,015 | |||
10,662,633 | |||||
Software & Services - 14.3% | |||||
2U | 18,810 | a | 1,680,862 | ||
Acxiom | 93,078 | a | 4,252,734 | ||
Amdocs | 37,020 | 2,416,666 | |||
Bandwidth, Cl. A | 40,284 | 1,835,339 | |||
CACI International, Cl. A | 6,582 | a | 1,283,490 | ||
CoreLogic | 35,018 | a | 1,780,315 | ||
Fidelity National Information Services | 11,140 | 1,205,014 |
61
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.3% (continued) | |||||
Software & Services - 14.3% (continued) | |||||
First Data, Cl. A | 117,190 | a | 3,014,127 | ||
HubSpot | 26,082 | a | 3,747,983 | ||
Intuit | 2,760 | 605,737 | |||
Jack Henry & Associates | 11,213 | 1,776,588 | |||
LogMeIn | 28,355 | 2,437,112 | |||
Mimecast | 24,614 | a | 1,023,696 | ||
New Relic | 13,191 | a | 1,355,507 | ||
Nuance Communications | 150,477 | a | 2,455,785 | ||
Proofpoint | 15,387 | a | 1,825,668 | ||
Rapid7 | 41,538 | a | 1,584,675 | ||
ServiceNow | 5,334 | a | 1,047,384 | ||
Shopify, Cl. A | 16,397 | a | 2,388,551 | ||
Splunk | 12,684 | a | 1,625,455 | ||
Spotify Technology | 2,354 | a | 446,130 | ||
Square, Cl. A | 19,696 | a | 1,745,853 | ||
SS&C Technologies Holdings | 11,701 | 694,337 | |||
Talend, ADR | 54,997 | a | 3,385,065 | ||
Twilio, Cl. A | 68,235 | a | 5,503,835 | ||
15,432 | a | 542,898 | |||
Varonis Systems | 13,841 | a | 1,022,850 | ||
Zendesk | 12,934 | a | 891,023 | ||
53,574,679 | |||||
Technology Hardware & Equipment - 6.7% | |||||
Amphenol, Cl. A | 7,781 | 735,927 | |||
Ciena | 126,421 | a | 3,992,375 | ||
Dolby Laboratories, Cl. A | 37,861 | 2,657,464 | |||
Finisar | 93,118 | a | 1,899,607 | ||
FLIR Systems | 9,379 | 588,438 | |||
Infinera | 141,903 | a | 1,270,032 | ||
Keysight Technologies | 31,876 | a | 2,068,434 | ||
Kornit Digital | 19,057 | a | 399,244 | ||
Littelfuse | 3,444 | 769,941 | |||
Lumentum Holdings | 38,181 | a | 2,592,490 | ||
NETGEAR | 15,536 | a | 1,100,726 | ||
nLight | 19,861 | 611,917 | |||
Trimble | 18,517 | a | 779,566 | ||
Viavi Solutions | 158,363 | a | 1,773,666 | ||
Xerox | 124,459 | 3,467,428 | |||
Zebra Technologies, Cl. A | 3,127 | a | 537,031 | ||
25,244,286 | |||||
Transportation - 4.0% | |||||
Hub Group, Cl. A | 21,598 | a | 1,141,454 | ||
J.B. Hunt Transport Services | 22,596 | 2,728,467 | |||
Knight-Swift Transportation Holdings | 148,790 | 5,078,203 | |||
Marten Transport | 18,052 | 398,047 | |||
SkyWest | 49,218 | 3,213,935 | |||
Werner Enterprises | 70,186 | 2,600,391 | |||
15,160,497 | |||||
Utilities - .4% | |||||
PPL | 51,912 | 1,543,863 | |||
Total Common Stocks (cost $274,043,093) | 364,692,157 | ||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Exchange-Traded Funds - .3% | |||||
Registered Investment Companies - .3% | |||||
iShares Russell 2000 Growth ETF | 5,397 | 1,189,121 | |||
7-Day | |||||
Investment Companies - 2.4% | |||||
Registered Investment Companies - 2.4% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 8,999,810 | c | 8,999,810 | |
Total Investments (cost $284,132,508) | 100.0% | 374,881,088 | |||
Cash and Receivables (Net) | .0% | 78,635 | |||
Net Assets | 100.0% | 374,959,723 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
aNon-income producing security.
bInvestment in real estate investment trust.
cInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Information Technology | 23.8 |
Health Care | 15.9 |
Consumer Discretionary | 13.8 |
Industrials | 11.9 |
Financials | 10.9 |
Energy | 6.7 |
Materials | 4.9 |
Consumer Staples | 3.6 |
Real Estate | 2.7 |
Investment Companies | 2.7 |
Consumer, Non-cyclical | 2.4 |
Utilities | .4 |
Consumer, Cyclical | .3 |
100.0 |
† Based on net assets.
See notes to financial statements.
62
BNY Mellon International Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6% | |||||
Australia - 6.6% | |||||
Aristocrat Leisure | 593,741 | 13,483,888 | |||
BHP Billiton | 530,418 | 12,663,554 | |||
Macquarie Group | 230,614 | 21,453,020 | |||
South32 | 2,549,017 | 6,377,059 | |||
Woodside Petroleum | 378,355 | 10,028,618 | |||
Woolworths | 578,732 | 11,774,227 | |||
75,780,366 | |||||
Austria - 1.9% | |||||
Erste Group Bank | 223,678 | a | 8,897,665 | ||
OMV | 246,971 | 13,080,825 | |||
21,978,490 | |||||
Belgium - 2.0% | |||||
UCB | 253,155 | 23,143,600 | |||
Finland - 1.0% | |||||
UPM-Kymmene | 297,752 | 11,474,439 | |||
France - 10.8% | |||||
Atos | 77,256 | 9,254,450 | |||
BNP Paribas | 353,950 | 20,780,665 | |||
Cie Generale des Etablissements Michelin | 162,808 | 19,266,448 | |||
Edenred | 334,212 | 12,735,958 | |||
Klepierre | 380,067 | 13,631,930 | |||
LVMH Moet Hennessy Louis Vuitton | 22,546 | 7,899,496 | |||
Orange | 1,150,430 | 18,628,295 | |||
Thales | 45,066 | 6,347,862 | |||
Vinci | 159,874 | 15,320,968 | |||
123,866,072 | |||||
Germany - 6.9% | |||||
Allianz | 69,546 | 14,824,434 | |||
Bayer | 161,629 | 15,080,161 | |||
Deutsche Post | 274,176 | 9,996,226 | |||
Evonik Industries | 381,293 | 14,211,432 | |||
Fresenius & Co. | 232,712 | 17,768,524 | |||
Hapag-Lloyd | 159,908 | b | 6,741,472 | ||
78,622,249 | |||||
Hong Kong - 2.9% | |||||
AIA Group | 2,316,200 | 19,978,562 | |||
Sun Hung Kai Properties | 905,000 | 13,433,031 | |||
33,411,593 | |||||
Ireland - .8% | |||||
ICON | 60,577 | a | 9,027,185 | ||
Italy - 3.8% | |||||
Enel | 3,496,948 | 17,291,691 | |||
Leonardo-Finmeccanica | 1,137,177 | 12,737,790 | |||
UniCredit | 946,260 | 13,657,149 | |||
43,686,630 | |||||
Japan - 22.8% | |||||
Alps Electric | 304,100 | 9,141,337 | |||
Chubu Electric Power | 605,200 | 8,799,393 | |||
Denso | 289,000 | 13,928,494 | |||
Harmonic Drive Systems | 153,200 | 6,211,556 | |||
Hitachi | 3,133,000 | 20,457,128 | |||
ITOCHU | 466,000 | 8,151,121 | |||
Kirin Holdings | 560,200 | 13,852,484 | |||
Mitsubishi Electric | 879,900 | 11,878,769 | |||
BNY Mellon International Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6% (continued) | |||||
Japan - 22.8% (continued) | |||||
Nintendo | 33,200 | 11,999,928 | |||
Panasonic | 697,900 | 8,331,963 | |||
Recruit Holdings | 296,500 | 9,038,300 | |||
Seven & i Holdings | 361,600 | 14,726,307 | |||
Shionogi & Co. | 259,000 | 15,049,087 | |||
Shiseido | 168,600 | 11,872,256 | |||
Showa Denko | 212,300 | 10,107,704 | |||
Sony | 446,500 | 25,509,693 | |||
Sumitomo Mitsui Financial Group | 666,500 | 26,279,691 | |||
Suzuki Motor | 213,200 | 13,873,063 | |||
Taiyo Yuden | 242,300 | 7,141,864 | |||
THK | 217,300 | 5,820,221 | |||
Zeon | 796,000 | 8,532,409 | |||
260,702,768 | |||||
Macau - 1.6% | |||||
Sands China | 3,620,400 | 17,666,676 | |||
Netherlands - 6.8% | |||||
Heineken | 165,011 | 16,307,419 | |||
Koninklijke DSM | 98,734 | 10,358,044 | |||
Koninklijke Philips | 230,016 | 10,276,486 | |||
NN Group | 402,586 | 17,257,452 | |||
Royal Dutch Shell, Cl. B | 698,215 | 22,996,627 | |||
77,196,028 | |||||
Norway - 1.4% | |||||
Aker BP | 326,546 | 11,564,802 | |||
Telenor | 247,824 | 4,672,105 | |||
16,236,907 | |||||
Portugal - 1.5% | |||||
Galp Energia | 868,861 | 17,619,026 | |||
Singapore - 1.3% | |||||
United Overseas Bank | 761,500 | 15,013,071 | |||
Spain - 3.5% | |||||
ACS Actividades de Construccion y Servicios | 327,335 | 13,632,753 | |||
Amadeus IT Group | 105,980 | 9,831,462 | |||
Banco Santander | 3,339,138 | 16,619,878 | |||
40,084,093 | |||||
Sweden - 1.6% | |||||
Alfa Laval | 340,730 | 9,131,936 | |||
Swedbank, Cl. A | 368,694 | 8,579,201 | |||
17,711,137 | |||||
Switzerland - 7.5% | |||||
Adecco Group | 129,425 | 7,929,076 | |||
Ferguson | 104,886 | 8,404,890 | |||
Julius Baer Group | 296,807 | a | 15,776,628 | ||
Lonza Group | 67,445 | a | 21,703,477 | ||
Novartis | 282,268 | 23,408,514 | |||
STMicroelectronics | 443,668 | 9,117,856 | |||
86,340,441 | |||||
United Kingdom - 12.9% | |||||
Anglo American | 420,406 | 8,402,265 | |||
Bae Systems | 1,460,297 | 11,472,804 | |||
Cineworld Group | 2,243,609 | 9,022,871 | |||
Diageo | 670,452 | 23,420,796 | |||
Fiat Chrysler Automobiles | 1,053,838 | a | 17,810,410 |
63
STATEMENT OF INVESTMENTS (continued)
BNY Mellon International Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6% (continued) | |||||
United Kingdom - 12.9% (continued) | |||||
Legal & General Group | 5,784,006 | 19,069,130 | |||
Prudential | 744,087 | 16,737,052 | |||
SSE | 1,214,134 | 19,723,022 | |||
Unilever | 387,341 | 22,055,229 | |||
147,713,579 | |||||
Total Common Stocks (cost $1,053,885,137) | 1,117,274,350 | ||||
Exchange-Traded Funds - .9% | |||||
United States - .9% | |||||
iShares MSCI EAFE ETF | 150,794 | 10,154,468 | |||
7-Day | |||||
Investment Companies - .7% | |||||
Registered Investment Companies - .7% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 8,123,756 | c | 8,123,756 | |
Total Investments (cost $1,073,001,423) | 99.2% | 1,135,552,574 | |||
Cash and Receivables (Net) | .8% | 9,042,371 | |||
Net Assets | 100.0% | 1,144,594,945 |
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 August 31, 2018, these securities were valued at $6,741,472 or .59% of net assets.
cInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Banks | 9.6 |
Capital Goods | 9.5 |
Pharmaceuticals Biotechnology & Life Sciences | 9.4 |
Insurance | 7.7 |
Materials | 7.2 |
Energy | 6.6 |
Automobiles & Components | 5.7 |
Food, Beverage & Tobacco | 4.7 |
Utilities | 4.0 |
Consumer Durables & Apparel | 3.6 |
Diversified Financials | 3.2 |
Technology Hardware & Equipment | 3.2 |
Household & Personal Products | 3.0 |
Consumer Services | 2.7 |
Software & Services | 2.7 |
Commercial & Professional Services | 2.6 |
Health Care Equipment & Services | 2.4 |
Real Estate | 2.4 |
Food & Staples Retailing | 2.3 |
Telecommunication Services | 2.0 |
Registered Investment Companies | 1.6 |
Transportation | 1.5 |
Semiconductors & Semiconductor Equipment | .8 |
Media | .8 |
99.2 |
† Based on net assets.
See notes to financial statements.
64
BNY Mellon Emerging Markets Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 92.0% | |||||
Australia - .8% | |||||
MMG | 15,448,000 | a | 7,735,071 | ||
Brazil - 5.5% | |||||
Ambev, ADR | 566,735 | 2,635,318 | |||
Banco do Brasil | 734,700 | 5,474,490 | |||
Estacio Participacoes | 951,100 | 5,230,571 | |||
Hypermarcas | 726,300 | 4,880,516 | |||
Suzano Papel e Celulose | 910,700 | 10,631,653 | |||
Tim Participacoes | 3,004,600 | 9,051,200 | |||
Vale | 1,061,660 | 13,952,680 | |||
51,856,428 | |||||
Chile - .2% | |||||
Enersis Americas | 11,674,567 | 1,732,280 | |||
China - 29.7% | |||||
Alibaba Group Holding, ADR | 262,866 | a | 46,004,179 | ||
Anhui Conch Cement, Cl. H | 1,386,500 | 8,443,981 | |||
ANTA Sports Products | 670,000 | 3,649,307 | |||
China Construction Bank, Cl. H | 31,992,939 | 28,329,470 | |||
China Shenhua Energy, Cl. H | 4,115,500 | 9,176,143 | |||
CNOOC | 9,481,000 | 16,766,527 | |||
Dali Foods Group | 8,484,500 | b | 6,161,701 | ||
ENN Energy Holdings | 649,000 | 5,912,215 | |||
Geely Automobile Holdings | 1,494,000 | 3,175,018 | |||
Huaneng Renewables, Cl. H | 11,332,000 | 3,623,930 | |||
Huazhu Group, ADR | 201,726 | 6,943,409 | |||
Jiangsu Expressway, Cl. H | 2,414,000 | 3,051,044 | |||
PICC Property & Casualty, Cl. H | 11,839,000 | 13,334,195 | |||
Ping An Insurance Group Company of China, Cl. H | 2,454,000 | 23,637,191 | |||
Shanghai Pharmaceuticals Holding, Cl. H | 4,627,400 | 12,145,175 | |||
Sinotrans, Cl. H | 9,274,000 | 3,887,429 | |||
Sunny Optical Technology Group | 757,200 | 9,623,278 | |||
TAL Education Group, ADR | 66,524 | a | 1,969,110 | ||
Tencent Holdings | 1,701,100 | 73,689,951 | |||
279,523,253 | |||||
Colombia - .6% | |||||
Ecopetrol, ADR | 250,100 | 5,652,260 | |||
Czech Republic - .9% | |||||
Komercni banka | 97,931 | 4,075,985 | |||
Moneta Money Bank | 1,330,759 | b | 4,655,067 | ||
8,731,052 | |||||
Hong Kong - 2.1% | |||||
Galaxy Entertainment Group | 1,937,000 | 14,338,551 | |||
Shimao Property Holdings | 1,718,500 | 5,123,478 | |||
19,462,029 | |||||
Hungary - .8% | |||||
MOL Hungarian Oil & Gas | 757,842 | 7,728,880 | |||
India - 8.7% | |||||
ICICI Bank | 655,178 | 3,141,925 | |||
Indiabulls Housing Finance | 369,574 | 6,558,113 | |||
Infosys, ADR | 774,639 | 16,089,252 | |||
ITC | 1,563,653 | 7,038,378 | |||
Jubilant Foodworks | 317,684 | 6,481,285 | |||
Larsen & Toubro | 739,722 | 14,236,572 | |||
Maruti Suzuki India | 56,084 | 7,185,907 | |||
BNY Mellon Emerging Markets Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 92.0% (continued) | |||||
India - 8.7% (continued) | |||||
Shriram Transport Finance | 405,823 | 7,643,127 | |||
Tech Mahindra | 1,311,356 | 13,731,114 | |||
82,105,673 | |||||
Indonesia - 1.7% | |||||
Bank Negara Indonesia | 8,341,800 | 4,417,246 | |||
Bank Rakyat Indonesia | 11,647,800 | 2,514,596 | |||
Telekomunikasi Indonesia | 37,033,700 | 8,774,448 | |||
15,706,290 | |||||
Malaysia - 1.0% | |||||
AirAsia | 5,704,600 | 4,775,234 | |||
Malaysia Airports Holdings | 2,142,100 | 4,873,741 | |||
9,648,975 | |||||
Mexico - 3.9% | |||||
Arca Continental | 230,000 | 1,422,358 | |||
Gentera | 7,711,600 | 7,826,536 | |||
Grupo Aeroportuario del Centro Norte | 1,357,500 | 8,923,643 | |||
Grupo Financiero Banorte, Cl. O | 1,408,300 | 9,605,505 | |||
Wal-Mart de Mexico | 3,118,500 | 8,634,729 | |||
36,412,771 | |||||
Philippines - .1% | |||||
Puregold Price Club | 1,291,380 | 1,111,010 | |||
Russia - 2.4% | |||||
Lukoil, ADR | 138,324 | 9,552,655 | |||
Sberbank of Russia, ADR | 1,172,277 | 12,801,265 | |||
22,353,920 | |||||
South Africa - 4.8% | |||||
Clicks Group | 768,634 | 10,618,081 | |||
Mr Price Group | 262,419 | 4,024,056 | |||
MTN Group | 1,058,567 | 6,410,471 | |||
Nedbank Group | 508,740 | 9,623,651 | |||
Sasol | 359,167 | 14,078,271 | |||
44,754,530 | |||||
South Korea - 14.4% | |||||
Doosan Infracore | 684,813 | a | 5,856,731 | ||
GS Engineering & Construction | 225,625 | 9,708,878 | |||
Hana Financial Group | 208,563 | 8,000,395 | |||
Hankook Tire | 82,013 | 3,437,009 | |||
Hyundai Heavy Industries | 69,819 | a | 7,401,197 | ||
KB Financial | 265,732 | 12,341,863 | |||
Korea Investment Holdings | 120,516 | 7,719,347 | |||
POSCO | 61,778 | 18,120,215 | |||
Samsung Card | 214,282 | 6,785,645 | |||
Samsung Electro-Mechanics | 78,464 | 11,348,609 | |||
Samsung Electronics | 1,043,810 | 45,431,967 | |||
136,151,856 | |||||
Taiwan - 10.5% | |||||
Chailease Holding | 4,779,720 | 16,261,785 | |||
Chroma ATE | 740,000 | 4,083,672 | |||
Eclat Textile | 365,000 | 4,432,525 | |||
Fubon Financial Holding | 6,701,000 | 11,104,701 | |||
Hiwin Technologies | 7,590 | 68,450 | |||
Largan Precision | 65,000 | 9,956,861 | |||
Taiwan Semiconductor Manufacturing | 4,504,000 | 37,539,443 |
65
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Emerging Markets Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 92.0% (continued) | |||||
Taiwan - 10.5% (continued) | |||||
TCI | 532,148 | 9,702,194 | |||
United Microelectronics | 10,850,000 | 6,128,846 | |||
99,278,477 | |||||
Thailand - 1.9% | |||||
Advanced Info Service | 1,161,400 | 7,167,822 | |||
Indorama Ventures | 3,627,500 | 6,649,862 | |||
Thai Beverage | 3,076,100 | 1,389,517 | |||
Thanachart Capital | 1,634,200 | 2,683,723 | |||
17,890,924 | |||||
Turkey - .7% | |||||
Tofas Turk Otomobil Fabrikasi | 1,958,053 | 6,828,822 | |||
United Arab Emirates - 1.3% | |||||
Abu Dhabi Commercial Bank | 4,281,770 | 8,276,429 | |||
Dubai Islamic Bank | 2,826,225 | 3,939,472 | |||
12,215,901 | |||||
Total Common Stocks (cost $691,226,210) | 866,880,402 | ||||
Exchange-Traded Funds - 4.2% | |||||
United States - 4.2% | |||||
iShares MSCI Emerging Markets ETF | 915,931 | c | 39,540,741 | ||
Preferred Dividend | |||||
Preferred Stocks - 2.4% | |||||
Brazil - 1.9% | |||||
Banco do Estado do Rio Grande do Sul, Cl. B | 7.34 | 1,609,600 | 5,832,829 | ||
Cia Brasileira de Distribuicao | 1.2 | 398,300 | 7,971,672 | ||
Usinas Siderurgicas de Minas Gerais, Cl. A | 0.59 | 1,940,600 | 3,863,953 | ||
17,668,454 | |||||
Chile - .5% | |||||
Embotelladora Andina, Cl. B | 3.58 | 1,201,367 | 4,622,520 | ||
Total Preferred Stocks (cost $27,218,997) | 22,290,974 | ||||
Description | Number of Rights | Value ($) | |||
Rights - .0% | |||||
Taiwan - .0% | |||||
Hiwin Technologies | 8,669 | 7,620 | |||
Total Investments (cost $758,018,335) | 98.6% | 928,719,737 | |||
Cash and Receivables (Net) | 1.4% | 13,653,661 | |||
Net Assets | 100.0% | 942,373,398 |
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 August 31, 2018, these securities were valued at $10,816,768 or 1.15% of net assets.
cSecurity, or portion thereof, on loan. At August 31, 2018, the value of the fund’s securities on loan was $30,544,372 and the value of the collateral held by the fund was $30,999,361, consisting of U.S. Government & Agency securities.
Portfolio Summary (Unaudited) † | Value (%) |
Software & Services | 15.9 |
Banks | 14.0 |
Materials | 8.9 |
Technology Hardware & Equipment | 8.5 |
Diversified Financials | 6.1 |
Energy | 5.2 |
Semiconductors & Semiconductor Equipment | 4.6 |
Registered Investment Companies | 4.2 |
Capital Goods | 4.0 |
Insurance | 3.9 |
Consumer Services | 3.7 |
Telecommunication Services | 3.3 |
Food & Staples Retailing | 3.0 |
Transportation | 2.7 |
Food, Beverage & Tobacco | 2.5 |
Automobiles & Components | 2.2 |
Health Care Equipment & Services | 1.3 |
Utilities | 1.2 |
Household & Personal Products | 1.0 |
Consumer Durables & Apparel | .9 |
Real Estate | .6 |
Pharmaceuticals Biotechnology & Life Sciences | .5 |
Retailing | .4 |
98.6 |
† Based on net assets.
See notes to financial statements.
66
BNY Mellon International Appreciation Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3% | |||||
Automobiles & Components - 3.5% | |||||
Bridgestone, ADR | 14,448 | 264,760 | |||
Daimler | 3,357 | 217,030 | |||
Denso, ADR | 16,138 | 388,442 | |||
Electrolux, ADR | 3,767 | 168,536 | |||
Ferrari | 2,439 | 319,728 | |||
Fiat Chrysler Automobiles | 295 | a | 5,047 | ||
Honda Motor, ADR | 2,948 | 87,349 | |||
Nissan Motor, ADR | 262 | 4,918 | |||
Sumitomo Electric Industries, ADR | 13,020 | 208,450 | |||
Toyota Motor, ADR | 6,048 | 750,436 | |||
Volkswagen, ADR | 12,100 | a | 193,600 | ||
2,608,296 | |||||
Banks - 13.6% | |||||
Aegon (NY Shares) | 22,727 | 135,226 | |||
AIA Group, ADR | 26,000 | 895,960 | |||
Allianz, ADR | 34,370 | 730,534 | |||
Australia & New Zealand Banking Group, ADR | 22,898 | 486,353 | |||
AXA, ADR | 14,000 | 353,010 | |||
Banco Bilbao Vizcaya Argentaria, ADR | 52,559 | 325,866 | |||
Banco Santander, ADR | 107,420 | 536,026 | |||
BNP Paribas, ADR | 14,661 | 429,714 | |||
Commerzbank, ADR | 28,642 | a | 270,953 | ||
Commonwealth Bank of Australia, ADR | 2,923 | b | 451,787 | ||
Credit Agricole, ADR | 35,091 | 238,268 | |||
Danske Bank, ADR | 22,808 | 334,479 | |||
Erste Group Bank, ADR | 12,733 | 254,596 | |||
Hang Seng Bank, ADR | 12,669 | 345,357 | |||
HSBC Holdings, ADR | 21,528 | 947,447 | |||
ING Groep, ADR | 23,169 | 314,635 | |||
Intesa Sanpaolo, ADR | 16,734 | 247,998 | |||
Lloyds Banking Group, ADR | 90,723 | 280,334 | |||
Mitsubishi UFJ Financial Group, ADR | 70,092 | 423,356 | |||
Mizuho Financial Group, ADR | 5,000 | 17,700 | |||
National Australia Bank, ADR | 43,206 | 441,781 | |||
Nordea Bank, ADR | 9,100 | 98,917 | |||
Shinsei Bank, ADR | 86,546 | 258,773 | |||
Societe Generale, ADR | 28,045 | 230,530 | |||
Sumitomo Mitsui Financial Group, ADR | 5,296 | 41,627 | |||
Sumitomo Mitsui Trust Holdings, ADR | 67,240 | 266,943 | |||
United Overseas Bank, ADR | 8,700 | 342,432 | |||
Westpac Banking, ADR | 22,315 | 457,681 | |||
10,158,283 | |||||
Capital Goods - 10.5% | |||||
ABB, ADR | 21,572 | 507,158 | |||
AGC, ADR | 24,076 | 192,367 | |||
Airbus, ADR | 22,772 | 700,694 | |||
Atlas Copco, Cl. A, ADR | 8,647 | 246,699 | |||
Atlas Copco, Cl. B, ADR | 5,020 | 132,930 | |||
BAE Systems, ADR | 7,289 | 232,410 | |||
Boral, ADR | 11,521 | 232,955 | |||
CK Hutchison Holdings, ADR | 8,471 | 96,358 | |||
BNY Mellon International Appreciation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3% (continued) | |||||
Capital Goods - 10.5% (continued) | |||||
FANUC, ADR | 16,000 | 313,600 | |||
ITOCHU, ADR | 705 | 24,615 | |||
Kajima, ADR | 3,417 | 247,134 | |||
Kawasaki Heavy Industries, ADR | 16,754 | 184,294 | |||
Keppel, ADR | 13,187 | 123,826 | |||
Komatsu, ADR | 9,788 | 277,196 | |||
Kubota, ADR | 3,271 | 255,596 | |||
Marubeni, ADR | 1,423 | 117,333 | |||
Metso, ADR | 30,248 | 269,207 | |||
Mitsubishi Electric, ADR | 9,575 | 258,238 | |||
Mitsubishi, ADR | 157 | 8,954 | |||
Mitsui & Co., ADR | 811 | 269,524 | |||
Nidec, ADR | 11,562 | 416,579 | |||
NSK, ADR | 7,210 | 164,330 | |||
Rolls-Royce Holdings, ADR | 18,030 | 238,176 | |||
Sandvik, ADR | 23,276 | 409,658 | |||
Schneider Electric, ADR | 2,150 | 34,873 | |||
Siemens, ADR | 11,472 | 743,443 | |||
SKF, ADR | 10,990 | 211,667 | |||
Sumitomo, ADR | 17,536 | 284,259 | |||
TOTO, ADR | 6,445 | 275,717 | |||
Vinci, ADR | 2,800 | 66,699 | |||
Volvo, ADR | 18,652 | 321,001 | |||
7,857,490 | |||||
Commercial & Professional Services - 2.7% | |||||
Dai Nippon Printing, ADR | 25,828 | 287,466 | |||
Experian, ADR | 13,373 | 332,252 | |||
RELX, ADR | 16,624 | 370,715 | |||
Secom, ADR | 20,620 | 422,916 | |||
Toppan Printing, ADR | 30,905 | 240,441 | |||
Wolters Kluwer, ADR | 6,372 | 403,602 | |||
2,057,392 | |||||
Consumer Durables & Apparel - 4.6% | |||||
adidas, ADR | 4,525 | 562,322 | |||
Casio Computer, ADR | 2,290 | 363,125 | |||
Cie Financiere Richemont, ADR | 40,900 | 359,102 | |||
LVMH Moet Hennessy Louis Vuitton, ADR | 11,669 | 817,880 | |||
Panasonic, ADR | 21,520 | 255,980 | |||
Pandora, ADR | 10,600 | 158,311 | |||
Sega Sammy Holdings, ADR | 87,384 | 346,041 | |||
Sony, ADR | 10,522 | 597,965 | |||
3,460,726 | |||||
Consumer Services - 1.4% | |||||
Compass Group, ADR | 19,831 | 432,911 | |||
InterContinental Hotels Group, ADR | 5,028 | 312,339 | |||
Sodexo, ADR | 14,960 | 309,851 | |||
1,055,101 | |||||
Consumer, Non-cyclical - .2% | |||||
Ajinomoto, ADR | 10,230 | 172,631 | |||
Diversified Financials - 2.4% | |||||
Barclays, ADR | 26,340 | a | 246,542 | ||
Credit Suisse Group, ADR | 17,222 | a | 257,469 | ||
Daiwa Securities Group, ADR | 42,790 | 260,377 | |||
Deutsche Bank | 21,106 | 237,654 |
67
STATEMENT OF INVESTMENTS (continued)
BNY Mellon International Appreciation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3% (continued) | |||||
Diversified Financials - 2.4% (continued) | |||||
Nomura Holdings, ADR | 31,857 | 146,224 | |||
ORIX, ADR | 3,179 | 254,097 | |||
UBS Group | 27,651 | a | 433,015 | ||
1,835,378 | |||||
Energy - 5.5% | |||||
BP, ADR | 17,666 | 757,518 | |||
Eni, ADR | 11,575 | 430,011 | |||
Equinor, ADR | 10,255 | 264,271 | |||
Repsol, ADR | 14,792 | 284,598 | |||
Royal Dutch Shell, Cl. A, ADR | 10,424 | 679,957 | |||
Royal Dutch Shell, Cl. B, ADR | 8,193 | 552,044 | |||
Total, ADR | 13,722 | 860,918 | |||
Woodside Petroleum, ADR | 10,815 | 286,408 | |||
4,115,725 | |||||
Food & Staples Retailing - 1.1% | |||||
Dairy Farm International Holdings, ADR | 3,000 | 139,470 | |||
J Sainsbury, ADR | 5,618 | 94,270 | |||
Koninklijke Ahold, ADR | 15,426 | 373,926 | |||
Tesco, ADR | 21,655 | 206,156 | |||
813,822 | |||||
Food, Beverage & Tobacco - 6.5% | |||||
Anheuser-Busch InBev, ADR | 2,685 | 250,323 | |||
British American Tobacco, ADR | 7,308 | 353,561 | |||
Coca-Cola Amatil, ADR | 39,762 | 270,382 | |||
Coca-Cola European Partners | 888 | 37,864 | |||
Coca-Cola HBC, ADR | 6,762 | a | 231,548 | ||
Danone, ADR | 29,659 | 468,167 | |||
Diageo, ADR | 2,998 | 417,951 | |||
Heineken, ADR | 7,309 | 361,795 | |||
Imperial Brands, ADR | 5,274 | 187,438 | |||
Japan Tobacco, ADR | 7,000 | 91,945 | |||
Kirin Holdings, ADR | 11,382 | 280,225 | |||
Nestle, ADR | 17,855 | 1,495,356 | |||
Orkla, ADR | 25,307 | 206,632 | |||
Yamazaki Baking, ADR | 1,023 | 199,461 | |||
4,852,648 | |||||
Health Care Equipment & Services - 1.8% | |||||
Essilor International, ADR | 6,134 | 440,605 | |||
Fresenius Medical Care & Co., ADR | 7,800 | 394,056 | |||
Olympus, ADR | 6,140 | 252,170 | |||
Smith & Nephew, ADR | 8,103 | 290,330 | |||
1,377,161 | |||||
Household & Personal Products - 3.2% | |||||
Henkel AG & Co., ADR | 2,322 | 296,775 | |||
Kao, ADR | 4,988 | 387,197 | |||
L'Oreal, ADR | 9,964 | 477,176 | |||
Reckitt Benckiser, ADR | 14,141 | 241,528 | |||
Unilever (NY Shares) | 10,103 | 580,720 | |||
Unilever, ADR | 7,238 | 411,625 | |||
2,395,021 | |||||
Insurance - 3.0% | |||||
Ageas, ADR | 6,836 | 353,968 | |||
Legal & General Group, ADR | 18,467 | 308,122 | |||
BNY Mellon International Appreciation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3% (continued) | |||||
Insurance - 3.0% (continued) | |||||
MS&AD Insurance Group Holdings, ADR | 16,902 | 258,263 | |||
Prudential, ADR | 10,632 | 478,121 | |||
Tokio Marine Holdings, ADR | 8,055 | 380,720 | |||
Zurich Insurance Group, ADR | 14,447 | 439,622 | |||
2,218,816 | |||||
Materials - 7.9% | |||||
Air Liquide, ADR | 18,553 | 465,866 | |||
Akzo Nobel, ADR | 11,115 | 346,788 | |||
Alumina, ADR | 36,920 | 307,913 | |||
Amcor, ADR | 6,096 | 250,363 | |||
Anglo American, ADR | 12,623 | 126,482 | |||
ArcelorMittal | 8,151 | 246,242 | |||
Asahi Kasei, ADR | 10,985 | 322,190 | |||
BASF, ADR | 30,384 | 702,782 | |||
BHP Billiton, ADR | 8,004 | 384,512 | |||
BHP Billiton, ADR | 2,445 | 104,695 | |||
Glencore, ADR | 33,136 | 268,402 | |||
James Hardie Industries, ADR | 16,620 | 253,621 | |||
Johnson Matthey, ADR | 1,692 | 154,437 | |||
Nippon Steel & Sumitomo Metal, ADR | 5,082 | 102,097 | |||
Nitto Denko, ADR | 5,620 | 218,000 | |||
Norsk Hydro, ADR | 20,133 | 112,141 | |||
OJI Holdings, ADR | 3,200 | 219,056 | |||
Rio Tinto, ADR | 6,324 | 303,742 | |||
Showa Denko, ADR | 1,000 | 47,530 | |||
South32, ADR | 13,639 | 170,215 | |||
Teijin, ADR | 12,848 | 253,684 | |||
Toray Industries, ADR | 15,040 | 224,547 | |||
UPM-Kymmene, ADR | 8,622 | 332,637 | |||
5,917,942 | |||||
Media - 1.8% | |||||
CyberAgent, ADR | 7,000 | 198,240 | |||
Pearson, ADR | 16,833 | 199,134 | |||
Publicis Groupe, ADR | 14,714 | 234,835 | |||
Sky, ADR | 5,057 | 401,172 | |||
WPP, ADR | 3,596 | 297,749 | |||
1,331,130 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 8.9% | |||||
AstraZeneca, ADR | 16,886 | 647,409 | |||
Bayer, ADR | 21,920 | 511,284 | |||
CSL, ADR | 5,200 | 427,154 | |||
Eisai, ADR | 4,123 | 373,379 | |||
GlaxoSmithKline, ADR | 7,340 | 297,270 | |||
H Lundeck, ADR | 4,400 | 258,148 | |||
Novartis, ADR | 14,937 | 1,239,920 | |||
Novo Nordisk, ADR | 13,175 | 647,815 | |||
Roche Holding, ADR | 38,182 | 1,182,115 | |||
Sanofi, ADR | 15,389 | 659,419 | |||
Shire, ADR | 1,985 | 347,911 | |||
Takeda Pharmaceutical, ADR | 4,000 | 83,480 | |||
Teva Pharmaceutical Industries, ADR | 300 | a | 6,873 | ||
6,682,177 |
68
BNY Mellon International Appreciation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3% (continued) | |||||
Real Estate - 3.2% | |||||
British Land, ADR | 9,094 | 76,344 | |||
CapitaLand, ADR | 56,796 | 287,104 | |||
City Developments, ADR | 32,591 | 217,806 | |||
Daiwa House Industry, ADR | 7,610 | 231,306 | |||
Hysan Development, ADR | 25,301 | 259,209 | |||
LendLease Group, ADR | 21,216 | 314,315 | |||
Mitsubishi Estate, ADR | 15,000 | 248,550 | |||
Sino Land, ADR | 21,641 | 181,135 | |||
Sun Hung Kai Properties, ADR | 18,037 | 270,194 | |||
Swire Pacific, ADR | 25,906 | 296,235 | |||
2,382,198 | |||||
Retailing - 1.5% | |||||
Aeon, ADR | 15,968 | 344,749 | |||
Hennes & Mauritz, ADR | 45,706 | 120,207 | |||
INDITEX, ADR | 16,800 | 254,184 | |||
Kingfisher, ADR | 27,401 | 198,109 | |||
Marui Group, ADR | 5,401 | 238,832 | |||
1,156,081 | |||||
Semiconductors & Semiconductor Equipment - .5% | |||||
ASML Holding | 1,734 | 355,557 | |||
SUMCO, ADR | 1,000 | 35,630 | |||
391,187 | |||||
Software & Services - 3.9% | |||||
Computershare, ADR | 16,642 | 227,163 | |||
Dassault Systemes, ADR | 3,270 | 527,124 | |||
Fujitsu, ADR | 5,602 | 204,333 | |||
NICE Systems, ADR | 3,000 | a | 346,770 | ||
Nintendo, ADR | 4,000 | 179,800 | |||
Sage Group, ADR | 6,064 | 188,348 | |||
SAP, ADR | 7,862 | 941,396 | |||
UbiSoft Entertainment, ADR | 12,700 | a | 272,415 | ||
2,887,349 | |||||
Technology Hardware & Equipment - 2.7% | |||||
Canon, ADR | 8,097 | 259,833 | |||
Ericsson, ADR | 25,504 | 214,489 | |||
FUJIFILM Holdings, ADR | 6,819 | 288,307 | |||
Hitachi, ADR | 3,435 | 223,962 | |||
Kyocera, ADR | 3,424 | 215,370 | |||
Nokia, ADR | 11,880 | 65,934 | |||
Omron, ADR | 4,660 | 207,836 | |||
Ricoh,ADR | 15,155 | 158,446 | |||
TDK, ADR | 3,571 | 400,238 | |||
2,034,415 | |||||
Telecommunication Services - 3.4% | |||||
BT Group, ADR | 10,368 | 147,226 | |||
Deutsche Telekom, ADR | 25,034 | 401,796 | |||
KDDI, ADR | 22,000 | 289,080 | |||
Nippon Telegraph & Telephone, ADR | 4,682 | 207,928 | |||
Orange, ADR | 15,952 | 257,784 | |||
Singapore Telecommunications, ADR | 960 | 22,483 | |||
SoftBank Group, ADR | 5,000 | 231,325 | |||
Swisscom, ADR | 5,286 | 235,861 | |||
Telecom Italia, ADR | 20,896 | a | 134,779 | ||
Telefonica, ADR | 30,412 | 246,641 | |||
BNY Mellon International Appreciation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3% (continued) | |||||
Telecommunication Services - 3.4% (continued) | |||||
Telenor, ADR | 8,088 | 152,054 | |||
Telstra, ADR | 4,648 | 51,941 | |||
Vodafone Group, ADR | 7,064 | 152,653 | |||
2,531,551 | |||||
Transportation - 1.2% | |||||
ANA Holdings, ADR | 31,722 | 220,309 | |||
Deutsche Lufthansa, ADR | 3,766 | 98,293 | |||
International Consolidated Airlines Group, ADR | 9,655 | 174,022 | |||
Nippon Yusen, ADR | 34,373 | 128,727 | |||
Ryanair Holdings, ADR | 2,663 | a | 271,280 | ||
892,631 | |||||
Utilities - 3.3% | |||||
Centrica, ADR | 570 | 4,227 | |||
CLP Holdings, ADR | 12,613 | 147,131 | |||
E.ON, ADR | 24,594 | 262,172 | |||
EDP - Energias de Portugal, ADR | 330 | 12,923 | |||
Enel, ADR | 70,107 | 342,473 | |||
Engie, ADR | 236 | 3,438 | |||
Hong Kong & China Gas, ADR | 127,666 | 266,184 | |||
Iberdrola, ADR | 16,396 | 486,748 | |||
National Grid, ADR | 3,940 | 208,820 | |||
RWE, ADR | 10,680 | 270,097 | |||
SSE, ADR | 3,060 | 49,450 | |||
United Utilities Group, ADR | 6,047 | 115,981 | |||
Veolia Environnement, ADR | 13,277 | 279,348 | |||
2,448,992 | |||||
Total Common Stocks (cost $86,527,024) | 73,634,143 | ||||
Principal Amount ($) | |||||
Short-Term Investments - .1% | |||||
U. S. Treasury Bills - .1% | |||||
1.83%, 9/6/18 | 60,000 | c,d | 59,994 | ||
7-Day | Shares | ||||
Investment Companies - 1.3% | |||||
Registered Investment Companies - 1.3% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 1,017,084 | e | 1,017,084 | |
Total Investments (cost $87,604,092) | 99.7% | 74,711,221 | |||
Cash and Receivables (Net) | .3% | 204,390 | |||
Net Assets | 100.0% | 74,915,611 |
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 August 31, 2018, these securities were valued at $451,787 or .6% of net assets.
cHeld by a counterparty for open exchange traded derivative contracts.
dSecurity is a discount security. Income is recognized through the accretion of discount.
eInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
69
STATEMENT OF INVESTMENTS (continued)
Portfolio Summary (Unaudited) † | Value (%) |
Financials | 15.2 |
Consumer Discretionary | 12.1 |
Industrials | 11.7 |
Consumer Staples | 10.7 |
Health Care | 9.2 |
Materials | 7.9 |
Information Technology | 7.1 |
Energy | 5.5 |
Financial | 3.8 |
Utilities | 3.3 |
Telecommunication Services | 3.2 |
Real Estate | 3.2 |
Industrial | 2.4 |
Consumer, Non-cyclical | 1.8 |
Investment Companies | 1.3 |
Consumer, Cyclical | 1.0 |
Communications | .2 |
Government | .1 |
99.7 |
† Based on net assets.
See notes to financial statements.
70
BNY Mellon International Equity Income Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% | |||||
Australia - 7.0% | |||||
Alumina | 351,800 | 728,378 | |||
Australia & New Zealand Banking Group | 223,225 | 4,734,055 | |||
National Australia Bank | 356,900 | 7,279,044 | |||
Wesfarmers | 64,900 | 2,400,483 | |||
Westpac Banking | 491,800 | 10,090,460 | |||
25,232,420 | |||||
Canada - 4.8% | |||||
Royal Bank of Canada | 110,300 | 8,761,454 | |||
Toronto-Dominion Bank | 146,300 | 8,817,238 | |||
17,578,692 | |||||
China - 10.0% | |||||
Alibaba Group Holding, ADR | 9,500 | a | 1,662,595 | ||
Bank of China, Cl. H | 5,382,500 | 2,420,796 | |||
China Petroleum & Chemical, Cl. H | 8,000,000 | 8,042,045 | |||
Chongqing Changan Automobile, Cl. B | 3,095,886 | 2,713,769 | |||
Guangzhou R&F Properties, Cl. H | 5,638,100 | 11,378,564 | |||
Industrial & Commercial Bank of China, Cl. H | 4,942,000 | 3,639,403 | |||
Sinopec Shanghai Petrochemical, Cl. H | 2,058,000 | 1,208,776 | |||
Tencent Holdings | 65,200 | 2,824,399 | |||
Zhejiang Expressway, Cl. H | 2,802,700 | 2,224,663 | |||
36,115,010 | |||||
Czech Republic - 2.2% | |||||
CEZ | 308,600 | 7,821,856 | |||
Finland - 1.5% | |||||
Fortum | 218,000 | 5,516,348 | |||
France - 4.8% | |||||
AXA | 120,000 | 3,028,861 | |||
Bouygues | 1,050 | 46,351 | |||
Casino Guichard Perrachon | 231,950 | 7,352,834 | |||
Renault | 19,600 | 1,688,102 | |||
Total | 82,700 | 5,171,198 | |||
17,287,346 | |||||
Germany - 3.5% | |||||
Deutsche Post | 30,000 | 1,093,775 | |||
Muenchener Rueckversicherungs | 18,523 | 3,994,806 | |||
ProSiebenSat.1 Media | 282,300 | 7,435,053 | |||
12,523,634 | |||||
Greece - .7% | |||||
OPAP | 246,600 | 2,649,160 | |||
Hong Kong - 2.7% | |||||
Hong Kong & China Gas | 434,500 | 894,604 | |||
WH Group | 790,000 | b | 595,866 | ||
Yue Yuen Industrial Holdings | 3,000,000 | 8,313,426 | |||
9,803,896 | |||||
Israel - 2.3% | |||||
Bezeq The Israeli Telecommunication Corporation | 6,900,100 | 8,249,495 | |||
Italy - .2% | |||||
Eni | 38,005 | 704,947 | |||
Japan - 13.7% | |||||
Aozora Bank | 100,000 | 3,532,535 | |||
Canon | 116,000 | 3,719,809 | |||
BNY Mellon International Equity Income Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% (continued) | |||||
Japan - 13.7% (continued) | |||||
Daito Trust Construction | 4,000 | 599,406 | |||
Honda Motor | 68,000 | 2,014,724 | |||
ITOCHU | 577,000 | 10,092,696 | |||
Japan Airlines | 70,000 | 2,523,175 | |||
MS&AD Insurance Group Holdings | 120,000 | 3,688,237 | |||
Nissan Motor | 300,000 | 2,808,028 | |||
NTT DOCOMO | 58,600 | 1,521,564 | |||
Osaka Gas | 38,000 | 709,828 | |||
Sumitomo | 118,000 | 1,915,336 | |||
Sumitomo Chemical | 270,000 | 1,533,345 | |||
Takeda Pharmaceutical | 139,000 | 5,820,961 | |||
Tokyo Electron | 53,000 | 9,003,465 | |||
49,483,109 | |||||
Luxembourg - .6% | |||||
RTL Group | 27,200 | 2,039,577 | |||
Macau - 1.5% | |||||
Sands China | 1,133,000 | 5,528,766 | |||
Netherlands - 3.0% | |||||
Royal Dutch Shell, Cl. A | 303,000 | 9,826,501 | |||
Royal Dutch Shell, Cl. B | 28,000 | 922,217 | |||
10,748,718 | |||||
New Zealand - 2.9% | |||||
Auckland International Airport | 583,100 | 2,756,391 | |||
Spark New Zealand | 2,887,100 | 7,621,320 | |||
10,377,711 | |||||
Norway - 2.9% | |||||
Marine Harvest | 490,100 | 10,586,695 | |||
Qatar - .0% | |||||
Commercial Bank of Qatar | 12,314 | 133,252 | |||
Russia - 3.0% | |||||
Alrosa | 901,000 | 1,353,494 | |||
Severstal | 600,000 | 9,655,116 | |||
11,008,610 | |||||
South Africa - .2% | |||||
MTN Group | 100,000 | 605,580 | |||
South Korea - 2.8% | |||||
Hyundai Development Co-Engineering & Construction | 405,000 | 8,913,893 | |||
Korea Electric Power | 8,200 | 224,678 | |||
Samsung Electronics | 27,100 | 1,179,531 | |||
10,318,102 | |||||
Spain - .9% | |||||
Banco Santander | 690,700 | 3,437,818 | |||
Sweden - 4.4% | |||||
Hennes & Mauritz, Cl. B | 55,500 | 747,796 | |||
Nordea Bank | 1,058,500 | 11,435,548 | |||
Skanska, Cl. B | 204,500 | 3,839,483 | |||
16,022,827 | |||||
Switzerland - 4.4% | |||||
Nestle | 31,200 | 2,619,609 | |||
Novartis | 79,436 | 6,587,636 | |||
Roche Holding | 10,971 | 2,725,630 | |||
Zurich Insurance Group | 13,785 | 4,198,434 | |||
16,131,309 |
71
STATEMENT OF INVESTMENTS (continued)
BNY Mellon International Equity Income Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.4% (continued) | |||||
Taiwan - 5.4% | |||||
Asustek Computer | 939,000 | 7,994,416 | |||
Chicony Electronics | 396,162 | 833,211 | |||
Compal Electronics | 1,093,900 | 685,580 | |||
Highwealth Construction | 2,091,000 | 3,397,067 | |||
Novatek Microelectronics | 205,000 | 1,004,477 | |||
President Chain Store | 192,000 | 2,094,091 | |||
Taiwan Semiconductor Manufacturing | 340,000 | 2,833,795 | |||
Transcend Information | 264,400 | 639,587 | |||
19,482,224 | |||||
Turkey - .1% | |||||
Petkim Petrokimya Holding | 544,050 | 456,537 | |||
United Arab Emirates - .8% | |||||
Dubai Islamic Bank | 2,208,000 | 3,077,729 | |||
United Kingdom - 11.1% | |||||
AstraZeneca | 300 | 22,539 | |||
BP | 1,410,800 | 10,010,290 | |||
British American Tobacco | 130,712 | 6,306,512 | |||
GlaxoSmithKline | 292,100 | 5,909,126 | |||
HSBC Holdings | 238,773 | 2,070,629 | |||
Imperial Brands | 107,200 | 3,813,596 | |||
Legal & General Group | 959,709 | 3,164,038 | |||
Persimmon | 194,300 | 6,128,733 | |||
Rio Tinto | 35,000 | 1,660,299 | |||
SSE | 47,200 | 766,741 | |||
Vodafone Group | 174,795 | 372,778 | |||
40,225,281 | |||||
Total Common Stocks (cost $340,469,153) | 353,146,649 | ||||
Exchange-Traded Funds - .7% | |||||
United States - .7% | |||||
iShares MSCI EAFE ETF | 40,000 | 2,693,600 | |||
Preferred Dividend | |||||
Preferred Stocks - .9% | |||||
South Korea - .9% | |||||
Hyundai Motor | 5.23 | 46,900 | 3,298,989 | ||
Description | 7-Day | Shares | Value ($) | ||
Investment Companies - .3% | |||||
Registered Investment Companies - .3% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 932,182 | c | 932,182 | |
Total Investments (cost $348,241,340) | 99.3% | 360,071,420 | |||
Cash and Receivables (Net) | .7% | 2,371,618 | |||
Net Assets | 100.0% | 362,443,038 |
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 August 31, 2018, these securities were valued at $595,866 or .16% of net assets.
cInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Banks | 19.2 |
Energy | 9.6 |
Capital Goods | 6.8 |
Food, Beverage & Tobacco | 6.6 |
Telecommunication Services | 5.1 |
Insurance | 5.0 |
Materials | 4.6 |
Utilities | 4.4 |
Real Estate | 4.2 |
Pharmaceuticals Biotechnology & Life Sciences | 4.2 |
Technology Hardware & Equipment | 4.1 |
Consumer Durables & Apparel | 4.0 |
Semiconductors & Semiconductor Equipment | 3.5 |
Automobiles & Components | 3.4 |
Food & Staples Retailing | 3.3 |
Media | 2.6 |
Transportation | 2.4 |
Consumer Services | 2.3 |
Pharmaceuticals, Biotechnology & Life Sciences | 1.6 |
Software & Services | 1.2 |
Registered Investment Companies | 1.0 |
Retailing | .2 |
99.3 |
† Based on net assets.
See notes to financial statements.
72
BNY Mellon Asset Allocation Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 12.5% | |||||||||
Aerospace & Defense - .0% | |||||||||
Northrop Grumman, | 2.08 | 10/15/20 | 230,000 | 225,385 | |||||
Airlines - .1% | |||||||||
American Airlines, | 3.38 | 5/1/27 | 298,674 | 290,457 | |||||
Automobiles & Components - .1% | |||||||||
Toyota Motor Credit, | 2.15 | 3/12/20 | 300,000 | 297,042 | |||||
Banks - 1.2% | |||||||||
Bank of America, | 2.60 | 1/15/19 | 520,000 | 520,086 | |||||
Bank of America, | 3.95 | 4/21/25 | 590,000 | 580,988 | |||||
Barclays, | 5.20 | 5/12/26 | 255,000 | 252,306 | |||||
Citigroup, | 4.45 | 9/29/27 | 625,000 | 619,809 | |||||
Citizens Financial Group, | 4.15 | 9/28/22 | 545,000 | a | 546,501 | ||||
Goldman Sachs Group, | 6.75 | 10/1/37 | 530,000 | 640,690 | |||||
JPMorgan Chase & Co., | 3.38 | 5/1/23 | 425,000 | 418,331 | |||||
Morgan Stanley, | 4.88 | 11/1/22 | 680,000 | 709,002 | |||||
Rabobank Nederland, | 4.50 | 1/11/21 | 530,000 | 544,812 | |||||
Royal Bank of Scotland Group, | 6.13 | 12/15/22 | 240,000 | 251,963 | |||||
Societe Generale, | 4.75 | 11/24/25 | 510,000 | a | 509,674 | ||||
Wells Fargo & Co., | 2.63 | 7/22/22 | 225,000 | 217,865 | |||||
Wells Fargo & Co., | 4.90 | 11/17/45 | 405,000 | 409,939 | |||||
6,221,966 | |||||||||
Beverage Products - .1% | |||||||||
Anheuser-Busch InBev Finance, | 4.90 | 2/1/46 | 375,000 | 382,532 | |||||
PepsiCo, | 4.50 | 1/15/20 | 375,000 | 384,210 | |||||
766,742 | |||||||||
Commercial & Professional Services - .1% | |||||||||
George Washington University, | 4.13 | 9/15/48 | 325,000 | 327,709 | |||||
Total System Services, | 4.80 | 4/1/26 | 350,000 | 362,397 | |||||
690,106 | |||||||||
Commercial Mortgage Pass-Through Ctfs. - .2% | |||||||||
UBS Commercial Mortgage Trust, | 3.40 | 5/10/45 | 272,335 | 273,409 | |||||
WFRBS Commercial Mortgage Trust, | 3.20 | 3/15/48 | 315,000 | 313,746 | |||||
WFRBS Commercial Mortgage Trust, | 3.00 | 5/15/45 | 540,000 | 533,052 | |||||
1,120,207 |
73
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 12.5% (continued) | |||||||||
Diversified Financials - .2% | |||||||||
AerCap Ireland Capital, | 4.50 | 5/15/21 | 480,000 | 488,450 | |||||
Intercontinental Exchange, | 2.75 | 12/1/20 | 410,000 | 406,839 | |||||
895,289 | |||||||||
Electronic Components - .1% | |||||||||
Tech Data, | 4.95 | 2/15/27 | 345,000 | b | 339,426 | ||||
Energy - .3% | |||||||||
BP Capital Markets, | 2.50 | 11/6/22 | 255,000 | 247,162 | |||||
Concho Resources, | 4.30 | 8/15/28 | 225,000 | 225,392 | |||||
Enterprise Products Operating, | 2.55 | 10/15/19 | 200,000 | 199,193 | |||||
Exxon Mobil, | 1.71 | 3/1/19 | 260,000 | 259,134 | |||||
Sabine Pass Liquefaction, | 5.75 | 5/15/24 | 200,000 | 215,192 | |||||
Spectra Energy Partners, | 3.50 | 3/15/25 | 195,000 | 189,029 | |||||
Williams Cos., | 4.30 | 3/4/24 | 225,000 | 227,943 | |||||
1,563,045 | |||||||||
Foreign/Governmental - .2% | |||||||||
Petroleos Mexicanos, | 4.88 | 1/24/22 | 470,000 | 473,878 | |||||
Province of Ontario Canada, | 4.00 | 10/7/19 | 330,000 | 334,511 | |||||
808,389 | |||||||||
Health Care - .3% | |||||||||
AbbVie, | 2.90 | 11/6/22 | 325,000 | 317,349 | |||||
Amgen, | 5.65 | 6/15/42 | 325,000 | 362,609 | |||||
Biogen, | 2.90 | 9/15/20 | 345,000 | 343,978 | |||||
Celgene, | 2.88 | 8/15/20 | 265,000 | 263,819 | |||||
CVS Health, | 4.78 | 3/25/38 | 435,000 | 434,100 | |||||
1,721,855 | |||||||||
Industrials - .1% | |||||||||
ABB Finance USA, | 2.88 | 5/8/22 | 505,000 | 497,973 | |||||
Information Technology - .3% | |||||||||
Adobe Systems, | 3.25 | 2/1/25 | 305,000 | 301,006 | |||||
Fidelity National Information Services, | 3.88 | 6/5/24 | 126,000 | 126,367 | |||||
Microsoft, | 3.75 | 2/12/45 | 440,000 | 429,366 |
74
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 12.5% (continued) | |||||||||
Information Technology - .3% (continued) | |||||||||
Oracle, | 2.50 | 5/15/22 | 570,000 | 558,400 | |||||
1,415,139 | |||||||||
Internet Software & Services - .2% | |||||||||
Amazon.com, | 2.40 | 2/22/23 | 435,000 | 420,854 | |||||
Arrow Electronics, | 3.50 | 4/1/22 | 385,000 | 379,605 | |||||
eBay, | 2.60 | 7/15/22 | 320,000 | 310,722 | |||||
1,111,181 | |||||||||
Media - .3% | |||||||||
21st Century Fox America, | 6.15 | 3/1/37 | 265,000 | 323,278 | |||||
Comcast, | 3.60 | 3/1/24 | 625,000 | 625,354 | |||||
Discovery Communications, | 2.80 | 6/15/20 | 345,000 | a | 341,369 | ||||
Time Warner, | 4.00 | 1/15/22 | 305,000 | 309,513 | |||||
1,599,514 | |||||||||
Municipal Bonds - .9% | |||||||||
California, | 3.38 | 4/1/25 | 400,000 | 400,900 | |||||
California Earthquake Authority, | 2.81 | 7/1/19 | 147,000 | 146,909 | |||||
California Educational Facilities Authority, | 5.00 | 10/1/32 | 375,000 | 473,902 | |||||
Chicago, | 7.38 | 1/1/33 | 290,000 | 329,394 | |||||
Commonwealth of Massachusetts, | 4.91 | 5/1/29 | 325,000 | 360,864 | |||||
Florida Hurricane Catastrophe Fund Finance Corporation, | 3.00 | 7/1/20 | 900,000 | 901,053 | |||||
New York City, | 6.25 | 6/1/35 | 345,000 | 362,602 | |||||
New York City Municipal Water Finance Authority, | 6.28 | 6/15/42 | 530,000 | 564,885 | |||||
Oakland Unified School District, | 9.50 | 8/1/34 | 180,000 | 190,609 | |||||
Texas Public Finance Authority, | 8.25 | 7/1/24 | 310,000 | 319,213 | |||||
University of California Regents, | 4.13 | 5/15/45 | 340,000 | 344,699 | |||||
4,395,030 | |||||||||
Real Estate - .3% | |||||||||
Alexandria Real Estate, | 4.30 | 1/15/26 | 265,000 | 265,976 | |||||
Boston Properties, | 4.13 | 5/15/21 | 215,000 | 219,517 | |||||
CubeSmart, | 4.80 | 7/15/22 | 335,000 | 346,625 |
75
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 12.5% (continued) | |||||||||
Real Estate - .3% (continued) | |||||||||
Essex Portfolio, | 3.38 | 1/15/23 | 265,000 | 260,894 | |||||
Kimco Realty, | 3.40 | 11/1/22 | 340,000 | 335,893 | |||||
1,428,905 | |||||||||
Semiconductors & Semiconductor Equipment - .1% | |||||||||
Intel, | 2.70 | 12/15/22 | 290,000 | 285,675 | |||||
Technology Hardware & Equipment - .1% | |||||||||
Apple, | 4.38 | 5/13/45 | 300,000 | 313,859 | |||||
Diamond 1 Finance, | 6.02 | 6/15/26 | 170,000 | a | 180,366 | ||||
494,225 | |||||||||
Telecommunication Services - .4% | |||||||||
AT&T, | 4.13 | 2/17/26 | 335,000 | 331,305 | |||||
AT&T, | 4.45 | 5/15/21 | 435,000 | 446,696 | |||||
Telefonica Emisiones, | 4.10 | 3/8/27 | 590,000 | 574,723 | |||||
Verizon Communications, | 5.50 | 3/16/47 | 570,000 | 616,856 | |||||
1,969,580 | |||||||||
Transportation - .1% | |||||||||
Burlington North Santa Fe., | 3.45 | 9/15/21 | 430,000 | 433,216 | |||||
U.S. Government Agencies - .1% | |||||||||
Federal Farm Credit Bank, | 3.60 | 7/23/25 | 325,000 | 325,053 | |||||
U.S. Government Agencies Mortgage-Backed - 3.4% | |||||||||
Federal Home Loan Mortgage Corporation: | |||||||||
3.00%, 1/1/33-8/1/47 | 606,967 | c | 598,336 | ||||||
3.50%, 11/1/32-4/1/48 | 3,774,862 | c | 3,759,585 | ||||||
4.00%, 11/1/47-5/1/48 | 1,336,342 | c | 1,362,013 | ||||||
4.50%, 7/1/48 | 747,980 | c | 777,777 | ||||||
5.00%, 7/1/40 | 186,576 | c | 199,455 | ||||||
Federal National Mortgage Association: | |||||||||
2.50%, 10/1/31 | 780,000 | c | 759,048 | ||||||
3.00%, 6/1/37-8/1/47 | 3,133,990 | c | 3,038,963 | ||||||
3.50%, 5/1/33-3/1/48 | 1,920,168 | c | 1,917,441 | ||||||
4.00%, 4/1/38-12/1/47 | 1,549,467 | c | 1,582,031 | ||||||
4.50%, 1/1/48 | 390,026 | c | 405,238 | ||||||
5.00%, 11/1/43 | 124,846 | c | 132,701 | ||||||
Government National Mortgage Association II: | |||||||||
3.00%, 9/20/47 | 852,242 | 834,128 | |||||||
3.50%, 9/20/47 | 492,965 | 495,042 | |||||||
4.00%, 8/1/48 | 860,000 | 881,600 | |||||||
4.50%, 7/20/48 | 299,094 | 311,200 | |||||||
17,054,558 |
76
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 12.5% (continued) | |||||||||
U.S. Government Securities - 3.1% | |||||||||
U.S. Treasury Bonds | 2.25 | 8/15/46 | 420,000 | 358,723 | |||||
U.S. Treasury Bonds | 2.50 | 5/15/46 | 460,000 | 414,647 | |||||
U.S. Treasury Bonds | 2.75 | 11/15/47 | 190,000 | 179,854 | |||||
U.S. Treasury Bonds | 2.88 | 8/15/45 | 490,000 | 476,544 | |||||
U.S. Treasury Bonds | 3.00 | 2/15/47 | 315,000 | 313,726 | |||||
U.S. Treasury Inflation Protected Securities, | 0.13 | 1/15/22 | 790,478 | d | 773,970 | ||||
U.S. Treasury Inflation Protected Securities, | 0.38 | 1/15/27 | 333,818 | d | 322,906 | ||||
U.S. Treasury Inflation Protected Securities, | 0.38 | 7/15/25 | 685,377 | d | 670,661 | ||||
U.S. Treasury Inflation Protected Securities, | 0.63 | 4/15/23 | 314,489 | d | 312,695 | ||||
U.S. Treasury Inflation Protected Securities, | 0.63 | 7/15/21 | 1,000,646 | b,d | 1,000,780 | ||||
U.S. Treasury Inflation Protected Securities, | 1.00 | 2/15/46 | 654,046 | d | 667,613 | ||||
U.S. Treasury Notes | 1.13 | 2/28/21 | 1,375,000 | 1,324,001 | |||||
U.S. Treasury Notes | 1.38 | 2/15/20 | 885,000 | 870,066 | |||||
U.S. Treasury Notes | 1.50 | 4/15/20 | 480,000 | 471,750 | |||||
U.S. Treasury Notes | 1.75 | 9/30/19 | 30,000 | 29,764 | |||||
U.S. Treasury Notes | 1.88 | 12/31/19 | 560,000 | 555,067 | |||||
U.S. Treasury Notes | 1.88 | 4/30/22 | 1,070,000 | 1,038,318 | |||||
U.S. Treasury Notes | 1.88 | 1/31/22 | 385,000 | 374,435 | |||||
U.S. Treasury Notes | 2.00 | 7/31/20 | 1,000,000 | 988,574 | |||||
U.S. Treasury Notes | 2.00 | 11/15/26 | 360,000 | b | 337,880 | ||||
U.S. Treasury Notes | 2.13 | 9/30/21 | 1,235,000 | 1,214,015 | |||||
U.S. Treasury Notes | 2.25 | 11/15/27 | 250,000 | 237,676 | |||||
U.S. Treasury Notes | 2.38 | 1/31/23 | 320,000 | 315,125 | |||||
U.S. Treasury Notes | 2.38 | 5/15/27 | 385,000 | b | 371,051 | ||||
U.S. Treasury Notes | 2.50 | 5/31/20 | 345,000 | 344,306 | |||||
U.S. Treasury Notes | 2.50 | 6/30/20 | 145,000 | 144,677 | |||||
U.S. Treasury Notes | 2.63 | 2/28/23 | 825,000 | 821,068 | |||||
U.S. Treasury Notes | 2.88 | 8/15/28 | 265,000 | b | 265,274 | ||||
15,195,166 | |||||||||
Utilities - .2% | |||||||||
Black Hills, | 4.35 | 5/1/33 | 160,000 | 160,873 | |||||
Consumers Energy, | 3.25 | 8/15/46 | 180,000 | 158,198 | |||||
Exelon, | 3.40 | 4/15/26 | 280,000 | 270,165 | |||||
NiSource, | 3.95 | 3/30/48 | 335,000 | 310,164 | |||||
Public Service Enterprise, | 1.60 | 11/15/19 | 170,000 | 167,451 | |||||
1,066,851 | |||||||||
Total Bonds and Notes | 62,211,975 |
77
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 23.1% | |||||||||
Aerospace & Defense - 1.0% | |||||||||
Boeing | 5,451 | 1,868,548 | |||||||
Lockheed Martin | 3,630 | 1,163,088 | |||||||
Raytheon | 4,714 | 940,160 | |||||||
Spirit AeroSystems Holdings, Cl. A | 11,054 | 945,117 | |||||||
4,916,913 | |||||||||
Agriculture - .1% | |||||||||
Altria Group | 9,630 | 563,548 | |||||||
Philip Morris International | 1,510 | 117,614 | |||||||
681,162 | |||||||||
Airlines - .0% | |||||||||
Copa Holdings | 1,210 | 96,727 | |||||||
Automobiles & Components - .2% | |||||||||
Lear | 4,940 | 801,268 | |||||||
Banks - 1.2% | |||||||||
Bank of America | 75,854 | e | 2,346,164 | ||||||
Comerica | 10,325 | 1,006,481 | |||||||
JPMorgan Chase & Co. | 24,237 | 2,777,075 | |||||||
Wells Fargo & Co. | 736 | 43,041 | |||||||
6,172,761 | |||||||||
Beverage Products - .1% | |||||||||
PepsiCo | 4,493 | 503,261 | |||||||
Chemicals - .5% | |||||||||
Huntsman | 23,765 | 724,595 | |||||||
LyondellBasell Industries | 7,513 | 847,316 | |||||||
Westlake Chemical | 7,575 | 716,368 | |||||||
2,288,279 | |||||||||
Commercial & Professional Services - .3% | |||||||||
Grand Canyon Education | 1,399 | e | 166,677 | ||||||
S&P Global | 5,818 | 1,204,617 | |||||||
1,371,294 | |||||||||
Consumer Discretionary - .7% | |||||||||
Carnival | 14,063 | 864,734 | |||||||
Las Vegas Sands | 9,574 | 626,331 | |||||||
NVR | 221 | e | 589,727 | ||||||
PulteGroup | 30,230 | 844,928 | |||||||
Toll Brothers | 19,115 | 692,536 | |||||||
3,618,256 | |||||||||
Consumer Staples - .1% | |||||||||
Procter & Gamble | 8,138 | 675,047 | |||||||
Diversified Financials - 1.0% | |||||||||
American Express | 12,373 | 1,311,291 | |||||||
Berkshire Hathaway, Cl. B | 3,609 | e | 753,270 | ||||||
Discover Financial Services | 13,239 | 1,034,231 | |||||||
Dun & Bradstreet | 2,872 | 410,466 | |||||||
State Street | 11,055 | 960,790 | |||||||
Synchrony Financial | 22,095 | 699,749 | |||||||
5,169,797 | |||||||||
Energy - 1.8% | |||||||||
Chevron | 14,763 | 1,748,825 | |||||||
ConocoPhillips | 16,205 | 1,189,933 |
78
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 23.1% (continued) | |||||||||
Energy - 1.8% (continued) | |||||||||
Exxon Mobil | 15,465 | 1,239,829 | |||||||
Halliburton | 17,690 | 705,654 | |||||||
Marathon Petroleum | 14,620 | 1,203,080 | |||||||
Occidental Petroleum | 5,892 | 470,594 | |||||||
Phillips 66 | 10,089 | 1,195,647 | |||||||
Valero Energy | 9,574 | 1,128,583 | |||||||
8,882,145 | |||||||||
Food & Staples Retailing - .5% | |||||||||
Walgreens Boots Alliance | 13,370 | 916,647 | |||||||
Wal-Mart Stores | 15,387 | 1,474,998 | |||||||
2,391,645 | |||||||||
Food Products - .1% | |||||||||
Campbell Soup | 2,947 | 116,259 | |||||||
ConAgra Brands | 11,783 | 433,025 | |||||||
549,284 | |||||||||
Health Care - 4.0% | |||||||||
AbbVie | 16,502 | 1,583,862 | |||||||
Agilent Technologies | 9,539 | 644,264 | |||||||
Amgen | 8,096 | e | 1,617,662 | ||||||
Baxter International | 16,982 | e | 1,262,951 | ||||||
Biogen | 3,609 | e | 1,275,745 | ||||||
Bristol-Myers Squibb | 20,622 | 1,248,662 | |||||||
Cigna | 4,861 | 915,521 | |||||||
Danaher | 10,550 | 1,092,347 | |||||||
Eli Lilly & Co. | 6,775 | 715,779 | |||||||
Express Scripts Holding | 5,960 | e | 524,599 | ||||||
Herbalife Nutrition | 11,047 | e | 625,150 | ||||||
Illumina | 1,988 | e | 705,402 | ||||||
Johnson & Johnson | 18,557 | 2,499,442 | |||||||
Mettler-Toledo International | 516 | e | 301,581 | ||||||
Pfizer | 49,796 | 2,067,530 | |||||||
Thermo Fisher Scientific | 3,094 | 739,775 | |||||||
Waters Corp. | 4,050 | e | 767,394 | ||||||
Zoetis | 11,787 | 1,067,902 | |||||||
19,655,568 | |||||||||
Household & Personal Products - .2% | |||||||||
Kimberly-Clark | 7,070 | 816,868 | |||||||
Industrials - .0% | |||||||||
Caterpillar | 1,335 | 185,365 | |||||||
Information Technology - 2.3% | |||||||||
Adobe Systems | 3,020 | e | 795,800 | ||||||
Automatic Data Processing | 5,523 | e | 810,500 | ||||||
Cadence Design Systems | 19,151 | e | 900,863 | ||||||
CDK Global | 10,310 | 642,519 | |||||||
Cognizant Technology Solutions, Cl. A | 12,522 | 982,100 | |||||||
Electronic Arts | 8,210 | e | 931,096 | ||||||
Fiserv | 5,358 | e | 429,015 | ||||||
International Business Machines | 3,951 | 578,742 | |||||||
Mastercard, Cl. A | 958 | 206,506 |
79
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 23.1% (continued) | |||||||||
Information Technology - 2.3% (continued) | |||||||||
Microsoft | 25,776 | 2,895,418 | |||||||
Paychex | 2,947 | 215,868 | |||||||
Visa, Cl. A | 13,919 | 2,044,562 | |||||||
11,432,989 | |||||||||
Insurance - .9% | |||||||||
Allstate | 11,030 | e | 1,109,287 | ||||||
Marsh & McLennan Cos. | 5,892 | 498,640 | |||||||
Principal Financial Group | 9,535 | 526,237 | |||||||
Progressive | 16,185 | 1,092,973 | |||||||
Prudential Financial | 1,285 | 126,251 | |||||||
Torchmark | 10,314 | 906,807 | |||||||
Unum | 8,102 | 298,802 | |||||||
4,558,997 | |||||||||
Internet Software & Services - 1.5% | |||||||||
Alphabet, Cl. A | 1,767 | e | 2,176,591 | ||||||
Alphabet, Cl. C | 1,841 | e | 2,242,688 | ||||||
Facebook, Cl. A | 15,641 | e | 2,748,593 | ||||||
7,167,872 | |||||||||
Media - .4% | |||||||||
Netflix | 1,031 | e | 379,078 | ||||||
Walt Disney | 13,334 | 1,493,675 | |||||||
1,872,753 | |||||||||
Real Estate - .4% | |||||||||
Prologis | 13,995 | f | 940,184 | ||||||
Public Storage | 4,533 | f | 963,625 | ||||||
1,903,809 | |||||||||
Retailing - 1.2% | |||||||||
Amazon.com | 1,915 | e | 3,854,340 | ||||||
Best Buy | 14,732 | 1,172,078 | |||||||
Foot Locker | 8,837 | 435,664 | |||||||
Home Depot | 3,093 | 620,982 | |||||||
6,083,064 | |||||||||
Semiconductors & Semiconductor Equipment - .5% | |||||||||
Applied Materials | 24,503 | e | 1,054,119 | ||||||
Micron Technology | 22,095 | e | 1,160,429 | ||||||
Skyworks Solutions | 1,399 | 127,729 | |||||||
Texas Instruments | 2,988 | 335,851 | |||||||
2,678,128 | |||||||||
Technology Hardware & Equipment - 1.9% | |||||||||
Accenture | 8,325 | 1,407,508 | |||||||
Apple | 24,309 | e | 5,533,458 | ||||||
F5 Networks | 3,770 | e | 712,982 | ||||||
HP | 49,987 | 1,232,180 | |||||||
Seagate Technology | 9,574 | 512,592 | |||||||
9,398,720 | |||||||||
Telecommunication Services - .8% | |||||||||
AT&T | 63,703 | 2,034,674 | |||||||
Verizon Communications | 35,356 | 1,922,306 | |||||||
3,956,980 |
80
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 23.1% (continued) | |||||||||
Transportation - .7% | |||||||||
CSX | 10,311 | 764,664 | |||||||
Norfolk Southern | 7,150 | 1,242,956 | |||||||
Union Pacific | 9,647 | 1,453,031 | |||||||
3,460,651 | |||||||||
Utilities - .7% | |||||||||
CMS Energy | 13,993 | 689,015 | |||||||
Exelon | 26,521 | 1,159,233 | |||||||
NRG Energy | 22,830 | 807,954 | |||||||
OGE Energy | 20,622 | 759,508 | |||||||
3,415,710 | |||||||||
Total Common Stocks | 114,705,313 | ||||||||
7-Day | Shares | Value ($) | |||||||
Investment Companies - 64.3% | |||||||||
Registered Investment Companies - 64.3% | |||||||||
ASG Managed Futures Strategy Fund, Cl. Y | 969,204 | 9,759,885 | |||||||
BNY Mellon Corporate Bond Fund, Cl. M | 1,004,611 | g | 12,577,733 | ||||||
BNY Mellon Emerging Markets Fund, Cl. M | 2,101,727 | g | 22,530,508 | ||||||
BNY Mellon Focused Equity Opportunities Fund, Cl. M | 2,603,296 | g | 48,499,412 | ||||||
BNY Mellon Income Stock Fund, Cl. M | 1,305,179 | g | 12,764,651 | ||||||
BNY Mellon Intermediate Bond Fund, Cl. M | 1,961,455 | g | 24,047,441 | ||||||
BNY Mellon International Fund, Cl. M | 1,031,411 | g | 13,872,483 | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund, Cl. M | 2,012,535 | g | 38,721,182 | ||||||
BNY Mellon Small Cap Multi-Strategy Fund, Cl. M | 293,173 | g | 6,789,894 | ||||||
BNY Mellon Small/Mid Cap Fund, Cl. M | 748,828 | g | 12,625,248 | ||||||
Dreyfus Floating Rate Income Fund, Cl. Y | 899,882 | g | 10,825,577 | ||||||
Dreyfus Global Real Estate Securities Fund, Cl. Y | 903,893 | g | 8,379,093 | ||||||
Dreyfus High Yield Fund, Cl. I | 1,704,983 | g | 10,468,598 | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 3,732,676 | g | 3,732,676 | |||||
Dreyfus International Small Cap Fund, Cl. Y | 755,376 | g | 12,637,433 | ||||||
Dreyfus Research Growth Fund, Cl. Y | 645,781 | g | 11,036,389 | ||||||
Dreyfus Select Managers Small Cap Growth Fund, Cl. Y | 669,275 | g | 22,313,619 | ||||||
Dreyfus Select Managers Small Cap Value Fund, Cl. Y | 603,179 | g | 16,442,657 | ||||||
Dreyfus/Newton International Equity Fund, Cl. Y | 610,855 | g | 13,115,060 | ||||||
Dynamic Total Return Fund, Cl. Y | 512,171 | g | 8,353,501 | ||||||
Total Investment Companies | 319,493,040 |
81
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | 7-Day | Shares | Value ($) | ||||||
Investment of Cash Collateral for Securities Loaned - .1% | |||||||||
Registered Investment Companies - .1% | |||||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 1.87 | 351,900 | g | 351,900 | |||||
Total Investments (cost $400,535,699) | 100.0% | 496,762,228 | |||||||
Liabilities, Less Cash and Receivables | 0.0% | (204,832) | |||||||
Net Assets | 100.0% | 496,557,396 |
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 August 31, 2018, these securities were valued at $1,577,910 or .32% of net assets.
b Security, or portion thereof, on loan. At August 31, 2018, the value of the fund’s securities on loan was $1,837,353 and the value of the collateral held by the fund was $1,883,666, consisting of cash collateral of $351,900 and U.S. Government & Agency securities valued at $1,531,766.
c The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
d Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
e Non-income producing security.
f Investment in real estate investment trust.
g Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Investment Companies | 64.4 |
Financial | 5.7 |
Consumer, Non-cyclical | 5.3 |
Technology | 4.5 |
Communications | 4.4 |
Government | 4.1 |
Mortgage Securities | 3.7 |
Industrial | 2.4 |
Energy | 2.2 |
Consumer, Cyclical | 1.9 |
Utilities | .9 |
Basic Materials | .5 |
100.0 |
† Based on net assets.
See notes to financial statements.
82
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS
Registered Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ |
BNY Mellon Large Cap Stock Fund | ||||||||
Dreyfus Institutional | 1,096,205 | 46,386,016 | 45,111,088 | - | - | 2,371,133 | .8 | 24,245 |
Dreyfus Institutional | – | 12,659,918 | 12,659,918 | - | - | - | - | - |
Total | 1,096,205 | 59,045,934 | 57,771,006 | - | - | 2,371,133 | .8 | 24,245 |
BNY Mellon | ||||||||
BNY Mellon Income | 7,402,691 | - | 800,415 | 75,369 | 285,178 | 6,962,823 | 10.7 | 688,107 |
Dreyfus Institutional | 775,093 | 15,914,470 | 16,131,496 | - | - | 558,067 | .9 | 9,001 |
Dreyfus Institutional | – | 650,679 | 456,760 | - | - | 193,919 | .3 | - |
Dreyfus Research | 18,056,350 | - | 3,655,434 | 186,568 | 1,703,008 | 16,290,492 | 25.0 | 2,287,410 |
Dreyfus Strategic | 10,172,719 | - | 1,755,237 | 113,204 | 343,263 | 8,873,949 | 13.6 | 1,102,618 |
Total | 36,406,853 | 16,565,149 | 22,799,342 | 375,141 | 2,331,449 | 32,879,250 | 50.5 | 4,087,136 |
BNY Mellon | ||||||||
BNY Mellon Income | 21,580,349 | 2,700,000 | 1,697,153 | 93,208 | 1,205,707 | 23,882,111 | 6.7 | 2,005,467 |
Dreyfus Institutional | 1,232,934 | 44,817,377 | 43,199,488 | – | – | 2,850,823 | .8 | 45,565 |
Dreyfus Institutional | – | 7,799,802 | 7,022,848 | – | – | 776,954 | .2 | – |
Dreyfus Research | 60,307,580 | – | 12,882,882 | 245,983 | 5,523,721 | 53,194,402 | 14.9 | 7,354,062 |
Dreyfus Strategic | 31,709,431 | – | 5,619,635 | 207,010 | 1,036,390 | 27,333,196 | 7.7 | 3,404,225 |
Total | 114,830,294 | 55,317,179 | 70,422,006 | 546,201 | 7,765,818 | 108,037,486 | 30.3 | 12,809,319 |
83
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (continued)
Registered Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ |
BNY Mellon Income Stock Fund | ||||||||
Dreyfus Institutional | 11,627,088 | 444,443,763 | 405,120,180 | – | – | 50,950,671 | 4.1 | 245,924 |
Dreyfus Institutional | – | 221,944,338 | 211,627,465 | – | – | 10,316,873 | .9 | - |
Total | 11,627,088 | 666,388,101 | 616,747,645 | – | – | 61,267,544 | 5.0 | 245,924 |
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||
Dreyfus Institutional | 44,284,328 | 269,574,071 | 255,049,160 | – | – | 58,809,239 | 1.7 | 689,770 |
Dreyfus Institutional | 89,017,908 | 432,508,617 | 521,526,525 | – | – | – | - | |
Total | 133,302,236 | 702,082,688 | 776,575,685 | – | – | 58,809,239 | 1.7 | 689,770 |
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||
Dreyfus Institutional | 11,224,713 | 116,033,272 | 101,444,498 | – | – | 25,813,487 | 4.0 | 191,311 |
Dreyfus Institutional | 61,260,053 | 269,198,262 | 302,103,897 | – | – | 28,354,418 | 4.3 | - |
Total | 72,484,766 | 385,231,534 | 403,548,395 | – | – | 54,167,905 | 8.3 | 191,311 |
BNY Mellon Focused Equity Opportunities | ||||||||
Dreyfus Institutional | 1,622,984 | 76,035,937 | 73,343,211 | - | - | 4,315,710 | .7 | 53,095 |
BNY Mellon Small/ | ||||||||
Dreyfus Institutional | 6,871,312 | 75,332,300 | 73,203,802 | - | - | 8,999,810 | 2.4 | 85,333 |
Dreyfus Institutional | 26,312,751 | 171,662,166 | 197,974,917 | - | - | - | - | - |
Total | 33,184,063 | 246,994,466 | 271,178,719 | - | - | 8,999,810 | 2.4 | 85,333 |
84
Registered Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ | ||||||
BNY Mellon | ||||||||||||||
Dreyfus Institutional | 8,972,288 | 186,160,256 | 187,008,788 | – | – | 8,123,756 | .7 | 133,885 | ||||||
BNY Mellon | ||||||||||||||
Dreyfus Institutional | 5,959,053 | 298,972,792 | 304,931,845 | – | – | – | – | 94,534 | ||||||
Dreyfus Institutional | 425,984 | 235,381,777 | 235,807,761 | – | – | – | – | – | ||||||
Total | 6,385,037 | 534,354,569 | 540,739,606 | – | – | – | - | 94,534 | ||||||
BNY Mellon International | ||||||||||||||
Dreyfus Institutional | 643,374 | 7,189,960 | 6,816,250 | - | - | 1,017,084 | 1.3 | 8,713 | ||||||
BNY Mellon International | ||||||||||||||
Dreyfus Institutional | 4,877,078 | 74,334,706 | 78,279,602 | – | – | 932,182 | .3 | 43,142 | ||||||
BNY Mellon Asset Allocation Fund | ||||||||||||||
BNY Mellon Corporate Bond Fund, Cl. M | 12,637,970 | 469,226 | - | - | (529,463) | 12,577,733 | 2.5 | 469,226 | ||||||
BNY Mellon Emerging Markets Fund, Cl. M | 23,411,412 | 196,588 | - | - | (1,077,492) | 22,530,508 | 4.5 | 196,589 | ||||||
BNY Mellon Focused Equity Opportunities Fund, Cl. M | 39,553,593 | 4,503,419 | - | - | 4,442,400 | 48,499,412 | 9.8 | 4,503,419 | ||||||
BNY Mellon Income Stock Fund, Cl. M | 14,268,270 | 1,102,734 | 3,315,158 | 435,220 | 273,585 | 12,764,651 | 2.6 | 1,102,735 | ||||||
BNY Mellon Intermediate Bond Fund, Cl. M | 24,188,103 | 515,486 | - | - | (656,148) | 24,047,441 | 4.8 | 515,485 | ||||||
BNY Mellon International Fund, Cl. M | 13,379,750 | 210,906 | - | - | 281,827 | 13,872,483 | 2.8 | 210,906 | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund, Cl M | 40,453,519 | 1,792,151 | 9,225,000 | 1,399,452 | 4,301,060 | 38,721,182 | 7.8 | 1,792,152 | ||||||
BNY Mellon Small Cap Multi-Strategy Fund, Cl M | 5,264,865 | 460,351 | - | - | 1,064,678 | 6,789,894 | 1.4 | 460,351 | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund, Cl M | 9,844,609 | 1,006,610 | - | - | 1,774,029 | 12,625,248 | 2.5 | 1,006,609 | ||||||
Dreyfus Floating Rate Income Fund, Cl. Y | 10,450,069 | 436,514 | - | - | (61,006) | 10,825,577 | 2.2 | 436,514 |
85
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (continued)
Registered Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ | ||||||
BNY Mellon Asset Allocation Fund (continues) | ||||||||||||||
Dreyfus Global Real Estate Securities Fund, Cl. Y | 8,522,929 | 385,436 | 672,000 | 756 | 141,972 | 8,379,093 | 1.7 | 385,436 | ||||||
Dreyfus High Yield | 10,167,618 | 597,698 | - | - | (296,718) | 10,468,598 | 2.1 | 580,313 | ||||||
Dreyfus Institutional | - | 2,076,840 | 1,724,940 | - | - | 351,900 | .1 | - | ||||||
Dreyfus Institutional | 6,504,032 | 37,128,916 | 39,900,272 | - | - | 3,732,676 | .8 | 56,938 | ||||||
Dreyfus International | 11,816,435 | 235,365 | - | - | 585,633 | 12,637,433 | 2.5 | 235,365 | ||||||
Dreyfus Research | 8,616,451 | 1,234,124 | - | - | 1,185,814 | 11,036,389 | 2.2 | 1,234,124 | ||||||
Dreyfus Select | 17,638,127 | 1,164,624 | 1,467,197 | 90,656 | 4,887,409 | 22,313,619 | 4.5 | 1,164,623 | ||||||
Dreyfus Select | 15,121,619 | 917,020 | 1,465,260 | 118,351 | 1,750,927 | 16,442,657 | 3.3 | 917,020 | ||||||
Dreyfus/Newton | 12,538,600 | 183,288 | - | - | 393,172 | 13,115,060 | 2.6 | 183,289 | ||||||
Dynamic Total Return Fund, Cl. Y | 8,064,491 | 398,446 | - | - | (109,436) | 8,353,501 | 1.7 | 398,446 | ||||||
Total | 292,442,462 | 55,015,742 | 57,769,827 | 2,044,435 | 18,352,243 | 310,085,055 | 62.4 | 15,849,540 |
See notes to financial statements
86
STATEMENT OF FUTURES
August 31, 2018
BNY Mellon International Appreciation Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Long | |||||||||||
MSCI EAFE Index | 12 | 9/18 | 1,184,185 | 1,175,280 | (8,905) | ||||||
Gross Unrealized Depreciation | (8,905) |
See notes to financial statements.
87
STATEMENT OF OPTIONS WRITTEN
August 31, 2018
BNY Mellon Income Stock Fund | ||||||
Description/ Contracts/ Broker | Exercise Price | Expiration Date | Notional Amount | Value ($) | ||
Call Options: | ||||||
Apple Inc | 220 | 9/21/18 | 12,540,000 | (567,720) | ||
Bb&T Corp | 52.5 | 9/21/18 | 12,232,500 | (93,200) | ||
Comcast Corp | 37.5 | 9/21/18 | 3,150,000 | (39,480) | ||
Cisco Systems Inc | 47 | 9/21/18 | 8,742,000 | (226,920) | ||
Cvs Health Corp | 75 | 9/21/18 | 6,525,000 | (144,420) | ||
Delta Air Lines Inc | 57.5 | 9/21/18 | 6,210,000 | (191,160) | ||
Jpmorgan Chase & Co | 120 | 9/21/18 | 12,300,000 | (18,450) | ||
Medtronic Plc | 95 | 9/21/18 | 3,087,500 | (67,275) | ||
Occidental Petroleum Corp | 82.5 | 9/21/18 | 6,187,500 | (18,750) | ||
Suntrust Banks Inc | 75 | 9/21/18 | 6,150,000 | (45,920) | ||
Valero Energy Corp | 120 | 9/21/18 | 6,180,000 | (74,160) | ||
Verizon Communications Inc | 55 | 9/21/18 | 6,215,000 | (51,980) | ||
Put Options: | ||||||
Apple Inc | 210 | 9/21/18 | 1,008,000 | (3,024) | ||
Bank Of America Corp | 30 | 9/21/18 | 999,000 | (6,993) | ||
Bb&T Corp | 50 | 9/21/18 | 1,000,000 | (5,200) | ||
Conagra Brands Inc | 37 | 9/21/18 | 999,000 | (18,900) | ||
Comcast Corp | 35 | 9/21/18 | 997,500 | (3,990) | ||
Cisco Systems Inc | 44 | 9/21/18 | 998,800 | (1,362) | ||
Cvs Health Corp | 70 | 9/21/18 | 994,000 | (3,266) | ||
Dowdupont Inc | 65 | 9/21/18 | 994,500 | (2,601) | ||
Firstenergy Corp | 36 | 9/21/18 | 997,200 | (4,155) | ||
Hartford Financial Services Gr | 50 | 9/21/18 | 1,000,000 | (14,000) | ||
International Business Machine | 145 | 9/21/18 | 986,000 | (7,548) | ||
Jpmorgan Chase & Co | 110 | 9/21/18 | 1,001,000 | (3,731) | ||
Kellogg Co | 70 | 9/21/18 | 994,000 | (10,934) | ||
Lamar Advertising Co | 72.5 | 9/21/18 | 993,250 | (2,740) |
88
BNY Mellon Income Stock Fund | ||||||
Description/ Contracts/ Broker | Exercise Price | Expiration Date | Notional Amount | Value ($) | ||
Put Options: (continued) | ||||||
Merck & Co Inc | 67.5 | 9/21/18 | 999,000 | (10,064) | ||
Occidental Petroleum Corp | 75 | 9/21/18 | 937,500 | (3,000) | ||
Phillips 66 | 110 | 9/21/18 | 990,000 | (1,800) | ||
Raytheon Co | 195 | 9/21/18 | 975,000 | (7,800) | ||
At&T Inc | 33 | 9/21/18 | 990,000 | (33,900) | ||
Unitedhealth Group Inc | 250 | 9/21/18 | 950,000 | (1,140) | ||
Unitedhealth Group Inc | 260 | 9/21/18 | 988,000 | (4,978) | ||
Us Bancorp | 52.5 | 9/21/18 | 997,500 | (3,990) | ||
United Technologies Corp | 130 | 9/21/18 | 988,000 | (9,120) | ||
Valero Energy Corp | 110 | 9/21/18 | 990,000 | (2,880) | ||
Verizon Communications Inc | 52.5 | 9/21/18 | 997,500 | (4,370) | ||
Total Options Written | (1,710,921) |
See notes to financial statements.
89
STATEMENTS OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS August 31, 2018
BNY Mellon Emerging Markets Fund | |||||
Counterparty/ Purchased | Purchased Currency | Currency | Sold | Settlement Date | Unrealized (Depreciation)($) |
UBS Securities | |||||
United States Dollar | 814,088 | Hong Kong Dollar | 6,390,000 | 9/4/18 | (126) |
Gross Unrealized Depreciation | (126) |
See notes to financial statements.
90
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2018
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 278,304,186 |
| 32,291,243 |
| 248,960,828 |
| 1,161,578,397 |
| |
Affiliated issuers |
|
|
| 2,371,133 |
| 32,879,250 |
| 108,037,486 |
| 61,267,544 |
| |
Cash collateral held by broker—Note 4 |
|
|
| - |
| - |
| - |
| 24,764,750 |
| |
Dividends receivable |
|
|
| 552,874 |
| 61,599 |
| 471,850 |
| 2,919,222 |
| |
Receivable for shares of Beneficial |
|
|
| 73,170 |
| 75,000 |
| 81,026 |
| 363,615 |
| |
Securities lending receivable |
|
|
| 463 |
| 72 |
| 634 |
| 7,352 |
| |
Prepaid expenses |
|
|
| 22,705 |
| 18,222 |
| 22,269 |
| 46,536 |
| |
|
|
|
| 281,324,531 |
| 65,325,386 |
| 357,574,093 |
| 1,250,947,416 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 169,070 |
| 35,027 |
| 174,178 |
| 702,431 |
| |
Due to Administrator—Note 3(a) |
|
|
| 29,062 |
| 3,378 |
| 25,847 |
| 127,759 |
| |
Cash overdraft due to Custodian |
|
|
| 235,600 |
| - |
| 5 |
| 1,508,128 |
| |
Payable for shares of Beneficial |
|
|
| 571,910 |
| 3,000 |
| 24,072 |
| 1,207,873 |
| |
Trustees fees and expenses payable |
|
|
| 3,091 |
| 1,341 |
| 3,450 |
| 24,748 |
| |
Liability for securities on loan—Note 1(c) |
|
|
| - |
| 193,919 |
| 776,954 |
| 10,316,873 |
| |
Outstanding options written, at value††† |
|
|
| - |
| - |
| - |
| 1,710,921 |
| |
Accrued expenses |
|
|
| 12,833 |
| 3,527 |
| 11,311 |
| 32,709 |
| |
|
|
|
| 1,021,566 |
| 240,192 |
| 1,015,817 |
| 15,631,442 |
|
|
Net Assets ($) |
|
|
| 280,302,965 |
| 65,085,194 |
| 356,558,276 |
| 1,235,315,974 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 170,781,408 |
| 36,900,936 |
| 177,613,850 |
| 907,352,730 |
| |
Accumulated undistributed investment |
|
|
| 297,659 |
| 386,827 |
| 2,195,162 |
| 2,530,460 |
| |
Accumulated net realized gain (loss) |
|
|
| 30,745,110 |
| 8,775,517 |
| 30,583,709 |
| 72,258,026 |
| |
Accumulated net unrealized appreciation |
|
|
| 78,478,788 |
| 19,021,914 |
| 146,165,555 |
| 254,032,593 |
| |
Accumulated net unrealized appreciation |
|
|
| - |
| - |
| - |
| (857,835) |
| |
Net Assets ($) |
|
|
| 280,302,965 |
| 65,085,194 |
| 356,558,276 |
| 1,235,315,974 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 199,825,398 |
| 21,473,362 |
| 124,220,717 |
| 907,545,804 |
|
|
Affiliated issuers |
|
|
| 2,371,133 |
| 24,675,217 |
| 86,612,042 |
| 61,267,544 |
|
|
†† Value of securities on loan ($) |
|
|
| 2,146,674 |
| 613,883 |
| 5,968,641 |
| 76,324,376 |
|
|
††† Outstanding options premiums received ($) |
|
|
| - |
| - |
| - |
| 853,086 |
|
91
STATEMENTS OF ASSETS AND LIABILITIES (continued)
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| |
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 270,327,732 |
| 64,912,217 |
| 349,960,416 |
| 1,185,755,454 |
| |
Shares Outstanding |
|
|
| 41,563,946 |
| 4,867,068 |
| 19,318,008 |
| 121,207,444 |
| |
Net Asset Value Per Share ($) |
|
|
| 6.50 |
| 13.34 |
| 18.12 |
| 9.78 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 9,975,233 |
| 172,977 |
| 6,597,860 |
| 31,624,660 |
| |
Shares Outstanding |
|
|
| 1,532,964 |
| 12,818 |
| 356,094 |
| 3,195,938 |
| |
Net Asset Value Per Share ($) |
|
|
| 6.51 |
| 13.49 |
| 18.53 |
| 9.90 |
| |
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 4,607,661 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 470,865 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 9.79 |
| |
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 825,615 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 84,568 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 9.76 |
| |
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 12,490,969 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 1,276,653 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 9.78 |
| |
Class Y |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 11,615 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 1,188 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 9.78 |
| |
| ||||||||||||
See notes to financial statements. |
|
92
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Mid Cap Multi-Strategy Fund |
| BNY Mellon Small Cap Multi-Strategy Fund |
| BNY Mellon Focused Equity Opportunities Fund |
| BNY Mellon Small/Mid Cap Multi-Strategy Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 3,426,115,397 |
| 622,512,082 |
| 583,364,218 |
| 365,881,278 |
| |
Affiliated issuers |
|
|
| 58,809,239 |
| 54,167,905 |
| 4,315,710 |
| 8,999,810 |
| |
Cash |
|
|
| 17 |
| - |
| - |
| - |
| |
Receivable for investment securities sold |
|
|
| 8,261,849 |
| 6,313,013 |
| - |
| 823,619 |
| |
Receivable for shares of Beneficial |
|
|
| 3,574,205 |
| 117,285 |
| 1,419,212 |
| 2,800 |
| |
Dividends receivable |
|
|
| 3,376,947 |
| 352,937 |
| 990,028 |
| 201,640 |
| |
Unrealized appreciation on foreign currency transactions |
|
|
| 335 |
| - |
| - |
| - |
| |
Securities lending receivable |
|
|
| - |
| 24,444 |
| 2,369 |
| - |
| |
Prepaid expenses |
|
|
| 34,491 |
| 21,262 |
| 26,057 |
| 27,946 |
| |
|
|
|
| 3,500,172,480 |
| 683,508,928 |
| 590,117,594 |
| 375,937,093 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 2,241,703 |
| 490,599 |
| 356,418 |
| 250,500 |
| |
Due to Administrator—Note 3(a) |
|
|
| 353,717 |
| 66,153 |
| 59,850 |
| 38,112 |
| |
Cash overdraft due to Custodian |
|
|
| - |
| 23 |
| - |
| - |
| |
Payable for investment securities purchased |
|
|
| 12,818,117 |
| 3,616,264 |
| - |
| 598,297 |
| |
Payable for shares of Beneficial |
|
|
| 2,545,762 |
| 584,328 |
| 102,000 |
| 46,256 |
| |
Trustees fees and expenses payable |
|
|
| 39,500 |
| 8,033 |
| 8,280 |
| 6,473 |
| |
Liability for securities on loan—Note 1(c) |
|
|
| - |
| 28,354,418 |
| - |
| - |
| |
Accrued expenses |
|
|
| 61,474 |
| 23,546 |
| 27,087 |
| 37,732 |
| |
|
|
|
| 18,060,273 |
| 33,143,364 |
| 553,635 |
| 977,370 |
|
|
Net Assets ($) |
|
|
| 3,482,112,207 |
| 650,365,564 |
| 589,563,959 |
| 374,959,723 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 2,194,190,997 |
| 428,269,972 |
| 362,496,603 |
| 243,811,780 |
| |
Accumulated undistributed investment |
|
|
| 5,802,143 |
| 46,634 |
| 2,803,355 |
| 49,897 |
| |
Accumulated net realized gain (loss) |
|
|
| 156,446,235 |
| 58,856,833 |
| 66,331,575 |
| 40,349,466 |
| |
Accumulated net unrealized appreciation |
|
|
| 1,125,672,497 |
| 163,192,125 |
| 157,932,426 |
| 90,748,580 |
| |
Accumulated net unrealized appreciation |
|
|
| 335 |
| - |
| - |
| - |
| |
Net Assets ($) |
|
|
| 3,482,112,207 |
| 650,365,564 |
| 589,563,959 |
| 374,959,723 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 2,300,442,900 |
| 459,319,957 |
| 425,431,792 |
| 275,132,698 |
|
|
Affiliated issuers |
|
|
| 58,809,239 |
| 54,167,905 |
| 4,315,710 |
| 8,999,810 |
|
|
†† Value of securities on loan ($) |
|
|
| - |
| 150,499,359 |
| 23,645,177 |
| - |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 3,358,399,161 |
| 625,343,539 |
| 577,906,226 |
| 370,701,460 |
| |
Shares Outstanding |
|
|
| 174,591,785 |
| 27,003,990 |
| 31,026,394 |
| 21,993,344 |
| |
Net Asset Value Per Share ($) |
|
|
| 19.24 |
| 23.16 |
| 18.63 |
| 16.86 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 123,713,046 |
| 25,022,025 |
| 11,657,733 |
| 4,258,263 |
| |
Shares Outstanding |
|
|
| 6,544,883 |
| 1,133,385 |
| 632,581 |
| 256,994 |
| |
Net Asset Value Per Share ($) |
|
|
| 18.90 |
| 22.08 |
| 18.43 |
| 16.57 |
| |
| ||||||||||||
See notes to financial statements. |
|
93
STATEMENTS OF ASSETS AND LIABILITIES (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 |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 1,127,428,818 |
| 928,719,737 |
| 73,694,137 |
| 359,139,238 |
| 186,677,173 |
| |
Affiliated issuers |
|
|
| 8,123,756 |
| - |
| 1,017,084 |
| 932,182 |
| 310,085,055 |
| |
Cash |
|
|
| - |
| 83,509 |
| - |
| 346,151 |
| - |
| |
Cash denominated in foreign currency††† |
|
|
| 4,192,362 |
| 16,457,882 |
| - |
| 470,097 |
| - |
| |
Dividends receivable |
|
|
| 3,367,792 |
| 1,346,282 |
| 203,532 |
| 792,124 |
| 323,734 |
| |
Tax reclaim receivable |
|
|
| 2,356,493 |
| 26,549 |
| - |
| 1,018,849 |
| - |
| |
Receivable for shares of Beneficial |
|
|
| 488,731 |
| 1,181,775 |
| 162 |
| 250,472 |
| 19,371 |
| |
Receivable for investment securities sold |
|
|
| - |
| 4,585,164 |
| 311,983 |
| - |
| - |
| |
Securities lending receivable |
|
|
| - |
| 3,588 |
| - |
| - |
| 285 |
| |
Interest receivable |
|
|
| - |
| - |
| 118,584 |
| - |
| 486,565 |
| |
Unrealized appreciation on foreign currency transactions |
|
|
| - |
| - |
| 2 |
| 5,466 |
| - |
| |
Prepaid expenses |
|
|
| 34,503 |
| 24,390 |
| 17,815 |
| 8,489 |
| 24,415 |
| |
|
|
|
| 1,145,992,455 |
| 952,428,876 |
| 75,363,299 |
| 362,963,068 |
| 497,616,598 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 910,567 |
| 1,275,233 |
| 40,851 |
| 359,638 |
| 96,674 |
| |
Due to Administrator—Note 3(a) |
|
|
| 121,235 |
| 98,113 |
| 7,824 |
| 37,700 |
| 18,496 |
| |
Cash overdraft due to Custodian |
|
|
| - |
| - |
| 10,523 |
| - |
| 416,783 |
| |
Payable for shares of Beneficial |
|
|
| 292,911 |
| 748,552 |
| - |
| 101,157 |
| 3,784 |
| |
Unrealized depreciation on foreign currency transactions |
|
|
| 21,343 |
| 73,889 |
| - |
| - |
| - |
| |
Trustees fees and expenses payable |
|
|
| 15,200 |
| 13,947 |
| 1,646 |
| 4,000 |
| 7,488 |
| |
Payable for investment securities purchased |
|
|
| - |
| 5,318,201 |
| 366,505 |
| - |
| 150,021 |
| |
Note payable—Note 2 |
|
|
| - |
| 2,500,000 |
| - |
| - |
| - |
| |
Interest payable—Note 2 |
|
|
| - |
| 926 |
| - |
| - |
| 65 |
| |
Unrealized depreciation on forward foreign |
|
|
| - |
| 126 |
| - |
| - |
| - |
| |
Payable for futures |
|
|
| - |
| - |
| 8,460 |
| - |
| - |
| |
Liability for securities on loan—Note 1(c) |
|
|
| - |
| - |
| - |
| - |
| 351,900 |
| |
Accrued expenses |
|
|
| 36,254 |
| 26,491 |
| 11,879 |
| 17,535 |
| 13,991 |
| |
|
|
|
| 1,397,510 |
| 10,055,478 |
| 447,688 |
| 520,030 |
| 1,059,202 |
|
|
Net Assets ($) |
|
|
| 1,144,594,945 |
| 942,373,398 |
| 74,915,611 |
| 362,443,038 |
| 496,557,396 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 1,105,817,507 |
| 1,173,832,806 |
| 118,338,556 |
| 363,460,746 |
| 381,915,051 |
| |
Accumulated undistributed investment |
|
|
| 19,875,258 |
| 6,289,561 |
| 1,225,349 |
| 3,598,703 |
| 649,061 |
| |
Accumulated net realized gain (loss) |
|
|
| (43,582,602) |
| (408,297,551) |
| (31,746,520) |
| (16,445,031) |
| 17,766,755 |
| |
Accumulated net unrealized appreciation |
|
|
| 73,902,962 |
| 201,642,453 |
| (12,892,871) |
| 21,255,729 |
| 96,226,529 |
| |
Accumulated net unrealized appreciation |
|
|
| (11,418,180) |
| (31,093,871) |
| 2 |
| (9,427,109) |
| - |
| |
Accumulated net unrealized appreciation |
|
|
| - |
| - |
| (8,905) |
| - |
| - |
| |
Net Assets ($) |
|
|
| 1,144,594,945 |
| 942,373,398 |
| 74,915,611 |
| 362,443,038 |
| 496,557,396 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 1,064,877,667 |
| 758,018,335 |
| 86,587,008 |
| 347,309,158 |
| 157,311,713 |
|
|
Affiliated issuers |
|
|
| 8,123,756 |
| - |
| 1,017,084 |
| 932,182 |
| 243,223,986 |
|
|
†† Value of securities on loan ($) |
|
|
| - |
| 30,544,372 |
| - |
| - |
| 1,837,353 |
|
|
††† Cash denominated in foreign |
|
|
| 4,237,389 |
| 16,536,687 |
| - |
| 477,023 |
| - |
|
94
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| BNY Mellon International Appreciation Fund |
| BNY Mellon International Equity Income Fund |
| BNY Mellon Asset Allocation Fund |
| |
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 1,124,632,160 |
| 922,116,510 |
| 73,280,811 |
| 360,816,473 |
| 489,598,104 |
| |
Shares Outstanding |
|
|
| 83,637,588 |
| 85,980,523 |
| 5,227,877 |
| 26,039,452 |
| 37,212,519 |
| |
Net Asset Value Per Share ($) |
|
|
| 13.45 |
| 10.72 |
| 14.02 |
| 13.86 |
| 13.16 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 19,962,785 |
| 20,256,888 |
| 1,634,800 |
| 1,626,565 |
| 6,959,292 |
| |
Shares Outstanding |
|
|
| 1,394,431 |
| 1,840,439 |
| 117,751 |
| 116,222 |
| 525,125 |
| |
Net Asset Value Per Share ($) |
|
|
| 14.32 |
| 11.01 |
| 13.88 |
| 14.00 |
| 13.25 |
| |
| ||||||||||||||
See notes to financial statements. |
|
95
STATEMENTS OF OPERATIONS
Year Ended August 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
| ||
Cash dividends: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 5,366,556 | † | 441,050 |
| 3,962,509 |
| 36,178,062 |
| ||
Affiliated issuers |
|
| 24,245 |
| 349,422 |
| 1,109,661 |
| 245,924 |
| ||
Income from securities lending—Note 1(c) |
|
| 3,186 |
| 317 |
| 3,704 |
| 76,383 |
| ||
Total Income |
|
| 5,393,987 |
| 790,789 |
| 5,075,874 |
| 36,500,369 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 1,872,839 |
| 285,711 |
| 1,852,991 |
| 7,990,089 |
| ||
Administration fee—Note 3(a) |
|
| 353,388 |
| 41,110 |
| 296,620 |
| 1,507,326 |
| ||
Professional fees |
|
| 36,517 |
| 30,128 |
| 37,088 |
| 59,407 |
| ||
Registration fees |
|
| 30,983 |
| 31,307 |
| 32,126 |
| 86,829 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 24,993 |
| 1,507 |
| 15,762 |
| 88,115 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 21,316 |
| 4,520 |
| 21,382 |
| 97,390 |
| ||
Prospectus and shareholders’ reports |
|
| 11,615 |
| 7,893 |
| 9,321 |
| 18,618 |
| ||
Custodian fees—Note 3(b) |
|
| 9,708 |
| 4,610 |
| 9,091 |
| 29,013 |
| ||
Loan commitment fees—Note 2 |
|
| 6,772 |
| 690 |
| 6,000 |
| 27,237 |
| ||
Interest expense—Note 2 |
|
| 302 |
| - |
| 167 |
| 119 |
| ||
Distribution fees—Note 3(b) |
|
| - |
| - |
| - |
| 6,681 |
| ||
Miscellaneous |
|
| 32,499 |
| 37,881 |
| 39,191 |
| 44,405 |
| ||
Total Expenses |
|
| 2,400,932 |
| 445,357 |
| 2,319,739 |
| 9,955,229 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| - |
| - |
| (3) |
| (1,375) |
| ||
Net Expenses |
|
| 2,400,932 |
| 445,357 |
| 2,319,736 |
| 9,953,854 |
| ||
Investment Income—Net |
|
| 2,993,055 |
| 345,432 |
| 2,756,138 |
| 26,546,515 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments: |
|
|
|
|
|
|
|
| ||||
Unaffiliated issuers |
|
|
| 35,056,395 |
| 5,863,548 |
| 21,725,344 |
| 96,383,470 |
| |
Affiliated issuers |
|
|
| - |
| 375,141 |
| 546,201 |
| - |
| |
Net realized gain (loss) on options transactions |
|
| - |
| - |
| - |
| 2,220,609 |
| ||
Capital gain distributions from affiliated issuers |
|
| - |
| 3,737,714 |
| 11,699,658 |
| - |
| ||
Net Realized Gain (Loss) |
|
| 35,056,395 |
| 9,976,403 |
| 33,971,203 |
| 98,604,079 |
| ||
Net unrealized appreciation (depreciation) on investments: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
|
| 10,791,958 |
| 866,198 |
| 22,654,617 |
| 52,141,481 |
| |
Affiliated issuers |
|
|
| - |
| 2,331,449 |
| 7,765,818 |
| - |
| |
Net unrealized appreciation (depreciation) on options transactions |
|
| - |
| - |
| - |
| (936,787) |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| 10,791,958 |
| 3,197,647 |
| 30,420,435 |
| 51,204,694 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 45,848,353 |
| 13,174,050 |
| 64,391,638 |
| 149,808,773 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 48,841,408 |
| 13,519,482 |
| 67,147,776 |
| 176,355,288 |
| |||
† Net of foreign taxes withheld at source ($) |
|
| 268 |
| - |
| - |
| - |
| ||
See notes to financial statements. |
96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Mid Cap Multi-Strategy Fund |
| BNY Mellon Small Cap Multi-Strategy Fund |
| BNY Mellon Focused Equity Opportunities Fund |
| BNY Mellon Small/Mid Cap Multi-Strategy Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
| ||
Cash dividends: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 36,781,114 | † | 4,323,798 | † | 7,350,726 |
| 2,762,484 | † | ||
Affiliated issuers |
|
| 689,770 |
| 191,313 |
| 53,095 |
| 85,333 |
| ||
Income from securities lending—Note 1(c) |
|
| 357,254 |
| 602,592 |
| 22,313 |
| 221,099 |
| ||
Total Income |
|
| 37,828,138 |
| 5,117,703 |
| 7,426,134 |
| 3,068,916 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 23,802,427 |
| 5,043,474 |
| 3,756,711 |
| 2,626,151 |
| ||
Administration fee—Note 3(a) |
|
| 3,891,155 |
| 727,285 |
| 657,852 |
| 429,403 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 246,244 |
| 54,367 |
| 18,983 |
| 9,171 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 220,328 |
| 43,751 |
| 34,629 |
| 23,988 |
| ||
Professional fees |
|
| 96,727 |
| 46,170 |
| 41,833 |
| 39,385 |
| ||
Custodian fees—Note 3(b) |
|
| 95,031 |
| 44,027 |
| 13,884 |
| 30,837 |
| ||
Loan commitment fees—Note 2 |
|
| 72,073 |
| 13,136 |
| 12,696 |
| 7,843 |
| ||
Registration fees |
|
| 56,613 |
| 33,662 |
| 36,092 |
| 35,327 |
| ||
Prospectus and shareholders’ reports |
|
| 31,423 |
| 15,396 |
| 12,046 |
| 19,173 |
| ||
Interest expense—Note 2 |
|
| - |
| - |
| 597 |
| 324 |
| ||
Miscellaneous |
|
| 66,044 |
| 32,404 |
| 34,838 |
| 35,169 |
| ||
Total Expenses |
|
| 28,578,065 |
| 6,053,672 |
| 4,620,161 |
| 3,256,771 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (1,401) |
| (223) |
| - |
| (97) |
| ||
Net Expenses |
|
| 28,576,664 |
| 6,053,449 |
| 4,620,161 |
| 3,256,674 |
| ||
Investment Income—Net |
|
| 9,251,474 |
| (935,746) |
| 2,805,973 |
| (187,758) |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | 198,762,928 |
| 71,620,292 |
| 67,608,376 |
| 50,747,136 |
| ||||
Net unrealized appreciation (depreciation) on investments |
|
| 377,820,071 |
| 79,464,459 |
| 37,761,819 |
| 36,265,031 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 576,582,999 |
| 151,084,751 |
| 105,370,195 |
| 87,012,167 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 585,834,473 |
| 150,149,005 |
| 108,176,168 |
| 86,824,409 |
| |||
† Net of foreign taxes withheld at source ($) |
|
| 31,017 |
| 12,545 |
| - |
| 7,043 |
| ||
See notes to financial statements. |
97
STATEMENTS OF OPERATIONS (continued)
\ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| BNY Mellon International Appreciation Fund |
| BNY Mellon International Equity Income Fund |
| BNY Mellon Asset Allocation Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
|
|
| ||
Dividends: |
|
|
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 31,197,742 | † | 23,282,414 | † | 2,381,903 | † | 18,995,691 | † | 2,104,026 | † | ||
Affiliated issuers |
|
| 133,885 |
| 94,534 |
| 8,713 |
| 43,142 |
| 3,569,344 |
| ||
Income from securities lending—Note 1(c) |
|
| - |
| 18,667 |
| - |
| - |
| 2,384 |
| ||
Interest |
|
| - |
| - |
| - |
| - |
| 2,120,241 |
| ||
Miscellaneous income |
|
|
| - |
| - |
| - |
| - |
| 162 |
| |
Total Income |
|
| 31,331,627 |
| 23,395,615 |
| 2,390,616 |
| 19,038,833 |
| 7,796,157 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 9,864,697 |
| 11,486,563 |
| 393,069 |
| 3,240,035 |
| 1,421,113 |
| ||
Administration fee—Note 3(a) |
|
| 1,425,526 |
| 1,225,274 |
| 96,691 |
| 467,595 |
| 210,001 |
| ||
Custodian fees—Note 3(b) |
|
| 200,285 |
| 812,545 |
| 8,625 |
| 212,921 |
| 10,328 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 77,861 |
| 74,047 |
| 5,308 |
| 26,269 |
| 27,059 |
| ||
Professional fees |
|
| 61,468 |
| 97,895 |
| 44,549 |
| 53,055 |
| 44,675 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 52,581 |
| 51,986 |
| 3,827 |
| 3,340 |
| 16,248 |
| ||
Registration fees |
|
| 37,088 |
| 38,633 |
| 28,685 |
| 33,542 |
| 33,636 |
| ||
Loan commitment fees—Note 2 |
|
| 28,199 |
| 27,129 |
| 1,687 |
| 8,182 |
| 10,669 |
| ||
Prospectus and shareholders’ reports |
|
| 7,048 |
| 11,684 |
| 9,892 |
| 9,139 |
| 11,059 |
| ||
Interest expense—Note 2 |
|
| - |
| 1,381 |
| - |
| 377 |
| - |
| ||
ADR fees |
|
| - |
| - |
| 91,382 |
| - |
| - |
| ||
Miscellaneous |
|
| 83,138 |
| 69,982 |
| 70,891 |
| 52,691 |
| 56,985 |
| ||
Total Expenses |
|
| 11,837,891 |
| 13,897,119 |
| 754,606 |
| 4,107,146 |
| 1,841,773 |
| ||
Less—reduction in expenses due to undertakings—Note 3(a) |
|
| - |
| - |
| - |
| - |
| (423,988) |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (1) |
| (1,463) |
| (35) |
| - |
| (147) |
| ||
Net Expenses |
|
| 11,837,890 |
| 13,895,656 |
| 754,571 |
| 4,107,146 |
| 1,417,638 |
| ||
Investment Income—Net |
|
| 19,493,737 |
| 9,499,959 |
| 1,636,045 |
| 14,931,687 |
| 6,378,519 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments |
|
|
|
|
|
|
|
|
|
| ||||
Unaffiliated issuers |
|
|
| 63,212,451 |
| 38,867,759 |
| (1,613,601) |
| 26,676,727 |
| 7,601,408 |
| |
Affiliated issuers |
|
|
| - |
| - |
| - |
| - |
| 2,044,435 |
| |
Net realized gain (loss) on futures |
|
| - |
| - |
| 31,444 |
| - |
| - |
| ||
Net realized gain (loss) on forward foreign | (22,328) |
| (858,977) |
| - |
| (908,030) |
| - |
| ||||
Capital gain distributions from affiliated issuers |
|
| - |
| - |
| - |
| - |
| 12,280,196 |
| ||
Net Realized Gain (Loss) |
|
| 63,190,123 |
| 38,008,782 |
| (1,582,157) |
| 25,768,697 |
| 21,926,039 |
| ||
Net unrealized appreciation (depreciation) on investments |
|
|
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
|
| (43,840,879) |
| (87,061,710) |
| 2,561,452 |
| (34,579,549) |
| 6,919,174 |
| |
Affiliated issuers |
|
|
| - |
| - |
| - |
| - |
| 18,352,243 |
| |
Net unrealized appreciation (depreciation) on futures |
|
| - |
| - |
| (19,464) |
| - |
| - |
| ||
Net unrealized appreciation (depreciation) on |
|
| - |
| (62) |
| - |
| - |
| - |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| (43,840,879) |
| (87,061,772) |
| 2,541,988 |
| (34,579,549) |
| 25,271,417 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 19,349,244 |
| (49,052,990) |
| 959,831 |
| (8,810,852) |
| 47,197,456 |
| ||
Net Increase (Decrease) in Net Assets Resulting from Operations |
| 38,842,981 |
| (39,553,031) |
| 2,595,876 |
| 6,120,835 |
| 53,575,975 |
| |||
† Net of foreign taxes withheld at source ($) |
|
| 3,115,763 |
| 2,717,549 |
| 274,277 |
| 2,181,278 |
| 105 |
| ||
See notes to financial statements. |
98
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2018 |
|
|
| 2017 |
| 2018 |
|
|
| 2017 |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 2,993,055 |
|
|
| 3,839,414 |
| 345,432 |
|
|
| 565,046 |
| |
Net realized gain (loss) on investments |
| 35,056,395 |
|
|
| 32,594,373 |
| 9,976,403 |
|
|
| 10,238,394 |
| ||
Net unrealized appreciation (depreciation) |
| 10,791,958 |
|
|
| 8,923,695 |
| 3,197,647 |
|
|
| 1,654,655 |
| ||
Net Increase (Decrease) in Net Assets | 48,841,408 |
|
|
| 45,357,482 |
| 13,519,482 |
|
|
| 12,458,095 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (2,646,614) |
|
|
| (3,551,397) |
| (890,970) |
|
|
| (1,152,978) |
| |
Investor Shares |
|
| (70,073) |
|
|
| (97,932) |
| (9,378) |
|
|
| (7,124) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (33,120,942) |
|
|
| (11,731,752) |
| (8,770,532) |
|
|
| (8,206,774) |
| |
Investor Shares |
|
| (1,168,474) |
|
|
| (397,965) |
| (114,751) |
|
|
| (83,930) |
| |
Total Distributions |
|
| (37,006,103) |
|
|
| (15,779,046) |
| (9,785,631) |
|
|
| (9,450,806) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 20,184,388 |
|
|
| 18,032,405 |
| 2,314,575 |
|
|
| 3,142,900 |
| |
Investor Shares |
|
| 2,473,904 |
|
|
| 3,203,491 |
| 299,966 |
|
|
| 422,266 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 21,009,234 |
|
|
| 8,301,936 |
| 4,680,418 |
|
|
| 4,541,413 |
| |
Investor Shares |
|
| 1,196,889 |
|
|
| 477,188 |
| 89,052 |
|
|
| 59,851 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (60,799,287) |
|
|
| (104,524,357) |
| (14,617,165) |
|
|
| (25,281,654) |
| |
Investor Shares |
|
| (4,226,415) |
|
|
| (4,354,112) |
| (1,102,464) |
|
|
| (300,399) |
| |
Increase (Decrease) in Net Assets | (20,161,287) |
|
|
| (78,863,449) |
| (8,335,618) |
|
|
| (17,415,623) |
| |||
Total Increase (Decrease) in Net Assets | (8,325,982) |
|
|
| (49,285,013) |
| (4,601,767) |
|
|
| (14,408,334) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 288,628,947 |
|
|
| 337,913,960 |
| 69,686,961 |
|
|
| 84,095,295 |
| |
End of Period |
|
| 280,302,965 |
|
|
| 288,628,947 |
| 65,085,194 |
|
|
| 69,686,961 |
| |
Undistributed investment income—net | 297,659 |
|
|
| - |
| 386,827 |
|
|
| 137,607 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 3,198,117 |
|
|
| 3,082,461 |
| 186,620 |
|
|
| 266,829 |
| |
Shares issued for distributions reinvested |
|
| 3,484,417 |
|
|
| 1,490,525 |
| 390,686 |
|
|
| 403,323 |
| |
Shares redeemed |
|
| (9,662,903) |
|
|
| (17,925,467) |
| (1,160,531) |
|
|
| (2,121,253) |
| |
Net Increase (Decrease) in Shares Outstanding | (2,980,369) |
|
|
| (13,352,481) |
| (583,225) |
|
|
| (1,451,101) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 394,245 |
|
|
| 549,469 |
| 23,776 |
|
|
| 34,826 |
| |
Shares issued for distributions reinvested |
|
| 198,305 |
|
|
| 85,149 |
| 7,335 |
|
|
| 5,273 |
| |
Shares redeemed |
|
| (672,656) |
|
|
| (749,857) |
| (88,960) |
|
|
| (24,508) |
| |
Net Increase (Decrease) in Shares Outstanding | (80,106) |
|
|
| (115,239) |
| (57,849) |
|
|
| 15,591 |
| |||
|
| ||||||||||||||
a During the period ended August 31, 2018, 376,726 Class M shares representing $2,345,815 were exchanged for 376,561 Investor shares for BNY Mellon Large Cap Stock Fund and 20,815 Class M shares representing $260,893 were exchanged for 20,578 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 $290,411 were exchanged for 23,802 Investor shares for BNY Mellon Large Cap Market Opportunities Fund. | |||||||||||||||
|
99
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2018 |
|
|
| 2017 |
| 2018 |
|
|
| 2017 |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 2,756,138 |
|
|
| 3,610,772 |
| 26,546,515 |
|
|
| 26,662,758 |
| |
Net realized gain (loss) on investments |
| 33,971,203 |
|
|
| 32,428,746 |
| 98,604,079 |
|
|
| 76,398,311 |
| ||
Net unrealized appreciation (depreciation) |
| 30,420,435 |
|
|
| 19,594,389 |
| 51,204,694 |
|
|
| 28,395,403 |
| ||
Net Increase (Decrease) in Net Assets | 67,147,776 |
|
|
| 55,633,907 |
| 176,355,288 |
|
|
| 131,456,472 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (4,527,099) |
|
|
| (5,084,395) |
| (23,485,880) |
|
|
| (24,231,708) |
| |
Investor Shares |
|
| (72,902) |
|
|
| (95,138) |
| (488,284) |
|
|
| (389,454) |
| |
Class A |
|
| - |
|
|
| - |
| (70,349) |
|
|
| (33,515) |
| |
Class C |
|
| - |
|
|
| - |
| (8,747) |
|
|
| (7,791) |
| |
Class I |
|
| - |
|
|
| - |
| (142,050) |
|
|
| (52,116) |
| |
Class Y |
|
| - |
|
|
| - |
| (223) |
|
|
| (227) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (29,729,403) |
|
|
| (16,161,275) |
| (85,706,203) |
|
|
| (34,379,484) |
| |
Investor Shares |
|
| (575,507) |
|
|
| (340,491) |
| (2,003,763) |
|
|
| (575,328) |
| |
Class A |
|
| - |
|
|
| - |
| (245,207) |
|
|
| (12,719) |
| |
Class C |
|
| - |
|
|
| - |
| (68,446) |
|
|
| (8,853) |
| |
Class I |
|
| - |
|
|
| - |
| (390,606) |
|
|
| (640) |
| |
Class Y |
|
| - |
|
|
| - |
| (818) |
|
|
| (334) |
| |
Total Distributions |
|
| (34,904,911) |
|
|
| (21,681,299) |
| (112,610,576) |
|
|
| (59,692,169) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 7,532,291 |
|
|
| 13,793,845 |
| 97,506,202 |
|
|
| 222,593,274 |
| |
Investor Shares |
|
| 1,614,102 |
|
|
| 4,543,884 |
| 19,440,856 |
|
|
| 22,859,011 |
| |
Class A |
|
| - |
|
|
| - |
| 2,164,520 |
|
|
| 5,389,041 |
| |
Class C |
|
| - |
|
|
| - |
| 164,393 |
|
|
| 1,382,623 |
| |
Class I |
|
| - |
|
|
| - |
| 8,955,418 |
|
|
| 6,471,234 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 26,191,338 |
|
|
| 14,463,851 |
| 45,518,173 |
|
|
| 20,256,708 |
| |
Investor Shares |
|
| 511,558 |
|
|
| 346,837 |
| 2,105,487 |
|
|
| 790,208 |
| |
Class A |
|
| - |
|
|
| - |
| 313,715 |
|
|
| 45,390 |
| |
Class C |
|
| - |
|
|
| - |
| 76,269 |
|
|
| 16,179 |
| |
Class I |
|
| - |
|
|
| - |
| 531,394 |
|
|
| 52,196 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (52,043,430) |
|
|
| (69,907,179) |
| (204,001,653) |
|
|
| (195,706,156) |
| |
Investor Shares |
|
| (2,659,846) |
|
|
| (4,973,148) |
| (19,931,472) |
|
|
| (12,852,062) |
| |
Class A |
|
| - |
|
|
| - |
| (3,338,059) |
|
|
| (698,411) |
| |
Class C |
|
| - |
|
|
| - |
| (598,745) |
|
|
| (288,341) |
| |
Class I |
|
| - |
|
|
| - |
| (3,597,411) |
|
|
| (546,828) |
| |
Increase (Decrease) in Net Assets | (18,853,987) |
|
|
| (41,731,910) |
| (54,690,913) |
|
|
| 69,764,066 |
| |||
Total Increase (Decrease) in Net Assets | 13,388,878 |
|
|
| (7,779,302) |
| 9,053,799 |
|
|
| 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 |
|
| 356,558,276 |
|
|
| 343,169,398 |
| 1,235,315,974 |
|
|
| 1,226,262,175 |
| |
Undistributed investment income—net | 2,195,162 |
|
|
| 1,602,702 |
| 2,530,460 |
|
|
| 2,349,664 |
|
100
|
|
|
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2018 |
|
|
| 2017 |
| 2018 |
|
|
| 2017 |
|
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 447,655 |
|
|
| 897,855 |
| 10,324,382 |
|
|
| 24,391,573 |
| |
Shares issued for distributions reinvested |
|
| 1,603,879 |
|
|
| 970,728 |
| 4,876,755 |
|
|
| 2,317,614 |
| |
Shares redeemed |
|
| (3,138,912) |
|
|
| (4,486,873) |
| (21,587,699) |
|
|
| (21,563,169) |
| |
Net Increase (Decrease) in Shares Outstanding | (1,087,378) |
|
|
| (2,618,290) |
| (6,386,562) |
|
|
| 5,146,018 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 92,027 |
|
|
| 282,595 |
| 2,045,846 |
|
|
| 2,493,510 |
| |
Shares issued for distributions reinvested |
|
| 30,577 |
|
|
| 22,773 |
| 222,625 |
|
|
| 88,605 |
| |
Shares redeemed |
|
| (153,137) |
|
|
| (316,679) |
| (2,075,998) |
|
|
| (1,405,460) |
| |
Net Increase (Decrease) in Shares Outstanding | (30,533) |
|
|
| (11,311) |
| 192,473 |
|
|
| 1,176,655 |
| |||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| 230,326 |
|
|
| 586,479 |
| |
Shares issued for distributions reinvested |
|
| - |
|
|
| - |
| 33,471 |
|
|
| 5,012 |
| |
Shares redeemed |
|
| - |
|
|
| - |
| (342,734) |
|
|
| (77,920) |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| (78,937) |
|
|
| 513,571 |
| |||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| 17,439 |
|
|
| 151,491 |
| |
Shares issued for distributions reinvested |
|
| - |
|
|
| - |
| 8,167 |
|
|
| 1,817 |
| |
Shares redeemed |
|
| - |
|
|
| - |
| (64,161) |
|
|
| (31,373) |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| (38,555) |
|
|
| 121,935 |
| |||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| 943,755 |
|
|
| 705,068 |
| |
Shares issued for distributions reinvested |
|
| - |
|
|
| - |
| 56,716 |
|
|
| 5,639 |
| |
Shares redeemed |
|
| - |
|
|
| - |
| (376,655) |
|
|
| (59,058) |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| 623,816 |
|
|
| 651,649 |
| |||
|
| ||||||||||||||
a During the period ended August 31, 2018, 93,669 Class M shares representing $1,606,974 were exchanged for 91,627 Investor shares for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and 1,945,806 Class M shares representing $18,273,005 were exchanged for 1,924,389 Investor shares and 24,886 Class M shares representing $229,166 were exchanged for 24,887 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 $15,610,562 were exchanged for 1,698,369 Investor shares for BNY Mellon Income Stock Fund. | |||||||||||||||
|
101
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Mid Cap Multi-Strategy Fund |
| BNY Mellon Small Cap Multi-Strategy Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2018 |
|
|
| 2017 |
| 2018 |
|
|
| 2017 |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income (loss)—net |
|
| 9,251,474 |
|
|
| 11,643,452 |
| (935,746) |
|
|
| 193,402 |
| |
Net realized gain (loss) on investments |
| 198,762,928 |
|
|
| 118,148,460 |
| 71,620,292 |
|
|
| 43,027,917 |
| ||
Net unrealized appreciation (depreciation) |
| 377,820,071 |
|
|
| 193,029,893 |
| 79,464,459 |
|
|
| 27,837,466 |
| ||
Net Increase (Decrease) in Net Assets | 585,834,473 |
|
|
| 322,821,805 |
| 150,149,005 |
|
|
| 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 |
|
| 330,453,914 |
|
|
| 380,656,004 |
| 47,952,690 |
|
|
| 93,296,638 |
| |
Investor Shares |
|
| 53,660,367 |
|
|
| 53,158,637 |
| 8,196,012 |
|
|
| 8,529,859 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 62,094,669 |
|
|
| 15,655,601 |
| 23,540,331 |
|
|
| 1,304,414 |
| |
Investor Shares |
|
| 3,438,095 |
|
|
| 850,935 |
| 1,369,810 |
|
|
| 73,462 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (254,539,293) |
|
|
| (313,953,735) |
| (54,092,920) |
|
|
| (42,999,303) |
| |
Investor Shares |
|
| (36,247,589) |
|
|
| (33,415,145) |
| (7,843,905) |
|
|
| (5,724,662) |
| |
Increase (Decrease) in Net Assets | 158,860,163 |
|
|
| 102,952,297 |
| 19,122,018 |
|
|
| 54,480,408 |
| |||
Total Increase (Decrease) in Net Assets | 605,282,563 |
|
|
| 383,595,226 |
| 123,021,827 |
|
|
| 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 |
|
| 3,482,112,207 |
|
|
| 2,876,829,644 |
| 650,365,564 |
|
|
| 527,343,737 |
| |
Undistributed Investment Income—net | 5,802,143 |
|
|
| 5,505,432 |
| 46,634 |
|
|
| 130,188 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 18,468,723 |
|
|
| 23,907,927 |
| 2,309,778 |
|
|
| 4,974,843 |
| |
Shares issued for distributions reinvested |
|
| 3,589,287 |
|
|
| 1,008,088 |
| 1,171,161 |
|
|
| 70,054 |
| |
Shares redeemed |
|
| (14,214,472) |
|
|
| (20,075,659) |
| (2,534,680) |
|
|
| (2,319,640) |
| |
Net Increase (Decrease) in Shares Outstanding | 7,843,538 |
|
|
| 4,840,356 |
| 946,259 |
|
|
| 2,725,257 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 3,004,436 |
|
|
| 3,401,149 |
| 402,533 |
|
|
| 477,419 |
| |
Shares issued for distributions reinvested |
|
| 202,003 |
|
|
| 55,617 |
| 71,345 |
|
|
| 4,106 |
| |
Shares redeemed |
|
| (2,054,728) |
|
|
| (2,135,663) |
| (391,382) |
|
|
| (319,385) |
| |
Net Increase (Decrease) in Shares Outstanding | 1,151,711 |
|
|
| 1,321,103 |
| 82,496 |
|
|
| 162,140 |
| |||
|
| ||||||||||||||
a During the period ended August 31, 2018, 2,903,265 Class M shares representing $52,722,336 were exchanged for 2,953,066 Investor shares for BNY Mellon Mid Cap Multi-Strategy Fund and 358,897 Class M shares representing $7,633,504 were exchanged for 375,561 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 $7,470,648 were exchanged for 419,262 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund. | |||||||||||||||
|
102
|
|
|
| BNY Mellon Focused Equity Opportunities Fund |
| BNY Mellon Small/Mid Cap Multi-Strategy Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2018 |
|
|
| 2017 |
| 2018 |
|
|
| 2017 |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income (loss)—net |
|
| 2,805,973 |
|
|
| 3,208,908 |
| (187,758) |
|
|
| 319,094 |
| |
Net realized gain (loss) on investments |
| 67,608,376 |
|
|
| 72,662,640 |
| 50,747,136 |
|
|
| 30,724,500 |
| ||
Net unrealized appreciation (depreciation) |
| 37,761,819 |
|
|
| 29,720,961 |
| 36,265,031 |
|
|
| 18,808,799 |
| ||
Net Increase (Decrease) in Net Assets | 108,176,168 |
|
|
| 105,592,509 |
| 86,824,409 |
|
|
| 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 |
|
| 80,923,163 |
|
|
| 51,356,160 |
| 15,282,710 |
|
|
| 23,584,515 |
| |
Investor Shares |
|
| 8,151,743 |
|
|
| 4,965,899 |
| 2,507,632 |
|
|
| 3,740,966 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 30,811,036 |
|
|
| 20,715,198 |
| 23,419,359 |
|
|
| 783,850 |
| |
Investor Shares |
|
| 476,563 |
|
|
| 360,140 |
| 199,287 |
|
|
| 3,425 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (70,603,125) |
|
|
| (88,313,144) |
| (48,822,516) |
|
|
| (45,763,907) |
| |
Investor Shares |
|
| (3,802,435) |
|
|
| (4,329,680) |
| (2,245,145) |
|
|
| (2,337,406) |
| |
Increase (Decrease) in Net Assets | 45,956,945 |
|
|
| (15,245,427) |
| (9,658,673) |
|
|
| (19,988,557) |
| |||
Total Increase (Decrease) in Net Assets | 98,577,590 |
|
|
| 52,608,816 |
| 44,128,671 |
|
|
| 28,576,922 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 490,986,369 |
|
|
| 438,377,553 |
| 330,831,052 |
|
|
| 302,254,130 |
| |
End of Period |
|
| 589,563,959 |
|
|
| 490,986,369 |
| 374,959,723 |
|
|
| 330,831,052 |
| |
Undistributed Investment income—net | 2,803,355 |
|
|
| 1,961,462 |
| 49,897 |
|
|
| 121,745 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 4,603,582 |
|
|
| 3,293,535 |
| 1,001,581 |
|
|
| 1,727,137 |
| |
Shares issued for distributions reinvested |
|
| 1,854,969 |
|
|
| 1,483,897 |
| 1,615,128 |
|
|
| 57,425 |
| |
Shares redeemed |
|
| (4,028,972) |
|
|
| (5,861,544) |
| (3,225,837) |
|
|
| (3,350,090) |
| |
Net Increase (Decrease) in Shares Outstanding | 2,429,579 |
|
|
| (1,084,112) |
| (609,128) |
|
|
| (1,565,528) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 465,940 |
|
|
| 331,171 |
| 165,959 |
|
|
| 264,995 |
| |
Shares issued for distributions reinvested |
|
| 28,953 |
|
|
| 25,984 |
| 13,955 |
|
|
| 254 |
| |
Shares redeemed |
|
| (216,156) |
|
|
| (293,241) |
| (148,594) |
|
|
| (177,477) |
| |
Net Increase (Decrease) in Shares Outstanding | 278,737 |
|
|
| 63,914 |
| 31,320 |
|
|
| 87,772 |
| |||
|
| ||||||||||||||
a During the period ended August 31, 2018, 452,046 Class M shares representing $7,983,402 were exchanged for 456,499 Investor shares for BNY Mellon Focused Equity Opportunities Fund and 163,188 Class M shares representing $2, 503,824 were exchanged for 165,692 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 $3,420,916 were exchanged for 243,131 Investor shares for BNY Mellon Small/Mid Cap Multi-Strategy Fund. | |||||||||||||||
|
103
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2018 |
|
|
| 2017 |
| 2018 |
|
|
| 2017 |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 19,493,737 |
|
|
| 16,406,749 |
| 9,499,959 |
|
|
| 6,168,008 |
| |
Net realized gain (loss) on investments |
| 63,190,123 |
|
|
| 16,178,160 |
| 38,008,782 |
|
|
| 47,227,766 |
| ||
Net unrealized appreciation (depreciation) |
| (43,840,879) |
|
|
| 147,128,511 |
| (87,061,772) |
|
|
| 128,400,910 |
| ||
Net Increase (Decrease) in Net Assets | 38,842,981 |
|
|
| 179,713,420 |
| (39,553,031) |
|
|
| 181,796,684 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (16,943,659) |
|
|
| (18,946,155) |
| (7,723,247) |
|
|
| (5,176,429) |
| |
Investor Shares |
|
| (243,292) |
|
|
| (189,658) |
| (119,629) |
|
|
| (73,944) |
| |
Total Distributions |
|
| (17,186,951) |
|
|
| (19,135,813) |
| (7,842,876) |
|
|
| (5,250,373) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 136,691,465 |
|
|
| 151,215,147 |
| 155,688,692 |
|
|
| 167,463,648 |
| |
Investor Shares |
|
| 11,732,640 |
|
|
| 26,987,645 |
| 12,739,639 |
|
|
| 23,745,116 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 3,348,360 |
|
|
| 3,602,325 |
| 1,593,794 |
|
|
| 1,034,878 |
| |
Investor Shares |
|
| 170,210 |
|
|
| 152,750 |
| 103,209 |
|
|
| 68,623 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (113,117,569) |
|
|
| (243,709,088) |
| (93,654,883) |
|
|
| (130,130,682) |
| |
Investor Shares |
|
| (10,475,345) |
|
|
| (23,542,043) |
| (9,444,800) |
|
|
| (20,898,496) |
| |
Increase (Decrease) in Net Assets | 28,349,761 |
|
|
| (85,293,264) |
| 67,025,651 |
|
|
| 41,283,087 |
| |||
Total Increase (Decrease) in Net Assets | 50,005,791 |
|
|
| 75,284,343 |
| 19,629,744 |
|
|
| 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 |
|
| 1,144,594,945 |
|
|
| 1,094,589,154 |
| 942,373,398 |
|
|
| 922,743,654 |
| |
Undistributed investment income—net | 19,875,258 |
|
|
| 15,505,542 |
| 6,289,561 |
|
|
| 5,241,896 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 9,878,425 |
|
|
| 12,825,198 |
| 13,258,901 |
|
|
| 17,330,357 |
| |
Shares issued for distributions reinvested |
|
| 245,841 |
|
|
| 329,884 |
| 137,871 |
|
|
| 122,181 |
| |
Shares redeemed |
|
| (8,223,616) |
|
|
| (21,256,636) |
| (8,006,127) |
|
|
| (14,245,310) |
| |
Net Increase (Decrease) in Shares Outstanding | 1,900,650 |
|
|
| (8,101,554) |
| 5,390,645 |
|
|
| 3,207,228 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 800,105 |
|
|
| 2,148,295 |
| 1,070,909 |
|
|
| 2,432,256 |
| |
Shares issued for distributions reinvested |
|
| 11,715 |
|
|
| 13,123 |
| 8,688 |
|
|
| 7,879 |
| |
Shares redeemed |
|
| (711,901) |
|
|
| (1,835,955) |
| (797,888) |
|
|
| (2,105,403) |
| |
Net Increase (Decrease) in Shares Outstanding | 99,919 |
|
|
| 325,463 |
| 281,709 |
|
|
| 334,732 |
| |||
|
| ||||||||||||||
a During the period ended August 31, 2018, 837,129 Class M shares representing $11,523,668 were exchanged for 785,851 Investor shares for BNY Mellon International Fund and 1,022,528 Class M shares representing $11,891,240 were exchanged for 995,592 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 $13,052,484 were exchanged for 1,337,426 Investor shares for BNY Mellon Emerging Markets Fund. | |||||||||||||||
|
104
|
|
|
| BNY Mellon International Appreciation Fund |
| BNY Mellon International Equity Income Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2018 |
|
|
| 2017 |
| 2018 |
|
|
| 2017 |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 1,636,045 |
|
|
| 1,480,930 |
| 14,931,687 |
|
|
| 10,345,532 |
| |
Net realized gain (loss) on investments |
| (1,582,157) |
|
|
| (431,535) |
| 25,768,697 |
|
|
| 11,524,911 |
| ||
Net unrealized appreciation (depreciation) |
| 2,541,988 |
|
|
| 10,306,636 |
| (34,579,549) |
|
|
| 34,649,956 |
| ||
Net Increase (Decrease) in Net Assets | 2,595,876 |
|
|
| 11,356,031 |
| 6,120,835 |
|
|
| 56,520,399 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (1,543,090) |
|
|
| (1,926,533) |
| (15,178,004) |
|
|
| (9,852,699) |
| |
Investor Shares |
|
| (27,158) |
|
|
| (28,462) |
| (56,391) |
|
|
| (15,224) |
| |
Total Distributions |
|
| (1,570,248) |
|
|
| (1,954,995) |
| (15,234,395) |
|
|
| (9,867,923) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 2,090,902 |
|
|
| 4,948,545 |
| 51,840,945 |
|
|
| 92,375,228 |
| |
Investor Shares |
|
| 608,711 |
|
|
| 221,820 |
| 2,485,606 |
|
|
| 13,395,013 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 115,041 |
|
|
| 130,124 |
| 3,731,254 |
|
|
| 2,615,445 |
| |
Investor Shares |
|
| 26,028 |
|
|
| 27,294 |
| 32,865 |
|
|
| 8,911 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (5,817,550) |
|
|
| (12,276,860) |
| (53,460,898) |
|
|
| (55,937,132) |
| |
Investor Shares |
|
| (445,357) |
|
|
| (3,395,282) |
| (3,037,341) |
|
|
| (12,519,547) |
| |
Increase (Decrease) in Net Assets | (3,422,225) |
|
|
| (10,344,359) |
| 1,592,431 |
|
|
| 39,937,918 |
| |||
Total Increase (Decrease) in Net Assets | (2,396,597) |
|
|
| (943,323) |
| (7,521,129) |
|
|
| 86,590,394 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 77,312,208 |
|
|
| 78,255,531 |
| 369,964,167 |
|
|
| 283,373,773 |
| |
End of Period |
|
| 74,915,611 |
|
|
| 77,312,208 |
| 362,443,038 |
|
|
| 369,964,167 |
| |
Undistributed investment income—net | 1,225,349 |
|
|
| 1,114,984 |
| 3,598,703 |
|
|
| 4,550,128 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 145,302 |
|
|
| 389,152 |
| 3,526,189 |
|
|
| 7,185,399 |
| |
Shares issued for distributions reinvested |
|
| 8,096 |
|
|
| 10,962 |
| 257,430 |
|
|
| 204,949 |
| |
Shares redeemed |
|
| (405,023) |
|
|
| (982,512) |
| (3,639,315) |
|
|
| (4,378,738) |
| |
Net Increase (Decrease) in Shares Outstanding | (251,625) |
|
|
| (582,398) |
| 144,304 |
|
|
| 3,011,610 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 43,237 |
|
|
| 18,186 |
| 169,896 |
|
|
| 1,013,608 |
| |
Shares issued for distributions reinvested |
|
| 1,845 |
|
|
| 2,315 |
| 2,241 |
|
|
| 700 |
| |
Shares redeemed |
|
| (31,327) |
|
|
| (278,469) |
| (204,609) |
|
|
| (926,932) |
| |
Net Increase (Decrease) in Shares Outstanding | 13,755 |
|
|
| (257,968) |
| (32,472) |
|
|
| 87,376 |
| |||
|
| ||||||||||||||
a During the period ended August 31, 2018, 42,707 Class M shares representing $606,624 were exchanged for 43,091 Investor shares for BNY Mellon International Appreciation Fund and 171,216 Class M shares representing $2,479,257 were exchanged for 169,473 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 $2,972,782 were exchanged for 222,915 Investor shares for BNY Mellon International Equity Income Fund. | |||||||||||||||
|
105
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Asset Allocation Fund |
| ||||
|
|
|
| Year Ended August 31, | |||||
|
|
|
| 2018 |
|
|
| 2017 |
|
Operations ($): |
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 6,378,519 |
|
|
| 6,813,912 |
| |
Net realized gain (loss) on investments |
| 21,926,039 |
|
|
| 12,926,294 |
| ||
Net unrealized appreciation (depreciation) |
| 25,271,417 |
|
|
| 30,545,443 |
| ||
Net Increase (Decrease) in Net Assets | 53,575,975 |
|
|
| 50,285,649 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
| |
Class M |
|
| (7,929,138) |
|
|
| (7,721,467) |
| |
Investor Shares |
|
| (90,358) |
|
|
| (88,101) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
| |
Class M |
|
| (13,105,990) |
|
|
| (3,794,493) |
| |
Investor Shares |
|
| (171,217) |
|
|
| (47,678) |
| |
Total Distributions |
|
| (21,296,703) |
|
|
| (11,651,739) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
| |
Class M |
|
| 33,289,749 |
|
|
| 24,788,099 |
| |
Investor Shares |
|
| 1,649,611 |
|
|
| 5,291,045 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
| |
Class M |
|
| 11,144,876 |
|
|
| 3,609,322 |
| |
Investor Shares |
|
| 244,651 |
|
|
| 126,112 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
| |
Class M |
|
| (46,826,466) |
|
|
| (50,789,034) |
| |
Investor Shares |
|
| (2,111,442) |
|
|
| (4,302,297) |
| |
Increase (Decrease) in Net Assets | (2,609,021) |
|
|
| (21,276,753) |
| |||
Total Increase (Decrease) in Net Assets | 29,670,251 |
|
|
| 17,357,157 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 466,887,145 |
|
|
| 449,529,988 |
| |
End of Period |
|
| 496,557,396 |
|
|
| 466,887,145 |
| |
Undistributed investment income—net | 649,061 |
|
|
| 125,245 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
| |
Shares sold |
|
| 2,598,590 |
|
|
| 2,119,243 |
| |
Shares issued for distributions reinvested |
|
| 883,500 |
|
|
| 319,341 |
| |
Shares redeemed |
|
| (3,673,332) |
|
|
| (4,348,773) |
| |
Net Increase (Decrease) in Shares Outstanding | (191,242) |
|
|
| (1,910,189) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
| |
Shares sold |
|
| 127,161 |
|
|
| 450,242 |
| |
Shares issued for distributions reinvested |
|
| 19,217 |
|
|
| 10,946 |
| |
Shares redeemed |
|
| (165,678) |
|
|
| (367,506) |
| |
Net Increase (Decrease) in Shares Outstanding | (19,300) |
|
|
| 93,682 |
| |||
| |||||||||
a During the period ended August 31, 2018, 126,575 Class M shares representing $1,630,368 were exchanged for 125,658 Investor shares and during the period ended August 31, 2017, 430,765 Class M shares representing $5,025,248 were exchanged for 427,759 Investor shares for BNY Mellon Asset Allocation Fund. | |||||||||
|
106
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Large Cap Stock Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 6.25 | 5.67 | 5.92 | 7.15 | 9.97 | |
Investment Operations: | ||||||
Investment income—net a | .07 | .07 | .08 | .09 | .09 | |
Net realized and unrealized | 1.00 | .81 | .34 | (.04) | 1.88 | |
Total from Investment Operations | 1.07 | .88 | .42 | .05 | 1.97 | |
Distributions: | ||||||
Dividends from investment income—net | (.06) | (.07) | (.08) | (.08) | (.10) | |
Dividends from net realized gain on investments | (.76) | (.23) | (.59) | (1.20) | (4.69) | |
Total Distributions | (.82) | (.30) | (.67) | (1.28) | (4.79) | |
Net asset value, end of period | 6.50 | 6.25 | 5.67 | 5.92 | 7.15 | |
Total Return (%) | 18.31 | 16.12 | 7.31 | .12 | 26.27 | |
Ratios/Supplemental Data (%) | ||||||
Ratio of total expenses to average net assets | .82 | .84 | .83 | .81 | .81 | |
Ratio of net expenses to average net assets | .82 | .84 | .83 | .81 | .81 | |
Ratio of net investment income | 1.05 | 1.27 | 1.44 | 1.32 | 1.20 | |
Portfolio Turnover | 48.73 | 46.36 | 49.82 | 52.80 | 142.41 | |
Net Assets, end of period ($ x 1,000) | 270,328 | 278,536 | 328,113 | 398,485 | 468,446 |
a Based on average shares outstanding.
See notes to financial statements.
107
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Large Cap Stock Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 6.26 | 5.67 | 5.92 | 7.15 | 9.97 | |
Investment Operations: | ||||||
Investment income—net a | .05 | .06 | .07 | .07 | .07 | |
Net realized and unrealized | 1.01 | .82 | .34 | (.03) | 1.88 | |
Total from Investment Operations | 1.06 | .88 | .41 | .04 | 1.95 | |
Distributions: | ||||||
Dividends from investment income—net | (.05) | (.06) | (.07) | (.07) | (.08) | |
Dividends from net realized gain on investments | (.76) | (.23) | (.59) | (1.20) | (4.69) | |
Total Distributions | (.81) | (.29) | (.66) | (1.27) | (4.77) | |
Net asset value, end of period | 6.51 | 6.26 | 5.67 | 5.92 | 7.15 | |
Total Return (%) | 18.02 | 16.02 | 7.04 | (.13) | 25.96 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.07 | 1.09 | 1.08 | 1.06 | 1.06 | |
Ratio of net expenses to average net assets | 1.07 | 1.09 | 1.08 | 1.06 | 1.06 | |
Ratio of net investment income | .79 | 1.02 | 1.18 | 1.08 | .93 | |
Portfolio Turnover Rate | 48.73 | 46.36 | 49.82 | 52.80 | 142.41 | |
Net Assets, end of period ($ x 1,000) | 9,975 | 10,093 | 9,801 | 9,900 | 12,672 |
a Based on average shares outstanding.
See notes to financial statements.
108
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Large Cap | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.62 | 12.09 | 13.25 | 16.21 | 14.21 | |
Investment Operations: | ||||||
Investment income—net a | .07 | .09 | .11 | .11 | .11 | |
Net realized and unrealized | 2.50 | 1.98 | 1.08 | (.28) | 3.13 | |
Total from Investment Operations | 2.57 | 2.07 | 1.19 | (.17) | 3.24 | |
Distributions: | ||||||
Dividends from investment income—net | (.17) | (.19) | (.11) | (.25) | (.18) | |
Dividends from net realized gain on investments | (1.68) | (1.35) | (2.24) | (2.54) | (1.06) | |
Total Distributions | (1.85) | (1.54) | (2.35) | (2.79) | (1.24) | |
Net asset value, end of period | 13.34 | 12.62 | 12.09 | 13.25 | 16.21 | |
Total Return (%) | 22.00 | 18.68 | 10.27 | (1.72) | 23.67 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets b | .66 | .66 | .60 | .53 | .53 | |
Ratio of net expenses to average net assets b | .66 | .66 | .60 | .53 | .53 | |
Ratio of net investment income | .51 | .78 | .92 | .78 | .69 | |
Portfolio Turnover | 18.59 | 30.26 | 19.43 | 30.75 | 26.42 | |
Net Assets, end of period ($ x 1,000) | 64,912 | 68,786 | 83,425 | 130,257 | 192,209 |
a Based on average shares outstanding.
b Amount does not include the expenses of the underlying funds.
See notes to financial statements.
109
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Large Cap | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.75 | 12.16 | 13.32 | 16.29 | 14.28 | |
Investment Operations: | ||||||
Investment income—net a | .04 | .05 | .09 | .07 | .06 | |
Net realized and unrealized | 2.52 | 2.00 | 1.07 | (.28) | 3.17 | |
Total from Investment Operations | 2.56 | 2.05 | 1.16 | (.21) | 3.23 | |
Distributions: | ||||||
Dividends from investment income—net | (.14) | (.11) | (.08) | (.22) | (.16) | |
Dividends from net realized gain on investments | (1.68) | (1.35) | (2.24) | (2.54) | (1.06) | |
Total Distributions | (1.82) | (1.46) | (2.32) | (2.76) | (1.22) | |
Net asset value, end of period | 13.49 | 12.75 | 12.16 | 13.32 | 16.29 | |
Total Return (%) | 21.61 | 18.41 | 9.90 | (1.99) | 23.54 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets b | .91 | .91 | .84 | .79 | .81 | |
Ratio of net expenses to average net assets b | .91 | .91 | .84 | .79 | .81 | |
Ratio of net investment income | .30 | .44 | .76 | .50 | .45 | |
Portfolio Turnover | 18.59 | 30.26 | 19.43 | 30.75 | 26.42 | |
Net Assets, end of period ($ x 1,000) | 173 | 901 | 670 | 1,119 | 631 |
a Based on average shares outstanding.
b Amount does not include the expenses of the underlying funds.
See notes to financial statements.
110
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Tax-Sensitive Large Cap | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.50 | 14.98 | 14.71 | 17.12 | 14.45 | |
Investment Operations: | ||||||
Investment income—net a | .14 | .16 | .17 | .16 | .15 | |
Net realized and unrealized | 3.21 | 2.31 | 1.33 | (.23) | 3.22 | |
Total from Investment Operations | 3.35 | 2.47 | 1.50 | (.07) | 3.37 | |
Distributions: | ||||||
Dividends from investment income—net | (.23) | (.23) | (.15) | (.26) | (.20) | |
Dividends from net realized gain on investments | (1.50) | (.72) | (1.08) | (2.08) | (.50) | |
Total Distributions | (1.73) | (.95) | (1.23) | (2.34) | (.70) | |
Net asset value, end of period | 18.12 | 16.50 | 14.98 | 14.71 | 17.12 | |
Total Return (%) | 21.44 | 17.13 | 10.86 | (.94) | 23.82 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets b | .66 | .65 | .64 | .61 | .61 | |
Ratio of net expenses to average net assets b | .66 | .65 | .64 | .61 | .61 | |
Ratio of net investment income | .80 | 1.05 | 1.19 | .99 | .95 | |
Portfolio Turnover | 15.03 | 24.05 | 13.81 | 20.63 | 13.01 | |
Net Assets, end of period ($ x 1,000) | 349,960 | 336,659 | 344,867 | 401,855 | 474,496 |
a Based on average shares outstanding.
b Amount does not include the expenses of the underlying funds.
See notes to financial statements.
111
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Tax-Sensitive Large Cap | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.84 | 15.28 | 14.98 | 17.40 | 14.64 | |
Investment Operations: | ||||||
Investment income—net a | .10 | .13 | .14 | .12 | .08 | |
Net realized and unrealized | 3.28 | 2.35 | 1.35 | (.23) | 3.30 | |
Total from Investment Operations | 3.38 | 2.48 | 1.49 | (.11) | 3.38 | |
Distributions: | ||||||
Dividends from investment income—net | (.19) | (.20) | (.11) | (.23) | (.12) | |
Dividends from net realized gain on investments | (1.50) | (.72) | (1.08) | (2.08) | (.50) | |
Total Distributions | (1.69) | (.92) | (1.19) | (2.31) | (.62) | |
Net asset value, end of period | 18.53 | 16.84 | 15.28 | 14.98 | 17.40 | |
Total Return (%) | 21.15 | 16.87 | 10.56 | (1.19) | 23.47 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets b | .91 | .90 | .89 | .86 | .87 | |
Ratio of net expenses to average net assets b | .91 | .90 | .89 | .86 | .87 | |
Ratio of net investment income | .56 | .81 | .97 | .74 | .53 | |
Portfolio Turnover Rate | 15.03 | 24.05 | 13.81 | 20.63 | 13.01 | |
Net Assets, end of period ($ x 1,000) | 6,598 | 6,511 | 6,081 | 4,237 | 3,859 |
a Based on average shares outstanding.
b Amount does not include the expenses of the underlying funds.
See notes to financial statements.
112
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Income Stock Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.29 | 8.72 | 8.57 | 9.94 | 8.39 | |
Investment Operations: | ||||||
Investment income—net a | .21 | .21 | .21 | .19 | .19 | |
Net realized and unrealized | 1.16 | .83 | .94 | (.38) | 1.86 | |
Total From Investment Operations | 1.37 | 1.04 | 1.15 | (.19) | 2.05 | |
Distributions: | ||||||
Dividends from investment income—net | (.19) | (.19) | (.21) | (.19) | (.19) | |
Dividends from net realized gain on investments | (.69) | (.28) | (.79) | (.99) | (.31) | |
Total Distributions | (.88) | (.47) | (1.00) | (1.18) | (.50) | |
Net asset value, end of period | 9.78 | 9.29 | 8.72 | 8.57 | 9.94 | |
Total Return (%) | 15.31 | 12.33 | 14.33 | (2.28) | 25.17 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .80 | .81 | .81 | .80 | .80 | |
Ratio of net expenses to average net assets | .80 | .81 | .81 | .80 | .80 | |
Ratio of net investment income | 2.17 | 2.28 | 2.54 | 2.06 | 2.08 | |
Portfolio Turnover | 67.57 | 52.66 | 54.31 | 65.75 | 57.74 | |
Net Assets, end of period ($ x 1,000) | 1,185,755 | 1,185,723 | 1,068,292 | 1,077,496 | 1,254,622 |
a Based on average shares outstanding.
See notes to financial statements.
113
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Income Stock Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.39 | 8.81 | 8.63 | 10.02 | 8.45 | |
Investment Operations: | ||||||
Investment income—net a | .18 | .19 | .19 | .17 | .16 | |
Net realized and unrealized | 1.18 | .84 | .97 | (.40) | 1.89 | |
Total from Investment Operations | 1.36 | 1.03 | 1.16 | (.23) | 2.05 | |
Distributions: | ||||||
Dividends from investment income—net | (.16) | (.17) | (.19) | (.17) | (.17) | |
Dividends from net realized gain on investments | (.69) | (.28) | (.79) | (.99) | (.31) | |
Total Distributions | (.85) | (.45) | (.98) | (1.16) | (.48) | |
Net asset value, end of period | 9.90 | 9.39 | 8.81 | 8.63 | 10.02 | |
Total Return (%) | 15.08 | 12.02 | 14.14 | (2.64) | 24.75 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.05 | 1.06 | 1.06 | 1.05 | 1.07 | |
Ratio of net expenses to average net assets | 1.05 | 1.06 | 1.06 | 1.05 | 1.07 | |
Ratio of net investment income | 1.92 | 2.03 | 2.27 | 1.81 | 1.74 | |
Portfolio Turnover Rate | 67.57 | 52.66 | 54.31 | 65.75 | 57.74 | |
Net Assets, end of period ($ x 1,000) | 31,625 | 28,204 | 16,094 | 14,479 | 13,913 |
a Based on average shares outstanding.
See notes to financial statements.
114
Class A | ||||||
Year Ended August 31, | ||||||
BNY Mellon Income Stock Fund | 2018 | 2017 | 2016 | a | ||
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.30 | 8.72 | 8.42 | |||
Investment Operations: | ||||||
Investment income—net b | .18 | .17 | .05 | |||
Net realized and unrealized gain (loss) on investments | 1.16 | .86 | .30 | |||
Total from Investment Operations | 1.34 | 1.03 | .35 | |||
Distributions: | ||||||
Dividends from investment income—net | (.16) | (.17) | (.05) | |||
Dividends from net realized gain on investments | (.69) | (.28) | — | |||
Total Distributions | (.85) | (.45) | (.05) | |||
Net asset value, end of period | 9.79 | 9.30 | 8.72 | |||
Total Return (%) c | 15.01 | 12.18 | 4.19 | d | ||
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.10 | 1.11 | 1.15 | e | ||
Ratio of net expenses to average net assets | 1.10 | 1.10 | 1.15 | e | ||
Ratio of net investment income to average net assets | 1.89 | 2.01 | 1.96 | e | ||
Portfolio Turnover Rate | 67.57 | 52.66 | 54.31 | |||
Net Assets, end of period ($ x 1,000) | 4,608 | 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.
115
FINANCIAL HIGHLIGHTS (continued)
Class C | ||||||
Year Ended August 31, | ||||||
BNY Mellon Income Stock Fund | 2018 | 2017 | 2016 | a | ||
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.28 | 8.72 | 8.42 | |||
Investment Operations: | ||||||
Investment income—net b | .10 | .12 | .04 | |||
Net realized and unrealized gain (loss) on investments | 1.16 | .83 | .30 | |||
Total from Investment Operations | 1.26 | .95 | .34 | |||
Distributions: | ||||||
Dividends from investment income—net | (.09) | (.11) | (.04) | |||
Dividends from net realized gain on investments | (.69) | (.28) | — | |||
Total Distributions | (.78) | (.39) | (.04) | |||
Net asset value, end of period | 9.76 | 9.28 | 8.72 | |||
Total Return (%) c | 14.07 | 11.22 | 4.00 | d | ||
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.88 | 1.85 | 1.85 | e | ||
Ratio of net expenses to average net assets | 1.88 | 1.81 | 1.85 | e | ||
Ratio of net investment income to average net assets | 1.08 | 1.30 | 1.69 | e | ||
Portfolio Turnover Rate | 67.57 | 52.66 | 54.31 | |||
Net Assets, end of period ($ x 1,000) | 826 | 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.
116
Class I | ||||||
Year Ended August 31, | ||||||
BNY Mellon Income Stock Fund | 2018 | 2017 | 2016 | a | ||
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.30 | 8.72 | 8.42 | |||
Investment Operations: | ||||||
Investment income—net b | .20 | .21 | .06 | |||
Net realized and unrealized gain (loss) on investments | 1.16 | .84 | .30 | |||
Total from Investment Operations | 1.36 | 1.05 | .36 | |||
Distributions: | ||||||
Dividends from investment income—net | (.19) | (.19) | (.06) | |||
Dividends from net realized gain on investments | (.69) | (.28) | — | |||
Total Distributions | (.88) | (.47) | (.06) | |||
Net asset value, end of period | 9.78 | 9.30 | 8.72 | |||
Total Return (%) | 15.18 | 12.44 | 4.26 | c | ||
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .83 | .85 | .86 | d | ||
Ratio of net expenses to average net assets | .83 | .85 | .86 | d | ||
Ratio of net investment income to average net assets | 2.13 | 2.30 | 2.71 | d | ||
Portfolio Turnover Rate | 67.57 | 52.66 | 54.31 | |||
Net Assets, end of period ($ x 1,000) | 12,491 | 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.
117
FINANCIAL HIGHLIGHTS (continued)
Class Y | ||||||
Year Ended August 31, | ||||||
BNY Mellon Income Stock Fund | 2018 | 2017 | 2016 | a | ||
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.29 | 8.72 | 8.42 | |||
Investment Operations: | ||||||
Investment income—net b | .20 | .21 | .06 | |||
Net realized and unrealized gain (loss) on investments | 1.17 | .83 | .30 | |||
Total from Investment Operations | 1.37 | 1.04 | .36 | |||
Distributions: | ||||||
Dividends from investment income—net | (.19) | (.19) | (.06) | |||
Dividends from net realized gain on investments | (.69) | (.28) | — | |||
Total Distributions | (.88) | (.47) | (.06) | |||
Net asset value, end of period | 9.78 | 9.29 | 8.72 | |||
Total Return (%) | 15.31 | 12.33 | 4.26 | c | ||
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .80 | .81 | .86 | d | ||
Ratio of net expenses to average net assets | .80 | .81 | .86 | d | ||
Ratio of net investment income to average net assets | 2.17 | 2.27 | 2.71 | d | ||
Portfolio Turnover Rate | 67.57 | 52.66 | 54.31 | |||
Net Assets, end of period ($ x 1,000) | 12 | 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.
118
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.72 | 15.03 | 14.66 | 15.58 | 13.33 | |
Investment Operations: | ||||||
Investment income—net a | .05 | .07 | .08 | .05 | .05 | |
Net realized and unrealized | 3.28 | 1.88 | .96 | (.04) | 2.94 | |
Total from Investment Operations | 3.33 | 1.95 | 1.04 | .01 | 2.99 | |
Distributions: | ||||||
Dividends from investment income—net | (.04) | (.10) | (.02) | (.04) | (.05) | |
Dividends from net realized gain on investments | (.77) | (.16) | (.65) | (.89) | (.69) | |
Total Distributions | (.81) | (.26) | (.67) | (.93) | (.74) | |
Net asset value, end of period | 19.24 | 16.72 | 15.03 | 14.66 | 15.58 | |
Total Return (%) | 20.48 | 13.12 | 7.51 | .15 | 23.09 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .89 | .90 | .90 | .90 | .90 | |
Ratio of net expenses to average net assets | .89 | .90 | .90 | .90 | .90 | |
Ratio of net investment income | .30 | .45 | .60 | .29 | .33 | |
Portfolio Turnover | 50.53 | 62.81 | 74.68 | 73.87 | 53.63 | |
Net Assets, end of period ($ x 1,000) | 3,358,399 | 2,788,133 | 2,433,012 | 2,199,395 | 1,922,073 |
a Based on average shares outstanding.
See notes to financial statements.
119
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.45 | 14.79 | 14.45 | 15.37 | 13.17 | |
Investment Operations: | ||||||
Investment income—net a | .01 | .03 | .05 | .01 | .01 | |
Net realized and unrealized | 3.22 | 1.86 | .94 | (.03) | 2.91 | |
Total from Investment Operations | 3.23 | 1.89 | .99 | (.02) | 2.92 | |
Distributions: | ||||||
Dividends from investment income—net | (.01) | (.07) | — | (.01) | (.03) | |
Dividends from net realized gain on investments | (.77) | (.16) | (.65) | (.89) | (.69) | |
Total Distributions | (.78) | (.23) | (.65) | (.90) | (.72) | |
Net asset value, end of period | 18.90 | 16.45 | 14.79 | 14.45 | 15.37 | |
Total Return (%) | 20.13 | 12.89 | 7.26 | (.08) | 22.74 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.14 | 1.15 | 1.15 | 1.15 | 1.15 | |
Ratio of net expenses to average net assets | 1.14 | 1.15 | 1.15 | 1.15 | 1.15 | |
Ratio of net investment income | .05 | .20 | .34 | .04 | .08 | |
Portfolio Turnover Rate | 50.53 | 62.81 | 74.68 | 73.87 | 53.63 | |
Net Assets, end of period ($ x 1,000) | 123,713 | 88,697 | 60,222 | 57,118 | 52,447 |
a Based on average shares outstanding.
See notes to financial statements.
120
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Small Cap Multi-Strategy Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 19.48 | 16.71 | 16.65 | 17.18 | 14.78 | |
Investment Operations: | ||||||
Investment income (loss)—net a | (.03) | .01 | .01 | (.02) | (.04) | |
Net realized and unrealized | 5.41 | 2.86 | .68 | .25 | 2.44 | |
Total from Investment Operations | 5.38 | 2.87 | .69 | .23 | 2.40 | |
Distributions: | ||||||
Dividends from net realized gain on investments | (1.70) | (.10) | (.63) | (.76) | — | |
Net asset value, end of period | 23.16 | 19.48 | 16.71 | 16.65 | 17.18 | |
Total Return (%) | 28.97 | 17.19 | 4.46 | 1.33 | 16.24 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.01 | 1.03 | 1.05 | 1.03 | 1.03 | |
Ratio of net expenses to average net assets | 1.01 | 1.03 | 1.05 | 1.03 | 1.03 | |
Ratio of net investment income | (.15) | .05 | .04 | (.14) | (.21) | |
Portfolio Turnover | 63.00 | 75.82 | 101.40 | 90.30 | 92.86 | |
Net Assets, end of period ($ x 1,000) | 625,344 | 507,703 | 389,890 | 368,428 | 347,613 |
a Based on average shares outstanding.
See notes to financial statements.
121
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Small Cap Multi-Strategy Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.69 | 16.07 | 16.08 | 16.65 | 14.36 | |
Investment Operations: | ||||||
Investment (loss)—net a | (.08) | (.04) | (.03) | (.06) | (.07) | |
Net realized and unrealized | 5.17 | 2.76 | .65 | .25 | 2.36 | |
Total from Investment Operations | 5.09 | 2.72 | .62 | .19 | 2.29 | |
Distributions: | ||||||
Dividends from net realized gain on investments | (1.70) | (.10) | (.63) | (.76) | — | |
Net asset value, end of period | 22.08 | 18.69 | 16.07 | 16.08 | 16.65 | |
Total Return (%) | 28.62 | 16.94 | 4.17 | 1.13 | 15.95 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.26 | 1.28 | 1.30 | 1.28 | 1.28 | |
Ratio of net expenses to average net assets | 1.26 | 1.28 | 1.30 | 1.28 | 1.28 | |
Ratio of net investment (loss) | (.40) | (.20) | (.21) | (.39) | (.46) | |
Portfolio Turnover Rate | 63.00 | 75.82 | 101.40 | 90.30 | 92.86 | |
Net Assets, end of period ($ x 1,000) | 25,022 | 19,641 | 14,285 | 12,745 | 11,485 |
a Based on average shares outstanding.
See notes to financial statements.
122
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Focused Equity Opportunities Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.96 | 14.63 | 14.66 | 18.30 | 15.24 | |
Investment Operations: | ||||||
Investment income—net a | .09 | .11 | .12 | .12 | .11 | |
Net realized and unrealized | 3.51 | 3.56 | 1.20 | (.69) | 4.31 | |
Total from Investment Operations | 3.60 | 3.67 | 1.32 | (.57) | 4.42 | |
Distributions: | ||||||
Dividends from investment income—net | (.07) | (.19) | (.11) | (.10) | (.14) | |
Dividends from net realized gain on investments | (1.86) | (1.15) | (1.24) | (2.97) | (1.22) | |
Total Distributions | (1.93) | (1.34) | (1.35) | (3.07) | (1.36) | |
Net asset value, end of period | 18.63 | 16.96 | 14.63 | 14.66 | 18.30 | |
Total Return (%) | 22.62 | 27.04 | 9.39 | (3.82) | 30.54 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .86 | .87 | .87 | .85 | .85 | |
Ratio of net expenses to average net assets | .86 | .87 | .87 | .85 | .85 | |
Ratio of net investment income | .53 | .72 | .83 | .73 | .65 | |
Portfolio Turnover | 45.29 | 62.39 | 48.25 | 74.72 | 76.48 | |
Net Assets, end of period ($ x 1,000) | 577,906 | 485,040 | 434,171 | 561,399 | 674,222 |
a Based on average shares outstanding.
See notes to financial statements.
123
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Focused Equity Opportunities Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.81 | 14.51 | 14.55 | 18.20 | 15.18 | |
Investment Operations: | ||||||
Investment income—net a | .05 | .07 | .08 | .08 | .06 | |
Net realized and unrealized | 3.46 | 3.53 | 1.19 | (.69) | 4.30 | |
Total from Investment Operations | 3.51 | 3.60 | 1.27 | (.61) | 4.36 | |
Distributions: | ||||||
Dividends from investment income—net | (.03) | (.15) | (.07) | (.07) | (.12) | |
Dividends from net realized gain on investments | (1.86) | (1.15) | (1.24) | (2.97) | (1.22) | |
Total Distributions | (1.89) | (1.30) | (1.31) | (3.04) | (1.34) | |
Net asset value, end of period | 18.43 | 16.81 | 14.51 | 14.55 | 18.20 | |
Total Return (%) | 22.24 | 26.75 | 9.13 | (4.05) | 30.18 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.11 | 1.12 | 1.12 | 1.11 | 1.11 | |
Ratio of net expenses to average net assets | 1.11 | 1.12 | 1.12 | 1.11 | 1.11 | |
Ratio of net investment income | .32 | .49 | .59 | .47 | .36 | |
Portfolio Turnover | 45.29 | 62.39 | 48.25 | 74.72 | 76.48 | |
Net Assets, end of period ($ x 1,000) | 11,658 | 5,947 | 4,206 | 8,593 | 3,569 |
a Based on average shares outstanding.
See notes to financial statements.
124
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.49 | 12.44 | 12.72 | 16.98 | 15.09 | |
Investment Operations: | ||||||
Investment income (loss)—net a | (.01) | .01 | .01 | (.01) | .07 | |
Net realized and unrealized | 3.86 | 2.09 | .50 | .10 | 2.82 | |
Total from Investment Operations | 3.85 | 2.10 | .51 | .09 | 2.89 | |
Distributions: | ||||||
Dividends from investment income—net | (.00)b | (.01) | (.04) | - | (.08) | |
Dividends from net realized gain on investments | (1.48) | (.04) | (.75) | (4.35) | (.92) | |
Total Distributions | (1.48) | (.05) | (.79) | (4.35) | (1.00) | |
Net asset value, end of period | 16.86 | 14.49 | 12.44 | 12.72 | 16.98 | |
Total Return (%) | 28.25 | 16.94 | 4.35 | 1.71 | 19.84 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .93 | .94 | .95 | .94 | .91 | |
Ratio of net expenses to average net assets | .93 | .94 | .95 | .94 | .91 | |
Ratio of net investment income (loss) | (.05) | .10 | .10 | (.08) | .46 | |
Portfolio Turnover | 61.78 | 79.45 | 99.45 | 110.79 | 144.87 | |
Net Assets, end of period ($ x 1,000) | 370,701 | 327,604 | 300,557 | 339,836 | 411,334 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
125
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.30 | 12.31 | 12.59 | 16.88 | 15.02 | |
Investment Operations: | ||||||
Investment (loss)—net a | (.05) | (.02) | (.01) | (.04) | (.00)b | |
Net realized and unrealized | 3.80 | 2.05 | .48 | .10 | 2.84 | |
Total from Investment Operations | 3.75 | 2.03 | .47 | .06 | 2.84 | |
Distributions: | ||||||
Dividends from investment income—net | - | - | - | - | (.06) | |
Dividends from net realized gain on investments | (1.48) | (.04) | (.75) | (4.35) | (.92) | |
Total Distributions | (1.48) | (.04) | (.75) | (4.35) | (.98) | |
Net asset value, end of period | 16.57 | 14.30 | 12.31 | 12.59 | 16.88 | |
Total Return (%) | 27.87 | 16.55 | 4.08 | 1.48 | 19.53 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.18 | 1.19 | 1.20 | 1.19 | 1.17 | |
Ratio of net expenses to average net assets | 1.18 | 1.19 | 1.20 | 1.19 | 1.17 | |
Ratio of net investment (loss) | (.30) | (.17) | (.11) | (.32) | (.03) | |
Portfolio Turnover | 61.78 | 79.45 | 99.45 | 110.79 | 144.87 | |
Net Assets, end of period ($ x 1,000) | 4,258 | 3,227 | 1,697 | 1,536 | 3,088 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
126
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon International Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.17 | 11.22 | 11.55 | 12.72 | 11.14 | |
Investment Operations: | ||||||
Investment income—net a | .23 | .19 | .18 | .18 | .21 | |
Net realized and unrealized | .26 | 1.98 | (.35) | (1.16) | 1.57 | |
Total from Investment Operations | .49 | 2.17 | (.17) | (.98) | 1.78 | |
Distributions: | ||||||
Dividends from investment income—net | (.21) | (.22) | (.16) | (.19) | (.20) | |
Net asset value, end of period | 13.45 | 13.17 | 11.22 | 11.55 | 12.72 | |
Total Return (%) | 3.68 | 19.80 | (1.49) | (7.68) | 16.11 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.02 | 1.04 | 1.03 | 1.03 | 1.03 | |
Ratio of net expenses to average net assets | 1.02 | 1.04 | 1.03 | 1.03 | 1.03 | |
Ratio of net investment income | 1.68 | 1.64 | 1.59 | 1.49 | 1.64 | |
Portfolio Turnover | 54.87 | 81.88 | 86.83 | 112.69 | 92.94 | |
Net Assets, end of period ($ x 1,000) | 1,124,632 | 1,076,444 | 1,007,752 | 1,005,637 | 990,119 |
a Based on average shares outstanding.
See notes to financial statements.
127
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon International Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.02 | 11.92 | 12.26 | 13.50 | 11.82 | |
Investment Operations: | ||||||
Investment income—net a | .22 | .20 | .15 | .15 | .19 | |
Net realized and unrealized | .26 | 2.10 | (.37) | (1.22) | 1.67 | |
Total from Investment Operations | .48 | 2.30 | (.22) | (1.07) | 1.86 | |
Distributions: | ||||||
Dividends from investment income—net | (.18) | (.20) | (.12) | (.17) | (.18) | |
Net asset value, end of period | 14.32 | 14.02 | 11.92 | 12.26 | 13.50 | |
Total Return (%) | 3.41 | 19.59 | (1.78) | (7.88) | 15.85 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.27 | 1.29 | 1.28 | 1.28 | 1.28 | |
Ratio of net expenses to average net assets | 1.27 | 1.29 | 1.28 | 1.28 | 1.28 | |
Ratio of net investment income | 1.44 | 1.53 | 1.25 | 1.17 | 1.38 | |
Portfolio Turnover Rate | 54.87 | 81.88 | 86.83 | 112.69 | 92.94 | |
Net Assets, end of period ($ x 1,000) | 19,963 | 18,145 | 11,553 | 14,040 | 8,952 |
a Based on average shares outstanding.
See notes to financial statements.
128
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Emerging Markets Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.23 | 8.96 | 7.98 | 10.98 | 9.11 | |
Investment Operations: | ||||||
Investment income—net a | .11 | .08 | .09 | .09 | .10 | |
Net realized and unrealized | (.53) | 2.26 | .96 | (2.96) | 1.88 | |
Total from Investment Operations | (.42) | 2.34 | 1.05 | (2.87) | 1.98 | |
Distributions: | ||||||
Dividends from investment income—net | (.09) | (.07) | (.07) | (.13) | (.11) | |
Dividends from net realized gain on investments | — | — | — | — | — | |
Total Distributions | (.09) | (.07) | (.07) | (.13) | (.11) | |
Net asset value, end of period | 10.72 | 11.23 | 8.96 | 7.98 | 10.98 | |
Total Return (%) | (3.76) | 26.36 | 13.35 | (26.28) | 21.82 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.39 | 1.40 | 1.44 | 1.42 | 1.42 | |
Ratio of net expenses to average net assets | 1.39 | 1.40 | 1.44 | 1.42 | 1.42 | |
Ratio of net investment income | .96 | .84 | 1.10 | .98 | 1.04 | |
Portfolio Turnover | 80.86 | 91.81 | 103.60 | 107.27 | 70.89 | |
Net Assets, end of period ($ x 1,000) | 922,117 | 904,774 | 693,652 | 1,108,616 | 2,046,317 |
a Based on average shares outstanding.
See notes to financial statements.
129
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Emerging Markets Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.53 | 9.20 | 8.17 | 11.25 | 9.33 | |
Investment Operations: | ||||||
Investment income—net a | .09 | .07 | .07 | .08 | .09 | |
Net realized and unrealized | (.54) | 2.31 | 1.00 | (3.04) | 1.91 | |
Total from Investment Operations | (.45) | 2.38 | 1.07 | (2.96) | 2.00 | |
Distributions: | ||||||
Dividends from investment income—net | (.07) | (.05) | (.04) | (.12) | (.08) | |
Dividends from net realized gain on investments | — | — | — | — | — | |
Total Distributions | (.07) | (.05) | (.04) | (.12) | (.08) | |
Net asset value, end of period | 11.01 | 11.53 | 9.20 | 8.17 | 11.25 | |
Total Return (%) | (3.93) | 26.05 | 13.13 | (26.49) | 21.57 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.64 | 1.65 | 1.69 | 1.67 | 1.67 | |
Ratio of net expenses to average net assets | 1.64 | 1.65 | 1.69 | 1.67 | 1.67 | |
Ratio of net investment income | .74 | .69 | .85 | .76 | .90 | |
Portfolio Turnover Rate | 80.86 | 91.81 | 103.60 | 107.27 | 70.89 | |
Net Assets, end of period ($ x 1,000) | 20,257 | 17,970 | 11,263 | 17,033 | 22,947 |
a Based on average shares outstanding.
See notes to financial statements.
130
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon International Appreciation Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.85 | 12.19 | 12.51 | 13.90 | 12.38 | |
Investment Operations: | ||||||
Investment income—net a | .30 | .26 | .26 | .27 | .38 | |
Net realized and unrealized | .15 | 1.73 | (.29) | (1.26) | 1.42 | |
Total from Investment Operations | .45 | 1.99 | (.03) | (.99) | 1.80 | |
Distributions: | ||||||
Dividends from investment income—net | (.28) | (.33) | (.29) | (.40) | (.28) | |
Net asset value, end of period | 14.02 | 13.85 | 12.19 | 12.51 | 13.90 | |
Total Return (%) | 3.24 | 16.76 | (.22) | (7.14) | 14.65 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .95 | .92 | .92 | .83 | .81 | |
Ratio of net expenses to average net assets | .95 | .92 | .92 | .83 | .81 | |
Ratio of net investment income | 2.09 | 2.01 | 2.21 | 2.02 | 2.78 | |
Portfolio Turnover | 4.54 | 4.49 | 3.04 | 12.51 | 4.41 | |
Net Assets, end of period ($ x 1,000) | 73,281 | 75,885 | 73,896 | 101,023 | 111,225 |
a Based on average shares outstanding.
See notes to financial statements.
131
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon International Appreciation Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.73 | 12.04 | 12.37 | 13.74 | 12.24 | |
Investment Operations: | ||||||
Investment income—net a | .26 | .18 | .23 | .23 | .34 | |
Net realized and unrealized | .14 | 1.76 | (.31) | (1.24) | 1.41 | |
Total from Investment Operations | .40 | 1.94 | (.08) | (1.01) | 1.75 | |
Distributions: | ||||||
Dividends from investment income—net | (.25) | (.25) | (.25) | (.36) | (.25) | |
Net asset value, end of period | 13.88 | 13.73 | 12.04 | 12.37 | 13.74 | |
Total Return (%) | 2.89 | 16.47 | (.57) | (7.32) | 14.39 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.20 | 1.17 | 1.17 | 1.08 | 1.06 | |
Ratio of net expenses to average net assets | 1.20 | 1.17 | 1.17 | 1.08 | 1.06 | |
Ratio of net investment income | 1.84 | 1.50 | 1.96 | 1.77 | 2.52 | |
Portfolio Turnover | 4.54 | 4.49 | 3.04 | 12.51 | 4.41 | |
Net Assets, end of period ($ x 1,000) | 1,635 | 1,427 | 4,360 | 4,966 | 5,310 |
a Based on average shares outstanding.
See notes to financial statements.
132
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon International Equity Income Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.20 | 12.35 | 11.92 | 14.82 | 13.81 | |
Investment Operations: | ||||||
Investment income—net a | .57 | .42 | .34 | .43 | .75 | |
Net realized and unrealized | (.32) | 1.84 | .41 | (2.82) | .90 | |
Total from Investment Operations | .25 | 2.26 | .75 | (2.39) | 1.65 | |
Distributions: | ||||||
Dividends from investment income—net | (.59) | (.41) | (.32) | (.51) | (.64) | |
Net asset value, end of period | 13.86 | 14.20 | 12.35 | 11.92 | 14.82 | |
Total Return (%) | 1.63 | 18.72 | 6.51 | (16.51) | 12.08 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.08 | 1.09 | 1.09 | 1.07 | 1.08 | |
Ratio of net expenses to average net assets | 1.08 | 1.09 | 1.09 | 1.07 | 1.08 | |
Ratio of net investment income | 3.92 | 3.27 | 2.85 | 3.25 | 5.13 | |
Portfolio Turnover | 54.20 | 46.42 | 78.17 | 88.45 | 83.07 | |
Net Assets, end of period ($ x 1,000) | 360,816 | 367,829 | 282,609 | 283,099 | 341,645 |
a Based on average shares outstanding.
See notes to financial statements.
133
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon International Equity Income Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.36 | 12.47 | 11.97 | 14.89 | 13.89 | |
Investment Operations: | ||||||
Investment income—net a | .54 | .62 | .23 | .39 | .50 | |
Net realized and unrealized | (.34) | 1.57 | .52 | (2.83) | 1.11 | |
Total from Investment Operations | .20 | 2.19 | .75 | (2.44) | 1.61 | |
Distributions: | ||||||
Dividends from investment income—net | (.56) | (.30) | (.25) | (.48) | (.61) | |
Net asset value, end of period | 14.00 | 14.36 | 12.47 | 11.97 | 14.89 | |
Total Return (%) | 1.27 | 17.87 | 6.40 | (16.77) | 11.79 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.33 | 1.37 | 1.34 | 1.33 | 1.36 | |
Ratio of net expenses to average net assets | 1.33 | 1.37 | 1.34 | 1.33 | 1.36 | |
Ratio of net investment income | 3.78 | 4.13 | 1.92 | 2.84 | 3.81 | |
Portfolio Turnover Rate | 54.20 | 46.42 | 78.17 | 88.45 | 83.07 | |
Net Assets, end of period ($ x 1,000) | 1,627 | 2,135 | 765 | 2,924 | 919 |
a Based on average shares outstanding.
See notes to financial statements.
134
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Asset Allocation Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.30 | 11.30 | 11.51 | 12.57 | 11.68 | |
Investment Operations: | ||||||
Investment income—net a | .17 | .18 | .17 | .18 | .17 | |
Net realized and unrealized | 1.26 | 1.12 | .39 | (.46) | 1.67 | |
Total from Investment Operations | 1.43 | 1.30 | .56 | (.28) | 1.84 | |
Distributions: | ||||||
Dividends from investment income—net | (.21) | (.20) | (.19) | (.32) | (.26) | |
Dividends from net realized gain on investments | (.36) | (.10) | (.58) | (.46) | (.69) | |
Total Distributions | (.57) | (.30) | (.77) | (.78) | (.95) | |
Net asset value, end of period | 13.16 | 12.30 | 11.30 | 11.51 | 12.57 | |
Total Return (%) | 11.86 | 11.73 | 5.08 | (2.39) | 16.25 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets b | .38 | .38 | .37 | .35 | .35 | |
Ratio of net expenses to average net assets b | .29 | .30 | .27 | .26 | .26 | |
Ratio of net investment income | 1.33 | 1.51 | 1.52 | 1.48 | 1.43 | |
Portfolio Turnover | 20.66 | 27.34 | 23.99 | 30.31 | 48.28 | |
Net Assets, end of period ($ x 1,000) | 489,598 | 460,142 | 444,399 | 467,431 | 493,660 |
a Based on average shares outstanding.
b Amount does not include the expenses of the underlying funds.
See notes to financial statements.
135
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Asset Allocation Fund | 2018 | 2017 | 2016 | 2015 | 2014 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.39 | 11.38 | 11.58 | 12.64 | 11.74 | |
Investment Operations: | ||||||
Investment income—net a | .14 | .15 | .14 | .15 | .14 | |
Net realized and unrealized | 1.26 | 1.14 | .40 | (.46) | 1.68 | |
Total from Investment Operations | 1.40 | 1.29 | .54 | (.31) | 1.82 | |
Distributions: | ||||||
Dividends from investment income—net | (.18) | (.18) | (.16) | (.29) | (.23) | |
Dividends from net realized gain on investments | (.36) | (.10) | (.58) | (.46) | (.69) | |
Total Distributions | (.54) | (.28) | (.74) | (.75) | (.92) | |
Net asset value, end of period | 13.25 | 12.39 | 11.38 | 11.58 | 12.64 | |
Total Return (%) | 11.50 | 11.49 | 4.89 | (2.62) | 15.96 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets b | .63 | .63 | .62 | .60 | .61 | |
Ratio of net expenses to average net assets b | .54 | .55 | .52 | .51 | .52 | |
Ratio of net investment income | 1.06 | 1.22 | 1.25 | 1.25 | 1.17 | |
Portfolio Turnover | 20.66 | 27.34 | 23.99 | 30.31 | 48.28 | |
Net Assets, end of period ($ x 1,000) | 6,959 | 6,745 | 5,131 | 6,393 | 8,338 |
a Based on average shares outstanding.
b Amount does not include the expenses of the underlying funds.
See notes to financial statements.
136
NOTES TO FINANCIAL STATEMENTS
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 August 31, 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 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
137
NOTES TO FINANCIAL STATEMENTS (continued)
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 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
138
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 August 31, 2018 in valuing each fund’s investments:
At August 31, 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 ($) | Total | |||||||||
BNY Mellon Large Cap | |||||||||||||||||
Equity Securities— | 278,304,186 | - | - | - | - | - | 278,304,186 | ||||||||||
Registered Investment Companies | 2,371,133 | - | - | - | - | - | 2,371,133 |
139
NOTES TO FINANCIAL STATEMENTS (continued)
Table 1—Fair Value Measurements (continued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon Large Cap Market | |||||||||||||||||
Equity Securities— | 32,291,243 | - | - | - | - | - | 32,291,243 | ||||||||||
Registered Investment Companies | 32,879,250 | - | - | - | - | - | 32,879,250 | ||||||||||
BNY Mellon Tax-Sensitive | |||||||||||||||||
Equity Securities— | 248,959,964 | - | - | - | - | - | 248,959,964 | ||||||||||
Limited Partnership† | 864 | - | - | - | - | - | 864 | ||||||||||
Registered Investment Companies | 108,037,486 | - | - | - | - | - | 108,037,486 | ||||||||||
BNY Mellon Income Stock Fund | |||||||||||||||||
Equity Securities— | 1,161,578,397 | - | - | - | - | - | 1,161,578,397 | ||||||||||
Registered Investment Companies | 61,267,544 | - | - | - | - | - | 61,267,544 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Options Written | - | (1,710,922) | - | - | - | - | (1,710,922) | ||||||||||
BNY Mellon Mid Cap | |||||||||||||||||
Equity Securities— | 3,391,470,397 | - | - | - | - | - | 3,391,470,397 | ||||||||||
Exchange-Traded Funds | 33,972,486 | - | - | - | - | - | 33,972,486 | ||||||||||
Limited Partnerships† | 671,691 | - | - | - | - | - | 671,691 | ||||||||||
Registered Investment Companies | 58,809,239 | - | - | - | - | - | 58,809,239 | ||||||||||
Rights | 823 | - | - | - | - | - | 823 |
140
Table 1—Fair Value Measurements (continued) | ||||||||||||||||||
Investments in Securities | ||||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant |
|
| ||||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | ||||||||||
BNY Mellon Small Cap | ||||||||||||||||||
Equity Securities— | 615,469,917 | - | - | - | - | - | 615,469,917 | |||||||||||
Exchange-Traded Funds | 6,990,582 | - | - | - | - | - | 6,990,582 | |||||||||||
Registered Investment Companies | 54,167,905 | - | - | - | - | - | 54,167,905 | |||||||||||
Warrants† | 51,583 | - | - | - | - | - | 51,583 | |||||||||||
BNY Mellon Focused Equity | ||||||||||||||||||
Equity Securities— | 583,364,218 | - | - | - | - | - | 583,364,218 | |||||||||||
Registered Investment Companies | 4,315,710 | - | - | - | - | - | 4,315,710 | |||||||||||
BNY Mellon Small/Mid Cap | ||||||||||||||||||
Equity Securities— | 364,692,157 | - | - | - | - | - | 364,692,157 | |||||||||||
Exchange-Traded Funds | 1,189,121 | - | - | - | - | - | 1,189,121 | |||||||||||
Registered Investment Companies | 8,999,810 | - | - | - | - | - | 8,999,810 | |||||||||||
BNY Mellon International Fund | ||||||||||||||||||
Equity Securities— | 1,117,274,350 | - | - | - | - | - | 1,117,274,350 | |||||||||||
Exchange-Traded Funds | 10,154,468 | - | - | - | - | - | 10,154,468 | |||||||||||
Registered Investment Company | 8,123,756 | - | - | - | - | - | 8,123,756 | |||||||||||
BNY Mellon | ||||||||||||||||||
Equity Securities— | 835,273,744 | - | 31,606,658 | †† | - | - | - | 866,880,402 | ||||||||||
Equity Securities—Foreign | 22,290,974 | - | - | - | - | - | 22,290,974 | |||||||||||
Exchange-Traded Funds | 39,540,741 | - | - | - | - | - | 39,540,741 | |||||||||||
Rights | - | - | 7,620 | †† | - | - | - | 7,620 | ||||||||||
Other Financial Instruments: | ||||||||||||||||||
Forward Foreign Currency | - | - | - | (126) | - | - | (126) |
141
NOTES TO FINANCIAL STATEMENTS (continued)
Table 1—Fair Value Measurements (continued) | |||||||||||||||||||
Investments in Securities | |||||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant |
|
| |||||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||||
BNY Mellon International | |||||||||||||||||||
Equity Securities— | 73,246,946 | - | 387,197 | - | - | - | 73,634,143 | ||||||||||||
Registered Investment Companies | 1,017,084 | - | - | - | - | - | 1,017,084 | ||||||||||||
U.S. Treasury | - | - | 59,994 | - | - | - | 59,994 | ||||||||||||
Other Financial Instruments: | |||||||||||||||||||
Futures††† | - | (8,905) | - | - | - | - | (8,905) | ||||||||||||
BNY Mellon International | |||||||||||||||||||
Equity Securities— | 352,690,112 | - | 456,537 | †† | - | - | - | 353,146,649 | |||||||||||
Equity Securities— | 3,298,989 | - | - | - | - | 3,298,989 | |||||||||||||
Exchange-Traded Fund | 2,693,600 | - | - | - | - | - | 2,693,600 | ||||||||||||
Registered Investment Company | 932,182 | - | - | - | - | - | 932,182 | ||||||||||||
BNY Mellon Asset | |||||||||||||||||||
Commercial Mortgage-Backed | - | - | 1,120,207 | - | - | - | 1,120,207 | ||||||||||||
Corporate Bonds† | - | - | 23,313,572 | - | - | - | 23,313,572 | ||||||||||||
Equity Securities— | 114,705,313 | - | - | - | - | - | 114,705,313 | ||||||||||||
Foreign Government | - | - | 808,389 | - | - | - | 808,389 | ||||||||||||
Municipal Bonds† | - | - | 4,395,030 | - | - | - | 4,395,030 | ||||||||||||
Registered Investment Companies | 319,844,940 | - | - | - | - | - | 319,844,940 | ||||||||||||
U.S. Government | - | - | 17,379,611 | - | - | - | 17,379,611 | ||||||||||||
U.S. Treasury | - | - | 15,195,166 | - | - | - | 15,195,166 |
† 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.
142
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 August 31, 2018.
Table 2—Securities Lending Agreement |
|
BNY Mellon Large Cap Stock Fund | $659 |
BNY Mellon Large Cap Market Opportunities Fund | 59 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 721 |
BNY Mellon Income Stock Fund | 15,837 |
BNY Mellon Mid Cap Multi-Strategy Fund | 57,271 |
BNY Mellon Small Cap Multi-Strategy Fund | 108,494 |
BNY Mellon Focused Equity Opportunities Fund | 4,181 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 40,206 |
BNY Mellon Emerging Markets Fund | 3,278 |
BNY Mellon Asset Allocation Fund | 439 |
(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.
143
NOTES TO FINANCIAL STATEMENTS (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 August 31, 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 August 31, 2018, the funds did not incur any interest or penalties.
Each tax year in the four-year period ended August 31, 2018 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Table 3 summarizes each fund’s components of accumulated earnings on a tax basis at August 31, 2018.
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—Components of Accumulated Earnings | ||||||
Undistributed | Accumulated | Undistributed | Unrealized | |||
BNY Mellon Large Cap Stock Fund | 2,647,528 | – | 29,093,180 | 77,780,849 | ||
BNY Mellon Large Cap Market Opportunities Fund | 820,705 | – | 8,528,008 | 18,835,545 | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 2,500,999 | – | 30,588,303 | 145,855,124 | ||
BNY Mellon Income Stock Fund | 12,250,711 | – | 67,334,428 | 248,378,105 | ||
BNY Mellon Mid Cap Multi-Strategy Fund | 38,202,441 | – | 133,695,715 | 1,116,023,054 | ||
BNY Mellon Small Cap Multi-Strategy Fund | 11,967,157 | – | 50,562,183 | 159,566,252 | ||
BNY Mellon Focused Equity Opportunities Fund | 5,094,887 | – | 65,453,387 | 156,519,082 | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 11,229,869 | - | 30,738,099 | 89,179,975 | ||
BNY Mellon International Fund | 20,121,261 | (43,033,415) | – | 61,689,592 | ||
BNY Mellon Emerging Markets Fund | 6,289,561 | (398,014,425) | – | 160,265,456 | ||
BNY Mellon International Appreciation Fund | 1,325,594 | (31,676,525) | – | (13,072,014) | ||
BNY Mellon International Equity Income Fund | 3,598,703 | (15,482,631) | – | 10,866,220 | ||
BNY Mellon Asset Allocation Fund | 990,856 | – | 18,201,909 | 95,449,580 |
† These losses were deferred for tax purposes to the first day of the following fiscal year.
Table 4 summarizes each relevant fund’s accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2018.
Table 5 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal periods ended August 31, 2018 and August 31, 2017.
During the period ended August 31, 2018, as a result of permanent book to tax differences, where indicated each identified fund increased (decreased) accumulated undistributed investment income-net, increased (decreased) accumulated net realized gain (loss) on investments and increased (decreased) paid-in capital as summarized in Table 6. These permanent book to tax differences are primarily due to the tax treatment for real estate investment trusts for BNY Mellon Large Cap Stock Fund, short-term capital gain distributions from regulated investment company holdings for BNY Mellon Large Cap Market Opportunities Fund, real estate investment trusts and short-term capital gain distributions from regulated investment company holdings for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, real estate investment trusts for BNY Mellon Income Stock Fund, real estate investment trusts and a limited partnership for BNY Mellon Mid Cap Multi-Strategy Fund, real estate investment trusts and net operating losses for BNY Mellon Small Cap Multi-Strategy Fund, real estate investment trusts and passive foreign investment companies for BNY Mellon Small/Mid Cap Multi-Strategy Fund, foreign exchange gains and losses, passive foreign investment companies and expiration of capital loss carryover for BNY Mellon International Fund, foreign exchange gains and losses,
144
passive foreign investment companies and foreign capital gain taxes for BNY Mellon Emerging Markets Fund, passive foreign investment companies for BNY Mellon International Appreciation Fund, foreign exchange gains and losses and passive foreign investment companies for BNY Mellon International Equity Income Fund and real estate investment trusts, amortization adjustments, paydown gains and losses on mortgage-backed securities and short-term capital gain distribution from regulated investment company holdings for BNY Mellon Asset Allocation Fund. Net assets and net asset value per share were not affected by these reclassifications.
Table 4—Capital Loss Carryover | ||||||
Post-Enactment | Post-Enactment | |||||
Total ($) | ||||||
BNY Mellon International Fund | - | - | 43,033,415 | 43,033,415 | ||
BNY Mellon Emerging Markets Fund | - | 200,669,947 | 197,344,478 | 398,014,425 | ||
BNY Mellon International Appreciation Fund | - | 348,735 | 31,327,790 | 31,676,525 | ||
BNY Mellon International Equity Income Fund | - | 15,482,631 | - | 15,482,631 |
† 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 5— Tax Character of Distributions Paid | |||||
2018 | 2017 | ||||
| Ordinary Income ($) | Long-Term |
| Ordinary Income ($) | Long-Term |
BNY Mellon Large Cap Stock Fund | 4,171,417 | 32,834,686 | 3,649,329 | 12,129,717 | |
BNY Mellon Large Cap Market Opportunities Fund | 1,575,596 | 8,210,035 | 1,470,911 | 7,979,895 | |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 6,036,550 | 28,868,361 | 5,840,522 | 15,840,777 | |
BNY Mellon Income Stock Fund | 52,191,705 | 60,418,871 | 27,616,101 | 32,076,068 | |
BNY Mellon Mid Cap Multi-Strategy Fund | 15,027,980 | 124,384,093 | 20,569,662 | 21,609,214 | |
BNY Mellon Small Cap Multi-Strategy Fund | 8,631,843 | 37,617,353 | – | 2,370,605 | |
BNY Mellon Focused Equity Opportunities Fund | 7,661,930 | 47,893,593 | 9,861,114 | 27,877,152 | |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 8,274,304 | 24,762,761 | 240,001 | 1,046,913 | |
BNY Mellon International Fund | 17,186,951 | – | 19,135,813 | – | |
BNY Mellon Emerging Markets Fund | 7,842,876 | – | 5,250,373 | – | |
BNY Mellon International Appreciation Fund | 1,570,248 | – | 1,954,995 | – | |
BNY Mellon International Equity Income Fund | 15,234,395 | – | 9,867,923 | – | |
BNY Mellon Asset Allocation Fund | 8,019,496 | 13,277,207 | 7,809,568 | 3,842,171 |
145
NOTES TO FINANCIAL STATEMENTS (continued)
Table 6—Return of Capital Statement of Position | |||||
| Accumulated | Accumulated | Paid-in | ||
BNY Mellon Large Cap Stock Fund | 21,291 | (21,291) | – | ||
BNY Mellon Large Cap Market Opportunities Fund | 804,136 | (804,136) | – | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 2,436,323 | (2,436,323) | – | ||
BNY Mellon Income Stock Fund | (2,170,186) | 2,170,186 | – | ||
BNY Mellon Mid Cap Multi-Strategy Fund | (1,706,155) | 1,706,155 | – | ||
BNY Mellon Small Cap Multi-Strategy Fund | 852,192 | (852,192) | - | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 184,274 | (184,274) | – | ||
BNY Mellon International Fund | 2,062,930 | 460,231,240 | (462,294,170) | ||
BNY Mellon Emerging Markets Fund | (609,418) | 609,418 | – | ||
BNY Mellon International Appreciation Fund | 44,568 | (44,568) | – | ||
BNY Mellon International Equity Income Fund | (648,717) | 648,717 | – | ||
BNY Mellon Asset Allocation Fund | 2,164,793 | (2,164,793) | – |
(h) New Accounting Pronouncements: In March 2017, the FASB issued Accounting Standards Update 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization On Purchased Callable Debt Securities (“ASU 2017-08”). The update shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. ASU 2017-08 will be effective for annual periods beginning after December 15, 2018.
Also in August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019. Management is currently assessing the potential impact of these changes to future financial statements.
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 August 31, 2018, BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon International 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 August 31, 2018 for BNY Mellon Large Cap Stock Fund was approximately $13,150, with a related weighted average annualized interest rate of 2.30%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2018 for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund was approximately $6,020, with a related weighted average annualized interest rate of 2.77%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2018 for BNY Mellon Income Stock Fund was approximately $5,200, with a related weighted average annualized interest rate of 2.29%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2018 for BNY Mellon Focused Equity Opportunities Fund was approximately $28,200, with a related weighted average annualized interest rate of 2.12%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2018 for BNY Mellon Small/Mid Cap Multi-Strategy Fund was approximately $13,150, with a related weighted average annualized interest rate of 2.46%.
146
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2018 for BNY Mellon Emerging Markets Fund was approximately $27,700, with a related weighted average annualized interest rate of 4.99%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2018 for BNY Mellon International Equity Income Fund was approximately $15,620, with a related weighted average annualized interest rate of 2.41%.
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, 2019, 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 August 31, 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 reduction in expenses, pursuant to the undertaking, amounted to $423,988 during the period ended August 31, 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
147
NOTES TO FINANCIAL STATEMENTS (continued)
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.
During the period ended August 31, 2018, the Distributor retained $337 from commissions earned on sales of BNY Mellon Income Stock Fund Class A shares.
(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 August 31, 2018, Class C shares were charged $6,681 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 7 summarizes the amounts Investor, Class A and Class C shares were charged during the period ended August 31, 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 7—Shareholder Services Plan Fees |
|
BNY Mellon Large Cap Stock Fund | $24,990 |
BNY Mellon Large Cap Market Opportunities Fund | 1,507 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 15,762 |
BNY Mellon Income Stock Fund | |
Investor Shares | 71,439 |
Class A | 9,845 |
Class C | 2,227 |
BNY Mellon Mid Cap Multi-Strategy Fund | 246,179 |
BNY Mellon Small Cap Multi-Strategy Fund | 54,326 |
BNY Mellon Focused Equity Opportunities Fund | 18,982 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 9,170 |
BNY Mellon International Fund | 49,577 |
BNY Mellon Emerging Markets Fund | 51,384 |
BNY Mellon International Appreciation Fund | 3,814 |
BNY Mellon International Equity Income Fund | 3,340 |
BNY Mellon Asset Allocation Fund | 16,248 |
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, if any, as expense offsets in the Statements of Operations.
BNY Mellon Income Stock Fund Class A, Class C, Class I and Class Y shares 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 the 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 except for BNY Mellon Income Stock Fund Class A, Class C, Class I and Class Y shares transfer agent fees. During the period ended August 31, 2018, .BNY Mellon Income Stock Fund Class A, Class C, Class I and Class Y shares was charged $245 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.
148
NOTES TO FINANCIAL STATEMENTS
Table 8—Custody Agreement Fees | ||||
| Custody Fees ($) | Earnings Credits ($) | ||
BNY Mellon Large Cap Stock Fund | 9,708 | – | ||
BNY Mellon Large Cap Market Opportunities Fund | 4,610 | – | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 9,091 | (3) | ||
BNY Mellon Income Stock Fund | 29,013 | (1,375) | ||
BNY Mellon Mid Cap Multi-Strategy Fund | 95,031 | (1,401) | ||
BNY Mellon Small Cap Multi-Strategy Fund | 44,027 | (223) | ||
BNY Mellon Focused Equity Opportunities Fund | 13,884 | – | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 30,837 | (97) | ||
BNY Mellon International Fund | 200,285 | (1) | ||
BNY Mellon Emerging Markets Fund | 812,545 | (1,463) | ||
BNY Mellon International Appreciation Fund | 8,625 | (35) | ||
BNY Mellon International Equity Income Fund | 212,921 | – | ||
BNY Mellon Asset Allocation Fund | 10,328 | (147) |
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 8 summarizes the amount each fund was charged during the period ended August 31, 2018 pursuant to the custody agreement. These fees were partially offset by earnings credits, also summarized in Table 8.
Table 9 summarizes the amount each fund was charged for services performed by the Chief Compliance Officer and his staff, during the period ended August 31, 2018.
Table 9—Chief Compliance Officer Fees |
|
BNY Mellon Large Cap Stock Fund | $13,269 |
BNY Mellon Large Cap Market Opportunities Fund | 18,576 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 18,576 |
BNY Mellon Income Stock Fund | 13,269 |
BNY Mellon Mid Cap Multi-Strategy Fund | 21,230 |
BNY Mellon Small Cap Multi-Strategy Fund | 13,269 |
BNY Mellon Focused Equity Opportunities Fund | 13,269 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 13,269 |
BNY Mellon International Fund | 13,269 |
BNY Mellon Emerging Markets Fund | 13,269 |
BNY Mellon International Appreciation Fund | 13,269 |
BNY Mellon International Equity Income Fund | 13,269 |
BNY Mellon Asset Allocation Fund | 15,923 |
Table 10 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
149
NOTES TO FINANCIAL STATEMENTS (continued)
Table 10—Due to The Dreyfus Corporation and Affiliates | |||||||||||
| Investment | Distribution | Shareholder | Custodian | Chief Compliance | Less Expense | |||||
BNY Mellon Large Cap Stock Fund | 153,987 | – | 2,134 | 7,256 | 5,693 | – | |||||
BNY Mellon Large Cap Market Opportunities Fund | 23,359 | – | 39 | 3,658 | 7,971 | – | |||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 160,747 | – | 1,379 | 4,081 | 7,971 | – | |||||
BNY Mellon Income Stock Fund | 678,499 | 520 | 7,806 | 9,913 | 5,693 | (7) | |||||
BNY Mellon Mid Cap Multi-Strategy Fund | 2,172,681 | – | 24,805 | 35,108 | 9,109 | – | |||||
BNY Mellon Small Cap Multi-Strategy Fund | 459,762 | — | 5,176 | 19,968 | 5,693 | – | |||||
BNY Mellon Focused Equity Opportunities Fund | 343,376 | – | 2,349 | 5,000 | 5,693 | – | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 233,136 | – | 844 | 10,827 | 5,693 | – | |||||
BNY Mellon International Fund | 825,533 | – | 4,341 | 75,000 | 5,693 | – | |||||
BNY Mellon Emerging Markets Fund | 916,505 | – | 4,289 | 348,746 | 5,693 | – | |||||
BNY Mellon International Appreciation Fund | 31,847 | – | 313 | 2,998 | 5,693 | – | |||||
BNY Mellon International Equity Income Fund | 260,451 | – | 327 | 93,167 | 5,693 | – | |||||
BNY Mellon Asset Allocation Fund | 124,000 | – | 1,465 | 4,004 | 6,832 | (39,627) |
(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 11 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 August 31, 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 August 31, 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 August 31, 2018 are set forth in the Statements of Futures.
150
Table 11—Purchases and Sales | ||||||||
| Purchases ($) | Sales ($) | ||||||
BNY Mellon Large Cap Stock Fund | 138,835,319 | 193,840,197 | ||||||
BNY Mellon Large Cap Market Opportunities Fund | 12,416,637 | 26,299,279 | ||||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 51,758,799 | 92,748,957 | ||||||
BNY Mellon Income Stock Fund | 797,348,879 | 967,892,055 | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund | 1,591,416,433 | 1,571,783,593 | ||||||
BNY Mellon Small Cap Multi-Strategy Fund | 362,727,245 | 407,127,859 | ||||||
BNY Mellon Focused Equity Opportunities Fund | 240,628,701 | 250,081,896 | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 211,577,586 | 256,523,367 | ||||||
BNY Mellon International Fund | 659,996,264 | 624,746,704 | ||||||
BNY Mellon Emerging Markets Fund | 853,546,345 | 790,534,281 | ||||||
BNY Mellon International Appreciation Fund | 3,519,803 | 7,062,821 | ||||||
BNY Mellon International Equity Income Fund | 207,231,272 | 202,361,724 | ||||||
BNY Mellon Asset Allocation Fund | 98,581,243 | 101,300,854 |
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 August 31, 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
151
NOTES TO FINANCIAL STATEMENTS (continued)
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 August 31, 2018, there were no forward contracts outstanding for BNY Mellon International Fund and BNY Mellon International Equity Income Fund. Forward contracts open at August 31, 2018 for 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 12 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 August 31, 2018.
Table 12—Derivative of Assets and Liabilities subject to Master Netting Agreements
BNY Mellon Emerging Markets Fund |
|
|
| ||
|
|
|
|
|
|
Derivative Financial Instruments: |
| Assets ($) |
| Liabilities ($) |
|
Forward contracts |
| - |
| (126) |
|
Total gross amount of derivative |
|
|
|
|
|
assets and liabilities in the |
|
|
|
|
|
Statement of Assets and Liabilities |
| - |
| (126) |
|
Derivatives not subject to |
|
|
|
|
|
Master Agreements |
| - |
| - |
|
Total gross amount of assets |
|
|
|
|
|
and liabilities subject to |
|
|
|
|
|
Master Agreements |
| - |
| (126) |
|
|
|
|
|
|
|
|
|
|
| Financial |
|
|
|
|
|
| Instruments |
|
|
|
|
|
| and Derivatives |
|
|
|
| Gross Amount of |
| Available | Collateral |
| Net Amount of |
Counterparty | Liabilities ($) | 1 | for Offset ($) | Pledged ($) |
| Liabilities ($) |
UBS Securities | (126) |
| - | - |
| (126) |
1 Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statement of Assets and Liabilities. |
152
Table 13 summarizes each relevant fund’s average market value of derivatives outstanding during the period ended August 31, 2018.
Table 13—Average Market Value of Derivatives | |
Average Market Value ($) | |
BNY Mellon Income Stock Fund | 589,680 |
BNY Mellon International Fund | 4,884,630 |
BNY Mellon Emerging Markets Fund | 3,571,015 |
BNY Mellon International Appreciation Fund | 759,935 |
BNY Mellon International Equity Income Fund | 894,023 |
Table 14 summarizes the cost of investments inclusive of derivative contracts for federal income tax purposes, gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments inclusive of derivative contracts for each fund at August 31, 2018.
Table 14—Accumulated Net Unrealized Appreciation (Depreciation) | ||||||||
| Cost of | Gross | Gross | Net ($) | ||||
BNY Mellon Large Cap Stock Fund | 202,894,470 | 82,068,141 | 4,287,292 | 77,780,849 | ||||
BNY Mellon Large Cap Market Opportunities Fund | 46,334,948 | 19,210,799 | 375,254 | 18,835,545 | ||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 211,143,190 | 146,902,315 | 1,047,191 | 145,855,124 | ||||
BNY Mellon Income Stock Fund | 973,610,001 | 267,669,134 | 19,291,029 | 248,378,105 | ||||
BNY Mellon Mid Cap Multi-Strategy Fund | 2,368,901,917 | 1,156,214,401 | 40,191,682 | 1,116,022,719 | ||||
BNY Mellon Small Cap Multi-Strategy Fund | 517,113,735 | 180,874,097 | 21,307,845 | 159,566,252 | ||||
BNY Mellon Focused Equity Opportunities Fund | 431,160,846 | 163,778,699 | 7,259,617 | 156,519,082 | ||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 285,701,113 | 101,742,169 | 12,562,194 | 89,179,975 | ||||
BNY Mellon International Fund | 1,073,796,613 | 121,502,280 | 59,746,319 | 61,755,961 | ||||
BNY Mellon Emerging Markets Fund | 768,301,461 | 213,801,480 | 53,383,330 | 160,418,150 | ||||
BNY Mellon International Appreciation Fund | 87,783,239 | 15,143,689 | 28,215,707 | (13,072,018) | ||||
BNY Mellon International Equity Income Fund | 349,203,740 | 32,962,445 | 22,094,765 | 10,867,680 | ||||
BNY Mellon Asset Allocation Fund | 401,312,648 | 101,600,007 | 6,150,427 | 95,449,580 |
153
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees
BNY Mellon Funds Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of 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 and BNY Mellon Asset Allocation Fund, (collectively, the “Funds”), each a series of BNY Mellon Funds Trust, including the statements of investments, investments in affiliated issuers, options written (with respect to BNY Mellon Income Stock Fund), forward foreign currency exchange contracts (with respect to BNY Mellon Emerging Markets Fund), and futures (with respect to BNY Mellon International Appreciation Fund), as of August 31, 2018, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more BNY Mellon Fund Advisers investment companies since 2000.
New York, New York
October 29, 2018
154
IMPORTANT TAX INFORMATION (Unaudited)
BNY Mellon Large Cap Stock Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 99.41% of ordinary income dividends paid during the fiscal year ended August 31, 2018 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $4,171,417 as ordinary income dividends paid during the fiscal year ended August 31, 2018 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2019 of the percentage applicable to the preparation of their 2018 income tax returns. Also, the fund reports the maximum amount allowable but not less than $.7313 per share as a capital gain dividend paid on December 12, 2017 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0324 as a short-term capital gain dividend paid on December 12, 2017 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Large Cap Market Opportunities Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 44.76% of ordinary income dividends paid during the fiscal year ended August 31, 2018 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $695,394 as ordinary income dividends paid during the fiscal year ended August 31, 2018 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2019 of the percentage applicable to the preparation of their 2018 income tax returns. Also, the fund reports the maximum amount allowable but not less than $1.5490 per share as a capital gain dividend paid on December 20, 2017 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.1274 as a short-term capital gain dividend paid on December 20, 2017 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 94.17% of ordinary income dividends paid during the fiscal year ended August 31, 2018 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $5,988,090 as ordinary income dividends paid during the fiscal year ended August 31, 2018 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2019 of the percentage applicable to the preparation of their 2018 income tax returns. Also, the fund reports the maximum amount allowable but not less than $1.4288 per share as a capital gain dividend paid on December 20, 2017 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0711 as a short-term capital gain dividend paid on December 20, 2017 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Income Stock Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 77.19% of ordinary income dividends paid during the fiscal year ended August 31, 2018 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $29,710,128 as ordinary income dividends paid during the fiscal year ended August 31, 2018 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2019 of the percentage applicable to the preparation of their 2018 income tax returns. Also, the fund reports the maximum amount allowable but not less than $.4709 per share as a capital gain dividend paid on December 12, 2017 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.2182 as a short-term capital gain dividend paid on December 12, 2017 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Mid Cap Multi-Strategy Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 79.61% of ordinary income dividends paid during the fiscal year ended August 31, 2018 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum
155
IMPORTANT TAX INFORMATION (Unaudited) (continued)
amount allowable but not less than $15,027,980 as ordinary income dividends paid during the fiscal year ended August 31, 2018 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2019 of the percentage applicable to the preparation of their 2018 income tax returns. Also, the fund reports the maximum amount allowable but not less than $.7243 per share as a capital gain dividend paid on December 20, 2017 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0453 as a short-term capital gain dividend paid on December 20, 2017 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Small Cap Multi-Strategy Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 46.44% of ordinary income dividends paid during the fiscal year ended August 31, 2018 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $5,528,981 as ordinary income dividends paid during the fiscal year ended August 31, 2018 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2019 of the percentage applicable to the preparation of their 2018 income tax returns. Also, the fund reports the maximum amount allowable but not less than $1.3854 per share as a capital gain dividend paid on December 19, 2017 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.3179 as a short-term capital gain dividend paid on December 19, 2017 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
Mellon Focused Equity Opportunities Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 44.62% of ordinary income dividends paid during the fiscal year ended August 31, 2018 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $1,369,677 as ordinary income dividends paid during the fiscal year ended August 31, 2018 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2019 of the percentage applicable to the preparation of their 2018 income tax returns. Also, the fund reports the maximum amount allowable but not less than $1.6643 per share as a capital gain dividend paid on December 13, 2017 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.1980 as a short-term capital gain dividend paid on December 13, 2017 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Small/Mid Cap Multi-Strategy Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 32.37% of ordinary income dividends paid during the fiscal year ended August 31, 2018 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $3,462,089 as ordinary income dividends paid during the fiscal year ended August 31, 2018 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2019 of the percentage applicable to the preparation of their 2018 income tax returns. Also, the fund reports the maximum amount allowable but not less than $1.1105 per share as a capital gain dividend paid on December 13, 2017 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.3680 as a short-term capital gain dividend paid on December 13, 2017 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon International Fund
For federal tax purposes, the fund elects to provide each shareholder with their portion of the fund's income sourced from foreign countries and taxes paid from foreign countries. The fund reports the maximum amount allowable but not less than $34,689,987 as income sourced from foreign countries for the fiscal year ended August 31, 2018 in accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $3,059,930 as taxes paid from foreign countries for the fiscal year ended August 31, 2018 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2018 calendar year with Form 1099-DIV which will be mailed in early 2019. Also the fund reports the maximum amount allowable, but not less than $17,186,951 as ordinary income dividends paid
156
during the fiscal year ended August 31, 2018 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code.
BNY Mellon Emerging Markets Fund
For federal tax purposes, the fund elects to provide each shareholder with their portion of the fund's income sourced from foreign countries and taxes paid from foreign countries. The fund reports the maximum amount allowable but not less than $25,924,695 as income sourced from foreign countries for the fiscal year ended August 31, 2018 in accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $3,094,667 as taxes paid from foreign countries for the fiscal year ended August 31, 2018 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2018 calendar year with Form 1099-DIV which will be mailed in early 2019. Also the fund reports the maximum amount allowable, but not less than $7,842,876 as ordinary income dividends paid during the fiscal year ended August 31, 2018 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code.
BNY Mellon International Appreciation Fund
For federal tax purposes, the fund elects to provide each shareholder with their portion of the fund's income sourced from foreign countries and taxes paid from foreign countries. The fund reports the maximum amount allowable but not less than $2,657,708 as income sourced from foreign countries for the fiscal year ended August 31, 2018 in accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $267,624 as taxes paid from foreign countries for the fiscal year ended August 31, 2018 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2018 calendar year with Form 1099-DIV which will be mailed in early 2019. Also the fund reports the maximum amount allowable, but not less than $1,570,248 as ordinary income dividends paid during the fiscal year ended August 31, 2018 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code.
BNY Mellon International Equity Income Fund
For federal tax purposes, the fund elects to provide each shareholder with their portion of the fund's income sourced from foreign countries and taxes paid from foreign countries. The fund reports the maximum amount allowable but not less than $21,224,975 as income sourced from foreign countries for the fiscal year ended August 31, 2018 in accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $2,007,797 as taxes paid from foreign countries for the fiscal year ended August 31, 2018 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2018 calendar year with Form 1099-DIV which will be mailed in early 2019. Also the fund reports the maximum amount allowable, but not less than $15,234,395 as ordinary income dividends paid during the fiscal year ended August 31, 2018 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code.
BNY Mellon Asset Allocation Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 24.21% of ordinary income dividends paid during the fiscal year ended August 31, 2018 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $2,038,852 as ordinary income dividends paid during the fiscal year ended August 31, 2018 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2019 of the percentage applicable to the preparation of their 2018 income tax returns. Also, the fund reports the maximum amount allowable but not less than $.3563 per share as a capital gain dividend paid on December 29, 2017 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.
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INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT, ADMINISTRATION AGREEMENT AND BNY MELLON MID CAP MULTI-STRATEGY FUND’S SUB-ADVISORY AGREEMENTS (Unaudited)
At a meeting of the Trust’s Board of Trustees held on March 5-6, 2018, the Board considered the renewal of (i) the Trust’s Investment Advisory Agreement and Administration Agreement, pursuant to which BNY Mellon Fund Advisers, a division of Dreyfus, provides the funds with investment advisory services and The Bank of New York Mellon provides the funds with administrative services (together, the “Agreement”), (ii) the Sub-Investment Advisory Agreement with respect to BNY Mellon Large Cap Market Opportunities Fund and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, pursuant to which Walter Scott & Partners Limited (“Walter Scott”) provides day-to-day management of the portion of each fund’s investments allocated to the U.S. Large Cap Equity Strategy, (iii) the Sub-Investment Advisory Agreement with respect to BNY Mellon Mid Cap Multi-Strategy Fund, pursuant to which Boston Partners Global Investors, Inc. (“Boston Partners”) provides day-to-day management of the fund’s investments allocated to the Boston Partners Mid Cap Value Strategy and (iv) the Sub-Investment Advisory Agreement with respect to BNY Mellon MAt a meeting of the Trust’s Board of Trustees held on March 5-6, 2018, the Board considered the renewal of (i) the Trust’s Investment Advisory Agreement and Administration Agreement, pursuant to which BNY Mellon Fund Advisers, a division of Dreyfus, provides the funds with investment advisory services and The Bank of New York Mellon provides the funds with administrative services (together, the “Agreement”), (ii) the Sub-Investment Advisory Agreement with respect to BNY Mellon Large Cap Market Opportunities Fund and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, pursuant to which Walter Scott & Partners Limited (“Walter Scott”) provides day-to-day management of the portion of each fund’s investments allocated to the U.S. Large Cap Equity Strategy, (iii) the Sub-Investment Advisory Agreement with respect to BNY Mellon Mid Cap Multi-Strategy Fund, pursuant to which Boston Partners Global Investors, Inc. (“Boston Partners”) provides day-to-day management of the fund’s investments allocated to the Boston Partners Mid Cap Value Strategy and (iv) the Sub-Investment Advisory Agreement with respect to BNY Mellon Mid Cap Multi-Strategy Fund, pursuant to which Geneva Capital Management LLC (“GCM”) provides day-to-day management of the portion of the fund’s investments allocated to the Geneva Mid Cap Growth Strategy (Walter Scott, Boston Partners and GCM, collectively, the “Sub-Advisers”). The Agreement and each Sub-Investment Advisory Agreement are collectively referred to as the “Agreements”. 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 of the administrative services referenced above. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of Dreyfus and the Sub-Advisers. In considering the renewal of the Agreements, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided to it at the meeting and in previous presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to the funds. Dreyfus provided the number of open accounts in each fund, the fund’s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of the funds (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or Dreyfus) and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to each fund.
The Board also considered research support available to, and portfolio management capabilities of, each fund’s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered Dreyfus’ extensive administrative, accounting and compliance infrastructures, as well as Dreyfus’ supervisory activities over the Sub-Advisers. The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.
Comparative Analysis of the Funds’ Performance and Management Fees and Expense Ratios.
The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, which included information comparing (1) each fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended December 31, 2017, and (2) each fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”). At Dreyfus’ request, the Board also reviewed reports prepared by Broadridge with respect to BNY Mellon Large Cap Market Opportunities Fund and BNY Mellon Asset Allocation Fund (each, a “Fund of Funds”) which included information comparing (1) each fund’s performance with the performance of a group of comparable funds of funds from various Lipper categories (the “Funds of Funds Performance Group”) and with a broader group of funds (the “Fund of Funds Performance Universe), all for various periods ended December 31, 2017, and (2) each fund’s actual and contractual management fees and total expenses with those of a
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group of comparable funds of funds (the “Funds of Funds Expense Group”) and with a broader group of funds of funds (the “Funds of Funds Expense Universe”). The information for each comparison was derived in part from fund financial statements available to Broadridge as of the date of its analysis. With respect to each Fund of Funds, it was noted that the Funds of Funds Performance Universe was the same as or similar to each fund’s respective Performance Universe, and so a separate comparison of the performance of each Fund of Funds to its Funds of Funds Performance Universe was not discussed. Dreyfus previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe, and Dreyfus representatives informed the Board of the methodology Broadridge used to select the funds in the Funds of Funds Performance Group and the Fund of Funds Performance Universe and the Funds of Funds Expense Group and Funds of Funds Expense Universe. The Board discussed the results of the comparisons with representatives of Dreyfus, its affiliates and/or the Sub-Adviser(s), as applicable.
Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to each fund and comparison funds. They also noted that performance generally should be considered over longer periods of time, although it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect disproportionately long-term performance.
As applicable to each fund, Dreyfus representatives reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Lipper category as each fund and (2) paid to Dreyfus, the Sub-Adviser(s) or the Dreyfus-affiliated primary employer of each fund’s primary portfolio manager(s) for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee.
The Board considered the fee to each Sub-Adviser in relation to the fee paid to Dreyfus by the relevant fund and the respective services provided by the Sub-Adviser and Dreyfus. The Board also took into consideration that each Sub-Adviser’s fee is paid by Dreyfus (out of its fee from the relevant fund) and not the fund.
BNY Mellon Large Cap Market Opportunities Fund
The Board considered that the fund’s total return performance was above the Performance Group and Performance Universe medians (second highest in the Performance Group for the one- and four-year periods and highest for the two- and three-year periods), and above the Funds of Funds Performance Group medians (highest in the Funds of Funds Performance Group) for all periods. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and the Funds of Funds Expense Group and Funds of Funds Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and at the Funds of Funds Expense Group median, the fund’s actual management fee was below the Expense Group and Expense Universe medians and above the Funds of Funds Expense Group and Funds of Funds Expense Universe medians and the fund’s total expenses were below the Expense Group, Expense Universe, Funds of Funds Expense Group and Fund of Funds Expense Universe medians. The Board considered that the fund invests a portion of its assets in underlying mutual funds (“Acquired Funds”) and that the fund’s pro rata share of the expenses of the Acquired Funds (the “Acquired Fund Expenses”) were included in the fund’s actual total expense rankings in the Expense Group and Expense Universe and the Funds of Funds Expense Group and Funds of Funds Expense Universe and that the other funds of funds in the Funds of Funds Expense Group and Funds of Funds Expense Group Universe also included Acquired Fund Expenses.
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund
The Board considered that the fund’s total return performance was above the Performance Group median for the two- and three-year periods (highest in the Performance Group for the two-year period), but below the Performance Group median for the one-, four- and five-year periods, and above the Performance Universe median for all periods. The Board considered the relative proximity of the fund’s performance to the Performance Group median in certain periods when performance was below median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the
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INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT, ADMINISTRATION AGREEMENT AND BNY MELLON MID CAP MULTI-STRATEGY FUND’S SUB-ADVISORY AGREEMENTS (Unaudited) (continued)
fund’s actual management fee was at the Expense Group median and above the Expense Universe median and the fund’s total expenses were below the Expense Group and Expense Universe medians. The Board considered that the fund invests a portion of its assets in Acquired Funds and that the fund’s pro rata share of the Acquired Fund Expenses was included in the fund’s actual total expense rankings in the Expense Group and Expense Universe.
BNY Mellon Mid Cap Multi-Strategy Fund
The Board considered that the fund’s total return performance was at or above the Performance Group and Performance Universe medians all periods, except for the two- and ten-year periods when it was below the Performance Group and Performance Universe medians. The Board considered the proximity of the fund’s total return to the Performance Group and/or Performance Universe median in certain periods when performance was below median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were above the Expense Group median and below the Expense Universe median.
BNY Mellon Small Cap Multi-Strategy Fund
The Board considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods, except the four-year period when the fund’s performance was slightly below the Performance Group median and the ten-year period when the fund’ performance was below the Performance Universe median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were above the Expense Group median and below the Expense Universe median.
BNY Mellon Small/Mid Cap Multi-Strategy Fund
The Board considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods, except the five-year period when the fund’s performance was slightly below the Performance Group median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was below the Expense Group median, the fund’s actual management fee was below the Expense Group median and above the Expense Universe median and the fund’s total expenses were below the Expense Group and Expense Universe medians.
BNY Mellon Income Stock Fund
The Board considered that the fund’s total return performance was at or above the Performance Group and Performance Universe medians for all periods, except for the one-year period when the fund’s performance was below the Performance Group and Performance Universe medians and the ten-year period when the fund’s performance was slightly below the Performance Group median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were at the Expense Group median and below the Expense Universe median.
Dreyfus representatives stated that the investment adviser has contractually agreed, until June 1, 2018, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct expenses of none of Class A, C, I or Y shares (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.90% of the fund’s average daily net assets.
BNY Mellon Focused Equity Opportunities Fund
The Board considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods (highest or second highest in the Performance Group for all periods). Dreyfus also provided a
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comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
BNY Mellon Asset Allocation Fund
The Board considered that the fund’s total return performance was above the Performance Group median for the one-, two- and three-year periods but below the Performance Group median for the four-, five- and ten-year periods, and below the Performance Universe median for all periods except the one- and two-year periods. They also considered that the fund’s total return performance was above the Funds of Funds Performance Group median for the three-, four- and ten-year periods, but below the Funds of Funds Performance Group median for the one-, two and five-year periods, and was below the Fund of Funds Performance Universe median for all periods except for the one- and two-year periods. The Board considered the proximity of the fund’s total return to the Performance Group, Performance Universe, Funds of Funds Performance Group and/or Funds of Funds Performance Universe medians in certain periods when performance was below median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was considered that the fund’s returns were above the returns of the index in six of the ten calendar years shown.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and the Funds of Funds Expense Group and Funds of Funds Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was below the Expense Group median and above the Funds of Funds Expense Group median, the fund’s actual management fee was below the Expense Group and Expense Universe medians and above the Funds of Funds Expense Group and Funds of Funds Expense Universe medians and the fund’s total expenses were below the Expense Group, Expense Universe, Funds of Funds Expense Group and Funds of Funds Expense Universe medians. The Board considered that the fund invests a portion of its assets in Acquired Funds and that the fund’s pro rata share of the Acquired Fund Expenses was included in the fund’s actual total expense rankings in the Expense Group and Expense Universe and the Funds of Funds Expense Group and Funds of Funds Expense Universe and that the other funds of funds in the Funds of Funds Expense Group and Funds of Funds Expense Group Universe also included Acquired Fund Expenses.
Dreyfus representatives stated that the investment adviser has contractually agreed, until December 31, 2018, to waive receipt of its fees and/or assume the expenses of the fund, so that the expenses of none of its classes (excluding shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.87% of the fund’s average daily net assets.
BNY Mellon International Fund
The Board considered that the fund’s total return performance was at or above the Performance Group and Performance Universe medians for all periods, except for the two- and four-year periods when the fund’s performance was slightly below the Performance Universe median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
BNY Mellon Emerging Markets Fund
The Board considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods, except the five- and ten-year periods when the fund’s performance was below the Performance Group median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
BNY Mellon Large Cap Stock Fund
The Board considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods, except the one-year period when the fund’s performance was above the Performance Group and Performance Universe medians and the four-year period, when the fund’s performance was at and above the Performance Group and Performance Universe medians, respectively. The Board considered the proximity of the fund’s total return to the Performance Group and/or Performance Universe median in certain periods when performance was below median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was
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INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT, ADMINISTRATION AGREEMENT AND BNY MELLON MID CAP MULTI-STRATEGY FUND’S SUB-ADVISORY AGREEMENTS (Unaudited) (continued)
considered that the fund’s returns were above the returns of the index in four of the ten calendar years shown.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were below the Expense Group median and above the Expense Universe median.
BNY Mellon International Appreciation Fund
The Board considered that the fund’s total return performance was below the Performance Group medians for all periods, except for the three-year period when the fund’s performance was at the Performance Group median, and below the Performance Universe medians for all periods, except for the three- and five-year period when the fund’s performance was above the Performance Universe median. The Board considered the proximity of the fund’s total return to the Performance Group and/or Performance Universe median in certain periods when performance was below median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was below the Expense Group median and the fund’s actual management fee and total expenses were below the Expense Group and Expense Universe medians.
BNY Mellon International Equity Income Fund
The Board considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods (highest in the Performance Group for all periods). Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was at the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
Analysis of Profitability and Economies of Scale. Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and its affiliates and the resulting profitability percentage for managing each fund and the aggregate profitability percentage to Dreyfus and its affiliates for managing the funds in the Dreyfus fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board also considered the expense limitation arrangement for BNY Mellon Asset Allocation Fund and its effect on the profitability of Dreyfus and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding Dreyfus’ approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of the funds.
The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by Dreyfus and the Sub-Adviser(s), as applicable, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for each fund and the extent to which economies of scale would be realized if each fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Since Dreyfus, and not the relevant fund, pays each Sub-Adviser pursuant to its corresponding Sub-Investment Advisory Agreement, the Board did not consider the Sub-Adviser’s profitability to be relevant to its deliberations. Dreyfus representatives stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that Dreyfus may have realized any economies of scale would be less. Dreyfus representatives also stated that, as a result of shared and allocated costs among the funds and the funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in a fund’s asset level. The Board also considered potential benefits to Dreyfus and the Sub-Advisers from acting as investment adviser and sub-investment advisers, respectively, and took into consideration the soft dollar arrangements in effect for trading each fund’s investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
· The Board concluded that the nature, extent and quality of the services provided by Dreyfus to each fund, by Walter Scott to BNY Mellon Large Cap
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Market Opportunities Fund and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and by Boston Partners and GCM to BNY Mellon Mid Cap Multi-Strategy Fund are adequate and appropriate.
· With respect to BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Small/Mid Cap Multi-Strategy Fund, BNY Mellon Focused Opportunities Fund, BNY Mellon International Fund and BNY Mellon International Equity Income Fund, the Board was satisfied with each fund’s performance.
· With respect to BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Asset Allocation Fund, BNY Mellon Emerging Markets Fund, BNY Mellon Mid-Cap Multi-Strategy Fund and BNY Mellon Income Stock Fund, the Board generally was satisfied with each fund’s overall performance.
· With respect to BNY Mellon International Appreciation Fund and BNY Mellon Large Cap Stock Fund, while the Board was concerned with the funds’ performance, the Board expressed confidence in the funds’ strategies and portfolio managers and agreed to closely monitor performance.
· For each fund, the Board concluded that the fee paid to Dreyfus and the Sub-Adviser(s), as applicable, continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· The Board determined that the fees charged by Dreyfus under the Agreement with respect to BNY Mellon Large Cap Market Opportunities Fund and BNY Mellon Asset Allocation Fund were for services in addition to, and not duplicative of, services provided under the advisory contracts of the underlying funds in which those funds invested.
· The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the management of the funds had been adequately considered by Dreyfus in connection with the fee rate charged to the funds pursuant to the Agreements and that, to the extent in the future it were determined that material economies of scale had not been shared with a fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with Dreyfus and its affiliates and the Sub-Advisers, of Dreyfus and the Sub-Advisers and the services provided to the funds by Dreyfus and, as applicable, the Sub-Advisers. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of each fund and the investment management and other services provided under the Agreements, including information on the investment performance of each fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to each fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for each fund had the benefit of a number of years of reviews of the Agreements for the funds, or substantially similar agreements for other funds that the Board oversees, during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the funds’ arrangements, or substantially similar arrangements for other funds that the Board oversees, in prior years. The Board determined to renew the Agreements.
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BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT BOARD MEMBERS
Chairman of the Board (2000)
Principal Occupation During Past 5 Years:
Attorney, Cozen and O’Connor, P.C. since 1973, including Vice Chairman since 1980 and Chief Executive Officer and President from 2002 to 2007
No. of Portfolios for which Board Member Serves: 25
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John R. Alchin (70)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Retired since 2007
· Executive of Comcast Corporation, a cable services provider, from 1990 to 2007, including Executive Vice-President, Co-Chief Financial Officer and Treasurer, from 2002 to 2007
Other Public Company Board Memberships During Past 5 Years:
· Polo Ralph Lauren Corporation, a retail clothing and home furnishing company, Director (2007-present)
No. of Portfolios for which Board Member Serves: 25
———————
Ronald R. Davenport (82)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Chairman of Sheridan Broadcasting Corporation since July 1972
No. of Portfolios for which Board Member Serves: 25
———————
Jack Diederich (81)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired; Executive Vice President—Chairman’s Counsel of Alcoa Inc. from 1991 to 1997
No. of Portfolios for which Board Member Serves: 25
———————
Kim D. Kelly (62)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Consultant since 2005
· Chief Restructuring Officer of Allegiance Communications LLC from August 2011 to January 2013
Other Public Company Board Memberships During Past 5 Years:
· MCG Capital Corporation, a business development company, Director (2004-2015)
· Broadview Network Holdings, Inc.-Director and Chair (2011-2012)
No. of Portfolios for which Board Member Serves: 25
———————
Kevin C. Phelan (74)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Mortgage Banker, Colliers International since March 1978, including,
Co-Chairman since 2010, President since 2007 and Executive Vice President and Director from March 1998 to September 2007
No. of Portfolios for which Board Member Serves: 25
———————
Patrick J. Purcell (70)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Owner, President and Publisher of the Boston Herald (1994-2018)
President and Founder, jobfind.com, an employment search site on the world wide web, since July 1996
· President and Chief Executive Officer, Herald Media since 2001
No. of Portfolios for which Board Member Serves: 25
———————
Thomas F. Ryan, Jr. (77)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since April 1999
President and Chief Operating Officer of the American Stock Exchange from October 1995 to April 1999
Other Public Company Board Memberships During Past 5 Years:
· RepliGen Corporation, a biopharmaceutical company, Director (2002-present)
No. of Portfolios for which Board Member Serves: 25
———————
Maureen M. Young (73)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since 2007
Director of the Office of Government Relations at Carnegie Mellon University from January 2000 to December 2007
No. of Portfolios for which Board Member Serves: 25
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Once elected all Board Members serve for an indefinite term. The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS. For individual account holders for Private Wealth Management clients, please contact your account officer or call 1-866-804-5023.
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OFFICERS OF THE TRUST (Unaudited)
PATRICK T. CROWE, President since July 2015.
National Director of Investment Advisory, Analytics and Solutions for BNY Mellon Wealth Management since July 2014; from July 2007 to July 2014, Managing Director for BNY Mellon Wealth Management's Tri-State region, comprising New York, New Jersey and Southern Connecticut. He is 54 years old and has served in various capacities with BNY Mellon since 1993.
BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.
Chief Legal Officer of the Manager and Associate General Counsel and Managing Director of BNY Mellon since June 2015; from June 2005 to June 2015, he served in various capacities with Deutsche Bank – Asset & Wealth Management Division, including as Director and Associate General Counsel, and Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since June 2015.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Managing Counsel of BNY Mellon and Secretary of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since December 1996.
JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.
Managing Counsel of BNY Mellon, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since June 2000.
SONALEE CROSS, Vice President and Assistant Secretary since March 2017.
Counsel and Vice President of BNY Mellon since October 2016; Associate at Proskauer Rose LLP from April 2016 to September 2016; Attorney at EnTrust Capital from August 2015 to February 2016; Associate at Sidley Austin LLP from September 2013 until August 2015. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by Dreyfus. She is 30 years old and has been an employee of the Manager since October 2016.
MAUREEN E. KANE, Vice President and Assistant Secretary since April 2015.
Managing Counsel of BNY Mellon since July 2014; from October 2004 until July 2014, General Counsel, and from May 2009 until July 2014, Chief Compliance Officer of Century Capital Management. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. She is 56 years old and has been an employee of the Manager since July 2014.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017; from March 2013 to December 2017 Senior Counsel of BNY Mellon. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. She is 42 years old and has been an employee of the Manager since March 2013.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2015.
Senior Managing Counsel of BNY Mellon, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since October 1990.
NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Counsel and Vice President of BNY Mellon since May 2016; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 until May 2016; Assistant General Counsel at RCS Advisory Services from July 2014 until November 2015; Associate at Sutherland, Asbill & Brennan from January 2013 until January 2014. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by Dreyfus. She is 32 years old and has been an employee of the Manager since May 2016.
JAMES WINDELS, Treasurer since November 2001.
Director – Mutual Fund Accounting of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since April 1985.
RICHARD CASSARO, Assistant Treasurer since January 2008.
Senior Accounting Manager – Money Market, Municipal Bond and Equity Funds of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since September 1982.
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since April 1991.
ROBERT S. ROBOL, Assistant Treasurer since December 2002.
Senior Accounting Manager Dreyfus Financial Reporting of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 54 years old and has been an employee of the Manager since October 1988.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager – Equity Funds of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since June 1989.
ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager – Fixed Income and Equity Funds of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the Manager and the Dreyfus Family of Funds and BNY Mellon Funds Trust (63 investment companies, comprised of 150 portfolios). He is 60 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
CARIDAD M. CAROSELLA, Ant-Money Laudering Compliance Officer January 2016.
Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor and from 2007 to December 2011, Financial Processing Manager of the Distributor. She is an officer of 57 investment companies (comprised of 144 portfolios) managed by the Manager. She is 49 years old and has been an employee of the Distributor since 1997.
165
NOTES
166
NOTES
167
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
240 Greenwich Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
240 Greenwich 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 AvenueNew 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 | MFTAR0818-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
ANNUAL REPORT August 31, 2018 | |
Contents
THE FUNDS
Public Accounting Firm | |
Advisory Agreement and Administration Agreement | |
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 annual report for BNY Mellon Funds Trust, covering the 12-month period from September 1, 2017 through August 31, 2018. For information about how the funds performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
The 12-month period started on solid footing which gave way to a shifting landscape. Through February of 2018, major global economies appeared to be in lock-step as they moved towards less accommodative monetary policy and concurrent growth. In the equity markets, both U.S. and non-U.S. markets enjoyed an upward trek across sectors and market caps. Interest rates rose across the curve putting pressure on bond prices, but sectors such as investment grade and high yield corporates, non-U.S. dollar denominated bonds, and emerging market debt, were able to outperform like-duration U.S. Treasuries.
In February, the first rumblings of discontent shook equity markets. Global growth and monetary policy paths began to diverge. Non-U.S. economies weakened. Momentum sputtered, and equities began to struggle. Emerging market debt, non-U.S. denominated bonds, and corporate debt gave up much of the performance earned earlier in the period. Long-term U.S. interest rates started to fall. The shockwave ended in April and pressure on U.S. equity markets eased, allowing U.S. equity markets to end the 12-month period with double-digit gains.
Despite new concerns regarding trade, U.S. inflationary pressures, and global growth, we are optimistic that U.S. consumer spending, corporate earnings, and economic data will remain strong in the near term. However, we will stay attentive to signs that signal possible change on the horizon. 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
September 17, 2018
3
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period from September 1, 2017 through August 31, 2018, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Bond Fund’s Class M shares produced a total return of -1.10%, and Investor shares produced a total return of -1.35%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”), produced a total return of -1.05% 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 slightly lower returns than the Index, primarily due to issue-selection decisions.
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.
Interest-Rate Fluctuations Detract From Bond Performance
In general, bonds lost varying degrees of value over the period. In late 2017, the U.S. Federal Reserve Board (the “Fed”) began to unwind its balance sheet through sales of U.S. government securities and started to raise the overnight target federal funds rate by 25 basis points at approximately every other meeting. Longer-term interest rates climbed during the first portion of the reporting period. Corporate and emerging-market debt soundly outperformed like-duration Treasuries. However, market volatility appeared in February and a paradigm shift occurred. Concerns over high U.S. inflation sprouted, and while the U.S. economy continued to strengthen, economies in many parts of the world softened. Corporates and emerging-market debt gave up much of their earlier returns. In a flight to quality, long-term U.S. Treasury rates softened as well. When coupled with the Fed’s rate hikes, which boost the short end of the curve, the U.S. yield curve began a flattening trend that would last through the end of the reporting period.
In this environment, corporate-backed securities fared better than like-duration nominal U.S. Treasuries. Spurred on by robust economic growth and strong corporate earnings, investors favored the higher-yielding debt. There was also a preference for U.S. Treasury Inflation-Protected Securities (TIPS) as inflationary pressures began to mount early in 2018. Instruments with reduced sensitivity to interest-rate fluctuations also generally outperformed the broader market.
Sector Allocation and Credit Quality Decisions Drive Results
Corporate bond prices were supported during the period by growing earnings, upbeat business sentiment, and investors’ preference for higher levels of current income. Allocation and duration decisions within the finance and technology subsectors were additive. An overweight allocation and short duration position within agencies, particularly taxable municipal bonds, also benefited performance. Exposure to nominal Treasuries was underweight, boosting results. Overweight exposure to well-performing TIPS also helped relative returns. An underweight to AAA-rated bonds was also additive, as was issue selection. Overweights to AA- and BBB-rated bonds also proved beneficial.
Disappointments during the reporting period included issue selection within some corporate bond sectors, particularly in financials. In addition, the securitized sector detracted from performance, largely due to duration positioning.
Anticipating a Flattening Yield Curve and Strong Corporate Earnings
Most analysts expect additional short-term interest-rate hikes by the Fed, and we anticipate that short- and intermediate-term interest rates will continue to rise modestly in response. However, we believe the long end of the curve will remain tethered to global long-term rates. This may cause continued flattening of the yield curve. We think these developments may constrain total returns from U.S. government securities, but corporate bonds could continue to benefit from growing corporate earnings and reduced U.S. tax rates. Despite strong fundamentals, it is worth noting that corporate spreads have widened modestly since the beginning of the calendar year, while high yield spreads continue to tighten.
Therefore, as of the reporting period’s end, we maintain the fund’s short duration in a modestly defensive position, as we seek to protect against rising interest rates in the short and intermediate segments of the yield curve. We will keep an eye on widening corporate spreads, but do not foresee deterioration in fundamentals within our current climate of robust economic activity. We anticipate maintaining our overweight corporate credit position with the expectation of continued strong corporate earnings and what we believe are favorable return profiles.
September 17, 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 August 31, 2018, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Intermediate Bond Fund’s Class M shares produced a total return of -0.58%, and Investor shares produced a total return of -0.84%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Government/Credit Index (the “Index”), produced a total return of -1.01% 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 credit quality decisions.
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.
Interest-Rate Fluctuations Detract From Bond Performance
In general, bonds lost varying degrees of value over the period. In late 2017, the U.S. Federal Reserve (the “Fed”) began to unwind its balance sheet through sales of U.S. government securities and started to raise the overnight target federal funds rate by 25 basis points at approximately every other meeting. Longer-term interest rates climbed during the first portion of the reporting period. Corporate and emerging market debt soundly outperformed like-duration Treasuries. However, market volatility appeared in February and a paradigm shift occurred. Concerns over high U.S. inflation sprouted, and while the U.S. economy continued to strengthen, economies in many parts of the world softened. Corporates and emerging market debt gave up much of their earlier returns. In a flight to quality, long-term U.S. Treasury rates softened as well. When coupled with the Fed’s rate hikes, which boost the short end of the curve, the U.S. yield curve began a flattening trend that would last through the end of the reporting period.
In this environment, corporate-backed securities fared better than like-duration nominal U.S. Treasuries. Spurred on by robust economic growth and strong corporate earnings, investors favored the higher-yielding debt. There was also a preference for U.S. Treasury Inflation-Protected Securities (TIPS) as inflationary pressures began to mount early in 2018. Instruments with reduced sensitivity to interest-rate fluctuation also generally outperformed the broader market.
Fund Strategies Enhanced Relative Results
Short duration positioning coupled with effective allocation decisions aided relative results during the period. An overweight 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. Shorter duration positioning versus the Index also helped results. Bonds issued by companies in the financial and industrial sectors were the largest contributors to performance. Within Treasuries, overweight exposure to TIPS helped boost the fund’s relative results, as did an underweight position in nominal Treasuries with short duration positioning. In government-related securities, an overweight to taxable municipal bonds was a significant driver of return. The decision to underweight AAA-quality bonds while keeping duration short was also additive to fund performance.
Disappointments during the reporting period included security selection effects within the corporate bond sector, which detracted from relative results. In addition, positioning within AA- and A-rated bonds was a modest headwind.
Anticipating a Flattening Yield Curve and Strong Corporate Earnings
Most analysts expect additional short-term interest-rate hikes by the Fed, and we anticipate that short- and intermediate-term interest rates will continue to rise modestly in response. However, we believe the long end of the curve will remain tethered to global long-term rates. This may cause continued flattening of the yield curve. We think these developments may constrain total returns from U.S. government securities, but corporate bonds could continue to benefit from growing corporate earnings and reduced U.S. tax rates. Despite strong fundamentals, it is worth noting that corporate spreads have widened modestly since the beginning of the calendar year, while high yield spreads continue to tighten.
Therefore, as of the reporting period’s end, we maintain the fund’s short duration in a modestly defensive position, as we seek to protect against rising interest rates in the short and intermediate segments of the yield curve. We will keep an eye on widening corporate spreads, but do not foresee deterioration in fundamentals within our current climate of robust economic activity. We anticipate maintaining our overweight corporate credit position with the expectation of continued strong corporate earnings and what we believe are favorable return profiles.
September 17, 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 August 31, 2018, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Corporate Bond Fund’s Class M shares produced a total return of -0.48%, and Investor shares produced a total return of -0.72%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Credit Index (the “Index”), produced a total return of -0.64%, and the Bloomberg Barclays U.S. Credit Index, the fund’s secondary benchmark, produced a total return of -0.99% 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’s Class M shares produced a higher return for the period than the Index.
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.
Interest-Rate Fluctuations Detract From Bond Performance
In general, bonds lost varying degrees of value over the period. In late 2017, the U.S. Federal Reserve (the “Fed”) began to unwind its balance sheet through sales of U.S. government securities and started to raise the overnight target federal funds rate by 25 basis points at approximately every other meeting. Longer-term interest rates climbed during the first portion of the reporting period. Corporate and emerging market debt soundly outperformed like-duration Treasuries. However, market volatility appeared in February and a paradigm shift occurred. Concerns over high U.S. inflation sprouted, and while the U.S. economy continued to strengthen, economies in many parts of the world softened. Corporates and emerging market debt gave up much of their earlier returns. In a flight to quality, long-term U.S. Treasury rates softened as well. When coupled with the Fed’s rate hikes, which boost the short end of the curve, the U.S. yield curve began a flattening trend that would last through the end of the reporting period.
In this environment, corporate-backed securities fared better than like-duration nominal U.S. Treasuries. Spurred on by robust economic growth and strong corporate earnings, investors favored the higher-yielding debt. There was also a preference for U.S. Treasury Inflation-Protected Securities (TIPS) as inflationary pressures began to mount early in 2018. Instruments with reduced sensitivity to interest-rate fluctuation also generally outperformed the broader market.
Sector Allocation and Credit Quality Decisions Drive Results
Corporate bond prices were supported during the period by growing earnings, upbeat business sentiment, and investors’ preference for higher levels of current income. Allocation and duration decisions within the finance and technology subsectors were additive. An overweight allocation and short duration position within agencies, particularly taxable municipal bonds, also benefited performance. An underweight to AAA-rated bonds was also additive, as was issue selection. Overweights to AA- and BBB-rated bonds also proved beneficial. Exposure to high yield bonds also helped buoy relative results.
Disappointments during the reporting period included issue selection within some corporate bond sectors, particularly in financials. In addition, the securitized sector detracted from performance, largely due to duration positioning.
Anticipating a Flattening Yield Curve and Strong Corporate Earnings
Most analysts expect additional short-term interest-rate hikes by the Fed, and we anticipate that short- and intermediate-term interest rates will continue to rise modestly in response. However, we believe the long end of the curve will remain tethered to global long-term rates. This may cause continued flattening of the yield curve. We think these developments may constrain total returns from U.S. government securities, but corporate bonds could continue to benefit from growing corporate earnings and reduced U.S. tax rates. Despite strong fundamentals, it is worth noting that corporate spreads have widened modestly since the beginning of the calendar year, while high yield spreads continue to tighten.
Therefore, as of the reporting period’s end, we maintain the fund’s short duration in a modestly defensive position, as we seek to protect against rising interest rates in the short and intermediate segments of the yield curve. We will keep an eye on widening corporate spreads, but do not foresee deterioration in fundamentals within our current climate of robust economic activity. We anticipate maintaining our overweight corporate credit position with the expectation of continued strong corporate earnings and what we believe are favorable return profiles.
September 17, 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 Bond 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 August 31, 2018, as provided by Lawrence R. Dunn, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Short-Term U.S. Government Securities Fund’s Class M shares produced a total return of -0.36%, and Investor shares produced a total return of -0.69%.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 -0.05% 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 positioning in mortgage-backed securities and nominal Treasuries.
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.
Interest-Rate Fluctuations Detract From Bond Performance
In late 2017, the U.S. Federal Reserve (the “Fed”) began to unwind its balance sheet through sales of U.S. government securities and started to raise the overnight target federal funds rate by 25 basis points at approximately every other meeting. Longer-term interest rates climbed during the first portion of the reporting period. Higher-yielding debt soundly outperformed like-duration Treasuries. However, market volatility appeared in February and a paradigm shift occurred. Concerns over high U.S. inflation sprouted, and while the U.S. economy continued to strengthen, economies in many parts of the world softened. Higher-yielding debt gave up much of its earlier returns. In a flight to quality, long-term U.S. Treasury rates softened as well. When coupled with the Fed’s rate hikes, which boost the short end of the curve, the U.S. yield curve began a flattening trend that would last through the end of the reporting period. Rates up to the five-year maturity point of the curve rose significantly. The increases on maturities greater than 10 years were not enough to create a steepening effect.
In this environment, higher-yielding securities fared better than like-duration nominal U.S. Treasuries. There was also a preference for U.S. Treasury Inflation-Protected Securities (TIPS) as inflationary pressures began to mount early in 2018. Instruments with reduced sensitivity to interest-rate fluctuation also generally outperformed the broader market.
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. Since March, holdings of mortgage-backed securities have been additive, but not enough to offset the losses experienced during the first few months of 2018. In addition, exposure to U.S. Treasury securities, which comprised approximately 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 in order to reduce the portfolio’s exposure to interest-rate risks. We seek to add value through yield generation as opposed to price appreciation.
Positioned for Rising Short-Term Interest Rates
As of the end of the reporting period, we expect the longstanding U.S. economic recovery to continue. This will encourage the Fed to remain on track to raise short-term rates at a measured pace as additional inflationary pressures mount. We believe this should drive yields of short-term U.S. government securities higher. The long end of the curve will likely remain tethered to global rates, causing the yield curve to continue the flattening trend.
In this environment, we may look for opportunities to reduce the fund’s exposure to nominal Treasuries at the two- and three-year maturity points of the curve and move the fund into floating rate notes inside of the one-year maturity point. This will reduce duration and create a position that should benefit directly from rising interest rates. We will also continue to monitor the spread between agencies and mortgages, and may seek to reduce the fund’s holdings in mortgages should that spread narrow.
September 17, 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
FUND PERFORMANCE (Unaudited)
Comparison of change in value of $10,000 investment in BNY Mellon Bond Fund Class M shares and Investor shares and the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”)
Average Annual Total Returns as of 8/31/18 | |||
| 1 Year | 5 Years | 10 Years |
Class M shares | -1.10% | 2.29% | 3.55% |
Investor shares | -1.35% | 2.05% | 3.29% |
Bloomberg Barclays U.S. Aggregate Bond Index | -1.05% | 2.49% | 3.70% |
† Source: Lipper Inc.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Bond Fund on 8/31/08 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The 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). Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
8
Comparison of change in value of $10,000 investment in BNY Mellon Intermediate Bond Fund Class M shares and Investor shares and the Bloomberg Barclays U.S. Intermediate Government/Credit Index (the “Index”)
Average Annual Total Returns as of 8/31/18 | |||
| 1 Year | 5 Years | 10 Years |
Class M shares | -0.58% | 1.45% | 2.68% |
Investor shares | -0.84% | 1.19% | 2.42% |
Bloomberg Barclays U.S. Intermediate | -1.01% | 1.76% | 3.05% |
† Source: Lipper Inc.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Intermediate Bond Fund on 8/31/08 to a $10,000 investment made in the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index (the “Index”) on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index is a broad-based flagship benchmark that measures the non-securitized component of the Bloomberg Barclays U.S. Aggregate Bond Index. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
9
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of $10,000 investment in BNY Mellon Corporate Bond Fund Class M shares and Investor shares and the Bloomberg Barclays U.S. Intermediate Credit Index and the Bloomberg Barclays U.S. Credit Index
Average Annual Total Returns as of 8/31/18 | ||||
| Inception | 1 Year | 5 Year | From |
Class M shares | 3/2/12 | -0.48% | 3.60% | 3.44% |
Investor shares | 3/2/12 | -0.72% | 3.36% | 3.20% |
Bloomberg Barclays U.S. Intermediate Credit Index | 2/29/12 | -0.64% | 2.70% | 2.60%†† |
Bloomberg Barclays U.S. Credit Index | 2/29/12 | -0.99% | 3.64% | 3.27%†† |
† Source: Lipper Inc.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Corporate Bond Fund on 3/2/12 (inception date) to a $10,000 investment made in each of the Bloomberg Barclays U.S. Intermediate Credit Index and the Bloomberg Barclays U.S. Credit Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. 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. 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. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
†† For comparative purposes, the value of the indices as of 02/29/12 is used as the beginning value on 3/2/12.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
10
Comparison of change in value of $10,000 investment in BNY Mellon Short-Term U.S. Government Securities Fund Class M shares and Investor shares and the Bloomberg Barclays U.S. Government 1-3 Year Bond Index (the “Index”)
Average Annual Total Returns as of 8/31/18 | |||
| 1 Year | 5 Years | 10 Years |
Class M shares | -0.36% | 0.28% | 0.85% |
Investor shares | -0.69% | 0.04% | 0.58% |
Bloomberg Barclays U.S. Government | -0.05% | 0.64% | 1.28% |
† Source: Lipper Inc.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Short-Term U.S. Government Securities Fund on 8/31/08 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The 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. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
11
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 March 1, 2018 to August 31, 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 August 31, 2018 | |||||||||||||||||
|
|
|
|
|
| Class M |
|
|
| Investor Shares |
| ||||||
BNY Mellon Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.78 | $ | 4.05 | |||||||||||||
Ending value (after expenses) | $ | 1,008.20 | $ | 1,006.90 | |||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||||
BNY Mellon Intermediate Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.78 | $ | 4.04 | |||||||||||||
Ending value (after expenses) | $ | 1,008.10 | $ | 1,006.00 | |||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||||
BNY Mellon Corporate Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.78 | $ | 4.05 | |||||||||||||
Ending value (after expenses) | $ | 1,007.00 | $ | 1,006.60 | |||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.78 | $ | 4.04 | |||||||||||||
Ending value (after expenses) | $ | 1,006.60 | $ | 1,005.30 | |||||||||||||
Annualized expense ratio (%) | .55 | .80 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
12
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 August 31, 2018 | |||||||||||||||||
|
|
|
|
|
| Class M |
|
|
| Investor Shares |
| ||||||
BNY Mellon Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.80 | $ | 4.08 | |||||||||||||
Ending value (after expenses) | $ | 1,022.43 | $ | 1,021.17 | |||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||||
BNY Mellon Intermediate Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.80 | $ | 4.08 | |||||||||||||
Ending value (after expenses) | $ | 1,022.43 | $ | 1,021.17 | |||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||||
BNY Mellon Corporate Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.80 | $ | 4.08 | |||||||||||||
Ending value (after expenses) | $ | 1,022.43 | $ | 1,021.17 | |||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.80 | $ | 4.08 | |||||||||||||
Ending value (after expenses) | $ | 1,022.43 | $ | 1,021.17 | |||||||||||||
Annualized expense ratio (%) | .55 | .80 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
13
STATEMENT OF INVESTMENTS
August 31, 2018
BNY Mellon Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.6% | |||||||||
Aerospace & Defense - .4% | |||||||||
Northrop Grumman, | 2.08 | 10/15/20 | 3,560,000 | 3,488,568 | |||||
Airlines - .5% | |||||||||
American Airlines, | 3.38 | 5/1/27 | 4,650,775 | 4,522,832 | |||||
Automobiles & Components - .5% | |||||||||
Toyota Motor Credit, | 2.15 | 3/12/20 | 5,145,000 | 5,094,271 | |||||
Banks - 9.8% | |||||||||
Bank of America, | 2.60 | 1/15/19 | 9,330,000 | 9,331,548 | |||||
Bank of America, | 3.95 | 4/21/25 | 9,170,000 | 9,029,928 | |||||
Barclays, | 5.20 | 5/12/26 | 4,055,000 | 4,012,163 | |||||
Citigroup, | 4.45 | 9/29/27 | 10,200,000 | 10,115,275 | |||||
Citizens Financial Group, | 4.15 | 9/28/22 | 8,555,000 | a | 8,578,567 | ||||
Goldman Sachs Group, | 6.75 | 10/1/37 | 8,270,000 | 9,997,186 | |||||
JPMorgan Chase & Co., | 3.38 | 5/1/23 | 5,770,000 | 5,679,457 | |||||
Morgan Stanley, | 4.88 | 11/1/22 | 11,490,000 | 11,980,053 | |||||
Rabobank Nederland, | 4.50 | 1/11/21 | 8,060,000 | 8,285,253 | |||||
Royal Bank of Scotland Group, | 6.13 | 12/15/22 | 3,660,000 | 3,842,434 | |||||
Societe Generale, | 4.75 | 11/24/25 | 8,355,000 | a | 8,349,654 | ||||
Wells Fargo & Co., | 2.63 | 7/22/22 | 3,530,000 | 3,418,064 | |||||
Wells Fargo & Co., | 4.90 | 11/17/45 | 6,265,000 | 6,341,399 | |||||
98,960,981 | |||||||||
Beverage Products - 1.3% | |||||||||
Anheuser-Busch InBev Finance, | 4.90 | 2/1/46 | 5,935,000 | 6,054,202 | |||||
PepsiCo, | 4.50 | 1/15/20 | 7,040,000 | 7,212,909 | |||||
13,267,111 | |||||||||
Commercial & Professional Services - 1.1% | |||||||||
George Washington University, | 4.13 | 9/15/48 | 5,350,000 | 5,394,590 | |||||
Total System Services, | 4.80 | 4/1/26 | 5,765,000 | 5,969,198 | |||||
11,363,788 | |||||||||
Commercial Mortgage Pass-Through Ctfs. - 1.8% | |||||||||
UBS Commercial Mortgage Trust, | 3.40 | 5/10/45 | 4,187,153 | 4,203,667 | |||||
WFRBS Commercial Mortgage Trust, | 3.20 | 3/15/48 | 4,835,000 | 4,815,748 | |||||
WFRBS Commercial Mortgage Trust, | 3.00 | 5/15/45 | 9,045,000 | 8,928,617 | |||||
17,948,032 |
14
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.6% (continued) | |||||||||
Diversified Financials - 1.4% | |||||||||
AerCap Ireland Capital, | 4.50 | 5/15/21 | 7,735,000 | 7,871,169 | |||||
Intercontinental Exchange, | 2.75 | 12/1/20 | 6,035,000 | 5,988,464 | |||||
13,859,633 | |||||||||
Electronic Components - .5% | |||||||||
Tech Data, | 4.95 | 2/15/27 | 5,230,000 | 5,145,506 | |||||
Energy - 2.6% | |||||||||
Andeavor, | 3.80 | 4/1/28 | 4,250,000 | 4,102,425 | |||||
BP Capital Markets, | 2.50 | 11/6/22 | 4,640,000 | 4,497,386 | |||||
Concho Resources, | 4.30 | 8/15/28 | 3,375,000 | 3,380,875 | |||||
Exxon Mobil, | 1.71 | 3/1/19 | 4,425,000 | 4,410,267 | |||||
Sabine Pass Liquefaction, | 5.75 | 5/15/24 | 3,300,000 | 3,550,669 | |||||
Spectra Energy Partners, | 3.50 | 3/15/25 | 3,145,000 | 3,048,694 | |||||
Williams Cos., | 4.30 | 3/4/24 | 3,516,000 | 3,561,995 | |||||
26,552,311 | |||||||||
Foreign/Governmental - 1.4% | |||||||||
Petroleos Mexicanos, | 4.88 | 1/24/22 | 7,625,000 | 7,687,906 | |||||
Province of Ontario Canada, | 4.00 | 10/7/19 | 6,500,000 | 6,588,847 | |||||
14,276,753 | |||||||||
Health Care - 2.7% | |||||||||
AbbVie, | 2.90 | 11/6/22 | 5,090,000 | 4,970,168 | |||||
Amgen, | 5.65 | 6/15/42 | 4,955,000 | 5,528,390 | |||||
Biogen, | 2.90 | 9/15/20 | 5,600,000 | 5,583,410 | |||||
Celgene, | 2.88 | 8/15/20 | 4,305,000 | 4,285,812 | |||||
CVS Health, | 4.78 | 3/25/38 | 7,180,000 | 7,165,137 | |||||
27,532,917 | |||||||||
Industrials - .7% | |||||||||
ABB Finance USA, | 2.88 | 5/8/22 | 7,215,000 | 7,114,599 | |||||
Information Technology - 2.3% | |||||||||
Adobe Systems, | 3.25 | 2/1/25 | 4,895,000 | 4,830,900 | |||||
Fidelity National Information Services, | 3.88 | 6/5/24 | 2,016,000 | 2,021,879 | |||||
Microsoft, | 3.75 | 2/12/45 | 7,035,000 | 6,864,981 | |||||
Oracle, | 2.50 | 5/15/22 | 9,660,000 | 9,463,404 | |||||
23,181,164 | |||||||||
Internet Software & Services - 1.7% | |||||||||
Amazon.com, | 2.40 | 2/22/23 | 6,655,000 | 6,438,578 |
15
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.6% (continued) | |||||||||
Internet Software & Services - 1.7% (continued) | |||||||||
Arrow Electronics, | 3.50 | 4/1/22 | 5,620,000 | 5,541,245 | |||||
eBay, | 2.60 | 7/15/22 | 5,295,000 | 5,141,474 | |||||
17,121,297 | |||||||||
Media - 2.5% | |||||||||
21st Century Fox America, | 6.15 | 3/1/37 | 4,365,000 | 5,324,934 | |||||
Comcast, | 3.60 | 3/1/24 | 9,400,000 | b | 9,405,320 | ||||
Discovery Communications, | 2.80 | 6/15/20 | 5,465,000 | a | 5,407,490 | ||||
Time Warner, | 4.00 | 1/15/22 | 4,905,000 | 4,977,570 | |||||
25,115,314 | |||||||||
Municipal Bonds - 7.0% | |||||||||
California, | 3.38 | 4/1/25 | 6,270,000 | 6,284,108 | |||||
California Earthquake Authority, | 2.81 | 7/1/19 | 2,394,000 | 2,392,516 | |||||
California Educational Facilities Authority, | 5.00 | 10/1/32 | 6,125,000 | 7,740,408 | |||||
Chicago, | 7.38 | 1/1/33 | 4,710,000 | 5,349,806 | |||||
Commonwealth of Massachusetts, | 4.91 | 5/1/29 | 4,990,000 | 5,540,647 | |||||
Florida Hurricane Catastrophe Fund Finance Corporation, | 3.00 | 7/1/20 | 14,000,000 | 14,016,380 | |||||
Massachusetts, | 4.20 | 12/1/21 | 335,000 | 344,598 | |||||
New York City, | 6.25 | 6/1/35 | 5,470,000 | 5,749,079 | |||||
New York City Municipal Water Finance Authority, | 6.28 | 6/15/42 | 8,440,000 | 8,995,521 | |||||
Oakland Unified School District, | 9.50 | 8/1/34 | 3,550,000 | 3,759,237 | |||||
Texas Public Finance Authority, | 8.25 | 7/1/24 | 4,390,000 | 4,520,471 | |||||
University of California Regents, | 4.13 | 5/15/45 | 5,530,000 | 5,606,425 | |||||
70,299,196 | |||||||||
Real Estate - 2.2% | |||||||||
Alexandria Real Estate, | 4.30 | 1/15/26 | 4,180,000 | 4,195,388 | |||||
Boston Properties, | 4.13 | 5/15/21 | 3,005,000 | 3,068,138 | |||||
CubeSmart, | 4.80 | 7/15/22 | 5,173,000 | 5,352,510 | |||||
Essex Portfolio, | 3.38 | 1/15/23 | 4,301,000 | 4,234,366 | |||||
Kimco Realty, | 3.40 | 11/1/22 | 5,595,000 | 5,527,408 | |||||
22,377,810 | |||||||||
Semiconductors & Semiconductor Equipment - .4% | |||||||||
Intel, | 2.70 | 12/15/22 | 4,020,000 | 3,960,049 |
16
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.6% (continued) | |||||||||
Technology Hardware & Equipment - .8% | |||||||||
Apple, | 4.38 | 5/13/45 | 4,895,000 | 5,121,130 | |||||
Diamond 1 Finance, | 6.02 | 6/15/26 | 2,800,000 | a | 2,970,736 | ||||
8,091,866 | |||||||||
Telecommunication Services - 3.2% | |||||||||
AT&T, | 4.13 | 2/17/26 | 4,975,000 | 4,920,133 | |||||
AT&T, | 4.45 | 5/15/21 | 6,055,000 | 6,217,809 | |||||
Telefonica Emisiones, | 4.10 | 3/8/27 | 9,675,000 | 9,424,476 | |||||
Verizon Communications, | 5.50 | 3/16/47 | 10,605,000 | 11,476,762 | |||||
32,039,180 | |||||||||
Transportation - .6% | |||||||||
Burlington North Santa Fe., | 3.45 | 9/15/21 | 6,415,000 | 6,462,986 | |||||
U.S. Government Agencies - .5% | |||||||||
Federal Farm Credit Bank, | 3.60 | 7/23/25 | 5,370,000 | 5,370,870 | |||||
U.S. Government Agencies Mortgage-Backed - 27.1% | |||||||||
Federal Home Loan Mortgage Corporation: | |||||||||
3.00%, 1/1/33-8/1/47 | 9,660,691 | c | 9,525,020 | ||||||
3.50%, 11/1/32-4/1/48 | 58,897,492 | c | 58,657,929 | ||||||
4.00%, 11/1/47-5/1/48 | 21,267,036 | c | 21,675,546 | ||||||
4.50%, 7/1/48 | 12,087,876 | c | 12,569,430 | ||||||
5.00%, 12/1/39-7/1/40 | 5,177,194 | c | 5,535,208 | ||||||
Federal National Mortgage Association: | |||||||||
2.50%, 10/1/31 | 12,743,178 | c | 12,400,870 | ||||||
3.00%, 6/1/37-8/1/47 | 49,829,173 | c | 48,315,365 | ||||||
3.50%, 5/1/33-3/1/48 | 31,323,529 | c | 31,279,027 | ||||||
4.00%, 4/1/38-12/1/47 | 24,862,327 | c | 25,385,776 | ||||||
4.50%, 1/1/48 | 6,347,217 | c | 6,594,758 | ||||||
5.00%, 11/1/43 | 1,202,912 | c | 1,278,593 | ||||||
Government National Mortgage Association I | |||||||||
5.00%, 11/15/34 | 8,809 | 9,416 | |||||||
Government National Mortgage Association II: | |||||||||
3.00%, 9/20/47 | 13,058,237 | 12,780,700 | |||||||
3.50%, 9/20/47 | 8,397,717 | 8,433,097 | |||||||
4.00%, 8/1/48 | 14,000,000 | 14,351,625 | |||||||
4.50%, 7/20/48 | 4,855,285 | 5,051,806 | |||||||
273,844,166 | |||||||||
U.S. Government Securities - 24.0% | |||||||||
U.S. Treasury Bonds | 2.25 | 8/15/46 | 5,500,000 | 4,697,559 | |||||
U.S. Treasury Bonds | 2.50 | 5/15/46 | 2,340,000 | 2,109,291 | |||||
U.S. Treasury Bonds | 2.75 | 11/15/47 | 4,000,000 | 3,786,406 | |||||
U.S. Treasury Bonds | 2.88 | 8/15/45 | 8,700,000 | 8,461,090 | |||||
U.S. Treasury Bonds | 3.00 | 2/15/47 | 6,715,000 | b | 6,687,851 | ||||
U.S. Treasury Inflation Protected Securities, | 0.13 | 1/15/22 | 12,113,248 | d | 11,860,274 | ||||
U.S. Treasury Inflation Protected Securities, | 0.38 | 7/15/25 | 12,974,346 | d | 12,695,769 | ||||
U.S. Treasury Inflation Protected Securities, | 0.38 | 1/15/27 | 5,215,900 | d | 5,045,399 | ||||
U.S. Treasury Inflation Protected Securities, | 0.63 | 4/15/23 | 5,097,762 | d | 5,068,689 |
17
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.6% (continued) | |||||||||
U.S. Government Securities - 24.0% (continued) | |||||||||
U.S. Treasury Inflation Protected Securities, | 0.63 | 7/15/21 | 14,825,210 | b,d | 14,827,205 | ||||
U.S. Treasury Inflation Protected Securities, | 1.00 | 2/15/46 | 9,970,219 | d | 10,177,023 | ||||
U.S. Treasury Notes | 1.13 | 2/28/21 | 24,640,000 | b | 23,726,106 | ||||
U.S. Treasury Notes | 1.38 | 2/15/20 | 19,750,000 | 19,416,719 | |||||
U.S. Treasury Notes | 1.50 | 7/15/20 | 19,500,000 | 19,103,145 | |||||
U.S. Treasury Notes | 1.50 | 4/15/20 | 4,000,000 | 3,931,250 | |||||
U.S. Treasury Notes | 1.88 | 1/31/22 | 4,675,000 | 4,546,711 | |||||
U.S. Treasury Notes | 1.88 | 4/30/22 | 12,130,000 | 11,770,838 | |||||
U.S. Treasury Notes | 1.88 | 12/31/19 | 4,500,000 | 4,460,361 | |||||
U.S. Treasury Notes | 2.00 | 11/15/26 | 5,290,000 | b | 4,964,954 | ||||
U.S. Treasury Notes | 2.13 | 9/30/21 | 21,190,000 | 20,829,935 | |||||
U.S. Treasury Notes | 2.25 | 11/15/27 | 9,380,000 | 8,917,595 | |||||
U.S. Treasury Notes | 2.38 | 5/15/27 | 6,185,000 | b | 5,960,915 | ||||
U.S. Treasury Notes | 2.38 | 1/31/23 | 3,500,000 | 3,446,680 | |||||
U.S. Treasury Notes | 2.50 | 5/31/20 | 6,865,000 | 6,851,190 | |||||
U.S. Treasury Notes | 2.63 | 2/28/23 | 16,985,000 | 16,904,056 | |||||
U.S. Treasury Notes | 2.88 | 8/15/28 | 2,000,000 | 2,002,070 | |||||
242,249,081 | |||||||||
Utilities - 1.6% | |||||||||
Black Hills, | 4.35 | 5/1/33 | 2,580,000 | 2,594,083 | |||||
Consumers Energy, | 3.25 | 8/15/46 | 2,720,000 | 2,390,544 | |||||
Exelon, | 3.40 | 4/15/26 | 4,400,000 | 4,245,442 | |||||
NiSource, | 3.95 | 3/30/48 | 5,115,000 | 4,735,789 | |||||
Public Service Enterprise, | 1.60 | 11/15/19 | 2,670,000 | 2,629,968 | |||||
16,595,826 | |||||||||
Total Bonds and Notes | 995,836,107 | ||||||||
7-Day | Shares | ||||||||
Investment Companies - .8% | |||||||||
Registered Investment Companies - .8% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 8,185,463 | e | 8,185,463 | |||||
Total Investments (cost $1,014,383,607) | 99.4% | 1,004,021,570 | |||||||
Cash and Receivables (Net) | 0.6% | 5,821,417 | |||||||
Net Assets | 100.0% | 1,009,842,987 |
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 August 31, 2018, these securities were valued at $25,306,447 or 2.51% of net assets.
b Security, or portion thereof, on loan. At August 31, 2018, the value of the fund’s securities on loan was $35,268,443 and the value of the collateral held by the fund was $36,035,640, consisting of U.S. Government & Agency securities.
c The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
d Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
18
Portfolio Summary (Unaudited) † | Value (%) |
Government | 32.1 |
Mortgage Securities | 28.9 |
Financial | 13.4 |
Communications | 6.8 |
Consumer, Non-cyclical | 5.2 |
Technology | 3.5 |
Energy | 3.4 |
Industrial | 2.7 |
Utilities | 1.6 |
Consumer, Cyclical | 1.0 |
Investment Companies | .8 |
99.4 |
† Based on net assets.
See notes to financial statements.
19
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Intermediate Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.7% | |||||||||
Aerospace & Defense - .7% | |||||||||
General Dynamics, | 3.00 | 5/11/21 | 6,205,000 | 6,194,717 | |||||
Airlines - .5% | |||||||||
American Airlines, | 3.38 | 5/1/27 | 4,010,760 | 3,900,424 | |||||
Automobiles & Components - 1.9% | |||||||||
American Honda Finance, | 1.70 | 9/9/21 | 4,260,000 | 4,087,901 | |||||
BMW US Capital, | 2.72 | 4/6/20 | 2,000,000 | a,b | 2,008,214 | ||||
Paccar Financial, | 2.80 | 3/1/21 | 3,730,000 | 3,704,354 | |||||
Toyota Motor Credit, | 2.15 | 3/12/20 | 5,960,000 | 5,901,235 | |||||
15,701,704 | |||||||||
Banks - 13.3% | |||||||||
Bank of America, | 2.60 | 1/15/19 | 7,325,000 | 7,326,216 | |||||
Bank of America, | 3.95 | 4/21/25 | 7,175,000 | 7,065,401 | |||||
Bank of Montreal, | 2.10 | 12/12/19 | 8,250,000 | 8,182,091 | |||||
Bank of Nova Scotia, | 2.50 | 1/8/21 | 4,855,000 | 4,782,581 | |||||
Citigroup, | 2.40 | 2/18/20 | 5,010,000 | 4,965,535 | |||||
Citigroup, | 4.40 | 6/10/25 | 5,500,000 | 5,515,820 | |||||
Citizens Financial Group, | 4.30 | 12/3/25 | 6,885,000 | 6,867,877 | |||||
Cooperatieve Rabobank, | 3.75 | 7/21/26 | 6,785,000 | 6,481,678 | |||||
Credit Suisse Group, | 3.45 | 4/16/21 | 4,315,000 | 4,307,183 | |||||
Deutsche Bank, | 3.38 | 5/12/21 | 4,420,000 | 4,341,579 | |||||
Goldman Sachs Group, | 2.91 | 7/24/23 | 7,900,000 | 7,675,127 | |||||
JPMorgan Chase & Co., | 3.38 | 5/1/23 | 7,895,000 | 7,771,112 | |||||
Morgan Stanley, | 4.88 | 11/1/22 | 7,610,000 | 7,934,570 | |||||
Royal Bank of Canada, | 4.65 | 1/27/26 | 6,510,000 | 6,702,473 | |||||
Royal Bank of Scotland Group, | 6.13 | 12/15/22 | 3,100,000 | 3,254,521 | |||||
Santander Holdings USA, | 2.65 | 4/17/20 | 4,615,000 | 4,564,774 | |||||
Societe Generale, | 2.63 | 10/1/18 | 2,000,000 | 2,000,382 | |||||
Societe Generale, | 4.75 | 11/24/25 | 7,335,000 | b | 7,330,307 | ||||
Sumitomo Mitsui Banking, | 2.51 | 1/17/20 | 4,570,000 | 4,533,533 | |||||
111,602,760 |
20
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.7% (continued) | |||||||||
Beverage Products - .8% | |||||||||
Anheuser-Busch InBev Finance, | 2.65 | 2/1/21 | 6,635,000 | 6,561,623 | |||||
Building Materials - .4% | |||||||||
Vulcan Materials, | 2.94 | 6/15/20 | 3,600,000 | a | 3,607,458 | ||||
Chemicals - .5% | |||||||||
Dow Chemical, | 4.25 | 11/15/20 | 4,053,000 | 4,141,842 | |||||
Commercial & Professional Services - .7% | |||||||||
Automatic Data Processing, | 2.25 | 9/15/20 | 4,135,000 | 4,092,659 | |||||
Stanford University, | 4.75 | 5/1/19 | 1,723,000 | 1,747,344 | |||||
5,840,003 | |||||||||
Commercial Mortgage Pass-Through Ctfs. - .3% | |||||||||
Government National Mortgage Association, | 2.30 | 1/16/49 | 3,069,153 | 2,953,480 | |||||
Diversified Financials - 1.3% | |||||||||
Aercap Ireland Capital, | 4.50 | 5/15/21 | 4,435,000 | 4,513,075 | |||||
Intercontinental Exchange, | 2.75 | 12/1/20 | 6,195,000 | 6,147,231 | |||||
10,660,306 | |||||||||
Electronic Components - .5% | |||||||||
Tech Data, | 4.95 | 2/15/27 | 4,425,000 | 4,353,511 | |||||
Energy - 2.5% | |||||||||
BP Capital Markets, | 2.50 | 11/6/22 | 5,875,000 | 5,694,428 | |||||
Enterprise Products Operating, | 2.55 | 10/15/19 | 3,330,000 | 3,316,563 | |||||
Noble Energy, | 3.85 | 1/15/28 | 3,575,000 | 3,415,953 | |||||
Oneok, | 4.00 | 7/13/27 | 3,400,000 | c | 3,325,526 | ||||
Sabine Pass Liquefaction, | 5.75 | 5/15/24 | 2,500,000 | 2,689,901 | |||||
Spectra Energy Partners, | 3.50 | 3/15/25 | 2,760,000 | 2,675,484 | |||||
21,117,855 | |||||||||
Environmental Control - .5% | |||||||||
Waste Management, | 3.13 | 3/1/25 | 4,775,000 | c | 4,632,500 | ||||
Food Products - 1.0% | |||||||||
Campbell Soup Co., | 3.65 | 3/15/23 | 4,375,000 | 4,281,666 | |||||
General Mills, | 3.35 | 10/17/23 | 4,325,000 | a | 4,375,811 | ||||
8,657,477 | |||||||||
Foreign/Governmental - 1.6% | |||||||||
Petroleos Mexicanos, | 4.88 | 1/24/22 | 6,390,000 | 6,442,718 | |||||
Province of Ontario Canada, | 4.00 | 10/7/19 | 6,515,000 | 6,604,052 | |||||
13,046,770 | |||||||||
Health Care - 4.5% | |||||||||
Abbott Laboratories, | 2.35 | 11/22/19 | 681,000 | 676,614 |
21
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.7% (continued) | |||||||||
Health Care - 4.5% (continued) | |||||||||
Abbvie, | 2.85 | 5/14/23 | 4,235,000 | 4,100,309 | |||||
Actavis Funding, | 3.45 | 3/15/22 | 4,560,000 | 4,528,656 | |||||
Amgen, | 5.70 | 2/1/19 | 2,905,000 | 2,941,063 | |||||
Celgene, | 3.25 | 2/20/23 | 3,955,000 | 3,895,470 | |||||
CVS Health, | 4.10 | 3/25/25 | 4,515,000 | 4,526,582 | |||||
GlaxoSmithKline Capital, | 3.38 | 5/15/23 | 4,195,000 | 4,202,866 | |||||
Prov St Joseph Health Obl, | 2.75 | 10/1/26 | 4,095,000 | 3,800,267 | |||||
Shire Acq Inv Ireland, | 3.20 | 9/23/26 | 5,005,000 | 4,669,447 | |||||
UnitedHealth Group, | 3.50 | 6/15/23 | 4,130,000 | 4,159,869 | |||||
37,501,143 | |||||||||
Industrials - 1.8% | |||||||||
Caterpillar Financial Services, | 2.10 | 6/9/19 | 6,590,000 | 6,566,831 | |||||
John Deere Capital, | 2.15 | 9/8/22 | 5,000,000 | 4,818,078 | |||||
Snap-On, | 3.25 | 3/1/27 | 3,890,000 | 3,791,445 | |||||
15,176,354 | |||||||||
Information Technology - 3.8% | |||||||||
Adobe Systems, | 4.75 | 2/1/20 | 6,414,000 | 6,587,428 | |||||
Fidelity National Inform, | 2.25 | 8/15/21 | 6,000,000 | 5,810,992 | |||||
Fiserv, | 3.85 | 6/1/25 | 6,035,000 | 6,010,106 | |||||
Microsoft, | 3.13 | 11/3/25 | 6,550,000 | 6,448,703 | |||||
Oracle, | 2.50 | 5/15/22 | 7,000,000 | 6,857,539 | |||||
31,714,768 | |||||||||
Insurance - .4% | |||||||||
Berkshire Hathaway Finance, | 1.70 | 3/15/19 | 3,225,000 | 3,213,648 | |||||
Internet Software & Services - 1.2% | |||||||||
Amazon.com, | 2.60 | 12/5/19 | 6,345,000 | 6,340,016 | |||||
Ebay, | 2.15 | 6/5/20 | 3,855,000 | 3,800,422 | |||||
10,140,438 | |||||||||
Media - 1.9% | |||||||||
Discovery Communications, | 4.90 | 3/11/26 | 3,970,000 | 4,090,751 | |||||
NBCUniversal Media, | 4.38 | 4/1/21 | 7,050,000 | 7,264,857 | |||||
Time Warner, | 4.00 | 1/15/22 | 4,145,000 | 4,206,326 | |||||
15,561,934 | |||||||||
Municipal Bonds - 4.6% | |||||||||
California, | 3.38 | 4/1/25 | 2,725,000 | 2,731,131 |
22
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.7% (continued) | |||||||||
Municipal Bonds - 4.6% (continued) | |||||||||
California Earthquake Authority, | 2.81 | 7/1/19 | 2,016,000 | 2,014,750 | |||||
California Federally Taxable, | 2.37 | 4/1/22 | 2,850,000 | 2,790,264 | |||||
Chicago, | 7.05 | 1/1/29 | 4,000,000 | 4,357,720 | |||||
Florida Hurricane Catastrophe Fund Finance Corporation, | 3.00 | 7/1/20 | 7,375,000 | 7,383,629 | |||||
Massachusetts, | 4.20 | 12/1/21 | 6,495,000 | 6,681,082 | |||||
Texas Public Finance Authority, | 8.25 | 7/1/24 | 3,805,000 | 3,918,085 | |||||
University of California, | 3.06 | 7/1/25 | 9,140,000 | 8,978,679 | |||||
38,855,340 | |||||||||
Real Estate - 1.1% | |||||||||
Brandywine Operating Partners, | 3.95 | 11/15/27 | 4,000,000 | 3,833,941 | |||||
HealthCare Realty Trust, | 3.63 | 1/15/28 | 2,375,000 | 2,242,343 | |||||
UDR, | 2.95 | 9/1/26 | 3,620,000 | 3,364,735 | |||||
9,441,019 | |||||||||
Semiconductors & Semiconductor Equipment - .9% | |||||||||
Intel, | 2.45 | 7/29/20 | 7,930,000 | 7,881,208 | |||||
Technology Hardware & Equipment - 1.0% | |||||||||
Apple, | 2.25 | 2/23/21 | 5,915,000 | 5,833,860 | |||||
Diamond 1 Finance, | 6.02 | 6/15/26 | 2,355,000 | b | 2,498,601 | ||||
8,332,461 | |||||||||
Telecommunication Services - 3.1% | |||||||||
AT&T, | 3.00 | 6/30/22 | 7,245,000 | 7,083,097 | |||||
Cisco Systems, | 2.13 | 3/1/19 | 2,935,000 | 2,931,457 | |||||
Telefonica Emisiones, | 4.57 | 4/27/23 | 4,460,000 | 4,613,369 | |||||
Verizon Communications, | 5.15 | 9/15/23 | 10,515,000 | 11,287,224 | |||||
25,915,147 | |||||||||
U.S. Government Agencies - .4% | |||||||||
Federal National Mortgage Association, | 2.00 | 4/30/20 | 3,610,000 | d | 3,568,951 | ||||
U.S. Government Securities - 46.2% | |||||||||
U.S. Treasury Inflation Protected Securities, | 0.13 | 1/15/22 | 10,326,321 | e | 10,110,665 | ||||
U.S. Treasury Inflation Protected Securities, | 0.13 | 4/15/22 | 8,828,083 | e | 8,616,347 | ||||
U.S. Treasury Inflation Protected Securities, | 0.38 | 1/15/27 | 13,519,613 | e | 13,077,673 | ||||
U.S. Treasury Inflation Protected Securities, | 0.63 | 4/15/23 | 4,296,323 | e | 4,271,820 | ||||
U.S. Treasury Inflation Protected Securities, | 0.63 | 7/15/21 | 12,175,456 | c,e | 12,177,094 | ||||
U.S. Treasury Notes | 0.75 | 8/15/19 | 21,500,000 | 21,159,443 | |||||
U.S. Treasury Notes | 0.88 | 5/15/19 | 23,000,000 | 22,764,160 | |||||
U.S. Treasury Notes | 0.88 | 6/15/19 | 22,840,000 | c | 22,570,559 |
23
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.7% (continued) | |||||||||
U.S. Government Securities - 46.2% (continued) | |||||||||
U.S. Treasury Notes | 1.13 | 1/31/19 | 20,900,000 | 20,804,481 | |||||
U.S. Treasury Notes | 1.13 | 2/28/21 | 14,935,000 | 14,381,063 | |||||
U.S. Treasury Notes | 1.13 | 6/30/21 | 8,990,000 | 8,609,856 | |||||
U.S. Treasury Notes | 1.25 | 4/1/19 | 21,500,000 | 21,371,924 | |||||
U.S. Treasury Notes | 1.38 | 11/30/18 | 6,000,000 | 5,989,462 | |||||
U.S. Treasury Notes | 1.38 | 12/15/19 | 18,750,000 | 18,476,074 | |||||
U.S. Treasury Notes | 1.38 | 7/31/19 | 20,000,000 | c | 19,808,594 | ||||
U.S. Treasury Notes | 1.38 | 8/31/23 | 4,000,000 | 3,743,752 | |||||
U.S. Treasury Notes | 1.50 | 7/15/20 | 19,480,000 | 19,083,552 | |||||
U.S. Treasury Notes | 1.63 | 5/15/26 | 4,000,000 | c | 3,667,813 | ||||
U.S. Treasury Notes | 1.75 | 9/30/22 | 11,400,000 | c | 10,967,602 | ||||
U.S. Treasury Notes | 1.75 | 9/30/19 | 18,500,000 | 18,354,746 | |||||
U.S. Treasury Notes | 1.88 | 2/28/22 | 7,200,000 | 6,997,781 | |||||
U.S. Treasury Notes | 1.88 | 1/31/22 | 13,665,000 | 13,290,013 | |||||
U.S. Treasury Notes | 1.88 | 12/31/19 | 7,750,000 | 7,681,733 | |||||
U.S. Treasury Notes | 2.00 | 11/30/20 | 37,175,000 | 36,643,514 | |||||
U.S. Treasury Notes | 2.00 | 7/31/22 | 3,340,000 | 3,249,585 | |||||
U.S. Treasury Notes | 2.00 | 11/15/26 | 2,200,000 | 2,064,820 | |||||
U.S. Treasury Notes | 2.13 | 9/30/21 | 390,000 | 383,373 | |||||
U.S. Treasury Notes | 2.25 | 11/15/24 | 12,020,000 | c | 11,645,549 | ||||
U.S. Treasury Notes | 2.50 | 3/31/23 | 11,000,000 | 10,884,629 | |||||
U.S. Treasury Notes | 2.63 | 2/28/23 | 7,195,000 | 7,160,711 | |||||
U.S. Treasury Notes | 2.75 | 4/30/23 | 8,000,000 | 8,000,469 | |||||
388,008,857 | |||||||||
Utilities - 1.3% | |||||||||
Indiana Michigan Power Co., | 3.85 | 5/15/28 | 3,490,000 | 3,531,684 | |||||
Nisource Finance, | 3.49 | 5/15/27 | 3,600,000 | 3,483,362 | |||||
Public Service Enterprise, | 2.65 | 11/15/22 | 3,860,000 | 3,726,136 | |||||
10,741,182 | |||||||||
Total Bonds and Notes | 829,024,880 | ||||||||
7-Day | Shares | ||||||||
Investment Companies - .7% | |||||||||
Registered Investment Companies - .7% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 6,290,213 | f | 6,290,213 |
24
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | 7-Day | Shares | Value ($) | ||||||
Investment of Cash Collateral for Securities Loaned - .2% | |||||||||
Registered Investment Companies - .2% | |||||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 1.87 | 1,347,340 | f | 1,347,340 | |||||
Total Investments (cost $845,775,104) | 99.6% | 836,662,433 | |||||||
Cash and Receivables (Net) | 0.4% | 3,047,825 | |||||||
Net Assets | 100.0% | 839,710,258 |
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 August 31, 2018, these securities were valued at $11,837,122 or 1.41% of net assets.
c Security, or portion thereof, on loan. At August 31, 2018, the value of the fund’s securities on loan was $71,613,105 and the value of the collateral held by the fund was $73,313,573, consisting of cash collateral of $1,347,340 and U.S. Government & Agency securities valued at $71,966,233.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Government | 52.0 |
Financial | 16.1 |
Consumer, Non-cyclical | 7.0 |
Communications | 6.1 |
Technology | 5.7 |
Industrial | 4.0 |
Energy | 3.3 |
Consumer, Cyclical | 2.3 |
Utilities | 1.3 |
Investment Companies | .9 |
Basic Materials | .5 |
Mortgage Securities | .4 |
99.6 |
† Based on net assets.
See notes to financial statements.
25
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Corporate Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.0% | |||||||||
Agriculture - .5% | |||||||||
BAT Capital, | 3.56 | 8/15/27 | 4,000,000 | a | 3,753,713 | ||||
Airlines - 1.5% | |||||||||
Air Canada, | 3.60 | 3/15/27 | 2,663,610 | a | 2,609,751 | ||||
American Airlines, | 3.38 | 5/1/27 | 4,266,766 | 4,149,388 | |||||
United Airlines, | 3.10 | 10/7/28 | 4,867,845 | 4,572,221 | |||||
11,331,360 | |||||||||
Automobiles & Components - 2.3% | |||||||||
Borgwarner, | 4.63 | 9/15/20 | 3,000,000 | 3,080,169 | |||||
Daimler Finance, | 2.25 | 7/31/19 | 4,000,000 | a | 3,978,609 | ||||
Ford Motor Credit, | 4.39 | 1/8/26 | 3,000,000 | 2,847,634 | |||||
General Motors Financial, | 5.75 | 3/30/17 | 3,500,000 | b | 3,414,687 | ||||
Harley-Davidson Financial Services, | 2.15 | 2/26/20 | 5,000,000 | a | 4,918,907 | ||||
18,240,006 | |||||||||
Banks - 18.0% | |||||||||
BAC Capital Trust XIV, | 4.00 | 3/15/43 | 3,000,000 | 2,572,500 | |||||
Bank of America, | 5.88 | 3/15/28 | 3,000,000 | 3,003,750 | |||||
Bank of America, | 4.00 | 1/22/25 | 5,000,000 | 4,946,924 | |||||
Bank of Nova Scotia, | 4.65 | 10/12/49 | 5,000,000 | 4,646,875 | |||||
Barclays, | 5.20 | 5/12/26 | 7,500,000 | 7,420,770 | |||||
BBVA Bancomer, | 4.38 | 4/10/24 | 5,250,000 | a | 5,230,312 | ||||
BNP Paribas, | 4.38 | 5/12/26 | 5,000,000 | a | 4,935,008 | ||||
Citigroup, | 5.95 | 12/29/49 | 5,000,000 | 5,181,250 | |||||
Citigroup, | 4.40 | 6/10/25 | 4,000,000 | 4,011,506 | |||||
Citizens Financial Group, | 3.75 | 7/1/24 | 6,000,000 | 5,802,416 | |||||
Credit Agricole, | 4.00 | 1/10/33 | 7,250,000 | a | 6,735,675 | ||||
Credit Suisse Group Funding , | 3.80 | 9/15/22 | 7,000,000 | 7,008,530 | |||||
Deutsche Bank, | 4.50 | 4/1/25 | 7,500,000 | b | 7,023,683 | ||||
Goldman Sachs Group, | 3.50 | 11/16/26 | 6,000,000 | 5,718,383 | |||||
JPMorgan Chase & Co., | 3.38 | 5/1/23 | 4,500,000 | 4,429,386 | |||||
JPMorgan Chase & Co., | 3.63 | 12/1/27 | 3,000,000 | 2,863,133 | |||||
Llyods Banking Group, | 4.58 | 12/10/25 | 4,500,000 | 4,440,280 |
26
BNY Mellon Corporate Bond Fund (continued) | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Bonds and Notes - 99.0% (continued) | |||||||||||
Banks - 18.0% (continued) | |||||||||||
Llyoyds Bank, | 12.00 | 12/16/24 | 3,000,000 | a,b | 3,651,168 | ||||||
Morgan Stanley, | 4.88 | 11/1/22 | 7,000,000 | 7,298,553 | |||||||
Rabobank, | 4.38 | 8/4/25 | 6,500,000 | 6,488,910 | |||||||
Royal Bank of Canada, | 4.65 | 1/27/26 | 6,000,000 | b | 6,177,395 | ||||||
Royal Bank of Scotland Group, | 6.13 | 12/15/22 | 5,000,000 | 5,249,227 | |||||||
Royal Bank of Scotland Group, | 6.00 | 12/19/23 | 3,000,000 | 3,131,610 | |||||||
Santander Holdings USA, | 3.70 | 3/28/22 | 6,000,000 | 5,961,517 | |||||||
Societe Generale, | 4.75 | 11/24/25 | 7,250,000 | a | 7,245,361 | ||||||
Toronto-Dominion Bank, | 3.63 | 9/15/31 | 1,500,000 | 1,423,921 | |||||||
Westpac Banking, | 4.32 | 11/23/31 | 5,000,000 | 4,856,631 | |||||||
ZB, | 3.50 | 8/27/21 | 3,000,000 | 2,998,058 | |||||||
140,452,732 | |||||||||||
Beverage Products - 1.9% | |||||||||||
Anheuser-Busch InBev Finance, | 3.65 | 2/1/26 | 4,000,000 | 3,916,748 | |||||||
Jb Y Co., | 3.75 | 5/13/25 | 6,000,000 | a | 5,769,951 | ||||||
Keurig Dr Pepper, | 4.60 | 5/25/28 | 5,000,000 | a | 5,079,983 | ||||||
14,766,682 | |||||||||||
Building Materials - .5% | |||||||||||
CRH America, | 3.88 | 5/18/25 | 3,000,000 | a | 2,962,688 | ||||||
CRH America Finance, | 3.40 | 5/9/27 | 1,000,000 | a | 945,069 | ||||||
3,907,757 | |||||||||||
Chemicals - 1.0% | |||||||||||
Dow Chemical, | 3.00 | 11/15/22 | 3,000,000 | 2,940,280 | |||||||
Yara International, | 4.75 | 6/1/28 | 4,750,000 | a | 4,833,353 | ||||||
7,773,633 | |||||||||||
Commercial & Professional Services - 2.3% | |||||||||||
Boston Medical Center, | 3.91 | 7/1/28 | 5,000,000 | 4,853,859 | |||||||
Moody's, | 4.50 | 9/1/22 | 5,000,000 | 5,174,794 | |||||||
Total System Services, | 4.80 | 4/1/26 | 7,500,000 | 7,765,652 | |||||||
17,794,305 | |||||||||||
Consumer Discretionary - 2.5% | |||||||||||
Hasbro, | 3.15 | 5/15/21 | 5,000,000 | 4,964,585 | |||||||
Hyatt Hotels, | 4.38 | 9/15/28 | 5,000,000 | 4,973,370 | |||||||
Marriott International, | 2.88 | 3/1/21 | 3,000,000 | 2,970,679 |
27
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.0% (continued) | |||||||||
Consumer Discretionary - 2.5% (continued) | |||||||||
NVR, | 3.95 | 9/15/22 | 6,750,000 | 6,794,914 | |||||
19,703,548 | |||||||||
Consumer Durables & Apparel - .4% | |||||||||
Michael Kors USA, | 4.00 | 11/1/24 | 3,000,000 | a | 2,927,028 | ||||
Consumer Staples - .3% | |||||||||
Newell Brands, | 5.00 | 11/15/23 | 2,400,000 | 2,425,270 | |||||
Diversified Financials - 3.6% | |||||||||
AerCap Ireland Capital, | 4.45 | 10/1/25 | 2,000,000 | 2,003,248 | |||||
Blackstone Holdings Finance, | 4.75 | 2/15/23 | 3,000,000 | a | 3,139,030 | ||||
E*Trade Financial, | 3.80 | 8/24/27 | 3,500,000 | 3,370,477 | |||||
International Lease Finance, | 5.88 | 8/15/22 | 4,250,000 | 4,531,533 | |||||
Legg Mason, | 4.75 | 3/15/26 | 6,000,000 | 6,202,706 | |||||
Nasdaq, | 3.85 | 6/30/26 | 2,000,000 | 1,957,025 | |||||
Stifel Financial, | 4.25 | 7/18/24 | 7,000,000 | 7,062,254 | |||||
28,266,273 | |||||||||
Electronic Components - 2.4% | |||||||||
Arrow Electronics, | 3.25 | 9/8/24 | 2,000,000 | 1,889,780 | |||||
Arrow Electronics, | 4.00 | 4/1/25 | 3,000,000 | 2,943,614 | |||||
Avnet, | 4.88 | 12/1/22 | 3,000,000 | 3,105,284 | |||||
Jabil Circuit, | 5.63 | 12/15/20 | 3,737,000 | 3,912,265 | |||||
Tech Data, | 4.95 | 2/15/27 | 7,250,000 | 7,132,871 | |||||
18,983,814 | |||||||||
Energy - 9.8% | |||||||||
Anadarko Petroleum, | 5.55 | 3/15/26 | 2,750,000 | 2,959,585 | |||||
Andeavor, | 4.75 | 12/15/23 | 4,000,000 | 4,174,065 | |||||
Andeavor Logistics, | 3.50 | 12/1/22 | 2,000,000 | 1,970,047 | |||||
Andeavor Logistics, | 6.25 | 10/15/22 | 746,000 | 773,043 | |||||
Andeavor Logistics, | 4.25 | 12/1/27 | 1,500,000 | 1,482,243 | |||||
Antero Resources, | 5.13 | 12/1/22 | 3,000,000 | 3,045,000 | |||||
Cheniere Corpus Christi Holdings, | 5.13 | 6/30/27 | 4,000,000 | 4,085,000 | |||||
Continental Resources, | 5.00 | 9/15/22 | 4,100,000 | 4,155,307 | |||||
Enbridge, | 4.25 | 12/1/26 | 4,000,000 | 4,024,348 | |||||
EQT Midstream Partners, | 4.75 | 7/15/23 | 5,000,000 | 5,075,630 |
28
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.0% (continued) | |||||||||
Energy - 9.8% (continued) | |||||||||
Harvest Operations, | 4.20 | 6/1/23 | 2,000,000 | a | 2,031,045 | ||||
Marathon Oil, | 2.80 | 11/1/22 | 5,000,000 | 4,841,439 | |||||
Newfield Exploration, | 5.38 | 1/1/26 | 2,000,000 | 2,095,000 | |||||
Newfield Exploration, | 5.63 | 7/1/24 | 2,500,000 | 2,678,125 | |||||
Noble Energy, | 3.90 | 11/15/24 | 3,000,000 | 2,974,532 | |||||
ONEOK, | 4.55 | 7/15/28 | 5,000,000 | 5,055,605 | |||||
Patterson-UTI Energy, | 3.95 | 2/1/28 | 3,000,000 | a | 2,822,557 | ||||
Petrobras Global Finance, | 5.38 | 1/27/21 | 6,000,000 | b | 6,111,000 | ||||
Petroleos Mexicanos, | 4.63 | 9/21/23 | 5,000,000 | 4,926,500 | |||||
Regency Energy Partners, | 5.88 | 3/1/22 | 2,500,000 | 2,655,205 | |||||
Sabal Trail Trans, | 4.25 | 5/1/28 | 3,000,000 | a,b | 3,040,898 | ||||
Sabine Pass Liquefaction, | 5.63 | 3/1/25 | 2,000,000 | 2,134,529 | |||||
Williams Partners, | 3.75 | 6/15/27 | 3,000,000 | b | 2,882,515 | ||||
75,993,218 | |||||||||
Environmental Control - .5% | |||||||||
Waste Management, | 4.75 | 6/30/20 | 3,853,000 | 3,977,575 | |||||
Financials - 2.3% | |||||||||
Apollo Management Holdings, | 4.00 | 5/30/24 | 7,000,000 | a | 7,022,628 | ||||
Carlyle Holdings Finance, | 3.88 | 2/1/23 | 5,921,000 | a | 5,966,658 | ||||
GATX, | 3.25 | 3/30/25 | 2,000,000 | 1,896,338 | |||||
GATX, | 4.75 | 6/15/22 | 3,000,000 | 3,102,935 | |||||
17,988,559 | |||||||||
Food Products - 1.8% | |||||||||
Flowers Foods, | 3.50 | 10/1/26 | 2,000,000 | 1,876,238 | |||||
Flowers Foods, | 4.38 | 4/1/22 | 5,500,000 | 5,628,035 | |||||
Grupo Bimbo, | 3.88 | 6/27/24 | 3,000,000 | a | 2,967,517 | ||||
Grupo Bimbo, | 5.95 | 4/17/23 | 500,000 | a | 502,500 | ||||
McCormick & Co., | 3.15 | 8/15/24 | 3,000,000 | 2,902,938 | |||||
13,877,228 | |||||||||
Foreign/Governmental - 1.5% | |||||||||
Bermudian Government, | 5.60 | 7/20/20 | 6,102,000 | a | 6,356,148 | ||||
Petroleos Mexicanos, | 5.50 | 1/21/21 | 3,000,000 | 3,090,000 |
29
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.0% (continued) | |||||||||
Foreign/Governmental - 1.5% (continued) | |||||||||
Saudi Arabian Government, | 2.38 | 10/26/21 | 2,700,000 | a | 2,611,089 | ||||
12,057,237 | |||||||||
Forest Products & Other - 1.4% | |||||||||
Georgia-Pacific, | 3.16 | 11/15/21 | 6,000,000 | a | 5,946,803 | ||||
International Paper, | 3.00 | 2/15/27 | 5,000,000 | 4,635,277 | |||||
10,582,080 | |||||||||
Health Care - 5.2% | |||||||||
AbbVie, | 3.60 | 5/14/25 | 5,000,000 | 4,887,910 | |||||
Bayer US Finance II, | 3.88 | 12/15/23 | 1,000,000 | a | 1,001,048 | ||||
Celgene, | 3.90 | 2/20/28 | 6,000,000 | 5,849,632 | |||||
CVS Health, | 4.10 | 3/25/25 | 3,750,000 | 3,759,620 | |||||
CVS Health, | 4.78 | 3/25/38 | 1,750,000 | 1,746,377 | |||||
Dignity Health, | 3.13 | 11/1/22 | 5,000,000 | 4,922,645 | |||||
Express Scripts Holdings, | 3.00 | 7/15/23 | 3,000,000 | 2,879,100 | |||||
Magellan Health, | 4.40 | 9/22/24 | 5,000,000 | 4,897,084 | |||||
Montefiore Obligated Group, | 5.25 | 11/1/48 | 5,000,000 | 5,072,804 | |||||
Teva Pharmaceuticals, | 2.20 | 7/21/21 | 2,500,000 | 2,339,190 | |||||
UnitedHealth Group, | 2.88 | 3/15/22 | 3,000,000 | 2,980,162 | |||||
40,335,572 | |||||||||
Industrials - 1.8% | |||||||||
Carlisle Cos., | 3.75 | 12/1/27 | 4,000,000 | 3,863,179 | |||||
Fluor Corp, | 4.25 | 9/15/28 | 1,000,000 | 992,834 | |||||
Huntington Ingalls Industries, | 3.48 | 12/1/27 | 2,000,000 | 1,904,400 | |||||
Oshkosh, | 4.60 | 5/15/28 | 3,000,000 | 3,017,550 | |||||
Pentair Finance, | 2.65 | 12/1/19 | 4,500,000 | 4,463,873 | |||||
14,241,836 | |||||||||
Information Technology - 4.4% | |||||||||
Broadridge Financial Solutions, | 3.95 | 9/1/20 | 4,850,000 | 4,913,741 | |||||
CA, | 3.60 | 8/1/20 | 5,000,000 | 5,014,701 | |||||
Cadence Design Systems, | 4.38 | 10/15/24 | 6,250,000 | 6,355,064 | |||||
Citrix Systems, | 4.50 | 12/1/27 | 5,500,000 | 5,355,947 | |||||
Electronic Arts, | 4.80 | 3/1/26 | 3,000,000 | 3,188,937 | |||||
Fiserv, | 3.50 | 10/1/22 | 6,500,000 | 6,474,107 |
30
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.0% (continued) | |||||||||
Information Technology - 4.4% (continued) | |||||||||
VMware, | 2.95 | 8/21/22 | 3,000,000 | 2,912,813 | |||||
34,215,310 | |||||||||
Insurance - 3.3% | |||||||||
Assured Guaranty U.S. Holdings, | 5.00 | 7/1/24 | 7,000,000 | b | 7,277,128 | ||||
Five Corners Funding Trust, | 4.42 | 11/15/23 | 6,750,000 | a | 6,971,310 | ||||
MetLife, | 5.88 | 3/15/28 | 5,000,000 | 5,181,250 | |||||
TIAA Asset Management Finance, | 2.95 | 11/1/19 | 6,000,000 | a | 5,995,723 | ||||
25,425,411 | |||||||||
Internet Software & Services - 1.8% | |||||||||
Arrow Electronics, | 3.50 | 4/1/22 | 2,000,000 | 1,971,973 | |||||
eBay, | 3.60 | 6/5/27 | 3,500,000 | 3,350,438 | |||||
eBay , | 3.80 | 3/9/22 | 2,500,000 | 2,536,197 | |||||
Flextronics International, | 4.75 | 6/15/25 | 6,000,000 | 6,093,387 | |||||
13,951,995 | |||||||||
Materials - .6% | |||||||||
Timken Co., | 4.50 | 12/15/28 | 1,000,000 | 1,000,288 | |||||
WestRock, | 3.75 | 3/15/25 | 4,000,000 | a | 3,945,067 | ||||
4,945,355 | |||||||||
Media - 4.2% | |||||||||
Discovery Communications, | 2.80 | 6/15/20 | 2,250,000 | a | 2,226,323 | ||||
Discovery Communications, | 3.95 | 3/20/28 | 6,250,000 | 5,957,343 | |||||
Grupo Televisa, | 4.63 | 1/30/26 | 5,000,000 | b | 5,099,364 | ||||
NBCUniversal Media, | 4.38 | 4/1/21 | 6,500,000 | 6,698,095 | |||||
Sky, | 2.63 | 9/16/19 | 5,515,000 | a | 5,483,348 | ||||
Thomson Reuters, | 4.70 | 10/15/19 | 5,000,000 | 5,084,255 | |||||
Time Warner, | 3.80 | 2/15/27 | 2,000,000 | 1,921,700 | |||||
32,470,428 | |||||||||
Metals & Mining - .7% | |||||||||
Anglo American Capital, | 4.50 | 3/15/28 | 4,000,000 | a | 3,808,345 | ||||
Glencore Funding, | 4.63 | 4/29/24 | 2,000,000 | a | 2,016,560 | ||||
5,824,905 | |||||||||
Municipal Bonds - 5.5% | |||||||||
Chicago, | 7.05 | 1/1/29 | 6,985,000 | 7,609,669 | |||||
Detroit, | 4.00 | 4/1/44 | 5,000,000 | 4,266,550 | |||||
Illinois, | 5.88 | 3/1/19 | 2,385,000 | 2,415,886 |
31
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.0% (continued) | |||||||||
Municipal Bonds - 5.5% (continued) | |||||||||
Illinois, | 6.20 | 7/1/21 | 660,000 | 685,133 | |||||
Massachusetts Development Finance Agency, | 2.96 | 1/1/19 | 4,000,000 | 3,997,720 | |||||
Medical Center Hospital Authority, | 4.88 | 8/1/22 | 5,000,000 | 5,230,350 | |||||
New York State Dormitory Authority, | 4.95 | 8/1/48 | 2,500,000 | 2,551,700 | |||||
North Texas Tollway Authority, | 8.91 | 2/1/30 | 5,000,000 | 5,390,700 | |||||
Oklahoma Development Finance Authority, | 5.45 | 8/15/28 | 3,750,000 | 3,949,050 | |||||
Texas Public Finance Authority, | 8.25 | 7/1/24 | 6,600,000 | 6,796,152 | |||||
42,892,910 | |||||||||
Real Estate - 6.3% | |||||||||
Alexandria Real Estate Equities, | 3.95 | 1/15/27 | 3,327,000 | 3,247,786 | |||||
Alexandria Real Estate Equities, | 4.30 | 1/15/26 | 2,000,000 | 2,007,362 | |||||
CBRE Services, | 4.88 | 3/1/26 | 6,000,000 | 6,240,627 | |||||
CubeSmart, | 4.80 | 7/15/22 | 3,500,000 | 3,621,454 | |||||
Duke Realty, | 3.25 | 6/30/26 | 1,000,000 | 944,907 | |||||
EPR Properties, | 4.50 | 6/1/27 | 2,000,000 | 1,931,620 | |||||
EPR Properties, | 4.75 | 12/15/26 | 2,500,000 | 2,474,089 | |||||
Essex Portfolio, | 3.25 | 5/1/23 | 3,000,000 | 2,935,916 | |||||
Healthcare Trust of America, | 3.75 | 7/1/27 | 4,000,000 | 3,811,561 | |||||
Hudson Pacific Properties, | 3.95 | 11/1/27 | 2,500,000 | 2,364,905 | |||||
Kilroy Realty, | 4.38 | 10/1/25 | 4,250,000 | 4,291,413 | |||||
Liberty Property, | 3.25 | 10/1/26 | 4,000,000 | 3,760,362 | |||||
Retail Opportunity Investments Partnership, | 4.00 | 12/15/24 | 3,000,000 | 2,848,324 | |||||
Retail Opportunity Investments Partnership, | 5.00 | 12/15/23 | 3,750,000 | 3,775,517 | |||||
SL Green Operating Partnership, | 3.25 | 10/15/22 | 2,000,000 | 1,951,748 | |||||
Weingarten Realty Investment, | 4.45 | 1/15/24 | 3,000,000 | 3,066,648 | |||||
49,274,239 | |||||||||
Retailing - 2.8% | |||||||||
Alimentation Couche-Tard, | 3.55 | 7/26/27 | 3,000,000 | a | 2,849,376 | ||||
Autonation, | 3.50 | 11/15/24 | 6,000,000 | 5,723,527 | |||||
Coach, | 3.00 | 7/15/22 | 3,000,000 | 2,908,842 | |||||
Dollar Tree, | 4.00 | 5/15/25 | 4,000,000 | 3,957,763 |
32
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.0% (continued) | |||||||||
Retailing - 2.8% (continued) | |||||||||
Macy's Retail Holdings, | 2.88 | 2/15/23 | 3,000,000 | 2,837,433 | |||||
Nordstorm, | 4.00 | 3/15/27 | 4,000,000 | b | 3,917,913 | ||||
22,194,854 | |||||||||
Semiconductors & Semiconductor Equipment - 2.0% | |||||||||
Lam Research, | 3.80 | 3/15/25 | 7,500,000 | 7,497,831 | |||||
Maxim Integrated Products, | 2.50 | 11/15/18 | 3,000,000 | 2,999,432 | |||||
Microchip Technology, | 4.33 | 6/1/23 | 5,000,000 | a | 4,985,570 | ||||
15,482,833 | |||||||||
Technology Hardware & Equipment - .5% | |||||||||
Diamond 1 Finance, | 8.10 | 7/15/36 | 3,000,000 | a | 3,550,710 | ||||
Telecommunication Services - 3.0% | |||||||||
AT&T, | 3.90 | 3/11/24 | 4,575,000 | 4,569,209 | |||||
AT&T, | 4.45 | 4/1/24 | 3,000,000 | 3,075,810 | |||||
Telefonica Emisiones, | 4.57 | 4/27/23 | 6,500,000 | 6,723,520 | |||||
Verizon Communications, | 4.50 | 8/10/33 | 3,000,000 | 2,968,020 | |||||
Verizon Communications, | 5.15 | 9/15/23 | 5,500,000 | 5,903,921 | |||||
23,240,480 | |||||||||
Utilities - 2.4% | |||||||||
Black Hills, | 4.25 | 11/30/23 | 5,000,000 | 5,111,554 | |||||
Entergy, | 2.95 | 9/1/26 | 2,000,000 | 1,853,150 | |||||
Exelon, | 3.50 | 6/1/22 | 3,500,000 | 3,460,229 | |||||
Mid-Atlantic Interstate Transmission, | 4.10 | 5/15/28 | 3,000,000 | a | 3,021,976 | ||||
Mississippi Power Co., | 3.95 | 3/30/28 | 5,000,000 | 4,968,714 | |||||
18,415,623 | |||||||||
Total Bonds and Notes | 771,264,479 | ||||||||
7-Day | Shares | ||||||||
Investment Companies - .2% | |||||||||
Registered Investment Companies - .2% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 1,463,043 | c | 1,463,043 |
33
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | 7-Day | Shares | Value ($) | ||||||
Investment of Cash Collateral for Securities Loaned - 1.4% | |||||||||
Registered Investment Companies - 1.4% | |||||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 1.87 | 11,215,090 | c | 11,215,090 | |||||
Total Investments (cost $786,390,380) | 100.6% | 783,942,612 | |||||||
Liabilities, Less Cash and Receivables | (0.6%) | (4,889,676) | |||||||
Net Assets | 100.0% | 779,052,936 |
LIBOR—London Interbank Offered Rate
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 August 31, 2018, these securities were valued at $153,838,805 or 19.75% of net assets.
b Security, or portion thereof, on loan. At August 31, 2018, the value of the fund’s securities on loan was $13,814,962 and the value of the collateral held by the fund was $14,307,849, consisting of cash collateral of $11,215,090 and U.S. Government & Agency securities valued at $3,092,759.
c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Financial | 32.9 |
Consumer, Non-cyclical | 11.6 |
Consumer, Cyclical | 9.9 |
Energy | 9.8 |
Communications | 7.9 |
Industrial | 7.6 |
Government | 7.0 |
Technology | 6.8 |
Basic Materials | 3.1 |
Utilities | 2.4 |
Investment Companies | 1.6 |
100.6 |
† Based on net assets.
See notes to financial statements.
34
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 100.3% | |||||||||
Commercial Mortgage Pass-Through Ctfs. - 6.9% | |||||||||
Federal Home Loan Mortgage Corporation, | 4.22 | 3/25/20 | 1,480,607 | a | 1,506,859 | ||||
Federal Home Loan Mortgage Corporation, | 2.09 | 3/25/19 | 2,000,000 | a | 1,993,177 | ||||
Government National Mortgage Association I, | 3.85 | 2/16/42 | 1,484,739 | 1,493,088 | |||||
Government National Mortgage Association I, | 0.51 | 5/16/35 | 2,565,747 | 2,499,527 | |||||
Government National Mortgage Association I, | 1.71 | 2/16/37 | 2,263,415 | 2,198,683 | |||||
Government National Mortgage Association I, | 0.98 | 12/16/35 | 3,589,636 | 3,481,371 | |||||
13,172,705 | |||||||||
Municipal Bonds - 2.9% | |||||||||
California Earthquake Authority, | 2.81 | 7/1/19 | 535,500 | 535,168 | |||||
State Board of Administration Finance Corporation, | 2.16 | 7/1/19 | 1,000,000 | 996,380 | |||||
Texas, | 2.78 | 10/1/20 | 2,000,000 | 2,002,460 | |||||
Washington, | 2.79 | 8/1/20 | 2,000,000 | 2,002,620 | |||||
5,536,628 | |||||||||
U.S. Government Agencies - 23.3% | |||||||||
Federal Farm Credit Bank, | 1.11 | 1/28/19 | 3,050,000 | 3,032,954 | |||||
Federal Farm Credit Bank, | 1.16 | 9/26/19 | 1,000,000 | 985,696 | |||||
Federal Farm Credit Bank, | 1.17 | 1/13/20 | 3,000,000 | 2,943,189 | |||||
Federal Farm Credit Bank, | 1.18 | 8/1/19 | 2,000,000 | 1,977,034 | |||||
Federal Farm Credit Bank, | 1.23 | 1/25/19 | 2,750,000 | 2,737,265 | |||||
Federal Farm Credit Bank, | 1.25 | 3/4/19 | 2,775,000 | 2,760,118 | |||||
Federal Home Loan Bank, | 1.75 | 7/13/20 | 3,630,000 | 3,571,179 | |||||
Federal Home Loan Mortgage Corporation, | 1.30 | 5/24/19 | 2,000,000 | a | 1,984,290 | ||||
Federal Home Loan Mortgage Corporation, | 1.30 | 9/20/19 | 4,000,000 | a | 3,950,360 | ||||
Federal Home Loan Mortgage Corporation, | 1.50 | 9/27/19 | 2,000,000 | a | 1,978,512 | ||||
Federal Home Loan Mortgage Corporation, | 3.00 | 12/28/21 | 2,545,000 | a | 2,536,953 | ||||
Federal National Mortgage Association, | 1.27 | 2/26/19 | 1,710,000 | a | 1,701,611 | ||||
Federal National Mortgage Association, | 1.20 | 8/16/19 | 1,800,000 | a | 1,778,852 | ||||
Federal National Mortgage Association, | 1.25 | 2/26/19 | 1,810,000 | a | 1,800,948 | ||||
Federal National Mortgage Association, | 1.38 | 6/21/19 | 6,000,000 | a | 5,948,778 | ||||
Federal National Mortgage Association, | 1.54 | 7/6/21 | 2,965,000 | a | 2,851,488 |
35
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 100.3% (continued) | |||||||||
U.S. Government Agencies - 23.3% (continued) | |||||||||
Federal National Mortgage Association, | 1.25 | 7/26/19 | 2,180,000 | a | 2,156,079 | ||||
44,695,306 | |||||||||
U.S. Government Agencies Mortgage-Backed - 46.4% | |||||||||
Federal Home Loan Mortgage Corporation, | 4.00 | 9/15/18 | 477 | a | 477 | ||||
Federal Home Loan Mortgage Corporation, | 1.50 | 9/15/20 | 1,310 | a | 1,303 | ||||
Federal Home Loan Mortgage Corporation, | 1.75 | 3/15/27 | 778,555 | a | 743,393 | ||||
Federal Home Loan Mortgage Corporation, | 2.00 | 8/15/40 | 1,786,481 | a | 1,721,283 | ||||
Federal Home Loan Mortgage Corporation, | 2.50 | 8/15/24 | 248,464 | a | 248,158 | ||||
Federal Home Loan Mortgage Corporation, | 3.00 | 9/15/25 | 778,372 | a | 778,067 | ||||
Federal Home Loan Mortgage Corporation, | 2.00 | 10/15/21 | 444,537 | a | 439,917 | ||||
Federal Home Loan Mortgage Corporation, | 3.00 | 11/15/21 | 2,045,776 | a | 2,048,544 | ||||
Federal Home Loan Mortgage Corporation, | 2.00 | 9/15/25 | 1,355,355 | a | 1,339,631 | ||||
Federal Home Loan Mortgage Corporation, | 3.00 | 2/15/33 | 1,136,460 | a | 1,133,499 | ||||
Federal Home Loan Mortgage Corporation, | 4.00 | 6/1/26 | 1,727,171 | a | 1,770,161 | ||||
Federal Home Loan Mortgage Corporation, | 3.50 | 10/15/26 | 2,687,748 | a | 2,721,455 | ||||
Federal Home Loan Mortgage Corporation, | 3.50 | 4/15/27 | 1,594,527 | a | 1,615,818 | ||||
Federal Home Loan Mortgage Corporation, | 4.50 | 11/15/44 | 752,993 | a | 755,297 | ||||
Federal National Mortgage Association, | 1.75 | 11/25/20 | 645,022 | a | 637,646 | ||||
Federal National Mortgage Association, | 2.00 | 12/25/18 | 1,872 | a | 1,869 | ||||
Federal National Mortgage Association, | 3.00 | 12/25/25 | 914,141 | a | 913,254 | ||||
Federal National Mortgage Association, | 2.75 | 6/25/20 | 52,875 | a | 53,011 | ||||
Federal National Mortgage Association, | 4.00 | 4/1/23 | 1,076,154 | a | 1,087,469 | ||||
Federal National Mortgage Association, | 1.75 | 7/25/27 | 887,791 | a | 852,923 | ||||
Federal National Mortgage Association, | 3.00 | 6/25/22 | 334,330 | a | 334,221 | ||||
Federal National Mortgage Association, | 1.50 | 9/25/27 | 1,341,633 | a | 1,278,976 | ||||
Federal National Mortgage Association, | 2.50 | 1/25/29 | 450,745 | a | 449,399 | ||||
Federal National Mortgage Association, | 1.75 | 4/25/28 | 1,005,356 | a | 958,418 | ||||
Government National Mortgage Association I, | 2.75 | 1/20/43 | 2,406,707 | 2,374,007 | |||||
Federal Home Loan Mortgage Corporation: | |||||||||
2.00%, 2/1/23-2/1/28 | 2,445,363 | a | 2,376,183 | ||||||
2.50%, 8/1/25-3/1/27 | 1,828,773 | a | 1,805,291 | ||||||
3.00%, 9/1/26-3/1/27 | 3,668,580 | a | 3,661,865 | ||||||
3.50%, 10/1/25-5/1/27 | 3,897,245 | a | 3,936,443 |
36
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 100.3% (continued) | |||||||||
U.S. Government Agencies Mortgage-Backed - 46.4% (continued) | |||||||||
4.00%, 6/1/26 | 2,091,682 | a | 2,147,984 | ||||||
4.50%, 9/1/26 | 99,174 | a | 100,228 | ||||||
Federal National Mortgage Association: | |||||||||
2.00%, 4/1/23-10/1/27 | 13,233,666 | a | 12,887,709 | ||||||
2.42%, 4/1/46 | 1,628,344 | a | 1,631,028 | ||||||
2.50%, 6/1/22-11/1/27 | 20,180,079 | a | 19,996,391 | ||||||
3.00%, 5/1/25-2/1/29 | 5,783,707 | a | 5,778,732 | ||||||
3.50%, 8/1/26-5/1/27 | 3,640,822 | a | 3,684,112 | ||||||
4.00%, 5/1/29 | 3,915,849 | a | 4,011,462 | ||||||
4.50%, 11/1/22 | 848,290 | a | 857,475 | ||||||
6.00%, 8/1/22 | 1,227,171 | a | 1,264,579 | ||||||
Government National Mortgage Association II: | |||||||||
3.50%, 3/1/26 | 685,289 | 699,230 | |||||||
89,096,908 | |||||||||
U.S. Government Securities - 20.8% | |||||||||
U.S. Treasury Notes | 1.25 | 3/31/21 | 3,000,000 | b | 2,894,473 | ||||
U.S. Treasury Notes | 1.38 | 2/15/20 | 2,500,000 | 2,457,812 | |||||
U.S. Treasury Notes | 1.50 | 7/15/20 | 3,500,000 | 3,428,770 | |||||
U.S. Treasury Notes | 1.50 | 8/15/20 | 3,500,000 | 3,425,488 | |||||
U.S. Treasury Notes | 1.63 | 3/15/20 | 3,000,000 | 2,957,109 | |||||
U.S. Treasury Notes | 1.88 | 12/31/19 | 3,500,000 | 3,469,170 | |||||
U.S. Treasury Notes | 2.00 | 1/31/20 | 4,000,000 | 3,969,531 | |||||
U.S. Treasury Notes | 2.25 | 2/29/20 | 2,750,000 | 2,737,217 | |||||
U.S. Treasury Notes | 2.25 | 3/31/20 | 2,750,000 | 2,735,552 | |||||
U.S. Treasury Notes | 2.38 | 3/15/21 | 2,500,000 | 2,481,543 | |||||
U.S. Treasury Notes | 2.63 | 7/15/21 | 4,500,000 | 4,491,387 | |||||
U.S. Treasury Notes | 2.63 | 6/15/21 | 5,000,000 | 4,991,406 | |||||
40,039,458 | |||||||||
Total Bonds and Notes | 192,541,005 | ||||||||
7-Day | Shares | ||||||||
Investment Companies - 2.3% | |||||||||
Registered Investment Companies | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.91 | 4,376,864 | c | 4,376,864 | |||||
Total Investments (cost $199,660,535) | 102.6% | 196,917,869 | |||||||
Liabilities, Less Cash and Receivables | (2.6%) | (4,908,403) | |||||||
Net Assets | 100.0% | 192,009,466 |
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 August 31, 2018, the value of the fund’s securities on loan was $2,894,473 and the value of the collateral held by the fund was $2,968,137, consisting of U.S. Government & Agency securities.
c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the respective investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Mortgage Securities | 53.3 |
Government | 47.0 |
Investment Companies | 2.3 |
102.6 |
† Based on net assets.
See notes to financial statements.
37
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS
Registered Investment Companies | Value | Purchases ($) | Sales ($) | Value | Net | Dividends/ |
BNY Mellon Bond Fund | ||||||
Dreyfus Institutional Preferred | 1,199,000 | 72,175,671 | 73,374,671 | - | - | - |
Dreyfus Institutional Preferred | 12,777,129 | 177,608,818 | 182,200,484 | 8,185,463 | .8 | 134,098 |
Total | 13,976,129 | 249,784,489 | 255,575,155 | 8,185,463 | .8 | 134,098 |
BNY Mellon Intermediate Bond Fund | ||||||
Dreyfus Institutional Preferred | 3,164,700 | 106,380,383 | 108,197,743 | 1,347,340 | .2 | - |
Dreyfus Institutional Preferred | 9,460,867 | 141,523,905 | 144,694,559 | 6,290,213 | .7 | 115,940 |
Total | 12,625,567 | 247,904,288 | 252,892,302 | 7,637,553 | .9 | 115,940 |
BNY Mellon Corporate Bond Fund | ||||||
Dreyfus Institutional Preferred | 32,008,032 | 157,139,396 | 177,932,338 | 11,215,090 | 1.4 | - |
Dreyfus Institutional Preferred | 10,207,722 | 172,734,488 | 181,479,167 | 1,463,043 | .2 | 120,674 |
Total | 42,215,754 | 329,873,884 | 359,411,505 | 12,678,133 | 1.6 | 120,674 |
BNY Mellon Short-Term U.S. | ||||||
Dreyfus Institutional Preferred | - | 14,444,888 | 14,444,888 | - | - | - |
Dreyfus Institutional Preferred | 867,636 | 96,609,555 | 93,100,327 | 4,376,864 | 2.3 | 41,025 |
Total | 867,636 | 111,054,443 | 107,545,215 | 4,376,864 | 2.3 | 41,025 |
See notes to financial statements.
38
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2018
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Bond Fund |
| BNY Mellon Intermediate Bond Fund |
| BNY Mellon Corporate Bond Fund |
| BNY Mellon Short-Term U.S. Government Securities Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 995,836,107 |
| 829,024,880 |
| 771,264,479 |
| 192,541,005 |
| |
Affiliated issuers |
|
|
| 8,185,463 |
| 7,637,553 |
| 12,678,133 |
| 4,376,864 |
| |
Interest receivable |
|
|
| 6,870,683 |
| 5,284,170 |
| 8,906,879 |
| 533,171 |
| |
Receivable for shares of Beneficial |
|
|
| 1,085,296 |
| 1,077,167 |
| 1,083,781 |
| 294,505 |
| |
Securities lending receivable |
|
|
| 3,993 |
| 6,868 |
| 12,189 |
| 217 |
| |
Prepaid expenses |
|
|
| 25,982 |
| 25,830 |
| 14,409 |
| 21,750 |
| |
|
|
|
| 1,012,007,524 |
| 843,056,468 |
| 793,959,870 |
| 197,767,512 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 357,957 |
| 297,846 |
| 276,971 |
| 65,279 |
| |
Due to Administrator—Note 3(a) |
|
|
| 105,077 |
| 87,510 |
| 81,221 |
| 19,696 |
| |
Cash overdraft due to Custodian |
|
|
| 1,518,959 |
| 1,105,285 |
| 1,673,270 |
| 175,490 |
| |
Payable for shares of Beneficial |
|
|
| 141,986 |
| 452,385 |
| 623,868 |
| 381,168 |
| |
Trustees fees and expenses payable |
|
|
| 14,829 |
| 25,144 |
| 17,572 |
| 1,966 | ||
Liability for securities on loan—Note 1(b) |
|
|
| - |
| 1,347,340 |
| 11,215,090 |
| - |
| |
Payable for investment securities purchased |
|
|
| - |
| - |
| 998,680 |
| 5,104,809 |
| |
Accrued expenses |
|
|
| 25,729 |
| 30,700 |
| 20,262 |
| 9,638 |
| |
|
|
|
| 2,164,537 |
| 3,346,210 |
| 14,906,934 |
| 5,758,046 |
|
|
Net Assets ($) |
|
|
| 1,009,842,987 |
| 839,710,258 |
| 779,052,936 |
| 192,009,466 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 1,034,512,794 |
| 864,405,461 |
| 799,580,111 |
| 208,310,634 |
| |
Accumulated undistributed investment |
|
|
| 1,233,701 |
| 504,314 |
| 654,663 |
| 158,678 |
| |
Accumulated net realized gain (loss) |
|
|
| (15,541,471) |
| (16,086,846) |
| (18,734,070) |
| (13,717,180) |
| |
Accumulated net unrealized appreciation |
|
|
| (10,362,037) |
| (9,112,671) |
| (2,447,768) |
| (2,742,666) |
| |
Net Assets ($) |
|
|
| 1,009,842,987 |
| 839,710,258 |
| 779,052,936 |
| 192,009,466 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 1,006,198,144 |
| 838,137,551 |
| 773,712,247 |
| 195,283,671 |
|
|
Affiliated issuers |
|
|
| 8,185,463 |
| 7,637,553 |
| 12,678,133 |
| 4,376,864 |
|
|
†† Value of securities on loan ($) |
|
|
| 35,268,443 |
| 71,613,105 |
| 13,814,962 |
| 2,894,473 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 1,002,898,543 |
| 833,954,347 |
| 776,480,168 |
| 190,515,011 |
| |
Shares Outstanding |
|
|
| 81,404,035 |
| 68,044,992 |
| 62,005,883 |
| 16,539,558 |
| |
Net Asset Value Per Share ($) |
|
|
| 12.32 |
| 12.26 |
| 12.52 |
| 11.52 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 6,944,444 |
| 5,755,911 |
| 2,572,768 |
| 1,494,455 |
| |
Shares Outstanding |
|
|
| 565,127 |
| 469,379 |
| 205,400 |
| 129,926 |
| |
Net Asset Value Per Share ($) |
|
|
| 12.29 |
| 12.26 |
| 12.53 |
| 11.50 |
| |
| ||||||||||||
See notes to financial statements. |
|
39
STATEMENTS OF OPERATIONS
Year Ended August 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| 32,834,209 |
| 21,778,969 |
| 31,120,499 |
| 2,985,517 |
| ||
Dividends from affiliated issuers |
|
| 134,098 |
| 115,940 |
| 120,674 |
| 41,025 |
| ||
Income from securities lending—Note 1(b) |
|
| 46,324 |
| 69,739 |
| 201,101 |
| 11,351 |
| ||
Total Income |
|
| 33,014,631 |
| 21,964,648 |
| 31,442,274 |
| 3,037,893 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 4,061,831 |
| 3,397,166 |
| 3,159,180 |
| 610,182 |
| ||
Administration fee—Note 3(a) |
|
| 1,245,389 |
| 1,041,586 |
| 968,494 |
| 213,730 |
| ||
Professional fees |
|
| 71,031 |
| 69,041 |
| 61,851 |
| 40,232 | |||
Trustees’ fees and expenses—Note 3(c) |
|
| 63,424 |
| 61,125 |
| 54,732 |
| 11,850 | |||
Registration fees |
|
| 38,689 |
| 35,967 |
| 38,449 |
| 32,424 | |||
Loan commitment fees—Note 2 |
|
| 26,210 |
| 21,118 |
| 16,567 |
| 3,784 | |||
Custodian fees—Note 3(b) |
|
| 23,617 |
| 16,919 |
| 15,021 |
| 6,934 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 19,366 |
| 15,235 |
| 4,753 |
| 4,055 | |||
Prospectus and shareholders’ reports |
|
| 10,491 |
| 13,972 |
| 9,089 |
| 8,307 |
| ||
Miscellaneous |
|
| 58,225 |
| 50,760 |
| 56,547 |
| 41,572 |
| ||
Total Expenses |
|
| 5,618,273 |
| 4,722,889 |
| 4,384,683 |
| 973,070 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (1,660) |
| (943) |
| (750) |
| - |
| ||
Net Expenses |
|
| 5,616,613 |
| 4,721,946 |
| 4,383,933 |
| 973,070 |
| ||
Investment Income—Net |
|
| 27,398,018 |
| 17,242,702 |
| 27,058,341 |
| 2,064,823 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | (2,202,329) |
| 59,101 |
| 1,947,248 |
| (669,834) |
| ||||
Net unrealized appreciation (depreciation) on investments |
|
| (36,331,602) |
| (22,312,859) |
| (33,131,880) |
| (1,994,084) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (38,533,931) |
| (22,253,758) |
| (31,184,632) |
| (2,663,918) |
| ||
Net (Decrease) in Net Assets Resulting from Operations |
| (11,135,913) |
| (5,011,056) |
| (4,126,291) |
| (599,095) |
| |||
See notes to financial statements. |
40
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon Bond Fund |
| BNY Mellon Intermediate Bond Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2018 |
|
|
| 2017 |
| 2018 |
|
|
| 2017 |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 27,398,018 |
|
|
| 25,102,413 |
| 17,242,702 |
|
|
| 15,192,095 |
| |
Net realized gain (loss) on investments |
| (2,202,329) |
|
|
| (2,405,730) |
| 59,101 |
|
|
| 769,919 |
| ||
Net unrealized appreciation (depreciation) |
| (36,331,602) |
|
|
| (15,291,612) |
| (22,312,859) |
|
|
| (7,681,641) |
| ||
Net Increase (Decrease) in Net Assets | (11,135,913) |
|
|
| 7,405,071 |
| (5,011,056) |
|
|
| 8,280,373 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (28,995,001) |
|
|
| (28,638,017) |
| (18,153,405) |
|
|
| (17,926,346) |
| |
Investor Shares |
|
| (200,456) |
|
|
| (226,317) |
| (113,811) |
|
|
| (127,446) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| - |
|
|
| (2,338,221) |
| - |
|
|
| - |
| |
Investor Shares |
|
| - |
|
|
| (20,354) |
| - |
|
|
| - |
| |
Total Distributions |
|
| (29,195,457) |
|
|
| (31,222,909) |
| (18,267,216) |
|
|
| (18,053,792) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 176,185,912 |
|
|
| 157,399,563 |
| 165,086,857 |
|
|
| 149,116,716 |
| |
Investor Shares |
|
| 5,354,917 |
|
|
| 9,227,669 |
| 6,381,831 |
|
|
| 8,605,753 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 5,366,251 |
|
|
| 6,520,913 |
| 3,961,878 |
|
|
| 3,865,056 |
| |
Investor Shares |
|
| 176,306 |
|
|
| 226,047 |
| 103,003 |
|
|
| 119,914 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (139,925,758) |
|
|
| (169,728,840) |
| (150,729,882) |
|
|
| (173,981,449) |
| |
Investor Shares |
|
| (7,886,070) |
|
|
| (9,228,455) |
| (8,119,255) |
|
|
| (9,315,196) |
| |
Increase (Decrease) in Net Assets | 39,271,558 |
|
|
| (5,583,103) |
| 16,684,432 |
|
|
| (21,589,206) |
| |||
Total Increase (Decrease) in Net Assets | (1,059,812) |
|
|
| (29,400,941) |
| (6,593,840) |
|
|
| (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 |
|
| 1,009,842,987 |
|
|
| 1,010,902,799 |
| 839,710,258 |
|
|
| 846,304,098 |
| |
Undistributed investment income—net | 1,233,701 |
|
|
| 336,907 |
| 504,314 |
|
|
| 263,079 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 14,054,695 |
|
|
| 12,353,358 |
| 13,339,023 |
|
|
| 11,892,867 |
| |
Shares issued for distributions reinvested |
|
| 430,151 |
|
|
| 513,521 |
| 321,068 |
|
|
| 307,921 |
| |
Shares redeemed |
|
| (11,207,340) |
|
|
| (13,360,693) |
| (12,206,218) |
|
|
| (13,876,208) |
| |
Net Increase (Decrease) in Shares Outstanding | 3,277,506 |
|
|
| (493,814) |
| 1,453,873 |
|
|
| (1,675,420) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 432,501 |
|
|
| 722,680 |
| 517,393 |
|
|
| 684,836 |
| |
Shares issued for distributions reinvested |
|
| 14,141 |
|
|
| 17,811 |
| 8,333 |
|
|
| 9,547 |
| |
Shares redeemed |
|
| (633,295) |
|
|
| (724,064) |
| (656,561) |
|
|
| (741,492) |
| |
Net Increase (Decrease) in Shares Outstanding | (186,653) |
|
|
| 16,427 |
| (130,835) |
|
|
| (47,109) |
|
a During the period ended August 31, 2018, 366,553 Class M Shares representing $4,541,917 were exchanged for 367,572 Investor shares for BNY Mellon Bond Fund and 493,793 Class M Shares representing $6,087,135 were exchanged for 493,605 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 $7,510,190 were exchanged for 597,627 Investor Shares for BNY Mellon Intermediate Bond Fund.
See notes to financial statements.
41
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Corporate Bond Fund |
| BNY Mellon Short-Term U.S. Government Securities Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2018 |
|
|
| 2017 |
| 2018 |
|
|
| 2017 |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 27,058,341 |
|
|
| 26,447,362 |
| 2,064,823 |
|
|
| 1,349,503 |
| |
Net realized gain (loss) on investments |
| 1,947,248 |
|
|
| 3,894,619 |
| (669,834) |
|
|
| (352,790) |
| ||
Net unrealized appreciation (depreciation) |
| (33,131,880) |
|
|
| (3,450,234) |
| (1,994,084) |
|
|
| (417,376) |
| ||
Net Increase (Decrease) in Net Assets | (4,126,291) |
|
|
| 26,891,747 |
| (599,095) |
|
|
| 579,337 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (29,491,847) |
|
|
| (29,448,184) |
| (2,361,769) |
|
|
| (1,975,337) |
| |
Investor Shares |
|
| (66,030) |
|
|
| (89,761) |
| (17,720) |
|
|
| (13,983) |
| |
Total Distributions |
|
| (29,557,877) |
|
|
| (29,537,945) |
| (2,379,489) |
|
|
| (1,989,320) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 171,919,330 |
|
|
| 166,856,298 |
| 93,340,190 |
|
|
| 137,551,952 |
| |
Investor Shares |
|
| 3,985,674 |
|
|
| 13,928,758 |
| 1,225,556 |
|
|
| 1,945,189 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 7,830,883 |
|
|
| 8,221,541 |
| 614,664 |
|
|
| 494,054 |
| |
Investor Shares |
|
| 43,854 |
|
|
| 64,950 |
| 16,141 |
|
|
| 12,669 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (153,901,535) |
|
|
| (238,094,978) |
| (73,094,625) |
|
|
| (178,801,248) |
| |
Investor Shares |
|
| (4,184,996) |
|
|
| (13,097,169) |
| (1,469,386) |
|
|
| (2,097,052) |
| |
Increase (Decrease) in Net Assets | 25,693,210 |
|
|
| (62,120,600) |
| 20,632,540 |
|
|
| (40,894,436) |
| |||
Total Increase (Decrease) in Net Assets | (7,990,958) |
|
|
| (64,766,798) |
| 17,653,956 |
|
|
| (42,304,419) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 787,043,894 |
|
|
| 851,810,692 |
| 174,355,510 |
|
|
| 216,659,929 |
| |
End of Period |
|
| 779,052,936 |
|
|
| 787,043,894 |
| 192,009,466 |
|
|
| 174,355,510 |
| |
Undistributed investment income—net | 654,663 |
|
|
| 618,905 |
| 158,678 |
|
|
| 88,388 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 13,474,382 |
|
|
| 12,932,113 |
| 8,073,937 |
|
|
| 11,746,685 |
| |
Shares issued for distributions reinvested |
|
| 616,425 |
|
|
| 637,719 |
| 53,192 |
|
|
| 42,133 |
| |
Shares redeemed |
|
| (12,113,421) |
|
|
| (18,553,332) |
| (6,310,266) |
|
|
| (15,256,386) |
| |
Net Increase (Decrease) in Shares Outstanding | 1,977,386 |
|
|
| (4,983,500) |
| 1,816,863 |
|
|
| (3,467,568) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 314,900 |
|
|
| 1,083,503 |
| 106,303 |
|
|
| 165,703 |
| |
Shares issued for distributions reinvested |
|
| 3,449 |
|
|
| 5,036 |
| 1,398 |
|
|
| 1,082 |
| |
Shares redeemed |
|
| (327,754) |
|
|
| (1,010,979) |
| (127,440) |
|
|
| (178,818) |
| |
Net Increase (Decrease) in Shares Outstanding | (9,405) |
|
|
| 77,560 |
| (19,739) |
|
|
| (12,033) |
| |||
|
| ||||||||||||||
a During the period ended August 31, 2018, 298,349 Class M Shares representing $3,774,682 were exchanged for 298,273 Investor Shares for BNY Mellon Corporate Bond Fund and 94,014 Class M Shares representing $1,084,907 were exchanged for 94,149 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 $1,909,863 were exchanged for 162,678 Investor Shares for BNY Mellon Short-Term U.S. Government Securities Fund. | |||||||||||||||
|
42
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Bond Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.82 | 13.11 | 12.74 | 13.00 | 12.89 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .34 | .32 | .31 | .29 | .31 | ||||||||||
Net realized and unrealized | (.48) | (.21) | .42 | (.18) | .34 | ||||||||||
Total from Investment Operations | (.14) | .11 | .73 | .11 | .65 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.36) | (.37) | (.36) | (.34) | (.36) | ||||||||||
Dividends from net realized gain on investments | - | (.03) | - | (.03) | (.18) | ||||||||||
Total Distributions | (.36) | (.40) | (.36) | (.37) | (.54) | ||||||||||
Net asset value, end of period | 12.32 | 12.82 | 13.11 | 12.74 | 13.00 | ||||||||||
Total Return (%) | (1.10) | .87 | 5.82 | .87 | 5.19 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .55 | .56 | .56 | .55 | .55 | ||||||||||
Ratio of net expenses to average net assets | .55 | .56 | .56 | .55 | .55 | ||||||||||
Ratio of net investment income | 2.70 | 2.50 | 2.38 | 2.21 | 2.41 | ||||||||||
Portfolio Turnover Rate | 47.36 | 72.85 | 72.21 | 59.94 | 43.62 | ||||||||||
Net Assets, end of period ($ x 1,000) | 1,002,899 | 1,001,290 | 1,030,685 | 1,010,387 | 1,040,204 |
a Based on average shares outstanding.
See notes to financial statements.
43
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Bond Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.79 | 13.08 | 12.71 | 12.97 | 12.86 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .31 | .28 | .27 | .26 | .28 | ||||||||||
Net realized and unrealized | (.48) | (.21) | .43 | (.18) | .34 | ||||||||||
Total from Investment Operations | (.17) | .07 | .70 | .08 | .62 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.33) | (.33) | (.33) | (.31) | (.33) | ||||||||||
Dividends from net realized gain on investments | - | (.03) | - | (.03) | (.18) | ||||||||||
Total Distributions | (.33) | (.36) | (.33) | (.34) | (.51) | ||||||||||
Net asset value, end of period | 12.29 | 12.79 | 13.08 | 12.71 | 12.97 | ||||||||||
Total Return (%) | (1.35) | .63 | 5.55 | .62 | 4.95 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .80 | .81 | .81 | .80 | .80 | ||||||||||
Ratio of net expenses to average net assets | .80 | .81 | .81 | .80 | .80 | ||||||||||
Ratio of net investment income | 2.46 | 2.24 | 2.14 | 1.95 | 2.16 | ||||||||||
Portfolio Turnover Rate | 47.36 | 72.85 | 72.21 | 59.94 | 43.62 | ||||||||||
Net Assets, end of period ($ x 1,000) | 6,944 | 9,613 | 9,619 | 8,221 | 9,246 |
a Based on average shares outstanding.
See notes to financial statements.
44
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Intermediate Bond Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.60 | 12.74 | 12.55 | 12.75 | 12.73 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .25 | .22 | .20 | .19 | .21 | ||||||||||
Net realized and unrealized | (.32) | (.10) | .25 | (.15) | .17 | ||||||||||
Total from Investment Operations | (.07) | .12 | .45 | .04 | .38 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.27) | (.26) | (.26) | (.24) | (.27) | ||||||||||
Dividends from net realized gain on investments | - | - | - | - | (.09) | ||||||||||
Total Distributions | (.27) | (.26) | (.26) | (.24) | (.36) | ||||||||||
Net asset value, end of period | 12.26 | 12.60 | 12.74 | 12.55 | 12.75 | ||||||||||
Total Return (%) | (.58) | 1.01 | 3.60 | .39 | 2.87 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .55 | .56 | .56 | .55 | .55 | ||||||||||
Ratio of net expenses to average net assets | .55 | .56 | .56 | .55 | .55 | ||||||||||
Ratio of net investment income | 2.03 | 1.77 | 1.61 | 1.46 | 1.66 | ||||||||||
Portfolio Turnover Rate | 28.92 | 48.97 | 32.99 | 50.80 | 42.45 | ||||||||||
Net Assets, end of period ($ x 1,000) | 833,954 | 838,741 | 869,419 | 877,322 | 912,247 |
a Based on average shares outstanding.
See notes to financial statements.
45
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Intermediate Bond Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.60 | 12.74 | 12.56 | 12.75 | 12.73 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .22 | .19 | .17 | .15 | .18 | ||||||||||
Net realized and unrealized | (.33) | (.10) | .24 | (.13) | .16 | ||||||||||
Total from Investment Operations | (.11) | .09 | .41 | .02 | .34 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.23) | (.23) | (.23) | (.21) | (.23) | ||||||||||
Dividends from net realized gain on investments | - | - | - | - | (.09) | ||||||||||
Total Distributions | (.23) | (.23) | (.23) | (.21) | (.32) | ||||||||||
Net asset value, end of period | 12.26 | 12.60 | 12.74 | 12.56 | 12.75 | ||||||||||
Total Return (%) | (.84) | .75 | 3.26 | .14 | 2.69 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .80 | .81 | .81 | .80 | .80 | ||||||||||
Ratio of net expenses to average net assets | .80 | .81 | .81 | .80 | .80 | ||||||||||
Ratio of net investment income | 1.78 | 1.52 | 1.36 | 1.21 | 1.40 | ||||||||||
Portfolio Turnover Rate | 28.92 | 48.97 | 32.99 | 50.80 | 42.45 | ||||||||||
Net Assets, end of period ($ x 1,000) | 5,756 | 7,563 | 8,247 | 7,468 | 6,415 |
a Based on average shares outstanding.
See notes to financial statements.
46
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Corporate Bond Fund | 2018 | 2017 | 2016 | 2015 |
| 2014 |
| ||||||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.06 | 13.07 | 12.59 | 12.96 | 12.49 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .44 | .42 | .39 | .35 | .32 | ||||||||||
Net realized and unrealized | (.50) | .05 | .54 | (.31) | .56 | ||||||||||
Total from Investment Operations | (.06) | .47 | .93 | .04 | .88 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.48) | (.48) | (.45) | (.41) | (.41) | ||||||||||
Dividends from net realized gain on investments | - | - | - | - | (.00) | b | |||||||||
Total Distributions | (.48) | (.48) | (.45) | (.41) | (.41) | ||||||||||
Net asset value, end of period | 12.52 | 13.06 | 13.07 | 12.59 | 12.96 | ||||||||||
Total Return (%) | (.48) | 3.67 | 7.55 | .31 | 7.21 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .55 | .56 | .56 | .56 | .56 | ||||||||||
Ratio of net expenses to average net assets | .55 | .56 | .56 | .56 | .56 | ||||||||||
Ratio of net investment income | 3.43 | 3.29 | 3.10 | 2.71 | 2.48 | ||||||||||
Portfolio Turnover Rate | 33.36 | 33.05 | 34.99 | 34.56 | 33.17 | ||||||||||
Net Assets, end of period ($ x 1,000) | 776,480 | 784,237 | 850,017 | 786,085 | 747,274 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
47
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Corporate Bond Fund | 2018 | 2017 | 2016 | 2015 |
| 2014 |
| ||||||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.07 | 13.07 | 12.59 | 12.96 | 12.49 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .37 | .42 | .35 | .33 | .28 | ||||||||||
Net realized and unrealized | (.46) | .03 | .55 | (.32) | .57 | ||||||||||
Total from Investment Operations | (.09) | .45 | .90 | .01 | .85 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.45) | (.45) | (.42) | (.38) | (.38) | ||||||||||
Dividends from net realized gain on investments | - | - | - | - | (.00) | b | |||||||||
Total Distributions | (.45) | (.45) | (.42) | (.38) | (.38) | ||||||||||
Net asset value, end of period | 12.53 | 13.07 | 13.07 | 12.59 | 12.96 | ||||||||||
Total Return (%) | (.72) | 3.53 | 7.29 | .04 | 6.92 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .80 | .81 | .81 | .81 | .82 | ||||||||||
Ratio of net expenses to average net assets | .80 | .81 | .81 | .81 | .82 | ||||||||||
Ratio of net investment income | 3.06 | 3.02 | 2.83 | 2.46 | 2.21 | ||||||||||
Portfolio Turnover Rate | 33.36 | 33.05 | 34.99 | 34.56 | 33.17 | ||||||||||
Net Assets, end of period ($ x 1,000) | 2,573 | 2,807 | 1,793 | 5,315 | 1,519 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
48
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Short-Term | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.72 | 11.81 | 11.84 | 11.95 | 12.03 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .14 | .08 | .04 | .06 | .02 | ||||||||||
Net realized and unrealized | (.18) | (.05) | .05 | (.02) | .03 | ||||||||||
Total from Investment Operations | (.04) | .03 | .09 | .04 | .05 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.16) | (.12) | (.12) | (.15) | (.13) | ||||||||||
Net asset value, end of period | 11.52 | 11.72 | 11.81 | 11.84 | 11.95 | ||||||||||
Total Return (%) | (.36) | .26 | .77 | .31 | .44 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .56 | .55 | .55 | .54 | .53 | ||||||||||
Ratio of net expenses to average net assets | .56 | .55 | .55 | .54 | .53 | ||||||||||
Ratio of net investment income | 1.20 | .68 | .37 | .47 | .19 | ||||||||||
Portfolio Turnover Rate | 61.04 | 65.98 | 100.46 | 105.49 | 116.19 | ||||||||||
Net Assets, end of period ($ x 1,000) | 190,515 | 172,603 | 214,754 | 195,648 | 253,961 |
a Based on average shares outstanding.
See notes to financial statements.
49
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Short-Term | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.71 | 11.79 | 11.82 | 11.93 | 12.01 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income (loss)—net a | .11 | .05 | .01 | .03 | (.01) | ||||||||||
Net realized and unrealized | (.19) | (.04) | .05 | (.02) | .03 | ||||||||||
Total from Investment Operations | (.08) | .01 | .06 | .01 | .02 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.13) | (.09) | (.09) | (.12) | (.10) | ||||||||||
Net asset value, end of period | 11.50 | 11.71 | 11.79 | 11.82 | 11.93 | ||||||||||
Total Return (%) | (.69) | .10 | .51 | .07 | .18 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .81 | .80 | .80 | .79 | .78 | ||||||||||
Ratio of net expenses to average net assets | .81 | .80 | .80 | .79 | .78 | ||||||||||
Ratio of net investment income | .92 | .43 | .12 | .22 | (.06) | ||||||||||
Portfolio Turnover Rate | 61.04 | 65.98 | 100.46 | 105.49 | 116.19 | ||||||||||
Net Assets, end of period ($ x 1,000) | 1,494 | 1,753 | 1,906 | 1,576 | 801 |
a Based on average shares outstanding.
See notes to financial statements.
50
NOTES TO FINANCIAL STATEMENTS
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:
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
51
NOTES TO FINANCIAL STATEMENTS (continued)
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 August 31, 2018 in valuing each fund’s investments:
At August 31, 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 ($) | Total | |||||||||
BNY Mellon Bond Fund | |||||||||||||||||
Commercial Mortgage-Backed | - | - | 17,948,032 | - | - | - | 17,948,032 | ||||||||||
Corporate Bonds† | - | - | 371,848,009 | - | - | - | 371,848,009 | ||||||||||
Foreign Government | - | - | 14,276,753 | - | - | - | 14,276,753 | ||||||||||
Municipal Bonds† | - | - | 70,299,196 | - | - | - | 70,299,196 | ||||||||||
Registered Investment | 8,185,463 | - | - | - | - | - | 8,185,463 | ||||||||||
U.S. Government Agencies/ | - | - | 279,215,036 | - | - | - | 279,215,036 | ||||||||||
U.S. Treasury | - | - | 242,249,081 | - | - | - | 242,249,081 | ||||||||||
BNY Mellon | |||||||||||||||||
Corporate Bonds† | - | - | 382,591,482 | - | - | - | 382,591,482 | ||||||||||
Foreign Government | - | - | 13,046,770 | - | - | - | 13,046,770 | ||||||||||
Municipal Bonds† | - | - | 38,855,340 | - | - | - | 38,855,340 | ||||||||||
Registered Investment | 7,637,553 | - | - | - | - | - | 7,637,553 | ||||||||||
U.S. Government Agencies/ | - | - | 6,522,431 | - | - | - | 6,522,431 | ||||||||||
U.S. Treasury | - | - | 388,008,857 | - | - | - | 388,008,857 |
52
Table 1—Fair Value Measurements (contibued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon | |||||||||||||||||
Corporate Bonds† | - | - | 716,314,332 | - | - | - | 716,314,332 | ||||||||||
Foreign Government | - | - | 12,057,237 | - | - | - | 12,057,237 | ||||||||||
Municipal Bonds† | - | - | 42,892,910 | - | - | - | 42,892,910 | ||||||||||
Registered Investment | 12,678,133 | - | - | - | - | - | 12,678,133 | ||||||||||
BNY Mellon Short-Term U.S. | |||||||||||||||||
Commercial Mortgage-Backed | - | - | 13,172,705 | - | - | - | 13,172,705 | ||||||||||
Municipal Bonds† | - | - | 5,536,628 | - | - | - | 5,536,628 | ||||||||||
Registered Investment | 4,376,864 | - | - | - | - | - | 4,376,864 | ||||||||||
U.S. Government Agencies/ | - | - | 133,792,214 | - | - | - | 133,792,214 | ||||||||||
U.S. Treasury | - | - | 40,039,458 | - | - | - | 40,039,458 |
† 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 August 31, 2018.
Table 2—Securities Lending Agreement |
|
BNY Mellon Bond Fund | $ 8,923 |
BNY Mellon Intermediate Bond Fund | 13,361 |
BNY Mellon Corporate Bond Fund | 37,476 |
BNY Mellon Short-Term U.S. | 2,298 |
(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
53
NOTES TO FINANCIAL STATEMENTS (continued)
or adverse investor sentiment. They may also decline because of factors that affect a particular industry.
(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 August 31, 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 August 31, 2018, the funds did not incur any interest or penalties.
Each tax year in the four-year period ended August 31, 2018 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Table 3 summarizes each fund’s components of accumulated earnings on a tax basis at August 31, 2018.
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 4 summarizes each relevant fund’s accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2018.
Table 5 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal periods ended August 31, 2018 and August 31, 2017.
During the period ended August 31, 2018, as a result of permanent book to tax differences, each fund increased accumulated undistributed investment income–net and decreased accumulated net realized gain (loss) on investments as summarized in Table 6. These permanent book to tax differences are primarily due to the tax treatment for dividend reclassification, amortization of premiums and paydown gains and losses on mortgage-backed securities for BNY Mellon Bond Fund and BNY Mellon Intermediate Bond Fund, amortization of premiums for BNY Mellon Corporate Bond Fund and amortization of premiums and paydown gains and losses on mortgage-backed securities for BNY Mellon Short–Term U.S. Government Securities Fund. Net assets and net asset value per share were not affected by these reclassifications.
Table 3—Components of Accumulated Earnings | |||||||
Undistributed | Accumulated | Unrealized | |||||
BNY Mellon Bond Fund | 1,233,701 | (10,697,148) | (15,206,360) | ||||
BNY Mellon Intermediate Bond Fund | 504,315 | (12,933,905) | (12,265,613) | ||||
BNY Mellon Corporate Bond Fund | 654,663 | (13,866,417) | (7,315,421) | ||||
BNY Mellon Short-Term U.S. Government Securities Fund | 158,678 | (13,685,882) | (2,773,964) |
54
Table 4—Capital Loss Carryover | ||||||||||
Expiring in fiscal year | Post-Enactment | †† | Post-Enactment | |||||||
2019 ($) | † | ††† | Total($) | |||||||
BNY Mellon Bond Fund | - | 10,697,148 | - | 10,697,148 | ||||||
BNY Mellon Intermediate Bond Fund | - | 5,806,362 | 7,127,543 | 12,933,905 | ||||||
BNY Mellon Corporate Bond Fund | - | 3,570,228 | 10,296,189 | 13,866,417 | ||||||
BNY Mellon Short-Term U.S. Government Securities Fund | 64,834 | 7,421,175 | 6,199,873 | 13,685,882 |
† 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 5—Tax Character of Distributions Paid | |||||||||||||
2018 | 2017 | ||||||||||||
| Ordinary Income ($) | Long-Term |
| Ordinary Income ($) | Long-Term | ||||||||
BNY Mellon Bond Fund | 29,195,457 | - | 29,026,163 | 2,196,746 | |||||||||
BNY Mellon Intermediate Bond Fund | 18,267,216 | - | 18,053,792 | - | |||||||||
BNY Mellon Corporate Bond Fund | 29,557,877 | - | 29,537,945 | - | |||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | 2,379,489 | - | 1,989,320 | - |
Table 6—Return of Capital Statement of Position | |||||
| Accumulated | Accumulated | Paid-in Capital | ||
BNY Mellon Bond Fund | 2,694,233 | (2,694,233) | - | ||
BNY Mellon Intermediate Bond Fund | 1,265,749 | (1,265,749) | - | ||
BNY Mellon Corporate Bond Fund | 2,535,294 | (2,535,294) | - | ||
BNY Mellon Short-Term U.S. Government Securities Fund | 384,956 | (356,428) | (28,528) |
(g) New Accounting Pronouncements: In March 2017, the FASB issued Accounting Standards Update 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization On Purchased Callable Debt Securities (“ASU 2017-08”). The update shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. ASU 2017-08 will be effective for annual periods beginning after December 15, 2018.
Also in August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019. Management is currently assessing the potential impact of these changes to future financial statements.
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 August 31, 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
55
NOTES TO FINANCIAL STATEMENTS (continued)
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 7 summarizes the amounts Investor shares were charged during the period ended August 31, 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 7—Shareholder Services Plan Fees |
|
BNY Mellon Bond Fund | $ 19,349 |
BNY Mellon Intermediate Bond Fund | 15,227 |
BNY Mellon Corporate Bond Fund | 4,752 |
BNY Mellon Short-Term U.S. Government Securities Fund | 4,054 |
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, if any, as expense offsets in the Statements of Operations.
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 8 summarizes the amount each fund was charged during the period ended August 31, 2018 pursuant to the custody agreement. These fees were partially offset by earnings credits for each relevant fund, also summarized in Table 8.
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 9 summarizes the amount each fund was charged during the period ended August 31, 2018 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 9—The Bank of New York Mellon Cash Management Fees | |
BNY Mellon Bond Fund | $ 93 |
BNY Mellon Intermediate Bond Fund | 129 |
BNY Mellon Corporate Bond Fund | 33 |
BNY Mellon Short-Term U.S. Government Securities Fund | 20 |
During the period ended August 31, 2018, each fund was charged $13,269 for services performed by the Chief Compliance Officer and his staff. These fees are included in Miscellaneous in the Statements of Operations.
Table 10 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—Securities Transactions:
Table 11 summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities during the period ended August 31, 2018.
Table 12 summarizes the cost of investments for federal income tax purposes, gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at August 31, 2018.
Table 8—Custody Agreement Fees |
| |
Custody fees ($) | Earnings Credits ($) | |
BNY Mellon Bond Fund | 23,617 | (1,660) |
BNY Mellon Intermediate Bond Fund | 16,919 | (943) |
BNY Mellon Corporate Bond Fund | 15,021 | (750) |
BNY Mellon Short-Term U.S. Government Securities Fund | 6,934 | - |
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Table 10—Due to The Dreyfus Corporation and Affiliates | ||||||||
| Investment | Shareholder | Custodian | Chief | ||||
BNY Mellon Bond Fund | 342,764 | 1,472 | 8,028 | 5,693 | ||||
BNY Mellon Intermediate Bond Fund | 285,661 | 1,153 | 5,339 | 5,693 | ||||
BNY Mellon Corporate Bond Fund | 265,400 | 487 | 5,391 | 5,693 | ||||
BNY Mellon Short-Term U.S. Government Securities Fund | 56,419 | 282 | 2,885 | 5,693 |
Table 11—Purchases and Sales | ||||||||
| Purchases ($) | Sales ($) | ||||||
BNY Mellon Bond Fund | 513,425,604 | 474,196,461 | ||||||
BNY Mellon Intermediate Bond Fund | 260,127,916 | 241,846,836 | ||||||
BNY Mellon Corporate Bond Fund | 292,662,877 | 258,171,640 | ||||||
BNY Mellon Short-Term U.S. Government Securities Fund | 128,437,454 | 106,038,468 |
Table 12—Accumulated Net Unrealized Appreciation (Depreciation) | ||||||||
| Cost of | Gross | Gross | Net ($) | ||||
BNY Mellon Bond Fund | 1,019,227,930 | 6,273,499 | 21,479,859 | (15,206,360) | ||||
BNY Mellon Intermediate Bond Fund | 848,928,046 | 2,572,623 | 14,838,236 | (12,265,613) | ||||
BNY Mellon Corporate Bond Fund | 791,258,033 | 7,595,887 | 14,911,308 | (7,315,421) | ||||
BNY Mellon Short-Term U.S. Government Securities Fund | 199,691,833 | 38,975 | 2,812,939 | (2,773,964) |
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REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees
BNY Mellon Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund, BNY Mellon Corporate Bond Fund and BNY Mellon Short-Term U.S. Government Securities Fund (collectively, the “Funds”), each a series of BNY Mellon Funds Trust, including the statements of investments and investments in affiliated issuers, as of August 31, 2018, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more BNY Mellon Fund Advisers investment companies since 2000.
New York, New York
October 29, 2018
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IMPORTANT TAX INFORMATION (Unaudited)
BNY Mellon Bond Fund
For federal tax purposes, the fund designates the maximum amount allowable but not less than 90.12% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.
BNY Mellon Intermediate Bond Fund
For federal tax purposes, the fund designates the maximum amount allowable but not less than 84.56% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.
BNY Mellon Corporate Bond Fund
For federal tax purposes, the fund reports the maximum amount allowable but not less than 76.73% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.
BNY Mellon Short-Term U.S. Government Securities Fund
For federal tax purposes, the fund reports the maximum amount allowable but not less than 100% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.
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INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited)
At a meeting of the Trust’s Board of Trustees held on March 5-6, 2018, the Board considered the renewal of the Trust’s Investment Advisory Agreement and Administration Agreement, pursuant to which BNY Mellon Fund Advisers, a division of Dreyfus, provides the funds with investment advisory services and The Bank of New York Mellon provides the funds with administrative services (together the “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 of these administrative services. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, were assisted in their review by independent legal counsel and met with counsel in executive session separate from Dreyfus representatives. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided to them at the meeting and in previous presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to the funds. Dreyfus provided the number of open accounts in each fund, each fund’s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of the funds (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or Dreyfus) and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to each fund.
The Board also considered research support available to, and portfolio management capabilities of, each fund’s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered Dreyfus’ extensive administrative, accounting and compliance infrastructures.
Comparative Analysis of the Funds’ Performance and Management Fees and Expense Ratios. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, which included information comparing (1) each fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended December 31, 2017, and (2) each fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to each fund and comparison funds. They also noted that performance generally should be considered over longer periods of time, although it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect disproportionately long-term performance.
As applicable to each fund, Dreyfus representatives reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund and (2) paid to Dreyfus or the Dreyfus-affiliated primary employer of the fund’s primary portfolio manager(s) for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee.
BNY Mellon Bond Fund
The Board discussed with representatives of Dreyfus and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was at or above the Performance Group median for the one-, two- and three-year periods, but below the Performance Group median for the four-, five- and ten-year periods, and below the Performance Universe medians for all periods, except for the one- and three-year periods when it was above the Performance Universe median. The Board considered the relative proximity of the fund’s performance to the Performance Universe median in certain periods when performance was
60
below median. The Board also considered that the fund’s yield performance was above the Performance Group and Performance Universe medians for nine of the ten one-year periods ended December 31st. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was considered that the fund’s returns were above the returns of the index in five of the ten calendar years shown.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were above the Expense Group median and at the Expense Universe median.
BNY Mellon Intermediate Bond Fund
The Board discussed with representatives of Dreyfus and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was below the Performance Group median for all periods and above the Performance Universe median for all periods, except for the two- and five-year periods when the fund’s performance was at and below the Performance Universe median, respectively. The Board considered the relative proximity of the fund’s performance to the Performance Group and/or Performance Universe median in certain periods when performance was below median. The Board also considered that the fund’s yield performance was above the Performance Group and Performance Universe median for all periods ended December 31st. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were above the Expense Group median and below the Expense Universe median.
BNY Mellon Corporate Bond Fund
The Board discussed with representatives of Dreyfus and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was below the Performance Group median for all periods, except for the three-year period when the fund’s performance was above the Performance Group median, and above the Performance Universe median for all periods, except for the one-year period when the fund’s performance was below the Performance Universe median. The Board also considered that the fund’s yield performance was above the Performance Group medians for two of the past five one-year periods and above the Performance Universe medians for three of the past five one-year periods ended December 31st. The Board considered the relative proximity of the fund’s total return performance or yield to the Performance Group and/or Performance Universe median in certain periods when total return performance or yield, as applicable, was below median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was considered that the fund’s returns were above the returns of the index in three of the five calendar years shown.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were below the Expense Group and Expense Universe medians.
BNY Mellon Short-Term U.S. Government Securities Fund
The Board discussed with representatives of Dreyfus and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods. The Board also considered that the fund’s yield performance was below the Performance Group medians for eight of the ten one-year periods and above the Performance Universe medians for nine of the ten one-year periods ended December 31st. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was below the Expense Group median, the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
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INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited) (continued)
Analysis of Profitability and Economies of Scale. Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and its affiliates and the resulting profitability percentage for managing each fund and the aggregate profitability percentage to Dreyfus and its affiliates for managing the funds in the Dreyfus fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board also had been provided with information prepared by an independent consulting firm regarding Dreyfus’ approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of the funds.
The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided by Dreyfus, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that Dreyfus may have realized any economies of scale would be less. Dreyfus representatives also stated that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in a fund’s asset level. The Board also considered potential benefits to Dreyfus from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading each fund’s investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
· The Board concluded that the nature, extent and quality of the services provided by Dreyfus to each fund are adequate and appropriate.
· For each fund, while the Board was concerned with the fund’s performance, the Board expressed confidence in the fund’s strategy and portfolio managers and agreed to closely monitor performance.
· For each fund, the Board concluded that the fee paid to Dreyfus continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the management of the funds had been adequately considered by Dreyfus in connection with the fee rate charged to the funds pursuant to the Agreements and that, to the extent in the future it were determined that material economies of scale had not been shared with a fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with Dreyfus and its affiliates, of Dreyfus and the services provided to the funds by Dreyfus. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of each fund and the investment management and other services provided under the Agreement, including information on the investment performance of each fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to each fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for each fund had the benefit of a number of years of reviews of the Agreement for the funds, or substantially similar agreements for other funds that the Board oversees, during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the funds’ arrangements, or substantially similar arrangements, in prior years. The Board determined to renew the Agreement.
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BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT BOARD MEMBERS
Chairman of the Board (2000)
Principal Occupation During Past 5 Years:
Attorney, Cozen and O’Connor, P.C. since 1973, including Vice Chairman since 1980 and Chief Executive Officer and President from 2002 to 2007
No. of Portfolios for which Board Member Serves: 25
———————
John R. Alchin (70)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Retired since 2007
· Executive of Comcast Corporation, a cable services provider, from 1990 to 2007, including Executive Vice-President, Co-Chief Financial Officer and Treasurer, from 2002 to 2007
Other Public Company Board Memberships During Past 5 Years:
· Polo Ralph Lauren Corporation, a retail clothing and home furnishing company, Director (2007-present)
No. of Portfolios for which Board Member Serves: 25
———————
Ronald R. Davenport (82)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Chairman of Sheridan Broadcasting Corporation since July 1972
No. of Portfolios for which Board Member Serves: 25
———————
Jack Diederich (81)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired; Executive Vice President—Chairman’s Counsel of Alcoa Inc. from 1991 to 1997
No. of Portfolios for which Board Member Serves: 25
———————
Kim D. Kelly (62)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Consultant since 2005
· Chief Restructuring Officer of Allegiance Communications LLC from August 2011 to January 2013
Other Public Company Board Memberships During Past 5 Years:
· MCG Capital Corporation, a business development company, Director (2004-2015)
· Broadview Network Holdings, Inc.-Director and Chair (2011-2012)
No. of Portfolios for which Board Member Serves: 25
———————
Kevin C. Phelan (74)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Mortgage Banker, Colliers International since March 1978, including,
Co-Chairman since 2010, President since 2007 and Executive Vice President and Director from March 1998 to September 2007
No. of Portfolios for which Board Member Serves: 25
———————
Patrick J. Purcell (70)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Owner, President and Publisher of the Boston Herald (1994-2018)
President and Founder, jobfind.com, an employment search site on the world wide web, since July 1996
· President and Chief Executive Officer, Herald Media since 2001
No. of Portfolios for which Board Member Serves: 25
———————
Thomas F. Ryan, Jr. (77)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since April 1999
President and Chief Operating Officer of the American Stock Exchange from October 1995 to April 1999
Other Public Company Board Memberships During Past 5 Years:
· RepliGen Corporation, a biopharmaceutical company, Director (2002-present)
No. of Portfolios for which Board Member Serves: 25
———————
Maureen M. Young (73)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since 2007
Director of the Office of Government Relations at Carnegie Mellon University from January 2000 to December 2007
No. of Portfolios for which Board Member Serves: 25
———————
Once elected all Board Members serve for an indefinite term. The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS. For individual account holders for Private Wealth Management clients, please contact your account officer or call 1-866-804-5023.
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OFFICERS OF THE TRUST (Unaudited)
PATRICK T. CROWE, President since July 2015.
National Director of Investment Advisory, Analytics and Solutions for BNY Mellon Wealth Management since July 2014; from July 2007 to July 2014, Managing Director for BNY Mellon Wealth Management's Tri-State region, comprising New York, New Jersey and Southern Connecticut. He is 54 years old and has served in various capacities with BNY Mellon since 1993.
BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.
Chief Legal Officer of the Manager and Associate General Counsel and Managing Director of BNY Mellon since June 2015; from June 2005 to June 2015, he served in various capacities with Deutsche Bank – Asset & Wealth Management Division, including as Director and Associate General Counsel, and Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since June 2015.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Managing Counsel of BNY Mellon and Secretary of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since December 1996.
JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.
Managing Counsel of BNY Mellon, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since June 2000.
SONALEE CROSS, Vice President and Assistant Secretary since May 2016.
Counsel and Vice President of BNY Mellon since October 2016; Associate at Proskauer Rose LLP from April 2016 to September 2016; Attorney at EnTrust Capital from August 2015 to February 2016; Associate at Sidley Austin LLP from September 2013 until August 2015. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by Dreyfus. She is 30 years old and has been an employee of the Manager since October 2016.
MAUREEN E. KANE, Vice President and Assistant Secretary since April 2015.
Managing Counsel of BNY Mellon since July 2014; from October 2004 until July 2014, General Counsel, and from May 2009 until July 2014, Chief Compliance Officer of Century Capital Management. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. She is 56 years old and has been an employee of the Manager since July 2014.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017; from March 2013 to December 2017 Senior Counsel of BNY Mellon. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. She is 42 years old and has been an employee of the Manager since March 2013.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2015.
Senior Managing Counsel of BNY Mellon, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since October 1990.
NATALYA ZELENSKY, Vice President and Assistant Secretary since May 2016.
Counsel and Vice President of BNY Mellon since May 2016; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 until May 2016; Assistant General Counsel at RCS Advisory Services from July 2014 until November 2015; Associate at Sutherland, Asbill & Brennan from January 2013 until January 2014. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by Dreyfus. She is 32 years old and has been an employee of the Manager since May 2016.
JAMES WINDELS, Treasurer since November 2001.
Director – Mutual Fund Accounting of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since April 1985.
RICHARD CASSARO, Assistant Treasurer since January 2008.
Senior Accounting Manager – Money Market, Municipal Bond and Equity Funds of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since September 1982.
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since April 1991.
ROBERT S. ROBOL, Assistant Treasurer since December 2002.
Senior Accounting Manager Dreyfus Financial Reporting of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 54 years old and has been an employee of the Manager since October 1988.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager – Equity Funds of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since June 1989.
ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager – Fixed Income and Equity Funds of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the Manager and the Dreyfus Family of Funds and BNY Mellon Funds Trust (63 investment companies, comprised of 150 portfolios). He is 60 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
CARIDAD M. CAROSELLA, Ant-Money Laudering Compliance Officer January 2016.
Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor and from 2007 to December 2011, Financial Processing Manager of the Distributor. She is an officer of 57 investment companies (comprised of 144 portfolios) managed by the Manager. She is 49 years old and has been an employee of the Distributor since 1997.
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NOTES
65
NOTES
66
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
240 Greenwich Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
240 Greenwich 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 | MFTAR0818-TB |
The BNY Mellon Funds
BNY Mellon Government Money Market Fund
BNY Mellon National Municipal Money Market Fund
ANNUAL REPORT August 31, 2018 | |
Contents
THE FUNDS
Public Accounting Firm | |
Investment Advisory Agreement and Administration Agreement | |
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 annual report for BNY Mellon Funds Trust, covering the 12-month period from September 1, 2017 through August 31, 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.
The 12-month period started on solid footing which gave way to a shifting landscape. Through February of 2018, major global economies appeared to be in lock-step as they moved towards less accommodative monetary policy and concurrent growth. In the equity markets, both U.S. and non-U.S. markets enjoyed an upward trek across sectors and market caps. Interest rates rose across the curve putting pressure on bond prices, but sectors such as investment grade and high yield corporates, non-U.S. dollar denominated bonds, and emerging market debt, were able to outperform like-duration U.S. Treasuries.
In February, the first rumblings of discontent shook equity markets. Global growth and monetary policy paths began to diverge. Non-U.S. economies weakened. Momentum sputtered, and equities began to struggle. Emerging market debt, non-U.S. denominated bonds, and corporate debt gave up much of the performance earned earlier in the period. Long-term U.S. interest rates started to fall. The shockwave ended in April and pressure on U.S. equity markets eased, allowing U.S. equity markets to end the 12-month period with double-digit gains.
Despite new concerns regarding trade, U.S. inflationary pressures, and global growth, we are optimistic that U.S. consumer spending, corporate earnings, and economic data will remain strong in the near term. However, we will stay attentive to signs that signal possible change on the horizon. 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
September 17, 2018
3
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period from September 1, 2017 through August 31, 2018, as provided by Patricia A. Larkin, Senior Portfolio Manager
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Government Money Market Fund’s Class M shares produced a yield of 1.23%, and its Investor shares produced a yield of 0.98%. Taking into account the effects of compounding, the fund’s Class M shares and Investor shares produced effective yields of 1.24% and 0.98%, 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 three additional increases 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.
Short-Term Interest Rates Rose Further
Yields of money market instruments moved higher during the reporting period due to strong economic growth and the Fed’s continued move away from an accommodative monetary policy. September 2017 provided further evidence of economic expansion as U.S. factory activity climbed to a 13-year high, and 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%. Unemployment 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 2.3% 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 investors’ 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.
February saw the addition of 324,000 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.
In March, trade tensions emerged, but employment remained steady at 4.1% while job creation amounted to 155,000 new positions. The Fed raised the federal funds rate to between 1.50% and 1.75%.
In April, personal consumption slowed, and GDP data indicated that the economy grew by just 2.2% in the first quarter of 2018 on an annualized basis. But the labor market rebounded with 175,000 new jobs and unemployment fell to 3.9%. In May, trade tensions emerged again, as tariff exemptions on Canada, Mexico, and Europe were lifted. Nevertheless, job creation rose to 268,000 new jobs, and the unemployment rate fell to 3.8%.
During June 2018, manufacturing and services remained strong, but the unemployment rate ticked higher to 4.0% while 208,000 new jobs were added. The Fed responded by raising short-term interest rates again, putting the federal funds rate between 1.75% and 2.00%.
Trade relations continued to cause some concern in July, but the economy generated 165,000 new jobs, and the unemployment rate fell back to 3.9% while activity in the manufacturing sector remained robust. In August 2018, corporate earnings continued to benefit from the tax cut, and an estimated 270,000 jobs were added while the unemployment rate remained unchanged at 3.9%. GDP data showed that the U.S. economy grew at a 4.2% annualized rate during the second quarter of 2018.
Additional Rate Hikes Expected
Given the expanding economy, the Fed has continued to move away from its accommodative monetary policy, and we anticipate one or 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 long-standing focus on quality and liquidity.
September 17, 2018
1 Effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate.
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 August 31, 2018, as provided by Joseph Irace, Senior Portfolio Manager
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon National Municipal Money Market Fund’s Class M shares produced a yield of 0.93%, and Investor shares produced a yield of 0.68%. Taking into account the effects of compounding, the fund’s Class M and Investor shares also produced effective yields of 0.93% and 0.68%, 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 three additional increases 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.
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 the issuance of municipal securities at year-end 2017 resulted in a relative drought of newly issued municipal securities later in the reporting period. The lack of new supply, combined with large coupon payments, pushed fixed-note rates lower during the early part of 2018. Demand continued to be strong for shorter maturities due to the continued flattening of the yield curve.
The Securities Industry and Financial Markets Association (SIFMA) Index reached a high of 1.81% in April, due to annual tax season outflows, and declined toward the end of the reporting period as demand strengthened and reinvestment cash entered the market. (The SIFMA Index is a weekly high-grade index produced by Bloomberg LP and comprised of seven-day tax-exempt variable rate demand notes.) The index averaged 1.22% during the reporting period.
In contrast to last year’s report, when many states missed important budgetary deadlines, every state with a fiscal year beginning on July 1 has enacted a budget. To a large extent, the budget process was facilitated this year by healthy revenue growth resulting from strong job creation and an expanding economy. Burgeoning tax collections are also prompting states to continue to bolster rainy-day funds in preparation for future economic slowdowns.
Key municipal issues to be monitored include the impact of the federal tax law changes on state and local finances, Medicaid expansion, infrastructure financing options, the implementation of tax collections from online sales and the response to legalized sports betting opportunities.
However, we have also 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 reforms enacted in 2017 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
One or more interest-rate hikes are expected over the remainder of 2018 as the Fed continues to back away from its accommodative monetary policy. At its meeting in late July/early August, the Fed left interest rates unchanged and maintained its outlook for inflation.
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.
September 17, 2018
1 Effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate.
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 March 1, 2018 to August 31, 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 August 31, 2018 | ||||||||||||||||||
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| Investor Shares |
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BNY Mellon Government Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $ | 1.47 | $ | 2.73 | ||||||||||||||
Ending value (after expenses) | $ | 1,007.80 | $ | 1,006.50 | ||||||||||||||
Annualized expense ratio (%) | .29 | .54 | ||||||||||||||||
BNY Mellon National Municipal Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $ | 1.52 | $ | 2.78 | ||||||||||||||
Ending value (after expenses) | $ | 1,005.50 | $ | 1,004.20 | ||||||||||||||
Annualized expense ratio (%) | .30 | .55 |
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 August 31, 2018 | ||||||||||||||||||
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BNY Mellon Government Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $ | 1.48 | $ | 2.75 | ||||||||||||||
Ending value (after expenses) | $ | 1,023.74 | $ | 1,022.48 | ||||||||||||||
Annualized expense ratio (%) | .29 | .54 | ||||||||||||||||
BNY Mellon National Municipal Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $ | 1.53 | $ | 2.80 | ||||||||||||||
Ending value (after expenses) | $ | 1,023.69 | $ | 1,022.43 | ||||||||||||||
Annualized expense ratio (%) | .30 | .55 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
6
STATEMENT OF INVESTMENTS
August 31, 2018
BNY Mellon Government Money Market Fund | |||||||
Description | Annualized Yield on Date of Purchase (%) | Principal Amount($) | Value($) | ||||
U.S. Government Agencies - 61.2% | |||||||
Federal Farm Credit Bank: | |||||||
9/4/18, FFE + .01% | 1.91 | 5,000,000 | a | 5,000,483 | |||
9/4/18, FCPR - 3.08% | 1.92 | 10,000,000 | a | 9,999,438 | |||
9/4/18, FCPR - 3.06% | 1.93 | 15,000,000 | a | 15,001,141 | |||
9/4/18, 1 Month LIBOR + .15% | 2.03 | 5,000,000 | a | 5,004,798 | |||
9/4/18, FFE + .17% | 2.11 | 10,000,000 | a | 9,999,817 | |||
9/4/18, 1 Month LIBOR + .05% | 2.13 | 10,000,000 | a | 10,000,000 | |||
Federal Home Loan Bank: | |||||||
9/7/18 | 1.92 | 50,000,000 | b | 49,984,042 | |||
9/8/18, 1 Month LIBOR - .07% | 2.02 | 20,000,000 | a | 20,000,093 | |||
9/11/18 | 1.92 | 100,000,000 | b | 99,946,944 | |||
9/12/18 | 1.92 | 20,000,000 | b | 19,988,303 | |||
9/12/18, 1 Month LIBOR - .13% | 1.94 | 25,000,000 | a | 25,000,000 | |||
9/12/18, 1 Month LIBOR - .07% | 2.00 | 5,000,000 | a | 5,000,000 | |||
9/21/18, 1 Month LIBOR - .12% | 1.93 | 25,000,000 | a | 25,001,335 | |||
9/24/18 | 1.93 | 150,000,000 | b | 149,815,042 | |||
9/28/18, 3 Month LIBOR - .33% | 2.01 | 10,000,000 | a | 10,000,000 | |||
10/9/18, 3 Month LIBOR - .34% | 2.00 | 25,000,000 | a | 25,000,000 | |||
Total U.S. Government Agencies | 484,741,436 | ||||||
U.S. Treasury Bills - 22.0% | |||||||
11/23/18 | 2.10 | 100,000,000 | b | 99,521,597 | |||
12/20/18 | 2.09 | 25,000,000 | b | 24,841,875 | |||
1/17/19 | 2.17 | 50,000,000 | b | 49,588,875 | |||
Total U.S. Treasury Bills | 173,952,347 | ||||||
U.S. Treasury Floating Rate Notes - 4.9% | |||||||
9/4/18, 3 Month U.S. T-BILL FLAT | 2.10 | 25,000,000 | a | 24,995,518 | |||
9/4/18, 3 Month U.S. T-BILL + .07% | 2.14 | 5,000,000 | a | 5,000,494 | |||
9/4/18, 3 Month U.S. T-BILL + .14% | 2.21 | 9,000,000 | a | 9,000,564 | |||
Total U.S. Treasury Floating Rate Notes | 38,996,576 | ||||||
Repurchase Agreements - 11.9% | |||||||
ABN AMRO Bank | 1.95 | 50,000,000 | 50,000,000 | ||||
Tri-Party Agreement thru BNY Mellon, dated 8/31/18, due 9/4/18 in the amount of $50,010,833 (fully collateralized by $52,289,514 U.S. Treasuries, 1%-3.75%, due 11/15/18-8/15/44, value $51,000,006) |
7
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Government Money Market Fund (continued) | |||||||
Description | Annualized Yield on Date of Purchase (%) | Principal Amount($) | Value($) | ||||
Repurchase Agreements - 11.9% (continued) | |||||||
Credit Agricole CIB | 1.95 | 44,000,000 | 44,000,000 | ||||
Tri-Party Agreement thru BNY Mellon, dated 8/31/18, due 9/4/18 in the amount of $44,009,533 (fully collateralized by $48,433,797 U.S. Treasuries (including strips), 0%-3.13%, due 1/15/19-11/15/44, value $44,880,000) | |||||||
Total Repurchase Agreements | 94,000,000 | ||||||
Total Investments (cost $791,690,359) | 100.0% | 791,690,359 | |||||
Liabilities, Less Cash and Receivables | .0% | (53,447) | |||||
Net Assets | 100.0% | 791,636,912 |
FFE—Federal Fund Effective Rate
FCPR—Farm Credit Prime Rate
LIBOR—London Interbank Offered Rate
a Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
b Security is a discount security. Income is recognized through the accretion of discount.
Portfolio Summary (Unaudited) † | Value (%) |
Federal Home Loan Bank | 54.3 |
U. S. Treasury Bills | 22.0 |
Repurchase Agreements | 11.9 |
Federal Farm Credit Bank | 6.9 |
U.S. Treasury Floating Rate Notes | 4.9 |
100.0 |
† Based on net assets.
See notes to financial statements.
8
BNY Mellon National Municipal Money Market Fund | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 98.9% | |||||||||||
Alabama - 6.9% | |||||||||||
Huntsville Health Care Authority, | 1.33 | 10/1/18 | 29,500,000 | 29,490,828 | |||||||
Huntsville Health Care Authority, | 1.59 | 10/15/18 | 3,400,000 | 3,400,000 | |||||||
Tuscaloosa County Industrial Development Authority, | 1.54 | 9/7/18 | 20,000,000 | a,b | 20,000,000 | ||||||
52,890,828 | |||||||||||
Alaska - 1.5% | |||||||||||
Tender Option Bond Trust Receipts (Series 2017-XL0044), 4/1/25, | 1.66 | 9/7/18 | 6,750,000 | a,b,c | 6,750,000 | ||||||
Tender Option Bond Trust Receipts (Series 2017-XM0532), 4/1/25, | 1.66 | 9/7/18 | 4,665,000 | a,b,c | 4,665,000 | ||||||
11,415,000 | |||||||||||
Arizona - 4.1% | |||||||||||
Casa Grande Industrial Development Authority, | 1.57 | 9/7/18 | 2,010,000 | a | 2,010,000 | ||||||
Phoenix Industrial Development Authority, | 1.67 | 9/7/18 | 980,000 | a | 980,000 | ||||||
Phoenix Industrial Development Authority, | 1.55 | 9/7/18 | 17,300,000 | a | 17,300,000 | ||||||
RBC Municipal Products Trust (Series E-85), | 1.59 | 9/7/18 | 10,400,000 | a,b,c | 10,400,000 | ||||||
Tempe Industrial Development Authority, | 1.72 | 9/7/18 | 770,000 | a | 770,000 | ||||||
31,460,000 | |||||||||||
California - 12.8% | |||||||||||
California Enterprise Development Authority, | 1.61 | 9/7/18 | 3,010,000 | a | 3,010,000 | ||||||
California Enterprise Development Authority, | 1.63 | 9/7/18 | 100,000 | a | 100,000 | ||||||
California Enterprise Development Authority, | 1.61 | 9/7/18 | 15,000,000 | a,b | 15,000,000 | ||||||
California Infrastructure and Economic Development Bank, | 1.50 | 9/1/18 | 1,000,000 | a | 1,000,000 | ||||||
California Statewide Community Development Authority, | 1.30 | 9/4/18 | 33,000,000 | 32,999,045 | |||||||
California University, | 1.29 | 10/2/18 | 32,000,000 | 31,990,080 | |||||||
East Bay Municipal Utility, | 1.27 | 9/6/18 | 11,500,000 | 11,499,302 | |||||||
Sacramento County Housing Authority, | 1.54 | 9/7/18 | 2,000,000 | a | 2,000,000 | ||||||
97,598,427 | |||||||||||
Colorado - 2.1% | |||||||||||
Colorado Educational and Cultural Facilities Authority, | 1.67 | 9/7/18 | 2,010,000 | a | 2,010,000 |
9
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 98.9% (continued) | |||||||||||
Colorado - 2.1% (continued) | |||||||||||
Colorado Health Facilities Authority, | 1.55 | 9/7/18 | 2,000,000 | a | 2,000,000 | ||||||
Colorado Housing & Finance Authority, | 1.54 | 9/7/18 | 1,360,000 | a | 1,360,000 | ||||||
Colorado State University System, | 1.52 | 9/12/18 | 10,000,000 | 9,999,695 | |||||||
Jefferson County, | 1.67 | 9/7/18 | 385,000 | a | 385,000 | ||||||
15,754,695 | |||||||||||
Connecticut - 2.2% | |||||||||||
RIB Floater Trust (Series 2017-016), | 1.60 | 9/7/18 | 17,000,000 | a,b,c | 17,000,000 | ||||||
Delaware - 1.3% | |||||||||||
Delaware Health Facilities Authority, | 1.55 | 9/7/18 | 10,250,000 | a | 10,250,000 | ||||||
District of Columbia - 1.9% | |||||||||||
District of Columbia, | 1.66 | 9/7/18 | 3,810,000 | a | 3,810,000 | ||||||
Metropolitan Washington D.C. Airports, | 1.67 | 9/25/18 | 2,835,000 | 2,835,000 | |||||||
RBC Municipal Products Trust (Series E-109), | 1.59 | 9/7/18 | 8,200,000 | a,b,c | 8,200,000 | ||||||
14,845,000 | |||||||||||
Florida - 4.4% | |||||||||||
Brevard County, | 1.72 | 9/7/18 | 345,000 | a | 345,000 | ||||||
Collier County Industrial Development Authority, | 1.79 | 9/7/18 | 2,225,000 | a | 2,225,000 | ||||||
Florida Development Finance Corporation, | 1.62 | 9/7/18 | 1,400,000 | a | 1,400,000 | ||||||
Florida Housing Finance Corporation, | 1.57 | 9/7/18 | 11,075,000 | a | 11,075,000 | ||||||
Gainesville Utility System, | 1.44 | 9/10/18 | 15,000,000 | 15,000,000 | |||||||
Jacksonville, | 1.67 | 9/7/18 | 2,700,000 | a | 2,700,000 | ||||||
Jacksonville, | 1.67 | 9/7/18 | 245,000 | a | 245,000 | ||||||
Jacksonville, | 1.60 | 9/7/18 | 800,000 | a | 800,000 | ||||||
33,790,000 | |||||||||||
Georgia - 1.9% | |||||||||||
Municipal Electric Authority of Georgia, | 1.66 | 9/7/18 | 7,825,000 | a | 7,825,000 | ||||||
RBC Municipal Products Trust (Series E-107), | 1.62 | 9/7/18 | 7,050,000 | a,b,c | 7,050,000 | ||||||
14,875,000 |
10
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 98.9% (continued) | |||||||||||
Illinois - 2.4% | |||||||||||
Illinois Finance Authority, | 1.67 | 9/7/18 | 5,160,000 | a | 5,160,000 | ||||||
Illinois Finance Authority, | 1.63 | 9/7/18 | 3,810,000 | a | 3,810,000 | ||||||
Illinois Housing Development Authority, | 1.59 | 9/7/18 | 7,500,000 | a | 7,500,000 | ||||||
Lake Villa, | 1.61 | 9/7/18 | 1,560,000 | a | 1,560,000 | ||||||
18,030,000 | |||||||||||
Indiana - 1.8% | |||||||||||
Crawfordsville, | 1.67 | 9/7/18 | 4,000,000 | a | 4,000,000 | ||||||
Indiana Development Finance Authority, | 1.60 | 9/7/18 | 4,245,000 | a | 4,245,000 | ||||||
Indiana Health Facility Financing Authority, | 1.67 | 9/7/18 | 1,750,000 | a | 1,750,000 | ||||||
Saint Joseph County, | 1.60 | 9/7/18 | 3,395,000 | a | 3,395,000 | ||||||
13,390,000 | |||||||||||
Iowa - .7% | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-ZF2627), 2/15/35, | 1.61 | 9/7/18 | 5,000,000 | a,b,c | 5,000,000 | ||||||
Kansas - 1.2% | |||||||||||
Burlington, | 1.59 | 9/7/18 | 2,200,000 | a | 2,200,000 | ||||||
Burlington, | 1.59 | 9/7/18 | 6,750,000 | a | 6,750,000 | ||||||
8,950,000 | |||||||||||
Kentucky - .8% | |||||||||||
Boone County, | 1.52 | 9/7/18 | 1,700,000 | a | 1,700,000 | ||||||
Jefferson County, | 1.61 | 9/7/18 | 3,625,000 | a | 3,625,000 | ||||||
Lexington-Fayette Urban County Government, | 1.61 | 9/7/18 | 665,000 | a | 665,000 | ||||||
5,990,000 | |||||||||||
Louisiana - 2.1% | |||||||||||
Louisiana Public Facilities Authority, | 1.41 | 9/1/18 | 5,950,000 | a | 5,950,000 | ||||||
Tender Option Bond Trust Receipts (Series 2018-BAML7002), 9/1/57, | 1.56 | 9/7/18 | 10,000,000 | a,b,c | 10,000,000 | ||||||
15,950,000 |
11
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 98.9% (continued) | |||||||||||
Maryland - 1.8% | |||||||||||
Baltimore County, | 1.66 | 9/7/18 | 835,000 | a | 835,000 | ||||||
Maryland Economic Development Corporation, | 1.79 | 9/7/18 | 2,015,000 | a | 2,015,000 | ||||||
Maryland Health & Higher Educational Facilities Authority, | 1.77 | 9/7/18 | 4,500,000 | a | 4,500,000 | ||||||
Tender Option Bond Trust Receipts (Series 2017-XG0146), 11/15/24, | 1.61 | 9/7/18 | 6,635,000 | a,b,c | 6,635,000 | ||||||
13,985,000 | |||||||||||
Massachusetts - 1.3% | |||||||||||
RBC Municipal Products Trust (Series 2018-E116), | 1.59 | 9/7/18 | 10,000,000 | a,b,c | 10,000,000 | ||||||
Michigan - 1.3% | |||||||||||
Tender Option Bond Trust Receipts (Series 2018 XF0686), 11/1/48, | 1.61 | 9/7/18 | 4,000,000 | a,b,c | 4,000,000 | ||||||
University of Michigan, | 1.35 | 10/2/18 | 5,865,000 | 5,863,766 | |||||||
9,863,766 | |||||||||||
Minnesota - 2.4% | |||||||||||
Eden Prairie, | 1.57 | 9/7/18 | 14,805,000 | a | 14,805,000 | ||||||
Minneapolis, | 1.67 | 9/7/18 | 1,155,000 | a | 1,155,000 | ||||||
Minnesota Higher Education Facilities Authority, | 1.63 | 9/7/18 | 1,200,000 | a | 1,200,000 | ||||||
Saint Paul Housing and Redevelopment Authority, | 1.66 | 9/7/18 | 950,000 | a | 950,000 | ||||||
18,110,000 | |||||||||||
Mississippi - .4% | |||||||||||
Mississippi Business Finance Corporation, | 1.60 | 9/7/18 | 3,385,000 | a | 3,385,000 | ||||||
Nebraska - .7% | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-XF2671), 9/1/48, | 1.59 | 9/7/18 | 5,245,000 | a,b,c | 5,245,000 | ||||||
New Hampshire - .2% | |||||||||||
New Hampshire Health and Education Facilities Authority, | 1.40 | 9/1/18 | 1,315,000 | a | 1,315,000 | ||||||
New Jersey - 1.5% | |||||||||||
New Jersey Health Care Facilities Financing Authority, | 1.56 | 9/7/18 | 1,400,000 | a | 1,400,000 | ||||||
Tender Option Bond Trust Receipts (Series 2016-ZF0468), 6/15/19, | 1.61 | 9/7/18 | 8,550,000 | a,b,c | 8,550,000 |
12
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 98.9% (continued) | |||||||||||
New Jersey - 1.5% (continued) | |||||||||||
Tender Option Bond Trust Receipts (Series 2016-ZF0470), 7/1/20, | 1.61 | 9/7/18 | 1,500,000 | a,b,c | 1,500,000 | ||||||
11,450,000 | |||||||||||
New York - 5.7% | |||||||||||
Metropolitan Transportation Authority of New York, | 1.66 | 9/7/18 | 2,590,000 | a,b,c | 2,590,000 | ||||||
New York City, | 1.41 | 9/1/18 | 2,300,000 | a | 2,300,000 | ||||||
New York City Capital Resource Corporation, | 1.68 | 9/7/18 | 3,700,000 | a | 3,700,000 | ||||||
Oneida County Industrial Development Agency, | 1.59 | 9/7/18 | 1,500,000 | a | 1,500,000 | ||||||
Syracuse, | 3.50 | 3/29/19 | 10,644,000 | 10,737,454 | |||||||
Tender Option Bond Trust Receipts (Series 2018-XF0615), 11/15/25, | 1.64 | 9/7/18 | 12,375,000 | a,b,c | 12,375,000 | ||||||
Tender Option Bond Trust Receipts (Series 2018-XF0623), 11/15/42, | 1.68 | 9/7/18 | 5,000,000 | a,b,c | 5,000,000 | ||||||
Tompkins County Industrial Development Agency, | 1.66 | 9/7/18 | 5,000,000 | a | 5,000,000 | ||||||
43,202,454 | |||||||||||
North Carolina - .4% | |||||||||||
North Carolina Capital Facilities Finance Agency, | 1.57 | 9/7/18 | 1,120,000 | a | 1,120,000 | ||||||
North Carolina Medical Care Commission, | 1.59 | 9/7/18 | 950,000 | a | 950,000 | ||||||
North Carolina Medical Care Commission, | 1.53 | 9/7/18 | 1,185,000 | a | 1,185,000 | ||||||
3,255,000 | |||||||||||
Ohio - 3.2% | |||||||||||
Butler County, | 1.61 | 9/7/18 | 1,400,000 | a | 1,400,000 | ||||||
Hamilton County, | 1.60 | 9/7/18 | 2,200,000 | a | 2,200,000 | ||||||
Salem, | 1.60 | 9/7/18 | 4,955,000 | a | 4,955,000 | ||||||
Stark County Port Authority, | 1.64 | 9/7/18 | 585,000 | a | 585,000 | ||||||
Stark County Port Authority, | 1.60 | 9/7/18 | 695,000 | a | 695,000 | ||||||
Tender Option Bond Trust Receipts (Series 2018-YX1079), 9/1/25 , | 1.71 | 9/7/18 | 14,590,000 | a,b,c | 14,590,000 | ||||||
24,425,000 |
13
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 98.9% (continued) | |||||||||||
Pennsylvania - .6% | |||||||||||
Pennsylvania Economic Development Financing Authority, | 1.65 | 9/7/18 | 1,100,000 | a | 1,100,000 | ||||||
Pennsylvania Higher Educational Facilities Authority, | 1.61 | 9/7/18 | 1,300,000 | a | 1,300,000 | ||||||
York Redevelopment Authority, | 1.71 | 9/7/18 | 2,160,000 | a | 2,160,000 | ||||||
4,560,000 | |||||||||||
South Carolina - 2.5% | |||||||||||
South Carolina Jobs-Economic Development Authority, | 1.59 | 9/7/18 | 1,210,000 | a | 1,210,000 | ||||||
South Carolina Jobs-Economic Development Authority, | 1.67 | 9/7/18 | 2,190,000 | a | 2,190,000 | ||||||
Tender Option Bond Trust Receipts (Series 2017-XG0149), 12/1/50, | 1.60 | 9/7/18 | 15,315,000 | a,b,c | 15,315,000 | ||||||
18,715,000 | |||||||||||
Tennessee - 1.3% | |||||||||||
Cleveland Health and Educational Facilities Board, | 1.61 | 9/7/18 | 400,000 | a | 400,000 | ||||||
Hawkins County Industrial Development Board, | 1.66 | 9/7/18 | 1,750,000 | a | 1,750,000 | ||||||
Tender Option Bond Trust Receipts (Series 2017-XG0145), 7/1/48, | 1.60 | 9/7/18 | 3,485,000 | a,b,c | 3,485,000 | ||||||
Tender Option Bond Trust Receipts (Series 2018-XL0062), 7/1/24, | 1.62 | 9/7/18 | 4,420,000 | a,b,c | 4,420,000 | ||||||
10,055,000 | |||||||||||
Texas - 19.4% | |||||||||||
Atascosa County Industrial Development Corporation, | 1.59 | 9/7/18 | 34,100,000 | a | 34,100,000 | ||||||
Dallas Waterworks and Sewer, | 1.22 | 9/4/18 | 12,300,000 | 12,299,854 | |||||||
Gulf Coast Industrial Development Authority, | 1.60 | 9/7/18 | 6,200,000 | a | 6,200,000 | ||||||
Houston, | 1.25 | 9/4/18 | 10,000,000 | 9,999,711 | |||||||
Midlothian Industrial Development Corporation, | 1.51 | 9/7/18 | 19,300,000 | a | 19,300,000 | ||||||
Tender Option Bond Trust Receipts (Series 2018-XG0164), 2/1/48, | 1.60 | 9/7/18 | 2,795,000 | a,b,c | 2,795,000 | ||||||
Tender Option Bond Trust Receipts (Series 2018-XM0662), 12/15/46, | 1.64 | 9/7/18 | 6,310,000 | a,b,c | 6,310,000 | ||||||
Texas, | 1.50 | 9/7/18 | 22,435,000 | a | 22,435,000 |
14
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 98.9% (continued) | |||||||||||
Texas - 19.4% (continued) | |||||||||||
University of Texas System Board of Regents, | 1.11 | 10/2/18 | 10,000,000 | 9,998,539 | |||||||
University of Texas System Board of Regents, | 1.11 | 10/3/18 | 25,000,000 | 24,996,282 | |||||||
148,434,386 | |||||||||||
Utah - 2.0% | |||||||||||
Intermountain Power Agency, | 1.30 | 9/4/18 | 15,000,000 | 14,999,614 | |||||||
Vermont - .1% | |||||||||||
Vermont Educational and Health Buildings Financing Agency, | 1.82 | 9/7/18 | 660,000 | a | 660,000 | ||||||
Washington - 2.1% | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-ZF2682), 5/1/38, | 1.59 | 9/7/18 | 7,500,000 | a,b,c | 7,500,000 | ||||||
University of Washington, | 1.67 | 12/7/18 | 5,000,000 | 5,000,000 | |||||||
Washington Housing Finance Commission, | 1.67 | 9/7/18 | 495,000 | a | 495,000 | ||||||
Washington Housing Finance Commission, | 1.53 | 9/7/18 | 3,200,000 | a | 3,200,000 | ||||||
16,195,000 | |||||||||||
West Virginia - .2% | |||||||||||
Cabell County Commission, | 1.60 | 9/7/18 | 1,900,000 | a | 1,900,000 | ||||||
Wisconsin - 3.7% | |||||||||||
Byron, | 1.67 | 9/7/18 | 6,500,000 | a | 6,500,000 | ||||||
Chippewa Falls Area, | 3.00 | 1/10/19 | 5,000,000 | 5,007,754 | |||||||
Illinois Development Finance Authority, | 1.53 | 9/7/18 | 7,000,000 | a | 7,000,000 | ||||||
Racine, | 3.50 | 3/11/19 | 2,000,000 | 2,009,460 | |||||||
Wisconsin Health and Educational Facilities Authority, | 1.67 | 9/7/18 | 4,790,000 | a | 4,790,000 | ||||||
Wisconsin Health and Educational Facilities Authority, | 1.60 | 9/7/18 | 930,000 | a | 930,000 |
15
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||||
Short-Term Investments - 98.9% (continued) | |||||||||||
Wisconsin - 3.7% (continued) | |||||||||||
Wisconsin Health and Educational Facilities Authority, | 1.60 | 9/7/18 | 250,000 | a | 250,000 | ||||||
Wisconsin Housing and Economic Development Authority, | 1.59 | 9/7/18 | 2,000,000 | a | 2,000,000 | ||||||
28,487,214 | |||||||||||
Total Investments (cost $755,388,398) | 98.9% | 755,431,384 | |||||||||
Cash and Receivables (Net) | 1.1% | 8,144,551 | |||||||||
Net Assets | 100.0% | 763,575,935 |
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 August 31, 2018, these securities amounted to $214,375,000 or 28.08% 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 (%) |
Health Care | 18.6 |
Education | 15.3 |
Industrial | 14.2 |
Utility-Electric | 12.7 |
State/Territory | 7.0 |
Multi-Family Housing | 5.8 |
Transportation Services | 4.7 |
City | 4.1 |
Utility-Water & Sewer | 3.9 |
Other | 3.9 |
Housing | 3.2 |
Pollution Control | 1.9 |
Special Tax | 1.4 |
County | 1.3 |
Single Family Housing | .9 |
98.9 |
† Based on net assets.
See notes to financial statements.
16
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.
17
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2018
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
| |
Assets ($): |
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
| 791,690,359 | †† | 755,431,384 |
| |
Interest receivable |
|
|
| 425,904 |
| 1,337,928 |
| |
Receivable for investment securities sold |
|
|
| - |
| 20,500,859 |
| |
Prepaid expenses |
|
|
| 9,605 |
| 11,180 |
| |
|
|
|
| 792,125,868 |
| 777,281,351 |
|
|
Liabilities ($): |
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 116,854 |
| 110,951 |
| |
Due to Administrator—Note 2(a) |
|
|
| 82,778 |
| 80,255 |
| |
Cash overdraft due to Custodian |
|
|
| 256,020 |
| 729,400 |
| |
Payable for investment securities purchased |
|
|
| - |
| 12,746,914 |
| |
Trustees fees and expenses payable |
|
|
| 16,553 |
| 16,316 |
| |
Accrued expenses |
|
|
| 16,751 |
| 21,580 |
| |
|
|
|
| 488,956 |
| 13,705,416 |
|
|
Net Assets ($) |
|
|
| 791,636,912 |
| 763,575,935 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 791,639,680 |
| 763,532,949 |
| |
Accumulated net realized gain (loss) |
|
|
| (2,768) |
| - |
| |
Accumulated net unrealized appreciation |
|
|
| - |
| 42,986 |
| |
Net Assets ($) |
|
|
| 791,636,912 |
| 763,575,935 |
|
|
† Investments at cost ($) |
|
|
| 791,690,359 |
| 755,388,398 |
|
|
†† Value of repurchase |
|
|
| 94,000,000 |
| - |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 774,733,030 |
| 763,520,897 |
| |
Shares Outstanding |
|
|
| 774,738,596 |
| 764,229,127 |
| |
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 16,903,882 |
| 55,038 |
| |
Shares Outstanding |
|
|
| 16,903,878 |
| 55,098 |
| |
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
| |
| ||||||||
See notes to financial statements. |
|
18
STATEMENTS OF OPERATIONS
Year Ended August 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
|
Investment Income ($): |
|
|
|
|
|
| ||
Interest Income |
|
| 11,897,053 |
| 8,809,624 |
| ||
Expenses: |
|
|
|
|
|
| ||
Investment advisory fee—Note 2(a) |
|
| 1,168,345 |
| 1,071,001 |
| ||
Administration fee—Note 2(a) |
|
| 954,818 |
| 875,176 |
| ||
Trustees’ fees and expenses—Note 2(c) |
|
| 48,466 |
| 49,081 |
| ||
Shareholder servicing costs—Note 2(b) |
|
| 43,422 |
| 133 |
| ||
Professional fees |
|
| 42,792 |
| 45,320 |
| ||
Registration fees |
|
| 30,626 |
| 33,802 |
| ||
Custodian fees—Note 2(b) |
|
| 23,125 |
| 32,462 |
| ||
Prospectus and shareholders’ reports |
|
| 14,398 |
| 12,773 |
| ||
Miscellaneous |
|
| 30,410 |
| 43,133 |
| ||
Total Expenses |
|
| 2,356,402 |
| 2,162,881 |
| ||
Less—reduction in fees due to earnings credits—Note 2(b) |
|
| (5,657) |
| (3,747) |
| ||
Net Expenses |
|
| 2,350,745 |
| 2,159,134 |
| ||
Investment Income—Net |
|
| 9,546,308 |
| 6,650,490 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
| ||||
Net realized gain (loss) on investments | 521 |
| 79,004 |
| ||||
Net unrealized appreciation (depreciation) on investments |
|
| - |
| 42,986 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 521 |
| 121,990 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 9,546,829 |
| 6,772,480 |
| |||
See notes to financial statements. |
19
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2018 |
|
|
| 2017 |
| 2018 |
|
|
| 2017 |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 9,546,308 |
|
|
| 2,840,182 |
| 6,650,490 |
|
|
| 2,391,789 |
| |
Net realized gain (loss) on investments |
| 521 |
|
|
| (3,289) |
| 79,004 |
|
|
| 94,244 |
| ||
Net unrealized appreciation (depreciation) |
| - |
|
|
| - |
| 42,986 |
|
|
| (9,775) |
| ||
Net Increase (Decrease) in Net Assets | 9,546,829 |
|
|
| 2,836,893 |
| 6,772,480 |
|
|
| 2,476,258 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (9,383,047) |
|
|
| (2,816,846) |
| (6,655,129) |
|
|
| (2,391,695) |
| |
Investor Shares |
|
| (163,261) |
|
|
| (30,956) |
| (369) |
|
|
| (94) |
| |
Total Distributions |
|
| (9,546,308) |
|
|
| (2,847,802) |
| (6,655,498) |
|
|
| (2,391,789) |
| |
Beneficial Interest Transactions ($1.00 per share): |
|
|
|
|
|
|
|
|
|
|
| ||||
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 1,162,190,850 |
|
|
| 1,099,083,546 |
| 1,564,832,868 |
|
|
| 1,112,006,777 |
| |
Investor Shares |
|
| 26,360,739 |
|
|
| 25,709,856 |
| 15,000 |
|
|
| 71,063 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 38,605 |
|
|
| 4,229 |
| 177,176 |
|
|
| 86,364 |
| |
Investor Shares |
|
| 161,584 |
|
|
| 30,796 |
| 98 |
|
|
| 1 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (1,082,838,713) |
|
|
| (1,243,212,154) |
| (1,423,041,075) |
|
|
| (1,062,025,863) |
| |
Investor Shares |
|
| (29,986,172) |
|
|
| (14,171,816) |
| - |
|
|
| (2,365,959) |
| |
Increase (Decrease) in Net Assets | 75,926,893 |
|
|
| (132,555,543) |
| 141,984,067 |
|
|
| 47,772,383 |
| |||
Total Increase (Decrease) in Net Assets | 75,927,414 |
|
|
| (132,566,452) |
| 142,101,049 |
|
|
| 47,856,852 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 715,709,498 |
|
|
| 848,275,950 |
| 621,474,886 |
|
|
| 573,618,034 |
| |
End of Period |
|
| 791,636,912 |
|
|
| 715,709,498 |
| 763,575,935 |
|
|
| 621,474,886 |
| |
|
| ||||||||||||||
See notes to financial statements. |
20
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.
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Government Money Market Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .012 | .004 | .000 | a | .000 | a | .000 | a | |||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.012) | (.004) | (.000) | a | (.000) | a | (.000) | a | |||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Total Return (%) | 1.24 | .38 | .04 | .00 | b | .00 | b | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .30 | .31 | .33 | .32 | .32 | ||||||||||
Ratio of net expenses to average net assets | .30 | .31 | .30 | .19 | .14 | ||||||||||
Ratio of net investment income to average net assets | 1.23 | .36 | .04 | .00 | b | .00 | b | ||||||||
Net Assets, end of period ($ x 1,000) | 774,733 | 695,342 | 839,477 | 329,114 | 381,864 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
21
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Government Money Market Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .010 | .002 | .000 | a | .000 | a | .000 | a | |||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.010) | (.002) | (.000) | a | (.000) | a | (.000) | a | |||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Total Return (%) | .98 | .18 | .01 | .00 | b | .00 | b | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .55 | .56 | .58 | .57 | .57 | ||||||||||
Ratio of net expenses to average net assets | .55 | .52 | .32 | .19 | .14 | ||||||||||
Ratio of net investment income to average net assets | .94 | .20 | .01 | .00 | b | .00 | b | ||||||||
Net Assets, end of period ($ x 1,000) | 16,904 | 20,368 | 8,799 | 8,035 | 8,056 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
22
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Municipal Money Market Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .009 | .004 | .000 | a | .000 | a | .000 | a | |||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.009) | (.004) | (.000) | a | (.000) | a | (.000) | a | |||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Total Return (%) | .93 | .44 | .04 | .00 | b | .00 | b | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .30 | .31 | .31 | .30 | .30 | ||||||||||
Ratio of net expenses to average net assets | .30 | .31 | .16 | .08 | .13 | ||||||||||
Ratio of net investment income to average net assets | .93 | .44 | .04 | .00 | b | .00 | b | ||||||||
Net Assets, end of period ($ x 1,000) | 763,521 | 621,435 | 571,287 | 780,977 | 851,238 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
23
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Municipal Money Market Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .007 | .002 | .000 | a | .000 | a | .000 | a | |||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.007) | (.002) | (.000) | a | (.000) | a | (.000) | a | |||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Total Return (%) | .68 | .19 | .01 | .00 | b | .00 | b | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .55 | .57 | .56 | .56 | .55 | ||||||||||
Ratio of net expenses to average net assets | .55 | .57 | .17 | .09 | .13 | ||||||||||
Ratio of net investment income to average net assets | .69 | .12 | .01 | .00 | b | .00 | b | ||||||||
Net Assets, end of period ($ x 1,000) | 55 | 40 | 2,331 | 6,788 | 2,648 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
24
NOTES TO FINANCIAL STATEMENTS
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 transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
25
NOTES TO FINANCIAL STATEMENTS (continued)
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 August 31, 2018, all of the securities in each fund were considered Level 2 within the fair value hierarchy.
At August 31, 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 August 31, 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 August 31, 2018, the funds did not incur any interest or penalties.
Each tax year in the four-year period ended August 31, 2018 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At August 31, 2018, the components of accumulated earnings on a tax basis for each fund were substantially the same as for financial reporting purposes.
26
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.
BNY Mellon Government Money Market Fund has an accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2018. The fund has $2,768 of short-term capital losses which can be carried forward for an unlimited period.
The tax character of distributions paid to shareholders for each fund during the fiscal periods ended August 31, 2018 and August 31, 2017 was all ordinary income for BNY Mellon Government Money Market Fund and for BNY Mellon National Municipal Money Market Fund $6,650,490 was tax exempt income and $5,008 ordinary income for the period ended August 31, 2018 and all tax exempt income for the period ended August 31, 2017.
During the period ended August 31, 2018, as a result of permanent book to tax differences, primarily due to dividend reclassification and treating a portion of the proceeds from redemptions as a distribution for tax purposes, BNY Mellon National Municipal Money Market Fund increased accumulated undistributed investment income-net by $5,008, decreased accumulated net realized gain (loss) on investments by $79,004 and increased paid-in capital by $73,996. Net assets and net asset value per share were not affected by this reclassification.
At August 31, 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).
(e) New Accounting Pronouncements: In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019. Management is currently assessing the potential impact of these changes to future financial statements.
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 August 31, 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 | $43,300 |
BNY Mellon National Municipal | 134 |
27
NOTES TO FINANCIAL STATEMENTS (continued)
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, if any, as expense offsets in the Statements of Operations.
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 2 summarizes the amount each fund was charged during the period ended August 31, 2018 pursuant to the custody agreement. These fees were partially offset by earnings credits for each relevant fund, also summarized in Table 2.
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 3 summarizes the amount each fund was charged during the period ended August 31, 2018 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 3 —The Bank of New York Mellon Cash Management Fees |
|
BNY Mellon Government Money Market Fund | $5 |
BNY Mellon National Municipal | 2 |
During the period ended August 31, 2018, each fund was charged $13,269 for services performed by the Chief Compliance Officer and his staff. These fees are included in Miscellaneous in the Statements of Operations.
Table 4 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 August 31, 2018, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act amounting to $389,013,000 and $286,103,000 respectively.
Table 2—Custody Agreement Fees | |||
| Custody Fees ($) | Earnings Credits ($) | |
BNY Mellon Government Money Market Fund | 23,125 | (5,657) | |
BNY Mellon National Municipal Money Market Fund | 32,462 | (3,747) |
Table 4—Due to The Dreyfus Corporation and Affiliates | ||||||
| Investment | Shareholder | Custodian | Chief | ||
BNY Mellon Government Money Market Fund | 101,751 | 3,835 | 5,575 | 5,693 | ||
BNY Mellon National Municipal Money Market Fund | 98,650 | 12 | 6,596 | 5,693 |
28
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees
BNY Mellon Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of BNY Mellon Government Money Market Fund and BNY Mellon National Municipal Money Market Fund (collectively, the “Funds”), each a series of BNY Mellon Funds Trust, including the statements of investments, as of August 31, 2018, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more BNY Mellon Fund Advisers investment companies since 2000.
New York, New York
October 29, 2018
29
IMPORTANT TAX INFORMATION (Unaudited)
BNY Mellon Government Money Market Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 100% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code. For state individual income tax purposes, the fund hereby reports 64.95% of the ordinary income dividends paid during its fiscal year ended August 31, 2018 as attributable to interest income from direct obligations of the United States. Such dividends are currently exempt from taxation for individual income tax purposes in most states, including New York, California, Connecticut and the District of Columbia.
BNY Mellon National Municipal Money Market Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2018 as “exempt-interest dividends” (not generally subject to regular Federal income tax), except $5,008 that is being reported as an ordinary income distribution for reporting purposes. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2018 calendar year on Form 1099-DIV, which will be mailed in early 2019.
30
INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited)
At a meeting of the Trust’s Board of Trustees held on March 5-6, 2018, the Board considered the renewal of the Trust’s Investment Advisory Agreement and Administration Agreement, pursuant to which BNY Mellon Fund Advisers, a division of Dreyfus, provides the funds with investment advisory services and The Bank of New York Mellon provides the funds with administrative services (together the “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 of these administrative services. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, were assisted in their review by independent legal counsel and met with counsel in executive session separate from Dreyfus representatives. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided to them at the meeting and in previous presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to the funds. Dreyfus provided the number of open accounts in each fund, each fund’s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or Dreyfus) and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to each fund.
The Board also considered research support available to, and portfolio management capabilities of, each fund’s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered Dreyfus’ extensive administrative, accounting and compliance infrastructures.
Comparative Analysis of the Funds’ Performance and Management Fees and Expense Ratios. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended December 31, 2017, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to each fund and comparison funds.
As applicable to each fund, Dreyfus representatives reviewed with the Board the management or investment advisory fees paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund (the “Similar Funds”), and explained the nature of the Similar Funds. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness of the fund’s management fee.
BNY Mellon Government Money Market Fund
The Board discussed the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was at the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were at the Expense Group median and below the Expense Universe median.
BNY Mellon National Municipal Money Market Fund
The Board discussed the results of the comparisons and considered that the fund’s total return performance was below the Performance Group medians for all periods and at or above the Performance Universe medians for all periods.
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INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited) (continued)
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
Analysis of Profitability and Economies of Scale. Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and its affiliates and the resulting profitability percentage for managing each fund (which was zero in recent years except for BNY Mellon Government Money Market Fund in the most recent year) and the aggregate profitability percentage to Dreyfus and its affiliates for managing each fund, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus to each fund. The Board also had been provided with information prepared by an independent consulting firm regarding Dreyfus’ approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of the funds.
The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided by Dreyfus, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that Dreyfus may have realized any economies of scale would be less. Dreyfus representatives also stated that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in a fund’s asset level. The Board also considered potential benefits to Dreyfus from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading each fund’s investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
· The Board concluded that the nature, extent and quality of the services provided by Dreyfus to each fund are adequate and appropriate.
· The Board was satisfied with the relative performance of the BNY Mellon Government Money Market Fund.
· While the Board was somewhat concerned with the relative performance of BNY Mellon National Municipal Money Market Fund, the Board expressed confidence in the fund’s strategy and portfolio managers and agreed to closely monitor performance.
· For each fund, the Board concluded that the fee paid to Dreyfus continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the management of the funds had been adequately considered by Dreyfus in connection with the fee rate charged to each fund pursuant to the Agreements and that, to the extent in the future it were determined that material economies of scale had not been shared with a fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with Dreyfus and its affiliates, of Dreyfus and the services provided to the funds by Dreyfus. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of each fund and the investment management and other services provided under the Agreement, including information on the investment performance of each fund in comparison to similar mutual funds and benchmark performance measures; general market outlook as applicable to each fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for each fund had the benefit of a number of years of reviews of the Agreement for the funds, or substantially similar agreements, during which
32
lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the same funds’ arrangements, or substantially similar arrangements, in prior years. The Board determined to renew the Agreement.
33
BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT BOARD MEMBERS
Chairman of the Board (2000)
Principal Occupation During Past 5 Years:
Attorney, Cozen and O’Connor, P.C. since 1973, including Vice Chairman since 1980 and Chief Executive Officer and President from 2002 to 2007
No. of Portfolios for which Board Member Serves: 25
———————
John R. Alchin (70)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Retired since 2007
· Executive of Comcast Corporation, a cable services provider, from 1990 to 2007, including Executive Vice-President, Co-Chief Financial Officer and Treasurer, from 2002 to 2007
Other Public Company Board Memberships During Past 5 Years:
· Polo Ralph Lauren Corporation, a retail clothing and home furnishing company, Director (2007-present)
No. of Portfolios for which Board Member Serves: 25
———————
Ronald R. Davenport (82)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Chairman of Sheridan Broadcasting Corporation since July 1972
No. of Portfolios for which Board Member Serves: 25
———————
Jack Diederich (81)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired; Executive Vice President—Chairman’s Counsel of Alcoa Inc. from 1991 to 1997
No. of Portfolios for which Board Member Serves: 25
———————
Kim D. Kelly (62)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Consultant since 2005
· Chief Restructuring Officer of Allegiance Communications LLC from August 2011 to January 2013
Other Public Company Board Memberships During Past 5 Years:
· MCG Capital Corporation, a business development company, Director (2004-2015)
· Broadview Network Holdings, Inc.-Director and Chair (2011-2012)
No. of Portfolios for which Board Member Serves: 25
———————
Kevin C. Phelan (74)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Mortgage Banker, Colliers International since March 1978, including,
Co-Chairman since 2010, President since 2007 and Executive Vice President and Director from March 1998 to September 2007
No. of Portfolios for which Board Member Serves: 25
———————
Patrick J. Purcell (70)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Owner, President and Publisher of the Boston Herald (1994-2018)
President and Founder, jobfind.com, an employment search site on the world wide web, since July 1996
· President and Chief Executive Officer, Herald Media since 2001
No. of Portfolios for which Board Member Serves: 25
———————
Thomas F. Ryan, Jr. (77)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since April 1999
President and Chief Operating Officer of the American Stock Exchange from October 1995 to April 1999
Other Public Company Board Memberships During Past 5 Years:
· RepliGen Corporation, a biopharmaceutical company, Director (2002-present)
No. of Portfolios for which Board Member Serves: 25
———————
Maureen M. Young (73)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since 2007
Director of the Office of Government Relations at Carnegie Mellon University from January 2000 to December 2007
No. of Portfolios for which Board Member Serves: 25
———————
Once elected all Board Members serve for an indefinite term. The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS. For individual account holders for Private Wealth Management clients, please contact your account officer or call 1-866-804-5023.
34
OFFICERS OF THE TRUST (Unaudited)
PATRICK T. CROWE, President since July 2015.
National Director of Investment Advisory, Analytics and Solutions for BNY Mellon Wealth Management since July 2014; from July 2007 to July 2014, Managing Director for BNY Mellon Wealth Management's Tri-State region, comprising New York, New Jersey and Southern Connecticut. He is 54 years old and has served in various capacities with BNY Mellon since 1993.
BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.
Chief Legal Officer of the Manager and Associate General Counsel and Managing Director of BNY Mellon since June 2015; from June 2005 to June 2015, he served in various capacities with Deutsche Bank – Asset & Wealth Management Division, including as Director and Associate General Counsel, and Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since June 2015.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Managing Counsel of BNY Mellon and Secretary of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since December 1996.
JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.
Managing Counsel of BNY Mellon, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since June 2000.
SONALEE CROSS, Vice President and Assistant Secretary since March 2017.
Counsel and Vice President of BNY Mellon since October 2016; Associate at Proskauer Rose LLP from April 2016 to September 2016; Attorney at EnTrust Capital from August 2015 to February 2016; Associate at Sidley Austin LLP from September 2013 until August 2015. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by Dreyfus. She is 30 years old and has been an employee of the Manager since October 2016.
MAUREEN E. KANE, Vice President and Assistant Secretary since April 2015.
Managing Counsel of BNY Mellon since July 2014; from October 2004 until July 2014, General Counsel, and from May 2009 until July 2014, Chief Compliance Officer of Century Capital Management. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. She is 56 years old and has been an employee of the Manager since July 2014.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017; from March 2013 to December 2017 Senior Counsel of BNY Mellon. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. She is 42 years old and has been an employee of the Manager since March 2013.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2015.
Senior Managing Counsel of BNY Mellon, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since October 1990.
NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Counsel and Vice President of BNY Mellon since May 2016; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 until May 2016; Assistant General Counsel at RCS Advisory Services from July 2014 until November 2015; Associate at Sutherland, Asbill & Brennan from January 2013 until January 2014. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by Dreyfus. She is 32 years old and has been an employee of the Manager since May 2016.
JAMES WINDELS, Treasurer since November 2001.
Director – Mutual Fund Accounting of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since April 1985.
RICHARD CASSARO, Assistant Treasurer since January 2008.
Senior Accounting Manager – Money Market, Municipal Bond and Equity Funds of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since September 1982.
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since April 1991.
ROBERT S. ROBOL, Assistant Treasurer since December 2002.
Senior Accounting Manager Dreyfus Financial Reporting of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 54 years old and has been an employee of the Manager since October 1988.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager – Equity Funds of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since June 1989.
ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager – Fixed Income and Equity Funds of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the Manager and the Dreyfus Family of Funds and BNY Mellon Funds Trust (63 investment companies, comprised of 150 portfolios). He is 60 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
CARIDAD M. CAROSELLA, Ant-Money Laudering Compliance Officer January 2016.
Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor and from 2007 to December 2011, Financial Processing Manager of the Distributor. She is an officer of 57 investment companies (comprised of 144 portfolios) managed by the Manager. She is 49 years old and has been an employee of the Distributor since 1997.
35
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
240 Greenwich Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
240 Greenwich 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 | MFTAR0818-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
ANNUAL REPORT August 31, 2018 | |
Contents
THE FUNDS
Public Accounting Firm | |
Advisory Agreement and Administration Agreement | |
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 annual report for BNY Mellon Funds Trust, covering the 12-month period from September 1, 2017 through August 31, 2018. For information about how the funds performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
The 12-month period started on solid footing which gave way to a shifting landscape. Through February of 2018, major global economies appeared to be in lock-step as they moved towards less accommodative monetary policy and concurrent growth. In the equity markets, both U.S. and non-U.S. markets enjoyed an upward trek across sectors and market caps. Interest rates rose across the curve putting pressure on bond prices, but sectors such as investment grade and high yield corporates, non-U.S. dollar denominated bonds, and emerging market debt, were able to outperform like-duration U.S. Treasuries.
In February, the first rumblings of discontent shook equity markets. Global growth and monetary policy paths began to diverge. Non-U.S. economies weakened. Momentum sputtered, and equities began to struggle. Emerging market debt, non-U.S. denominated bonds, and corporate debt gave up much of the performance earned earlier in the period. Long-term U.S. interest rates started to fall. The shockwave ended in April and pressure on U.S. equity markets eased, allowing U.S. equity markets to end the 12-month period with double-digit gains.
Despite new concerns regarding trade, U.S. inflationary pressures, and global growth, we are optimistic that U.S. consumer spending, corporate earnings, and economic data will remain strong in the near term. However, we will stay attentive to signs that signal possible change on the horizon. 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
September 17, 2018
3
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period from September 1, 2017 through August 31, 2018, as provided by John F. Flahive and Mary Collette O’Brien, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon National Intermediate Municipal Bond Fund’s Class M shares produced a total return of -0.05%, and Investor shares produced a total return of -0.30%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of -0.36%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of -0.17% for the same period.3,4
With the exception of intermediate-maturity securities, municipal bonds generally produced marginally positive total returns over the reporting period due to favorable supply-and-demand dynamics in the municipal securities market driven by tax reform and investors’ desire for yield. The fund outperformed the Index, mainly due to sector and credit quality allocation decisions and yield curve positioning.
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.
Tax Reform and Hunger for Yield Drive Municipal Market Behavior
Municipal bonds encountered bouts of volatility until midway through the reporting period. Prior to tax reform passing, a record number of new issues put upward pressure on yields and downward pressure on prices. However, market weakness proved temporary, and municipal bonds rebounded as volatility worked its way out of the system by March. Demand from individuals in high-tax states increased significantly as the search for relief from the newly imposed restrictions on state and local tax deductions drove people back to the municipal markets. Conversely, tax cuts to corporations may have softened institutional demand for municipal bonds, particularly from banks and insurance companies, as companies perceive less of a need to seek out tax-advantaged investments in the wake of lower tax rates. As the economy remains strong, tax revenues continue to support the underlying financial conditions of many municipalities, reducing the perceived risk of lending money to these entities.
In this historically low interest-rate environment, investors continue to display yield-seeking behavior, emphasizing lower-quality credits and longer-maturity profiles. The trend towards longer-maturity bonds is exacerbated by the Federal Reserve’s (the “Fed”) consistent increases of the federal funds rate. These increases have driven up the short part of the yield curve. This activity, in conjunction with demand on the long end, has caused the yield curve to flatten. This flattening action has detracted from bond returns through the 5-year portion of the curve. In addition to seeking longer-maturity securities, investors are opting for lower-quality credit, purchasing bonds in the lower investment grade and high yield credit sectors. This demand is supporting prices in these sectors and contributing to spread compression.
Revenue-Backed Bonds and Yield Curve Positioning Support 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. A “barbelled” yield curve strategy also proved advantageous. This strategy underweights the middle of the curve, which was heavily affected by rate increases during the period. Relative overweights in tobacco securitization and transportation bonds helped performance, as did an underweight to utilities. From a credit quality perspective, the fund outperformed the Index among municipal bonds with “A” credit ratings and ratings below BBB. Higher-yielding issues, particularly debt issued by Puerto Rico, were additive. Underweighting AAAs was helpful. High-quality California bonds also boosted relative returns.
On a more negative note, the fund’s holdings of municipal bonds with 5- to 10-year maturities proved especially vulnerable to interest-rate increases. In addition, an underweight position in the 28- to 30-year portion of the yield curve detracted from the fund’s performance. Performance in BBB instruments lagged the benchmark.
A Constructive Investment Posture
Market volatility surrounding the enactment of tax reform legislation and rising short-term interest rates appears to have eased and favorable supply-and-demand dynamics have resumed. As the economy remains strong, we anticipate continued support of issuer fundamentals. Interest rates may continue to rise. As we approach 2019, we suspect seasonal effects may contribute to market volatility as supply increases and reinvestment demand falls. This may cause spreads to widen.
Therefore, we have maintained a constructive investment posture, including an emphasis on higher-yielding bonds and advantageous, barbelled yield-curve positioning. In addition, we remain judiciously diversified across credit qualities. Currently, we are overweight to lower-quality credits which, when compared to higher-quality credits of like maturity, we believe have the potential to provide greater yield cushion in the face of yield volatility and rising interest rates. We will continue to seek out individual credits with favorable return profiles and select investment opportunities which support liquidity within the fund.
September 17, 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 August 31, 2018, as provided by John F. Flahive, Portfolio Manager
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon National Short-Term Municipal Bond Fund’s Class M shares produced a total return of 0.18%, and Investor shares produced a total return of -0.07%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Short Index (the “Index”), produced a total return of 0.28%,2 and the fund’s former benchmark, the S&P Municipal Bond Short Index, produced a total return of 0.34% for the same period.3,4
Short-term municipal bonds generally produced marginally positive total returns over the reporting period due to favorable supply-and-demand dynamics in the municipal securities market driven by tax reform and a desire for shorter-duration securities. The fund mildly underperformed the Index primarily due to a material underweight to pre-funded municipal 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 average effective portfolio maturity and the average effective portfolio duration of the fund’s portfolio will be less than three years.
Tax Reform and Hunger for Yield Drive Municipal Market Behavior
Municipal bonds encountered bouts of volatility until the middle of the reporting period. Prior to tax reform passing, a record number of new issues put upward pressure on yields and downward pressure on prices. However, market weakness proved temporary, and municipal bonds rebounded as volatility worked its way out of the system by March. Demand from individuals in high-tax states increased significantly as the search for relief from the newly imposed restrictions on state and local tax deductions drove people back to the municipal markets. Conversely, tax cuts to corporations may have softened institutional demand for municipal bonds, particularly from banks and insurance companies, as companies perceive less of a need to seek out tax-advantaged investments in the wake of lower tax rates. As the economy remains strong, tax revenues continue to support the underlying financial conditions of many municipalities, reducing the perceived risk of lending money to these entities.
In this historically low interest-rate environment, investors continue to display yield-seeking behavior, emphasizing lower-quality credits and longer-maturity profiles. The trend towards longer-maturity bonds is exacerbated by the Federal Reserve’s (the “Fed”) consistent increases of the federal funds rate. These increases have driven up the short part of the yield curve. This activity, in conjunction with demand on the long end, has caused the yield curve to flatten. This flattening action has detracted from bond returns through the five-year portion of the curve. In addition to seeking longer-maturity securities, investors are opting for lower-quality credit, purchasing bonds in the lower investment grade and high yield credit sectors. This demand is supporting prices in these sectors and contributing to spread compression.
Credit Quality and Sector Allocation Affect Fund Results
The fund’s performance relative to the Index was supported during the reporting period by credit quality and sector allocation decisions. To a lesser extent, maturity decisions also benefited results. All credit qualities outperformed. A-rated bonds were the largest overweight position and provided the most benefit to return, followed by the overweight to BBBs. AAA and AA bonds were underweight to the benchmark, which also provided a boost to relative results. An overweight positioning in industrial development revenue and pollution control revenue bonds (IDRPCR) was the largest contributor to the fund’s performance.
Underweight exposure to state and local general obligation bonds, which outperformed during the period, detracted from returns. In addition, the fund’s significantly underweight position in pre-funded municipal bonds, which performed well during the period, hurt relative returns.
A Constructive Investment Posture
Market volatility surrounding the enactment of tax reform legislation and rising short-term interest rates appears to have eased and favorable supply-and-demand dynamics have resumed. As the economy remains strong, we anticipate continued support of issuer fundamentals. Rates, particularly at the short end of the curve, may continue to rise. As we approach 2019, we suspect seasonal effects may contribute to market volatility as supply increases and reinvestment demand falls. This may cause spreads to widen.
Therefore, we have maintained a constructive investment posture, including an emphasis on higher-yielding 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. In addition, we remain judiciously diversified across credit qualities. We will continue to select investment opportunities which support liquidity within the fund.
September 17, 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 August 31, 2018, as provided by Gregory J. Conant and Mary Collette O’Brien, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund’s Class M shares produced a total return of 0.22%, and Investor shares produced a total return of -0.12%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of -0.36%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of -0.17% for the same period.3,4
With the exception of intermediate-maturity securities, municipal bonds generally produced marginally positive total returns over the reporting period due to favorable supply-and-demand dynamics in the municipal securities market driven by tax reform and investors’ desire for yield. The fund outperformed the Index due to yield curve positioning and sector allocation decisions.
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.
Tax Reform and Hunger for Yield Drive Municipal Market Behavior
Municipal bonds encountered bouts of volatility until midway through the reporting period. Prior to tax reform passing, a record number of new issues put upward pressure on yields and downward pressure on prices. However, market weakness proved temporary, and municipal bonds rebounded as volatility worked its way out of the system by March. Demand from individuals in high-tax states increased significantly as the search for relief from the newly imposed restrictions on state and local tax deductions drove people back to the municipal markets. Conversely, tax cuts to corporations may have softened institutional demand for municipal bonds, particularly from banks and insurance companies, as companies perceive less of a need to seek out tax-advantaged investments in the wake of lower tax rates. As the economy remains strong, tax revenues continue to support the underlying financial conditions of many municipalities, reducing the perceived risk of lending money to these entities.
In this historically low interest-rate environment, investors continue to display yield-seeking behavior, emphasizing lower-quality credits and longer-maturity profiles. The trend towards longer-maturity bonds is exacerbated by the Federal Reserve’s (the “Fed”) consistent increases of the federal funds rate. These increases have driven up the short part of the yield curve. This activity, in conjunction with demand on the long end, has caused the yield curve to flatten. This flattening action has detracted from bond returns through the five-year portion of the curve. In addition to seeking longer-maturity securities, investors are opting for lower-quality credit, purchasing bonds in the lower investment grade and high yield credit sectors. This demand is supporting prices in these sectors and contributing to spread compression.
Revenue-Backed Bonds and Lower-Quality Instruments Support 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. In addition, Pennsylvania municipal bonds generally outperformed the broader national municipal market, providing a relative boost to the fund’s performance. A “barbelled” yield curve strategy also proved advantageous. This strategy underweights the middle of the yield curve, which was heavily affected by interest-rate increases during the period. From a credit-quality perspective, the fund outperformed the Index among municipal bonds with “A” credit ratings and ratings below BBB. Underweighting AAAs was helpful. Issue selection and prolonged exposure in the lower-quality space, particularly debt issued by Puerto Rico, was additive.
On a more negative note, the fund’s holdings of municipal bonds with 5- to 10-year maturities proved especially vulnerable to interest-rate increases. Performance from BBB-rated instruments also detracted from 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 and favorable supply-and-demand dynamics have resumed. As the economy remains strong, we anticipate continued support of issuer fundamentals. Interest rates may continue to rise. As we approach 2019, we suspect seasonal effects may contribute to market volatility as supply increases and reinvestment demand falls. This may cause spreads to widen.
Therefore, we have maintained a constructive investment posture, including an emphasis on higher-yielding bonds and advantageous, barbelled yield-curve positioning. In addition, we remain judiciously diversified across credit qualities. Currently, we are overweight to lower-quality credits which, when compared to higher-quality credits of like maturity, we believe have the potential to provide greater protection against spread widening in the face of volatility. We will continue to seek out individual credits with favorable return profiles and select investment opportunities which support liquidity within the fund.
September 17, 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 August 31, 2018, as provided by Mary Collette O’Brien and Stephen J. O’Brien, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Massachusetts Intermediate Municipal Bond Fund’s Class M shares produced a total return of -0.32%, and Investor shares produced a total return of -0.56%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of -0.36%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of -0.17% for the same period.3,4
With the exception of intermediate-maturity securities, municipal bonds generally produced marginally positive total returns over the reporting period due to favorable supply-and-demand dynamics in the municipal securities market driven by tax reform and investors’ desire for yield. The fund produced returns that were roughly in line with the Index.
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 3 and 10 years, and the average effective duration of the fund’s portfolio will not exceed 8 years.
Tax Reform and Hunger for Yield Drive Municipal Market Behavior
Municipal bonds encountered bouts of volatility until midway through the reporting period. Prior to tax reform passing, a record number of new issues put upward pressure on yields and downward pressure on prices. However, market weakness proved temporary, and municipal bonds rebounded as volatility worked its way out of the system by March. Demand from individuals in high-tax states increased significantly as the search for relief from newly imposed restrictions on state and local tax deductions drove people back to the municipal markets. Conversely, tax cuts to corporations may have softened institutional demand for municipal bonds, particularly from banks and insurance companies, as companies perceive less of a need to seek out tax-advantaged investments in the wake of lower tax rates. As the economy remains strong, tax revenues continue to support the underlying financial conditions of many municipalities, reducing the perceived risk of lending money to these entities.
In this historically low interest-rate environment, investors continue to display yield-seeking behavior, emphasizing lower-quality credits and longer-maturity profiles. The trend towards longer-maturity bonds is exacerbated by the Federal Reserve’s (the “Fed”) consistent increases of the federal funds rate. These increases have driven up the short part of the yield curve. This activity, in conjunction with demand on the long end, has caused the yield curve to flatten. This flattening action has detracted from bond returns through the 5-year portion of the curve. In addition to seeking longer-maturity securities, investors are opting for lower-quality credit, purchasing bonds in the lower investment grade and high yield credit sectors. This demand is supporting prices in these sectors and contributing to spread compression.
Revenue-Backed Bonds and Yield Curve Positioning Support 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. The fund was overweight to the benchmark in education and health care bonds. The allocation to these sectors was additive. Positioning in utilities, transportation, and tobacco bonds was advantageous. A “barbelled” yield curve strategy also boosted the fund’s returns. This strategy underweights the middle of the curve, which was heavily affected by interest-rate increases during the period.
On a more negative note, the fund’s holdings of municipal bonds with 5- to 10-year maturities proved especially vulnerable to interest-rate increases. In addition, issue selection in BBBs detracted from relative returns, as did selections in the housing subsector.
A Constructive Investment Posture
Market volatility surrounding the enactment of tax reform legislation and rising short-term interest rates appears to have eased and favorable supply-and-demand dynamics have resumed. As the economy remains strong, we anticipate continued support of issuer fundamentals. Interest rates may continue to rise. As we approach 2019, we suspect seasonal effects may contribute to market volatility as supply increases and reinvestment demand falls. This may cause spreads to widen.
Therefore, we have maintained a constructive investment posture, including an emphasis on higher-yielding bonds and advantageous, barbelled yield curve positioning. In addition, we remain judiciously diversified across credit qualities. Currently, we are overweight to lower-quality credits which, when compared to higher-quality credits of like maturity, we believe have the potential to provide a cushion in the face of yield volatility and rising interest rates. We will continue to seek out individual credits with favorable return profiles and select investment opportunities which support liquidity within the fund.
September 17, 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 August 31, 2018, as provided by John F. Flahive and Gregory J. Conant, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon New York Intermediate Tax-Exempt Bond Fund’s Class M shares produced a total return of -0.22%, and Investor shares produced a total return of -0.38%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of -0.36%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of -0.17% for the same period.3,4
With the exception of intermediate-maturity securities, municipal bonds generally produced marginally positive total returns over the reporting period due to favorable supply-and-demand dynamics in the municipal securities market driven by tax reform and investors’ desire for yield. The fund produced returns that were roughly in line with those of the Index.
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 the State of New York 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 3 and 10 years.
Tax Reform and Hunger for Yield Drive Municipal Market Behavior
Municipal bonds encountered bouts of volatility until midway through the reporting period. Prior to tax reform passing, a record number of new issues put upward pressure on yields and downward pressure on prices. However, market weakness proved temporary, and municipal bonds rebounded as volatility worked its way out of the system by March. Demand from individuals in high-tax states increased significantly as the search for relief from the newly imposed restrictions on state and local tax deductions drove people back to the municipal markets. Conversely, tax cuts to corporations may have softened institutional demand for municipal bonds, particularly from banks and insurance companies, as companies perceive less of a need to seek out tax-advantaged investments in the wake of lower tax rates. As the economy remains strong, tax revenues continue to support the underlying financial conditions of many municipalities, reducing the perceived risk of lending money to these entities.
In this historically low interest-rate environment, investors continue to display yield-seeking behavior, emphasizing lower-quality credits and longer-maturity profiles. The trend towards longer-maturity bonds is exacerbated by the Federal Reserve’s (the “Fed”) consistent increases of the federal funds rate. These increases have driven up the short part of the yield curve. This activity, in conjunction with demand on the long end, has caused the yield curve to flatten. This flattening action has detracted from bond returns through the 5-year portion of the curve. In addition to seeking longer-maturity securities, investors are opting for lower-quality credit, purchasing bonds in the lower investment grade and high yield credit sectors. This demand is supporting prices in these sectors and contributing to spread compression.
Revenue-Backed Bonds and Lower-Quality Instruments Support 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. A “barbelled” yield curve strategy also proved advantageous. This strategy underweights the middle of the curve, which was heavily affected by interest-rate increases during the period. From a credit-quality perspective, all credit profiles benefited the fund’s relative returns. Underweighting AAAs was helpful. Exposure in the lower-quality space was also beneficial. Higher-yielding issues, particularly debt issued by Puerto Rico, were additive.
On a more negative note, the fund’s holdings of municipal bonds with 5- to 10-year maturities proved especially vulnerable to interest-rate increases.
A Constructive Investment Posture
Market volatility surrounding the enactment of tax reform legislation and rising short-term interest rates appears to have eased and favorable supply-and-demand dynamics have resumed. As the economy remains strong, we anticipate continued support of issuer fundamentals. Interest rates may continue to rise. As we approach 2019, we suspect seasonal effects may contribute to market volatility as supply increases and reinvestment demand falls. This may cause spreads to widen.
Therefore, we have maintained a constructive investment posture, including an emphasis on higher-yielding bonds and advantageous, barbelled yield-curve positioning. In addition, we remain judiciously diversified across credit qualities. Currently, we are overweight to lower-quality credits which, when compared to higher-quality credits of like maturity, we believe have the potential to provide greater protection against spread widening in the face of volatility. We will continue to seek out individual credits with favorable return profiles and select investment opportunities which support liquidity within the fund.
September 17, 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 August 31, 2018, as provided by John F. Flahive, Portfolio Manager
Market and Fund Performance Overview
For the 12-month period ended August 31, 2018, BNY Mellon Municipal Opportunities Fund’s Class M shares produced a total return of 3.27%, and Investor shares produced a total return of 3.01%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Municipal Bond Index (the “Index”), produced a total return of 0.49% for the same period.2
Municipal bonds generally produced marginally positive total returns over the reporting period due to favorable supply-and-demand dynamics in the municipal securities market driven by tax reform and investors’ desire for yield. The fund outperformed the Index, with a large portion of the positive attribution stemming from allocations to lower-rated securities and the fund’s use of futures for hedging.
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.
Tax Reform and Hunger for Yield Drive Municipal Market Behavior
Municipal bonds encountered bouts of volatility until midway through the reporting period. Prior to tax reform passing, a record number of new issues put upward pressure on yields and downward pressure on prices. However, market weakness proved temporary, and municipal bonds rebounded as volatility worked its way out of the system by March. Demand from individuals in high-tax states increased significantly as the search for relief from the newly imposed restrictions on state and local tax deductions drove people back to the municipal markets. Conversely, tax cuts to corporations may have softened institutional demand for municipal bonds, particularly from banks and insurance companies, as companies perceive less of a need to seek out tax-advantaged investments in the wake of lower tax rates. As the economy remains strong, tax revenues continue to support the underlying financial conditions of many municipalities, reducing the perceived risk of lending money to these entities.
In this historically low interest-rate environment, investors continue to display yield-seeking behavior, emphasizing lower-quality credits and longer-maturity profiles. The trend towards longer-maturity bonds is exacerbated by the Federal Reserve’s (the “Fed”) consistent increases of the federal funds rate. These increases have driven up the short part of the yield curve. This activity, in conjunction with demand on the long end, has caused the yield curve to flatten. This flattening action has detracted from bond returns through the 5-year portion of the curve. In addition to seeking longer-maturity securities, investors are opting for lower-quality credit, purchasing bonds in the lower investment grade and high yield credit sectors. This demand is supporting prices in these sectors and contributing to spread compression.
Allocations to Higher-Yielding Instruments Support Fund Results
The fund’s performance compared to the Index was supported during the reporting period by a focus on higher-yielding securities and the use of futures for hedging. An overweight to BBB-rated securities contributed to outperformance, as did investments in high yield bonds. A small overweight to debt issued by Puerto Rico also boosted the fund’s relative returns. Hedging with Treasury futures was also a significant contributor to performance. Issue selection within California and Illinois was additive. Selection of short-duration, high-coupon Texas debt also added to returns.
Disappointments proved relatively mild during the reporting period. The fund’s holdings of inverse floating rate notes detracted from its returns.
A Constructive Investment Posture
Market volatility surrounding the enactment of tax reform legislation and rising short-term interest rates appears to have eased and favorable supply-and-demand dynamics have resumed. As the economy remains strong, we anticipate continued support of issuer fundamentals. Interest rates may continue to rise. As we approach 2019, we suspect seasonal effects may contribute to market volatility as supply increases and reinvestment demand falls. This may cause spreads to widen.
Therefore, we have maintained a constructive investment posture, including an emphasis on higher-yielding bonds and advantageous yield curve positioning. In addition, we remain judiciously diversified across credit qualities. Currently, we are overweight to lower-quality credits which, when compared to higher-quality credits of like maturity, we believe have the potential to provide a greater yield cushion in the face of volatility and rising interest rates. We anticipate that we will continue to utilize hedging strategies as we seek to add value to the fund’s portfolio, and we will continue to seek out individual credits with what we believe are favorable return profiles.
September 17, 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 U.S.-dollar-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
FUND PERFORMANCE (Unaudited)
Comparison of change in value of $10,000 investment in BNY Mellon National Intermediate Municipal Bond Fund Class M shares and Investor shares and the S&P Municipal Bond Intermediate Index (the “Index”)
Average Annual Total Returns as of 8/31/18 | |||
1 Year | 5 Years | 10 Years | |
Class M shares | -0.05% | 2.94% | 3.65% |
Investor shares | -0.30% | 2.68% | 3.39% |
S&P Municipal Bond Intermediate Index | -0.17% | 3.54% | 4.20% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon National Intermediate Municipal Bond Fund on 8/31/08 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&P Municipal Bond Investment Grade Intermediate Index was launched on 3/19/13. 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. Performance information for the fund versus the S&P Municipal Bond Investment Grade Intermediate Index is included in the graph and table on the next page.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three 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. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
10
Comparison of change in value of $10,000 investment in BNY Mellon National Intermediate Municipal Bond Fund Class M shares and Investor shares and the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”)
Average Annual Total Returns as of 8/31/18 | ||||
Inception Date | 1 Year | 5 Years | From Inception | |
Class M shares | 7/1/13 | -0.05% | 2.94% | 2.55% |
Investor shares | 7/1/13 | -0.30% | 2.68% | 2.30% |
S&P Municipal Bond Investment Grade Intermediate Index | 7/1/13 | -0.36% | 3.44% | 3.08%††† |
†† Source: Bloomberg L.P.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon National Intermediate Municipal Bond Fund on 7/1/13 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The 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. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
11
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of $10,000 investment in BNY Mellon National Short-Term Municipal Bond Fund Class M shares and Investor shares and the S&P Municipal Bond Short Index (the “Index”)
Average Annual Total Returns as of 8/31/18 | |||
1 Year | 5 Years | 10 Years | |
Class M shares | 0.18% | 0.74% | 1.29% |
Investor shares | -0.07% | 0.49% | 1.04% |
S&P Municipal Bond Short Index | 0.34% | 1.05% | 1.75% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon National Short-Term Municipal Bond Fund on 8/31/08 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Short Index to the S&P Municipal Bond Investment Grade Short Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&P Municipal Bond Investment Grade Short Index was launched on 3/19/13. 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. Performance information for the fund versus the S&P Municipal Bond Investment Grade Short Index is included in the graph and table on the next page.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists 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. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
12
Comparison of change in value of $10,000 investment in BNY Mellon National Short-Term Municipal Bond Fund Class M shares and Investor shares and the S&P Municipal Bond Investment Grade Short Index (the “Index”)
Average Annual Total Returns as of 8/31/18 | ||||
Inception Date | 1 Year | 5 Years | From Inception | |
Class M shares | 7/1/13 | 0.18% | 0.74% | 0.74% |
Investor shares | 7/1/13 | -0.07% | 0.49% | 0.49% |
S&P Municipal Bond Investment Grade Short Index | 7/1/13 | 0.28% | 1.01% | 1.03%††† |
†† Source: Bloomberg L.P.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon National Short-Term Municipal Bond Fund on 7/1/13 to a $10,000 investment made in the Index. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The 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. For the avoidance of doubt, the lowest rating is used in determining if a bond is eligible for the index. S&P Dow Jones Indices looks at the long term rating, either insured or uninsured, and the underlying rating for index inclusion. Bonds that are pre-refunded or escrowed to maturity are included in this index. 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. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
13
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of $10,000 investment in BNY Mellon Pennsylvania Intermediate Municipal Bond Fund Class M shares and Investor shares and the S&P Municipal Bond Intermediate Index (the “Index”)
Average Annual Total Returns as of 8/31/18 | |||
1 Year | 5 Years | 10 Years | |
Class M shares | 0.22% | 2.72% | 3.16% |
Investor shares | -0.12% | 2.45% | 2.91% |
S&P Municipal Bond Intermediate Index | -0.17% | 3.54% | 4.20% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund on 8/31/08 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&P Municipal Bond Investment Grade Intermediate Index was launched on 3/19/13. 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. Performance information for the fund versus the S&P Municipal Bond Investment Grade Intermediate Index is included in the graph and table on the next page.
Unlike the Index, the fund invests primarily in Pennsylvania investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three 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. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
14
Comparison of change in value of $10,000 investment in BNY Mellon Pennsylvania Intermediate Municipal Bond Fund Class M shares and Investor shares and the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”)
Average Annual Total Returns as of 8/31/18 | ||||
Inception Date | 1 Year | 5 Years | From Inception | |
Class M shares | 7/1/13 | 0.22% | 2.72% | 2.31% |
Investor shares | 7/1/13 | -0.12% | 2.45% | 2.04% |
S&P Municipal Bond Investment Grade Intermediate Index | 7/1/13 | -0.36% | 3.44% | 3.08%††† |
†† Source: Bloomberg L.P.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund on 7/1/13 to a $10,000 investment made in the Index. All dividends and capital gain distributions are reinvested.
Unlike the Index, the fund invests primarily in Pennsylvania investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The 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. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
15
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of $10,000 investment in BNY Mellon Massachusetts Intermediate Municipal Bond Fund Class M shares and Investor shares and the S&P Municipal Bond Intermediate Index (the “Index”)
Average Annual Total Returns as of 8/31/18 | |||
1 Year | 5 Years | 10 Years | |
Class M shares | -0.32% | 2.56% | 3.17% |
Investor shares | -0.56% | 2.31% | 2.92% |
S&P Municipal Bond Intermediate Index | -0.17% | 3.54% | 4.20% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Massachusetts Intermediate Municipal Bond Fund on 8/31/08 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on 3/19/13. 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. Performance information for the fund versus the S&P Municipal Bond Investment Grade Intermediate Index is included in the graph and table on the next page.
Unlike the Index, the fund invests primarily in Massachusetts investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three 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. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
16
Comparison of change in value of $10,000 investment in BNY Mellon Massachusetts Intermediate Municipal Bond Fund Class M shares and Investor shares and the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”)
Average Annual Total Returns as of 8/31/18 | ||||
Inception Date | 1 Year | 5 Years | From Inception | |
Class M shares | 7/1/13 | -0.32% | 2.56% | 2.17% |
Investor shares | 7/1/13 | -0.56% | 2.31% | 1.93% |
S&P Municipal Bond Investment Grade Intermediate Index | 7/1/13 | -0.36% | 3.44% | 3.08%††† |
†† Source: Bloomberg L.P.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Massachusetts Intermediate Municipal Bond Fund on 7/1/13 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
Unlike the Index, the fund invests primarily in Massachusetts investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The 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. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
17
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of $10,000 investment in BNY Mellon New York Intermediate Tax-Exempt Bond Fund Class M shares and Investor shares and the S&P Municipal Bond Intermediate Index (the “Index”)
Average Annual Total Returns as of 8/31/18 | |||
1 Year | 5 Years | 10 Years | |
Class M shares | -0.22% | 2.91% | 3.44% |
Investor shares | -0.38% | 2.65% | 3.18% |
S&P Municipal Bond Intermediate Index | -0.17% | 3.54% | 4.20% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon New York Intermediate Tax-Exempt Bond Fund on 8/31/08 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&P Municipal Bond Investment Grade Intermediate Index was launched on 3/19/13. 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. Performance information for the fund versus the S&P Municipal Bond Investment Grade Intermediate Index is included in the graph and table on the next page.
Unlike the Index, the fund invests primarily in New York investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three 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. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
18
Comparison of change in value of $10,000 investment in BNY Mellon New York Intermediate Tax-Exempt Bond Fund Class M shares and Investor shares and the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”)
Average Annual Total Returns as of 8/31/18 | ||||
Inception Date | 1 Year | 5 Years | From Inception | |
Class M shares | 7/1/13 | -0.22% | 2.91% | 2.51% |
Investor shares | 7/1/13 | -0.38% | 2.65% | 2.25% |
S&P Municipal Bond Investment Grade Intermediate Index | 7/1/13 | -0.36% | 3.44% | 3.08%††† |
†† Source: Bloomberg L.P.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon New York Intermediate Tax-Exempt Bond Fund on 7/1/13 to a $10,000 investment made in the Index on that date. All dividends and capital gain distributions are reinvested.
Unlike the Index, the fund invests primarily in New York investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The 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. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
19
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of $10,000 investment in BNY Mellon Municipal Opportunities Fund Class M shares and Investor shares and the Bloomberg Barclays U.S. Municipal Bond Index (the “Index”)
Average Annual Total Returns as of 8/31/18 | ||||
Inception Date | 1 Year | 5 Year | From Inception | |
Class M shares | 10/15/08 | 3.27% | 5.29% | 7.48% |
Investor shares | 10/15/08 | 3.01% | 5.03% | 7.23% |
Bloomberg Barclays U.S. Municipal Bond Index | 9/30/08 | 0.49% | 4.12% | 4.86%†† |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M and Investor shares of BNY Mellon Municipal Opportunities Fund on 10/15/08 (inception date) to a $10,000 investment made in the Index. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index covers the U.S.dollar-denominated long-term tax-exempt bond market. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
†† For comparative purposes, the value of the Index as of 9/30/08 is used as the beginning value on 10/15/08.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
20
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 March 1, 2018 to August 31, 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 August 31, 2018 | |||||||||||||||||
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BNY Mellon National Intermediate | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.54 | $ | 3.81 | |||||||||||||
Ending value (after expenses) | $ | 1,014.50 | $ | 1,013.20 | |||||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||||
BNY Mellon National Short-Term | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.58 | $ | 3.84 | |||||||||||||
Ending value (after expenses) | $ | 1,006.90 | $ | 1,005.60 | |||||||||||||
Annualized expense ratio (%) | .51 | .76 | |||||||||||||||
BNY Mellon Pennsylvania | |||||||||||||||||
Expenses paid per $1,000† | $ | 3.51 | $ | 4.77 | |||||||||||||
Ending value (after expenses) | $ | 1,015.90 | $ | 1,014.70 | |||||||||||||
Annualized expense ratio (%) | .69 | .94 | |||||||||||||||
BNY Mellon Massachusetts | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.79 | $ | 4.06 | |||||||||||||
Ending value (after expenses) | $ | 1,012.50 | $ | 1,012.10 | |||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||||
BNY Mellon New York | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.99 | $ | 4.26 | |||||||||||||
Ending value (after expenses) | $ | 1,013.10 | $ | 1,012.80 | |||||||||||||
Annualized expense ratio (%) | .59 | .84 | |||||||||||||||
BNY Mellon Municipal | |||||||||||||||||
Expenses paid per $1,000† | $ | 3.83 | $ | 5.11 | |||||||||||||
Ending value (after expenses) | $ | 1,028.40 | $ | 1,027.20 | |||||||||||||
Annualized expense ratio (%) | .75 | 1.00 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
21
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited) (continued)
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 August 31, 2018 | |||||||||||||||||
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BNY Mellon National Intermediate | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.55 | $ | 3.82 | |||||||||||||
Ending value (after expenses) | $ | 1,022.68 | $ | 1,021.42 | |||||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||||
BNY Mellon National Short-Term | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.60 | $ | 3.87 | |||||||||||||
Ending value (after expenses) | $ | 1,022.63 | $ | 1,021.37 | |||||||||||||
Annualized expense ratio (%) | .51 | .76 | |||||||||||||||
BNY Mellon Pennsylvania | |||||||||||||||||
Expenses paid per $1,000† | $ | 3.52 | $ | 4.79 | |||||||||||||
Ending value (after expenses) | $ | 1,021.73 | $ | 1,020.47 | |||||||||||||
Annualized expense ratio (%) | .69 | .94 | |||||||||||||||
BNY Mellon Massachusetts | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.80 | $ | 4.08 | |||||||||||||
Ending value (after expenses) | $ | 1,022.43 | $ | 1,021.17 | |||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||||
BNY Mellon New York | |||||||||||||||||
Expenses paid per $1,000† | $ | 3.01 | $ | 4.28 | |||||||||||||
Ending value (after expenses) | $ | 1,022.23 | $ | 1,020.97 | |||||||||||||
Annualized expense ratio (%) | .59 | .84 | |||||||||||||||
BNY Mellon Municipal | |||||||||||||||||
Expenses paid per $1,000† | $ | 3.82 | $ | 5.09 | |||||||||||||
Ending value (after expenses) | $ | 1,021.42 | $ | 1,020.16 | |||||||||||||
Annualized expense ratio (%) | .75 | 1.00 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
22
STATEMENT OF INVESTMENTS
August 31, 2018
BNY Mellon National Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% | |||||||||
Alabama - .6% | |||||||||
Alabama 21st Century Authority, | 5.00 | 6/1/21 | 1,240,000 | 1,331,066 | |||||
Alabama 21st Century Authority, | 5.00 | 6/1/20 | 1,500,000 | 1,574,640 | |||||
Birmingham Waterworks Board, | 4.00 | 1/1/35 | 5,585,000 | 5,821,804 | |||||
Black Belt Energy Gas District, | 4.00 | 6/1/21 | 5,000,000 | 5,226,950 | |||||
13,954,460 | |||||||||
Alaska - .3% | |||||||||
Alaska, | 5.00 | 10/1/32 | 5,000,000 | 5,680,600 | |||||
Arizona - .3% | |||||||||
Maricopa County Industrial Development Authority, | 5.00 | 1/1/27 | 5,000,000 | 5,888,550 | |||||
Arkansas - .2% | |||||||||
University of Arkansas, | 5.00 | 11/1/37 | 900,000 | 1,038,465 | |||||
University of Arkansas, | 5.00 | 11/1/38 | 800,000 | 923,080 | |||||
University of Arkansas, | 5.00 | 11/1/36 | 580,000 | 670,735 | |||||
University of Arkansas, | 5.00 | 11/1/33 | 500,000 | 582,570 | |||||
University of Arkansas, | 5.00 | 11/1/34 | 1,100,000 | 1,277,815 | |||||
4,492,665 | |||||||||
California - 15.7% | |||||||||
Alameda Corridor Transportation Authority, | 5.00 | 10/1/34 | 1,500,000 | 1,688,430 | |||||
Alameda Corridor Transportation Authority, | 5.00 | 10/1/35 | 2,050,000 | 2,319,985 | |||||
Anaheim Housing and Public Improvement Authority, | 5.00 | 10/1/35 | 2,485,000 | 2,752,933 | |||||
Anaheim Housing and Public Improvement Authority, | 5.00 | 10/1/36 | 1,750,000 | 1,935,500 | |||||
Anaheim Housing and Public Improvement Authority, | 5.00 | 10/1/33 | 3,000,000 | 3,337,170 | |||||
Anaheim Housing and Public Improvement Authority, | 5.00 | 10/1/34 | 3,250,000 | 3,606,362 | |||||
Bay Area Toll Authority, | 4.00 | 4/1/35 | 10,000,000 | 10,626,300 | |||||
California, | 5.25 | 10/1/39 | 5,000,000 | 5,834,250 | |||||
California, | 4.00 | 9/1/31 | 10,000,000 | 10,861,100 | |||||
California, | 5.00 | 12/1/23 | 2,500,000 | 2,888,700 | |||||
California, | 5.00 | 12/1/23 | 12,500,000 | 14,443,500 | |||||
California, | 5.25 | 9/1/29 | 10,000,000 | 11,479,500 | |||||
California, | 6.50 | 4/1/33 | 4,010,000 | 4,122,120 | |||||
California, | 6.50 | 4/1/19 | 4,740,000 | a | 4,880,020 |
23
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Pri4ncipal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
California - 15.7% (continued) | |||||||||
California, | 5.00 | 10/1/25 | 5,000,000 | 5,944,650 | |||||
California, | 5.00 | 10/1/29 | 5,000,000 | 5,868,700 | |||||
California Department of Water Resources, | 5.00 | 12/1/19 | 115,000 | 119,977 | |||||
California Health Facilities Financing Authority, | 4.00 | 3/1/33 | 7,500,000 | 7,812,750 | |||||
California Health Facilities Financing Authority, | 5.00 | 11/15/24 | 1,600,000 | 1,793,520 | |||||
California Health Facilities Financing Authority, | 5.00 | 11/15/23 | 1,500,000 | 1,684,005 | |||||
California Health Facilities Financing Authority, | 4.00 | 11/15/47 | 1,120,000 | 1,149,456 | |||||
California Health Facilities Financing Authority, | 5.00 | 11/15/42 | 825,000 | 943,850 | |||||
California Health Facilities Financing Authority, | 6.50 | 10/1/18 | 3,440,000 | a | 3,452,831 | ||||
California Health Facilities Financing Authority, | 6.25 | 10/1/18 | 3,500,000 | a | 3,512,425 | ||||
California Health Facilities Financing Authority, | 6.25 | 10/1/18 | 8,500,000 | a | 8,530,175 | ||||
California Health Facilities Financing Authority, | 6.50 | 10/1/18 | 60,000 | a | 60,224 | ||||
California Health Facilities Financing Authority, | 5.00 | 11/15/32 | 8,240,000 | 9,773,629 | |||||
California Infrastructure and Economic Development Bank, | 4.00 | 10/1/45 | 8,275,000 | 8,622,715 | |||||
California Municipal Finance Authority, | 4.00 | 1/1/48 | 2,500,000 | 2,633,200 | |||||
California State Public Works Board, | 5.00 | 10/1/20 | 2,000,000 | 2,140,580 | |||||
California Statewide Communities Development Authority, | 6.25 | 8/1/19 | 4,105,000 | a | 4,264,110 | ||||
Escondido Union School District, | 5.00 | 8/1/25 | 1,320,000 | 1,574,206 | |||||
Evergreen School District, | 4.00 | 8/1/41 | 5,000,000 | 5,211,300 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/32 | 2,000,000 | 2,269,740 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/29 | 10,680,000 | 11,885,986 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/33 | 1,000,000 | 1,144,140 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/31 | 5,000,000 | 5,761,300 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/30 | 3,500,000 | 4,051,985 | |||||
Long Beach Unified School District, | 4.00 | 8/1/38 | 10,300,000 | 10,819,841 | |||||
Los Angeles Department of Airports, | 5.00 | 5/15/26 | 9,060,000 | 10,560,336 | |||||
Los Angeles Department of Airports, | 5.25 | 5/15/26 | 7,000,000 | 7,454,440 | |||||
New Haven Unified School District, | 0.00 | 8/1/33 | 4,000,000 | b | 2,336,400 |
24
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
California - 15.7% (continued) | |||||||||
Port of Oakland, | 5.00 | 5/1/23 | 1,875,000 | 2,014,181 | |||||
Riverside County Transportation Commission, | 5.25 | 6/1/23 | 5,000,000 | a | 5,789,900 | ||||
Sacramento County Sanitation Districts Financing Authority, | 2.07 | 12/1/35 | 10,000,000 | c | 9,767,300 | ||||
Sacramento County Water Financing Authority, | 2.09 | 6/1/34 | 8,000,000 | c | 7,708,960 | ||||
San Diego Unified School District, | 4.00 | 7/1/37 | 4,000,000 | 4,222,080 | |||||
San Francisco City & County Airports Commission, | 5.00 | 5/1/24 | 4,375,000 | 4,992,969 | |||||
San Francisco City & County Public Utilities Commission, | 5.00 | 11/1/35 | 4,000,000 | 4,567,120 | |||||
San Francisco City & County Public Utilities Commission, | 5.00 | 11/1/34 | 5,000,000 | 5,724,250 | |||||
San Francisco City & County Public Utilities Commission, | 5.00 | 11/1/33 | 4,000,000 | 4,596,640 | |||||
San Francisco City & County Public Utilities Commission, | 5.00 | 11/1/39 | 5,090,000 | 5,761,982 | |||||
San Francisco City and County, | 4.00 | 4/1/37 | 11,000,000 | 11,552,860 | |||||
San Francisco Community College District, | 5.00 | 6/15/29 | 5,000,000 | 5,825,550 | |||||
San Jose Airport, | 5.00 | 3/1/47 | 1,750,000 | 1,983,922 | |||||
San Jose Airport, | 5.00 | 3/1/42 | 1,000,000 | 1,137,660 | |||||
Southern California Public Power Authority, | 5.25 | 11/1/20 | 4,000,000 | 4,272,840 | |||||
Southern California Public Power Authority, | 5.00 | 7/1/33 | 3,380,000 | 3,860,670 | |||||
Southern California Public Power Authority, | 5.00 | 7/1/31 | 3,855,000 | 4,425,810 | |||||
Southern California Public Power Authority, | 5.00 | 7/1/30 | 1,000,000 | 1,151,020 | |||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, | 5.00 | 9/1/21 | 1,325,000 | 1,446,224 | |||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, | 5.00 | 9/1/26 | 6,610,000 | 7,805,220 | |||||
University of California, | 4.00 | 5/15/37 | 5,000,000 | 5,256,750 | |||||
University of California, | 5.00 | 5/15/33 | 2,500,000 | 2,985,125 | |||||
University of California, | 4.00 | 5/15/43 | 1,600,000 | 1,665,216 | |||||
University of California Regents, | 5.00 | 5/15/31 | 9,000,000 | 10,426,770 | |||||
University of California Regents, | 5.00 | 5/15/30 | 11,000,000 | 12,773,420 | |||||
343,866,780 |
25
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
Colorado - 1.2% | |||||||||
Colorado Health Facilities Authority, | 6.00 | 10/1/23 | 2,000,000 | 2,005,680 | |||||
Colorado Health Facilities Authority, | 6.25 | 10/1/33 | 1,600,000 | 1,605,568 | |||||
Colorado School of Mines Institutional Enterprise, | 4.00 | 12/1/42 | 1,750,000 | 1,805,913 | |||||
Mesa County Valley School District Grand Junction, | 5.50 | 12/1/37 | 2,000,000 | 2,416,900 | |||||
Mesa County Valley School District Grand Junction, | 5.50 | 12/1/35 | 4,000,000 | 4,859,120 | |||||
Public Authority for Colorado Energy, | 5.75 | 11/15/18 | 520,000 | 523,874 | |||||
Public Authority for Colorado Energy, | 6.13 | 11/15/23 | 5,350,000 | 6,159,455 | |||||
Regional Transportation District, | 5.50 | 6/1/22 | 450,000 | 477,405 | |||||
Regional Transportation District, | 5.50 | 6/1/20 | 1,750,000 | a | 1,860,932 | ||||
Regional Transportation District of Colorado, | 5.00 | 6/1/20 | 2,700,000 | 2,848,608 | |||||
Regional Transportation District of Colorado, | 5.00 | 6/1/19 | 1,750,000 | 1,792,438 | |||||
26,355,893 | |||||||||
Connecticut - 1.5% | |||||||||
Connecticut, | 4.00 | 6/15/30 | 3,000,000 | 3,109,860 | |||||
Connecticut, | 5.00 | 11/15/21 | 9,430,000 | 10,185,343 | |||||
Connecticut, | 5.00 | 4/15/22 | 5,000,000 | 5,439,750 | |||||
Connecticut, | 5.00 | 9/1/30 | 7,055,000 | 7,901,741 | |||||
Connecticut, | 5.00 | 9/1/28 | 1,070,000 | 1,208,843 | |||||
Connecticut Health and Educational Facilities Authority, | 5.00 | 7/1/42 | 2,000,000 | 2,229,140 | |||||
Connecticut Housing Finance Authority, | 4.00 | 11/15/47 | 2,375,000 | 2,491,565 | |||||
32,566,242 | |||||||||
Delaware - .6% | |||||||||
Delaware River and Bay Authority, | 5.00 | 1/1/23 | 1,500,000 | 1,678,140 | |||||
Delaware River and Bay Authority, | 5.00 | 1/1/24 | 1,000,000 | 1,138,800 | |||||
Delaware River and Bay Authority, | 5.00 | 1/1/21 | 2,000,000 | 2,141,560 | |||||
Delaware River and Bay Authority, | 5.00 | 1/1/22 | 2,710,000 | 2,969,997 | |||||
University of Delaware, | 5.00 | 11/1/27 | 5,440,000 | 6,102,701 | |||||
14,031,198 | |||||||||
District of Columbia - .9% | |||||||||
District of Columbia, | 5.00 | 7/1/37 | 4,925,000 | 5,442,026 | |||||
District of Columbia, | 5.00 | 7/1/42 | 5,955,000 | 6,540,674 | |||||
District of Columbia, | 5.00 | 7/1/37 | 1,010,000 | 1,116,030 |
26
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
District of Columbia - .9% (continued) | |||||||||
Metropolitan Washington Airports Authority, | 5.00 | 10/1/24 | 2,500,000 | 2,706,025 | |||||
Metropolitan Washington Airports Authority, | 5.00 | 10/1/23 | 4,250,000 | 4,605,512 | |||||
20,410,267 | |||||||||
Florida - 2.6% | |||||||||
Florida Department of Transportation, | 5.00 | 7/1/19 | 4,220,000 | 4,230,888 | |||||
Florida Department of Transportation Turnpike, | 4.50 | 7/1/40 | 8,710,000 | 9,183,998 | |||||
Jacksonville, | 5.00 | 10/1/21 | 2,500,000 | 2,726,275 | |||||
Lee County, | 5.50 | 10/1/24 | 5,000,000 | 5,452,900 | |||||
Lee County, | 5.50 | 10/1/23 | 3,565,000 | 3,899,647 | |||||
Miami-Dade County, | 5.50 | 10/1/25 | 3,165,000 | 3,388,702 | |||||
Miami-Dade County, | 5.00 | 10/1/32 | 5,000,000 | 5,704,650 | |||||
Miami-Dade County School Board, | 5.00 | 5/1/26 | 5,600,000 | 6,401,640 | |||||
Miami-Dade County Water & Sewer System, | 5.00 | 10/1/31 | 3,000,000 | 3,429,000 | |||||
Orange County Convention Center, | 4.00 | 10/1/32 | 5,000,000 | 5,286,150 | |||||
Sarasota County, | 5.25 | 10/1/18 | 240,000 | a | 240,641 | ||||
Sarasota County, | 5.25 | 10/1/18 | 245,000 | a | 245,654 | ||||
Sarasota County, | 5.25 | 10/1/18 | 210,000 | a | 210,561 | ||||
Tallahassee, | 5.00 | 10/1/35 | 5,000,000 | 5,601,350 | |||||
Tampa Sports Authority, | 5.00 | 1/1/24 | 90,000 | 102,734 | |||||
56,104,790 | |||||||||
Georgia - 1.4% | |||||||||
Atlanta Water and Wastewater, | 5.00 | 11/1/37 | 3,375,000 | 3,911,760 | |||||
Burke County Development Authority, | 2.35 | 12/11/20 | 7,500,000 | 7,526,250 | |||||
Cobb County Development Authority, | 4.00 | 6/1/42 | 1,600,000 | 1,652,400 | |||||
Cobb County Kennestone Hospital Authority, | 5.00 | 4/1/37 | 2,845,000 | 3,163,071 | |||||
Cobb County Kennestone Hospital Authority, | 5.00 | 4/1/36 | 2,710,000 | 3,021,487 | |||||
Cobb County Kennestone Hospital Authority, | 5.00 | 4/1/35 | 2,000,000 | 2,237,760 | |||||
DeKalb County, | 5.25 | 10/1/36 | 3,500,000 | 3,808,840 | |||||
Main Street Natural Gas, | 4.00 | 12/1/23 | 5,000,000 | 5,326,000 |
27
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
Georgia - 1.4% (continued) | |||||||||
Main Street Natural Gas Inc., | 6.38 | 7/15/38 | 1,335,000 | d | 13,350 | ||||
30,660,918 | |||||||||
Hawaii - .3% | |||||||||
Hawaii, | 5.00 | 10/1/28 | 5,000,000 | 5,896,500 | |||||
Idaho - .7% | |||||||||
Idaho Health Facilities Authority, | 5.00 | 12/1/33 | 5,000,000 | 5,447,100 | |||||
University of Idaho Regents, | 5.25 | 4/1/21 | 9,300,000 | 9,993,315 | |||||
15,440,415 | |||||||||
Illinois - 4.7% | |||||||||
Chicago, | 5.00 | 1/1/22 | 4,615,000 | 5,062,424 | |||||
Chicago, | 5.00 | 1/1/26 | 2,000,000 | 2,325,320 | |||||
Chicago, | 5.00 | 1/1/25 | 7,055,000 | 7,812,778 | |||||
Chicago, | 5.00 | 1/1/24 | 5,000,000 | 5,694,000 | |||||
Chicago, | 5.00 | 1/1/23 | 2,000,000 | 2,236,640 | |||||
Chicago, | 5.00 | 1/1/25 | 4,450,000 | 5,130,449 | |||||
Chicago, | 5.00 | 1/1/27 | 2,500,000 | 2,883,200 | |||||
Chicago, | 5.00 | 1/1/26 | 3,000,000 | 3,210,930 | |||||
Chicago, | 5.00 | 1/1/24 | 4,500,000 | 4,859,010 | |||||
Chicago, | 5.50 | 1/1/37 | 3,500,000 | 3,752,140 | |||||
Chicago, | 5.50 | 1/1/35 | 3,750,000 | 4,035,225 | |||||
Chicago, | 5.25 | 1/1/22 | 1,000,000 | 1,060,840 | |||||
Chicago, | 5.00 | 1/1/26 | 1,995,000 | 2,000,047 | |||||
Chicago, | 5.00 | 1/1/25 | 2,110,000 | 2,366,787 | |||||
Chicago, | 5.00 | 1/1/24 | 3,000,000 | 3,341,400 | |||||
Chicago Board of Education, | 5.50 | 12/1/18 | 1,605,000 | 1,614,710 | |||||
Illinois, | 5.00 | 8/1/19 | 10,000,000 | 10,232,200 | |||||
Illinois, | 5.00 | 8/1/23 | 5,000,000 | 5,305,100 | |||||
Illinois, | 5.00 | 9/1/19 | 185,000 | 185,346 |
28
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
Illinois - 4.7% (continued) | |||||||||
Illinois, | 5.25 | 2/1/28 | 6,000,000 | 6,031,380 | |||||
Illinois, | 5.00 | 1/1/20 | 5,000,000 | 5,172,650 | |||||
Illinois, | 5.00 | 10/1/22 | 2,000,000 | 2,115,220 | |||||
Illinois, | 5.00 | 10/1/23 | 1,200,000 | 1,274,364 | |||||
Illinois, | 5.00 | 10/1/24 | 2,000,000 | 2,125,660 | |||||
Illinois, | 5.00 | 10/1/25 | 4,000,000 | 4,261,920 | |||||
Illinois Sales Tax, | 6.00 | 6/15/25 | 2,625,000 | 3,113,460 | |||||
Illinois Sales Tax, | 6.00 | 6/15/24 | 5,030,000 | 5,868,300 | |||||
103,071,500 | |||||||||
Kansas - 1.1% | |||||||||
Kansas Department of Transportation, | 5.00 | 9/1/28 | 6,000,000 | 6,887,040 | |||||
Kansas Department of Transportation, | 5.00 | 9/1/27 | 5,000,000 | 5,751,250 | |||||
Kansas Development Finance Authority, | 4.00 | 5/1/21 | 3,370,000 | 3,484,176 | |||||
Wichita, | 5.00 | 10/1/21 | 7,990,000 | 8,725,639 | |||||
24,848,105 | |||||||||
Kentucky - 1.3% | |||||||||
Kentucky Property and Buildings Commission, | 5.00 | 11/1/22 | 5,000,000 | 5,523,600 | |||||
Kentucky Public Energy Authority, | 4.00 | 4/1/24 | 7,500,000 | 7,965,225 | |||||
Kentucky State Property and Buildings Commission, | 5.00 | 8/1/21 | 1,785,000 | 1,925,426 | |||||
Kentucky State Property and Buildings Commission, | 5.00 | 2/1/28 | 5,150,000 | 5,862,296 | |||||
University of Kentucky General Receipt, | 4.00 | 10/1/32 | 7,000,000 | 7,441,630 | |||||
28,718,177 | |||||||||
Louisiana - 1.1% | |||||||||
Louisiana, | 5.00 | 8/1/26 | 5,000,000 | 5,717,650 | |||||
Louisiana Citizens Property Insurance Corporation, | 5.00 | 6/1/21 | 5,000,000 | 5,404,650 | |||||
Louisiana Local Government Environmental Facilities and Community Development Authority, | 5.00 | 10/1/20 | 5,000,000 | a | 5,321,850 | ||||
Louisiana Public Facilities Authority, | 6.00 | 7/1/29 | 2,000,000 | 2,072,380 | |||||
Louisiana Public Facilities Authority, | 5.00 | 10/1/41 | 5,950,000 | 6,116,778 | |||||
24,633,308 | |||||||||
Maine - .1% | |||||||||
Maine Health and Higher Educational Facilities Authority, | 5.00 | 7/1/39 | 1,475,000 | 1,658,284 |
29
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
Maryland - 3.1% | |||||||||
Anne Arundel County, | 5.00 | 4/1/30 | 4,640,000 | 5,197,821 | |||||
Cecil County, | 5.00 | 8/1/27 | 3,085,000 | 3,702,710 | |||||
Maryland, | 4.00 | 6/1/27 | 18,700,000 | 20,378,512 | |||||
Maryland Department of Transportation, | 4.00 | 11/1/27 | 1,300,000 | 1,414,452 | |||||
Maryland Economic Development Corporation, | 5.00 | 3/31/24 | 6,000,000 | 6,457,500 | |||||
Maryland Health and Higher Educational Facilities Authority, | 5.00 | 5/15/42 | 2,500,000 | 2,790,800 | |||||
Maryland Health and Higher Educational Facilities Authority, | 5.00 | 7/1/34 | 1,300,000 | 1,476,423 | |||||
Maryland Health and Higher Educational Facilities Authority, | 5.00 | 7/1/31 | 1,000,000 | 1,146,460 | |||||
Maryland Health and Higher Educational Facilities Authority, | 5.00 | 7/1/33 | 1,000,000 | 1,139,010 | |||||
Montgomery County, | 4.00 | 12/1/30 | 12,000,000 | 12,769,080 | |||||
Montgomery County, | 5.00 | 11/1/24 | 10,000,000 | a | 11,622,200 | ||||
68,094,968 | |||||||||
Massachusetts - 3.1% | |||||||||
Massachusetts, | 4.00 | 6/1/46 | 10,000,000 | 10,315,400 | |||||
Massachusetts, | 4.50 | 12/1/43 | 15,000,000 | 15,893,700 | |||||
Massachusetts, | 5.50 | 10/1/20 | 3,285,000 | 3,538,076 | |||||
Massachusetts, | 2.03 | 11/1/18 | 2,000,000 | c | 2,000,080 | ||||
Massachusetts, | 2.12 | 11/1/25 | 5,000,000 | c | 4,972,950 | ||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/33 | 5,000,000 | 5,530,750 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/34 | 1,000,000 | 1,110,560 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/36 | 850,000 | 938,545 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/35 | 1,000,000 | 1,107,360 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/35 | 5,000,000 | 5,169,000 | |||||
Massachusetts Development Finance Agency, | 5.00 | 5/1/44 | 2,505,000 | 2,727,895 | |||||
Massachusetts School Building Authority, | 5.00 | 2/15/37 | 1,000,000 | 1,114,110 | |||||
Massachusetts School Building Authority, | 5.00 | 2/15/36 | 3,500,000 | 3,901,240 | |||||
Massachusetts School Building Authority, | 5.00 | 2/15/35 | 3,100,000 | 3,460,375 | |||||
Massachusetts Water Pollution Abatement Trust, | 5.75 | 8/1/29 | 380,000 | 381,178 |
30
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
Massachusetts - 3.1% (continued) | |||||||||
The Commonwealth of Massachusetts, | 4.00 | 2/1/29 | 5,000,000 | 5,330,000 | |||||
67,491,219 | |||||||||
Michigan - 3.1% | |||||||||
Detroit, | 5.75 | 7/1/22 | 7,000,000 | 7,021,350 | |||||
Michigan Building Authority, | 5.00 | 10/15/29 | 10,000,000 | 11,248,500 | |||||
Michigan Building Authority, | 5.00 | 10/15/22 | 2,400,000 | 2,677,728 | |||||
Michigan Building Authority, | 5.00 | 10/15/33 | 5,000,000 | 5,558,050 | |||||
Michigan Finance Authority, | 5.00 | 12/1/37 | 5,000,000 | 5,689,000 | |||||
Michigan Finance Authority, | 5.00 | 12/1/31 | 10,000,000 | 10,916,600 | |||||
Michigan Finance Authority, | 5.00 | 12/1/39 | 7,095,000 | 7,647,913 | |||||
Michigan Finance Authority, | 5.00 | 12/1/35 | 5,000,000 | 5,435,900 | |||||
Michigan Finance Authority, | 5.00 | 7/1/27 | 3,000,000 | 3,369,330 | |||||
Michigan Finance Authority, | 5.00 | 7/1/28 | 2,500,000 | 2,802,050 | |||||
Michigan Finance Authority, | 5.00 | 7/1/26 | 1,875,000 | 2,112,300 | |||||
Michigan Finance Authority, | 5.00 | 7/1/26 | 2,500,000 | 2,816,400 | |||||
67,295,121 | |||||||||
Minnesota - .7% | |||||||||
Minneapolis, | 6.63 | 11/15/18 | 12,000,000 | a | 12,119,520 | ||||
Minnesota Housing Finance Agency Residential Housing Finance, | 4.00 | 7/1/47 | 1,840,000 | 1,925,082 | |||||
Western Minnesota Municipal Power Agency, | 5.00 | 1/1/22 | 1,500,000 | 1,645,935 | |||||
15,690,537 | |||||||||
Mississippi - .4% | |||||||||
Mississippi Business Finance Corporation, | 1.56 | 11/1/35 | 1,600,000 | e | 1,600,000 | ||||
Southern Mississippi Educational Building Corporation, | 5.00 | 9/1/26 | 550,000 | 645,970 | |||||
Southern Mississippi Educational Building Corporation, | 5.00 | 9/1/25 | 250,000 | 290,370 | |||||
Southern Mississippi Educational Building Corporation, | 5.00 | 9/1/24 | 450,000 | 515,714 |
31
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
Mississippi - .4% (continued) | |||||||||
West Rankin Utility Authority, | 5.00 | 1/1/33 | 1,650,000 | 1,845,740 | |||||
West Rankin Utility Authority, | 5.00 | 1/1/35 | 1,000,000 | 1,116,190 | |||||
West Rankin Utility Authority, | 5.00 | 1/1/30 | 1,105,000 | 1,243,556 | |||||
West Rankin Utility Authority, | 5.00 | 1/1/32 | 1,000,000 | 1,119,860 | |||||
8,377,400 | |||||||||
Missouri - 2.0% | |||||||||
Kansas City Sanitation Sewer System, | 5.00 | 1/1/31 | 525,000 | 606,428 | |||||
Kansas City Sanitation Sewer System, | 5.00 | 1/1/33 | 475,000 | 541,690 | |||||
Kansas City Sanitation Sewer System, | 5.00 | 1/1/34 | 350,000 | 397,044 | |||||
Kansas City Sanitation Sewer System, | 5.00 | 1/1/29 | 525,000 | 614,261 | |||||
Kansas City Sanitation Sewer System, | 5.00 | 1/1/23 | 775,000 | 852,485 | |||||
Kansas City Sanitation Sewer System, | 5.00 | 1/1/25 | 800,000 | 902,560 | |||||
Kansas City Sanitation Sewer System, | 5.00 | 1/1/27 | 700,000 | 804,279 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/21 | 1,505,000 | 1,637,771 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/23 | 2,125,000 | 2,422,904 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 1/1/26 | 750,000 | 849,600 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/21 | 45,000 | 48,802 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/22 | 65,000 | 72,064 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/23 | 75,000 | 84,776 | |||||
Missouri Health & Educational Facilities Authority, | 4.00 | 11/15/36 | 1,300,000 | 1,354,834 | |||||
Missouri Health & Educational Facilities Authority, | 4.00 | 11/15/37 | 1,250,000 | 1,289,775 | |||||
Missouri Health and Educational Facilities Authority, | 5.00 | 10/1/38 | 2,000,000 | 2,242,320 | |||||
Missouri Highways and Transportation Commission, | 5.00 | 5/1/23 | 25,625,000 | 29,013,394 | |||||
43,734,987 | |||||||||
Montana - .2% | |||||||||
Montana Board of Housing, | 3.50 | 6/1/44 | 4,205,000 | 4,322,698 |
32
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
Nebraska - .2% | |||||||||
Nebraska Lincoln Electric System, | 5.00 | 9/1/30 | 1,650,000 | 1,938,915 | |||||
Nebraska Lincoln Electric System, | 5.00 | 9/1/29 | 1,900,000 | 2,242,171 | |||||
4,181,086 | |||||||||
Nevada - .6% | |||||||||
Clark County School District, | 5.00 | 6/15/36 | 5,000,000 | 5,446,700 | |||||
Clark County School District, | 5.00 | 6/15/26 | 7,765,000 | 8,951,181 | |||||
14,397,881 | |||||||||
New Jersey - 6.4% | |||||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/21 | 10,000,000 | 10,672,000 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/24 | 5,000,000 | 5,384,100 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/20 | 5,000,000 | 5,250,650 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/20 | 5,000,000 | 5,329,900 | |||||
New Jersey Economic Development Authority, | 5.50 | 12/15/19 | 1,410,000 | 1,471,547 | |||||
New Jersey Economic Development Authority, | 5.00 | 3/1/25 | 13,000,000 | 14,181,310 | |||||
New Jersey Economic Development Authority, | 5.50 | 9/1/23 | 10,000,000 | 11,224,200 | |||||
New Jersey Educational Facilities Authority, | 7.50 | 6/1/19 | 3,750,000 | a | 3,912,600 | ||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/22 | 1,830,000 | 2,022,461 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/24 | 3,005,000 | 3,307,093 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/19 | 2,000,000 | 2,052,460 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/24 | 1,000,000 | 1,120,250 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/26 | 1,000,000 | 1,134,010 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/25 | 1,060,000 | 1,196,846 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/32 | 6,000,000 | 6,800,580 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/30 | 5,000,000 | 5,711,750 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/34 | 8,000,000 | 8,996,720 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/33 | 5,000,000 | 5,645,000 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/35 | 7,000,000 | 7,847,560 | |||||
New Jersey Transportation Trust Fund Authority, | 5.25 | 12/15/21 | 3,000,000 | 3,256,980 |
33
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
New Jersey - 6.4% (continued) | |||||||||
New Jersey Transportation Trust Fund Authority, | 5.50 | 6/15/31 | 5,000,000 | 5,292,150 | |||||
New Jersey Transportation Trust Fund Authority, | 5.50 | 12/15/21 | 10,000,000 | 10,974,500 | |||||
New Jersey Transportation Trust Fund Authority, | 5.75 | 6/15/25 | 4,245,000 | 4,961,598 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/19 | 10,000,000 | 10,233,200 | |||||
Rutgers The State University, | 5.00 | 5/1/21 | 2,000,000 | 2,163,560 | |||||
140,143,025 | |||||||||
New Mexico - .2% | |||||||||
New Mexico Municipal Energy Acquisition Authority, | 5.00 | 8/1/19 | 5,000,000 | 5,132,950 | |||||
New York - 15.0% | |||||||||
Brooklyn Arena Local Development Corporation, | 4.00 | 7/15/34 | 1,000,000 | 1,042,570 | |||||
Brooklyn Arena Local Development Corporation, | 4.00 | 7/15/33 | 900,000 | 939,654 | |||||
Brooklyn Arena Local Development Corporation, | 4.00 | 7/15/32 | 750,000 | 786,383 | |||||
Hudson Yards Infrastructure Corp., | 5.00 | 2/15/33 | 5,000,000 | 5,753,100 | |||||
Long Island Power Authority, | 5.00 | 9/1/42 | 1,500,000 | 1,699,440 | |||||
Metropolitan Transportation Authority, | 5.25 | 11/15/33 | 5,000,000 | 5,959,950 | |||||
Metropolitan Transportation Authority, | 4.00 | 11/15/38 | 10,000,000 | 10,274,100 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/26 | 5,000,000 | 5,848,150 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/31 | 10,000,000 | 11,443,000 | |||||
Metropolitan Transportation Authority, | 6.50 | 11/15/28 | 2,250,000 | 2,272,005 | |||||
Metropolitan Transportation Authority, | 6.50 | 11/15/18 | 9,030,000 | a | 9,119,216 | ||||
Metropolitan Transportation Authority, | 1.57 | 10/1/18 | 1,025,000 | e | 1,025,000 | ||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, | 5.00 | 11/15/51 | 5,000,000 | 5,333,700 | |||||
Monroe County Industrial Development Corporation, | 5.00 | 7/1/30 | 2,000,000 | 2,364,060 | |||||
Monroe County Industrial Development Corporation, | 4.00 | 7/1/35 | 1,940,000 | 2,029,531 | |||||
Monroe County Industrial Development Corporation, | 4.00 | 7/1/35 | 2,450,000 | 2,563,067 | |||||
Nassau, | 5.00 | 10/1/28 | 10,000,000 | 11,699,200 | |||||
Nassau, | 5.00 | 4/1/36 | 4,000,000 | 4,507,200 | |||||
New York City, | 5.00 | 8/1/23 | 5,000,000 | 5,667,450 |
34
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
New York - 15.0% (continued) | |||||||||
New York City, | 5.00 | 8/1/26 | 5,660,000 | 6,276,770 | |||||
New York City, | 5.00 | 8/1/24 | 5,000,000 | 5,756,300 | |||||
New York City, | 5.25 | 3/1/35 | 7,000,000 | 8,311,310 | |||||
New York City Municipal Water Finance Authority, | 4.50 | 6/15/39 | 1,000,000 | 1,075,690 | |||||
New York City Municipal Water Finance Authority, | 5.00 | 6/15/32 | 4,435,000 | 5,207,355 | |||||
New York City Municipal Water Finance Authority, | 5.00 | 6/15/36 | 10,000,000 | 11,499,600 | |||||
New York City Transitional Finance Authority, | 5.25 | 7/15/35 | 20,000,000 | 23,759,600 | |||||
New York City Transitional Finance Authority, | 5.00 | 2/1/23 | 8,325,000 | 8,939,052 | |||||
New York Counties Tobacco Trust VI, | 5.00 | 6/1/45 | 2,000,000 | 2,135,980 | |||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 15,400,000 | f | 16,210,810 | ||||
New York Liberty Development Corporation, | 5.15 | 11/15/34 | 3,500,000 | f | 3,848,460 | ||||
New York State Dormitory Authority, | 5.00 | 10/1/41 | 7,000,000 | 7,487,410 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/31 | 5,165,000 | 5,824,932 | |||||
New York State Dormitory Authority, | 5.00 | 2/15/33 | 25,000,000 | 28,237,750 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/34 | 2,500,000 | 2,818,050 | |||||
New York State Housing Finance Agency, | 1.48 | 5/1/42 | 300,000 | e | 300,000 | ||||
New York State Mortgage Agency, | 1.65 | 10/1/19 | 1,200,000 | 1,194,552 | |||||
New York State Thruway Authority, | 5.00 | 1/1/32 | 3,000,000 | 3,389,160 | |||||
New York State Urban Development Corporation, | 5.50 | 3/15/24 | 10,000,000 | 11,737,100 | |||||
New York State Urban Development Corporation, | 5.00 | 3/15/29 | 10,000,000 | 11,177,500 | |||||
New York Transportation Development Corporation, | 5.00 | 1/1/25 | 20,000,000 | 22,470,800 | |||||
New York Transportation Development Corporation, | 5.00 | 7/1/46 | 2,500,000 | 2,668,700 | |||||
New York Transportation Development Corporation, | 5.00 | 7/1/41 | 2,000,000 | 2,140,360 | |||||
Port Authority of New York & New Jersey, | 5.00 | 9/15/24 | 10,000,000 | 11,451,000 | |||||
Sales Tax Asset Receivable Corporation, | 5.00 | 10/15/29 | 6,370,000 | 7,337,284 | |||||
Suffolk County, | 4.00 | 2/1/24 | 5,000,000 | 5,440,250 |
35
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
New York - 15.0% (continued) | |||||||||
Suffolk County, | 4.00 | 10/15/27 | 5,000,000 | 5,521,800 | |||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/29 | 10,000,000 | b | 6,924,600 | ||||
TSASC, Inc. of New York, | 5.00 | 6/1/23 | 5,000,000 | 5,557,500 | |||||
Utility Debt Securitization Authority of New York, | 5.00 | 12/15/26 | 2,500,000 | 2,858,975 | |||||
327,885,426 | |||||||||
North Carolina - .3% | |||||||||
North Carolina Medical Care Commission, | 5.00 | 10/1/30 | 780,000 | 814,671 | |||||
North Carolina Medical Care Commission, | 5.00 | 10/1/29 | 1,725,000 | 1,805,627 | |||||
North Carolina Medical Care Commission, | 5.00 | 10/1/28 | 1,030,000 | 1,082,077 | |||||
North Carolina Medical Care Commission, | 5.00 | 10/1/26 | 1,000,000 | 1,041,740 | |||||
North Carolina Municipal Power Agency Number 1, | 5.00 | 1/1/24 | 1,585,000 | 1,601,421 | |||||
6,345,536 | |||||||||
Ohio - 1.3% | |||||||||
Board of Education of the Winton Woods City School District, | 5.00 | 5/1/22 | 1,750,000 | a | 1,940,015 | ||||
Board of Education of the Winton Woods City School District, | 5.00 | 5/1/22 | 2,590,000 | a | 2,871,222 | ||||
Columbus, | 5.00 | 7/1/21 | 3,005,000 | 3,264,031 | |||||
Hamilton County, | 5.00 | 12/1/26 | 3,500,000 | 3,978,590 | |||||
Montgomery County, | 6.00 | 10/1/23 | 3,055,000 | 3,063,676 | |||||
Ohio Housing Finance Agency, | 4.00 | 3/1/47 | 6,010,000 | 6,293,912 | |||||
Ohio Housing Finance Agency, | 4.50 | 3/1/47 | 2,315,000 | 2,476,957 | |||||
Revere Local School District, | 5.00 | 6/1/22 | 2,500,000 | a | 2,777,400 | ||||
Revere Local School District, | 5.00 | 6/1/22 | 2,100,000 | a | 2,333,016 | ||||
28,998,819 | |||||||||
Oklahoma - .4% | |||||||||
Oklahoma Turnpike Authority, | 5.00 | 1/1/32 | 3,000,000 | 3,262,560 | |||||
Oklahoma Turnpike Authority, | 5.00 | 1/1/31 | 4,340,000 | 4,727,128 | |||||
7,989,688 | |||||||||
Oregon - 1.5% | |||||||||
Oregon Housing and Community Services Department, | 4.00 | 1/1/47 | 4,305,000 | 4,498,940 | |||||
Portland, | 4.50 | 5/1/37 | 13,635,000 | 14,916,826 |
36
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
Oregon - 1.5% (continued) | |||||||||
Portland, | 4.50 | 5/1/33 | 11,435,000 | 12,633,045 | |||||
32,048,811 | |||||||||
Pennsylvania - 9.8% | |||||||||
Berks County Industrial Development Authority, | 4.00 | 11/1/32 | 1,400,000 | 1,438,892 | |||||
Chester County Health and Education Facilities Authority Health System, | 4.00 | 10/1/37 | 2,105,000 | 2,171,286 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/33 | 3,250,000 | 3,677,895 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/31 | 3,500,000 | 3,985,695 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/30 | 4,000,000 | 4,580,160 | |||||
Lancaster County Hospital Authority, | 1.55 | 7/1/34 | 300,000 | e | 300,000 | ||||
Pennsylvania, | 5.00 | 6/15/22 | 5,220,000 | 5,754,841 | |||||
Pennsylvania, | 5.00 | 3/15/31 | 5,000,000 | 5,601,400 | |||||
Pennsylvania, | 5.00 | 8/15/21 | 7,210,000 | 7,821,120 | |||||
Pennsylvania, | 5.00 | 9/15/29 | 7,000,000 | 7,997,500 | |||||
Pennsylvania, | 5.00 | 11/15/21 | 5,000,000 | a | 5,487,850 | ||||
Pennsylvania, | 5.00 | 6/1/22 | 7,540,000 | a | 8,376,638 | ||||
Pennsylvania, | 5.00 | 4/1/23 | 11,520,000 | a | 13,022,669 | ||||
Pennsylvania, | 4.00 | 1/1/30 | 5,000,000 | 5,278,800 | |||||
Pennsylvania, | 5.00 | 8/15/23 | 10,000,000 | 11,245,000 | |||||
Pennsylvania Economic Development Financing Authority, | 4.00 | 11/15/36 | 3,750,000 | 3,816,337 | |||||
Pennsylvania Economic Development Financing Authority, | 4.00 | 11/15/35 | 6,000,000 | 6,124,860 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/24 | 5,000,000 | 5,746,000 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/29 | 5,000,000 | 5,733,700 | |||||
Pennsylvania Higher Educational Facilities Authority, | 4.00 | 6/15/31 | 2,505,000 | 2,641,823 | |||||
Pennsylvania Higher Educational Facilities Authority, | 4.00 | 6/15/32 | 1,355,000 | 1,420,921 | |||||
Pennsylvania Housing Finance Agency, | 4.00 | 10/1/46 | 2,480,000 | 2,591,972 | |||||
Pennsylvania Turnpike Commission, | 4.00 | 12/1/37 | 5,000,000 | 5,065,400 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/22 | 5,110,000 | a | 5,738,785 | ||||
Pennsylvania Turnpike Commission, | 5.00 | 6/1/33 | 10,000,000 | 11,305,300 |
37
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
Pennsylvania - 9.8% (continued) | |||||||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/35 | 7,085,000 | 7,970,979 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/41 | 8,345,000 | 9,283,646 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/38 | 10,000,000 | 11,158,100 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/20 | 3,675,000 | 3,922,621 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/21 | 3,740,000 | 4,086,399 | |||||
Philadelphia Authority for Industrial Development Hospital, | 4.00 | 7/1/35 | 1,575,000 | 1,636,693 | |||||
Philadelphia Authority for Industrial Development Hospital, | 4.00 | 7/1/36 | 3,750,000 | 3,879,600 | |||||
Philadelphia Authority for Industrial Development Hospital, | 4.00 | 7/1/37 | 3,500,000 | 3,607,555 | |||||
Pittsburgh Water & Sewer Authority, | 5.00 | 9/1/26 | 10,000,000 | 11,721,200 | |||||
State Public School Building Authority, | 5.00 | 4/1/22 | 1,000,000 | 1,088,480 | |||||
State Public School Building Authority, | 5.00 | 4/1/25 | 2,750,000 | 2,959,110 | |||||
State Public School Building Authority, | 5.00 | 6/1/25 | 5,000,000 | 5,667,800 | |||||
State Public School Building Authority, | 5.00 | 6/1/31 | 5,000,000 | 5,612,400 | |||||
The School District of Philadelphia , | 5.00 | 9/1/25 | 500,000 | 566,330 | |||||
The School District of Philadelphia , | 5.00 | 9/1/24 | 600,000 | 673,722 | |||||
The School District of Philadelphia , | 5.00 | 9/1/27 | 500,000 | 573,610 | |||||
The School District of Philadelphia , | 5.00 | 9/1/26 | 500,000 | 570,565 | |||||
West Mifflin Area School District, | 5.00 | 4/1/28 | 1,000,000 | 1,112,100 | |||||
West Mifflin Area School District, | 5.00 | 4/1/27 | 1,140,000 | 1,273,756 | |||||
214,289,510 | |||||||||
South Carolina - .9% | |||||||||
Growth Remedy Opportunity Without Tax Hike, | 5.00 | 12/1/29 | 2,000,000 | 2,244,020 | |||||
Growth Remedy Opportunity Without Tax Hike, | 5.00 | 12/1/28 | 1,750,000 | 1,968,085 | |||||
Lexington County Health Services District, | 4.00 | 11/1/32 | 750,000 | 769,658 | |||||
Lexington County Health Services District, | 4.00 | 11/1/31 | 1,000,000 | 1,028,560 | |||||
Lexington County Health Services District, | 4.00 | 11/1/30 | 1,000,000 | 1,032,500 | |||||
South Carolina Public Service Authority, | 5.00 | 12/1/30 | 3,315,000 | 3,682,600 |
38
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
South Carolina - .9% (continued) | |||||||||
South Carolina Public Service Authority, | 5.00 | 12/1/22 | 7,500,000 | 8,249,400 | |||||
18,974,823 | |||||||||
South Dakota - .3% | |||||||||
South Dakota Educational Enhancement Funding Corporation, | 5.00 | 6/1/27 | 500,000 | 543,845 | |||||
South Dakota Educational Enhancement Funding Corporation, | 5.00 | 6/1/25 | 1,800,000 | 1,977,876 | |||||
South Dakota State Building Authority, | 4.00 | 6/1/32 | 2,660,000 | 2,833,538 | |||||
South Dakota State Building Authority, | 4.00 | 6/1/31 | 1,250,000 | 1,335,500 | |||||
6,690,759 | |||||||||
Tennessee - .5% | |||||||||
Clarksville Natural Gas Acquisition Corporation, | 5.00 | 12/15/20 | 1,690,000 | 1,794,510 | |||||
Tennessee Energy Acquisition Corporation, | 4.00 | 5/1/23 | 5,000,000 | 5,298,200 | |||||
Tennessee Housing Development Agency, | 3.50 | 1/1/47 | 2,480,000 | 2,552,069 | |||||
Tennessee Housing Development Agency, | 4.00 | 1/1/42 | 1,895,000 | 1,989,921 | |||||
11,634,700 | |||||||||
Texas - 9.0% | |||||||||
Arlington, | 5.00 | 2/15/34 | 4,180,000 | 4,676,877 | |||||
Arlington Higher Education Finance Corporation, | 4.00 | 12/1/42 | 2,760,000 | 2,842,027 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 2/15/42 | 1,000,000 | 1,128,310 | |||||
Clifton Higher Education Finance Corporation, | 5.00 | 8/15/23 | 1,100,000 | 1,222,276 | |||||
Culberson County-Allamoore Independent School District, | 4.00 | 2/15/41 | 1,300,000 | 1,301,976 | |||||
Dallas, | 4.00 | 10/1/37 | 2,500,000 | 2,622,175 | |||||
Dallas, | 4.00 | 10/1/36 | 1,685,000 | 1,775,434 | |||||
Dallas and Fort Worth, | 5.00 | 11/1/31 | 5,000,000 | 5,410,100 | |||||
Dallas and Fort Worth, | 5.00 | 11/1/26 | 3,000,000 | 3,189,540 | |||||
Dallas and Fort Worth, | 5.00 | 11/1/27 | 3,400,000 | 3,613,316 | |||||
Dallas Area Rapid Transit Senior Lien Sales Tax, | 5.00 | 12/1/41 | 5,155,000 | 5,817,572 | |||||
Dallas Texas, | 5.00 | 2/15/28 | 5,000,000 | 5,863,100 | |||||
El Paso, | 5.00 | 3/1/22 | 1,000,000 | 1,101,680 | |||||
Forney Independent School District, | 5.00 | 8/15/27 | 2,200,000 | 2,544,058 |
39
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
Texas - 9.0% (continued) | |||||||||
Grand Parkway Transportation Corporation, | 5.00 | 2/1/23 | 12,500,000 | 13,872,875 | |||||
Harris County Cultural Education Facilities Finance Corp., | 4.00 | 11/15/32 | 2,170,000 | 2,286,008 | |||||
Harris County Flood Control District, | 5.00 | 10/1/26 | 10,000,000 | 11,521,800 | |||||
Harris County-Houston Sports Authority, | 5.00 | 11/15/22 | 6,500,000 | 7,244,575 | |||||
Houston, | 5.00 | 5/15/21 | 5,000,000 | 5,407,850 | |||||
Houston, | 5.00 | 3/1/29 | 5,000,000 | 5,834,200 | |||||
Houston Community College System, | 5.00 | 2/15/32 | 8,200,000 | 9,064,444 | |||||
Houston Community College System, | 5.00 | 2/15/21 | 2,250,000 | 2,422,530 | |||||
New Hope Cultural Educational Facilities Finance Corp., | 4.00 | 8/15/33 | 2,000,000 | 2,080,880 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/40 | 5,000,000 | 5,431,950 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/29 | 2,885,000 | 3,323,087 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/26 | 10,000,000 | 11,286,100 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/38 | 3,000,000 | 3,264,270 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/31 | 1,875,000 | 2,125,069 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/30 | 1,750,000 | 1,992,042 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/31 | 2,120,000 | 2,423,732 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/30 | 3,000,000 | 3,442,650 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/30 | 3,000,000 | 3,385,440 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/31 | 11,415,000 | 12,839,250 | |||||
Texas Municipal Power Agency, | 5.00 | 9/1/47 | 2,500,000 | 2,629,500 | |||||
Texas Municipal Power Agency, | 5.00 | 9/1/42 | 1,750,000 | 1,842,033 | |||||
Texas Public Finance Authority, | 5.00 | 10/1/23 | 4,220,000 | 4,621,786 | |||||
Texas Public Finance Authority, | 5.00 | 10/1/21 | 5,165,000 | a | 5,617,970 | ||||
Texas Transportation Commission, | 5.00 | 10/1/24 | 4,000,000 | 4,600,120 | |||||
Texas Transportation Commission, | 5.00 | 4/1/24 | 10,000,000 | 11,483,300 | |||||
Texas Water Development Board, | 5.00 | 10/15/45 | 8,000,000 | 9,028,480 | |||||
Texas Water Development Board, | 4.00 | 10/15/34 | 6,000,000 | 6,348,420 | |||||
198,528,802 |
40
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
U.S. Related - .3% | |||||||||
A.B. Won International Airport Authority of Guam, | 5.50 | 10/1/33 | 1,000,000 | 1,117,290 | |||||
Guam, | 5.00 | 12/1/29 | 2,000,000 | 2,249,560 | |||||
Guam, | 5.00 | 12/1/28 | 2,000,000 | 2,258,820 | |||||
Puerto Rico Electric Power Authority, | 5.25 | 7/1/18 | 2,500,000 | d | 1,615,625 | ||||
7,241,295 | |||||||||
Utah - .6% | |||||||||
Salt Lake City, | 5.00 | 7/1/31 | 2,400,000 | 2,745,528 | |||||
Salt Lake City, | 5.00 | 7/1/30 | 2,000,000 | 2,296,260 | |||||
Salt Lake City, | 5.00 | 7/1/29 | 2,500,000 | 2,884,950 | |||||
Utah Associated Municipal Power Systems, | 5.00 | 4/1/22 | 5,675,000 | 6,172,697 | |||||
14,099,435 | |||||||||
Vermont - .6% | |||||||||
Burlington, | 5.00 | 11/1/37 | 1,000,000 | 1,127,450 | |||||
Vermont Educational & Health Buildings Financing Agency, | 5.00 | 12/1/32 | 10,000,000 | 11,275,900 | |||||
12,403,350 | |||||||||
Virginia - .5% | |||||||||
Virginia Small Business Financing Authority, | 5.00 | 7/1/34 | 9,500,000 | 10,074,465 | |||||
Washington - 2.1% | |||||||||
Port of Seattle, | 5.00 | 3/1/28 | 1,750,000 | 1,983,607 | |||||
Port of Seattle, | 5.00 | 4/1/30 | 2,840,000 | 3,206,900 | |||||
Port of Seattle, | 5.00 | 4/1/29 | 1,000,000 | 1,132,190 | |||||
Washington, | 5.00 | 9/1/23 | 5,000,000 | 5,655,500 | |||||
Washington, | 5.00 | 9/1/22 | 5,000,000 | 5,558,100 | |||||
Washington, | 5.00 | 2/1/23 | 5,315,000 | 5,976,930 | |||||
Washington, | 5.00 | 7/1/32 | 5,000,000 | 5,727,050 | |||||
Washington Health Care Facilities Authority, | 5.00 | 10/1/21 | 5,550,000 | 6,043,672 | |||||
Washington Health Care Facilities Authority, | 5.00 | 10/1/31 | 2,000,000 | 2,354,980 | |||||
Washington Health Care Facilities Authority, | 5.00 | 10/1/32 | 2,500,000 | 2,936,575 | |||||
Washington Health Care Facilities Authority, | 5.00 | 8/15/26 | 2,000,000 | 2,279,340 | |||||
Washington Health Care Facilities Authority, | 5.00 | 8/15/25 | 1,700,000 | 1,926,491 | |||||
Washington Health Care Facilities Authority, | 5.00 | 8/15/27 | 2,175,000 | 2,497,444 | |||||
47,278,779 |
41
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.8% (continued) | |||||||||
West Virginia - 1.0% | |||||||||
West Virginia Economic Development Authority, | 5.00 | 6/1/29 | 10,000,000 | 10,942,900 | |||||
West Virginia Economic Development Authority, | 5.00 | 6/1/28 | 10,000,000 | 10,957,900 | |||||
21,900,800 | |||||||||
Wisconsin - 1.1% | |||||||||
State of Wisconsin, | 4.00 | 5/1/34 | 12,415,000 | 13,188,330 | |||||
Wisconsin Transportation, | 5.00 | 7/1/36 | 1,800,000 | 2,021,598 | |||||
Wisconsin Transportation, | 5.00 | 7/1/37 | 1,600,000 | 1,795,152 | |||||
WPPI Energy, | 5.00 | 7/1/29 | 1,000,000 | 1,127,710 | |||||
WPPI Energy, | 5.00 | 7/1/33 | 2,000,000 | 2,240,500 | |||||
WPPI Energy, | 5.00 | 7/1/30 | 1,000,000 | 1,125,410 | |||||
WPPI Energy, | 5.00 | 7/1/31 | 1,000,000 | 1,123,690 | |||||
WPPI Energy, | 5.00 | 7/1/32 | 500,000 | 560,985 | |||||
23,183,375 | |||||||||
Total Investments (cost $2,156,969,331) | 99.8% | 2,186,708,897 | |||||||
Cash and Receivables (Net) | 0.2% | 5,454,426 | |||||||
Net Assets | 100.0% | 2,192,163,323 |
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 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.
f 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 August 31, 2018, these securities were valued at $20,059,270 or .92% of net assets.
42
Portfolio Summary (Unaudited) † | Value (%) |
Transportation | 21.0 |
General Obligation | 17.7 |
Education | 11.0 |
Special Tax | 9.2 |
Water | 8.5 |
Medical | 7.5 |
Prerefunded | 5.6 |
Utilities | 4.6 |
General | 4.3 |
Tobacco Settlement | 3.5 |
Development | 2.4 |
School District | 1.5 |
Single Family Housing | 1.4 |
Power | .8 |
Bond Bank | .4 |
Higher Education | .2 |
Facilities | .2 |
Nursing Homes | .0 |
Multifamily Housing | .0 |
99.8 |
† Based on net assets.
See notes to financial statements.
43
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Short-Term Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 96.8% | |||||||||
Alabama - 1.9% | |||||||||
Black Belt Energy Gas District, | 4.00 | 6/1/21 | 17,085,000 | 17,860,488 | |||||
Arizona - .9% | |||||||||
Arizona, | 5.00 | 10/1/19 | 7,000,000 | 7,247,380 | |||||
Coconino County Pollution Control, | 1.60 | 5/21/20 | 1,100,000 | 1,090,606 | |||||
8,337,986 | |||||||||
California - 3.1% | |||||||||
Bay Area Toll Authority, | 1.38 | 4/1/20 | 5,000,000 | 4,984,150 | |||||
California Municipal Finance Authority, | 5.00 | 2/1/19 | 1,000,000 | 1,013,460 | |||||
California State University Trustees, | 3.00 | 11/1/19 | 1,690,000 | 1,703,469 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/20 | 3,000,000 | 3,171,510 | |||||
Manteca Redevelopment Agency, | 1.50 | 10/1/42 | 600,000 | a | 600,000 | ||||
San Francisco City & County Commission International Airport, | 5.00 | 5/1/21 | 5,000,000 | 5,392,650 | |||||
San Francisco City & County Commission International Airport, | 5.00 | 5/1/20 | 8,210,000 | 8,633,718 | |||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, | 5.00 | 9/1/18 | 2,750,000 | 2,750,000 | |||||
28,248,957 | |||||||||
Colorado - .9% | |||||||||
Colorado Educational & Cultural Facilities Authority, | 5.00 | 4/1/20 | 910,000 | 953,480 | |||||
Colorado Educational & Cultural Facilities Authority, | 5.00 | 4/1/20 | 390,000 | 409,504 | |||||
Colorado Health Facilities Authority, | 1.88 | 11/6/19 | 5,000,000 | 4,983,000 | |||||
University of Colorado Hospital Authority, | 4.00 | 3/1/20 | 2,000,000 | 2,040,560 | |||||
8,386,544 | |||||||||
Connecticut - 3.0% | |||||||||
Brookfield, | 2.25 | 11/15/18 | 5,000,000 | 5,003,700 | |||||
Connecticut, | 5.00 | 9/15/20 | 1,200,000 | 1,266,300 | |||||
Connecticut, | 5.00 | 1/1/21 | 5,000,000 | 5,330,350 | |||||
Connecticut, | 5.00 | 1/1/22 | 5,000,000 | 5,435,950 | |||||
Connecticut Health and Educational Facilities Authority, | 5.00 | 7/1/20 | 10,000,000 | 10,578,300 | |||||
27,614,600 |
44
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 96.8% (continued) | |||||||||
Florida - 4.4% | |||||||||
Citizens Property Insurance Corporation, | 5.00 | 6/1/20 | 9,400,000 | 9,909,104 | |||||
Hillsborough County School Board, | 5.00 | 7/1/21 | 7,000,000 | 7,583,310 | |||||
Miami-Dade, | 5.00 | 10/1/18 | 3,700,000 | 3,708,695 | |||||
Miami-Dade, | 5.00 | 10/1/20 | 4,000,000 | 4,260,000 | |||||
Orange County Health Facilities Authority, | 5.25 | 10/1/20 | 5,000,000 | 5,187,750 | |||||
Orlando Utilities Commission Utility System, | 5.00 | 10/1/20 | 2,000,000 | 2,124,100 | |||||
Palm Beach County Health Facilities Authority, | 4.00 | 11/15/20 | 2,000,000 | 2,087,620 | |||||
Palm Beach County Health Facilities Authority, | 4.00 | 11/15/19 | 2,000,000 | 2,051,240 | |||||
Palm Beach County School Board, | 5.00 | 8/1/22 | 1,875,000 | 2,077,838 | |||||
Palm Beach County School Board, | 5.00 | 8/1/21 | 1,525,000 | 1,655,296 | |||||
40,644,953 | |||||||||
Georgia - .8% | |||||||||
Burke County Development Authority, | 2.35 | 12/11/20 | 5,000,000 | 5,017,500 | |||||
Georgia Municipal Association, Inc., | 5.00 | 12/1/19 | 2,270,000 | 2,361,958 | |||||
7,379,458 | |||||||||
Illinois - 6.1% | |||||||||
Chicago, | 5.00 | 11/1/19 | 3,250,000 | 3,360,727 | |||||
Chicago, | 5.00 | 11/1/19 | 2,500,000 | 2,585,175 | |||||
Chicago Board of Education, | 5.00 | 12/1/19 | 2,020,000 | 2,069,187 | |||||
Chicago Board of Education, | 5.25 | 12/1/20 | 1,275,000 | 1,340,293 | |||||
Chicago Board of Education, | 5.25 | 12/1/20 | 1,175,000 | 1,235,172 | |||||
Chicago Board of Education, | 4.25 | 12/1/18 | 3,115,000 | 3,124,656 | |||||
Chicago Board of Education, | 4.25 | 12/1/18 | 1,905,000 | 1,916,982 | |||||
Cook County, | 5.00 | 11/15/20 | 890,000 | 948,010 | |||||
Illinois, | 5.00 | 1/1/19 | 5,000,000 | 5,048,050 | |||||
Illinois, | 5.00 | 11/1/19 | 8,000,000 | 8,233,520 | |||||
Illinois, | 5.00 | 10/1/20 | 3,000,000 | 3,135,000 | |||||
Illinois, | 5.00 | 11/1/20 | 5,000,000 | 5,233,700 | |||||
Illinois, | 5.00 | 11/1/21 | 5,000,000 | 5,264,800 |
45
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 96.8% (continued) | |||||||||
Illinois - 6.1% (continued) | |||||||||
Illinois, | 5.75 | 6/15/20 | 1,615,000 | 1,711,448 | |||||
Illinois Development Finance Authority, | 1.88 | 3/1/19 | 3,500,000 | 3,493,980 | |||||
Illinois Toll Highway Authority, | 5.00 | 12/1/18 | 2,000,000 | 2,016,220 | |||||
Railsplitter Tobacco Settlement Authority, | 5.00 | 6/1/22 | 5,000,000 | 5,465,800 | |||||
56,182,720 | |||||||||
Indiana - 1.8% | |||||||||
Indiana Health Facility Financing Authority, | 2.80 | 8/1/19 | 1,560,000 | 1,572,808 | |||||
Whiting, | 1.85 | 10/1/19 | 10,000,000 | 9,978,800 | |||||
Whiting, | 2.31 | 12/2/19 | 5,000,000 | b | 5,010,200 | ||||
16,561,808 | |||||||||
Kentucky - 1.8% | |||||||||
Kentucky, | 5.00 | 5/1/20 | 2,000,000 | 2,096,500 | |||||
Kentucky Property and Buildings Commission, | 5.00 | 11/1/20 | 10,000,000 | 10,612,100 | |||||
Louisville & Jefferson County Metro Government, | 2.55 | 5/3/21 | 1,500,000 | 1,501,125 | |||||
Louisville/Jefferson County Metro Government, | 1.28 | 10/1/39 | 2,800,000 | a | 2,800,000 | ||||
17,009,725 | |||||||||
Louisiana - .3% | |||||||||
Louisiana Public Facilities Authority, | 5.00 | 6/1/20 | 2,800,000 | 2,949,660 | |||||
Massachusetts - 2.3% | |||||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/19 | 2,000,000 | 2,019,740 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/21 | 3,010,000 | 3,266,000 | |||||
Massachusetts Development Finance Agency, | 2.25 | 5/1/19 | 1,000,000 | c | 999,270 | ||||
Massachusetts Educational Financing Authority, | 4.00 | 7/1/20 | 375,000 | 387,323 | |||||
Massachusetts Educational Financing Authority, | 4.00 | 7/1/21 | 1,000,000 | 1,046,730 | |||||
Massachusetts Educational Financing Authority, | 5.00 | 7/1/21 | 1,150,000 | 1,234,997 | |||||
Massachusetts Educational Financing Authority, | 5.00 | 7/1/22 | 2,000,000 | 2,186,460 | |||||
Worcester, | 3.00 | 1/31/19 | 10,000,000 | 10,051,700 | |||||
21,192,220 | |||||||||
Michigan - 3.1% | |||||||||
Michigan Building Authority, | 5.00 | 10/15/20 | 2,250,000 | 2,396,520 |
46
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 96.8% (continued) | |||||||||
Michigan - 3.1% (continued) | |||||||||
Michigan Finance Authority, | 1.10 | 8/15/19 | 3,000,000 | 2,978,190 | |||||
Michigan Finance Authority, | 5.00 | 7/1/20 | 17,325,000 | 17,816,857 | |||||
Michigan Finance Authority, | 5.00 | 7/1/21 | 4,445,000 | 4,475,315 | |||||
Michigan Strategic Fund, | 1.45 | 9/1/21 | 1,000,000 | 964,620 | |||||
28,631,502 | |||||||||
Minnesota - .8% | |||||||||
Saint Louis Park, | 5.75 | 7/1/19 | 6,690,000 | d | 6,912,911 | ||||
Mississippi - 1.1% | |||||||||
Mississippi, | 1.74 | 9/1/20 | 6,000,000 | b | 6,013,320 | ||||
Mississippi Business Finance Corporation, | 1.56 | 11/1/35 | 500,000 | a | 500,000 | ||||
Mississippi Business Finance Corporation, | 1.95 | 5/1/37 | 3,450,000 | a | 3,450,966 | ||||
9,964,286 | |||||||||
Missouri - .9% | |||||||||
Missouri Public Utilities Commission, | 2.13 | 11/1/19 | 8,250,000 | 8,260,312 | |||||
Nebraska - .2% | |||||||||
Central Plains Energy Project, | 5.00 | 12/1/19 | 1,975,000 | 2,046,594 | |||||
Nevada - 2.3% | |||||||||
Clark County Nevada Airport System, | 4.00 | 7/1/19 | 3,000,000 | 3,051,600 | |||||
Clark County Nevada Airport System, | 5.00 | 7/1/20 | 3,010,000 | 3,170,162 | |||||
Clark County Pollution Control, | 1.60 | 5/21/20 | 3,000,000 | 2,974,380 | |||||
Clark County School District, | 5.00 | 6/15/21 | 2,645,000 | 2,859,774 | |||||
Clark County School District, | 5.00 | 6/15/21 | 3,000,000 | 3,243,600 | |||||
Washoe County, | 1.50 | 6/3/19 | 5,500,000 | 5,475,305 | |||||
20,774,821 | |||||||||
New Hampshire - .5% | |||||||||
Cheshire, | 3.00 | 12/28/18 | 5,000,000 | 5,018,750 | |||||
New Jersey - 9.1% | |||||||||
Hamilton Township, | 3.00 | 5/21/19 | 7,500,000 | 7,555,950 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/20 | 3,000,000 | 3,140,730 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/21 | 1,000,000 | 1,067,200 | |||||
New Jersey Economic Development Authority, | 5.00 | 12/15/18 | 1,500,000 | 1,512,810 |
47
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 96.8% (continued) | |||||||||
New Jersey - 9.1% (continued) | |||||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/19 | 10,700,000 | 10,949,524 | |||||
New Jersey Economic Development Authority, | 5.50 | 12/15/19 | 750,000 | 782,738 | |||||
New Jersey Housing & Mortgage Finance Agency, | 2.45 | 11/1/19 | 2,350,000 | 2,357,708 | |||||
New Jersey Sports and Exposition Authority, | 5.00 | 9/1/18 | 3,950,000 | 3,950,000 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/21 | 5,000,000 | 5,371,350 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/19 | 3,500,000 | 3,580,430 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/20 | 4,000,000 | 4,201,840 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/21 | 3,400,000 | 3,628,480 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/22 | 10,000,000 | 10,835,400 | |||||
New Jersey Transportation Trust Fund Authority, | 5.25 | 12/15/21 | 10,000,000 | 10,856,600 | |||||
New Jersey Transportation Trust Fund Authority, | 5.88 | 12/15/38 | 10,835,000 | 10,938,908 | |||||
North Bergen Township, | 3.00 | 5/1/19 | 3,000,000 | 3,020,250 | |||||
83,749,918 | |||||||||
New Mexico - 1.7% | |||||||||
State of New Mexico, | 5.00 | 3/1/22 | 14,365,000 | 15,851,203 | |||||
New York - 15.1% | |||||||||
Freeport, | 2.75 | 5/1/19 | 6,382,500 | 6,413,966 | |||||
Long Island Power Authority, | 2.12 | 11/1/18 | 10,000,000 | b | 10,001,700 | ||||
Metropolitan Transportation Authority, | 5.00 | 5/15/20 | 10,000,000 | 10,528,800 | |||||
Metropolitan Transportation Authority, | 1.89 | 11/1/18 | 1,250,000 | b | 1,250,063 | ||||
Metropolitan Transportation Authority, | 5.00 | 2/15/20 | 10,000,000 | 10,449,800 | |||||
Nassau, | 5.00 | 4/1/19 | 10,000,000 | 10,192,800 | |||||
New York City Housing Development Corp., | 1.70 | 7/1/21 | 10,000,000 | 9,907,100 | |||||
New York City Housing Development Corporation, | 1.38 | 5/1/20 | 4,000,000 | 3,969,120 | |||||
New York City Industrial Development Agency, | 3.80 | 3/1/23 | 2,000,000 | 2,027,060 | |||||
New York City Municipal Water Finance Authority, | 1.55 | 6/15/45 | 100,000 | a | 100,000 | ||||
New York City Transitional Finance Authority Future Tax Secured Bonds, | 4.44 | 8/1/21 | 13,870,000 | 14,400,250 | |||||
New York Housing Finance Authority, | 1.50 | 5/1/21 | 5,000,000 | 4,956,100 | |||||
New York State Housing Finance Agency, | 1.00 | 11/1/19 | 3,465,000 | 3,427,162 |
48
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 96.8% (continued) | |||||||||
New York - 15.1% (continued) | |||||||||
New York State Housing Finance Agency, | 1.54 | 11/1/46 | 4,900,000 | a | 4,900,000 | ||||
New York State School Districts Dormitory Authority, | 4.00 | 10/1/21 | 5,175,000 | 5,493,004 | |||||
New York State School Districts Dormitory Authority, | 4.00 | 10/1/21 | 5,000,000 | 5,299,550 | |||||
New York State Thruway Authority, | 5.00 | 5/1/19 | 11,500,000 | 11,747,595 | |||||
Triborough Bridge and Tunnel Authority, | 2.00 | 12/1/18 | 15,000,000 | b | 15,007,200 | ||||
Triborough Bridge and Tunnel Authority, | 2.00 | 1/1/19 | 250,000 | b | 250,210 | ||||
TSASC, Inc. of New York, | 4.00 | 6/1/19 | 3,000,000 | 3,043,950 | |||||
TSASC, Inc. of New York, | 5.00 | 6/1/20 | 2,500,000 | 2,621,325 | |||||
TSASC, Inc. of New York, | 5.00 | 6/1/22 | 2,790,000 | 3,049,916 | |||||
139,036,671 | |||||||||
North Carolina - .1% | |||||||||
North Carolina Medical Care Commission, | 5.00 | 10/1/20 | 890,000 | 918,783 | |||||
Ohio - 1.0% | |||||||||
American Municipal Power, | 5.25 | 2/15/22 | 5,040,000 | d | 5,584,320 | ||||
American Municipal Power, | 2.25 | 8/15/21 | 2,500,000 | 2,487,975 | |||||
Hamilton Township, | 4.00 | 12/1/20 | 1,280,000 | 1,340,915 | |||||
9,413,210 | |||||||||
Oklahoma - .4% | |||||||||
Oklahoma County Independent School, | 5.00 | 7/1/20 | 3,625,000 | 3,833,292 | |||||
Pennsylvania - 13.5% | |||||||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/22 | 3,000,000 | 3,274,980 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/21 | 3,000,000 | 3,214,530 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/20 | 3,250,000 | 3,407,722 | |||||
Dauphin County General Authority Health System, | 6.00 | 6/1/29 | 6,520,000 | 6,708,167 | |||||
Lehigh County Industrial Development Authority, | 1.80 | 8/15/22 | 7,000,000 | 6,879,110 | |||||
Lehigh County Industrial Development Authority, | 1.80 | 9/1/22 | 5,000,000 | 4,894,000 | |||||
Norwin School District, | 4.00 | 11/15/20 | 1,325,000 | 1,384,493 | |||||
Pennsylvania, | 5.00 | 8/15/19 | 4,995,000 | 5,147,797 | |||||
Pennsylvania, | 5.00 | 8/15/22 | 9,000,000 | 9,954,180 | |||||
Pennsylvania, | 5.00 | 1/1/21 | 5,000,000 | 5,345,650 |
49
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 96.8% (continued) | |||||||||
Pennsylvania - 13.5% (continued) | |||||||||
Pennsylvania, | 5.00 | 1/15/21 | 5,000,000 | 5,351,300 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 12/31/19 | 2,000,000 | 2,073,860 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 6/30/19 | 2,500,000 | 2,558,725 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 6/30/20 | 2,000,000 | 2,097,080 | |||||
Pennsylvania Economic Development Financing Authority, | 1.70 | 8/3/20 | 3,000,000 | 2,961,540 | |||||
Pennsylvania Economic Development Financing Authority, | 2.25 | 7/1/19 | 15,000,000 | 15,001,050 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 7/1/20 | 3,720,000 | 3,822,821 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/20 | 11,030,000 | 11,636,540 | |||||
Pennsylvania Higher Educational Facilities Authority, | 1.54 | 5/1/30 | 3,800,000 | a | 3,800,000 | ||||
Pennsylvania Turnpike Commission, | 2.36 | 12/1/18 | 5,000,000 | b | 5,002,250 | ||||
Philadelphia, | 5.00 | 8/1/21 | 4,000,000 | 4,319,360 | |||||
Philadelphia, | 5.00 | 1/1/20 | 6,150,000 | 6,411,621 | |||||
Philadelphia School District, | 5.00 | 9/1/18 | 5,350,000 | 5,350,000 | |||||
Philadelphia School District, | 5.00 | 9/1/20 | 500,000 | 529,105 | |||||
Philadelphia School District, | 5.00 | 9/1/19 | 700,000 | 720,321 | |||||
Pittsburgh Water & Sewer Authority, | 2.11 | 12/1/20 | 2,500,000 | b | 2,505,025 | ||||
124,351,227 | |||||||||
Rhode Island - .6% | |||||||||
Rhode Island Commerce Corporation, | 5.00 | 6/15/19 | 2,000,000 | 2,051,520 | |||||
Rhode Island Health and Educational Building Corporation, | 5.00 | 5/15/20 | 1,500,000 | 1,570,455 | |||||
Rhode Island Health and Educational Building Corporation, | 5.00 | 5/15/19 | 1,500,000 | 1,530,315 | |||||
5,152,290 | |||||||||
Tennessee - 1.2% | |||||||||
Greeneville Health & Educational Facilities Board, | 5.00 | 7/1/20 | 2,000,000 | 2,106,420 | |||||
Greeneville Health & Educational Facilities Board, | 5.00 | 7/1/19 | 1,720,000 | 1,763,671 | |||||
Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, | 1.55 | 11/3/20 | 7,500,000 | 7,422,600 | |||||
11,292,691 |
50
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 96.8% (continued) | |||||||||
Texas - 12.2% | |||||||||
Alamo Heights Independent School District, | 3.00 | 2/1/21 | 1,500,000 | 1,535,040 | |||||
Alvin Independent School District, | 3.00 | 8/14/19 | 4,000,000 | 4,046,480 | |||||
Corpus Christi Independent School District, | 2.00 | 8/15/19 | 5,000,000 | 5,008,850 | |||||
Cypress-Fairbanks Independent School District, | 3.00 | 8/17/20 | 10,000,000 | 10,194,100 | |||||
Cypress-Fairbanks Independent School District, | 1.40 | 8/17/20 | 4,125,000 | 4,079,460 | |||||
Dallas Independent School District, | 5.00 | 2/15/21 | 3,000,000 | 3,217,350 | |||||
Eagle Mountain-Saginaw Independent School District, | 2.00 | 8/1/19 | 9,925,000 | 9,941,773 | |||||
Harris County Cultural Education Facilities Finance Corporation, | 5.00 | 11/15/18 | 1,550,000 | 1,559,812 | |||||
Harris County Metropolitan Transportation Authority, | 5.00 | 11/1/21 | 5,500,000 | 6,010,840 | |||||
Houston Combined Utility System, | 1.81 | 8/1/21 | 5,000,000 | b | 4,998,700 | ||||
Houston Independent School District, | 2.20 | 6/1/20 | 6,270,000 | 6,309,438 | |||||
Houston Independent School District, | 3.00 | 6/1/19 | 5,000,000 | 5,043,750 | |||||
Lamar Consolidated Independent School District, | 1.95 | 8/17/20 | 3,750,000 | 3,747,112 | |||||
Mansfield Independent School District, | 2.50 | 8/1/21 | 3,500,000 | 3,545,150 | |||||
Matagorda, | 1.75 | 5/1/30 | 5,000,000 | 4,933,400 | |||||
New Caney Independent School District, | 3.00 | 8/15/21 | 6,000,000 | 6,155,100 | |||||
North Harris County Regional Water Authority, | 5.00 | 12/15/19 | 1,150,000 | 1,198,036 | |||||
Northside Independent School District, | 2.00 | 6/1/21 | 5,000,000 | 4,986,700 | |||||
Plano, | 5.00 | 9/1/20 | 2,125,000 | 2,261,999 | |||||
Round Rock Independent School District, | 1.50 | 8/1/21 | 7,170,000 | 7,051,336 | |||||
San Antonio Electric & Gas, | 2.00 | 12/1/21 | 5,000,000 | 4,965,750 | |||||
Texas, | 5.00 | 8/1/22 | 7,500,000 | 8,344,125 |
51
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 96.8% (continued) | |||||||||
Texas - 12.2% (continued) | |||||||||
Texas Municipal Gas Acquisition and Supply Corporation I, | 5.25 | 12/15/18 | 3,325,000 | 3,354,725 | |||||
112,489,026 | |||||||||
U.S. Related - .1% | |||||||||
Puerto Rico Highways and Transportation Authority, | 5.00 | 12/31/18 | 2,885,000 | e | 663,550 | ||||
Virginia - 1.6% | |||||||||
Peninsula Ports Authority of Virginia, | 1.55 | 10/1/19 | 2,750,000 | 2,744,472 | |||||
York County Economic Development Authority, | 1.88 | 5/16/19 | 12,075,000 | 12,060,268 | |||||
14,804,740 | |||||||||
Washington - 2.4% | |||||||||
Port of Seattle, | 5.00 | 2/1/19 | 5,875,000 | 5,952,197 | |||||
Port of Seattle, | 5.00 | 12/1/21 | 5,000,000 | 5,336,900 | |||||
Seattle, | 2.24 | 9/4/18 | 7,500,000 | b | 7,500,000 | ||||
Washington, | 5.00 | 7/1/20 | 3,345,000 | 3,534,728 | |||||
22,323,825 | |||||||||
West Virginia - .3% | |||||||||
West Virginia Economic Development Authority, | 1.70 | 9/1/20 | 2,500,000 | 2,457,600 | |||||
Wisconsin - 1.3% | |||||||||
Howard, | 4.00 | 12/1/22 | 5,000,000 | 5,296,100 | |||||
Wisconsin, | 5.00 | 5/1/22 | 6,300,000 | d | 6,972,273 | ||||
12,268,373 | |||||||||
Total Long-Term Municipal Investments | 892,584,694 | ||||||||
Short-Term Municipal Investments - 2.4% | |||||||||
Massachusetts - .7% | |||||||||
Danvers, | 3.00 | 8/16/19 | 3,000,000 | 3,027,510 | |||||
Duxbury, | 3.00 | 4/18/19 | 3,100,600 | 3,121,374 | |||||
6,148,884 | |||||||||
New York - 1.7% | |||||||||
Central Square Central School District, | 3.00 | 6/28/19 | 8,375,000 | 8,436,221 | |||||
Queensbury Union Free School District, | 3.00 | 7/12/19 | 7,500,000 | 7,561,275 | |||||
15,997,496 | |||||||||
Total Short-Term Municipal Investments | 22,146,380 |
52
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Yield at | Maturity Date | Principal Amount ($) | Value ($) | ||||||
Short-Term Investments - .5% | |||||||||
U.S. Government Securities | |||||||||
U.S. Treasury Bills | 2.45 | 8/15/19 | 5,000,000 | f | 4,886,198 | ||||
Total Investments (cost $924,985,361) | 99.7% | 919,617,272 | |||||||
Cash and Receivables (Net) | 0.3% | 2,379,413 | |||||||
Net Assets | 100.0% | 921,996,685 |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b Variable rate security—rate shown is the interest rate in effect at period end.
c 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 August 31, 2018, these securities were valued at $999,270 or .11% of net assets.
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
e Non-income producing—security in default.
f Security is a discount security. Income is recognized through the accretion of discount.
Portfolio Summary (Unaudited) † | Value (%) |
General Obligation | 15.7 |
Transportation | 13.8 |
Education | 12.1 |
General | 10.9 |
Utilities | 9.5 |
School District | 7.1 |
Development | 6.6 |
Medical | 5.0 |
Tobacco Settlement | 3.7 |
Special Tax | 3.4 |
Multifamily Housing | 3.2 |
Water | 2.4 |
Prerefunded | 2.4 |
Facilities | 1.6 |
Airport | .9 |
Government | .5 |
Nursing Homes | .4 |
Power | .4 |
Pollution | .1 |
99.7 |
† Based on net assets.
See notes to financial statements.
53
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.1% | |||||||||
California - 1.3% | |||||||||
California Pollution Control Financing Authority, | 1.48 | 11/1/26 | 2,500,000 | a | 2,500,000 | ||||
Florida - .9% | |||||||||
Lake County School Board, | 5.00 | 6/1/27 | 1,620,000 | 1,762,430 | |||||
Illinois - 2.1% | |||||||||
Chicago, | 5.00 | 1/1/24 | 500,000 | 539,890 | |||||
Chicago, | 5.25 | 1/1/22 | 1,285,000 | 1,363,179 | |||||
Illinois, | 5.25 | 2/1/29 | 2,000,000 | 2,142,460 | |||||
4,045,529 | |||||||||
Michigan - 1.1% | |||||||||
Michigan Finance Authority, | 5.00 | 12/1/33 | 1,850,000 | 2,015,427 | |||||
Mississippi - .8% | |||||||||
Mississippi Business Finance Corporation, | 1.56 | 11/1/35 | 1,400,000 | a | 1,400,000 | ||||
Mississippi Business Finance Corporation, | 1.56 | 12/1/30 | 100,000 | a | 100,000 | ||||
1,500,000 | |||||||||
New Jersey - 4.4% | |||||||||
New Jersey Economic Development Authority, | 5.00 | 3/1/27 | 2,000,000 | 2,147,680 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/20 | 1,250,000 | 1,332,475 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/21 | 2,000,000 | 2,179,220 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/31 | 2,375,000 | 2,700,351 | |||||
8,359,726 | |||||||||
New York - 4.3% | |||||||||
New York City Municipal Water Finance Authority, | 1.57 | 6/15/39 | 200,000 | a | 200,000 | ||||
New York City Municipal Water Finance Authority, | 1.47 | 6/15/48 | 200,000 | a | 200,000 | ||||
New York City Transitional Finance Authority, | 5.25 | 7/15/35 | 1,500,000 | 1,781,970 | |||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 2,250,000 | b | 2,368,462 | ||||
New York State Housing Finance Agency, | 1.48 | 5/1/42 | 900,000 | a | 900,000 | ||||
New York Transportation Development Corporation, | 5.00 | 1/1/25 | 1,350,000 | 1,516,779 | |||||
Port Authority of New York & New Jersey, | 5.00 | 9/15/24 | 1,000,000 | 1,145,100 | |||||
8,112,311 |
54
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.1% (continued) | |||||||||
Pennsylvania - 83.0% | |||||||||
Allegheny County Higher Education Building Authority, | 5.00 | 3/1/26 | 750,000 | 865,155 | |||||
Allegheny County Hospital Development Authority, | 5.00 | 4/1/30 | 1,000,000 | 1,134,140 | |||||
Allegheny County Port Authority, | 5.25 | 3/1/24 | 2,000,000 | 2,155,520 | |||||
Altoona Area School District, | 5.00 | 12/1/36 | 1,375,000 | 1,536,562 | |||||
Beaver County Hospital Authority, | 5.00 | 5/15/25 | 1,250,000 | 1,339,675 | |||||
Beaver County Hospital Authority, | 5.00 | 5/15/23 | 1,345,000 | 1,446,991 | |||||
Berks County Industrial Development Authority, | 4.00 | 11/1/33 | 1,300,000 | 1,331,018 | |||||
Berks County Municipal Authority, | 5.00 | 11/1/19 | 2,000,000 | 2,071,180 | |||||
Boyertown Area School District, | 5.00 | 10/1/34 | 1,060,000 | 1,171,459 | |||||
Canonsburg-Houston Joint Authority, | 5.00 | 12/1/23 | 1,260,000 | 1,407,168 | |||||
Capital Region Water, | 5.00 | 7/15/26 | 750,000 | 869,693 | |||||
Chester County Health and Education Facilities Authority, | 4.00 | 10/1/36 | 1,000,000 | 1,033,840 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/32 | 3,500,000 | 3,973,235 | |||||
Dallastown Area School District York County, | 5.00 | 4/15/32 | 1,000,000 | 1,132,550 | |||||
Dallastown Area School District York County, | 5.00 | 4/15/31 | 1,400,000 | 1,589,196 | |||||
Dauphin County General Authority, | 5.00 | 6/1/29 | 1,000,000 | 1,141,620 | |||||
Delaware County Authority, | 5.00 | 8/1/30 | 1,000,000 | 1,141,960 | |||||
Erie County, | 5.50 | 9/1/22 | 1,640,000 | 1,846,935 | |||||
Franklin County, | 4.00 | 11/1/32 | 1,205,000 | 1,278,119 | |||||
Garnet Valley School District, | 4.00 | 4/1/27 | 2,415,000 | 2,607,403 | |||||
Lancaster County Hospital Authority, | 5.00 | 8/15/31 | 1,250,000 | 1,447,537 | |||||
Lancaster County Solid Waste Management Authority, | 5.00 | 12/15/33 | 1,895,000 | 2,102,067 | |||||
Manheim Township School District, | 5.00 | 2/1/30 | 1,025,000 | 1,177,469 | |||||
Manheim Township School District, | 5.00 | 2/1/29 | 1,000,000 | 1,153,520 | |||||
Monroeville Finance Authority, | 5.00 | 2/15/25 | 1,000,000 | 1,150,510 | |||||
Montgomery County, | 5.00 | 12/15/19 | 100,000 | c | 104,086 | ||||
Montgomery County Higher Education and Health Authority, | 5.00 | 8/15/37 | 500,000 | 554,325 | |||||
Montgomery County Higher Education and Health Authority, | 5.00 | 9/1/30 | 1,600,000 | 1,854,960 |
55
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.1% (continued) | |||||||||
Pennsylvania - 83.0% (continued) | |||||||||
Montgomery County Industrial Development Authority, | 5.50 | 8/1/20 | 995,000 | c | 1,065,197 | ||||
Montgomery County Industrial Development Authority, | 5.00 | 1/15/20 | 1,000,000 | 1,031,860 | |||||
Northampton County General Purpose Authority, | 4.00 | 11/15/35 | 1,530,000 | 1,606,286 | |||||
Northhampton County General Purpose Authority, | 5.00 | 11/1/43 | 3,500,000 | 3,842,440 | |||||
Pennsylvania, | 5.00 | 9/15/23 | 1,000,000 | 1,125,980 | |||||
Pennsylvania, | 5.00 | 9/15/24 | 2,975,000 | 3,392,333 | |||||
Pennsylvania, | 5.00 | 3/15/28 | 2,200,000 | 2,489,718 | |||||
Pennsylvania, | 5.00 | 8/15/22 | 3,060,000 | 3,390,541 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 11/1/26 | 1,000,000 | 1,081,620 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 3/1/25 | 1,000,000 | 1,074,020 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 2/1/26 | 2,455,000 | 2,792,857 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 3/15/31 | 1,000,000 | 1,138,680 | |||||
Pennsylvania Economic Development Financing Authority, | 2.25 | 7/1/19 | 5,000,000 | 5,000,350 | |||||
Pennsylvania Economic Development Financing Authority, | 4.00 | 11/15/34 | 2,000,000 | 2,047,880 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/24 | 1,310,000 | 1,505,452 | |||||
Pennsylvania Higher Educational Facilities Authority, | 4.00 | 6/15/30 | 2,220,000 | 2,354,576 | |||||
Pennsylvania Higher Educational Facilities Authority, | 1.54 | 5/1/30 | 100,000 | a | 100,000 | ||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 4/1/26 | 1,000,000 | 1,088,840 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/32 | 2,240,000 | 2,608,278 | |||||
Pennsylvania Higher Educational Facilities Authority, | 4.00 | 8/15/36 | 1,000,000 | 1,039,660 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/25 | 1,000,000 | 1,154,940 | |||||
Pennsylvania Higher Educational Facilities Authority, | 4.00 | 8/15/34 | 1,000,000 | 1,045,920 | |||||
Pennsylvania Infrastructure Investment Authority, | 5.00 | 5/15/22 | 1,000,000 | 1,109,690 | |||||
Pennsylvania State University, | 5.00 | 9/1/33 | 1,010,000 | 1,167,287 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/38 | 2,415,000 | 2,611,798 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/22 | 1,190,000 | c | 1,336,430 |
56
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.1% (continued) | |||||||||
Pennsylvania - 83.0% (continued) | |||||||||
Pennsylvania Turnpike Commission, | 4.00 | 12/1/36 | 1,250,000 | 1,283,988 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/30 | 1,325,000 | 1,532,813 | |||||
Pennsylvania Turnpike Commission, | 5.25 | 7/15/25 | 2,500,000 | 2,948,175 | |||||
Pennsylvania Turnpike Commission, | 4.00 | 12/1/36 | 1,670,000 | 1,695,735 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 6/1/34 | 1,000,000 | 1,125,670 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/38 | 1,230,000 | 1,372,446 | |||||
Pennsylvania Turnpike Commission, | 5.25 | 12/1/35 | 2,280,000 | 2,592,406 | |||||
Perkiomen Valley School District, | 4.00 | 3/1/28 | 1,000,000 | 1,069,590 | |||||
Philadelphia, | 5.00 | 6/15/20 | 1,750,000 | 1,841,192 | |||||
Philadelphia, | 5.00 | 8/1/29 | 1,000,000 | 1,143,500 | |||||
Philadelphia, | 5.00 | 8/1/29 | 1,000,000 | 1,143,500 | |||||
Philadelphia, | 5.00 | 8/1/30 | 1,275,000 | 1,467,576 | |||||
Philadelphia, | 5.00 | 11/1/27 | 355,000 | 392,474 | |||||
Philadelphia, | 5.00 | 11/1/22 | 2,485,000 | c | 2,780,790 | ||||
Philadelphia, | 5.00 | 1/1/36 | 2,830,000 | 2,998,442 | |||||
Philadelphia, | 5.00 | 7/1/31 | 2,000,000 | 2,272,780 | |||||
Philadelphia Airport, | 5.00 | 7/1/33 | 350,000 | 402,721 | |||||
Philadelphia Airport, | 5.00 | 7/1/31 | 500,000 | 575,735 | |||||
Philadelphia Airport, | 5.00 | 7/1/32 | 350,000 | 401,261 | |||||
Philadelphia Authority for Industrial Development, | 5.00 | 2/15/34 | 1,250,000 | 1,402,863 | |||||
Philadelphia Authority for Industrial Development, | 5.00 | 4/1/25 | 1,500,000 | 1,734,810 | |||||
Philadelphia Authority for Industrial Development, | 5.00 | 4/1/31 | 2,000,000 | 2,264,980 | |||||
Philadelphia School District, | 5.00 | 9/1/20 | 1,805,000 | 1,910,069 | |||||
Philadelphia School District, | 5.00 | 9/1/28 | 500,000 | 576,430 | |||||
Pittsburgh and Allegheny County Sports & Exhibition Authority, | 5.00 | 12/15/32 | 1,000,000 | 1,126,350 | |||||
Pittsburgh and Allegheny County Sports & Exhibition Authority, | 5.00 | 12/15/24 | 500,000 | 567,525 | |||||
Pittsburgh and Allegheny County Sports & Exhibition Authority, | 5.00 | 12/15/23 | 355,000 | 398,612 |
57
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.1% (continued) | |||||||||
Pennsylvania - 83.0% (continued) | |||||||||
Pittsburgh Water and Sewer Authority, | 5.00 | 9/1/26 | 2,500,000 | 2,930,300 | |||||
Pittsburgh Water and Sewer Authority, | 5.00 | 9/1/23 | 2,580,000 | c | 2,932,609 | ||||
Southcentral Pennsylvania General Authority, | 5.00 | 6/1/27 | 2,085,000 | 2,340,642 | |||||
Southeastern Pennsylvania Transportation Authority, | 5.00 | 6/1/21 | 2,000,000 | c | 2,167,440 | ||||
State Public School Building Authority, | 5.00 | 6/1/24 | 2,000,000 | 2,245,220 | |||||
State Public School Building Authority, | 5.00 | 4/1/31 | 2,490,000 | 2,643,558 | |||||
Upper Merion Area School District, | 5.00 | 1/15/35 | 420,000 | 478,670 | |||||
Upper Merion Area School District, | 5.00 | 1/15/36 | 250,000 | 284,210 | |||||
Upper Merion Area School District, | 5.00 | 1/15/37 | 275,000 | 312,048 | |||||
Upper Merion Area School District, | 5.00 | 1/15/34 | 350,000 | 399,889 | |||||
Upper Merion Area School District, | 5.00 | 1/15/34 | 620,000 | 699,335 | |||||
Upper Merion Area School District, | 5.00 | 1/15/35 | 650,000 | 731,562 | |||||
Upper Merion Area School District, | 5.00 | 1/15/37 | 400,000 | 448,460 | |||||
Upper Moreland Township School District, | 4.00 | 10/1/33 | 780,000 | 809,024 | |||||
Upper St Clair Township School District, | 5.00 | 10/1/41 | 1,000,000 | 1,107,910 | |||||
West Mifflin Area School District, | 5.00 | 4/1/26 | 1,000,000 | 1,115,900 | |||||
West View Borough Municipal Authority, | 5.00 | 11/15/24 | 3,000,000 | c | 3,489,510 | ||||
Westmoreland County Municipal Authority, | 5.00 | 8/15/28 | 1,000,000 | 1,145,420 | |||||
Westmoreland County Municipal Authority, | 5.00 | 8/15/27 | 1,500,000 | 1,722,225 | |||||
Whitemarsh Township, | 4.00 | 11/15/39 | 1,000,000 | 1,039,040 | |||||
Whitemarsh Township, | 4.00 | 11/15/35 | 605,000 | 633,889 | |||||
157,519,820 | |||||||||
U.S. Related - 3.2% | |||||||||
Guam, | 5.00 | 1/1/24 | 1,500,000 | 1,608,375 | |||||
Guam, | 5.63 | 12/1/19 | 1,000,000 | c | 1,047,630 | ||||
Puerto Rico Commonwealth, | 5.50 | 7/1/19 | 3,000,000 | 3,066,480 |
58
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.1% (continued) | |||||||||
U.S. Related - 3.2% (continued) | |||||||||
Puerto Rico Infrastructure Financing Authority, | 5.00 | 7/1/21 | 1,400,000 | d | 253,890 | ||||
5,976,375 | |||||||||
Total Investments (cost $189,692,999) | 101.1% | 191,791,618 | |||||||
Liabilities, Less Cash and Receivables | (1.1%) | (2,102,870) | |||||||
Net Assets | 100.0% | 189,688,748 |
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 August 31, 2018, these securities were valued at $2,368,462 or 1.25% of net assets.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
d Non-income producing—security in default.
Portfolio Summary (Unaudited) † | Value (%) |
Education | 20.4 |
Medical | 15.2 |
Transportation | 13.9 |
General Obligation | 13.7 |
Prerefunded | 7.9 |
Water | 7.5 |
Development | 5.2 |
School District | 4.4 |
Special Tax | 3.9 |
General | 2.6 |
Pollution | 2.4 |
Higher Education | 2.1 |
Tobacco Settlement | 1.4 |
Multifamily Housing | .5 |
101.1 |
† Based on net assets.
See notes to financial statements.
59
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.9% | |||||||||
Illinois - .7% | |||||||||
Chicago, | 5.00 | 1/1/23 | 1,970,000 | 2,108,708 | |||||
Massachusetts - 91.6% | |||||||||
Berkshire Wind Power Cooperative Corporation, | 5.00 | 7/1/30 | 1,000,000 | 1,153,140 | |||||
Berkshire Wind Power Cooperative Corporation, | 5.00 | 7/1/28 | 1,000,000 | 1,166,630 | |||||
Berkshire Wind Power Cooperative Corporation, | 5.00 | 7/1/26 | 475,000 | 554,107 | |||||
Commonwealth of Massachusetts Transportation Fund, | 4.00 | 6/1/35 | 3,140,000 | 3,336,847 | |||||
Commonwealth of Massachusetts Transportation Fund, | 5.00 | 6/1/35 | 2,300,000 | 2,592,422 | |||||
Dedham, | 4.00 | 6/15/29 | 495,000 | 534,595 | |||||
Dedham, | 4.00 | 6/15/30 | 495,000 | 531,106 | |||||
Massachusetts, | 4.00 | 6/1/46 | 2,500,000 | 2,578,850 | |||||
Massachusetts, | 5.00 | 6/15/25 | 5,060,000 | 5,842,428 | |||||
Massachusetts, | 5.00 | 6/15/27 | 2,000,000 | 2,292,860 | |||||
Massachusetts, | 4.00 | 2/1/29 | 2,500,000 | 2,665,000 | |||||
Massachusetts, | 4.50 | 12/1/43 | 5,000,000 | 5,297,900 | |||||
Massachusetts, | 5.00 | 2/1/33 | 2,000,000 | 2,306,420 | |||||
Massachusetts, | 5.00 | 3/1/31 | 2,250,000 | 2,547,922 | |||||
Massachusetts, | 5.00 | 8/1/21 | 5,000,000 | a | 5,439,000 | ||||
Massachusetts, | 2.03 | 11/1/18 | 2,500,000 | b | 2,500,100 | ||||
Massachusetts, | 2.12 | 11/1/25 | 2,500,000 | b | 2,486,475 | ||||
Massachusetts, | 5.00 | 7/1/29 | 1,000,000 | 1,151,140 | |||||
Massachusetts Bay Transportation Authority, | 0.00 | 7/1/32 | 2,500,000 | c | 1,547,600 | ||||
Massachusetts Bay Transportation Authority, | 5.25 | 7/1/21 | 2,000,000 | 2,189,560 | |||||
Massachusetts Bay Transportation Authority, | 5.25 | 7/1/22 | 2,430,000 | 2,727,724 | |||||
Massachusetts Clean Energy Cooperative Corporation, | 5.00 | 7/1/28 | 1,250,000 | 1,398,325 | |||||
Massachusetts Clean Energy Cooperative Corporation, | 5.00 | 7/1/32 | 870,000 | 968,623 | |||||
Massachusetts Clean Water Trust, | 5.00 | 2/1/35 | 990,000 | 1,126,838 |
60
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.9% (continued) | |||||||||
Massachusetts - 91.6% (continued) | |||||||||
Massachusetts Clean Water Trust, | 5.00 | 8/1/34 | 2,500,000 | 2,964,900 | |||||
Massachusetts College Building Authority, | 5.00 | 5/1/27 | 2,000,000 | 2,254,020 | |||||
Massachusetts Department of Transportation, | 5.00 | 1/1/32 | 1,530,000 | 1,590,986 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/25 | 545,000 | 627,851 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 350,000 | 398,346 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/40 | 1,500,000 | 1,685,475 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/37 | 1,750,000 | 1,980,475 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/23 | 400,000 | 454,088 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/26 | 500,000 | 572,615 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 500,000 | 567,860 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/23 | 2,060,000 | 2,283,634 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/44 | 2,000,000 | 2,154,140 | |||||
Massachusetts Development Finance Agency, | 4.00 | 10/1/32 | 1,000,000 | 1,052,130 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/46 | 2,000,000 | 2,257,300 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 1,000,000 | 1,130,590 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/29 | 1,000,000 | 1,136,240 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/30 | 1,000,000 | 1,131,040 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/26 | 1,000,000 | 1,149,000 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/22 | 1,000,000 | 1,097,840 | |||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/25 | 400,000 | 469,356 | |||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/26 | 705,000 | 836,969 | |||||
Massachusetts Development Finance Agency, | 5.00 | 12/1/33 | 2,500,000 | 2,874,275 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/22 | 565,000 | 613,127 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/25 | 1,000,000 | 1,129,100 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/35 | 1,000,000 | 1,109,990 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/33 | 1,250,000 | 1,395,875 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/23 | 400,000 | 441,752 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/31 | 325,000 | 365,404 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/33 | 305,000 | 340,594 |
61
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.9% (continued) | |||||||||
Massachusetts - 91.6% (continued) | |||||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/27 | 280,000 | 319,410 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/28 | 255,000 | 292,398 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/26 | 170,000 | 193,273 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/32 | 340,000 | 381,113 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/30 | 1,000,000 | 1,117,330 | |||||
Massachusetts Development Finance Agency, | 4.00 | 10/1/46 | 1,000,000 | 981,750 | |||||
Massachusetts Development Finance Agency, | 5.00 | 8/15/27 | 1,000,000 | 1,057,510 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/31 | 1,000,000 | 1,132,520 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 1,550,000 | 1,775,106 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/37 | 465,000 | 520,754 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/33 | 500,000 | 586,365 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/31 | 575,000 | 679,253 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/30 | 500,000 | 594,020 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/32 | 750,000 | 883,117 | |||||
Massachusetts Development Finance Agency, | 5.00 | 11/1/38 | 5,000,000 | 5,486,700 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/32 | 2,000,000 | 2,095,760 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 1,825,000 | 1,972,898 | |||||
Massachusetts Development Finance Agency, | 1.45 | 7/1/48 | 1,100,000 | d | 1,100,000 | ||||
Massachusetts Development Finance Agency, | 5.00 | 4/15/40 | 1,730,000 | 1,835,755 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/15/33 | 3,410,000 | 3,655,349 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/25 | 700,000 | 794,808 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/29 | 1,000,000 | 1,114,430 | |||||
Massachusetts Development Finance Agency, | 5.25 | 10/1/24 | 465,000 | 525,789 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/41 | 2,000,000 | 2,176,520 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 750,000 | 849,390 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 500,000 | 572,205 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 530,000 | 598,905 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/20 | 530,000 | 548,571 |
62
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.9% (continued) | |||||||||
Massachusetts - 91.6% (continued) | |||||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 1,000,000 | 1,174,440 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/32 | 1,910,000 | 2,187,103 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/31 | 2,050,000 | 2,379,353 | |||||
Massachusetts Development Finance Agency, | 5.13 | 7/1/40 | 210,000 | 218,455 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/29 | 2,250,000 | 2,544,277 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/23 | 2,500,000 | 2,766,600 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 1,300,000 | 1,476,423 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 1,340,000 | 1,511,225 | |||||
Massachusetts Development Finance Agency, | 5.25 | 4/1/21 | 3,675,000 | a | 3,990,315 | ||||
Massachusetts Development Finance Agency, | 5.25 | 4/1/21 | 1,500,000 | a | 1,628,700 | ||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/21 | 300,000 | 322,545 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 1,000,000 | 1,136,240 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 815,000 | 921,431 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/22 | 490,000 | 537,187 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 1,000,000 | 1,130,590 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 2,375,000 | 2,714,791 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 400,000 | 463,724 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 535,000 | 629,770 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/24 | 550,000 | 617,777 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/20 | 705,000 | 745,354 | |||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/35 | 1,000,000 | 1,083,250 | |||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/40 | 2,650,000 | 2,846,921 | |||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/26 | 1,205,000 | 1,374,146 | |||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/24 | 1,090,000 | 1,223,285 | |||||
Massachusetts Development Finance Agency, | 3.00 | 1/1/25 | 190,000 | 194,847 | |||||
Massachusetts Development Finance Agency, | 4.00 | 1/1/19 | 170,000 | 171,268 | |||||
Massachusetts Development Finance Agency, | 4.00 | 1/1/26 | 130,000 | 141,336 |
63
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.9% (continued) | |||||||||
Massachusetts - 91.6% (continued) | |||||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/31 | 415,000 | 474,648 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/20 | 200,000 | 208,266 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/27 | 310,000 | 360,198 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/21 | 100,000 | 106,984 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/22 | 200,000 | 218,648 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/30 | 410,000 | 470,471 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/23 | 250,000 | 279,140 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/28 | 140,000 | 161,816 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/29 | 200,000 | 230,254 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/30 | 1,000,000 | 1,188,080 | |||||
Massachusetts Development Finance Agency, | 5.00 | 6/1/25 | 450,000 | 523,602 | |||||
Massachusetts Development Finance Agency, | 5.00 | 6/1/26 | 850,000 | 996,693 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/37 | 1,600,000 | 1,720,336 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/36 | 3,480,000 | 3,586,488 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/25 | 1,000,000 | 1,165,790 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/34 | 750,000 | 874,178 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/35 | 500,000 | 581,055 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/37 | 750,000 | 867,060 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/36 | 3,250,000 | 3,765,645 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/26 | 2,000,000 | 2,359,580 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/23 | 1,935,000 | 2,160,544 | |||||
Massachusetts Development Finance Agency, | 5.00 | 5/1/34 | 1,000,000 | 1,093,010 | |||||
Massachusetts Development Finance Agency, | 5.00 | 5/1/39 | 1,460,000 | 1,592,042 | |||||
Massachusetts Development Finance Agency, | 5.75 | 5/1/19 | 2,000,000 | a | 2,054,400 | ||||
Massachusetts Development Finance Agency, | 2.25 | 5/1/19 | 4,000,000 | e | 3,997,080 | ||||
Massachusetts Development Finance Authority, | 5.00 | 4/1/33 | 390,000 | 434,827 | |||||
Massachusetts Development Finance Authority, | 5.00 | 4/1/31 | 350,000 | 392,714 | |||||
Massachusetts Development Finance Authority, | 5.00 | 4/1/32 | 370,000 | 413,986 |
64
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.9% (continued) | |||||||||
Massachusetts - 91.6% (continued) | |||||||||
Massachusetts Development Finance Authority, | 5.00 | 4/1/37 | 835,000 | 920,546 | |||||
Massachusetts Development Finance Authority, | 5.00 | 4/1/35 | 840,000 | 931,283 | |||||
Massachusetts Development Finance Authority, | 4.00 | 7/1/22 | 655,000 | 675,836 | |||||
Massachusetts Development Finance Authority, | 4.00 | 7/1/21 | 625,000 | 641,431 | |||||
Massachusetts Development Finance Authority, | 5.00 | 7/1/21 | 500,000 | 537,805 | |||||
Massachusetts Educational Financing Authority, | 5.00 | 1/1/20 | 1,400,000 | 1,453,004 | |||||
Massachusetts Educational Financing Authority, | 5.00 | 7/1/21 | 2,350,000 | 2,523,688 | |||||
Massachusetts Educational Financing Authority, | 5.00 | 7/1/23 | 2,300,000 | 2,556,289 | |||||
Massachusetts Educational Financing Authority, | 5.00 | 7/1/24 | 2,000,000 | 2,253,120 | |||||
Massachusetts Federal Highway, | 5.00 | 6/15/27 | 2,300,000 | 2,727,271 | |||||
Massachusetts Health and Educational Facilities Authority, | 1.36 | 11/1/35 | 100,000 | d | 100,000 | ||||
Massachusetts Health and Educational Facilities Authority, | 1.26 | 7/1/44 | 1,300,000 | d | 1,300,000 | ||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/32 | 125,000 | 125,321 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/37 | 360,000 | 360,925 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.25 | 12/1/22 | 2,750,000 | 2,777,362 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.25 | 12/1/27 | 2,000,000 | 2,020,540 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 7/1/23 | 3,335,000 | 3,802,534 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.50 | 7/1/22 | 1,800,000 | 2,042,748 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/30 | 3,000,000 | 3,180,480 | |||||
Massachusetts Health and Educational Facilities Authority, | 7.50 | 10/1/18 | 410,000 | a | 411,788 | ||||
Massachusetts Health and Educational Facilities Authority, | 7.50 | 10/1/18 | 590,000 | a | 592,572 | ||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 7/1/20 | 2,500,000 | a | 2,647,350 | ||||
Massachusetts Health and Educational Facilities Authority, | 6.25 | 7/1/30 | 840,000 | 866,561 | |||||
Massachusetts Health and Educational Facilities Authority, | 1.44 | 7/1/38 | 500,000 | d | 500,000 | ||||
Massachusetts Health and Educational Facilities Authority, | 5.25 | 2/15/26 | 3,130,000 | 3,732,431 | |||||
Massachusetts Housing Finance Agency, | 2.95 | 12/1/32 | 1,000,000 | 924,740 | |||||
Massachusetts Housing Finance Agency, | 4.00 | 6/1/19 | 760,000 | 771,073 |
65
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.9% (continued) | |||||||||
Massachusetts - 91.6% (continued) | |||||||||
Massachusetts Housing Finance Agency, | 3.50 | 12/1/46 | 1,505,000 | 1,545,439 | |||||
Massachusetts Housing Finance Agency, | 4.00 | 12/1/48 | 1,250,000 | 1,320,775 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/24 | 315,000 | 360,533 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/33 | 2,000,000 | 2,265,800 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/29 | 200,000 | 226,482 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/28 | 200,000 | 227,278 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/31 | 1,500,000 | 1,657,755 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/27 | 1,345,000 | 1,467,825 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/32 | 750,000 | 851,850 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/28 | 1,330,000 | 1,523,036 | |||||
Massachusetts School Building Authority, | 5.00 | 2/15/37 | 1,040,000 | 1,158,674 | |||||
Massachusetts School Building Authority, | 4.00 | 8/15/32 | 2,500,000 | 2,634,775 | |||||
Massachusetts School Building Authority, | 5.00 | 8/15/29 | 2,700,000 | 2,975,508 | |||||
Massachusetts School Building Authority, | 5.00 | 8/15/26 | 2,000,000 | 2,219,240 | |||||
Massachusetts School Building Authority, | 5.00 | 8/15/30 | 2,000,000 | 2,200,900 | |||||
Massachusetts Transportation Fund, | 5.00 | 6/1/36 | 1,000,000 | 1,124,870 | |||||
Massachusetts Turnpike Authority, | 5.00 | 1/1/20 | 1,565,000 | 1,608,319 | |||||
Massachusetts Water Pollution Abatement Trust, | 5.75 | 8/1/29 | 155,000 | 155,481 | |||||
Massachusetts Water Resources Authority, | 5.00 | 8/1/21 | 500,000 | a | 543,160 | ||||
Massachusetts Water Resources Authority, | 5.25 | 8/1/26 | 2,000,000 | 2,421,000 | |||||
Metropolitan Boston Transit Parking Corporation, | 5.00 | 7/1/41 | 4,090,000 | 4,364,521 | |||||
Mount Greylock Regional School District, | 4.00 | 6/15/27 | 640,000 | 688,474 | |||||
Mount Greylock Regional School District, | 4.00 | 6/15/28 | 420,000 | 450,408 | |||||
Mount Greylock Regional School District, | 4.00 | 6/15/29 | 745,000 | 794,408 | |||||
Mount Greylock Regional School District, | 4.00 | 6/15/30 | 315,000 | 333,988 | |||||
Plainville, | 4.00 | 10/15/30 | 1,210,000 | 1,317,896 | |||||
Town of Brookline, | 5.00 | 3/15/25 | 1,360,000 | 1,597,592 | |||||
Town of Mansfield, | 4.00 | 5/15/30 | 845,000 | 909,152 |
66
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.9% (continued) | |||||||||
Massachusetts - 91.6% (continued) | |||||||||
Town of Mansfield, | 4.00 | 5/15/29 | 815,000 | 880,502 | |||||
University of Massachusetts Building Authority, | 5.00 | 11/1/34 | 2,200,000 | 2,569,072 | |||||
Worcester, | 5.00 | 1/15/29 | 1,690,000 | 1,956,412 | |||||
278,978,294 | |||||||||
Michigan - .7% | |||||||||
Michigan Finance Authority, | 5.00 | 12/1/33 | 2,000,000 | 2,178,840 | |||||
New Jersey - 3.5% | |||||||||
New Jersey Economic Development Authority, | 5.25 | 12/15/20 | 1,760,000 | 1,876,125 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/25 | 2,000,000 | 2,227,500 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/21 | 2,160,000 | 2,353,558 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/31 | 3,625,000 | 4,121,589 | |||||
10,578,772 | |||||||||
New York - 2.0% | |||||||||
Metropolitan Transportation Authority, | 5.00 | 11/15/31 | 1,350,000 | 1,566,985 | |||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 2,250,000 | e | 2,368,462 | ||||
New York Transportation Development Corporation, | 5.00 | 1/1/25 | 2,075,000 | 2,331,345 | |||||
6,266,792 | |||||||||
U.S. Related - 1.4% | |||||||||
Guam, | 5.00 | 1/1/25 | 1,500,000 | 1,600,980 | |||||
Guam, | 6.00 | 11/1/26 | 500,000 | 540,785 | |||||
Guam, | 5.63 | 12/1/19 | 1,000,000 | a | 1,047,630 | ||||
Puerto Rico Commonwealth, | 5.50 | 7/1/19 | 800,000 | 817,728 | |||||
Puerto Rico Infrastructure Financing Authority, | 5.00 | 7/1/20 | 1,100,000 | f | 199,485 | ||||
4,206,608 | |||||||||
Total Investments (cost $303,548,177) | 99.9% | 304,318,014 | |||||||
Cash and Receivables (Net) | 0.1% | 242,443 | |||||||
Net Assets | 100.0% | 304,560,457 |
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 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 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.
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 August 31, 2018, these securities were valued at $6,365,542 or 2.09% of net assets.
f Non-income producing—security in default.
67
STATEMENT OF INVESTMENTS (continued)
Portfolio Summary (Unaudited) † | Value (%) |
Education | 36.9 |
Medical | 14.5 |
Transportation | 13.7 |
General Obligation | 9.5 |
Prerefunded | 6.6 |
Development | 4.1 |
General | 3.8 |
Special Tax | 2.2 |
Utilities | 1.7 |
Tobacco Settlement | 1.4 |
Pollution | 1.3 |
Water | 1.2 |
Single Family Housing | .9 |
Higher Education | .8 |
School District | .7 |
Multifamily Housing | .3 |
Housing | .3 |
99.9 |
† Based on net assets.
See notes to financial statements.
68
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.9% | |||||||||
Illinois - .7% | |||||||||
Chicago, | 5.25 | 1/1/22 | 1,150,000 | 1,219,966 | |||||
Michigan - .8% | |||||||||
Michigan Finance Authority, | 5.00 | 12/1/33 | 1,150,000 | 1,252,833 | |||||
New Jersey - 3.0% | |||||||||
New Jersey Economic Development Authority, | 5.25 | 12/15/20 | 1,000,000 | 1,065,980 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/21 | 1,265,000 | 1,378,357 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/31 | 2,000,000 | 2,273,980 | |||||
4,718,317 | |||||||||
New York - 92.7% | |||||||||
Albany County Airport Authority, | 5.00 | 12/15/23 | 1,500,000 | 1,579,245 | |||||
Battery Park City Authority, | 5.00 | 11/1/23 | 1,065,000 | 1,222,993 | |||||
Dutchess County Local Development Corporation, | 5.00 | 7/1/26 | 1,000,000 | 1,158,880 | |||||
Dutchess County Local Development Corporation, | 5.00 | 7/1/33 | 920,000 | 1,047,770 | |||||
Dutchess County Local Development Corporation, | 5.00 | 7/1/27 | 1,000,000 | 1,155,650 | |||||
Dutchess County Local Development Corporation, | 5.00 | 7/1/26 | 525,000 | 602,831 | |||||
Erie County Fiscal Stability Authority, | 5.00 | 12/1/21 | 1,000,000 | a | 1,101,880 | ||||
Erie County Water Authority, | 4.00 | 12/1/38 | 1,250,000 | 1,309,863 | |||||
Haverstraw-Stony Point Central School District, | 5.00 | 10/15/34 | 730,000 | 814,439 | |||||
Haverstraw-Stony Point Central School District, | 5.00 | 10/15/33 | 725,000 | 810,702 | |||||
Hudson Yards Infrastructure Corporation, | 5.00 | 2/15/35 | 1,000,000 | 1,145,790 | |||||
Hudson Yards Infrastructure Corporation, | 5.00 | 2/15/33 | 1,310,000 | 1,507,312 | |||||
Long Island Power Authority, | 5.00 | 5/1/21 | 1,000,000 | 1,080,160 | |||||
Long Island Power Authority, | 5.00 | 5/1/20 | 1,000,000 | 1,055,480 | |||||
Long Island Power Authority, | 5.00 | 9/1/24 | 1,270,000 | 1,459,281 | |||||
Long Island Power Authority, | 5.00 | 9/1/33 | 1,500,000 | 1,731,000 | |||||
Metropolitan Transportation Authority, | 5.25 | 11/15/28 | 1,000,000 | 1,200,130 | |||||
Metropolitan Transportation Authority, | 4.00 | 11/15/33 | 1,000,000 | 1,068,180 |
69
STATEMENT OF INVESTMENTS (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.9% (continued) | |||||||||
New York - 92.7% (continued) | |||||||||
Metropolitan Transportation Authority, | 5.00 | 11/15/25 | 1,000,000 | 1,159,360 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/24 | 1,475,000 | 1,692,636 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/35 | 1,215,000 | 1,374,299 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/22 | 1,010,000 | 1,131,725 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/28 | 2,375,000 | 2,621,905 | |||||
Metropolitan Transportation Authority, | 6.25 | 11/15/23 | 60,000 | 60,557 | |||||
Metropolitan Transportation Authority, | 6.25 | 11/15/18 | 5,000 | a | 5,047 | ||||
Monroe County Industrial Development Corporation, | 5.00 | 12/1/28 | 1,095,000 | 1,258,932 | |||||
Monroe County Industrial Development Corporation, | 5.00 | 12/1/32 | 1,000,000 | 1,134,060 | |||||
Monroe County Industrial Development Corporation, | 4.00 | 7/1/34 | 1,000,000 | 1,059,450 | |||||
Monroe County Industrial Development Corporation, | 4.00 | 7/1/35 | 1,000,000 | 1,055,520 | |||||
Nassau County, | 5.00 | 4/1/29 | 1,500,000 | 1,672,410 | |||||
Nassau County, | 5.00 | 4/1/36 | 1,000,000 | 1,126,800 | |||||
Nassau County Sewer and Storm Water Finance Authority, | 5.38 | 11/1/18 | 1,000,000 | a | 1,006,000 | ||||
New York City, | 5.00 | 8/1/25 | 1,255,000 | 1,465,827 | |||||
New York City, | 5.25 | 3/1/35 | 2,000,000 | 2,374,660 | |||||
New York City, | 1.57 | 10/1/40 | 100,000 | b | 100,000 | ||||
New York City Housing Development Corporation, | 5.00 | 7/1/25 | 1,500,000 | 1,683,810 | |||||
New York City Industrial Development Agency, | 7.00 | 3/1/49 | 1,000,000 | 1,025,290 | |||||
New York City Municipal Water Finance Authority, | 5.00 | 6/15/32 | 1,000,000 | 1,174,150 | |||||
New York City Municipal Water Finance Authority, | 1.55 | 6/15/35 | 100,000 | b | 100,000 | ||||
New York City Municipal Water Finance Authority, | 5.00 | 6/15/21 | 2,110,000 | a | 2,294,477 | ||||
New York City Transitional Finance Authority, | 5.00 | 7/15/29 | 1,000,000 | 1,183,610 | |||||
New York City Transitional Finance Authority, | 5.00 | 7/15/30 | 1,000,000 | 1,172,410 | |||||
New York City Transitional Finance Authority, | 5.25 | 7/15/35 | 1,000,000 | 1,187,980 | |||||
New York City Transitional Finance Authority, | 5.00 | 5/1/29 | 2,000,000 | 2,197,080 | |||||
New York City Trust for Cultural Resources, | 5.00 | 7/1/37 | 1,000,000 | 1,120,820 |
70
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.9% (continued) | |||||||||
New York - 92.7% (continued) | |||||||||
New York City Trust for Cultural Resources, | 5.00 | 12/1/26 | 1,075,000 | 1,276,584 | |||||
New York City Trust for Cultural Resources, | 5.00 | 1/1/39 | 2,500,000 | 2,526,400 | |||||
New York City Trust for Cultural Resources, | 5.00 | 8/1/31 | 1,480,000 | 1,650,511 | |||||
New York City Trust for Cultural Resources, | 4.00 | 7/1/41 | 700,000 | 718,431 | |||||
New York City Trust for Cultural Resources, | 4.00 | 7/1/46 | 1,175,000 | 1,201,908 | |||||
New York Counties Tobacco Trust VI, | 5.00 | 6/1/45 | 1,000,000 | 1,067,990 | |||||
New York Dormitory Authority, | 4.00 | 7/1/35 | 1,000,000 | 1,053,160 | |||||
New York Dormitory Authority, | 4.00 | 7/1/34 | 1,000,000 | 1,057,090 | |||||
New York Dormitory Authority, | 4.00 | 7/1/26 | 1,200,000 | 1,319,076 | |||||
New York Dormitory Authority, | 4.00 | 7/1/34 | 1,500,000 | 1,597,485 | |||||
New York Liberty Development Corporation, | 5.00 | 9/15/29 | 1,000,000 | 1,098,820 | |||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 2,000,000 | c | 2,105,300 | ||||
New York Liberty Development Corporation, | 5.15 | 11/15/34 | 1,500,000 | c | 1,649,340 | ||||
New York State Dormitory Authority, | 5.00 | 2/15/26 | 1,615,000 | 1,897,270 | |||||
New York State Dormitory Authority, | 5.63 | 11/1/35 | 1,000,000 | 1,088,120 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/23 | 1,000,000 | 1,124,000 | |||||
New York State Dormitory Authority, | 5.00 | 10/1/26 | 1,000,000 | 1,180,100 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/25 | 1,000,000 | 1,169,540 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/43 | 2,400,000 | 2,657,088 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/37 | 650,000 | 720,564 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/31 | 2,000,000 | 2,296,880 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/23 | 1,000,000 | 1,055,050 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/32 | 1,530,000 | 1,715,451 | |||||
New York State Dormitory Authority, | 5.00 | 10/1/28 | 1,400,000 | 1,634,332 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/35 | 1,100,000 | 1,256,420 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/21 | 1,000,000 | 1,079,240 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/30 | 1,275,000 | 1,490,386 |
71
STATEMENT OF INVESTMENTS (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Mturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.9% (continued) | |||||||||
New York - 92.7% (continued) | |||||||||
New York State Energy Research and Development Authority, | 2.00 | 5/1/20 | 2,000,000 | 1,997,720 | |||||
New York State Environmental Facilities Corporation, | 4.00 | 6/15/46 | 1,475,000 | 1,526,802 | |||||
New York State Housing Finance Agency, | 1.54 | 11/1/46 | 800,000 | b | 800,000 | ||||
New York State Thruway Authority, | 5.00 | 1/1/32 | 1,000,000 | 1,129,720 | |||||
New York State Thruway Authority, | 5.00 | 1/1/31 | 2,000,000 | 2,275,600 | |||||
New York State Thruway Authority, | 5.00 | 1/1/33 | 1,000,000 | 1,159,790 | |||||
New York State Urban Development Corporation, | 5.00 | 3/15/33 | 1,000,000 | 1,151,930 | |||||
New York State Urban Development Corporation, | 5.00 | 3/15/31 | 1,500,000 | 1,742,610 | |||||
New York State Urban Development Corporation, | 5.00 | 3/15/25 | 1,000,000 | 1,164,760 | |||||
New York State Urban Development Corporation, | 5.00 | 3/15/23 | 1,410,000 | 1,590,268 | |||||
New York Transportation Development Corporation, | 5.00 | 1/1/25 | 1,575,000 | 1,769,575 | |||||
Onondaga County Trust for Cultural Resources, | 5.00 | 12/1/19 | 1,500,000 | 1,561,710 | |||||
Oyster Bay, | 4.00 | 11/1/19 | 2,000,000 | 2,044,260 | |||||
Oyster Bay, | 5.00 | 3/15/21 | 1,330,000 | 1,421,411 | |||||
Oyster Bay, | 5.00 | 8/15/22 | 1,715,000 | 1,881,835 | |||||
Port Authority of New York and New Jersey, | 5.00 | 5/1/30 | 1,000,000 | 1,153,040 | |||||
Port Authority of New York and New Jersey, | 5.00 | 9/15/24 | 3,000,000 | 3,435,300 | |||||
Sales Tax Asset Receivable Corporation, | 5.00 | 10/15/31 | 1,060,000 | 1,216,414 | |||||
St. Lawrence County New York Development Agency, | 5.00 | 9/1/29 | 1,000,000 | 1,150,520 | |||||
Suffolk County, | 5.00 | 2/1/22 | 1,000,000 | 1,097,930 | |||||
Suffolk County, | 4.00 | 2/1/24 | 2,115,000 | 2,301,226 | |||||
Suffolk County, | 4.00 | 2/1/28 | 1,425,000 | 1,567,985 | |||||
Suffolk County, | 4.00 | 6/1/38 | 1,000,000 | 1,049,520 | |||||
Suffolk County Water Authority, | 4.00 | 6/1/30 | 1,895,000 | 2,070,098 | |||||
Triborough Bridge & Tunnel Authority, | 5.00 | 11/15/25 | 3,000,000 | 3,389,760 |
72
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.9% (continued) | |||||||||
New York - 92.7% (continued) | |||||||||
TSASC, Inc. of New York, | 5.00 | 6/1/24 | 500,000 | 563,570 | |||||
TSASC, Inc. of New York, | 5.00 | 6/1/22 | 1,000,000 | 1,093,160 | |||||
Utility Debt Securitization Authority of New York, | 5.00 | 6/15/26 | 2,000,000 | 2,287,180 | |||||
Westchester County Health Care Corporation, | 5.00 | 11/1/20 | 1,400,000 | 1,482,964 | |||||
Westchester County Health Care Corporation, | 5.00 | 11/1/24 | 1,500,000 | 1,602,225 | |||||
Westchester County Local Development Corporation, | 5.00 | 6/1/37 | 1,000,000 | 1,112,840 | |||||
Westchester County Local Development Corporation, | 5.00 | 11/1/28 | 1,000,000 | 1,115,620 | |||||
Yonkers, | 5.00 | 9/1/21 | 1,640,000 | 1,786,042 | |||||
Yonkers, | 5.00 | 11/15/26 | 1,000,000 | 1,177,680 | |||||
147,048,002 | |||||||||
U.S. Related - 1.7% | |||||||||
Guam, | 5.00 | 1/1/24 | 1,000,000 | 1,072,250 | |||||
Puerto Rico Commonwealth, | 5.50 | 7/1/19 | 1,550,000 | 1,584,348 | |||||
2,656,598 | |||||||||
Total Investments (cost $154,849,690) | 98.9% | 156,895,716 | |||||||
Cash and Receivables (Net) | 1.1% | 1,781,318 | |||||||
Net Assets | 100.0% | 158,677,034 |
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 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.
c 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 August 31, 2018, these securities were valued at $3,754,640 or 2.37% of net assets.
Portfolio Summary (Unaudited) † | Value (%) |
Education | 19.5 |
Transportation | 16.5 |
General Obligation | 13.4 |
Special Tax | 10.6 |
General | 9.0 |
Medical | 7.5 |
Water | 6.0 |
Development | 4.9 |
Utilities | 4.8 |
Tobacco Settlement | 3.2 |
Multifamily Housing | 1.6 |
Pollution | 1.3 |
Prerefunded | .6 |
98.9 |
† Based on net assets.
See notes to financial statements.
73
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 1.4% | |||||||||
Health Care - 1.4% | |||||||||
Montefiore Obligated Group, | 5.25 | 11/1/48 | 15,000,000 | 15,218,411 | |||||
Partners Healthcare System, | 3.77 | 7/1/48 | 6,000,000 | 5,637,115 | |||||
Total Bonds and Notes | 20,855,526 | ||||||||
Long-Term Municipal Investments - 102.9% | |||||||||
Alabama - .7% | |||||||||
Auburn University, | 5.00 | 6/1/48 | 5,000,000 | 5,734,200 | |||||
Auburn University, | 5.00 | 6/1/43 | 3,500,000 | 4,032,910 | |||||
9,767,110 | |||||||||
Alaska - .2% | |||||||||
Valdez, | 1.40 | 12/1/29 | 3,000,000 | a | 3,000,000 | ||||
Arizona - .6% | |||||||||
Arizona Health Facilities Authority, | 5.00 | 2/1/42 | 6,000,000 | 6,300,180 | |||||
University Medical Center Corporation, | 6.00 | 7/1/21 | 2,500,000 | b | 2,775,900 | ||||
9,076,080 | |||||||||
Arkansas - .5% | |||||||||
University of Arkansas, | 5.00 | 11/1/42 | 5,990,000 | 6,885,745 | |||||
California - 15.8% | |||||||||
Alameda Corridor Transportation Authority, | 5.00 | 10/1/35 | 2,500,000 | 2,806,500 | |||||
Alameda Corridor Transportation Authority, | 4.00 | 10/1/37 | 1,000,000 | 1,034,880 | |||||
Alameda Corridor Transportation Authority, | 4.00 | 10/1/35 | 1,500,000 | 1,563,030 | |||||
Anaheim Public Financing Authority, | 5.00 | 5/1/46 | 2,000,000 | 2,219,760 | |||||
Bay Area Toll Authority, | 4.00 | 4/1/47 | 5,000,000 | 5,191,200 | |||||
California Communities Development Authority, | 4.00 | 4/1/42 | 1,600,000 | 1,624,352 | |||||
California Communities Development Authority, | 5.00 | 4/1/47 | 1,500,000 | 1,664,175 | |||||
California Education Facilities Authority, | 5.00 | 4/1/42 | 2,000,000 | 2,245,660 | |||||
California Education Facilities Authority, | 5.00 | 4/1/47 | 2,500,000 | 2,797,200 | |||||
California Health Facilities Financing Authority, | 5.00 | 8/15/47 | 1,000,000 | 1,114,320 | |||||
California Health Facilities Financing Authority, | 4.00 | 11/1/44 | 12,000,000 | 12,380,520 | |||||
California Health Facilities Financing Authority, | 5.00 | 7/1/47 | 870,000 | c | 958,557 |
74
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
California - 15.8% (continued) | |||||||||
California Health Facilities Financing Authority, | 5.00 | 7/1/37 | 590,000 | c | 656,174 | ||||
California Health Facilities Financing Authority, | 5.00 | 11/15/56 | 7,500,000 | 8,465,625 | |||||
California Health Facilities Financing Authority, | 6.50 | 10/1/18 | 10,000 | b | 10,037 | ||||
California Health Facilities Financing Authority, | 5.00 | 7/1/37 | 2,270,000 | 2,524,036 | |||||
California Health Facilities Financing Authority, | 4.00 | 11/15/48 | 5,000,000 | 5,115,800 | |||||
California Infrastructure and Economic Development Bank, | 5.25 | 10/1/34 | 900,000 | 976,347 | |||||
California Municipal Finance Authority, | 5.00 | 2/1/42 | 1,000,000 | 1,107,610 | |||||
California Municipal Finance Authority, | 6.00 | 1/1/22 | 6,000,000 | b | 6,823,500 | ||||
California Municipal Finance Authority, | 5.00 | 12/31/47 | 2,250,000 | 2,508,502 | |||||
California Municipal Finance Authority, | 5.25 | 11/1/41 | 1,200,000 | 1,313,052 | |||||
California Municipal Finance Authority, | 5.25 | 11/1/47 | 700,000 | 761,866 | |||||
California Municipal Finance Authority, | 6.50 | 11/1/31 | 300,000 | 336,861 | |||||
California Municipal Finance Authority, | 5.00 | 6/1/50 | 2,750,000 | 2,963,042 | |||||
California Municipal Finance Authority, | 5.00 | 6/1/35 | 600,000 | 656,220 | |||||
California Pollution Control Financing Authority, | 1.50 | 11/1/26 | 14,200,000 | a | 14,200,000 | ||||
California Pollution Control Financing Authority, | 1.38 | 11/1/26 | 1,300,000 | a | 1,300,000 | ||||
California School Finance Authority, | 5.00 | 6/1/47 | 1,500,000 | c | 1,623,420 | ||||
California State Public Works Board, | 5.00 | 12/1/31 | 2,000,000 | 2,189,840 | |||||
California State University Trustees, | 4.00 | 11/1/45 | 500,000 | 523,835 | |||||
California Statewide Communities Development Authority, | 6.75 | 8/1/19 | 2,230,000 | b | 2,336,326 | ||||
California Statewide Communities Development Authority, | 5.00 | 12/1/41 | 2,500,000 | c | 2,702,850 | ||||
California Statewide Communities Development Authority, | 5.00 | 12/1/36 | 2,500,000 | c | 2,727,375 | ||||
California Statewide Communities Development Authority, | 5.00 | 12/1/33 | 1,000,000 | c | 1,112,360 | ||||
California Statewide Communities Development Authority, | 5.25 | 12/1/43 | 2,150,000 | c | 2,383,189 | ||||
California Statewide Communities Development Authority, | 5.25 | 12/1/38 | 1,500,000 | c | 1,674,285 |
75
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
California - 15.8% (continued) | |||||||||
California Statewide Communities Development Authority, | 5.25 | 12/1/48 | 1,100,000 | c | 1,213,674 | ||||
California Statewide Communities Development Authority, | 5.50 | 12/1/58 | 2,250,000 | c | 2,483,572 | ||||
California Statewide Communities Development Authority, | 6.00 | 8/15/20 | 6,000,000 | b | 6,511,800 | ||||
California Statewide Communities Development Authority, | 5.00 | 5/15/40 | 2,000,000 | 2,224,980 | |||||
California Statewide Communities Development Authority, | 5.38 | 5/15/38 | 1,900,000 | 2,016,888 | |||||
Capistrano Unified School District Community Facilities District Number 90-2, | 5.00 | 9/1/32 | 4,000,000 | 4,450,400 | |||||
Foothill Eastern Transportation Corridor Agency, | 3.95 | 1/15/53 | 1,000,000 | 1,003,680 | |||||
Galt Redevelopment Agency, | 7.38 | 9/1/33 | 2,000,000 | 2,281,600 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/28 | 3,000,000 | 3,460,590 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/47 | 5,000,000 | 5,140,250 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/47 | 10,000,000 | 10,280,500 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/29 | 3,000,000 | 3,445,650 | |||||
Grant Joint Union High School District, | 0.00 | 2/1/33 | 4,380,000 | d | 2,593,880 | ||||
Grant Joint Union High School District, | 0.00 | 8/1/29 | 2,080,000 | d | 1,438,528 | ||||
Irvine Reassessment District Number 12-1, | 4.00 | 9/2/29 | 1,000,000 | 1,034,690 | |||||
Long Beach, | 5.00 | 5/15/45 | 2,000,000 | 2,195,080 | |||||
Long Beach, | 5.00 | 5/15/40 | 2,500,000 | 2,747,725 | |||||
Los Angeles County Public Works Financing Authority, | 5.00 | 12/1/39 | 1,000,000 | 1,128,760 | |||||
Los Angeles County Public Works Financing Authority, | 5.00 | 12/1/34 | 1,000,000 | 1,136,740 | |||||
Manteca Redevelopment Agency, | 1.40 | 10/1/42 | 1,620,000 | a | 1,620,000 | ||||
New Haven Unified School District, | 0.00 | 8/1/32 | 2,500,000 | d | 1,532,600 | ||||
Northern California Gas Authority Number 1, | 2.29 | 7/1/27 | 660,000 | e | 646,015 | ||||
Palomar Health, | 5.00 | 11/1/39 | 1,000,000 | 1,080,520 | |||||
Riverside County Transportation Commission, | 5.25 | 6/1/23 | 3,500,000 | b | 4,052,930 | ||||
Riverside County Transportation Commission, | 5.25 | 6/1/23 | 2,000,000 | b | 2,315,960 | ||||
Riverside County Transportation Commission, | 5.25 | 6/1/23 | 2,000,000 | b | 2,315,960 |
76
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
California - 15.8% (continued) | |||||||||
Riverside County Transportation Commission, | 5.75 | 6/1/48 | 5,000,000 | 5,530,750 | |||||
Riverside County Transportation Commission, | 5.75 | 6/1/44 | 2,000,000 | 2,216,000 | |||||
San Diego County Regional Airport Authority, | 5.00 | 7/1/42 | 1,000,000 | 1,121,020 | |||||
San Diego Unified School District, | 4.00 | 7/1/35 | 2,205,000 | 2,330,288 | |||||
San Diego Unified School District, | 0.00 | 7/1/25 | 4,000,000 | d | 3,367,280 | ||||
San Francisco City and County Redevelopment Agency Community Facilities District Number 6, | 0.00 | 8/1/43 | 7,835,000 | d | 2,004,741 | ||||
San Francisco City and County Redevelopment Agency Community Facilities District Number 6, | 0.00 | 8/1/38 | 2,000,000 | d | 692,080 | ||||
San Francisco City and County Redevelopment Financing Authority, | 6.63 | 2/1/21 | 1,250,000 | b | 1,400,775 | ||||
San Joaquin Hills Transportation Corridor Agency, | 5.00 | 1/15/50 | 5,000,000 | 5,430,100 | |||||
San Jose Airport, | 5.00 | 3/1/47 | 1,500,000 | 1,668,660 | |||||
Sierra Joint Community College District School Facilities Improvement District #2, | 0.00 | 8/1/31 | 5,330,000 | d | 3,453,947 | ||||
Sierra Joint Community College District School Facilities Improvement District #2, | 0.00 | 8/1/30 | 3,020,000 | d | 2,057,375 | ||||
South Bayside Waste Management Authority, | 6.00 | 9/1/36 | 1,000,000 | 1,040,280 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0427) Non-recourse, 5/15/26, | 5.25 | 12/19/19 | 10,000,000 | c,f | 10,633,450 | ||||
University of California, | 5.00 | 5/15/37 | 7,325,000 | 8,059,624 | |||||
University of California, | 5.00 | 5/15/22 | 7,280,000 | b | 8,133,798 | ||||
232,085,446 | |||||||||
Colorado - .6% | |||||||||
Colorado Health Facilities Authority, | 5.00 | 6/1/47 | 2,500,000 | 2,727,000 | |||||
Colorado Health Facilities Authority, | 6.00 | 10/1/23 | 500,000 | 501,420 | |||||
Denver City and County Airport System, | 4.00 | 12/1/48 | 1,250,000 | 1,253,063 | |||||
Denver City and County Airport System, | 5.25 | 12/1/48 | 3,500,000 | 4,013,345 | |||||
8,494,828 | |||||||||
Delaware - 1.2% | |||||||||
Delaware Health Facilities Authority, | 4.00 | 7/1/43 | 2,000,000 | 2,044,720 |
77
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
Delaware - 1.2% (continued) | |||||||||
Kent Student Housing & Dining Facility, | 5.00 | 7/1/48 | 1,000,000 | 1,072,290 | |||||
Kent Student Housing & Dining Facility, | 5.00 | 7/1/40 | 750,000 | 809,055 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0431) Non-recourse, 11/1/43, | 5.00 | 5/1/21 | 12,230,000 | c,f | 13,448,217 | ||||
17,374,282 | |||||||||
District of Columbia - 1.5% | |||||||||
District of Columbia, | 5.00 | 6/1/32 | 3,500,000 | 3,720,570 | |||||
District of Columbia, | 6.00 | 7/1/23 | 1,450,000 | b | 1,708,738 | ||||
District of Columbia, | 6.00 | 7/1/23 | 1,700,000 | b | 2,003,348 | ||||
District of Columbia, | 6.00 | 7/1/23 | 1,100,000 | b | 1,296,284 | ||||
District of Columbia, | 5.00 | 7/1/48 | 5,000,000 | 5,467,050 | |||||
District of Columbia, | 5.00 | 7/1/42 | 4,000,000 | 4,393,400 | |||||
Metropolitan Washington Airports Authority, | 0.00 | 10/1/36 | 6,275,000 | d | 3,013,506 | ||||
21,602,896 | |||||||||
Florida - 3.3% | |||||||||
Capital Trust Agency Inc, | 5.00 | 7/1/48 | 750,000 | 800,430 | |||||
Capital Trust Agency Inc, | 5.00 | 7/1/53 | 250,000 | 254,518 | |||||
Collier County Health Facilities Authority, | 5.00 | 5/1/45 | 2,500,000 | 2,722,375 | |||||
Davie Educational Facilities, | 5.00 | 4/1/48 | 3,000,000 | 3,304,260 | |||||
Higher Educational Facilities Financing Authority, | 5.25 | 4/1/42 | 1,100,000 | 1,196,844 | |||||
Jacksonville, | 5.00 | 10/1/30 | 750,000 | 822,765 | |||||
Miami Beach Redevelopment Agency, | 5.00 | 2/1/40 | 7,545,000 | 8,432,292 | |||||
Miami-Dade County, | 5.50 | 10/1/20 | 1,200,000 | b | 1,290,660 | ||||
Miami-Dade County, | 5.50 | 10/1/42 | 14,145,000 | 15,740,697 | |||||
Miami-Dade County Expressway Authority, | 5.00 | 7/1/40 | 1,050,000 | 1,101,240 | |||||
Miami-Dade County Health Facilities Authority, | 4.00 | 8/1/42 | 2,650,000 | 2,665,741 | |||||
Miami-Dade County Health Facilities Authority, | 5.00 | 8/1/42 | 4,000,000 | 4,442,640 | |||||
Orange County Health Facilities Authority, | 5.00 | 10/1/42 | 5,000,000 | 5,397,850 |
78
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
Florida - 3.3% (continued) | |||||||||
Pinellas County Health Facilities Authority, | 1.47 | 11/1/38 | 400,000 | a | 400,000 | ||||
48,572,312 | |||||||||
Georgia - .4% | |||||||||
Atlanta Development Authority, | 5.25 | 7/1/44 | 1,500,000 | 1,701,810 | |||||
Atlanta Development Authority Senior Health Care Facilities, | 6.75 | 1/1/35 | 2,500,000 | 2,453,700 | |||||
Atlanta Development Authority Senior Health Care Facilities, | 7.00 | 1/1/40 | 2,500,000 | 2,491,425 | |||||
6,646,935 | |||||||||
Hawaii - 2.6% | |||||||||
Hawaii Department of Budget and Finance, | 6.50 | 7/1/39 | 6,000,000 | 6,213,360 | |||||
Hawaii Department of Budget and Finance, | 5.00 | 7/1/35 | 7,000,000 | 7,825,580 | |||||
Hawaii Department of Budget and Finance, | 5.13 | 11/15/32 | 1,000,000 | 1,100,940 | |||||
Hawaii Department of Budget and Finance, | 5.25 | 11/15/37 | 1,000,000 | 1,099,610 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0429) Non-recourse, 12/1/24, | 5.00 | 12/1/19 | 20,000,000 | c,f | 21,934,100 | ||||
38,173,590 | |||||||||
Idaho - .4% | |||||||||
Idaho Health Facilities Authority, | 5.00 | 12/1/47 | 1,500,000 | 1,687,575 | |||||
Idaho Health Facilities Authority, | 5.00 | 12/1/32 | 3,900,000 | 4,253,106 | |||||
5,940,681 | |||||||||
Illinois - 12.0% | |||||||||
Board of Education of Chicago Unlimited Tax, | 6.75 | 12/1/30 | 7,500,000 | c | 9,008,700 | ||||
Board of Education of Chicago Unlimited Tax, | 7.00 | 12/1/46 | 5,000,000 | c | 5,981,950 | ||||
Board of Education of Chicago Unlimited Tax, | 7.00 | 12/1/42 | 10,000,000 | c | 11,997,600 | ||||
Chicago, | 5.50 | 1/1/43 | 4,000,000 | 4,459,040 | |||||
Chicago, | 5.00 | 1/1/41 | 6,800,000 | 7,490,404 | |||||
Chicago, | 5.00 | 1/1/31 | 15,000,000 | 16,642,350 | |||||
Chicago, | 5.50 | 1/1/42 | 1,750,000 | 1,869,053 | |||||
Chicago, | 5.50 | 1/1/42 | 1,250,000 | 1,335,038 | |||||
Chicago, | 5.50 | 1/1/40 | 5,000,000 | 5,345,850 | |||||
Chicago, | 7.75 | 1/1/42 | 7,480,000 | 8,157,688 |
79
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
Illinois - 12.0% (continued) | |||||||||
Chicago, | 5.00 | 1/1/35 | 5,000,000 | 5,208,100 | |||||
Chicago Board of Education, | 6.00 | 4/1/46 | 1,500,000 | 1,754,415 | |||||
Chicago Board of Education, | 5.00 | 12/1/46 | 2,500,000 | 2,563,050 | |||||
Chicago Board of Education, | 6.50 | 12/1/46 | 4,500,000 | 5,150,115 | |||||
Chicago Board of Education, | 5.00 | 12/1/26 | 1,170,000 | 1,320,509 | |||||
Chicago Board of Education, | 7.00 | 12/1/44 | 2,500,000 | 2,907,425 | |||||
Chicago Board of Education Dedicated Capital Improvement, | 5.00 | 4/1/42 | 1,700,000 | 1,832,532 | |||||
Chicago Board of Education Dedicated Capital Improvement, | 5.00 | 4/1/46 | 1,600,000 | 1,719,904 | |||||
Chicago Midway International Airport, | 5.00 | 1/1/46 | 5,000,000 | 5,467,000 | |||||
Chicago O'Hare International Airport, | 5.75 | 1/1/39 | 415,000 | 447,963 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/33 | 9,925,000 | 10,963,750 | |||||
Illinois, | 5.50 | 7/1/38 | 10,000,000 | 10,633,300 | |||||
Illinois, | 5.50 | 7/1/33 | 2,500,000 | 2,678,675 | |||||
Illinois, | 5.00 | 10/1/25 | 15,000,000 | 15,982,200 | |||||
Illinois Finance Authority, | 6.25 | 10/1/33 | 2,760,000 | 2,933,687 | |||||
Illinois Finance Authority, | 5.25 | 5/15/47 | 4,250,000 | 4,423,357 | |||||
Illinois Finance Authority, | 5.00 | 5/15/37 | 3,000,000 | 3,154,710 | |||||
Illinois Finance Authority, | 5.63 | 5/15/42 | 3,000,000 | 3,138,420 | |||||
Illinois Finance Authority, | 5.50 | 7/1/28 | 1,560,000 | 1,733,066 | |||||
Illinois Finance Authority, | 6.00 | 7/1/43 | 5,000,000 | 5,524,250 | |||||
Illinois Finance Authority, | 6.50 | 7/1/34 | 2,140,000 | 2,145,286 | |||||
Illinois Finance Authority, | 1.40 | 8/1/43 | 3,900,000 | a | 3,900,000 | ||||
Illinois Finance Authority, | 1.40 | 8/1/43 | 8,200,000 | a | 8,200,000 | ||||
176,069,387 | |||||||||
Indiana - .5% | |||||||||
Allen County, | 6.75 | 1/15/43 | 750,000 | c | 806,378 | ||||
Allen County, | 6.88 | 1/15/52 | 1,250,000 | c | 1,346,500 | ||||
Indiana Finance Authority, | 5.25 | 2/1/35 | 5,000,000 | 5,774,400 | |||||
7,927,278 |
80
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
Iowa - .1% | |||||||||
Iowa Higher Education Loan Authority, | 1.45 | 10/1/33 | 1,000,000 | a | 1,000,000 | ||||
Kentucky - .5% | |||||||||
Kentucky Economic Development Finance Authority, | 5.00 | 12/1/47 | 3,500,000 | 3,796,870 | |||||
Kentucky Public Transportation Infrastructure Authority, | 5.75 | 7/1/49 | 3,000,000 | 3,271,920 | |||||
Kentucky State Property and Buildings Commission, | 5.38 | 11/1/18 | 165,000 | b | 165,995 | ||||
7,234,785 | |||||||||
Louisiana - 1.0% | |||||||||
Jefferson Parish Hospital Service District Number 2, | 6.25 | 7/1/31 | 5,000,000 | 5,212,950 | |||||
Louisiana Public Facilities Authority, | 4.00 | 6/1/45 | 5,000,000 | 5,019,800 | |||||
Louisiana Public Facilities Authority, | 6.00 | 7/1/29 | 1,000,000 | 1,036,190 | |||||
Louisiana Public Facilities Authority, | 0/5.70 | 10/1/23 | 2,500,000 | g | 2,182,925 | ||||
New Orleans, | 5.00 | 12/1/34 | 500,000 | 554,990 | |||||
14,006,855 | |||||||||
Maine - 1.3% | |||||||||
Maine Finance Authority, | 5.38 | 12/15/33 | 4,500,000 | c | 4,672,710 | ||||
Maine Health and Higher Educational Facilities Authority, | 6.00 | 7/1/26 | 825,000 | 868,115 | |||||
Maine Health and Higher Educational Facilities Authority, | 6.75 | 7/1/41 | 2,725,000 | 2,930,465 | |||||
Maine Health and Higher Educational Facilities Authority, | 7.00 | 7/1/41 | 4,240,000 | 4,606,675 | |||||
Maine Health and Higher Educational Facilities Authority, | 5.00 | 7/1/38 | 5,000,000 | 5,740,650 | |||||
18,818,615 | |||||||||
Maryland - 1.7% | |||||||||
Maryland, | 4.00 | 3/15/20 | 20,000,000 | b | 20,690,800 | ||||
Maryland Health and Higher Educational Facilities Authority, | 6.75 | 7/1/19 | 2,000,000 | b | 2,082,220 | ||||
Maryland Health and Higher Educational Facilities Authority, | 5.13 | 7/1/19 | 250,000 | b | 256,978 | ||||
Maryland Health and Higher Educational Facilities Authority, | 4.00 | 7/1/42 | 2,000,000 | 2,046,240 | |||||
25,076,238 | |||||||||
Massachusetts - 4.8% | |||||||||
Massachusetts Development Finance Agency, | 5.25 | 11/15/41 | 4,370,000 | 4,782,266 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/40 | 5,500,000 | 6,180,075 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/39 | 5,000,000 | 5,639,450 | |||||
Massachusetts Development Finance Agency, | 5.00 | 12/1/41 | 3,000,000 | 3,358,260 | |||||
Massachusetts Development Finance Agency, | 5.25 | 1/1/42 | 5,500,000 | 6,084,815 |
81
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
Massachusetts - 4.8% (continued) | |||||||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/47 | 2,100,000 | 2,075,094 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/15/40 | 1,500,000 | 1,591,695 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/36 | 2,115,000 | 2,312,181 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/46 | 2,015,000 | 2,193,368 | |||||
Massachusetts Development Finance Agency, | 7.25 | 1/1/32 | 1,240,000 | 1,381,248 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/40 | 1,000,000 | 1,099,180 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/37 | 1,000,000 | c | 1,077,800 | ||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/57 | 2,000,000 | c | 2,124,260 | ||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/47 | 1,000,000 | c | 1,069,930 | ||||
Massachusetts Development Finance Agency, | 6.75 | 1/1/36 | 470,000 | 518,476 | |||||
Massachusetts Development Finance Agency, | 6.88 | 1/1/41 | 400,000 | 441,996 | |||||
Massachusetts Health and Educational Facilities Authority, | 7.50 | 10/1/18 | 205,000 | b | 205,894 | ||||
Massachusetts Health and Educational Facilities Authority, | 7.50 | 10/1/18 | 295,000 | b | 296,286 | ||||
Massachusetts Water Pollution Abatement Trust, | 5.75 | 8/1/29 | 50,000 | 50,155 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0428) Non-recourse, 4/1/23, | 5.00 | 4/1/19 | 15,000,000 | c,f | 16,190,250 | ||||
Tender Option Bond Trust Receipts (Series 2016-XM0430) Non-recourse, 8/15/30, | 5.00 | 8/15/20 | 10,000,000 | c,f | 10,992,296 | ||||
69,664,975 | |||||||||
Michigan - 1.5% | |||||||||
Detroit, | 4.00 | 4/1/44 | 5,000,000 | e | 4,266,550 | ||||
Michigan Building Authority, | 5.38 | 10/15/41 | 3,000,000 | b | 3,271,590 | ||||
Michigan Finance Authority, | 5.00 | 8/1/32 | 2,000,000 | 2,236,760 | |||||
Michigan Finance Authority, | 5.00 | 12/1/38 | 6,475,000 | 7,010,612 | |||||
Wayne County Building Authority, | 10.00 | 12/1/40 | 5,000,000 | 5,696,500 | |||||
22,482,012 | |||||||||
Minnesota - 2.0% | |||||||||
Tender Option Bond Trust Receipts (Series 2016-XM0425) Non-recourse, 8/1/23, | 5.00 | 9/13/18 | 17,125,000 | c,f | 18,165,904 | ||||
Tender Option Bond Trust Receipts (Series 2016-XM0426) Non-recourse, 8/1/20, | 5.00 | 9/13/18 | 10,000,000 | c,f | 10,599,450 | ||||
28,765,354 | |||||||||
Mississippi - 1.0% | |||||||||
Jackson, | 1.54 | 6/1/23 | 1,600,000 | a | 1,600,000 |
82
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
Mississippi - 1.0% (continued) | |||||||||
Mississippi Business Finance Corporation, | 1.54 | 11/1/35 | 9,200,000 | a | 9,200,000 | ||||
Mississippi Development Bank, | 6.88 | 12/1/40 | 1,625,000 | 1,956,922 | |||||
Warren County, | 5.80 | 5/1/34 | 1,500,000 | 1,592,835 | |||||
14,349,757 | |||||||||
Missouri - .6% | |||||||||
Saint Joseph Industrial Development Authority, | 1.45 | 11/15/43 | 8,300,000 | a | 8,300,000 | ||||
Nevada - .6% | |||||||||
Director of Nevada Department of Business & Industry Environment, | 6.25 | 12/15/37 | 5,000,000 | c | 5,424,200 | ||||
Director of Nevada Department of Business & Industry Environment, | 5.13 | 12/15/37 | 1,500,000 | c | 1,497,150 | ||||
Reno, | 0.00 | 7/1/58 | 15,000,000 | c,d | 1,678,500 | ||||
8,599,850 | |||||||||
New Hampshire - .8% | |||||||||
New Hampshire Business Finance Authority, | 1.05 | 5/1/21 | 12,250,000 | e | 12,250,000 | ||||
New Jersey - 6.2% | |||||||||
New Jersey, | 5.25 | 6/15/19 | 1,000,000 | b | 1,027,920 | ||||
New Jersey Economic Development Authority, | 5.00 | 6/15/26 | 2,500,000 | 2,669,825 | |||||
New Jersey Economic Development Authority, | 5.00 | 7/1/33 | 2,500,000 | 2,750,500 | |||||
New Jersey Economic Development Authority, | 5.13 | 1/1/34 | 5,325,000 | 5,765,803 | |||||
New Jersey Economic Development Authority, | 5.38 | 1/1/43 | 5,500,000 | 6,010,510 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/29 | 13,000,000 | 14,304,030 | |||||
New Jersey Economic Development Authority, | 4.70 | 9/1/28 | 325,000 | c | 328,829 | ||||
New Jersey Economic Development Authority, | 5.38 | 9/1/33 | 265,000 | c | 277,906 | ||||
New Jersey Economic Development Authority, | 5.63 | 9/1/38 | 340,000 | c | 356,357 | ||||
New Jersey Economic Development Authority, | 5.75 | 9/1/50 | 1,250,000 | c | 1,312,238 | ||||
New Jersey Health Care Facilities Financing Authority, | 6.25 | 7/1/35 | 1,500,000 | 1,599,855 |
83
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
New Jersey - 6.2% (continued) | |||||||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/36 | 7,000,000 | 7,823,060 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/46 | 8,000,000 | 8,740,800 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/46 | 10,000,000 | 10,799,500 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/30 | 1,500,000 | 1,668,165 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/29 | 15,000,000 | 16,746,900 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/30 | 3,000,000 | 3,336,330 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/31 | 2,000,000 | 2,215,540 | |||||
South Jersey Port Subordinated Marine Terminal, | 5.00 | 1/1/48 | 1,500,000 | 1,622,970 | |||||
South Jersey Port Subordinated Marine Terminal, | 5.00 | 1/1/42 | 1,250,000 | 1,358,575 | |||||
90,715,613 | |||||||||
New York - 12.7% | |||||||||
Build New York City Resource Corporation, | 5.00 | 6/1/47 | 1,000,000 | c | 1,054,210 | ||||
Build New York City Resource Corporation, | 5.00 | 6/1/52 | 1,000,000 | c | 1,046,770 | ||||
Build New York City Resource Corporation, | 5.00 | 6/1/32 | 500,000 | c | 538,070 | ||||
Build New York City Resource Corporation, | 5.00 | 6/1/37 | 700,000 | c | 744,786 | ||||
City of New York NY, | 1.41 | 4/1/42 | 3,750,000 | a | 3,750,000 | ||||
Hudson Yards Infrastructure Corporation, | 5.75 | 2/15/47 | 1,930,000 | 2,093,124 | |||||
Metropolitan Transportation Authority, | 6.50 | 11/15/28 | 140,000 | 141,369 | |||||
Metropolitan Transportation Authority, | 6.50 | 11/15/18 | 55,000 | b | 55,543 | ||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, | 5.00 | 11/15/56 | 5,000,000 | 5,412,400 | |||||
New York, | 1.40 | 3/1/48 | 5,300,000 | a | 5,300,000 | ||||
New York City, | 5.00 | 12/1/35 | 2,000,000 | 2,288,400 | |||||
New York City, | 5.00 | 12/1/41 | 14,000,000 | 15,865,920 | |||||
New York City, | 6.00 | 10/15/23 | 145,000 | 145,726 | |||||
New York City, | 1.39 | 4/1/42 | 9,600,000 | a | 9,600,000 | ||||
New York City, | 1.50 | 10/1/40 | 4,800,000 | a | 4,800,000 | ||||
New York City Industrial Development Agency, | 6.50 | 1/1/46 | 325,000 | 329,872 | |||||
New York City Industrial Development Agency, | 7.00 | 3/1/49 | 1,300,000 | 1,332,877 |
84
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
New York - 12.7% (continued) | |||||||||
New York City Industrial Development Agency, | 3.74 | 3/1/20 | 6,100,000 | 6,157,096 | |||||
New York City Municipal Water Finance Authority, | 1.45 | 6/15/35 | 1,000,000 | a | 1,000,000 | ||||
New York City Municipal Water Finance Authority, | 1.32 | 6/15/50 | 3,000,000 | a | 3,000,000 | ||||
New York City Municipal Water Finance Authority, | 1.56 | 6/15/39 | 6,700,000 | a | 6,700,000 | ||||
New York City Transitional Finance Authority, | 5.25 | 7/15/35 | 9,000,000 | 10,691,820 | |||||
New York City Transitional Finance Authority, | 4.00 | 8/1/41 | 5,000,000 | 5,194,850 | |||||
New York City Transitional Finance Authority, | 1.32 | 11/1/36 | 1,100,000 | a | 1,100,000 | ||||
New York City Transitional Finance Authority, | 1.32 | 2/1/45 | 7,000,000 | a | 7,000,000 | ||||
New York City Transitional Finance Authority, | 1.45 | 8/1/39 | 1,200,000 | a | 1,200,000 | ||||
New York City Transitional Finance Authority Building Aid Revenue, | 4.00 | 7/15/36 | 2,500,000 | 2,628,975 | |||||
New York City Transitional Finance Authority Building Aid Revenue, | 5.00 | 7/15/36 | 5,000,000 | 5,783,250 | |||||
New York Counties Tobacco Trust VI, | 5.00 | 6/1/51 | 4,585,000 | 4,800,220 | |||||
New York Dormitory Authority, | 4.00 | 7/1/47 | 1,000,000 | 1,030,730 | |||||
New York Liberty Development Corporation, | 5.75 | 11/15/51 | 5,000,000 | 5,546,100 | |||||
New York Liberty Development Corporation, | 5.00 | 3/15/44 | 2,000,000 | 2,150,300 | |||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 20,000,000 | c | 21,053,000 | ||||
New York State Dormitory Authority, | 4.95 | 8/1/48 | 10,500,000 | 10,717,140 | |||||
New York State Dormitory Authority, | 5.00 | 5/1/38 | 500,000 | 534,600 | |||||
New York State Dormitory Authority, | 5.00 | 10/1/48 | 2,000,000 | 2,645,220 | |||||
New York State Housing Finance Agency, | 1.32 | 11/1/46 | 8,600,000 | a | 8,600,000 | ||||
New York State Housing Finance Agency, | 1.33 | 5/1/42 | 1,500,000 | a | 1,500,000 | ||||
New York Transportation Development Corporation, | 5.00 | 1/1/36 | 2,500,000 | 2,772,875 | |||||
New York Transportation Development Corporation, | 5.00 | 1/1/34 | 4,000,000 | 4,450,000 |
85
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
New York - 12.7% (continued) | |||||||||
Port Authority of New York and New Jersey, | 6.00 | 12/1/42 | 5,000,000 | 5,445,950 | |||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/28 | 4,715,000 | d | 3,442,327 | ||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/27 | 2,000,000 | d | 1,518,240 | ||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/32 | 3,000,000 | d | 1,815,450 | ||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/31 | 5,000,000 | d | 3,155,150 | ||||
186,132,360 | |||||||||
North Carolina - .1% | |||||||||
North Carolina Eastern Municipal Power Agency, | 6.00 | 1/1/19 | 50,000 | 50,721 | |||||
North Carolina Medical Care Commission, | 5.00 | 10/1/35 | 1,000,000 | 1,039,900 | |||||
North Carolina Medical Care Commission, | 5.00 | 10/1/34 | 1,000,000 | 1,039,900 | |||||
2,130,521 | |||||||||
North Dakota - .3% | |||||||||
Grand Forks, | 5.38 | 9/15/38 | 5,000,000 | c | 4,847,400 | ||||
Ohio - 1.2% | |||||||||
Butler County, | 6.38 | 1/15/43 | 1,500,000 | c | 1,575,615 | ||||
Cleveland-Cuyahoga County Port Authority, | 5.25 | 12/1/38 | 1,170,000 | 1,279,454 | |||||
Cleveland-Cuyahoga County Port Authority, | 5.50 | 12/1/53 | 1,500,000 | 1,650,330 | |||||
Cleveland-Cuyahoga County Port Authority, | 5.50 | 12/1/43 | 1,580,000 | 1,752,173 | |||||
Montgomery County, | 6.25 | 10/1/33 | 1,115,000 | 1,118,880 | |||||
Ohio, | 5.00 | 12/31/39 | 2,000,000 | 2,177,980 | |||||
Ohio, | 5.00 | 12/31/35 | 3,000,000 | 3,291,750 | |||||
Ohio Air Quality Development Authority, | 4.25 | 1/15/38 | 2,500,000 | c | 2,556,150 | ||||
Ohio Turnpike and Infrastructure Commission, | 0/5.70 | 2/15/34 | 3,000,000 | g | 2,937,300 | ||||
18,339,632 | |||||||||
Oregon - 2.4% | |||||||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/26 | 4,300,000 | g | 4,667,607 |
86
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
Oregon - 2.4% (continued) | |||||||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/25 | 2,610,000 | g | 2,802,853 | ||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/38 | 1,750,000 | g | 1,851,693 | ||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/27 | 1,275,000 | g | 1,400,460 | ||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/22 | 1,745,000 | g | 1,775,747 | ||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/21 | 1,800,000 | g | 1,791,234 | ||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/24 | 2,310,000 | g | 2,442,940 | ||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/23 | 1,785,000 | g | 1,854,044 | ||||
Oregon State Business Development Commission, | 6.50 | 4/1/31 | 2,000,000 | c | 2,003,700 | ||||
Oregon State Business Development Commission, | 6.50 | 4/1/31 | 3,000,000 | c | 3,005,550 | ||||
Oregon State Business Development Commission, | 11.50 | 4/1/31 | 1,000,000 | 1,093,700 | |||||
Tri-County Metropolitan Transportation District, | 4.00 | 9/1/48 | 10,000,000 | 10,461,300 | |||||
35,150,828 | |||||||||
Pennsylvania - 2.7% | |||||||||
Aliquippa School District, | 4.00 | 12/1/41 | 1,750,000 | 1,763,983 | |||||
Allegheny County Hospital Development Authority, | 4.00 | 4/1/44 | 5,000,000 | 4,944,550 | |||||
Berks County Industrial Development Authority, | 5.00 | 11/1/47 | 3,000,000 | 3,285,750 | |||||
Berks County Industrial Development Authority, | 4.00 | 11/1/38 | 5,000,000 | 5,045,650 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/35 | 3,500,000 | 3,932,985 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/34 | 4,000,000 | 4,508,960 | |||||
Pennsylvania Economic Development Financing Authority, | 6.50 | 12/1/38 | 3,000,000 | c | 3,092,340 | ||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 12/1/43 | 4,425,000 | 4,678,154 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 7/1/22 | 1,000,000 | b | 1,108,670 | ||||
Pennsylvania Higher Educational Facilities Authority, | 4.00 | 8/15/42 | 4,000,000 | 4,099,800 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.75 | 8/15/21 | 2,550,000 | b | 2,835,243 | ||||
39,296,085 |
87
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
Rhode Island - .5% | |||||||||
Rhode Island Health and Educational Building Corporation, | 5.00 | 11/1/45 | 7,000,000 | 7,818,790 | |||||
South Carolina - .6% | |||||||||
South Carolina Public Service Authority, | 5.00 | 12/1/36 | 2,000,000 | 2,177,680 | |||||
Spartanburg South Carolina Waterworks, | 5.00 | 6/1/39 | 5,740,000 | 6,540,730 | |||||
8,718,410 | |||||||||
Tennessee - .1% | |||||||||
Memphis-Shelby County Industrial Development Board Economic Development Growth Engine, | 4.75 | 7/1/27 | 400,000 | 423,012 | |||||
Memphis-Shelby County Industrial Development Board Economic Development Growth Engine, | 5.50 | 7/1/37 | 600,000 | 645,516 | |||||
Memphis-Shelby County Industrial Development Board Economic Development Growth Engine, | 5.63 | 1/1/46 | 750,000 | 799,575 | |||||
1,868,103 | |||||||||
Texas - 12.1% | |||||||||
Arlington Higher Education Finance Corporation, | 5.00 | 8/15/48 | 1,900,000 | 1,868,061 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 8/15/53 | 925,000 | 893,448 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 8/15/38 | 1,000,000 | 999,970 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 12/1/46 | 1,100,000 | 1,184,502 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 12/1/36 | 1,315,000 | 1,429,497 | |||||
Austin, | 5.00 | 11/15/46 | 13,120,000 | 14,769,578 | |||||
Bexar County Health Facilities Development Corporation, | 5.00 | 7/15/41 | 1,750,000 | 1,866,953 | |||||
Central Texas Regional Mobility Authority, | 5.00 | 1/1/46 | 2,000,000 | 2,185,460 | |||||
Central Texas Regional Mobility Authority, | 5.00 | 1/1/40 | 7,300,000 | 7,986,930 | |||||
Clifton Higher Education Finance Corporation, | 5.00 | 8/15/32 | 2,745,000 | 2,916,206 | |||||
Clifton Higher Education Finance Corporation, | 5.00 | 8/15/42 | 6,135,000 | 6,455,002 | |||||
Clifton Higher Education Finance Corporation, | 6.00 | 8/15/43 | 2,770,000 | 3,079,187 | |||||
Clifton Higher Education Finance Corporation, | 6.00 | 8/15/33 | 1,500,000 | 1,684,800 | |||||
Clifton Higher Education Finance Corporation, | 5.50 | 8/15/21 | 1,250,000 | b | 1,371,475 | ||||
Clifton Higher Education Finance Corporation, | 5.75 | 8/15/21 | 1,000,000 | b | 1,104,280 | ||||
Clifton Higher Education Finance Corporation, | 5.00 | 12/1/45 | 3,855,000 | 4,106,307 | |||||
Dallas and Fort Worth, | 5.00 | 11/1/32 | 7,500,000 | 8,079,525 |
88
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
Texas - 12.1% (continued) | |||||||||
Grand Parkway Transportation Corporation, | 5.50 | 4/1/53 | 4,500,000 | 5,016,600 | |||||
Grand Parkway Transportation Corporation, | 0/5.20 | 10/1/31 | 2,000,000 | g | 1,904,820 | ||||
Grand Parkway Transportation Corporation, | 0/5.40 | 10/1/33 | 2,500,000 | g | 2,382,925 | ||||
Grand Parkway Transportation Corporation, | 0/5.45 | 10/1/34 | 2,235,000 | g | 2,128,748 | ||||
Houston, | 5.00 | 7/1/32 | 500,000 | 540,155 | |||||
Houston, | 3.90 | 7/1/30 | 9,325,000 | h | 9,325,000 | ||||
Houston Higher Education Finance Corporation, | 6.50 | 5/15/21 | 1,270,000 | b | 1,421,625 | ||||
Houston Higher Education Finance Corporation, | 6.50 | 5/15/21 | 1,530,000 | b | 1,712,667 | ||||
Houston Higher Education Finance Corporation, | 6.88 | 5/15/21 | 4,400,000 | b | 4,968,436 | ||||
Houston Higher Education Finance Corporation, | 5.88 | 5/15/21 | 380,000 | 403,503 | |||||
Mission Economic Development Corporation, | 5.75 | 10/1/31 | 1,000,000 | c | 1,031,410 | ||||
Newark Higher Education Finance Corporation, | 5.50 | 8/15/35 | 750,000 | c | 795,203 | ||||
Newark Higher Education Finance Corporation, | 5.75 | 8/15/45 | 1,000,000 | c | 1,064,620 | ||||
North Texas Education Finance Corporation, | 4.88 | 12/1/32 | 1,630,000 | 1,713,668 | |||||
North Texas Tollway Authority, | 5.50 | 9/1/21 | 20,000,000 | b | 22,064,000 | ||||
Pottsboro Higher Education Finance Corporation, | 5.00 | 8/15/46 | 1,000,000 | 1,001,270 | |||||
Texas Private Activity Bond Surface Transportation Corporation, | 5.00 | 12/31/45 | 1,000,000 | 1,079,340 | |||||
Texas Private Activity Bond Surface Transportation Corporation, | 7.00 | 6/30/40 | 11,175,000 | 12,069,670 | |||||
Texas Private Activity Bond Surface Transportation Corporation, | 6.75 | 6/30/43 | 5,000,000 | 5,814,950 | |||||
Texas Private Activity Bond Surface Transportation Corporation, | 7.00 | 12/31/38 | 10,000,000 | 11,789,800 | |||||
Texas Private Activity Bond Surface Transportation Corporation, | 7.50 | 12/31/31 | 2,500,000 | 2,672,300 | |||||
Texas Transportation Commission, | 5.00 | 8/15/37 | 15,950,000 | 17,556,165 |
89
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
Texas - 12.1% (continued) | |||||||||
Texas Transportation Commission, | 5.00 | 8/15/41 | 6,000,000 | 6,447,780 | |||||
176,885,836 | |||||||||
U.S. Related - 3.4% | |||||||||
A.B. Won International Airport Authority of Guam, | 6.25 | 10/1/34 | 1,000,000 | 1,111,050 | |||||
A.B. Won International Airport Authority of Guam, | 6.38 | 10/1/43 | 1,000,000 | 1,129,550 | |||||
A.B. Won International Airport Authority of Guam, | 6.00 | 10/1/34 | 2,000,000 | 2,290,440 | |||||
A.B. Won International Airport Authority of Guam, | 6.13 | 10/1/43 | 2,000,000 | 2,285,920 | |||||
Government Development Bank for Puerto Rico, | 5.75 | 8/1/25 | 1,055,000 | i | 456,288 | ||||
Government Development Bank for Puerto Rico, | 5.75 | 8/1/25 | 1,585,000 | i | 685,513 | ||||
Guam, | 6.00 | 11/1/26 | 2,500,000 | 2,703,925 | |||||
Guam, | 6.13 | 11/1/31 | 5,000,000 | 5,446,550 | |||||
Guam, | 6.50 | 11/1/40 | 2,000,000 | 2,197,180 | |||||
Guam, | 5.00 | 12/1/46 | 1,500,000 | 1,639,545 | |||||
Puerto Rico Commonwealth, | 8.00 | 7/1/35 | 5,000,000 | i | 2,725,000 | ||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, | 6.00 | 7/1/38 | 2,500,000 | 2,387,500 | |||||
Puerto Rico Electric Power Authority, | 5.00 | 7/1/22 | 2,000,000 | i | 1,297,500 | ||||
Puerto Rico Electric Power Authority, | 6.75 | 7/1/36 | 10,000,000 | i | 6,587,500 | ||||
Puerto Rico Electric Power Authority, | 5.00 | 7/1/21 | 500,000 | 503,825 | |||||
Puerto Rico Highway & Transportation Authority, | 5.00 | 7/1/42 | 120,000 | i | 27,900 | ||||
Puerto Rico Highway & Transportation Authority, | 5.00 | 7/1/30 | 120,000 | i | 27,900 | ||||
Puerto Rico Highway & Transportation Authority, | 5.00 | 7/1/32 | 220,000 | i | 51,150 | ||||
Puerto Rico Highway & Transportation Authority, | 5.00 | 7/1/25 | 110,000 | i | 25,575 | ||||
Puerto Rico Infrastructure Financing Authority, | 5.00 | 7/1/21 | 500,000 | i | 90,675 | ||||
Puerto Rico Sales Tax Financing Corporation, | 5.00 | 8/1/22 | 4,585,000 | i | 3,908,712 | ||||
Puerto Rico Sales Tax Financing Corporation, | 6.75 | 8/1/32 | 15,000,000 | i | 7,350,000 | ||||
Virgin Islands Public Finance Authority, | 5.00 | 10/1/29 | 2,250,000 | 2,129,062 | |||||
Virgin Islands Public Finance Authority, | 5.00 | 10/1/34 | 1,500,000 | 1,393,125 | |||||
Virgin Islands Public Finance Authority, | 6.75 | 10/1/37 | 1,250,000 | 1,253,125 | |||||
49,704,510 |
90
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.9% (continued) | |||||||||
Virginia - 3.2% | |||||||||
Chesapeake, | 0/4.88 | 7/15/40 | 2,000,000 | g | 1,727,220 | ||||
Norfolk Economic Development Authority, | 4.00 | 11/1/48 | 3,500,000 | 3,594,045 | |||||
University of Virginia, | 4.00 | 4/1/45 | 3,950,000 | 4,081,377 | |||||
Virginia Small Business Financing Authority, | 5.00 | 12/31/56 | 4,000,000 | 4,344,160 | |||||
Virginia Small Business Financing Authority, | 5.00 | 12/31/49 | 4,500,000 | 4,908,240 | |||||
Virginia Small Business Financing Authority, | 5.00 | 1/1/40 | 12,395,000 | 13,076,353 | |||||
Virginia Small Business Financing Authority, | 5.00 | 1/1/40 | 7,510,000 | 7,922,825 | |||||
Virginia Small Business Financing Authority, | 5.25 | 1/1/32 | 4,000,000 | 4,304,560 | |||||
Virginia Small Business Financing Authority, | 6.00 | 1/1/37 | 1,665,000 | 1,838,959 | |||||
Virginia Small Business Financing Authority, | 5.00 | 7/1/38 | 1,000,000 | c | 1,031,450 | ||||
46,829,189 | |||||||||
West Virginia - .3% | |||||||||
Monongalia County Commission Special District, | 5.75 | 6/1/43 | 750,000 | c | 784,500 | ||||
West Virginia Hospital Finance Authority, | 4.13 | 1/1/47 | 3,000,000 | 2,987,430 | |||||
3,771,930 | |||||||||
Wisconsin - .9% | |||||||||
Oneida Tribe of Indians, | 6.50 | 2/1/31 | 1,325,000 | c | 1,372,766 | ||||
Public Finance Authority, | 6.38 | 1/1/48 | 2,500,000 | c | 2,537,425 | ||||
Wisconsin, | 5.75 | 5/1/19 | 130,000 | b | 133,536 | ||||
Wisconsin, | 6.00 | 5/1/19 | 70,000 | b | 72,017 | ||||
Wisconsin Center District, | 0.00 | 12/15/44 | 8,735,000 | d | 3,022,223 | ||||
Wisconsin Center District, | 0.00 | 12/15/46 | 3,990,000 | d | 1,269,857 | ||||
Wisconsin Health & Educational Facilities Authority, | 5.00 | 2/15/47 | 5,000,000 | 5,422,350 | |||||
13,830,174 | |||||||||
Total Long-Term Municipal Investments | 1,508,204,392 | ||||||||
Short-Term Municipal Investments - 1.1% | |||||||||
South Carolina - .7% | |||||||||
South Carolina Association of Governmental Organizations, | 3.50 | 3/1/19 | 10,000,000 | 10,073,700 |
91
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Short-Term Municipal Investments - 1.1% (continued) | |||||||||
Texas - .4% | |||||||||
State of Texas, | 4.00 | 8/29/19 | 5,250,000 | 5,361,037 | |||||
Total Short-Term Municipal Investments | 15,434,737 | ||||||||
Total Investments (cost $1,494,403,907) | 105.4% | 1,544,494,655 | |||||||
Liabilities, Less Cash and Receivables | (5.4%) | (79,219,939) | |||||||
Net Assets | 100.0% | 1,465,274,716 |
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 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 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 August 31, 2018, these securities were valued at $218,595,096 or 14.92% of net assets.
d Security issued with a zero coupon. Income is recognized through the accretion of discount.
e Variable rate security—rate shown is the interest rate in effect at period end.
f Collateral for floating rate borrowings.
g Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
h Auction Rate Security—interest rate is reset periodically under an auction process that is conducted by an auction agent. Rate shown is the interest rate in effect at period end.
i Non-income producing—security in default.
Portfolio Summary (Unaudited) † | Value (%) |
Transportation | 21.4 |
Education | 18.3 |
Medical | 15.3 |
GO | 13.8 |
Special Tax | 7.9 |
Prerefunded | 6.8 |
Development | 5.8 |
Tobacco Settlement | 3.9 |
Pollution | 2.8 |
Nursing Homes | 2.0 |
School District | 1.9 |
Water | 1.7 |
Utilities | 1.4 |
Multifamily Housing | .7 |
Build America Bonds | .5 |
Airport | .4 |
Housing | .3 |
Higher Education | .2 |
Facilities | .2 |
Power | .1 |
105.4 |
† Based on net assets.
See notes to financial statements.
92
STATEMENTS OF FUTURES
August 31, 2018
BNY Mellon National Intermediate Municipal Bond Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 5 Year Notes | 144 | 9/18 | 16,421,357 | 16,362,000 | 59,357 | ||||||
Ultra 10 Year U.S. Treasury Notes | 552 | 9/18 | 70,847,119 | 70,837,128 | 9,991 | ||||||
Gross Unrealized Appreciation | 69,348 |
See notes to financial statements.
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 5 Year Notes | 13 | 9/18 | 1,482,484 | 1,477,125 | 5,359 | ||||||
Ultra 10 Year U.S. Treasury Notes | 50 | 9/18 | 6,417,312 | 6,416,407 | 905 | ||||||
Gross Unrealized Appreciation | 6,264 |
See notes to financial statements.
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 5 Year Notes | 20 | 9/18 | 2,280,744 | 2,272,500 | 8,244 | ||||||
Ultra 10 Year U.S. Treasury Notes | 76 | 9/18 | 9,754,314 | 9,752,938 | 1,376 | ||||||
Gross Unrealized Appreciation | 9,620 |
See notes to financial statements.
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 5 Year Notes | 11 | 9/18 | 1,254,410 | 1,249,875 | 4,535 | ||||||
Ultra 10 Year U.S. Treasury Notes | 41 | 9/18 | 5,262,195 | 5,261,453 | 742 | ||||||
Gross Unrealized Appreciation | 5,277 |
See notes to financial statements.
BNY Mellon Municipal Opportunities Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 10 Year Notes | 103 | 9/18 | 12,417,133 | 12,400,235 | 16,898 | ||||||
U.S. Treasury 5 Year Notes | 327 | 9/18 | 37,290,164 | 37,155,375 | 134,789 | ||||||
U.S. Treasury Ultra Long Bond | 557 | 9/18 | 88,560,438 | 88,545,594 | 14,844 | ||||||
Ultra 10 Year U.S. Treasury Notes | 482 | 9/18 | 61,862,883 | 61,854,159 | 8,724 | ||||||
Gross Unrealized Appreciation | 175,255 |
See notes to financial statements.
93
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.
94
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2018
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| 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 ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
| 2,186,708,897 |
| 919,617,272 |
| 191,791,618 |
| 304,318,014 |
| |
Cash collateral held by broker—Note 4 |
|
|
| 843,120 |
| - |
| 76,340 |
| 116,200 |
| |
Interest receivable |
|
|
| 27,136,812 |
| 7,916,564 |
| 2,106,990 |
| 2,981,418 |
| |
Receivable for shares of Beneficial |
|
|
| 2,311,830 |
| 1,426,383 |
| 94,022 |
| 683,021 |
| |
Receivable for investment securities sold |
|
|
| - |
| - |
| 64,750 |
| 6,300,415 |
| |
Prepaid expenses |
|
|
| 40,203 |
| 35,292 |
| 18,766 |
| 20,276 |
| |
|
|
|
| 2,217,040,862 |
| 928,995,511 |
| 194,152,486 |
| 314,419,344 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 688,805 |
| 292,900 |
| 90,773 |
| 101,656 |
| |
Due to Administrator—Note 3(a) |
|
|
| 228,111 |
| 97,295 |
| 19,777 |
| 31,533 |
| |
Cash overdraft due to Custodian |
|
|
| 3,373,658 |
| 671,435 |
| 294,012 |
| 406,029 |
| |
Payable for investment securities purchased |
|
|
| 18,498,352 |
| 4,390,290 |
| 4,024,293 |
| 9,181,272 |
| |
Payable for shares of Beneficial |
|
|
| 1,943,161 |
| 1,499,232 |
| 3,272 |
| 98,101 |
| |
Payable for futures |
|
|
| 46,876 |
| - |
| 4,242 |
| 6,469 |
| |
Trustees fees and expenses payable |
|
|
| 19,889 |
| 12,198 |
| 2,937 |
| 2,789 |
| |
Accrued expenses |
|
|
| 78,687 |
| 35,476 |
| 24,432 |
| 31,038 |
| |
|
|
|
| 24,877,539 |
| 6,998,826 |
| 4,463,738 |
| 9,858,887 |
|
|
Net Assets ($) |
|
|
| 2,192,163,323 |
| 921,996,685 |
| 189,688,748 |
| 304,560,457 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 2,162,953,163 |
| 930,967,376 |
| 188,035,971 |
| 303,858,014 |
| |
Accumulated net realized gain (loss) |
|
|
| (598,754) |
| (3,602,602) |
| (452,106) |
| (77,014) |
| |
Accumulated net unrealized appreciation |
|
|
| 29,739,566 |
| (5,368,089) |
| 2,098,619 |
| 769,837 |
| |
Accumulated net unrealized appreciation |
|
|
| 69,348 |
| - |
| 6,264 |
| 9,620 |
| |
Net Assets ($) |
|
|
| 2,192,163,323 |
| 921,996,685 |
| 189,688,748 |
| 304,560,457 |
|
|
† Investments at cost ($) |
|
|
| 2,156,969,331 |
| 924,985,361 |
| 189,692,999 |
| 303,548,177 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 2,144,898,232 |
| 912,838,373 |
| 184,216,125 |
| 297,514,924 |
| |
Shares Outstanding |
|
|
| 161,374,259 |
| 71,844,159 |
| 15,416,341 |
| 23,983,513 |
| |
Net Asset Value Per Share ($) |
|
|
| 13.29 |
| 12.71 |
| 11.95 |
| 12.40 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 47,265,091 |
| 9,158,312 |
| 5,472,623 |
| 7,045,533 |
| |
Shares Outstanding |
|
|
| 3,560,025 |
| 721,328 |
| 458,556 |
| 568,101 |
| |
Net Asset Value Per Share ($) |
|
|
| 13.28 |
| 12.70 |
| 11.93 |
| 12.40 |
| |
| ||||||||||||
See notes to financial statements. |
|
95
STATEMENTS OF ASSETS AND LIABILITIES (continued)
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
| BNY Mellon Municipal Opportunities Fund |
| |
Assets ($): |
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
| 156,895,716 |
| 1,544,494,655 |
| |
Cash collateral held by broker—Note 4 |
|
|
| 62,830 |
| 2,819,310 |
| |
Interest receivable |
|
|
| 1,807,965 |
| 14,807,720 |
| |
Receivable for shares of Beneficial |
|
|
| 279,070 |
| 6,721,223 |
| |
Receivable for investment securities sold |
|
|
| - |
| 1,002,500 |
| |
Prepaid expenses |
|
|
| 19,776 |
| 31,820 |
| |
|
|
|
| 159,065,357 |
| 1,569,877,228 |
|
|
Liabilities ($): |
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 60,674 |
| 628,426 |
| |
Due to Administrator—Note 3(a) |
|
|
| 16,537 |
| 147,172 |
| |
Cash overdraft due to Custodian |
|
|
| 242,876 |
| 2,474,672 |
| |
Payable for shares of Beneficial |
|
|
| 33,944 |
| 194,884 |
| |
Trustees fees and expenses payable |
|
|
| 6,133 |
| 13,941 |
| |
Payable for investment securities purchased |
|
|
| - |
| 39,326,944 |
| |
Payable for futures |
|
|
| 3,508 |
| 1,477 |
| |
Payable for floating rate notes issued—Note 4 |
|
|
|
|
| 61,475,000 |
| |
Interest and expense payable related to |
|
|
| - |
| 309,544 |
| |
Accrued expenses |
|
|
| 24,651 |
| 30,452 |
| |
|
|
|
| 388,323 |
| 104,602,512 |
|
|
Net Assets ($) |
|
|
| 158,677,034 |
| 1,465,274,716 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 156,519,246 |
| 1,421,542,987 |
| |
Accumulated net realized gain (loss) |
|
|
| 106,485 |
| (6,534,274) |
| |
Accumulated net unrealized appreciation |
|
|
| 2,046,026 |
| 50,090,748 |
| |
Accumulated net unrealized appreciation |
|
|
| 5,277 |
| 175,255 |
| |
Net Assets ($) |
|
|
| 158,677,034 |
| 1,465,274,716 |
|
|
† Investments at cost ($) |
|
|
| 154,849,690 |
| 1,494,403,907 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 147,342,595 |
| 1,432,350,998 |
| |
Shares Outstanding |
|
|
| 13,501,127 |
| 109,190,791 |
| |
Net Asset Value Per Share ($) |
|
|
| 10.91 |
| 13.12 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 11,334,439 |
| 32,923,718 |
| |
Shares Outstanding |
|
|
| 1,037,956 |
| 2,508,320 |
| |
Net Asset Value Per Share ($) |
|
|
| 10.92 |
| 13.13 |
| |
| ||||||||
See notes to financial statements. |
|
96
STATEMENTS OF OPERATIONS
Year Ended August 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| 65,780,091 |
| 15,125,993 |
| 6,286,122 |
| 9,004,207 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 7,581,221 |
| 3,258,007 |
| 1,002,496 |
| 1,060,556 |
| ||
Administration fee—Note 3(a) |
|
| 2,656,410 |
| 1,141,692 |
| 245,934 |
| 371,682 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 146,454 |
| 66,373 |
| 9,804 |
| 20,458 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 117,327 |
| 23,800 |
| 14,064 |
| 19,205 |
| ||
Professional fees |
|
| 111,018 |
| 70,194 |
| 44,069 |
| 47,711 |
| ||
Registration fees |
|
| 55,837 |
| 50,895 |
| 29,948 |
| 33,958 |
| ||
Custodian fees—Note 3(b) |
|
| 54,794 |
| 24,304 |
| 7,764 |
| 12,269 |
| ||
Loan commitment fees—Note 2 |
|
| 49,851 |
| 20,262 |
| 2,972 |
| 6,639 |
| ||
Prospectus and shareholders’ reports |
|
| 13,735 |
| 8,358 |
| 3,207 |
| 7,118 |
| ||
Miscellaneous |
|
| 131,264 |
| 69,473 |
| 53,822 |
| 68,215 |
| ||
Total Expenses |
|
| 10,917,911 |
| 4,733,358 |
| 1,414,080 |
| 1,647,811 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (3,546) |
| (9,649) |
| (712) |
| (612) |
| ||
Net Expenses |
|
| 10,914,365 |
| 4,723,709 |
| 1,413,368 |
| 1,647,199 |
| ||
Investment Income—Net |
|
| 54,865,726 |
| 10,402,284 |
| 4,872,754 |
| 7,357,008 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | (3,525,115) |
| (1,203,921) |
| (332,814) |
| (100,112) |
| ||||
Net realized gain (loss) on futures |
|
| 4,207,248 |
| - |
| 412,035 |
| 606,012 |
| ||
Net Realized Gain (Loss) |
|
| 682,133 |
| (1,203,921) |
| 79,221 |
| 505,900 |
| ||
Net unrealized appreciation (depreciation) on investments |
|
| (57,520,619) |
| (7,136,247) |
| (4,764,192) |
| (8,918,179) |
| ||
Net unrealized appreciation (depreciation) on futures |
|
| 367,981 |
| - |
| 36,233 |
| 52,308 |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| (57,152,638) |
| (7,136,247) |
| (4,727,959) |
| (8,865,871) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (56,470,505) |
| (8,340,168) |
| (4,648,738) |
| (8,359,971) |
| ||
Net Increase (Decrease) in Net Assets Resulting from Operations |
| (1,604,779) |
| 2,062,116 |
| 224,016 |
| (1,002,963) |
| |||
See notes to financial statements. |
97
STATEMENTS OF OPERATIONS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
| BNY Mellon Municipal Opportunities Fund |
|
Investment Income ($): |
|
|
|
|
|
| ||
Interest Income |
|
| 4,783,671 |
| 53,227,411 |
| ||
Expenses: |
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 809,556 |
| 6,378,533 |
| ||
Administration fee—Note 3(a) |
|
| 198,749 |
| 1,563,885 |
| ||
Professional fees |
|
| 45,837 |
| 70,278 |
| ||
Registration fees |
|
| 30,168 |
| 47,791 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 29,608 |
| 85,603 |
| ||
Prospectus and shareholders’ reports |
|
| 13,639 |
| 9,407 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 10,178 |
| 92,280 |
| ||
Custodian fees—Note 3(b) |
|
| 8,372 |
| 35,739 |
| ||
Loan commitment fees—Note 2 |
|
| 2,719 |
| 27,754 |
| ||
Interest and expense related to floating rate notes issued—Note 4 |
|
| - |
| 1,221,267 |
| ||
Miscellaneous |
|
| 53,035 |
| 106,792 |
| ||
Total Expenses |
|
| 1,201,861 |
| 9,639,329 |
| ||
Less—reduction in expenses due to undertakings—Note 3(a) |
|
| (214,544) |
| - |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (221) |
| (4,808) |
| ||
Net Expenses |
|
| 987,096 |
| 9,634,521 |
| ||
Investment Income—Net |
|
| 3,796,575 |
| 43,592,890 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
| ||||
Net realized gain (loss) on investments | 145,671 |
| 8,925,542 |
| ||||
Net realized gain (loss) on futures |
|
| 324,456 |
| 11,421,511 |
| ||
Net Realized Gain (Loss) |
|
| 470,127 |
| 20,347,053 |
| ||
Net unrealized appreciation (depreciation) on investments |
|
| (4,663,486) |
| (24,696,939) |
| ||
Net unrealized appreciation (depreciation) on futures |
|
| 28,121 |
| 887,724 |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| (4,635,365) |
| (23,809,215) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (4,165,238) |
| (3,462,162) |
| ||
Net Increase (Decrease) in Net Assets Resulting from Operations |
| (368,663) |
| 40,130,728 |
| |||
See notes to financial statements. |
98
STATEMENT OF CASH FLOWS
Year Ended August 31, 2018
BNY Mellon Municipal Opportunities Fund |
|
|
|
|
| |
|
|
|
|
|
|
|
Cash Flows from Operating Activities ($): |
|
|
|
|
| |
Purchases of portfolio securities |
| (723,192,332) |
|
|
| |
Proceeds from sales of portfolio securities | 543,471,839 |
|
|
| ||
Net proceeds for sales of short-term securities | 11,704,775 |
|
|
| ||
Dividends and Interest received |
| 62,106,679 |
|
|
| |
Paid to The Dreyfus Corporation |
| (6,351,400) |
|
|
| |
Operating expenses paid |
| (1,975,235) |
|
|
| |
Receivable for shares of Beneficial Interest subscribed |
| (6,721,223) |
|
|
| |
Payable for shares of Beneficial Interest redeemed |
| (141,039) |
|
|
| |
Net Unrealized and Realized Gain (Loss) on futures† |
| 11,786,134 |
|
|
| |
Net Cash Provided by Operating Activities |
|
|
| (109,311,802) |
| |
Cash Flows from Financing Activities ($): |
|
|
|
|
| |
Dividends paid to Common Shareholders |
| (43,754,567) |
|
|
| |
Proceeds from shares sold |
| 268,282,625 |
|
|
| |
Distributions Reinvested |
| 15,113,665 |
|
|
| |
Cost of shares redeemed |
| (129,860,190) |
|
|
| |
Increase in Cash Overdraft due to Custodian |
| 331,861 |
|
|
| |
Interest and expense related to floating |
| (1,130,482) |
|
|
| |
Net Cash Provided in Financing Activities |
| 108,982,912 |
| |||
Net Increase (Decrease) in cash |
| (328,890) |
| |||
Cash at beginning of period†† |
| 3,148,200 |
| |||
Cash at end of period†† |
| 2,819,310 |
| |||
Reconciliation of Net Increase (Decrease) in Net Assets |
|
|
| |||
Resulting from Operations to Net Cash Provided |
|
|
| |||
by Operating Activities ($): |
|
|
| |||
Net Increase in Net Assets Resulting From Operations |
| 40,130,728 |
| |||
Adjustments to reconcile net increase in net assets |
|
|
| |||
resulting from operations to net cash |
|
|
| |||
provided by operating activities ($): |
|
|
| |||
Increase in investments in securities at cost |
| (216,158,509) |
| |||
Increase in receivable for shares of Common Stock subscribed |
| (6,721,223) |
| |||
Increase in interest receivable |
| (1,255,647) |
| |||
Decrease in Receivable for Investment securities sold |
| 30,418,455 |
| |||
Decrease in prepaid expenses |
| 109,860 |
| |||
Increase in Due to The Dreyfus Corporation and affiliates |
| 19,099 |
| |||
Increase in Due to Administrator |
| 8,034 |
| |||
Decrease in payable for shares of Beneficial Interest redeemed |
| (141,039) |
| |||
Increase in payable for investment securities purchased |
| 16,732,654 |
| |||
Net unrealized appreciation (depreciation) on futures† |
| 364,623 |
| |||
Increase in payable for floating rate notes issued |
| 2,500,000 |
| |||
Interest and expense related to floating rate notes issued |
| 1,221,267 |
| |||
Decrease in Directors fees and expense payable |
| 3,233 |
| |||
Decrease in accrued expenses |
| (53,607) |
| |||
Net unrealized depreciation on investments |
| 23,809,215 |
| |||
Net amortization of premiums on investments |
| (298,945) |
| |||
Net Cash Provided by Operating Activities |
| (109,311,802) |
| |||
Supplemental Disclosure Cash Flow Information ($): |
|
|
| |||
Non-cash financing activities: |
|
|
| |||
Reinvestment of dividends |
| 15,113,665 |
| |||
† | Includes change in variation margin from beginning of period. | |||||
†† | Includes deposits held as collateral by broker. | |||||
See notes to financial statements. |
99
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon National Intermediate Municipal Bond Fund |
| BNY Mellon National Short-Term Municipal Bond Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2018 |
|
|
| 2017 |
| 2018 |
|
|
| 2017 |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 54,865,726 |
|
|
| 53,740,560 |
| 10,402,284 |
|
|
| 8,964,818 |
| |
Net realized gain (loss) on investments |
| 682,133 |
|
|
| 1,791,757 |
| (1,203,921) |
|
|
| (2,372,606) |
| ||
Net unrealized appreciation (depreciation) |
| (57,152,638) |
|
|
| (50,266,297) |
| (7,136,247) |
|
|
| (1,534,285) |
| ||
Net Increase (Decrease) in Net Assets | (1,604,779) |
|
|
| 5,266,020 |
| 2,062,116 |
|
|
| 5,057,927 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (53,538,956) |
|
|
| (52,338,335) |
| (10,300,745) |
|
|
| (8,877,598) |
| |
Investor Shares |
|
| (1,069,679) |
|
|
| (1,168,985) |
| (82,504) |
|
|
| (74,272) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (374,312) |
|
|
| (14,139,955) |
| - |
|
|
| (1,195,000) |
| |
Investor Shares |
|
| (8,464) |
|
|
| (353,740) |
| - |
|
|
| (8,660) |
| |
Total Distributions |
|
| (54,991,411) |
|
|
| (68,001,015) |
| (10,383,249) |
|
|
| (10,155,530) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 541,093,004 |
|
|
| 464,961,765 |
| 440,092,102 |
|
|
| 351,029,658 |
| |
Investor Shares |
|
| 27,746,089 |
|
|
| 39,289,745 |
| 14,896,270 |
|
|
| 20,423,368 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 7,761,103 |
|
|
| 14,329,916 |
| 2,229,003 |
|
|
| 2,217,207 |
| |
Investor Shares |
|
| 794,386 |
|
|
| 1,160,740 |
| 63,066 |
|
|
| 64,988 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (442,308,601) |
|
|
| (548,178,549) |
| (410,500,922) |
|
|
| (563,035,625) |
| |
Investor Shares |
|
| (32,202,146) |
|
|
| (41,884,372) |
| (19,224,766) |
|
|
| (12,880,518) |
| |
Increase (Decrease) in Net Assets | 102,883,835 |
|
|
| (70,320,755) |
| 27,554,753 |
|
|
| (202,180,922) |
| |||
Total Increase (Decrease) in Net Assets | 46,287,645 |
|
|
| (133,055,750) |
| 19,233,620 |
|
|
| (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 |
|
| 2,192,163,323 |
|
|
| 2,145,875,678 |
| 921,996,685 |
|
|
| 902,763,065 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 40,418,705 |
|
|
| 34,444,410 |
| 34,647,488 |
|
|
| 27,512,365 |
| |
Shares issued for distributions reinvested |
|
| 580,735 |
|
|
| 1,071,958 |
| 175,407 |
|
|
| 173,928 |
| |
Shares redeemed |
|
| (33,068,224) |
|
|
| (40,856,606) |
| (32,298,310) |
|
|
| (44,177,739) |
| |
Net Increase (Decrease) in Shares Outstanding | 7,931,216 |
|
|
| (5,340,238) |
| 2,524,585 |
|
|
| (16,491,446) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 2,077,366 |
|
|
| 2,904,127 |
| 1,173,257 |
|
|
| 1,600,474 |
| |
Shares issued for distributions reinvested |
|
| 59,478 |
|
|
| 86,441 |
| 4,965 |
|
|
| 5,092 |
| |
Shares redeemed |
|
| (2,407,870) |
|
|
| (3,110,518) |
| (1,511,915) |
|
|
| (1,007,809) |
| |
Net Increase (Decrease) in Shares Outstanding | (271,026) |
|
|
| (119,950) |
| (333,693) |
|
|
| 597,757 |
| |||
|
| ||||||||||||||
a During the period ended August 31, 2018, 1,985,316 Class M shares representing $26,542,819 were exchanged for 1,987,563 Investor shares for BNY Mellon National Intermediate Municipal Bond Fund and 1,147,283 Class M shares representing $14,575,993 were exchanged for 1,148,115 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 $15,723,475 were exchanged for 1,232,157 Investor shares for BNY Mellon National Short-Term Municipal Bond Fund. | |||||||||||||||
|
100
|
|
|
| BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
| BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2018 |
|
|
| 2017 |
| 2018 |
|
|
| 2017 |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 4,872,754 |
|
|
| 5,638,618 |
| 7,357,008 |
|
|
| 7,406,115 |
| |
Net realized gain (loss) on investments |
| 79,221 |
|
|
| 643,602 |
| 505,900 |
|
|
| 1,053,368 |
| ||
Net unrealized appreciation (depreciation) |
| (4,727,959) |
|
|
| (6,388,794) |
| (8,865,871) |
|
|
| (10,348,095) |
| ||
Net Increase (Decrease) in Net Assets | 224,016 |
|
|
| (106,574) |
| (1,002,963) |
|
|
| (1,888,612) |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (4,747,819) |
|
|
| (5,519,051) |
| (7,180,877) |
|
|
| (7,200,296) |
| |
Investor Shares |
|
| (123,103) |
|
|
| (119,567) |
| (167,392) |
|
|
| (205,819) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (343,953) |
|
|
| (3,691,537) |
| (88,632) |
|
|
| (2,949,849) |
| |
Investor Shares |
|
| (11,783) |
|
|
| (86,542) |
| (2,253) |
|
|
| (92,935) |
| |
Total Distributions |
|
| (5,226,658) |
|
|
| (9,416,697) |
| (7,439,154) |
|
|
| (10,448,899) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 15,022,892 |
|
|
| 24,449,460 |
| 65,668,049 |
|
|
| 71,259,007 |
| |
Investor Shares |
|
| 3,174,709 |
|
|
| 2,708,628 |
| 2,498,387 |
|
|
| 5,566,606 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 391,540 |
|
|
| 2,397,494 |
| 1,478,003 |
|
|
| 2,530,486 |
| |
Investor Shares |
|
| 126,859 |
|
|
| 181,526 |
| 138,330 |
|
|
| 235,740 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (35,799,291) |
|
|
| (63,118,005) |
| (58,636,443) |
|
|
| (124,543,987) |
| |
Investor Shares |
|
| (2,725,343) |
|
|
| (3,593,488) |
| (4,781,629) |
|
|
| (4,590,867) |
| |
Increase (Decrease) in Net Assets | (19,808,634) |
|
|
| (36,974,385) |
| 6,364,697 |
|
|
| (49,543,015) |
| |||
Total Increase (Decrease) in Net Assets | (24,811,276) |
|
|
| (46,497,656) |
| (2,077,420) |
|
|
| (61,880,526) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 214,500,024 |
|
|
| 260,997,680 |
| 306,637,877 |
|
|
| 368,518,403 |
| |
End of Period |
|
| 189,688,748 |
|
|
| 214,500,024 |
| 304,560,457 |
|
|
| 306,637,877 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 1,248,516 |
|
|
| 2,025,605 |
| 5,248,057 |
|
|
| 5,661,003 |
| |
Shares issued for distributions reinvested |
|
| 32,492 |
|
|
| 200,854 |
| 118,419 |
|
|
| 201,893 |
| |
Shares redeemed |
|
| (2,976,956) |
|
|
| (5,219,093) |
| (4,688,409) |
|
|
| (9,929,865) |
| |
Net Increase (Decrease) in Shares Outstanding | (1,695,948) |
|
|
| (2,992,634) |
| 678,067 |
|
|
| (4,066,969) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 263,105 |
|
|
| 223,741 |
| 201,472 |
|
|
| 442,792 |
| |
Shares issued for distributions reinvested |
|
| 10,583 |
|
|
| 15,096 |
| 11,084 |
|
|
| 18,765 |
| |
Shares redeemed |
|
| (227,651) |
|
|
| (298,376) |
| (381,253) |
|
|
| (364,170) |
| |
Net Increase (Decrease) in Shares Outstanding | 46,037 |
|
|
| (59,539) |
| (168,697) |
|
|
| 97,387 |
| |||
|
| ||||||||||||||
a During the period ended August 31, 2018, 262,189 Class M shares representing $3,168,278 were exchanged for 262,569 Investor shares for BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and 193,033 Class M shares representing $2,392,295 were exchanged for 193,072 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 $5,338,623 were exchanged for 424,751 Investor shares for BNY Mellon Massachusetts Intermediate Municipal Bond Fund. | |||||||||||||||
|
101
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
| BNY Mellon Municipal Opportunities Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2018 |
|
|
| 2017 |
| 2018 |
|
|
| 2017 |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 3,796,575 |
|
|
| 4,034,042 |
| 43,592,890 |
|
|
| 41,117,090 |
| |
Net realized gain (loss) on investments |
| 470,127 |
|
|
| 421,108 |
| 20,347,053 |
|
|
| 16,787,864 |
| ||
Net unrealized appreciation (depreciation) |
| (4,635,365) |
|
|
| (4,670,637) |
| (23,809,215) |
|
|
| (35,288,604) |
| ||
Net Increase (Decrease) in Net Assets | (368,663) |
|
|
| (215,487) |
| 40,130,728 |
|
|
| 22,616,350 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (3,546,488) |
|
|
| (3,745,574) |
| (42,226,128) |
|
|
| (39,572,767) |
| |
Investor Shares |
|
| (250,069) |
|
|
| (279,994) |
| (1,067,817) |
|
|
| (1,067,663) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (49,606) |
|
|
| (2,556,555) |
| (450,997) |
|
|
| (223,073) |
| |
Investor Shares |
|
| (4,061) |
|
|
| (209,342) |
| (9,625) |
|
|
| (3,169) |
| |
Total Distributions |
|
| (3,850,224) |
|
|
| (6,791,465) |
| (43,754,567) |
|
|
| (40,866,672) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 26,703,390 |
|
|
| 22,229,807 |
| 247,896,915 |
|
|
| 365,448,364 |
| |
Investor Shares |
|
| 729,015 |
|
|
| 1,876,931 |
| 20,385,710 |
|
|
| 66,921,405 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 515,854 |
|
|
| 1,838,885 |
| 14,193,605 |
|
|
| 14,506,224 |
| |
Investor Shares |
|
| 221,412 |
|
|
| 419,414 |
| 920,060 |
|
|
| 942,001 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (28,891,537) |
|
|
| (39,701,418) |
| (83,869,298) |
|
|
| (188,436,751) |
| |
Investor Shares |
|
| (2,397,399) |
|
|
| (3,016,640) |
| (45,990,892) |
|
|
| (35,881,226) |
| |
Increase (Decrease) in Net Assets | (3,119,265) |
|
|
| (16,353,021) |
| 153,536,100 |
|
|
| 223,500,017 |
| |||
Total Increase (Decrease) in Net Assets | (7,338,152) |
|
|
| (23,359,973) |
| 149,912,261 |
|
|
| 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 |
|
| 158,677,034 |
|
|
| 166,015,186 |
| 1,465,274,716 |
|
|
| 1,315,362,455 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 2,426,877 |
|
|
| 2,005,486 |
| 18,906,273 |
|
|
| 28,499,079 |
| |
Shares issued for distributions reinvested |
|
| 47,013 |
|
|
| 167,853 |
| 1,087,061 |
|
|
| 1,118,271 |
| |
Shares redeemed |
|
| (2,629,792) |
|
|
| (3,584,901) |
| (6,417,687) |
|
|
| (14,607,840) |
| |
Net Increase (Decrease) in Shares Outstanding | (155,902) |
|
|
| (1,411,562) |
| 13,575,647 |
|
|
| 15,009,510 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 66,757 |
|
|
| 168,471 |
| 1,557,633 |
|
|
| 5,171,811 |
| |
Shares issued for distributions reinvested |
|
| 20,167 |
|
|
| 38,019 |
| 70,408 |
|
|
| 72,316 |
| |
Shares redeemed |
|
| (217,515) |
|
|
| (270,033) |
| (3,517,753) |
|
|
| (2,738,110) |
| |
Net Increase (Decrease) in Shares Outstanding | (130,591) |
|
|
| (63,543) |
| (1,889,712) |
|
|
| 2,506,017 |
| |||
|
| ||||||||||||||
a During the period ended August 31, 2018, 53,856 Class M shares representing $587,054 were exchanged for 53,281 Investor shares for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and 1,049,031 Class M shares representing $13,699,928 were exchanged for 1,048,357 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 $27,790,102 were exchanged for 2,138,157 Investor shares for BNY Mellon Municipal Opportunities Fund. | |||||||||||||||
|
102
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Intermediate Municipal Bond Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.64 | 14.00 | 13.56 | 13.77 | 13.22 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .34 | .34 | .36 | .37 | .39 | ||||||||||
Net realized and unrealized gain (loss) on investments | (.35) | (.27) | .43 | (.21) | .55 | ||||||||||
Total from Investment Operations | (.01) | .07 | .79 | .16 | .94 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.34) | (.34) | (.35) | (.37) | (.39) | ||||||||||
Dividends from net realized gain on investments | (.00) | b | (.09) | (.00) | b | - | - | ||||||||
Total Distributions | (.34) | (.43) | (.35) | (.37) | (.39) | ||||||||||
Net asset value, end of period | 13.29 | 13.64 | 14.00 | 13.56 | 13.77 | ||||||||||
Total Return (%) | (.05) | .60 | 5.94 | 1.23 | 7.18 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .50 | .50 | .50 | .50 | .50 | ||||||||||
Ratio of net expenses to average net assets | .50 | .50 | .50 | .50 | .50 | ||||||||||
Ratio of net investment income to average net assets | 2.54 | 2.52 | 2.58 | 2.70 | 2.90 | ||||||||||
Portfolio Turnover Rate | 38.75 | 32.14 | 18.61 | 35.65 | 24.65 | ||||||||||
Net Assets, end of period ($ x 1,000) | 2,144,898 | 2,093,660 | 2,223,660 | 1,970,693 | 1,827,575 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
103
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Intermediate Municipal Bond Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.63 | 13.99 | 13.54 | 13.75 | 13.20 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .31 | .31 | .32 | .34 | .36 | ||||||||||
Net realized and unrealized gain (loss) on investments | (.36) | (.27) | .45 | (.22) | .54 | ||||||||||
Total from Investment Operations | (.05) | .04 | .77 | .12 | .90 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.30) | (.31) | (.32) | (.33) | (.35) | ||||||||||
Dividends from net realized gain on investments | (.00) | b | (.09) | (.00) | b | - | - | ||||||||
Total Distributions | (.30) | (.40) | (.32) | (.33) | (.35) | ||||||||||
Net asset value, end of period | 13.28 | 13.63 | 13.99 | 13.54 | 13.75 | ||||||||||
Total Return (%) | (.30) | .35 | 5.76 | .90 | 6.92 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .75 | .75 | .75 | .75 | .75 | ||||||||||
Ratio of net expenses to average net assets | .75 | .75 | .75 | .75 | .75 | ||||||||||
Ratio of net investment income to average net assets | 2.29 | 2.27 | 2.33 | 2.45 | 2.65 | ||||||||||
Portfolio Turnover Rate | 38.75 | 32.14 | 18.61 | 35.65 | 24.65 | ||||||||||
Net Assets, end of period ($ x 1,000) | 47,265 | 52,216 | 55,272 | 50,199 | 42,042 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
104
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Short-Term Municipal Bond Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.83 | 12.87 | 12.83 | 12.94 | 12.86 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .14 | .12 | .11 | .11 | .10 | ||||||||||
Net realized and unrealized gain (loss) on investments | (.12) | (.02) | .05 | (.09) | .09 | ||||||||||
Total from Investment Operations | .02 | .10 | .16 | .02 | .19 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.14) | (.12) | (.11) | (.11) | (.10) | ||||||||||
Dividends from net realized gain on investments | - | (.02) | (.01) | (.02) | (.01) | ||||||||||
Total Distributions | (.14) | (.14) | (.12) | (.13) | (.11) | ||||||||||
Net asset value, end of period | 12.71 | 12.83 | 12.87 | 12.83 | 12.94 | ||||||||||
Total Return (%) | .18 | .76 | 1.21 | .17 | 1.37 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .51 | .51 | .51 | .50 | .50 | ||||||||||
Ratio of net expenses to average net assets | .51 | .51 | .51 | .50 | .50 | ||||||||||
Ratio of net investment income to average net assets | 1.12 | .94 | .84 | .82 | .77 | ||||||||||
Portfolio Turnover Rate | 58.52 | 35.60 | 51.47 | 34.24 | 39.43 | ||||||||||
Net Assets, end of period ($ x 1,000) | 912,838 | 889,237 | 1,104,162 | 1,007,532 | 1,244,187 |
a Based on average shares outstanding.
See notes to financial statements.
105
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Short-Term Municipal Bond Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.82 | 12.86 | 12.82 | 12.93 | 12.85 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .11 | .09 | .08 | .08 | .07 | ||||||||||
Net realized and unrealized gain (loss) on investments | (.12) | (.02) | .05 | (.10) | .09 | ||||||||||
Total from Investment Operations | (.01) | .07 | .13 | (.02) | .16 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.11) | (.09) | (.08) | (.07) | (.07) | ||||||||||
Dividends from net realized gain on investments | - | (.02) | (.01) | (.02) | (.01) | ||||||||||
Total Distributions | (.11) | (.11) | (.09) | (.09) | (.08) | ||||||||||
Net asset value, end of period | 12.70 | 12.82 | 12.86 | 12.82 | 12.93 | ||||||||||
Total Return (%) | (.07) | .52 | .97 | (.15) | 1.20 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .76 | .76 | .76 | .76 | .76 | ||||||||||
Ratio of net expenses to average net assets | .76 | .76 | .76 | .76 | .76 | ||||||||||
Ratio of net investment income to average net assets | .87 | .72 | .60 | .59 | .52 | ||||||||||
Portfolio Turnover Rate | 58.52 | 35.60 | 51.47 | 34.24 | 39.43 | ||||||||||
Net Assets, end of period ($ x 1,000) | 9,158 | 13,526 | 5,880 | 12,166 | 9,696 |
a Based on average shares outstanding.
See notes to financial statements.
106
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.24 | 12.68 | 12.31 | 12.56 | 12.27 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .29 | .30 | .32 | .33 | .36 | ||||||||||
Net realized and unrealized gain (loss) on investments | (.27) | (.24) | .41 | (.25) | .40 | ||||||||||
Total from Investment Operations | .02 | .06 | .73 | .08 | .76 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.29) | (.30) | (.32) | (.33) | (.36) | ||||||||||
Dividends from net realized gain on investments | (.02) | (.20) | (.04) | - | (.11) | ||||||||||
Total Distributions | (.31) | (.50) | (.36) | (.33) | (.47) | ||||||||||
Net asset value, end of period | 11.95 | 12.24 | 12.68 | 12.31 | 12.56 | ||||||||||
Total Return (%) | .22 | .55 | 5.96 | .74 | 6.31 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .70 | .70 | .69 | .68 | .68 | ||||||||||
Ratio of net expenses to average net assets | .70 | .70 | .69 | .68 | .68 | ||||||||||
Ratio of net investment income to average net assets | 2.44 | 2.44 | 2.52 | 2.65 | 2.89 | ||||||||||
Portfolio Turnover Rate | 38.13 | 20.07 | 25.94 | 35.96 | 25.84 | ||||||||||
Net Assets, end of period ($ x 1,000) | 184,216 | 209,457 | 255,017 | 276,729 | 306,673 |
a Based on average shares outstanding.
See notes to financial statements.
107
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.23 | 12.67 | 12.29 | 12.54 | 12.25 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .27 | .27 | .28 | .30 | .33 | ||||||||||
Net realized and unrealized gain (loss) on investments | (.29) | (.24) | .42 | (.25) | .39 | ||||||||||
Total from Investment Operations | (.02) | .03 | .70 | .05 | .72 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.26) | (.27) | (.28) | (.30) | (.32) | ||||||||||
Dividends from net realized gain on investments | (.02) | (.20) | (.04) | - | (.11) | ||||||||||
Total Distributions | (.28) | (.47) | (.32) | (.30) | (.43) | ||||||||||
Net asset value, end of period | 11.93 | 12.23 | 12.67 | 12.29 | 12.54 | ||||||||||
Total Return (%) | (.12) | .30 | 5.79 | .40 | 6.04 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .95 | .95 | .94 | .93 | .93 | ||||||||||
Ratio of net expenses to average net assets | .95 | .95 | .94 | .93 | .93 | ||||||||||
Ratio of net investment income to average net assets | 2.19 | 2.20 | 2.27 | 2.41 | 2.64 | ||||||||||
Portfolio Turnover Rate | 38.13 | 20.07 | 25.94 | 35.96 | 25.84 | ||||||||||
Net Assets, end of period ($ x 1,000) | 5,473 | 5,043 | 5,981 | 5,558 | 4,437 |
a Based on average shares outstanding.
See notes to financial statements.
108
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.75 | 13.16 | 12.73 | 12.95 | 12.62 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .30 | .30 | .31 | .33 | .36 | ||||||||||
Net realized and unrealized gain (loss) on investments | (.35) | (.28) | .43 | (.21) | .42 | ||||||||||
Total from Investment Operations | (.05) | .02 | .74 | .12 | .78 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.30) | (.30) | (.31) | (.34) | (.36) | ||||||||||
Dividends from net realized gain on investments | (.00) | b | (.13) | - | - | (.09) | |||||||||
Total Distributions | (.30) | (.43) | (.31) | (.34) | (.45) | ||||||||||
Net asset value, end of period | 12.40 | 12.75 | 13.16 | 12.73 | 12.95 | ||||||||||
Total Return (%) | (.32) | .24 | 5.88 | .98 | 6.21 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .54 | .54 | .54 | .53 | .53 | ||||||||||
Ratio of net expenses to average net assets | .54 | .54 | .54 | .53 | .53 | ||||||||||
Ratio of net investment income to average net assets | 2.43 | 2.35 | 2.39 | 2.60 | 2.85 | ||||||||||
Portfolio Turnover Rate | 38.51 | 31.61 | 28.71 | 41.79 | 32.80 | ||||||||||
Net Assets, end of period ($ x 1,000) | 297,515 | 297,243 | 360,108 | 310,635 | 305,513 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
109
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.75 | 13.15 | 12.73 | 12.94 | 12.62 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .27 | .27 | .28 | .31 | .34 | ||||||||||
Net realized and unrealized gain (loss) on investments | (.35) | (.27) | .42 | (.22) | .40 | ||||||||||
Total from Investment Operations | (.08) | - | .70 | .09 | .74 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.27) | (.27) | (.28) | (.30) | (.33) | ||||||||||
Dividends from net realized gain on investments | (.00) | b | (.13) | - | - | (.09) | |||||||||
Total Distributions | (.27) | (.40) | (.28) | (.30) | (.42) | ||||||||||
Net asset value, end of period | 12.40 | 12.75 | 13.15 | 12.73 | 12.94 | ||||||||||
Total Return (%) | (.56) | .06 | 5.54 | .73 | 5.95 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .79 | .79 | .79 | .78 | .78 | ||||||||||
Ratio of net expenses to average net assets | .79 | .79 | .79 | .78 | .78 | ||||||||||
Ratio of net investment income to average net assets | 2.18 | 2.12 | 2.15 | 2.35 | 2.60 | ||||||||||
Portfolio Turnover Rate | 38.51 | 31.61 | 28.71 | 41.79 | 32.80 | ||||||||||
Net Assets, end of period ($ x 1,000) | 7,046 | 9,395 | 8,410 | 8,632 | 9,910 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
110
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.20 | 11.62 | 11.24 | 11.40 | 11.11 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .26 | .26 | .29 | .30 | .31 | ||||||||||
Net realized and unrealized gain (loss) on investments | (.29) | (.24) | .41 | (.16) | .46 | ||||||||||
Total from Investment Operations | (.03) | .02 | .70 | .14 | .77 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.26) | (.26) | (.29) | (.30) | (.31) | ||||||||||
Dividends from net realized gain on investments | (.00) | b | (.18) | (.03) | - | (.17) | |||||||||
Total Distributions | (.26) | (.44) | (.32) | (.30) | (.48) | ||||||||||
Net asset value, end of period | 10.91 | 11.20 | 11.62 | 11.24 | 11.40 | ||||||||||
Total Return (%) | (.22) | .31 | 6.30 | 1.33 | 7.04 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .72 | .73 | .72 | .71 | .71 | ||||||||||
Ratio of net expenses to average net assets | .59 | .59 | .59 | .59 | .59 | ||||||||||
Ratio of net investment income to average net assets | 2.36 | 2.38 | 2.53 | 2.64 | 2.79 | ||||||||||
Portfolio Turnover Rate | 45.71 | 37.78 | 36.53 | 52.79 | 36.42 | ||||||||||
Net Assets, end of period ($ x 1,000) | 147,343 | 152,923 | 175,053 | 169,337 | 172,407 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
111
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.20 | 11.62 | 11.24 | 11.40 | 11.12 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .23 | .24 | .26 | .27 | .29 | ||||||||||
Net realized and unrealized gain (loss) on investments | (.28) | (.24) | .41 | (.16) | .44 | ||||||||||
Total from Investment Operations | (.05) | - | .67 | .11 | .73 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.23) | (.24) | (.26) | (.27) | (.28) | ||||||||||
Dividends from net realized gain on investments | (.00) | b | (.18) | (.03) | - | (.17) | |||||||||
Total Distributions | (.23) | (.42) | (.29) | (.27) | (.45) | ||||||||||
Net asset value, end of period | 10.92 | 11.20 | 11.62 | 11.24 | 11.40 | ||||||||||
Total Return (%) | (.38) | .07 | 6.03 | .98 | 6.77 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .97 | .98 | .97 | .96 | .96 | ||||||||||
Ratio of net expenses to average net assets | .84 | .84 | .84 | .84 | .84 | ||||||||||
Ratio of net investment income to average net assets | 2.11 | 2.13 | 2.28 | 2.39 | 2.54 | ||||||||||
Portfolio Turnover Rate | 45.71 | 37.78 | 36.53 | 52.79 | 36.42 | ||||||||||
Net Assets, end of period ($ x 1,000) | 11,334 | 13,093 | 14,322 | 15,495 | 16,428 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
112
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Municipal Opportunities Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.15 | 13.46 | 12.99 | 13.16 | 12.38 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .44 | .45 | .50 | .47 | .49 | ||||||||||
Net realized and unrealized gain (loss) on investments | (.02) | (.32) | .45 | (.18) | 1.04 | ||||||||||
Total from Investment Operations | .42 | .13 | .95 | .29 | 1.53 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.45) | (.44) | (.48) | (.46) | (.48) | ||||||||||
Dividends from net realized gain on investments | (.00) | b | (.00) | b | - | - | (.27) | ||||||||
Total Distributions | (.45) | (.44) | (.48) | (.46) | (.75) | ||||||||||
Net asset value, end of period | 13.12 | 13.15 | 13.46 | 12.99 | 13.16 | ||||||||||
Total Return (%) | 3.27 | 1.11 | 7.40 | 2.20 | 12.88 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .75 | .73 | .71 | .69 | .71 | ||||||||||
Ratio of net expenses to average net assets | .75 | .73 | .71 | .69 | .71 | ||||||||||
Ratio of interest and expense related to floating | .10 | .07 | .05 | .04 | .05 | ||||||||||
Ratio of net investment income to average net assets | 3.43 | 3.44 | 3.79 | 3.57 | 3.88 | ||||||||||
Portfolio Turnover Rate | 41.48 | 34.78 | 31.92 | 41.90 | 58.87 | ||||||||||
Net Assets, end of period ($ x 1,000) | 1,432,351 | 1,257,498 | 1,084,650 | 1,141,309 | 1,023,660 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
113
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Municipal Opportunities Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.16 | 13.46 | 12.99 | 13.16 | 12.38 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .40 | .41 | .47 | .43 | .46 | ||||||||||
Net realized and unrealized gain (loss) on investments | (.02) | (.30) | .44 | (.18) | 1.05 | ||||||||||
Total from Investment Operations | .38 | .11 | .91 | .25 | 1.51 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.41) | (.41) | (.44) | (.42) | (.46) | ||||||||||
Dividends from net realized gain on investments | (.00) | b | (.00) | b | - | - | (.27) | ||||||||
Total Distributions | (.41) | (.41) | (.44) | (.42) | (.73) | ||||||||||
Net asset value, end of period | 13.13 | 13.16 | 13.46 | 12.99 | 13.16 | ||||||||||
Total Return (%) | 3.01 | .95 | 7.13 | 1.93 | 12.54 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | 1.00 | .99 | .96 | .96 | .98 | ||||||||||
Ratio of net expenses to average net assets | 1.00 | .99 | .96 | .96 | .98 | ||||||||||
Ratio of interest and expense related to floating | .10 | .07 | .05 | .04 | .05 | ||||||||||
Ratio of net investment income to average net assets | 3.12 | 3.14 | 3.55 | 3.30 | 3.67 | ||||||||||
Portfolio Turnover Rate | 41.48 | 34.78 | 31.92 | 41.90 | 58.87 | ||||||||||
Net Assets, end of period ($ x 1,000) | 32,924 | 57,865 | 25,463 | 16,832 | 5,126 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
114
NOTES TO FINANCIAL STATEMENTS
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.
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).
115
NOTES TO FINANCIAL STATEMENTS (continued)
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 August 31, 2018 in valuing each fund’s investments:
At August 31, 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 ($) | Total | |||||||||
BNY Mellon National | |||||||||||||||||
Municipal Bonds† | - | - | 2,186,708,897 | - | - | - | 2,186,708,897 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | 69,348 | - | - | - | - | - | 69,348 | ||||||||||
BNY Mellon National | |||||||||||||||||
Municipal Bonds† | - | - | 919,617,272 | - | - | - | 919,617,272 |
116
Table 1—Fair Value Measurements (continued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon Pennsylvania | |||||||||||||||||
Municipal Bonds† | - | - | 191,791,618 | - | - | - | 191,791,618 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | 6,264 | - | - | - | - | - | 6,264 | ||||||||||
BNY Mellon Massachusetts | |||||||||||||||||
Municipal Bonds† | - | - | 304,318,014 | - | - | - | 304,318,014 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | 9,620 | - | - | - | - | - | 9,620 | ||||||||||
BNY Mellon New York | |||||||||||||||||
Municipal Bonds† | - | - | 156,895,716 | - | - | - | 156,895,716 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | 5,277 | - | - | - | - | - | 5,277 | ||||||||||
BNY Mellon Municipal | |||||||||||||||||
Corporate Bonds† | - | - | 20,855,526 | - | - | - | 20,855,526 | ||||||||||
Municipal Bonds† | - | - | 1,523,639,129 | - | - | - | 1,523,639,129 | ||||||||||
Futures†† | 175,255 | - | - | - | - | - | 175,255 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Floating Rate Notes††† | - | - | - | (61,475,000) | - | - | (61,475,000) |
† See Statement of Investments for additional detailed categorizations.
†† Amount shown represents unrealized appreciation (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 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
117
NOTES TO FINANCIAL STATEMENTS (continued)
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 August 31, 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 August 31, 2018, the funds did not incur any interest or penalties.
Each tax year in the four-year period ended August 31, 2018 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Table 2 summarizes each fund’s components of accumulated earnings on a tax basis at August 31, 2018.
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 3 summarizes each fund’s accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2018.
Table 4 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal periods ended August 31, 2018 and August 31, 2017.
Table 2—Components of Accumulated Earnings | |||||
| Undistributed | Undistributed | Accumulated | Unrealized (Depreciation)/ | Capital (Losses) |
BNY Mellon National Intermediate Municipal Bond Fund | 726,384 | - | (1,871,470) | 31,081,630 | - |
BNY Mellon National Short-Term Municipal Bond Fund | 100,286 | - | (3,574,848) | (5,395,843) | - |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 172,217 | - | - | 2,100,364 | (447,587) |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 8,514 | - | - | 756,771 | (54,328) |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 25,262 | - | 111,744 | 2,046,044 | - |
BNY Mellon Municipal Opportunities Fund | 825,525 | - | (8,457,449) | 52,189,178 | - |
† These losses were deferred for tax purposes to the first day of the following fiscal year.
Table 3—Capital Loss Carryover | ||||||
Short-Term | Long-Term | Total($) | ||||
BNY Mellon National Intermediate Municipal Bond Fund | 1,871,470 | - | 1,871,470 | |||
BNY Mellon National Short-Term Municipal Bond Fund | 2,885,394 | 689,454 | 3,574,848 | |||
BNY Mellon Municipal Opportunities Fund | 8,457,449 | - | 8,457,449 |
† 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 4—Tax Character of Distributions Paid | ||||||||||
2018 | 2017 | |||||||||
| Tax-Exempt | Ordinary | Long-Term |
| Tax-Exempt | Ordinary | Long-Term | |||
BNY Mellon National Intermediate Municipal Bond Fund | 54,602,839 | 388,572 | - | 53,509,362 | 3,193,470 | 11,298,183 | ||||
BNY Mellon National Short-Term Municipal Bond Fund | 10,383,249 | - | - | 8,960,424 | 405,623 | 789,483 | ||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 4,871,171 | - | 355,487 | 5,639,243 | 263,264 | 3,514,190 | ||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 7,350,064 | - | 89,090 | 7,408,903 | 137,940 | 2,902,056 | ||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 3,796,557 | 53,322 | 345 | 4,025,568 | 712,073 | 2,053,824 | ||||
BNY Mellon Municipal Opportunities Fund | 42,889,466 | 865,101 | - | 40,279,302 | 587,370 | - |
118
During the period ended August 31, 2018, as a result of permanent book to tax differences, each fund decreased accumulated undistributed investment income-net, increased (decreased) accumulated net realized gain (loss) on investments and increased paid-in capital as summarized in Table 5. These permanent book to tax differences are primarily due to the tax treatment for amortization of premiums/discounts and dividend reclassification. Net assets and net asset value per share were not affected by these reclassifications.
(e) New Accounting Pronouncements: In March 2017, the FASB issued Accounting Standards Update 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization On Purchased Callable Debt Securities (“ASU 2017-08”). The update shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. ASU 2017-08 will be effective for annual periods beginning after December 15, 2018.
Also in August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019. Management is currently assessing the potential impact of these changes to future financial statements.
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 August 31, 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 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 $214,544 during the period ended August 31, 2018.
Table 5—Return of Capital Statement of Position |
|
|
|
Accumulated | Accumulated | Paid-in | |
BNY Mellon National Intermediate Municipal Bond Fund | (257,091) | 200,196 | 56,895 |
BNY Mellon National Short-Term Municipal Bond Fund | (19,035) | 19,035 | - |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | (1,832) | 2,081 | (249) |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | (8,739) | 10,536 | (1,797) |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | (18) | 18 | - |
BNY Mellon Municipal Opportunities Fund | (298,945) | 106,322 | 192,623 |
119
NOTES TO FINANCIAL STATEMENTS (continued)
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 6 summarizes the amounts Investor shares were charged during the period ended August 31, 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 6—Shareholder Services Plan Fees |
|
BNY Mellon National Intermediate | $117,309 |
BNY Mellon National Short-Term | 23,797 |
BNY Mellon Pennsylvania Intermediate | 14,064 |
BNY Mellon Massachusetts Intermediate | 19,200 |
BNY Mellon New York Intermediate | 29,589 |
BNY Mellon Municipal | 85,601 |
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, if any, as expense offsets in the Statements of Operations.
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 August 31, 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 8 summarizes the amount each fund was charged during the period ended August 31, 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 National Intermediate | $193 |
BNY Mellon National Short-Term | 41 |
BNY Mellon Pennsylvania Intermediate | 27 |
BNY Mellon Massachusetts Intermediate | 90 |
BNY Mellon New York Intermediate | 245 |
BNY Mellon Municipal | 48 |
Table 7—Custody Agreement Fees | |||
| Custody Fees ($) | Custody | |
BNY Mellon National Intermediate Municipal Bond Fund | 54,794 | (3,546) | |
BNY Mellon National Short-Term Municipal Bond Fund | 24,304 | (9,649) | |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 7,764 | (712) | |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 12,269 | (612) | |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 8,372 | (221) | |
BNY Mellon Municipal Opportunities Fund | 35,739 | (4,808) |
120
During the period ended August 31, 2018, each fund was charged $13,269 for services performed by the Chief Compliance Officer and his staff. These fees are included in Miscellaneous in the Statements of Operations.
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 of investment securities, excluding short-term securities and futures, during the period ended August 31, 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 August 31, 2018, was approximately $59,808,333 with a related weighted average annualized interest rate of 2.04%.
Table 9—Due to The Dreyfus Corporation and Affiliates | |||||
| Investment | Shareholder | Custodian | Chief | Less Expense |
BNY Mellon National Intermediate Municipal Bond Fund | 651,606 | 9,746 | 21,760 | 5,693 | - |
BNY Mellon National Short-Term Municipal Bond Fund | 277,394 | 1,999 | 7,814 | 5,693 | - |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 80,649 | 1,148 | 3,283 | 5,693 | - |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 90,078 | 1,534 | 4,351 | 5,693 | - |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 67,470 | 2,386 | 3,000 | 5,693 | (17,875) |
BNY Mellon Municipal Opportunities Fund | 603,111 | 6,753 | 12,869 | 5,693 | - |
121
NOTES TO FINANCIAL STATEMENTS (continued)
Table 10—Purchases and Sales | ||
| Purchases ($) | Sales ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 979,077,887 | 830,880,723 |
BNY Mellon National Short-Term Municipal Bond Fund | 529,730,678 | 556,975,036 |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 75,699,695 | 88,435,708 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 127,812,873 | 114,776,040 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 72,639,047 | 74,691,721 |
BNY Mellon Municipal Opportunities Fund | 736,725,371 | 520,987,246 |
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 August 31, 2018 is discussed below.
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 August 31, 2018 are set forth in the Statements of Futures.
Table 11 summarizes each fund’s average market value of derivatives outstanding during the period ended August 31, 2018.
Table 11—Average Market Value of Derivatives | |
Average | |
BNY Mellon National Intermediate | 89,939,808 |
BNY Mellon Pennsylvania Intermediate | 8,510,364 |
BNY Mellon Massachusetts Intermediate | 12,705,267 |
BNY Mellon New York Intermediate | 6,848,173 |
BNY Mellon Municipal | 229,417,470 |
Table 12 summarizes the cost of investments inclusive of derivative contracts for federal income tax purposes, gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments inclusive of derivative contracts for each fund at August 31, 2018.
Table 12—Accumulated Net Unrealized Appreciation (Depreciation) | ||||
| Cost of | Gross | Gross | Net ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 2,155,627,267 | 39,107,977 | 8,026,347 | 31,081,630 |
BNY Mellon National Short-Term Municipal Bond Fund | 925,013,115 | 844,269 | 6,240,112 | (5,395,843) |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 189,691,254 | 3,827,777 | 1,727,413 | 2,100,364 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 303,561,243 | 4,097,660 | 3,340,889 | 756,771 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 154,849,672 | 2,403,776 | 357,732 | 2,046,044 |
BNY Mellon Municipal Opportunities Fund | 1,430,830,477 | 64,371,349 | 12,182,171 | 52,189,178 |
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REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees
BNY Mellon Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of 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 (collectively, the “Funds”), each a series of BNY Mellon Funds Trust, including the statements of investments and the statements of futures (with respect to BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Massachusetts Intermediate Municipal Bond Fund, BNY Mellon New York Intermediate Tax-Exempt Bond Fund and BNY Mellon Municipal Opportunities Fund), as of August 31, 2018, the related statements of operations and cash flows (with respect to BNY Mellon Municipal Opportunities Fund) for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2018, the results of their operations and cash flows (with respect to BNY Mellon Municipal Opportunities Fund) for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more BNY Mellon Fund Advisers investment companies since 2000.
New York, New York
October 29, 2018
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IMPORTANT TAX INFORMATION (Unaudited)
BNY Mellon National Intermediate Municipal Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2018 as “exempt-interest dividends” (not generally subject to regular Federal income tax) except $5,796 that is being reported as an ordinary income distribution for reporting purposes. Also, the fund reports the maximum amount allowable but not less than $.0024 as a short-term capital gain dividend paid on December 28, 2017 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2018 calendar year on Form 1099-DIV, which will be mailed in early 2019.
BNY Mellon National Short-Term Municipal Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2018 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2018 calendar year on Form 1099-DIV, which will be mailed in early 2019.
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2018 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Also, the fund reports the maximum amount allowable but not less than $.0210 per share as a capital gain dividend paid on December 28, 2017 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2018 calendar year on Form 1099-DIV, which will be mailed in early 2019.
BNY Mellon Massachusetts Intermediate Municipal Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2018 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Also, the fund reports the maximum amount allowable but not less than $.0038 per share as a capital gain dividend paid on December 28, 2017 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2018 calendar year on Form 1099-DIV, which will be mailed in early 2019.
BNY Mellon New York Intermediate Tax-Exempt Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2018 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Also, the fund reports the maximum amount allowable but not less than $.0037 as a short-term capital gain dividend paid on December 28, 2017 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2018 calendar year on Form 1099-DIV, which will be mailed in early 2019.
BNY Mellon Municipal Opportunities Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2018 as “exempt-interest dividends” (not generally subject to regular Federal income tax) except $404,479 that is being reported as an ordinary income distribution for reporting purposes. Also, the fund reports the maximum amount allowable but not less than $.0048 as a short-term capital gain dividend paid on December 28, 2017 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2018 calendar year on Form 1099-DIV, which will be mailed in early 2019.
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INFORMATION ABOUT THE INFORMATION ABOUT RENEWAL OF EACH FUND’S
INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited)
At a meeting of the Trust’s Board of Trustees held on March 5-6, 2018, the Board considered the renewal of the Trust’s Investment Advisory Agreement and Administration Agreement, pursuant to which BNY Mellon Fund Advisers, a division of Dreyfus, provides the funds with investment advisory services and The Bank of New York Mellon provides the funds with administrative services (together the “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 of these administrative services. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, were assisted in their review by independent legal counsel and met with counsel in executive session separate from Dreyfus representatives. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided to them at the meeting and in previous presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to the funds. Dreyfus provided the number of open accounts in each fund, each fund’s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of the funds (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or Dreyfus) and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to each fund.
The Board also considered research support available to, and portfolio management capabilities of, each fund’s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered Dreyfus’ extensive administrative, accounting and compliance infrastructures.
Comparative Analysis of the Funds’ Performance and Management Fees and Expense Ratios. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended December 31, 2017, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to each fund and comparison funds. They also noted that performance generally should be considered over longer periods of time, although it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect disproportionately long-term performance.
Dreyfus representatives reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund and (2) paid to Dreyfus or the Dreyfus-affiliated primary employer of the fund’s primary portfolio manager(s) for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee.
BNY Mellon National Intermediate Municipal Bond Fund
The Board discussed with representatives of Dreyfus and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was below the Performance Group median for all periods and was above the Performance Universe median for all periods except for the four-year period, when the fund’s performance was slightly below the Performance Universe median. The Board considered the relative proximity of the fund’s performance to the Performance Group median in certain periods when performance was below median. The Board also considered
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INFORMATION ABOUT THE INFORMATION ABOUT RENEWAL OF EACH FUND’S
INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited) (continued)
that the fund’s yield performance was at or above the Performance Group median for eight of the ten one-year periods and above the Performance Universe median for each of the ten one-year periods ended December 31st. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were approximately equal to the Expense Group and Expense Universe medians.
BNY Mellon National Short-Term Municipal Bond Fund
The Board discussed with representatives of Dreyfus and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods, except for the one-year period when the fund’s performance was above the Performance Group median and the ten-year period when the fund’s performance was at and above the Performance Group and Performance Universe medians, respectively. The Board also considered that the fund’s yield performance was below at the Performance Group median for nine of the ten one-year periods and at or above the Performance Universe medians for five of the ten one-year periods ended December 31st. The Board considered the relative proximity of the fund’s total return performance or yield to the Performance Group and/or Performance Universe median in certain periods when performance or yield, as applicable, was below median. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund
The Board discussed with representatives of Dreyfus and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was below the Performance Group median for all periods, except for the one- and two-year periods when the fund’s performance was above the Performance Group median, and above the Performance Universe median for all periods, except for the ten-year period, when the fund’s performance was slightly below the Performance Universe median. The Board also considered that the fund’s yield performance was above the Performance Group medians for four of the ten one-year periods and above the Performance Universe medians for each of the ten one-year periods ended December 31st. The Board also considered that there were no other funds that invested primarily in Pennsylvania municipal securities in the Performance Group or Performance Universe. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
BNY Mellon Massachusetts Intermediate Municipal Bond Fund
The Board discussed with representatives of Dreyfus and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was at or above the Performance Group median for the one-, two- and three-year periods, but below the Performance Group median for the four-, five- and ten-year periods, and above the Performance Universe medians for all periods. The Board also considered that the fund’s yield performance was below the Performance Group median for each of the ten one-year periods ended December 31st and above or at the Performance Universe median for nine of the ten one-year periods ended December 31st. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was below the Expense Group
126
median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were at the Expense Group median and below the Expense Universe median.
BNY Mellon New York Intermediate Tax-Exempt Bond Fund
The Board discussed with representatives of Dreyfus and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods. The Board also considered that the fund’s yield performance was below the Performance Group medians for the ten most recent one-year periods ended December 31st and at or above the Performance Universe medians for five of the ten one-year periods December 31st. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
Dreyfus representatives stated that the investment adviser has contractually agreed, until December 31, 2018, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct expenses of none of its classes (excluding shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.59% of the fund’s average daily net assets.
BNY Mellon Municipal Opportunities Fund
The Board discussed the results of the comparisons and considered that the fund’s total return performance was at or below the Performance Group medians for the one-, four- and five-year periods, but below the Performance Group median for the two- and three-year periods, and above the Performance Universe median for all periods. The Board also considered that the fund’s yield performance was below the Performance Group medians for eight of the nine one-year periods and above the Performance Universe medians for six of the nine one-year periods ended December 31st. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index and the Board considered that the fund’s performance was higher than the return of the index in six of the nine years shown.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were above the Expense Group and Expense Universe medians.
Analysis of Profitability and Economies of Scale. Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and its affiliates and the resulting profitability percentage for managing each fund and the aggregate profitability percentage to Dreyfus and its affiliates for managing the funds in the Dreyfus fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board also considered the expense limitation arrangement for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and its effect on the profitability of Dreyfus and its affiliates and its effect on the profitability of Dreyfus and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding Dreyfus’ approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of the funds.
The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided by Dreyfus, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that Dreyfus may have realized any economies of scale would be less. Dreyfus representatives also stated that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from,
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INFORMATION ABOUT THE INFORMATION ABOUT RENEWAL OF EACH FUND’S
INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited) (continued)
changes in a fund’s asset level. The Board also considered potential benefits to Dreyfus from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading each fund’s investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
· The Board concluded that the nature, extent and quality of the services provided by Dreyfus to each fund are adequate and appropriate.
· With respect to BNY Mellon Massachusetts Intermediate Municipal Bond Fund, BNY Mellon New York Intermediate Tax-Exempt Bond Fund and BNY Mellon Municipal Opportunities Fund, the Board generally was satisfied with each fund’s overall performance.
· With respect to BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon National Short-Term Municipal Bond Fund and BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, while the Board was concerned with the fund’s performance, the Board expressed confidence in the fund’s strategy and portfolio managers and agreed to closely monitor performance.
· For each fund, the Board concluded that the fee paid to Dreyfus continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the management of the funds had been adequately considered by Dreyfus in connection with the fee rate charged to the funds pursuant to the Agreements and that, to the extent in the future it were determined that material economies of scale had not been shared with a fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with Dreyfus and its affiliates, of Dreyfus and the services provided to each fund by Dreyfus. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of each fund and the investment management and other services provided under the Agreement, including information on the investment performance of each fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to each fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for each fund had the benefit of a number of years of reviews of the Agreement for the funds, or substantially similar agreements, during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the same funds’ arrangements, or substantially similar arrangements, in prior years. The Board determined to renew the Agreement.
128
BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT BOARD MEMBERS
Patrick J. O’Connor (75)
Chairman of the Board (2000)
Principal Occupation During Past 5 Years:
Attorney, Cozen and O’Connor, P.C. since 1973, including Vice Chairman since 1980 and Chief Executive Officer and President from 2002 to 2007
No. of Portfolios for which Board Member Serves: 25
———————
John R. Alchin (70)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Retired since 2007
· Executive of Comcast Corporation, a cable services provider, from 1990 to 2007, including Executive Vice-President, Co-Chief Financial Officer and Treasurer, from 2002 to 2007
Other Public Company Board Memberships During Past 5 Years:
· Polo Ralph Lauren Corporation, a retail clothing and home furnishing company, Director (2007-present)
No. of Portfolios for which Board Member Serves: 25
———————
Ronald R. Davenport (82)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Chairman of Sheridan Broadcasting Corporation since July 1972
No. of Portfolios for which Board Member Serves: 25
———————
Jack Diederich (81)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired; Executive Vice President—Chairman’s Counsel of Alcoa Inc. from 1991 to 1997
No. of Portfolios for which Board Member Serves: 25
———————
Kim D. Kelly (62)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Consultant since 2005
· Chief Restructuring Officer of Allegiance Communications LLC from August 2011 to January 2013
Other Public Company Board Memberships During Past 5 Years:
· MCG Capital Corporation, a business development company, Director (2004-2015)
· Broadview Network Holdings, Inc.-Director and Chair (2011-2012)
No. of Portfolios for which Board Member Serves: 25
———————
Kevin C. Phelan (74)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Mortgage Banker, Colliers International since March 1978, including,
Co-Chairman since 2010, President since 2007 and Executive Vice President and Director from March 1998 to September 2007
No. of Portfolios for which Board Member Serves: 25
———————
Patrick J. Purcell (70)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Owner, President and Publisher of the Boston Herald (1994-2018)
President and Founder, jobfind.com, an employment search site on the world wide web, since July 1996
· President and Chief Executive Officer, Herald Media since 2001
No. of Portfolios for which Board Member Serves: 25
———————
Thomas F. Ryan, Jr. (77)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since April 1999
President and Chief Operating Officer of the American Stock Exchange from October 1995 to April 1999
Other Public Company Board Memberships During Past 5 Years:
· RepliGen Corporation, a biopharmaceutical company, Director (2002-present)
No. of Portfolios for which Board Member Serves: 25
———————
129
BOARD MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)
Maureen M. Young (73)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since 2007
Director of the Office of Government Relations at Carnegie Mellon University from January 2000 to December 2007
No. of Portfolios for which Board Member Serves: 25
———————
Once elected all Board Members serve for an indefinite term. The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS. For individual account holders for Private Wealth Management clients, please contact your account officer or call 1-866-804-5023.
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OFFICERS OF THE TRUST (Unaudited)
PATRICK T. CROWE, President since July 2015.
National Director of Investment Advisory, Analytics and Solutions for BNY Mellon Wealth Management since July 2014; from July 2007 to July 2014, Managing Director for BNY Mellon Wealth Management's Tri-State region, comprising New York, New Jersey and Southern Connecticut. He is 54 years old and has served in various capacities with BNY Mellon since 1993.
BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.
Chief Legal Officer of the Manager and Associate General Counsel and Managing Director of BNY Mellon since June 2015; from June 2005 to June 2015, he served in various capacities with Deutsche Bank – Asset & Wealth Management Division, including as Director and Associate General Counsel, and Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since June 2015.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Managing Counsel of BNY Mellon and Secretary of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since December 1996.
JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.
Managing Counsel of BNY Mellon, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since June 2000.
SONALEE CROSS, Vice President and Assistant Secretary since March 2017.
Counsel and Vice President of BNY Mellon since October 2016; Associate at Proskauer Rose LLP from April 2016 to September 2016; Attorney at EnTrust Capital from August 2015 to February 2016; Associate at Sidley Austin LLP from September 2013 until August 2015. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by Dreyfus. She is 30 years old and has been an employee of the Manager since October 2016.
MAUREEN E. KANE, Vice President and Assistant Secretary since April 2015.
Managing Counsel of BNY Mellon since July 2014; from October 2004 until July 2014, General Counsel, and from May 2009 until July 2014, Chief Compliance Officer of Century Capital Management. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. She is 56 years old and has been an employee of the Manager since July 2014.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017; from March 2013 to December 2017 Senior Counsel of BNY Mellon. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. She is 42 years old and has been an employee of the Manager since March 2013.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2015.
Senior Managing Counsel of BNY Mellon, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since October 1990.
NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Counsel and Vice President of BNY Mellon since May 2016; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 until May 2016; Assistant General Counsel at RCS Advisory Services from July 2014 until November 2015; Associate at Sutherland, Asbill & Brennan from January 2013 until January 2014. She is an officer of 63 investment companies (comprised of 150 portfolios) managed by Dreyfus. She is 32 years old and has been an employee of the Manager since May 2016.
JAMES WINDELS, Treasurer since November 2001.
Director – Mutual Fund Accounting of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since April 1985.
RICHARD CASSARO, Assistant Treasurer since January 2008.
Senior Accounting Manager – Money Market, Municipal Bond and Equity Funds of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since September 1982.
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since April 1991.
ROBERT S. ROBOL, Assistant Treasurer since December 2002.
Senior Accounting Manager Dreyfus Financial Reporting of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 54 years old and has been an employee of the Manager since October 1988.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager – Equity Funds of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since June 1989.
ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager – Fixed Income and Equity Funds of the Manager, and an officer of 63 investment companies (comprised of 150 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the Manager and the Dreyfus Family of Funds and BNY Mellon Funds Trust (63 investment companies, comprised of 150 portfolios). He is 60 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
CARIDAD M. CAROSELLA, Ant-Money Laudering Compliance Officer January 2016.
Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor and from 2007 to December 2011, Financial Processing Manager of the Distributor. She is an officer of 57 investment companies (comprised of 144 portfolios) managed by the Manager. She is 49 years old and has been an employee of the Distributor since 1997.
131
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
240 Greenwich Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
240 Greenwich 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 | MFTAR0818-MB |
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.
Item 3. Audit Committee Financial Expert.
The Registrant's Board has determined that Thomas F. Ryan, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Thomas F. Ryan is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $668,570 in 2017 and $685,225 in 2018.
(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $109,630 in 2017 and $112,375 in 2018. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.
The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2017 and $0 in 2018.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $80,400 in 2017 and $81,920 in 2018. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2017 and $0 in 2018.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2017 and $0 in 2018.
The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2017 and $0 in 2018.
(e)(1) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.
(e)(2) Note. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal account's full-time, permanent employees.
Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $20,552,000 in 2017 and $24,054,000 in 2018.
Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.
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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Code of ethics referred to in Item 2.
(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: October 25, 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: October 25, 2018
By: /s/ James Windels
James Windels
Treasurer
Date: October 29, 2018
EXHIBIT INDEX
(a)(1) Code of ethics referred to in Item 2.
(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)