UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number | 811-09903 | |||||
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| BNY Mellon Funds Trust |
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| (Exact name of Registrant as specified in charter) |
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c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 |
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| (Address of principal executive offices) (Zip code) |
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| Bennett A. MacDougall, Esq. 200 Park Avenue New York, New York 10166 |
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| (Name and address of agent for service) |
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Registrant's telephone number, including area code: | (212) 922-6400 | |||||
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Date of fiscal year end:
| 08/31 |
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Date of reporting period: | 02/28/2019 |
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FORM N-CSR
Item 1. Reports to Stockholders.
The BNY Mellon Funds
BNY Mellon Large Cap Stock Fund |
BNY Mellon Large Cap Market Opportunities Fund |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
BNY Mellon Income Stock Fund |
BNY Mellon Mid Cap Multi-Strategy Fund |
BNY Mellon Small Cap Multi-Strategy Fund |
BNY Mellon Focused Equity Opportunities Fund |
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
BNY Mellon International Fund |
BNY Mellon Emerging Markets Fund |
BNY Mellon International Appreciation Fund |
BNY Mellon International Equity Income Fund |
BNY Mellon Asset Allocation Fund
SEMIANNUAL REPORT February 28, 2019 | |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon funds Trust, covering the six-month period from September 1, 2018 through February 28, 2019. 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.
While the U.S. economy continued to grow at above-trend rates during the six months, other developed country economies remained moderated. Economic momentum and strong corporate earnings supported U.S. stocks early in the period, while stocks declined in other developed markets. In emerging countries, equities experienced pressure for much of the period as the currency crises in Turkey and Argentina led investors to fear that currency depreciation would spread to other markets in the developing world.
In October, equity markets experienced a sharp sell-off, triggered in part by interest rate increases, trade tensions and slowing global growth. The sell-off partially reduced prior gains on U.S. indexes while losses deepened in international markets. Global equities continued their general decline throughout the end of the calendar year. However, comments made in January by the U.S. Federal Reserve (the “Fed”) that it might slow the pace of interest rate increases in 2019 helped stimulate a rebound across equity markets that lasted throughout the end of the reporting period.
Fixed income markets struggled during the first month of the period as interest rates and inflation rose, pressuring most bond prices. Favorable U.S. equity market performance fed investor risk appetites, reducing the demand for Treasuries and increasing yields. However, equity volatility in October triggered a flight to quality in the bond market, raising Treasury prices and flattening the yield curve. Growth concerns also affected corporate bonds, causing increased spreads and hurting prices through the end of the calendar year. After encouraging comments by the Fed in January, Bond markets rebounded and many indices continued to experience moderately positive returns through the end of February.
We expect economic momentum to continue in the U.S., but we will monitor relevant data for any signs of a change in our outlook. As always, we encourage you to discuss the risks and opportunities in today’s investment environment with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2019
3
DISCUSSION OF FUND PERFORMANCE(Unaudited)
For the period of September 1, 2018 through February 28, 2019, 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 six-month period ended February 28, 2019, BNY Mellon Large Cap Stock Fund’s Class M shares produced a total return of -3.78%, and Investor shares returned -3.85%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, posted a total return of
-3.04% for the same period.2
Large-cap stocks lost ground over the reporting period amid investor concerns over U.S. Federal Reserve (the “Fed”) policy, slowing global growth, and geopolitical uncertainty. The fund trailed the Index, mainly due to security selection shortfalls.
The Fund’s Investment Approach
The fund seeks capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in stocks of large-capitalization companies with market capitalizations of $5 billion or more at the time of purchase.
The fund’s portfolio managers apply a systematic, quantitative investment approach designed to identify and exploit relative misvaluations, primarily within large-cap stocks in the U.S. stock market. The portfolio managers use a proprietary valuation model that identifies and ranks stocks to construct the fund’s portfolio. The portfolio managers 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.
Markets Pivot on Fed Statements
After a summer rally, volatility crept back into the picture in U.S. markets, despite strong fundamentals. Firm labor markets, tightening monetary policy and the possibility of slowing global growth provoked a defensive posture among investors. In October 2018, markets reversed course and started to move lower after hawkish statements by the Fed. Continued worries over rising rates, trade disputes, and falling commodity prices pressured equity markets through the end of December 2018. During the fourth quarter of 2018, the Index posted its worst quarterly performance since 2008.
The volatility subsided in January 2019, in part due to the Fed’s announcement after its first meeting of 2019 that it would not increase rates, which emphasized its focus on data as a driver for rate hike decisions, and its ability to suspend additional rate increases when the data is not supportive. In addition, talk of a possible trade agreement with China helped to calm markets in January 2019 and February 2018. Many U.S. indices were able to recover much of their fourth quarter 2018 during the first two months of 2019, mitigating losses from earlier in the period.
In this environment, large-cap stocks generally outperformed their mid- and small-cap counterparts.
Security Selections Impact Fund Performance
Positioning in the consumer discretionary and information technology sectors detracted from the fund’s gains over the reporting period. In consumer discretionary,Lear, which makes automotive electrical systems, saw its stock fall during the period due to concerns regarding its fundamentals. Price depression was widespread, with many auto component makers coming under pressure during the period due to trade concerns and other factors. Elsewhere in the sector, retailer Macy’s had difficulties after a “no comment” response relating to its growth margins was taken as bad news. After cutting its earnings forecast in January 2019, the stock continued to fall. Micron Technology and Apple were top detractors within the information technology sector, which struggled during much of the period. Top individual detractors includedValero Energy and Marathon Petroleum, both of which were hurt by falling oil prices and a generally depressed energy sector.Electronic Arts was another leading detractor. Its stock price fell in October 2018 after forecasted guidance for third quarter revenue missed consensus numbers.
Conversely, contributors during the period included stocks from the industrials and health care sectors. In industrials, Boeing was one of the top performers in the sector. The stock was up during the period on expectations of higher earnings and cash flow figures, airline traffic gains, and planned production increases. Textron was also a top sector contributor. In health care, Waters and Danaher, which benefited from its purchase of General Electric’s biopharma division, drove positive results. Elsewhere in the market, top individual contributor Match Group, which benefited from positive fundamentals and earnings growth that beat expectations.
From a factor standpoint, price momentum fared worst during the period. The relative valuation, low volatility, and intrinsic value factors were the best performers.
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 during the period may have 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. We are cautiously optimistic that given the prolonged growth-oriented environment and recent market activity, securities that are value-oriented may stage a comeback. In addition, we have continued to maintain a broadly diversified portfolio.
March 15, 2019
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, 2018 through February 28, 2019, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Large Cap Market Opportunities Fund’s Class M shares produced a total return of -5.13%, and Investor shares produced a total return of -5.16%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of -3.04% for the same period.2
Large-cap stocks lost ground over the reporting period amid slowing economic momentum and rising interest rates. The fund lagged the Index largely due to negative contributions from three of the fund’s active underlying strategies.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large cap companies. The fund currently considers large cap companies 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 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: 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 are 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, referred to as underlying funds, which in turn may invest directly in securities.
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.
Economic Conditions and Geopolitical Concerns Weighed on Stocks
Stocks lost ground despite a rebound toward the end of the reporting period. A variety of factors weighed on stocks over the six-month reporting period, including rising U.S. interest rates, concerns about international trade, slowing global economic momentum, and geopolitical concerns.
These factors, combined with high market valuations and disappointing earnings reports (particularly among information technology companies), resulted in a sharp sell-off in the U.S. market early in December 2018, resulting in a “flight to safety” in which defensive, low-volatility companies with low debt levels benefited.
However, the Federal Reserve’s (the “Fed”) decision after its mid-December 2018 meeting to back off its aggressive tightening stance led to a rebound. In addition, the possibility of a trade deal between the U.S. and China eased investor concerns, as did China’s decision to implement monetary and fiscal moves to support its economy. The market rebound persisted into early 2019, partially erasing the decline from earlier in the reporting period, despite continuing geopolitical and economic concerns.
Underlying Strategies Hindered Fund Performance
The fund’s relative return was hampered primarily by the underperformance of three of its active strategies. Allocation decisions across the fund’s three primary categories — core, value, and growth — also proved slightly negative.
The allocation to core proved very slightly negative and, on balance, manager underperformance also had a negative effect. While the Focused Equity Strategy lagged its benchmark by more than 400 basis points, this was only partially offset by the returns of the U.S. Large Cap Equity Strategy, which beat its benchmark by nearly 400 basis points.
In the value-oriented category, the underweight hurt overall returns as value outpaced the overall core benchmark. In addition, returns were also harmed by the poor performance of both value managers. The Dynamic Large Cap Value Strategy fund lagged its benchmark by more than 450 basis points, and the Income Stock Strategy lagged by more than 350 basis points.
In the growth-oriented category, the fund’s overweight allocation hindered returns somewhat as growth lagged the overall core benchmark. But strong manager performance by the U.S. Large Cap Growth Strategy, which surpassed the returns of the growth category, helped offset the effect of that allocation.
A More Neutral Investment Posture
We remain optimistic regarding the prospects for large-cap stocks in a growing U.S. economy with a supportive stance from the Fed. In February 2019, we adjusted the fund’s portfolio to a more neutral positioning between growth and value. We reduced the fund’s allocation to the Focused Equity Strategy and reduced the allocation to the Dynamic Large Cap Value Strategy and the Income Stock Strategy. In our judgment, these changes position the fund well for the prevailing market environment.
March 15, 2019
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, 2018 through February 28, 2019, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s Class M shares produced a total return of -4.20%, and Investor shares produced a total return of -4.30%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of -3.04% for the same period.2
Large-cap stocks lost ground over the reporting period, amid slowing economic momentum and rising interest rates. The fund lagged the Index due to negative contributions from three of the fund’s active underlying strategies.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large cap companies. The fund currently considers large cap companies 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 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 the fund’s after-tax returns.
The fund allocates its assets among some or all of the following: the Large Cap Core Strategy, Large Cap Tax-Sensitive Strategy, Focused Equity Strategy, U.S. Large Cap Equity Strategy, Dynamic Large Cap Value Strategy, Large Cap Growth Strategy, U.S. Large Cap Growth Strategy, Income Stock Strategy, Appreciation Strategy, and Large Cap Dividend Strategy — all are more particularly described in the fund’s prospectus. The fund invests directly in securities or in other mutual funds as advised by the fund’s investment adviser or its affiliates, referred to as underlying funds.
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.
Economic Conditions and Geopolitical Concerns Weighed on Stocks
Stocks lost ground despite a rebound toward the end of the reporting period. A variety of factors weighed on returns over the six-month reporting period, including rising U.S. interest rates, concerns about international trade, slowing global economic momentum, and geopolitical concerns.
These factors, combined with high market valuations and disappointing earnings reports (particularly among information technology companies), resulted in a sharp sell-off in the U.S. market early in December 2018, resulting in a “flight to safety” in which defensive, low-volatility companies with low debt levels benefited.
However, the Federal Reserve’s (the “Fed”) decision, after its mid-December 2018 meeting, to back off its aggressive tightening stance led to a rebound. In addition, the possibility of a trade deal between the U.S. and China eased investor concerns, as did China’s decision to implement monetary and fiscal moves to support its economy. The market rebound persisted into early 2019, partially erasing the decline from earlier in the reporting period despite continuing geopolitical and economic concerns.
Fund Performance Hindered by Underlying Strategies
The fund’s relative return was hampered primarily by the underperformance of three of its active strategies. On balance, allocation decisions across these underlying strategies also were slightly detrimental. Exposure to growth-oriented strategies, for example, hurt performance because growth stocks underperformed the Index, while the value exposure helped since it beat the Index.
Allocation decisions across the fund’s six underlying strategies proved beneficial in three of these: U.S. Large Cap Equity, U.S. Large Cap Growth, and Large Cap Tax- Sensitive.
The allocation to core proved neutral, but on balance, manager underperformance had a negative effect. While the Focused Equity Strategy lagged its benchmark by more than 400 basis points, this was only partially offset by the U.S. Large Cap Equity Strategy’s performance, which beat its benchmark by nearly 400 basis points.
Similarly, in the value-oriented category, the positive effect of the allocation decision was offset by the poor performance of both managers. The Dynamic Large Cap Value Strategy lagged its benchmark by more than 450 basis points, and the Income Stock Strategy lagged its benchmark by more than 350 basis points.
On the other hand, in the growth category, strong manager performance by the U.S. Large Cap Growth Strategy, which beat its benchmark by more than 110 basis points, helped offset the effect of the overweight to the category. In the tax-sensitive category, the fund had a slight overweight, which had a neutral effect on performance, but outperformance by the Large Cap Tax-Sensitive Strategy resulted in a positive contribution from this category.
A More Neutral Investment Posture
We remain optimistic regarding the prospects for large-cap stocks characterized by a growing U.S. economy with a supportive stance from the Fed. In February 2019, we adjusted the fund’s portfolio to a more neutral positioning between growth and value. We reduced the fund’s allocation to the Focused Equity Strategy and reduced the allocation to the Dynamic Large Cap Value Strategy and the Income Stock Strategy. In our judgment, these changes position the fund well for the prevailing market environment.
March 15, 2019
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund may use derivative instruments, such as options, futures, options on futures, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
6
For the period of September 1, 2018 through February 28, 2019, as provided by John C. Bailer, Brian C. Ferguson, and David S. Intoppa, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Income Stock Fund’s Class M shares produced a total return of -4.72%, Investor shares produced a total return of -4.88%, Class A shares produced a total return of -4.83%, Class C shares produced a total return of -5.24%, Class I shares produced a total return of -4.73% and Class Y shares produced a total return of -4.72%.1 In comparison, the fund’s benchmark, the Dow Jones U.S. Select Dividend™ Index (the “Index”), produced a total return of -0.99% for the same period.2
Stocks declined over the reporting period in response to rising interest rates, concerns about trade relations, and slowing global economic growth. The fund’s sector allocation and security selection strategies in the utilities, financials, energy, and consumer staples sectors caused it to lag behind 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 net assets, plus any borrowings for investment purposes, in stocks. The fund seeks to focus on dividend-paying stocks and other investment techniques that produce income. The investment adviser chooses 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.
Global Economic Trends and Rising Interest Rates Hindered Stocks
Despite positive U.S. economic data, the market was constrained by rate hikes by the Federal Reserve (the “Fed”), growing fears of a global slowdown, and concerns about the effects of trade tensions with China. Other geopolitical concerns also weighed on stocks.
These factors, combined with disappointing earnings reports, particularly among select large capitalization technology companies, resulted in a sharp sell-off early in December 2018. This “flight to safety” put stocks into negative territory for 2018.
The Fed’s decision after its mid-December 2018 meeting to moderate its aggressive stance, however, led to a rebound. This persisted into early 2019, largely reversing the early December sell-off despite continuing concerns about the global economy.
Performance Hindered by a Flight to Safety
A shift to a flight to safety, or risk-off, mentality late in the reporting period hurt the fund’s performance. The fund’s large underweight to the utilities sector in particular, was a drag on performance. Stock selection and an overweight to banks also hampered returns and our large position in J.P. Morgan Chase & Co. was especially detrimental. In the energy sector, the fund’s positions in the oil and gas industry, especially Marathon Petroleum and Phillips 66, weighed on performance as these companies were hurt by concern about the business cycle and potential demand destruction. In the consumer staples sector, a large position in the food products industry was disadvantageous, especially the holding of ConAgra Brands, which has experienced difficulties since its acquisition of Pinnacle Foods. In the materials sector, DowDuPont also was a hindrance, given the cyclical nature of its industry.
The fund benefited from holdings in the communication services sector. Verizon Communications performed well, given its attractive dividend yield, defensive nature, and exposure to the rollout of 5G systems. The fund’s relative performance was also helped by a decision not to own CenturyLink, a regional telecom company that continues to struggle. In the consumer discretionary sector, an underweight to the multiline retail industry, which underperformed, assisted the fund’s performance. A position in Target was also advantageous. In information technology, Cisco Systems held up well in the risk-off environment due to strong earnings and capital returns. In the health care sector, a position in Merck & Co., a pharmaceutical manufacturer, was beneficial, as this company continues to gain from the strong performance of its Keytruda drug. Outfront Media, a real estate investment trust that invests in outdoor advertising, also contributed to the fund’s performance.
Investment Environment Provides Support for Fund’s Disciplined Approach
While growth-oriented stocks 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 may return to favor. Indeed, in our judgment, the current environment of healthy corporate earnings and steady domestic economic growth provides some support for the fund’s investment approach.
As of the end of the reporting period, the fund held overweighted exposure to the financials, information technology, health care, real estate, industrials, energy, and materials sectors. In contrast, we have identified relatively few opportunities in the utilities, consumer discretionary, and consumer staples sectors.
March 15, 2019
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. The fund’s returns reflect the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an agreement in effect through June 1, 2019, for Class A, Class C, Class I, and Class Y, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns for those share classes would have been lower.
2 Source: Lipper Inc. – The Dow Jones U.S. Select Dividend™ Index is defined as all dividend-paying companies in the Dow Jones U.S. Index, excluding REITs, that have a non-negative historical five-year dividend-per-share growth rate, a five-year average dividend coverage ratio of greater than or equal to 167%, paid dividends in each of the previous five years, non-negative trailing 12-month earnings-per-share (EPS), a float-adjusted market capitalization of at least US $1 billion, and a three-month average daily trading volume of 200,000 shares. Investors cannot invest directly in any index.
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, 2018 through February 28, 2019, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of -4.48%, and Investor shares produced a total return of -4.57%.1 In comparison, the fund’s benchmark, the Russell Midcap® Index (the “Index”), produced a total return of -2.84% for the reporting period.2 The Russell Midcap® Value Index and Russell Midcap® Growth Index, the fund’s secondary benchmarks, produced total returns of -3.98% and -1.27%, respectively, for the same period.3,4
Mid cap stocks lost ground over the reporting period, amid slowing economic momentum and rising interest rates. The fund lagged the Index due to underperformance in all five of the fund’s active underlying strategies.
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 equity securities of mid-cap companies. The fund currently 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 its assets across multiple investment strategies employed by the fund’s 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 mid cap equity portfolio managers and 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. The investment adviser determines the investment strategies and sets the target allocations and ranges.
Economic Conditions and Geopolitical Concerns Weighed on Stocks
Stocks lost ground despite a rebound at the end of the reporting period. A variety of factors weighed on stocks over the six-month reporting period, including rising U.S. interest rates, concerns about international trade, slowing global economic momentum, and geopolitical concerns.
These factors, combined with high market valuations and disappointing earnings reports (particularly among information technology companies), resulted in a sharp sell-off in the U.S. market early in December 2018, resulting in a “flight to safety” in which defensive, low-volatility companies with low debt levels benefited.
However, the Federal Reserve’s (the “Fed”) decision after its mid-December 2018 meeting to back off its aggressive tightening stance led to a rebound. In addition, the possibility of a trade deal between the U.S. and China eased investor concerns, as did China’s decision to implement monetary and fiscal moves to support its economy. The market rebound persisted into early 2019, partially erasing the decline from earlier in the reporting period, despite continuing geopolitical and economic concerns.
Underlying Strategies Hampered Fund Performance
The fund’s relative performance was supported in part by its allocation decisions, which favored the growth-oriented underlying strategies over the value-oriented approaches. But the fund’s overall results were hindered by underperformance from all five of its active underlying strategies.
In the growth-oriented category, both the Mid Cap Growth Strategy and the Geneva Mid Cap Growth Strategy lagged their benchmark, almost completely offsetting the positive effect of the overweight to the growth category. In the value category, both the Opportunistic Mid Cap Value Strategy and the Boston Partners Mid Cap Value Strategy lagged, detracting from overall performance. In the core category, the underweight proved neutral while the manager’s performance produced a negative effect on returns.
A More Growth-Oriented Investment Posture
We remain optimistic regarding the prospects for mid-cap stocks in a growing U.S. economy with a supportive stance from the Fed. In December 2018, we adjusted the fund’s portfolio to a more neutral positioning between growth and value by trimming the allocation to the Mid Cap Growth Strategy and allocating that to value. In our judgment, this change positions the fund well for the prevailing market environment.
March 15, 2019
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, 2018 through February 28, 2019, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Small Cap Multi-Strategy Fund’s Class M shares produced a total return of
-9.68%, and Investor shares produced a total return of -9.80%.1 In comparison, the fund’s primary benchmark, the Russell 2000® Index (the “Index”), produced a total return of -8.86% for the same period.2 The Russell 2000® Growth Index and Russell 2000® Value Index, the fund’s secondary benchmarks, produced total returns of -9.14% and -8.59%, respectively, for the same period.3,4
Small-cap stocks lost ground over the reporting period, amid slowing economic momentum and rising interest rates. The fund lagged the Index due to a negative contribution from one of the fund’s three underlying strategies.
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 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. The fund normally allocates its assets among multiple investment strategies employed by the fund’s investment adviser that invest primarily in equity securities issued by small cap companies. The fund is designed to provide exposure to various small cap equity portfolio managers and investment strategies and styles, including the Opportunistic Small Cap Strategy, the Small Cap Value Strategy, and the Small Cap Growth Strategy — all are more particularly described in the fund’s prospectus. The investment adviser determines the investment strategies and sets the target allocations and ranges.
Economic Conditions and Geopolitical Concerns Weighed on Stocks
Stocks lost ground despite a rebound toward the end of the reporting period. A variety of factors weighed on stocks over the six-month reporting period, including rising U.S. interest rates, concerns about international trade, slowing global economic momentum, and geopolitical concerns.
These factors, combined with high market valuations and disappointing earnings reports (particularly among information technology companies), resulted in a sharp sell-off in the U.S. market early in December 2018, resulting in a “flight to safety” in which defensive, low-volatility companies with low debt levels benefited.
However, the Federal Reserve’s (the “Fed”) decision after its mid-December 2018 meeting to back off its aggressive tightening stance led to a rebound. In addition, the possibility of a trade deal between the U.S. and China eased investor concerns, as did China’s decision to implement monetary and fiscal moves to support its economy. The market rebound persisted into early 2019, partially erasing the decline from earlier in the reporting period, despite continuing geopolitical and economic concerns.
One Underlying Strategy Hindered Fund Performance
The fund’s performance relative to the Index was hindered slightly by allocation decisions but also more significantly by the performance of one underlying strategy. The growth-oriented category lagged the Index slightly, so the fund’s exposure detracted from performance somewhat. The underlying strategy, Small Cap Growth Strategy, however, outperformed its benchmark by more than 200 basis points, contributing positively to overall fund results.
In the value-oriented category, the fund’s allocation had a slightly positive impact on fund performance. The underlying strategy, Small Cap Value strategy, also contributed positively, outperforming its benchmark by more than 270 basis points.
In the core category, the fund had a slight underweight, and this had a neutral effect on fund results. The underlying strategy, however, Opportunistic Small Cap Strategy, lagged its benchmark by more than 400 basis points, detracting significantly from fund results.
A More Neutral Investment Posture
We remain optimistic regarding the prospects for large-cap stocks in a growing U.S. economy with a supportive stance from the Fed. In December 2018, we adjusted the fund’s portfolio to a neutral allocation between growth and value. We reduced the fund’s allocation to the Small Cap Growth Strategy, and we increased its participation in the Small Cap Value Strategy. In our judgment, these changes position the fund well for the prevailing market environment.
March 15, 2019
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2000® Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The Russell 2000® Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. Investors cannot invest directly in any index.
4 Source: Lipper Inc. — The Russell 2000® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 2000®Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Russell 2000®Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Stocks of small- and/or mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.
9
DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
For the period from September 1, 2018 through February 28, 2019, as provided by Donald Sauber and Thomas Lee, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Focused Equity Opportunities Fund’s Class M shares produced a total return of -7.49%, and Investor shares produced a total return of -7.65%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of -3.04% for the same period.2
Large-cap stocks lost ground over the volatile reporting period amid investor concerns over U.S. Federal Reserve (“Fed”) policy, slowing global growth and geopolitical uncertainty. The fund trailed the Index mainly due to security selection shortfalls.
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 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 (generally, those companies with market capitalizations of $5 billion or more at the time of purchase). 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 fund’s 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.
Markets Pivot on Fed Statements
After a summer rally, volatility crept back into the picture in U.S. markets despite strong fundamentals. Firm labor markets, tightening monetary policy and the possibility of slowing global growth provoked a defensive posture among investors. In October 2018, markets reversed course and started to move lower after hawkish statements by the Fed. Continued worries over rising interest rates, trade disputes and falling commodity prices pressured equity markets through the end of December 2018. During the fourth calendar quarter of 2018, the Index posted its worst quarterly performance since 2008.
The volatility subsided in January 2019, in part due to the Fed’s announcement after its first meeting of 2019 that it would not increase rates, which emphasized its focus on data as a primary driver for rate-hike decisions and its ability to suspend additional rate increases when the data is not supportive. In addition, talk of a possible trade agreement with China helped to calm markets in January 2019 and February 2019. Many U.S. indices were able to recover much of their fourth-quarter 2018 losses during the first two months of 2019, mitigating losses from earlier in the period.
Stock Selection Constrained Fund Performance
Stock selection was the main contributor to underperformance. Choices in the information technology, health care and energy sectors were the primary detractors. In information technology, chip makerNVIDIA was the largest drag on results. The stock price suffered due to slowing top-line growth and a reduction in demand for gaming chips. We have exited the position. Services names, such as CVS Health and UnitedHealth Group, were the largest detractors within the health care sector. These companies were affected by headline risk out of Washington regarding health care reform and the potential loss of the ability to monetize drug rebates. Pharmaceutical companyAllerganwas also a top detractor. The stock slid after management announced on an analyst call that they had decided not to sell assets they had previously committed to sell. We have since exited the position. In energy, refining companies were a primary source of relative losses as Valero Energy andMarathon Petroleum weighed on returns. We have since exited our position inMarathon Petroleum. Beverage companyConstellation Brands was also among the top detractors for the period, as the stock price came under pressure in the fourth quarter of 2018 along with the rest of the wine and spirits industry.
Conversely, stock selection in the industrials sector was positive. Positions in Boeing and Deere & Co. bolstered results. These companies benefited late in the period due to strong order books and the potential for a resolution of the trade dispute with China. Communication services companies Facebook and Comcast were also among the top contributors for the period.
Positioned for Continued Slow Growth
We believe that the economy and stock prices may be entering a period of mean reversion. Going forward, we expect continued slow growth, modestly rising interest rates and equity returns that are most in line with historic averages. Given this outlook, in an attempt to reduce risk, we have made changes to the fund’s positions in several of its underlying investments.
March 15, 2019
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.
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For the period from September 1, 2018 through February 28, 2019, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Small/Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of -8.21%, and Investor shares produced a total return of
-8.30%.1 In comparison, the Russell 2500™ Index (the “Index”), the fund’s primary benchmark, produced a total return of -6.25% for the same period.2 The Russell 2500™ Growth Index and Russell 2500™ Value Index, the fund’s secondary benchmarks, produced total returns of -6.06% and -6.47%, respectively, for the same period.3,4
Small-cap and mid-cap stocks lost ground over the reporting period, amid slowing economic momentum and rising interest rates. The fund underperformed the primary Index due primarily to negative contributions from two of the fund’s three active underlying strategies.
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 equity securities of small cap and mid cap companies. The fund currently considers small cap and mid cap companies to be those companies with 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 its assets across multiple investment strategies employed by the fund’s investment adviser that invest primarily in equity securities issued by small cap and mid cap companies. The fund is designed to provide exposure to various small cap and mid cap equity portfolio managers and 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 are more particularly described in the fund’s prospectus. The fund’s investment adviser determines the investment strategies and sets the target allocations and ranges.
Economic Conditions and Geopolitical Concerns Weighed on Stocks
Stocks lost ground despite a rebound toward the end of the reporting period. A variety of factors weighed on stocks over the six-month reporting period, including rising U.S. interest rates, concerns about international trade, slowing global economic momentum, and geopolitical concerns.
These factors, combined with high market valuations and disappointing earnings reports (particularly among information technology companies), resulted in a sharp sell-off in the U.S. market early in December 2018, resulting in a “flight to safety” in which defensive, low-volatility companies with low debt levels benefited.
However, the Federal Reserve’s (the “Fed”) decision after its mid-December 2018 meeting to back off its aggressive tightening stance led to a rebound. In addition, the possibility of a trade deal between the U.S. and China eased investor concerns, as did China’s decision to implement monetary and fiscal moves to support its economy. The market rebound persisted into early 2019, partially erasing the decline from earlier in the reporting period, despite continuing geopolitical and economic concerns.
Underlying Strategies Hampered Fund Performance
The fund’s performance relative to the Index was hindered slightly by allocation decisions and more heavily by the underperformance of two of the three underlying strategies.
The fund’s results benefited from an overweight to growth-oriented stocks, which beat the Index. The underlying strategy, the Small/Mid Cap Growth Strategy, also outperformed its benchmark by 150 basis points.
The fund’s results were hindered by exposure to value-oriented stocks, however, which lagged the Index. In addition, the underlying strategy, the Small/Mid Cap Value Strategy, underperformed its benchmark by more than 300 basis points.
In the core category, stocks lagged the Index, and the fund had a slight overweight, though the effect of this on performance was neutral. But the underlying strategy, the Opportunistic Small/Mid Cap Strategy, lagged its benchmark by more than 200 basis points, detracting from overall fund performance.
A More Neutral Investment Posture
We remain optimistic regarding the prospects for small-cap and mid-cap stocks in a growing U.S. economy with a supportive stance from the Fed. In December 2018, we adjusted the fund’s portfolio to a more neutral stance. We lowered the fund’s allocation to the Small/Mid Cap Growth Strategy from 33% to 30%, and we raised its participation in the Small/Mid Cap Value Strategy from 27% to 30%. In our judgment, these changes position the fund well for the prevailing market environment.
March 15, 2019
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The Russell 2500™ Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500™ Index is a subset of the Russell 3000® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500™ Index is constructed to provide a comprehensive and unbiased barometer for the small- to mid-cap segment. The 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 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 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.
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DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
For the period of September 1, 2018 through February 28, 2019, as provided by Mark A. Bogar, Andrew R. Leger, and James A. Lydotes, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon International Fund’s Class M shares produced a total return of
-5.66%, and Investor shares produced a total return of -5.82%.1In comparison, the fund’s benchmark, the MSCI EAFE Index (the “Index”), produced a total return of -3.58% for the same period.2
International equity markets largely posted losses during the reporting period, amid a slowing global economy, but rebounded late in the period on more stimulative policy moves and easing concerns about global trade. The fund underperformed its benchmark due to market weakness in Germany, Japan, and Switzerland.
The Fund’s Investment Approach
The fund seeks long-term capital growth. To pursue its 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 Geopolitical Concerns Weighed on Stocks
Developed markets lost ground despite a rebound toward the end of the reporting period. A variety of factors weighed on stocks over the six-month reporting period, including rising U.S. interest rates, a stronger U.S. dollar, growing trade tensions, slowing global economic momentum, and geopolitical concerns.
These factors, combined with high market valuations and disappointing earnings reports (particularly among information technology companies), resulted in a sharp sell-off in the U.S. market early in December 2018. Stocks sold off globally as well, resulting in a “flight to safety” in which defensive, low-volatility companies with low debt levels benefited.
However, the Federal Reserve’s (the “Fed”) decision after its mid-December meeting to continue to increase interest rates led to a rebound in both U.S. and international stocks. In addition, the possibility of a trade deal between the U.S. and China eased investor concerns, as did China’s decision to implement monetary and fiscal moves to support its economy. The market rebound persisted into early 2019, partially erasing the decline from earlier in the reporting period despite continuing geopolitical and economic concerns.
Holdings in Germany, Japan, and Switzerland Detracted from Performance
The fund’s underperformance stemmed mainly from holdings of higher-risk stocks, stocks with sensitivity to the U.S.-China trade conflict, and stocks with exposure to the Brexit situation — all of which performed poorly during the fourth quarter of 2018. In particular, positions in Germany, Japan, and Switzerland were the primary detractors. In Germany,Fresenius & Co. declined 26% due to increased competition, a failed attempt at an acquisition, and a slowing German market. A position inHapag-Lloyd, a shipping company, also dragged on relative performance, as it was hurt by concerns about global trade. In Japan, two holdings that had been performing well experienced declines. Sony fell 16% due to trade concerns despite continued strength in key secular growth segments. Suzuki Motor, which declined along with other players in the auto industry, saw relative weakness in its India business and experienced a rise in raw material costs. In Switzerland, the fund was hurt by an underweight, as the market slightly outperformed, as well as by lagging stock selections. In particular, the fund does not own Nestle, which rose about 8% due to its defensive characteristics. The fund’s position in Julius Baer Group, a private wealth manager, fell 18% on weak revenues and concerns about the performance of global equity markets.
From a sector perspective, in addition toFresenius & Co., a position inBayer, the German drug and life sciences company, declined 14% on a possible class action lawsuit in California related to the Roundup herbicide product. In the consumer discretionary sector, Sony and Suzuki Motor were the primary laggards, as noted above.
On the other hand, holdings in the Netherlands, Hong Kong, and Italy bolstered the fund’s relative performance. In the Netherlands, the fund’s position in Koninklijke Ahold Delhaize, a grocery chain, rose as a more decentralized decision-making structure and new investments in the Stop & Shop chain resulted in better same-store sales. In Hong Kong, AIA Group, an insurance company, jumped 17% on strong sales in mainland China and on expanded profit margins. In addition, the fund’s position in Sands China, a hotel and casino operator, rose on strong improvements in gaming revenues. In Italy, electric utility Enel, gained 26%, benefiting from its defensive nature and from raising its earnings guidance.
From a sector perspective, consumer staples and real estate contributed most to performance. In addition to Koninklijke Ahold Delhaize, the fund also benefited from a position in Diageo, a UK spirits company, which rose 12% due in part to double-digit growth in revenues in Asia. In the real estate sector, a well-diversified Hong Kong real estate investment trust, Sung Hung Kai Properties, climbed 15% on strong earnings despite the regional economic slowdown. Investors also found the company’s position in the Hong Kong real estate market, one of the hottest in the world, attractive.
Investor Sentiment Has Improved
International markets faced negative economic and geopolitical concerns in late 2018, but investor sentiment has improved over
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the first quarter of 2019, as stocks have rebounded from oversold levels since Christmas. The pause in interest rate hikes by the Fed has been a key catalyst, but also due to an increase likelihood of a trade deal between the U.S. and China and to minimal odds of a global recession in the near term. The uncertainty of Brexit remains in play, but it is likely to be less of a headwind in the remainder of 2019. Although earnings may be challenging in the first quarter, more healthy growth could resume later in 2019.
Among our biggest sector shifts have been a reduction in energy from an overweight to an underweight and an increase in industrials from a neutral position to an overweight. In addition, we have increased our position in the information technology sector from an underweight to an overweight, and we have moved to an underweight position in utilities. As for significant shifts in country positions, we have raised our overweight in the Netherlands and have moved out of our position in Norway.
March 15, 2019
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.
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DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
For the period of September 1, 2018 through February 28, 2019, as provided by George E. DeFina, Sean P. Fitzgibbon, and Jay Malikowski, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Emerging Markets Fund’s Class M shares produced a total return of -1.49%, and Investor shares produced a total return of -1.70%.1In comparison, the fund’s benchmark, the MSCI Emerging Markets Index (the “Index”), produced a total return of 0.33% for the same period.2
Stocks in the Emerging Markets (EM) gained slightly during the reporting period, largely in response to a more dovish stance from the Federal Reserve (the “Fed”), which weakened the U.S. dollar, and to improving trade relations between the U.S. and China. The fund lagged the Index, mainly due to security selections in South Korea, India, and Mexico.
The Fund’s Investment Approach
The fund seeks long-term capital growth. To pursue its goal, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, 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 Gain Slightly on Easing Trade Tensions, Weaker U.S. Dollar
Emerging-market equities seesawed somewhat during the reporting period but ended with a slight gain. Initially, these markets broadly declined due to slowing global economic momentum, trade tensions between the U.S. and China, and a strengthening U.S. dollar, which was responding to expected interest increases by the Fed. The stronger dollar put pressure on emerging markets with weak current account balances and higher near-term political uncertainties.
The sell-off in the U.S. market midway through December 2018 caused a “flight to quality” that hurt emerging markets further. However, emerging markets rebounded when the Fed backed off its rate increasing stance, making additional rate increases more dependent on the strength of the U.S. economy. Additional support for emerging markets equities came from China, which responded to U.S. tariffs with a variety of fiscal stimulus measures, helping its economy to regain momentum and benefiting other emerging markets that depend on China as an export destination. The possibility of a trade agreement between China and the U.S. also helped boost emerging markets equities.
Positions in South Korea, India, and Mexico Hindered Performance
The fund’s performance relative to the Index was hindered primarily by positions in South Korea, India, and Mexico. In South Korea, KB Financial Group, a prominent, diversified financial company, declined as a result of skepticism about the health of the domestic economy. In addition, POSCO, a steel manufacturer, declined 20% on weaker volumes, a higher tax rate, and uncertainty about the regional economy. In India, two non-bank financial firms,Indiabulls Housing Finance and Edelweiss Financial Services Ltd., sold off in sympathy with other housing finance companies that were hurt by the defaults by real estate developers late in 2018. In Mexico, stocks retreated due to a less business-friendly environment from the AMLO administration. Its decision to mothball Mexico City’s new airport terminal project weighed on investor sentiment. Two financial companies,Gentera, a microlender, and Grupo Financiero Banorte, a commercial bank, hurt the fund’s performance with double-digit declines.
From a sector perspective, the fund’s holdings in financial and industrial sectors were detractors. In the financials sector, the fund’s overweight helped, but stock selections mentioned above offset that benefit. In industrials, GS Engineering & Construction, a South Korean company, declined due to weak housing market figures, which stemmed from tighter regulatory and financial conditions. Grupo Aeroportuario del Centro Norte, a Mexican airport, sold off as a result of macroeconomic and political conditions, including the halting of an airport project in Mexico City.
Despite the relative flat return in emerging markets stocks, there were a few bright spots for the fund. Positions in the United Arab Emirates, Taiwan, and Russia proved especially beneficial. In the United Arab Emirates,Abu Dhabi Commercial Bank, a leading retail bank, gained as investors applauded their consolidation strategy, which has recently included acquiring two other banks. In Taiwan, the fund benefited from an underweight as the Taiwanese market declined during the reporting period. In addition, a position in Chailease Holding, an import/export financier and leasing provider, proved advantageous as the company reported stronger revenues and improved profit margins. In Russia, Sberbank of Russia reported improved return on equity and said it was moving toward a 50% payout of income that would take the form of share buybacks or dividends. In addition, LUKOIL, a leading Russian oil company, gained on strong cash flows and an indication that, with crude oil prices above $50 a barrel, the company would be able to pay out half its income in dividends and share buybacks.
From a sector perspective, communication services and health care proved advantageous to performance. In communication services, Autohome, a Chinese company that provides an online comparison-shopping service for automobiles, reported better-than-expected results despite a slowdown in auto sales in China. In addition,Telekomunikasi Indonesia reported healthy revenues and beat earnings expectations due to successful cost cutting. In health care, a lack of exposure in South Korea and South Africa added to performance as both were down significantly for the reporting period. Also in the health care sector, Hypera, a
14
Brazilian drug company, rose substantially on strong revenues and news about new products in the pipeline.
The Outlook Improves
Emerging markets underperformed in 2018, as the U.S. dollar strengthened, the economic environment deteriorated, and earnings expectations declined. With a trade deal between the U.S. and China now more likely, with interest rate hikes by the Fed now more data-dependent, and with policies in China now more stimulative, the outlook is more constructive. Looking ahead, the fund now has underweights to the materials and energy sectors and has an overweight to India. We have trimmed our overweights in Mexico and South Korea.
March 15, 2019
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, 2018 through February 28, 2019, as provided by Richard A. Brown, William S. Cazalet, Thomas J. Durante, Karen Q. Wong, and Syed A. Zamil, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon International Appreciation Fund’s Class M shares produced a total return of -4.32%, and Investor shares produced a total return of
-4.36%.1In comparison, the fund’s benchmark, the MSCI EAFE Index (the “Index”), produced a total return of -3.58% for the same period.2
International equity markets posted losses over the reporting period in the midst of slowing economic growth, trade frictions and other geopolitical difficulties. The fund underperformed the Index, primarily the result of transaction costs and operating expenses that are not reflected in the Index’s results.
The Fund’s Investment Approach
The fund seeks to provide 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. The fund invests primarily in equity securities of non-U.S. issuers. 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, the investment adviser screens the Index universe of approximately 1,000 issuers for the availability of issuers with a sponsored or unsponsored DR facility. The investment adviser then analyzes issuers with DR facilities using a proprietary mathematical algorithm to reflect the characteristics of the developed markets. As a result of this process, the fund is expected to hold ADRs representing 200-300 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.
Slowing Growth, Trade Concerns, and Geopolitical Difficulties Constrain Markets
International markets delivered two drastically different periods of behavior over the six months, but lost ground over the reporting period as a whole. Through early fall 2018, many global equity markets felt pressure from slowing global growth, escalating trade issues between the U.S. and China, Brexit difficulties and additional geopolitical issues elsewhere in Europe and the emerging markets. Volatility picked up in October 2018, when renewed articulation of hawkish narratives by Federal Reserve (the “Fed”) officials alarmed investors. In Japan, which depends on exports for much of its economy, the prospect of slowing Chinese growth and consumption rates contributed to the selloff of its equity markets. In December 2018, international equities reached new lows for 2018 as economic and political news continued to unnerve investors, such as the contraction of the German economy, Italian governmental disputes and continued Brexit difficulties. Investors also feared the European Central Bank (the “ECB”) would proceed with its plan to conclude stimulus measures in January despite mediating growth rates.
January 2019 marked a turnaround in markets. Talk of a potential trade deal between the U.S. and China helped fuel investor optimism as equity prices recovered. The ECB announced it would provide additional stimulus to support the eurozone economy. At its first meeting of 2019, the Fed emphasized its focus on data as a primary driver for rate hike decisions, and its ability to suspend additional rate increases when the data is not supportive. These sentiments reassured investors of central bankers’ commitments to support flagging growth. The rebound continued throughout January 2019, and many equities maintained an upward trajectory throughout February 2019.
Cyclical Companies and Sectors Constrain Results
In a period of mediating growth, the Index’s losses were perpetuated in part by sectors and companies that are sensitive to economic cycles. Industrials, information technology and materials were the worst performing areas of the Index. The economic slowdown in China affected materials companies as demand for their products fell. Industrial companies were impacted by this dynamic as well, particularly those located in Europe and Japan. From a country standpoint, France and Germany both struggled, contributing to the Index’s negative return. Japan did poorly for the period as its export-based economy was hurt by tariffs. Japan-based technology companies, such as Hitachi and Canon, suffered from lower earnings due to the reduced overseas trading.
Conversely, traditionally conservative, defensive companies that have historically paid high dividends were more resilient during the period. The real estate, utilities, and health care sectors were the best performers in the Index during the six months. Real estate, which was bolstered by the low rate environment, outperformed the broader market. Health care stocks also performed better than average, especially among large pharmaceutical companies that export medications to emerging markets countries or that enjoyed drug approvals in China. Utilities companies were also resilient due to their high incidence of dividend payments. From a country perspective, Hong Kong was among the top performers, driven in part by the dominance of real estate companies within the country. Italy also outperformed during the period, as did Spain. The returns were driven by a concentration of companies in those countries that transport liquified natural gas, which experienced high demand during the period.
Replicating the Performance of the Index
Although we do not actively manage the fund’s investments in response to macroeconomic trends, we believe that it is worth noting that non-U.S. developed markets seem to be impacted by slowing economic growth, trade frictions and other geopolitical issues. As always, we continue to monitor factors that may affect the fund’s investments.
March 15, 2019
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, 2018 through February 28, 2019, as provided by C. Wesley Boggs, William S. Cazalet, CAIA, Ronald P. Gala, CFA, Peter D. Goslin, CFA, and Syed A. Zamil, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon International Equity Income Fund’s Class M shares produced a total return of -2.49%, and Investor shares produced a total return of -2.63%.1In comparison, the fund’s benchmark, the MSCI ACWI Ex USA Index (the “Index”), produced a total return of -2.47% for the same period.2
International equity markets posted losses over the reporting period in the midst of slowing economic growth, trade frictions, and other geopolitical difficulties. While Class M shares performed roughly in-line with the index, Investor shares underperformed the Index, mainly due to security selection shortfalls.
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 focuses on dividend-paying stocks of foreign companies, including those in of emerging-market countries. 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 may invest in the stocks of companies of any market capitalization.
The fund’s portfolio managers select stocks through a disciplined investment process using proprietary quantitative computer models that analyze a diverse set of characteristics to identify and rank stocks based on according to earnings quality. Based on this analysis, the portfolio managers generally select from the higher-ranked dividend-paying securities those stocks that they believe will continue to pay above-average dividends. The portfolio managers will seek to overweight higher dividend-paying stocks, while maintaining country and sector weights generally similar to those of the Index
Slowing Growth, Trade Concerns, and Geopolitical Difficulties Constrain Markets
International markets delivered two drastically different periods of behavior over the six -months, but lost ground over the reporting period as a whole. Through early fall 2018, many global equity markets felt pressure from slowing global growth, escalating trade issues between President Trump the U.S. and China, Brexit difficulties and additional geopolitical issues elsewhere in Europe and the emerging markets. Volatility picked up in October 2018, when renewed articulation of hawkish narratives by U.S. Federal Reserve (the “Fed”) officials alarmed investors. In Japan, which depends on exports for much of its economy, the prospect of slowing Chinese growth and consumption rates contributed to the sell-off of equity markets. In December 2018, international equities reached new lows for the year 2018 as economic and political news continued to unnerve investors, such as the contraction of the German economy, Italian governmental disputes, and continued Brexit difficulties. Investors also feared the European Central Bank (the “ECB”) would proceed with its plan to conclude stimulus measures in January 2019 despite mediating growth rates.
January 2019 marked a turnaround in markets. Talk of a potential trade deal between the U.S. and China helped fuel investor optimism as equity prices recovered. The ECB announced it would provide additional stimulus to support the Eurozone economy. At its first meeting of the year 2019, the Fed emphasized its focus on data as a primary driver for rate hike decisions, and its ability to suspend additional rate increases when the data is not supportive. These sentiments reassured investors of central bankers’ commitments to support flagging growth. The rebound continued throughout the month of January 2019, and many equities maintained an upward trajectory throughout the month of February 2019.
Security Selection Impact Fund Performance
Positioning in the consumer staples and consumer discretionary sectors supported the fund’s gains over the reporting period as did stocks from Switzerland and Norway. In the consumer staples sector, French food retailer Casino Guichard Perrachon was among the top contributors to sector and overall performance. The stock price surged on comments from the CEO that the company planned to shut down stores in an underperforming division of the company to improve fundamentals. Hong Kong-based Yue Yuen Industrial Holdings was a top individual contributor as well. The consumer discretionary sector footwear manufacturer appreciated on the news of an expected sales increase in 2019.
On the other hand, several holdings weakened the fund’s relative results. On a sector basis, communication services and financials provided the largest headwinds. Sweden, Australia and South Korea were the worst performing countries. German media company ProSiebenSat.1 Media was among the largest overall detractors. The stock price fell to record lows after the company reduced sales projections and cut its dividend. South Korea-based engineering and construction companyHDC Holdings also hurt results as its price fell on concerns over dilution after a large stock issuance. Financial services company Nordea Bank struggled during the period after the bank was linked to a money laundering scandal. It was also a leading detractor for the reporting periods.
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 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.
As a result of our stock selection process, the portfolio was underweight emerging markets holdings and overweight developed markets at the end of the period. We have a bias towards financial and energy stocks, and relatively fewer holdings than the benchmark in industrials and health care
17
DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
sectors. We believe that there may be opportunities in Australia, Russia, and the United Kingdom, while we hold less in Netherlands, Japan, and India.
March 15, 2019
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.
18
For the period of September 1, 2018 through February 28, 2019, as provided by Jeffrey M. Mortimer, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Asset Allocation Fund’s Class M shares produced a total return of -3.90%, and Investor shares produced a total return of -4.01%.1 In comparison, the fund’s benchmark, the Morningstar Moderate Target Risk Index (the “Index”), produced a total return of -0.10% for the same period.2
Stocks and bonds were subject to large amounts of volatility during the reporting period due to slowing growth and policy uncertainty. Stocks generally declined over the six months while bonds were able to recover and post positive results. The fund underperformed the Index, mainly due to overweighted exposure to stocks and an underweighted position in bonds.
The Fund’s Investment Approach
The fund seeks long-term growth of principal in conjunction with current income. The fund may invest in both individual securities and other investment companies, including other BNY Mellon funds, funds in the Dreyfus Family of Funds and unaffiliated open-end funds, closed-end funds, and exchange-traded funds (collectively, the “underlying funds”), which in turn may invest directly in the asset classes described below. 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 (directly and/or through investment in the underlying funds) 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.
Slowing Global Growth and Policy Uncertainty Constrains Stocks
After a summer rally, volatility crept back into the picture in U.S. markets, despite strong fundamentals. Firm labor markets, tightening monetary policy and the possibility of slowing global growth provoked a defensive posture among investors. In October 2018, markets reversed course and started to move lower after hawkish statements by the Federal Reserve (the “Fed”). Continued worries over rising rates, trade disputes and falling commodity prices pressured equity markets through the end of December 2018.
The volatility subsided in January 2019, in part due to the Fed’s announcement after its first meeting of 2019 that rates would not increase, which emphasized its focus on data as a primary driver for rate hike decisions and its ability to suspend additional rate increases when the data is not supportive. In addition, talk of a possible trade agreement with China helped to calm markets in January 2019 and February 2019.
Bonds were also affected by volatility. Spreads widened during the fourth quarter of 2018 and Treasury rates fell. However, bond volatility subsided in January 2019 as well. Since the Fed meeting, risk asset spreads have narrowed and prices have recovered.
Asset Allocation Strategy Constrained Fund Performance
The fund’s asset allocation strategy detracted from relative returns during the six months. The fund’s relative overweight to equities during a time when equities trailed bonds was a headwind. Within the equity allocation, overweights to large, mid and small cap all hurt results. In addition, a relative underweight to international developed markets modestly detracted from performance. The manager effect was also negative, as several managers trailed their benchmarks during the reporting period. The BNY Mellon Focused Equity Fund, BNY Mellon Mid Cap Multi-Strategy Fund, and BNY Mellon International Fund all trailed their respective indices.
Conversely, a couple of manager selection strategies produced results that helped relative performance. An overweight to the fund’s high yield bond managers, who outperformed their indices, was additive. An underweight to the fund’s emerging markets managers, who lagged their benchmarks, also helped relative returns.
The fund’s bond portfolio generally performed well, with most managers performing in line with their respective benchmarks. However, the fund’s underweight to fixed income hampered overall performance.
Positioned for the Current Market Environment
We expect that periods of market volatility will persist for the foreseeable future, but pockets of strength in underlying fundamentals will remain despite slowing global growth. We continue to believe the fund is well positioned for the current market environment. However, we did moderately trim equity exposure and provide the fund with adequate liquidity at year end 2018 for capital gain and income distributions by reducing positions in several of its underlying investments such as the BNY Mellon Mid Cap Multi-Strategy Fund, Dreyfus Select Managers Small Cap Value Fund and Dreyfus Select Managers Small Cap Growth Fund.
March 15, 2019
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, 2019, 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.
19
UNDERSTANDING YOUR FUND’S EXPENSES(Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2018 to February 28, 2019. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment | ||||||||||||||
assuming actual returns for the six months ended February 28, 2019 | ||||||||||||||
|
|
| Class M | Investor | Class A |
| Class C |
Class I |
| Class Y | ||||
BNY Mellon Large Cap Stock Fund | ||||||||||||||
Expenses paid per $1,000† |
| $4.09 | $5.30 | – | – | – | – | |||||||
Ending value (after expenses) | $962.20 | $961.50 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .84 | 1.09 | – | – | – | – | ||||||||
BNY Mellon Large Cap Market | ||||||||||||||
Expenses paid per $1,000† | $3.24 | $4.44 | – | – | – | – | ||||||||
Ending value (after expenses) | $948.70 | $948.40 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .67 | .92 | – | – | – | – | ||||||||
BNY Mellon Tax-Sensitive | ||||||||||||||
Expenses paid per $1,000† | $3.20 | $4.42 | – | – | – | – | ||||||||
Ending value (after expenses) | $958.00 | $957.00 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .66 | .91 | – | – | – | – | ||||||||
BNY Mellon Income Stock Fund | ||||||||||||||
Expenses paid per $1,000† | $3.87 | $5.08 | $5.27 | $9.13 | $4.07 | $3.92 | ||||||||
Ending value (after expenses) | $952.80 | $951.20 | $951.70 | $947.60 | $952.70 | $952.80 | ||||||||
Annualized expense ratio (%) | .80 | 1.05 | 1.09 | 1.89 | .84 | .81 | ||||||||
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||||||||
Expenses paid per $1,000† | $4.31 | $5.52 | – | – | – | – | ||||||||
Ending value (after expenses) | $955.20 | $954.30 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .89 | 1.14 | – | – | – | – | ||||||||
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||||||||
Expenses paid per $1,000† | $4.77 | $5.94 | – | – | – | – | ||||||||
Ending value (after expenses) | $903.20 | $902.00 | – | – | – | – | ||||||||
Annualized expense ratio (%) | 1.01 | 1.26 | – | – | – | – | ||||||||
BNY Mellon Focused | ||||||||||||||
Expenses paid per $1,000† | $4.15 | $5.34 | – | – | – | – | ||||||||
Ending value (after expenses) | $925.10 | $923.50 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .87 | 1.12 | – | – | – | – |
20
Expenses and Value of a $1,000 Investment (continued) | |||||||||||||||||
assuming actual returns for the six months ended February 28, 2019 | |||||||||||||||||
|
|
|
|
|
| Class M |
|
| Investor Shares |
| |||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | |||||||||||||||||
Expenses paid per $1,000† |
| $4.44 | $5.61 | ||||||||||||||
Ending value (after expenses) | $903.20 | $902.00 | |||||||||||||||
Annualized expense ratio (%) | .94 | 1.19 | |||||||||||||||
BNY Mellon International Fund | |||||||||||||||||
Expenses paid per $1,000† | $4.91 | $6.11 | |||||||||||||||
Ending value (after expenses) | $943.40 | $941.80 | |||||||||||||||
Annualized expense ratio (%) | 1.02 | 1.27 | |||||||||||||||
BNY Mellon Emerging Markets Fund | |||||||||||||||||
Expenses paid per $1,000† | $6.84 | $8.06 | |||||||||||||||
Ending value (after expenses) | $985.10 | $983.00 | |||||||||||||||
Annualized expense ratio (%) | 1.39 | 1.64 | |||||||||||||||
BNY Mellon International Appreciation Fund | |||||||||||||||||
Expenses paid per $1,000† | $4.51 | $5.72 | |||||||||||||||
Ending value (after expenses) | $956.80 | $956.40 | |||||||||||||||
Annualized expense ratio (%) | .93 | 1.18 | |||||||||||||||
BNY Mellon International Equity Income Fund | |||||||||||||||||
Expenses paid per $1,000† | $5.34 | $6.56 | |||||||||||||||
Ending value (after expenses) | $975.10 | $973.70 | |||||||||||||||
Annualized expense ratio (%) | 1.09 | 1.34 | |||||||||||||||
BNY Mellon Asset Allocation Fund | |||||||||||||||||
Expenses paid per $1,000† | $1.41 | $2.62 | |||||||||||||||
Ending value (after expenses) | $961.00 | $959.90 | |||||||||||||||
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 181/365 (to reflect the one-half year period).
21
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS(Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment | ||||||||||||||||
assuming a hypothetical 5% annualized return for the six months ended February 28, 2019 | ||||||||||||||||
|
|
|
|
|
| Investor |
|
|
|
|
Class I |
|
| |||
BNY Mellon Large Cap Stock Fund | ||||||||||||||||
Expenses paid per $1,000† |
| $4.21 | $5.46 | – | – | – | – | |||||||||
Ending value (after expenses) | $1,020.63 | $1,019.39 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .84 | 1.09 | – | – | – | – | ||||||||||
BNY Mellon Large Cap Market | ||||||||||||||||
Expenses paid per $1,000† | $3.36 | $4.61 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,021.47 | $1,020.23 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .67 | .92 | – | – | – | – | ||||||||||
BNY Mellon Tax-Sensitive | ||||||||||||||||
Expenses paid per $1,000† | $3.31 | $4.56 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,021.52 | $1.020.28 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .66 | .91 | – | – | – | – | ||||||||||
BNY Mellon Income Stock Fund | ||||||||||||||||
Expenses paid per $1,000† | $4.01 | $5.26 | $5.46 | $9.44 | $4.21 | $4.06 | ||||||||||
Ending value (after expenses) | $1,020.83 | $1,019.59 | $1,019.39 | $1,015.42 | $1,020.63 | $1,020.78 | ||||||||||
Annualized expense ratio (%) | .80 | 1.05 | 1.09 | 1.89 | .84 | .81 | ||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||||||||||
Expenses paid per $1,000† | $4.46 | $5.71 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,020.38 | $1,019.14 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .89 | 1.14 | – | – | – | – | ||||||||||
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||||||||||
Expenses paid per $1,000† | $5.06 | $6.31 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,019.79 | $1,018.55 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | 1.01 | 1.26 | – | – | – | – | ||||||||||
BNY Mellon Focused | ||||||||||||||||
Expenses paid per $1,000† | $4.36 | $5.61 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,020.48 | $1,019.24 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .87 | 1.12 | – | – | – | – |
22
Expenses and Value of a $1,000 Investment (continued) | |||||||||||||||||
assuming a hypothetical 5% annualized return for the six months ended February 28, 2019 | |||||||||||||||||
|
|
|
|
|
Class M |
|
|
Investor Shares |
| ||||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | |||||||||||||||||
Expenses paid per $1,000† | $4.71 | $5.96 | |||||||||||||||
Ending value (after expenses) | $1,020.13 | $1,018.89 | |||||||||||||||
Annualized expense ratio (%) | .94 | 1.19 | |||||||||||||||
BNY Mellon International Fund | |||||||||||||||||
Expenses paid per $1,000† | $5.11 | $6.36 | |||||||||||||||
Ending value (after expenses) | $1,019.74 | $1,018.50 | |||||||||||||||
Annualized expense ratio (%) | 1.02 | 1.27 | |||||||||||||||
BNY Mellon Emerging Markets Fund | |||||||||||||||||
Expenses paid per $1,000† | $6.95 | $8.20 | |||||||||||||||
Ending value (after expenses) | $1,017.90 | $1,016.66 | |||||||||||||||
Annualized expense ratio (%) | 1.39 | 1.64 | |||||||||||||||
BNY Mellon International Appreciation Fund | |||||||||||||||||
Expenses paid per $1,000† | $4.66 | $5.91 | |||||||||||||||
Ending value (after expenses) | $1,020.18 | $1,018.94 | |||||||||||||||
Annualized expense ratio (%) | .93 | 1.18 | |||||||||||||||
BNY Mellon International Equity Income Fund | |||||||||||||||||
Expenses paid per $1,000† | $5.46 | $6.71 | |||||||||||||||
Ending value (after expenses) | $1,019.39 | $1,018.15 | |||||||||||||||
Annualized expense ratio (%) | 1.09 | 1.34 | |||||||||||||||
BNY Mellon Asset Allocation Fund | |||||||||||||||||
Expenses paid per $1,000† | $1.45 | $2.71 | |||||||||||||||
Ending value (after expenses) | $1,023.36 | $1,022.12 | |||||||||||||||
Annualized expense ratio (%) | .29 | .54 |
† Expenses are equal to each fund’s annualized expense ratio as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
23
STATEMENT OF INVESTMENTS
February 28, 2019 (Unaudited)
BNY Mellon Large Cap Stock Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.7% | |||||
Banks - 6.3% | |||||
Bank of America | 146,270 | 4,253,532 | |||
Comerica | 19,514 | 1,699,865 | |||
JPMorgan Chase & Co. | 47,099 | 4,915,252 | |||
Popular | 21,113 | 1,190,351 | |||
Wells Fargo & Co. | 1,788 | 89,203 | |||
Zions Bancorp | 25,983 | a | 1,327,731 | ||
13,475,934 | |||||
Capital Goods - 4.4% | |||||
Boeing | 9,152 | 4,026,514 | |||
Lockheed Martin | 6,867 | 2,124,718 | |||
Pentair | 10,286 | 437,566 | |||
Raytheon | 8,876 | 1,655,374 | |||
Textron | 24,539 | 1,332,468 | |||
9,576,640 | |||||
Commercial & Professional Services - .6% | |||||
Xerox | 40,472 | 1,250,585 | |||
Consumer Durables & Apparel - 1.6% | |||||
NIKE, Cl. B | 26,969 | 2,312,052 | |||
Tapestry | 34,647 | 1,210,566 | |||
3,522,618 | |||||
Consumer Services - .7% | |||||
Carnival | 26,299 | 1,519,030 | |||
Diversified Financials - 4.5% | |||||
American Express | 12,212 | 1,315,721 | |||
Berkshire Hathaway, Cl. B | 8,346 | b | 1,680,050 | ||
Discover Financial Services | 25,261 | 1,808,940 | |||
Evercore, Cl. A | 13,011 | 1,198,313 | |||
S&P Global | 11,267 | 2,257,569 | |||
Synchrony Financial | 46,740 | 1,524,191 | |||
9,784,784 | |||||
Energy - 5.9% | |||||
Chevron | 28,336 | 3,388,419 | |||
ConocoPhillips | 30,540 | 2,072,139 | |||
Continental Resources | 8,673 | b | 386,903 | ||
Exxon Mobil | 29,340 | 2,318,740 | |||
HollyFrontier | 20,164 | 1,032,397 | |||
Marathon Petroleum | 27,539 | 1,707,693 | |||
Phillips 66 | 18,981 | 1,829,009 | |||
12,735,300 | |||||
Food & Staples Retailing - 2.8% | |||||
Sysco | 19,828 | 1,339,381 | |||
Walgreens Boots Alliance | 25,723 | 1,831,220 | |||
Walmart | 29,419 | 2,912,187 | |||
6,082,788 | |||||
Food, Beverage & Tobacco - 2.7% | |||||
Altria Group | 37,584 | 1,969,777 | |||
PepsiCo | 9,664 | 1,117,545 | |||
Philip Morris International | 30,348 | 2,638,455 | |||
5,725,777 | |||||
Health Care Equipment & Services - 3.6% | |||||
Baxter International | 15,899 | 1,188,132 | |||
Danaher | 20,436 | 2,595,781 | |||
IDEXX Laboratories | 7,371 | b | 1,555,502 | ||
UnitedHealth Group | 9,540 | 2,310,779 | |||
7,650,194 | |||||
BNY Mellon Large Cap Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.7%(continued) | |||||
Household & Personal Products - 1.5% | |||||
Kimberly-Clark | 13,777 | 1,609,567 | |||
Procter & Gamble | 16,489 | 1,624,991 | |||
3,234,558 | |||||
Insurance - 2.9% | |||||
Allstate | 21,352 | 2,015,202 | |||
Progressive | 31,329 | 2,283,884 | |||
Prudential Financial | 3,160 | 302,886 | |||
Torchmark | 19,775 | 1,632,624 | |||
6,234,596 | |||||
Materials - 1.8% | |||||
CF Industries Holdings | 27,807 | 1,173,455 | |||
Huntsman | 49,902 | 1,237,071 | |||
LyondellBasell Industries, Cl. A | 14,501 | 1,240,126 | |||
Westlake Chemical | 1,877 | a | 131,146 | ||
3,781,798 | |||||
Media & Entertainment - 8.8% | |||||
Alphabet, Cl. A | 3,181 | b | 3,583,556 | ||
Alphabet, Cl. C | 3,326 | b | 3,724,854 | ||
CBS, Cl. B | 25,984 | 1,304,657 | |||
Facebook, Cl. A | 29,056 | b | 4,691,091 | ||
Match Group | 29,303 | a | 1,622,800 | ||
Netflix | 2,430 | b | 870,183 | ||
TripAdvisor | 6,937 | a,b | 368,840 | ||
Walt Disney | 25,058 | 2,827,545 | |||
18,993,526 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 12.5% | |||||
AbbVie | 31,429 | 2,490,434 | |||
Agilent Technologies | 19,144 | 1,520,799 | |||
Allergan | 2,600 | 358,046 | |||
Amgen | 14,603 | 2,775,738 | |||
Biogen | 6,835 | b | 2,241,948 | ||
Bristol-Myers Squibb | 32,548 | 1,681,430 | |||
Illumina | 4,795 | b | 1,499,732 | ||
Johnson & Johnson | 36,031 | 4,923,276 | |||
Merck & Co. | 17,077 | 1,388,189 | |||
Mettler-Toledo International | 440 | b | 299,600 | ||
Pfizer | 96,845 | 4,198,231 | |||
Thermo Fisher Scientific | 6,146 | 1,595,317 | |||
Waters | 7,750 | b | 1,877,205 | ||
26,849,945 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 1.6% | |||||
Herbalife Nutrition | 22,692 | b | 1,273,021 | ||
Zoetis | 22,744 | 2,143,167 | |||
3,416,188 | |||||
Real Estate - 1.0% | |||||
Prologis | 4,337 | c | 303,850 | ||
Public Storage | 8,751 | c | 1,850,749 | ||
2,154,599 | |||||
Retailing - 6.5% | |||||
Amazon.com | 3,788 | b | 6,211,676 | ||
Best Buy | 28,344 | 1,951,201 | |||
Dick's Sporting Goods | 32,580 | a | 1,272,575 | ||
Foot Locker | 18,979 | 1,129,630 |
24
BNY Mellon Large Cap Stock Fund (continued) | ||||||
Description | Shares | Value ($) | ||||
Common Stocks - 99.7%(continued) | ||||||
Retailing - 6.5% (continued) | ||||||
Home Depot | 6,535 | 1,209,890 | ||||
Kohl's | 17,813 | 1,202,912 | ||||
Macy's | 38,419 | a | 952,407 | |||
13,930,291 | ||||||
Semiconductors & Semiconductor Equipment - 2.7% | ||||||
Intel | 67,975 | 3,599,956 | ||||
Micron Technology | 36,135 | b | 1,477,199 | |||
Texas Instruments | 7,295 | 771,665 | ||||
5,848,820 | ||||||
Software & Services - 13.7% | ||||||
Accenture, Cl. A | 15,795 | 2,548,997 | ||||
Adobe | 8,823 | b | 2,316,037 | |||
Automatic Data Processing | 10,576 | 1,618,445 | ||||
Broadridge Financial Solutions | 10,896 | 1,103,220 | ||||
Cadence Design Systems | 36,679 | b | 2,099,873 | |||
CDK Global | 21,761 | 1,262,356 | ||||
Citrix Systems | 9,107 | 960,789 | ||||
Cognizant Technology Solutions, Cl. A | 24,025 | 1,705,295 | ||||
Fiserv | 4,916 | a,b | 416,336 | |||
Fortinet | 6,937 | b | 602,062 | |||
International Business Machines | 8,359 | 1,154,629 | ||||
Intuit | 7,622 | 1,883,625 | ||||
Mastercard, Cl. A | 2,406 | 540,797 | ||||
Microsoft | 60,001 | 6,721,912 | ||||
Paychex | 7,173 | 552,464 | ||||
Visa, Cl. A | 26,732 | 3,959,544 | ||||
29,446,381 | ||||||
Technology Hardware & Equipment - 5.8% | ||||||
Apple | 50,803 | 8,796,539 | ||||
F5 Networks | 7,702 | b | 1,295,014 | |||
HP | 82,222 | 1,622,240 | ||||
Seagate Technology | 2,888 | 134,465 | ||||
Zebra Technologies, Cl. A | 2,793 | b | 560,024 | |||
12,408,282 | ||||||
Telecommunication Services - 1.9% | ||||||
AT&T | 9,536 | 296,760 | ||||
Verizon Communications | 68,108 | 3,876,707 | ||||
4,173,467 | ||||||
Transportation - 3.1% | ||||||
CSX | 19,995 | 1,453,037 | ||||
Norfolk Southern | 11,922 | 2,137,615 | ||||
Union Pacific | 11,555 | 1,937,774 | ||||
United Continental Holdings | 14,165 | b | 1,243,829 | |||
6,772,255 | ||||||
Utilities - 2.8% | ||||||
Exelon | 50,081 | 2,433,436 | ||||
NRG Energy | 44,564 | 1,857,428 | ||||
OGE Energy | 40,228 | 1,710,495 | ||||
6,001,359 | ||||||
Total Common Stocks(cost $159,697,926) | 214,569,715 | |||||
BNY Mellon Large Cap Stock Fund (continued) | ||||||
Description | 1-Day | Shares | Value ($) | |||
Investment Companies - .5% | ||||||
Registered Investment Companies - .5% | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 1,109,869 | d | 1,109,869 | ||
Investment of Cash Collateral for Securities Loaned - .8% | ||||||
Registered Investment Companies - .8% | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 1,653,513 | d | 1,653,513 | ||
Total Investments(cost $162,461,308) | 101.0% | 217,333,097 | ||||
Liabilities, Less Cash and Receivables | (1.0%) | (2,232,800) | ||||
Net Assets | 100.0% | 215,100,297 |
a Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $6,030,704 and the value of the collateral held by the fund was $6,213,684, consisting of cash collateral of $1,653,513 and U.S. Government & Agency securities valued at $4,560,171.
b Non-income producing security.
c Investment in real estate investment trust.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Information Technology | 22.8 |
Health Care | 16.0 |
Financials | 13.7 |
Communication Services | 10.8 |
Consumer Discretionary | 8.8 |
Industrials | 7.6 |
Consumer Staples | 7.0 |
Energy | 5.9 |
Utilities | 2.8 |
Materials | 1.7 |
Consumer, Non-cyclical | 1.6 |
Investment Companies | 1.3 |
Real Estate | 1.0 |
101.0 |
† Based on net assets.
See notes to financial statements.
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Large Cap Market Opportunities Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 36.3% | |||||
Banks - .8% | |||||
SVB Financial Group | 1,540 | a | 380,626 | ||
Capital Goods - 3.7% | |||||
Boeing | 1,214 | 534,111 | |||
Deere & Co. | 2,415 | 396,157 | |||
Donaldson | 729 | b | 37,609 | ||
Fastenal | 1,645 | b | 103,536 | ||
Flowserve | 1,075 | b | 47,741 | ||
Hexcel | 970 | 69,976 | |||
Honeywell International | 2,512 | 387,024 | |||
Toro | 1,475 | b | 101,156 | ||
1,677,310 | |||||
Commercial & Professional Services - .1% | |||||
Healthcare Services Group | 1,035 | b | 39,516 | ||
Consumer Durables & Apparel - .2% | |||||
NIKE, Cl. B | 1,239 | 106,219 | |||
Consumer Services - 2.1% | |||||
McDonald's | 497 | 91,369 | |||
MGM Resorts International | 12,070 | 322,873 | |||
Starbucks | 1,397 | 98,153 | |||
Yum! Brands | 4,400 | 415,800 | |||
928,195 | |||||
Diversified Financials - 2.4% | |||||
Charles Schwab | 7,062 | 324,923 | |||
Intercontinental Exchange | 5,006 | 386,213 | |||
MSCI | 2,050 | 378,676 | |||
1,089,812 | |||||
Energy - 2.0% | |||||
Chevron | 2,590 | 309,712 | |||
EOG Resources | 1,025 | 96,350 | |||
Occidental Petroleum | 1,141 | 75,477 | |||
Pioneer Natural Resources | 201 | 28,331 | |||
Schlumberger | 1,696 | 74,726 | |||
Valero Energy | 3,795 | 309,520 | |||
894,116 | |||||
Food, Beverage & Tobacco - 1.7% | |||||
Coca-Cola | 6,310 | 286,095 | |||
Mondelez International, Cl. A | 10,582 | 499,047 | |||
785,142 | |||||
Health Care Equipment & Services - 4.2% | |||||
Boston Scientific | 11,485 | a | 460,778 | ||
Cerner | 1,420 | a | 79,449 | ||
CVS Health | 7,580 | 438,351 | |||
Edwards Lifesciences | 630 | a | 106,653 | ||
Henry Schein | 1,139 | a,b | 67,543 | ||
Intuitive Surgical | 196 | a | 107,332 | ||
ResMed | 725 | 74,262 | |||
Stryker | 511 | 96,329 | |||
UnitedHealth Group | 1,901 | 460,460 | |||
1,891,157 | |||||
Household & Personal Products - .4% | |||||
Colgate-Palmolive | 1,401 | 92,284 | |||
Estee Lauder, Cl. A | 688 | 107,975 | |||
200,259 | |||||
Materials - 1.3% | |||||
Air Products & Chemicals | 1,610 | 291,700 | |||
BNY Mellon Large Cap Market Opportunities Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 36.3%(continued) | |||||
Materials - 1.3% (continued) | |||||
Ecolab | 641 | 108,271 | |||
FMC | 1,025 | 91,738 | |||
Linde | 538 | 93,203 | |||
584,912 | |||||
Media & Entertainment - 3.2% | |||||
Alphabet, Cl. A | 386 | a | 434,848 | ||
Alphabet, Cl. C | 71 | a | 79,514 | ||
Comcast, Cl. A | 10,073 | 389,523 | |||
Facebook, Cl. A | 2,640 | a | 426,228 | ||
Walt Disney | 792 | 89,369 | |||
1,419,482 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 2.0% | |||||
Biogen | 257 | a | 84,299 | ||
Eli Lilly & Co. | 525 | 66,302 | |||
Gilead Sciences | 1,115 | 72,497 | |||
Johnson & Johnson | 596 | 81,437 | |||
Merck & Co. | 5,300 | 430,837 | |||
Mettler-Toledo International | 88 | a | 59,920 | ||
Waters | 412 | a | 99,795 | ||
895,087 | |||||
Real Estate - .9% | |||||
American Tower | 2,180 | c | 384,007 | ||
Retailing - 1.7% | |||||
Amazon.com | 284 | a | 465,712 | ||
Booking Holdings | 35 | a | 59,396 | ||
O'Reilly Automotive | 270 | a | 100,429 | ||
The TJX Companies | 2,697 | 138,329 | |||
763,866 | |||||
Semiconductors & Semiconductor Equipment - 1.9% | |||||
Micron Technology | 9,130 | a | 373,234 | ||
Texas Instruments | 4,415 | 467,019 | |||
840,253 | |||||
Software & Services - 5.7% | |||||
Adobe | 2,036 | a | 534,450 | ||
ANSYS | 265 | a | 46,974 | ||
Automatic Data Processing | 518 | 79,270 | |||
Cognizant Technology Solutions, Cl. A | 1,007 | 71,477 | |||
Jack Henry & Associates | 569 | 75,466 | |||
Manhattan Associates | 1,830 | a,b | 100,193 | ||
Mastercard, Cl. A | 548 | 123,174 | |||
Microsoft | 4,244 | 475,455 | |||
Oracle | 1,456 | 75,901 | |||
Paychex | 1,321 | 101,743 | |||
Salesforce.com | 2,310 | a | 378,032 | ||
Visa, Cl. A | 3,435 | b | 508,792 | ||
2,570,927 | |||||
Technology Hardware & Equipment - 1.8% | |||||
Amphenol, Cl. A | 1,543 | 144,996 | |||
Cisco Systems | 8,313 | 430,364 | |||
Cognex | 1,575 | b | 84,105 | ||
IPG Photonics | 650 | a,b | 100,770 | ||
TE Connectivity | 655 | 53,769 | |||
814,004 |
26
BNY Mellon Large Cap Market Opportunities Fund (continued) | ||||||
Description | Shares | Value ($) | ||||
Common Stocks - 36.3%(continued) | ||||||
Transportation - .2% | ||||||
Expeditors International of Washington | 1,300 | 97,435 | ||||
Total Common Stocks(cost $11,729,655) | 16,362,325 | |||||
1-Day | ||||||
Investment Companies - 63.7% | ||||||
Registered Investment Companies - 63.7% | ||||||
BNY Mellon Income Stock Fund, Cl. M | 881,475 | d | 7,413,204 | |||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 660,708 | d | 660,708 | ||
Dreyfus Research Growth Fund, Cl. Y | 768,001 | d | 11,381,775 | |||
Dreyfus Strategic Value Fund, Cl. Y | 271,265 | d | 9,209,436 | |||
Total Investment Companies(cost $25,489,415) | 28,665,123 | |||||
Total Investments(cost $37,219,070) | 100.0% | 45,027,448 | ||||
Cash and Receivables (Net) | .0% | 6,419 | ||||
Net Assets | 100.0% | 45,033,867 |
a Non-income producing security.
b Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $1,163,469 and the value of the collateral held by the fund was $1,189,571, consisting of U.S. Government & Agency securities.
c Investment in real estate investment trust.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Investment Companies | 63.6 |
Information Technology | 9.4 |
Health Care | 6.2 |
Industrials | 4.0 |
Financials | 3.3 |
Communication Services | 3.1 |
Consumer Discretionary | 3.1 |
Consumer Staples | 2.2 |
Energy | 2.0 |
Materials | 1.3 |
Consumer, Cyclical | .9 |
Real Estate | .9 |
100.0 |
† Based on net assets.
See notes to financial statements.
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 62.6% | |||||
Automobiles & Components - .1% | |||||
Aptiv | 1,010 | 83,941 | |||
Ford Motor | 8,718 | 76,457 | |||
General Motors | 2,270 | 89,620 | |||
Goodyear Tire & Rubber | 5,120 | 101,274 | |||
Harley-Davidson | 224 | a | 8,315 | ||
359,607 | |||||
Banks - 3.0% | |||||
Bank of America | 56,979 | 1,656,949 | |||
BB&T | 10,592 | 539,874 | |||
Citigroup | 9,150 | 585,417 | |||
Citizens Financial Group | 6,935 | 256,179 | |||
Fifth Third Bancorp | 3,234 | 89,194 | |||
JPMorgan Chase & Co. | 17,604 | 1,837,153 | |||
KeyCorp | 10,500 | 185,430 | |||
M&T Bank | 630 | 109,028 | |||
PNC Financial Services Group | 4,920 | 620,018 | |||
SunTrust Banks | 1,700 | 110,279 | |||
SVB Financial Group | 7,070 | b | 1,747,421 | ||
U.S. Bancorp | 5,082 | 262,689 | |||
Wells Fargo & Co. | 21,332 | 1,064,253 | |||
Zions Bancorp | 2,665 | a,b | 136,182 | ||
9,200,066 | |||||
Capital Goods - 5.2% | |||||
3M | 3,752 | 778,127 | |||
Allegion | 2,996 | 269,520 | |||
Boeing | 9,250 | 4,069,630 | |||
Caterpillar | 3,798 | 521,617 | |||
Deere & Co. | 11,796 | 1,935,016 | |||
Donaldson | 2,480 | a | 127,943 | ||
Dover | 4,092 | 370,449 | |||
Eaton | 4,989 | 397,973 | |||
Emerson Electric | 2,093 | 142,638 | |||
Fastenal | 5,590 | a | 351,835 | ||
Flowserve | 3,650 | a | 162,097 | ||
Fortive | 2,056 | 167,708 | |||
General Dynamics | 741 | 126,133 | |||
General Electric | 41,555 | 431,756 | |||
Hexcel | 3,300 | 238,062 | |||
Honeywell International | 13,856 | 2,134,794 | |||
Illinois Tool Works | 2,190 | 315,535 | |||
Ingersoll-Rand | 5,160 | 544,690 | |||
Johnson Controls International | 1,141 | 40,243 | |||
Lockheed Martin | 1,377 | 426,058 | |||
Northrop Grumman | 1,146 | 332,294 | |||
Parker-Hannifin | 612 | 107,810 | |||
Raytheon | 3,200 | 596,800 | |||
Roper Technologies | 9 | 2,913 | |||
Stanley Black & Decker | 653 | 86,477 | |||
Toro | 4,995 | a | 342,557 | ||
TransDigm Group | 78 | b | 33,859 | ||
United Rentals | 875 | b | 117,766 | ||
United Technologies | 2,681 | 336,921 | |||
W.W. Grainger | 220 | a | 67,049 | ||
Wabtec | 223 | 16,351 | |||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 62.6%(continued) | |||||
Capital Goods - 5.2% (continued) | |||||
Xylem | 2,698 | a,b | 203,834 | ||
15,796,455 | |||||
Commercial & Professional Services - .2% | |||||
Healthcare Services Group | 3,510 | 134,012 | |||
Nielsen Holdings | 3,870 | 101,394 | |||
Robert Half International | 2,005 | 136,721 | |||
Waste Management | 2,644 | 267,705 | |||
639,832 | |||||
Consumer Durables & Apparel - .7% | |||||
Leggett & Platt | 5,010 | a | 227,554 | ||
Lennar, Cl. A | 4,900 | 235,102 | |||
Newell Brands | 485 | a | 7,872 | ||
NIKE, Cl. B | 14,320 | 1,227,654 | |||
Under Armour, Cl. A | 1,015 | b | 22,888 | ||
VF | 3,015 | 263,390 | |||
1,984,460 | |||||
Consumer Services - 2.0% | |||||
Carnival | 2,398 | 138,508 | |||
Marriott International, Cl. A | 608 | 76,164 | |||
McDonald's | 5,901 | 1,084,840 | |||
MGM Resorts International | 55,390 | 1,481,682 | |||
Starbucks | 14,828 | 1,041,815 | |||
Wynn Resorts | 1,077 | a,b | 136,284 | ||
Yum! Brands | 23,747 | b | 2,244,091 | ||
6,203,384 | |||||
Diversified Financials - 3.6% | |||||
American Express | 1,959 | 211,063 | |||
Ameriprise Financial | 1,989 | 261,812 | |||
Berkshire Hathaway, Cl. B | 9,194 | b | 1,850,752 | ||
BlackRock | 456 | 202,108 | |||
Capital One Financial | 3,733 | 312,004 | |||
Charles Schwab | 44,646 | 2,054,162 | |||
CME Group | 2,753 | 500,798 | |||
Discover Financial Services | 4,067 | 291,238 | |||
Goldman Sachs Group | 1,474 | 289,936 | |||
Intercontinental Exchange | 29,064 | 2,242,288 | |||
Invesco | 2,658 | 51,432 | |||
Moody's | 720 | 124,646 | |||
Morgan Stanley | 6,300 | 264,474 | |||
MSCI | 9,420 | 1,740,062 | |||
S&P Global | 1,858 | 372,287 | |||
State Street | 5,399 | 388,026 | |||
T. Rowe Price Group | 31 | 3,113 | |||
11,160,201 | |||||
Energy - 3.3% | |||||
Anadarko Petroleum | 3,625 | 157,688 | |||
Apache | 2,940 | a | 97,549 | ||
Baker Hughes | 5,962 | a | 157,278 | ||
Cabot Oil & Gas | 5,290 | a | 130,240 | ||
Chevron | 19,962 | 2,387,056 | |||
Concho Resources | 97 | 10,670 | |||
ConocoPhillips | 2,451 | 166,300 | |||
Devon Energy | 6,515 | 192,258 | |||
Diamondback Energy | 733 | a | 75,448 |
28
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 62.6%(continued) | |||||
Energy - 3.3% (continued) | |||||
Encana | 5,878 | 42,616 | |||
EOG Resources | 9,114 | 856,716 | |||
Exxon Mobil | 18,974 | 1,499,515 | |||
Halliburton | 3,147 | 96,581 | |||
Helmerich & Payne | 3,085 | 167,207 | |||
Hess | 1,575 | 91,114 | |||
HollyFrontier | 155 | 7,936 | |||
Kinder Morgan | 2,030 | 38,895 | |||
Marathon Oil | 15,500 | 257,300 | |||
Marathon Petroleum | 3,221 | 199,734 | |||
Noble Energy | 3,700 | a | 81,955 | ||
Occidental Petroleum | 3,867 | 255,802 | |||
ONEOK | 1,650 | 106,029 | |||
Phillips 66 | 3,608 | 347,667 | |||
Pioneer Natural Resources | 1,685 | 237,501 | |||
Schlumberger | 10,902 | 480,342 | |||
TechnipFMC | 4,410 | 98,299 | |||
Valero Energy | 22,637 | 1,846,274 | |||
Williams Cos. | 4,094 | b | 109,269 | ||
10,195,239 | |||||
Food & Staples Retailing - .6% | |||||
Costco Wholesale | 2,865 | 626,690 | |||
Kroger | 6,927 | 203,169 | |||
Sysco | 1,650 | 111,458 | |||
Walgreens Boots Alliance | 4,947 | 352,177 | |||
Walmart | 5,992 | 593,148 | |||
1,886,642 | |||||
Food, Beverage & Tobacco - 2.7% | |||||
Altria Group | 12,239 | 641,446 | |||
Archer-Daniels-Midland | 4,910 | 208,675 | |||
Campbell Soup | 230 | 8,285 | |||
Coca-Cola | 44,735 | 2,028,285 | |||
Conagra Brands | 1,425 | a | 33,302 | ||
Constellation Brands, Cl. A | 1,330 | 224,983 | |||
General Mills | 95 | 4,477 | |||
Hershey | 281 | 31,101 | |||
Kraft Heinz | 1,931 | 64,090 | |||
McCormick & Co. | 1,809 | a | 245,988 | ||
Molson Coors Brewing, Cl. B | 2,905 | 179,122 | |||
Mondelez International, Cl. A | 64,982 | 3,064,551 | |||
Monster Beverage | 2,265 | b | 144,575 | ||
PepsiCo | 7,502 | 867,531 | |||
Philip Morris International | 5,449 | 473,736 | |||
Tyson Foods, Cl. A | 1,390 | 85,707 | |||
8,305,854 | |||||
Health Care Equipment & Services - 5.2% | |||||
Abbott Laboratories | 5,983 | 464,400 | |||
AmerisourceBergen | 2,188 | 182,260 | |||
Anthem | 2,439 | 733,480 | |||
Baxter International | 1,555 | 116,205 | |||
Becton Dickinson | 3,010 | 748,858 | |||
Boston Scientific | 70,479 | b | 2,827,617 | ||
Cardinal Health | 1,070 | 58,144 | |||
Cerner | 5,515 | b | 308,564 | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 62.6%(continued) | |||||
Health Care Equipment & Services - 5.2% (continued) | |||||
Cigna | 2,556 | 445,869 | |||
CVS Health | 39,400 | 2,278,502 | |||
Danaher | 4,112 | 522,306 | |||
Edwards Lifesciences | 2,128 | b | 360,249 | ||
Henry Schein | 3,866 | a,b | 229,254 | ||
Humana | 1,673 | 476,872 | |||
Intuitive Surgical | 1,933 | b | 1,058,530 | ||
McKesson | 469 | 59,638 | |||
Medtronic | 7,085 | 641,192 | |||
ResMed | 2,467 | 252,695 | |||
Stryker | 2,718 | 512,370 | |||
UnitedHealth Group | 15,360 | 3,720,499 | |||
15,997,504 | |||||
Household & Personal Products - .9% | |||||
Clorox | 2,630 | 415,619 | |||
Colgate-Palmolive | 9,438 | 621,681 | |||
Coty, CI. A | 6,900 | a | 75,900 | ||
Estee Lauder, Cl. A | 3,435 | 539,089 | |||
Kimberly-Clark | 1,327 | 155,033 | |||
Procter & Gamble | 10,901 | 1,074,294 | |||
2,881,616 | |||||
Insurance - 1.0% | |||||
Aflac | 500 | 24,570 | |||
Allstate | 4,455 | 420,463 | |||
American International Group | 2,260 | 97,632 | |||
Aon | 3,728 | 639,464 | |||
Brighthouse Financial | 244 | b | 9,448 | ||
Chubb | 739 | 98,952 | |||
Cincinnati Financial | 1,410 | 122,416 | |||
Hartford Financial Services Group | 8,125 | 401,050 | |||
Lincoln National | 2,076 | 129,792 | |||
Marsh & McLennan Cos. | 4,531 | 421,474 | |||
MetLife | 3,712 | 167,745 | |||
Prudential Financial | 1,076 | 103,135 | |||
Travelers Cos | 2,826 | 375,604 | |||
3,011,745 | |||||
Materials - 1.8% | |||||
Air Products & Chemicals | 10,643 | 1,928,299 | |||
CF Industries Holdings | 940 | 39,668 | |||
DowDuPont | 13,993 | 744,847 | |||
Ecolab | 2,170 | 366,535 | |||
FMC | 3,490 | 312,355 | |||
Freeport-McMoRan | 21,175 | 273,158 | |||
International Paper | 2,004 | 91,823 | |||
Linde | 2,217 | 384,073 | |||
LyondellBasell Industries, CI. A | 3,186 | 272,467 | |||
Newmont Mining | 4,165 | a | 142,110 | ||
Nucor | 1,060 | 64,204 | |||
PPG Industries | 2,965 | 331,991 | |||
Sherwin-Williams | 186 | 80,575 | |||
Vulcan Materials | 2,949 | 328,696 | |||
WestRock | 365 | 13,644 | |||
5,374,445 |
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 62.6%(continued) | |||||
Media & Entertainment - 5.2% | |||||
Activision Blizzard | 590 | 24,863 | |||
Alphabet, Cl. A | 3,175 | b | 3,576,796 | ||
Alphabet, Cl. C | 1,759 | b | 1,969,939 | ||
CBS, Cl. B | 959 | 48,151 | |||
Charter Communications, Cl. A | 446 | a,b | 153,830 | ||
Comcast, Cl. A | 74,985 | 2,899,670 | |||
Discovery, Cl. C | 2,145 | b | 58,451 | ||
Electronic Arts | 48 | b | 4,597 | ||
Facebook, Cl. A | 24,586 | b | 3,969,410 | ||
Netflix | 3,043 | b | 1,089,698 | ||
Omnicom Group | 820 | a | 62,074 | ||
Twenty-First Century Fox, Cl. A | 4,796 | 241,862 | |||
2,190 | b | 67,408 | |||
Walt Disney | 14,351 | 1,619,367 | |||
15,786,116 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 4.4% | |||||
AbbVie | 8,413 | 666,646 | |||
Alexion Pharmaceuticals | 270 | b | 36,539 | ||
Allergan | 619 | 85,242 | |||
Amgen | 3,754 | 713,560 | |||
Biogen | 2,293 | b | 752,127 | ||
Bristol-Myers Squibb | 8,742 | 451,612 | |||
Celgene | 6,271 | b | 521,246 | ||
Eli Lilly & Co. | 7,695 | 971,802 | |||
Gilead Sciences | 15,336 | 997,147 | |||
Johnson & Johnson | 16,522 | 2,257,566 | |||
Merck & Co. | 35,546 | 2,889,534 | |||
Mettler-Toledo International | 301 | b | 204,954 | ||
Nektar Therapeutics | 445 | a,b | 18,040 | ||
Pfizer | 35,223 | 1,526,917 | |||
Regeneron Pharmaceuticals | 206 | b | 88,732 | ||
Thermo Fisher Scientific | 3,810 | 988,962 | |||
Vertex Pharmaceuticals | 27 | b | 5,096 | ||
Waters | 1,402 | b | 339,592 | ||
13,515,314 | |||||
Real Estate - 1.7% | |||||
American Tower | 12,325 | c | 2,171,049 | ||
Apartment Investment & Management, CI. A | 4,121 | c | 201,641 | ||
AvalonBay Communities | 2,125 | c | 413,589 | ||
Crown Castle International | 2,870 | c | 340,812 | ||
Equinix | 373 | c | 157,966 | ||
Equity Residential | 177 | c | 13,043 | ||
Extra Space Storage | 40 | c | 3,838 | ||
Federal Realty Investment Trust | 488 | c | 65,192 | ||
HCP | 11,405 | c | 350,932 | ||
Iron Mountain | 7,405 | a,c | 262,285 | ||
Kimco Realty | 13,895 | c | 244,413 | ||
Macerich | 3,160 | c | 137,776 | ||
Mid-America Apartment Communities | 55 | c | 5,697 | ||
Realty Income | 1,140 | a,c | 78,842 | ||
Simon Property Group | 780 | c | 141,305 | ||
Ventas | 3,045 | c | 191,074 | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 62.6%(continued) | |||||
Real Estate - 1.7% (continued) | |||||
Welltower | 4,935 | c | 366,720 | ||
Weyerhaeuser | 1,200 | c | 29,868 | ||
5,176,042 | |||||
Retailing - 3.6% | |||||
Amazon.com | 3,548 | b | 5,818,117 | ||
Booking Holdings | 374 | b | 634,693 | ||
Dollar Tree | 2,974 | b | 286,485 | ||
eBay | 2,742 | 101,865 | |||
Genuine Parts | 414 | 45,035 | |||
Home Depot | 8,193 | 1,516,852 | |||
L Brands | 849 | 22,193 | |||
Lowe's | 6,692 | 703,262 | |||
Macy's | 329 | a | 8,156 | ||
O'Reilly Automotive | 1,880 | b | 699,285 | ||
Ross Stores | 2,308 | 218,868 | |||
The TJX Companies | 20,949 | 1,074,474 | |||
11,129,285 | |||||
Semiconductors & Semiconductor Equipment - 2.8% | |||||
Analog Devices | 1,503 | 160,761 | |||
Applied Materials | 5,935 | 227,548 | |||
Broadcom | 1,590 | 437,822 | |||
Intel | 23,792 | 1,260,024 | |||
Lam Research | 2,579 | 454,136 | |||
Micron Technology | 48,730 | b | 1,992,082 | ||
NVIDIA | 3,918 | 604,391 | |||
Qualcomm | 3,107 | 165,883 | |||
Texas Instruments | 28,874 | 3,054,292 | |||
Xilinx | 1,834 | b | 229,800 | ||
8,586,739 | |||||
Software & Services - 8.1% | |||||
Accenture, CI. A | 4,293 | 692,804 | |||
Adobe | 12,997 | b | 3,411,712 | ||
ANSYS | 895 | b | 158,648 | ||
Autodesk | 1,980 | b | 322,760 | ||
Automatic Data Processing | 5,987 | 916,191 | |||
Cognizant Technology Solutions, Cl. A | 5,317 | 377,401 | |||
DXC Technology | 1,729 | 113,872 | |||
Fiserv | 6,857 | a,b | 580,719 | ||
International Business Machines | 2,986 | 412,456 | |||
Intuit | 737 | 182,135 | |||
Jack Henry & Associates | 1,935 | 256,639 | |||
Manhattan Associates | 6,200 | a,b | 339,450 | ||
Mastercard, Cl. A | 8,549 | 1,921,559 | |||
Microsoft | 56,354 | 6,313,339 | |||
Oracle | 17,795 | 927,653 | |||
Paychex | 9,774 | 752,793 | |||
PayPal Holdings | 3,617 | b | 354,719 | ||
salesforce.com | 17,202 | b | 2,815,107 | ||
Symantec | 2,805 | 63,084 | |||
Visa, Cl. A | 26,627 | a | 3,943,991 | ||
24,857,032 | |||||
Technology Hardware & Equipment - 3.4% | |||||
Amphenol, CI. A | 9,134 | 858,322 |
30
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | ||||||
Description | Shares | Value ($) | ||||
Common Stocks - 62.6%(continued) | ||||||
Technology Hardware & Equipment - 3.4% (continued) | ||||||
Apple | 24,170 | 4,185,035 | ||||
Cisco Systems | 61,927 | 3,205,961 | ||||
Cognex | 5,340 | a | 285,156 | |||
Corning | 11,080 | 385,695 | ||||
Hewlett Packard Enterprise | 20,128 | 329,697 | ||||
HP | 20,128 | 397,125 | ||||
IPG Photonics | 2,205 | a,b | 341,841 | |||
Motorola Solutions | 768 | 109,916 | ||||
TE Connectivity | 2,220 | 182,240 | ||||
Western Digital | 1,211 | a | 60,913 | |||
10,341,901 | ||||||
Telecommunication Services - .7% | ||||||
AT&T | 35,473 | 1,103,920 | ||||
CenturyLink | 9,540 | a | 125,833 | |||
Verizon Communications | 18,370 | 1,045,620 | ||||
2,275,373 | ||||||
Transportation - 1.0% | ||||||
CSX | 7,713 | 560,504 | ||||
Delta Air Lines | 3,995 | 198,072 | ||||
Expeditors International of Washington | 4,410 | 330,530 | ||||
FedEx | 1,550 | 280,550 | ||||
Norfolk Southern | 757 | 135,730 | ||||
Southwest Airlines | 9,025 | 505,761 | ||||
Union Pacific | 5,748 | 963,940 | ||||
United Parcel Service, Cl. B | 1,559 | 171,802 | ||||
3,146,889 | ||||||
Utilities - 1.4% | ||||||
AES | 11,440 | 197,111 | ||||
American Electric Power | 1,420 | 115,233 | ||||
CenterPoint Energy | 5,755 | 173,456 | ||||
CMS Energy | 8,406 | 457,286 | ||||
Dominion Energy | 1,495 | 110,765 | ||||
DTE Energy | 660 | 81,550 | ||||
Duke Energy | 1,057 | 94,771 | ||||
Eversource Energy | 2,320 | 161,959 | ||||
Exelon | 3,460 | 168,121 | ||||
NextEra Energy | 4,726 | 887,165 | ||||
NiSource | 10,190 | a | 274,926 | |||
NRG Energy | 6,525 | 271,962 | ||||
Pinnacle West Capital | 1,425 | 133,580 | ||||
Sempra Energy | 4,408 | a | 530,900 | |||
Southern | 500 | 24,845 | ||||
Xcel Energy | 10,110 | b | 554,635 | |||
4,238,265 | ||||||
Total Common Stocks(cost $95,836,212) | 192,050,006 | |||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | ||||||
Description | 1-Day | Shares | Value ($) | |||
Investment Companies - 37.3% | ||||||
Registered Investment Companies - 37.3% | ||||||
BNY Mellon Income Stock Fund, Cl. M | 3,570,140 | d | 30,024,878 | |||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 2,495,259 | d | 2,495,259 | ||
Dreyfus Research Growth Fund, Cl. Y | 3,084,921 | d | 45,718,523 | |||
Dreyfus Strategic Value Fund, Cl. Y | 1,063,767 | d | 36,114,893 | |||
Total Investment Companies(cost $106,084,279) | 114,353,553 | |||||
Total Investments(cost $201,920,491) | 99.9% | 306,403,559 | ||||
Cash and Receivables (Net) | .1% | 324,189 | ||||
Net Assets | 100.0% | 306,727,748 |
a Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $10,005,651 and the value of the collateral held by the fund was $10,213,942, consisting of U.S. Government & Agency securities.
b Non-income producing security.
c Investment in real estate investment trust.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Investment Companies | 37.3 |
Information Technology | 14.3 |
Health Care | 9.6 |
Financials | 7.6 |
Industrials | 6.4 |
Communication Services | 5.9 |
Consumer Discretionary | 5.6 |
Consumer Staples | 4.3 |
Energy | 3.3 |
Materials | 1.7 |
Real Estate | 1.7 |
Utilities | 1.4 |
Consumer, Cyclical | .8 |
99.9 |
† Based on net assets.
See notes to financial statements.
31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Income Stock Fund | ||||||
Description | Shares | Value ($) | ||||
Common Stocks - 95.0% | ||||||
Automobiles & Components - 1.0% | ||||||
General Motors | 247,386 | 9,766,799 | ||||
Banks - 20.9% | ||||||
Bank of America | 1,649,048 | 47,954,316 | ||||
Citigroup | 518,360 | 33,164,673 | ||||
JPMorgan Chase & Co. | 447,791 | 46,731,469 | ||||
SunTrust Banks | 190,878 | 12,382,256 | ||||
U.S. Bancorp | 892,073 | 46,111,253 | ||||
Wells Fargo & Co. | 473,473 | 23,621,568 | ||||
209,965,535 | ||||||
Capital Goods - 4.8% | ||||||
Honeywell International | 112,488 | 17,331,026 | ||||
Raytheon | 58,968 | 10,997,532 | ||||
United Technologies | 156,923 | 19,720,513 | ||||
48,049,071 | ||||||
Consumer Services - 1.4% | ||||||
Las Vegas Sands | 237,536 | 14,591,836 | ||||
Diversified Financials - 4.1% | ||||||
Ameriprise Financial | 106,207 | 13,980,027 | ||||
Morgan Stanley | 654,362 | 27,470,117 | ||||
41,450,144 | ||||||
Energy - 11.0% | ||||||
Hess | 260,834 | 15,089,247 | ||||
Marathon Petroleum | 496,004 | 30,757,208 | ||||
Occidental Petroleum | 404,294 | 26,744,048 | ||||
ONEOK | 180,561 | 11,602,850 | ||||
Phillips 66 | 203,733 | 19,631,712 | ||||
Schlumberger | 161,070 | 7,096,744 | ||||
110,921,809 | ||||||
Food, Beverage & Tobacco - 2.4% | ||||||
Conagra Brands | 605,057 | a | 14,140,182 | |||
PepsiCo | 85,895 | 9,932,898 | ||||
24,073,080 | ||||||
Health Care Equipment & Services - 4.6% | ||||||
CVS Health | 264,024 | 15,268,508 | ||||
Medtronic | 243,168 | 22,006,704 | ||||
UnitedHealth Group | 36,896 | 8,936,949 | ||||
46,212,161 | ||||||
Insurance - 2.5% | ||||||
American International Group | 324,469 | 14,017,061 | ||||
Hartford Financial Services Group | 231,696 | 11,436,515 | ||||
25,453,576 | ||||||
Materials - 6.5% | ||||||
CF Industries Holdings | 453,174 | 19,123,943 | ||||
DowDuPont | 266,536 | 14,187,711 | ||||
Nutrien | 282,907 | 15,401,457 | ||||
Vulcan Materials | 149,746 | 16,690,689 | ||||
65,403,800 | ||||||
Media & Entertainment - 3.7% | ||||||
Comcast, Cl. A | 456,125 | 17,638,354 | ||||
Omnicom Group | 259,545 | a | 19,647,556 | |||
37,285,910 | ||||||
Pharmaceuticals Biotechnology & Life Sciences - 5.0% | ||||||
Merck & Co. | 429,232 | 34,892,269 | ||||
BNY Mellon Income Stock Fund (continued) | ||||||
Description | Shares | Value ($) | ||||
Common Stocks - 95.0%(continued) | ||||||
Pharmaceuticals Biotechnology & Life Sciences - 5.0% (continued) | ||||||
Pfizer | 346,577 | 15,024,113 | ||||
49,916,382 | ||||||
Real Estate - 3.6% | ||||||
Lamar Advertising, Cl. A | 262,166 | b | 20,336,217 | |||
Outfront Media | 709,932 | b | 15,930,874 | |||
36,267,091 | ||||||
Retailing - 1.2% | ||||||
Target | 165,859 | 12,047,998 | ||||
Semiconductors & Semiconductor Equipment - 2.3% | ||||||
Qualcomm | 237,181 | 12,663,094 | ||||
Texas Instruments | 95,752 | 10,128,647 | ||||
22,791,741 | ||||||
Software & Services - 2.0% | ||||||
International Business Machines | 143,856 | 19,870,829 | ||||
Technology Hardware & Equipment - 5.7% | ||||||
Cisco Systems | 842,116 | 43,596,345 | ||||
Corning | 409,653 | 14,260,021 | ||||
57,856,366 | ||||||
Telecommunication Services - 6.7% | ||||||
AT&T | 1,109,265 | 34,520,327 | ||||
Verizon Communications | 572,013 | 32,558,980 | ||||
67,079,307 | ||||||
Transportation - 2.4% | ||||||
Delta Air Lines | 294,204 | 14,586,634 | ||||
Union Pacific | 57,522 | 9,646,439 | ||||
24,233,073 | ||||||
Utilities - 3.2% | ||||||
NextEra Energy Partners | 294,254 | a | 12,708,830 | |||
PPL | 613,970 | a | 19,751,415 | |||
32,460,245 | ||||||
Total Common Stocks(cost $821,367,100) | 955,696,753 | |||||
1-Day | ||||||
Investment Companies - 3.5% | ||||||
Registered Investment Companies - 3.5% | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 35,159,353 | c | 35,159,353 |
32
BNY Mellon Income Stock Fund (continued) | ||||||
Description | 1-Day | Shares | Value ($) | |||
Investment of Cash Collateral for Securities Loaned - .2% | ||||||
Registered Investment Companies - .2% | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 2,216,804 | c | 2,216,804 | ||
Total Investments(cost $858,743,257) | 98.7% | 993,072,910 | ||||
Cash and Receivables (Net) | 1.3% | 13,202,453 | ||||
Net Assets | 100.0% | 1,006,275,363 |
a Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $33,644,889 and the value of the collateral held by the fund was $34,027,592, consisting of cash collateral of $2,216,804 and U.S. Government & Agency securities valued at $31,810,788.
b Investment in real estate investment trust.
c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Financials | 27.5 |
Energy | 11.0 |
Communication Services | 10.4 |
Information Technology | 10.0 |
Health Care | 9.6 |
Industrials | 7.2 |
Materials | 6.5 |
Investment Companies | 3.7 |
Consumer Discretionary | 3.6 |
Real Estate | 3.6 |
Utilities | 3.2 |
Consumer Staples | 2.4 |
98.7 |
† Based on net assets.
See notes to financial statements.
33
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6% | |||||
Automobiles & Components - .6% | |||||
Adient | 24,372 | 473,792 | |||
Aptiv | 6,345 | 527,333 | |||
BorgWarner | 60,883 | 2,472,459 | |||
Gentex | 127,919 | 2,601,872 | |||
Goodyear Tire & Rubber | 23,150 | 457,907 | |||
Lear | 18,421 | 2,801,281 | |||
Thor Industries | 20,215 | 1,305,283 | |||
Visteon | 80,444 | a,b | 6,890,833 | ||
17,530,760 | |||||
Banks - 4.4% | |||||
Bank OZK | 20,425 | a | 669,940 | ||
BOK Financial | 8,956 | 809,981 | |||
CIT Group | 25,720 | 1,310,948 | |||
Citizens Financial Group | 4,280 | 158,103 | |||
Comerica | 30,315 | 2,640,740 | |||
Cullen/Frost Bankers | 14,850 | a | 1,539,648 | ||
East West Bancorp | 300,905 | 16,432,421 | |||
F.N.B. | 21,140 | a | 258,754 | ||
Fifth Third Bancorp | 283,314 | 7,813,800 | |||
First Horizon National | 86,970 | a | 1,359,341 | ||
First Republic Bank | 95,992 | 10,077,240 | |||
Huntington Bancshares | 460,218 | 6,631,741 | |||
KeyCorp | 251,683 | 4,444,722 | |||
M&T Bank | 18,002 | 3,115,426 | |||
PacWest Bancorp | 15,955 | a | 654,474 | ||
People's United Financial | 114,505 | a | 2,033,609 | ||
Popular | 101,238 | 5,707,798 | |||
Regions Financial | 400,163 | 6,562,673 | |||
Signature Bank | 99,636 | 13,526,583 | |||
SunTrust Banks | 164,650 | 10,680,845 | |||
SVB Financial Group | 69,841 | b | 17,261,902 | ||
TCF Financial | 78,080 | 1,788,032 | |||
Texas Capital Bancshares | 8,115 | b | 495,258 | ||
Umpqua Holdings | 14,365 | 261,156 | |||
Webster Financial | 61,886 | a | 3,553,494 | ||
Zions Bancorp | 31,960 | 1,633,156 | |||
121,421,785 | |||||
Capital Goods - 9.1% | |||||
AECOM | 31,200 | b | 965,952 | ||
Air Lease | 70,627 | a | 2,638,625 | ||
Allegion | 81,204 | 7,305,112 | |||
AMETEK | 185,365 | 14,751,347 | |||
Arconic | 14,108 | 260,857 | |||
Cummins | 16,301 | 2,511,821 | |||
Curtiss-Wright | 28,530 | 3,517,464 | |||
Donaldson | 40,700 | a | 2,099,713 | ||
Dover | 76,895 | 6,961,304 | |||
Eaton | 55,611 | 4,436,090 | |||
EnerSys | 26,621 | a | 1,965,162 | ||
Fastenal | 88,615 | a | 5,577,428 | ||
Fluor | 108,564 | 4,082,006 | |||
Fortune Brands Home & Security | 124,385 | 5,861,021 | |||
Graco | 53,110 | 2,494,046 | |||
Harris | 37,273 | 6,147,436 | |||
HD Supply Holdings | 84,332 | b | 3,627,119 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6%(continued) | |||||
Capital Goods - 9.1% (continued) | |||||
HEICO, CI. A | 2,815 | 225,172 | |||
Huntington Ingalls Industries | 27,919 | 5,846,518 | |||
IDEX | 98,712 | 14,224,399 | |||
Ingersoll-Rand | 29,585 | 3,122,993 | |||
ITT | 49,711 | 2,871,307 | |||
Jacobs Engineering Group | 14,695 | 1,084,197 | |||
L3 Technologies | 14,120 | 2,989,910 | |||
Lincoln Electric Holdings | 13,600 | 1,175,312 | |||
Masco | 136,601 | 5,130,734 | |||
Mercury Systems | 156,974 | b | 9,970,988 | ||
Middleby | 6,891 | a,b | 844,768 | ||
MSC Industrial Direct, Cl. A | 4,645 | 392,084 | |||
Nordson | 20,995 | a | 2,850,281 | ||
nVent Electric | 23,415 | 643,444 | |||
Owens Corning | 48,855 | 2,439,330 | |||
PACCAR | 113,592 | a | 7,701,538 | ||
Parker-Hannifin | 51,000 | 8,984,160 | |||
Pentair | 39,520 | 1,681,181 | |||
Quanta Services | 90,536 | 3,226,703 | |||
Regal Beloit | 7,850 | 657,516 | |||
Rockwell Automation | 12,719 | 2,271,105 | |||
Roper Technologies | 87,986 | 28,476,669 | |||
Snap-on | 37,623 | a | 6,019,680 | ||
Spirit AeroSystems Holdings, Cl. A | 89,833 | 8,875,500 | |||
Stanley Black & Decker | 16,676 | 2,208,403 | |||
Teledyne Technologies | 1,029 | b | 242,885 | ||
Terex | 40,335 | 1,354,853 | |||
Textron | 109,267 | 5,933,198 | |||
Timken | 81,024 | 3,515,631 | |||
TransDigm Group | 8,180 | b | 3,550,856 | ||
United Rentals | 18,545 | b | 2,495,972 | ||
Univar | 19,505 | a,b | 441,008 | ||
USG | 10,845 | 467,528 | |||
W.W. Grainger | 7,602 | a | 2,316,862 | ||
WABCO Holdings | 84,071 | b | 11,562,285 | ||
Wabtec | 19,895 | 1,457,508 | |||
Watsco | 43,441 | a | 6,250,725 | ||
Welbilt | 23,425 | a,b | 374,097 | ||
WESCO International | 25,699 | b | 1,399,311 | ||
Xylem | 153,601 | a | 11,604,556 | ||
252,083,670 | |||||
Commercial & Professional Services - 3.9% | |||||
Cintas | 17,005 | 3,513,233 | |||
Copart | 202,258 | a,b | 11,866,477 | ||
CoStar Group | 56,704 | b | 25,943,781 | ||
Equifax | 96,018 | 10,514,931 | |||
IHS Markit | 38,186 | b | 2,030,350 | ||
KAR Auction Services | 77,912 | 3,673,551 | |||
Manpowergroup | 28,120 | 2,369,110 | |||
Nielsen Holdings | 498,029 | 13,048,360 | |||
Republic Services | 35,910 | 2,816,421 | |||
Robert Half International | 77,091 | 5,256,835 | |||
Stericycle | 18,970 | a,b | 845,683 | ||
TransUnion | 1,455 | 93,935 | |||
Verisk Analytics | 111,581 | 14,107,186 |
34
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6%(continued) | |||||
Commercial & Professional Services - 3.9% (continued) | |||||
Waste Connections | 131,393 | 10,958,176 | |||
Worldpay, Cl. A | 14,480 | b | 1,387,184 | ||
108,425,213 | |||||
Consumer Durables & Apparel - 3.0% | |||||
Capri Holdings | 18,925 | b | 862,980 | ||
Carter's | 70,931 | a | 6,911,517 | ||
D.R. Horton | 197,884 | 7,695,709 | |||
Garmin | 22,545 | 1,893,104 | |||
Hanesbrands | 51,240 | a | 952,552 | ||
Hasbro | 106,029 | a | 9,001,862 | ||
Leggett & Platt | 22,780 | a | 1,034,668 | ||
Lennar, Cl. A | 9,160 | 439,497 | |||
Lululemon Athletica | 118,223 | b | 17,783,104 | ||
Newell Brands | 137,411 | a | 2,230,181 | ||
NVR | 706 | b | 1,849,720 | ||
Polaris Industries | 10,842 | a | 924,064 | ||
PulteGroup | 55,720 | 1,504,440 | |||
PVH | 13,319 | 1,529,554 | |||
Ralph Lauren | 10,939 | 1,369,235 | |||
Skechers USA, Cl. A | 519,017 | a,b | 17,454,542 | ||
Tempur Sealy International, CI. I | 7,540 | a,b | 438,903 | ||
Toll Brothers | 36,670 | 1,305,452 | |||
Under Armour, Cl. A | 211,308 | b | 4,764,995 | ||
Under Armour, Cl. C | 24,910 | a,b | 500,193 | ||
VF | 15,790 | 1,379,414 | |||
Whirlpool | 8,340 | 1,180,193 | |||
83,005,879 | |||||
Consumer Services - 3.1% | |||||
Aramark | 2,690 | 81,507 | |||
Caesars Entertainment | 142,730 | a,b | 1,230,333 | ||
Chipotle Mexican Grill | 15,583 | b | 9,467,140 | ||
Darden Restaurants | 22,040 | 2,470,904 | |||
Dunkin' Brands Group | 15,355 | a | 1,097,115 | ||
frontdoor | 13,494 | b | 431,808 | ||
Grand Canyon Education | 70,826 | b | 8,193,152 | ||
H&R Block | 37,435 | a | 904,055 | ||
Hilton Grand Vacations | 34,396 | b | 1,093,449 | ||
Hilton Worldwide Holdings | 19,703 | 1,637,319 | |||
Hyatt Hotels, Cl. A | 9,770 | 710,963 | |||
International Game Technology | 51,490 | a | 888,203 | ||
MGM Resorts International | 60,420 | 1,616,235 | |||
Norwegian Cruise Line Holdings | 191,037 | b | 10,608,285 | ||
Royal Caribbean Cruises | 31,017 | 3,674,894 | |||
Service Corporation International | 52,230 | a | 2,159,188 | ||
Six Flags Entertainment | 95,497 | 5,320,138 | |||
Texas Roadhouse | 127,637 | 8,080,698 | |||
Vail Resorts | 1,247 | a | 259,862 | ||
Wyndham Destinations | 88,859 | 4,001,321 | |||
Wyndham Hotels & Resorts | 100,834 | 5,300,843 | |||
Wynn Resorts | 130,634 | 16,530,426 | |||
85,757,838 | |||||
Diversified Financials - 5.1% | |||||
Affiliated Managers Group | 5,859 | 642,205 | |||
AGNC Investment | 96,390 | c | 1,701,284 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6%(continued) | |||||
Diversified Financials - 5.1% (continued) | |||||
Ally Financial | 353,427 | a | 9,574,337 | ||
Ameriprise Financial | 22,290 | 2,934,033 | |||
Annaly Capital Management | 233,405 | c | 2,364,393 | ||
CBOE Global Markets | 5,148 | 493,745 | |||
Credit Acceptance | 2,099 | b | 923,266 | ||
Discover Financial Services | 171,969 | 12,314,700 | |||
E*TRADE Financial | 363,185 | 17,792,433 | |||
Franklin Resources | 32,010 | a | 1,043,846 | ||
Interactive Brokers Group, Cl. A | 2,360 | a | 130,343 | ||
Intercontinental Exchange | 136,290 | 10,514,773 | |||
Invesco | 52,550 | 1,016,843 | |||
Jefferies Financial Group | 535,529 | a | 10,855,173 | ||
Legg Mason | 21,245 | 621,416 | |||
LPL Financial Holdings | 59,991 | 4,523,921 | |||
MFA Financial | 204,520 | c | 1,486,860 | ||
Moody's | 36,249 | 6,275,427 | |||
MSCI | 1,397 | 258,054 | |||
Nasdaq | 23,680 | 2,168,378 | |||
Navient | 251,397 | a | 3,072,071 | ||
Northern Trust | 19,900 | 1,854,680 | |||
Raymond James Financial | 184,891 | 15,268,299 | |||
SLM | 1,206,047 | a | 13,326,819 | ||
Starwood Property Trust | 20,430 | c | 458,245 | ||
State Street | 24,607 | 1,768,505 | |||
Synchrony Financial | 87,745 | 2,861,364 | |||
T. Rowe Price Group | 17,895 | 1,797,195 | |||
TD Ameritrade Holding | 231,492 | 13,039,944 | |||
Two Harbors Investment | 19,570 | a,c | 271,436 | ||
141,353,988 | |||||
Energy - 4.2% | |||||
Apergy | 64,455 | b | 2,705,821 | ||
Cabot Oil & Gas | 736,233 | a | 18,126,056 | ||
Canadian Natural Resources | 64,109 | a | 1,820,696 | ||
Cheniere Energy | 191,659 | a,b | 12,352,423 | ||
Chesapeake Energy | 250,670 | a,b | 741,983 | ||
Cimarex Energy | 55,769 | 4,010,349 | |||
CNX Resources | 26,800 | a,b | 284,080 | ||
Concho Resources | 13,090 | 1,439,900 | |||
Diamondback Energy | 64,533 | a | 6,642,382 | ||
EQT | 52,497 | a | 951,246 | ||
Equitrans Midstream | 1,144 | 20,180 | |||
Extraction Oil & Gas | 63,330 | a,b | 265,986 | ||
Helmerich & Payne | 23,090 | a | 1,251,478 | ||
HollyFrontier | 30,210 | 1,546,752 | |||
Marathon Oil | 115,200 | 1,912,320 | |||
Marathon Petroleum | 44,263 | 2,744,749 | |||
Murphy Oil | 22,265 | a | 643,459 | ||
Nabors Industries | 226,730 | a | 734,605 | ||
Noble Energy | 156,636 | a | 3,469,487 | ||
ONEOK | 24,750 | a | 1,590,435 | ||
Parsley Energy, Cl. A | 529,810 | b | 9,610,753 | ||
Patterson-UTI Energy | 15,995 | a | 212,094 | ||
PBF Energy, Cl. A | 39,140 | 1,216,080 | |||
PDC Energy | 125,244 | a,b | 4,642,795 | ||
Pioneer Natural Resources | 126,037 | 17,764,915 |
35
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6%(continued) | |||||
Energy - 4.2% (continued) | |||||
QEP Resources | 63,745 | b | 494,661 | ||
RPC | 9,290 | a | 99,868 | ||
SM Energy | 23,195 | 379,006 | |||
Targa Resources | 75,225 | 3,027,054 | |||
Valero Energy | 120,487 | 9,826,920 | |||
Whiting Petroleum | 33,945 | a,b | 827,240 | ||
Williams Cos. | 143,990 | 3,843,093 | |||
WPX Energy | 115,940 | b | 1,430,700 | ||
116,629,566 | |||||
Food & Staples Retailing - .3% | |||||
Casey's General Stores | 4,406 | a | 593,664 | ||
Kroger | 36,005 | 1,056,027 | |||
Sprouts Farmers Market | 28,310 | a,b | 660,189 | ||
US Foods Holding | 153,123 | b | 5,396,055 | ||
7,705,935 | |||||
Food, Beverage & Tobacco - 1.8% | |||||
Archer-Daniels-Midland | 273,220 | 11,611,850 | |||
Brown-Forman, Cl. B | 32,927 | 1,629,557 | |||
Coca-Cola European Partners | 73,406 | 3,460,359 | |||
ConAgra Brands | 126,521 | a | 2,956,796 | ||
Flowers Foods | 20,245 | a | 414,415 | ||
Hain Celestial Group | 35,680 | b | 701,826 | ||
Hershey | 22,380 | 2,477,018 | |||
Hormel Foods | 24,060 | a | 1,043,242 | ||
Ingredion | 127,078 | 11,748,361 | |||
J.M. Smucker | 5,644 | 597,756 | |||
Kellogg | 2,555 | 143,744 | |||
Keurig Dr Pepper | 11,415 | a | 287,087 | ||
Lamb Weston Holdings | 32,136 | 2,227,346 | |||
McCormick & Co. | 19,335 | a | 2,629,173 | ||
Molson Coors Brewing, Cl. B | 10,755 | 663,153 | |||
Nomad Foods | 149,345 | b | 3,001,835 | ||
Post Holdings | 3,255 | b | 331,619 | ||
TreeHouse Foods | 7,985 | a,b | 483,731 | ||
Tyson Foods, Cl. A | 64,275 | 3,963,197 | |||
50,372,065 | |||||
Health Care Equipment & Services - 8.5% | |||||
ABIOMED | 63,318 | b | 21,179,871 | ||
Acadia Healthcare | 33,195 | a,b | 872,697 | ||
Align Technology | 77,430 | b | 20,052,047 | ||
AmerisourceBergen | 67,076 | 5,587,431 | |||
Boston Scientific | 301,522 | b | 12,097,063 | ||
Cantel Medical | 2,480 | 182,330 | |||
Cardinal Health | 29,620 | 1,609,551 | |||
Centene | 115,079 | b | 7,007,160 | ||
Cerner | 100,405 | b | 5,617,660 | ||
Cooper | 43,827 | 12,534,084 | |||
Covetrus | 10,577 | 378,445 | |||
DaVita | 42,765 | b | 2,433,329 | ||
Dentsply Sirona | 15,876 | 662,982 | |||
DexCom | 93,371 | a,b | 13,009,381 | ||
Edwards Lifesciences | 24,994 | b | 4,231,234 | ||
Encompass Health | 4,135 | 261,084 | |||
HealthEquity | 42,384 | a,b | 3,411,064 | ||
Henry Schein | 97,014 | a,b | 5,752,930 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6%(continued) | |||||
Health Care Equipment & Services - 8.5% (continued) | |||||
Hill-Rom Holdings | 14,955 | 1,585,978 | |||
Hologic | 26,535 | b | 1,251,125 | ||
Humana | 3,084 | 879,063 | |||
ICU Medical | 2,329 | b | 572,375 | ||
IDEXX Laboratories | 52,938 | b | 11,171,506 | ||
Insulet | 51,258 | a,b | 4,813,639 | ||
Integra LifeSciences Holdings | 3,075 | b | 169,402 | ||
Laboratory Corporation of America Holdings | 72,198 | b | 10,702,632 | ||
Masimo | 2,997 | b | 393,446 | ||
McKesson | 36,741 | 4,671,986 | |||
Medidata Solutions | 127,025 | a,b | 9,529,415 | ||
Molina Healthcare | 8,589 | a,b | 1,156,337 | ||
Penumbra | 1,981 | a,b | 264,800 | ||
Quest Diagnostics | 25,140 | 2,175,867 | |||
ResMed | 23,420 | 2,398,911 | |||
STERIS | 90,885 | 10,993,450 | |||
Teleflex | 50,317 | 14,583,879 | |||
Universal Health Services, Cl. B | 31,684 | 4,398,690 | |||
Varian Medical Systems | 70,460 | b | 9,467,006 | ||
Veeva Systems, Cl. A | 19,166 | b | 2,259,863 | ||
WellCare Health Plans | 28,452 | b | 7,214,858 | ||
West Pharmaceutical Services | 4,337 | 454,301 | |||
Zimmer Biomet Holdings | 145,108 | 18,010,805 | |||
235,999,677 | |||||
Household & Personal Products - .7% | |||||
Church & Dwight | 217,700 | 14,324,660 | |||
Clorox | 9,182 | 1,451,031 | |||
Coty, CI.A | 140,720 | a | 1,547,920 | ||
Energizer Holdings | 28,274 | a | 1,297,211 | ||
Nu Skin Enterprises, Cl. A | 13,635 | 819,600 | |||
Spectrum Brands Holdings | 10,290 | a | 557,409 | ||
19,997,831 | |||||
Insurance - 2.8% | |||||
Aflac | 35,986 | 1,768,352 | |||
Alleghany | 15,010 | b | 9,650,830 | ||
Allstate | 52,194 | 4,926,070 | |||
American Financial Group | 4,589 | 457,340 | |||
Aon | 46,158 | 7,917,482 | |||
Assurant | 20,175 | 2,077,823 | |||
Assured Guaranty | 22,780 | 951,293 | |||
Cincinnati Financial | 31,575 | 2,741,342 | |||
CNA Financial | 35 | 1,513 | |||
Everest Re Group | 30,503 | 6,897,033 | |||
Fidelity National Financial | 48,465 | 1,700,637 | |||
Hartford Financial Services Group | 53,110 | 2,621,510 | |||
Lincoln National | 36,155 | 2,260,411 | |||
Loews | 70,941 | 3,378,210 | |||
Markel | 1,324 | b | 1,330,461 | ||
Marsh & McLennan Cos. | 31,554 | 2,935,153 | |||
Old Republic International | 100,995 | 2,106,756 | |||
Principal Financial Group | 32,030 | 1,686,059 | |||
Reinsurance Group of America | 63,356 | 9,154,308 | |||
Torchmark | 23,615 | 1,949,654 |
36
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6%(continued) | |||||
Insurance - 2.8% (continued) | |||||
Travelers Cos | 23,525 | 3,126,708 | |||
Unum Group | 45,080 | 1,684,189 | |||
WR Berkley | 93,711 | a | 7,839,862 | ||
79,162,996 | |||||
Materials - 4.7% | |||||
Albemarle | 19,155 | 1,748,660 | |||
Ashland Global Holdings | 9,861 | 763,044 | |||
Avery Dennison | 53,519 | 5,782,193 | |||
Ball | 27,110 | 1,485,086 | |||
Bemis | 19,490 | 1,031,021 | |||
Berry Global Group | 24,863 | b | 1,304,562 | ||
Celanese | 22,210 | 2,271,861 | |||
CF Industries Holdings | 21,630 | 912,786 | |||
Crown Holdings | 25,342 | a,b | 1,375,817 | ||
Eagle Materials | 142,484 | 10,891,477 | |||
Eastman Chemical | 6,350 | 525,082 | |||
Element Solutions | 24,875 | b | 280,093 | ||
FMC | 67,114 | 6,006,703 | |||
Freeport-McMoRan | 737,991 | 9,520,084 | |||
Goldcorp | 382,929 | 4,036,072 | |||
Graphic Packaging Holding | 164,986 | a | 2,009,529 | ||
Huntsman | 753,972 | 18,690,966 | |||
International Flavors & Fragrances | 22,426 | a | 2,859,315 | ||
International Paper | 13,350 | 611,697 | |||
LyondellBasell Industries, CI. A | 32,721 | 2,798,300 | |||
Martin Marietta Materials | 8,904 | 1,672,171 | |||
Mosaic | 171,713 | 5,369,466 | |||
Newmont Mining | 381,579 | a | 13,019,475 | ||
Nucor | 40,615 | 2,460,051 | |||
Nutrien | 85,700 | 4,665,508 | |||
Olin | 20,100 | 519,786 | |||
Packaging Corporation of America | 65,255 | 6,237,725 | |||
Reliance Steel & Aluminum | 12,440 | 1,110,270 | |||
Royal Gold | 9,890 | a | 874,375 | ||
Sealed Air | 29,410 | 1,282,864 | |||
Sonoco Products | 25,750 | a | 1,490,668 | ||
Steel Dynamics | 52,065 | 1,943,066 | |||
Trinseo | 27,016 | 1,355,933 | |||
United States Steel | 54,145 | a | 1,213,389 | ||
Valvoline | 27,071 | 508,664 | |||
Vulcan Materials | 95,807 | 10,678,648 | |||
W.R. Grace & Co. | 8,521 | a | 661,826 | ||
WestRock | 43,441 | 1,623,825 | |||
131,592,058 | |||||
Media & Entertainment - 2.5% | |||||
Activision Blizzard | 280,894 | 11,836,873 | |||
Altice USA, CI. A | 214,672 | a,b | 4,681,996 | ||
AMC Networks, Cl. A | 19,225 | a,b | 1,263,275 | ||
CBS, Cl. B | 3,575 | 179,501 | |||
Cinemark Holdings | 50,600 | a | 1,904,078 | ||
Discovery, Cl. C | 68,708 | b | 1,872,293 | ||
GCI Liberty, CI. A | 9,315 | b | 498,725 | ||
InterActiveCorp | 20,130 | b | 4,288,696 | ||
Interpublic Group of Companies | 56,350 | 1,297,741 | |||
John Wiley & Sons, Cl. A | 22,621 | 1,173,804 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6%(continued) | |||||
Media & Entertainment - 2.5% (continued) | |||||
Liberty Broadband, Cl. A | 2,552 | b | 227,945 | ||
Liberty Broadband, Cl. C | 8,505 | b | 761,198 | ||
Liberty Global, CI. C | 71,432 | a,b | 1,813,658 | ||
Liberty Media Corp-Liberty Formula One, Cl. A | 2,552 | a,b | 78,448 | ||
Liberty Media Corp-Liberty Formula One, Cl. C | 176,939 | b | 5,506,342 | ||
Liberty Media Corp-Liberty SiriusXM, Cl. A | 10,210 | b | 417,589 | ||
Liberty Media Corp-Liberty SiriusXM, Cl. C | 31,005 | b | 1,277,716 | ||
Lions Gate Entertainment, Cl. B | 17,669 | 259,558 | |||
NetEase, ADR | 9,533 | 2,127,956 | |||
News Corp., Cl. A | 151,700 | 1,975,134 | |||
Omnicom Group | 46,381 | a | 3,511,042 | ||
Sinclair Broadcast Group, Cl. A | 96,944 | 3,499,678 | |||
Spotify Technology | 34,029 | b | 4,768,824 | ||
Tribune Media | 17,830 | 824,281 | |||
TripAdvisor | 9,380 | a,b | 498,735 | ||
287,162 | b | 8,838,846 | |||
Viacom, Cl. B | 71,960 | 2,102,671 | |||
Zillow Group | 32,910 | a,b | 1,375,638 | ||
68,862,241 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 4.5% | |||||
Agilent Technologies | 109,076 | 8,664,997 | |||
Agios Phamaceuticals | 16,936 | a,b | 1,098,638 | ||
Alkermes | 16,925 | b | 563,095 | ||
Alnylam Pharmaceuticals | 12,857 | a,b | 1,092,845 | ||
BioMarin Pharmaceutical | 73,643 | a,b | 6,867,946 | ||
Bio-Techne | 11,230 | 2,177,497 | |||
Bluebird Bio | 7,433 | a,b | 1,153,750 | ||
Charles River Laboratories International | 11,800 | b | 1,677,606 | ||
Elanco Animal Health | 14,681 | a | 443,953 | ||
Exact Sciences | 11,475 | b | 1,044,225 | ||
Exelixis | 35,310 | b | 790,591 | ||
Galapagos, ADR | 42,650 | a,b | 4,163,493 | ||
GW Pharmaceuticals, ADR | 22,535 | b | 3,876,245 | ||
ICON | 29,567 | b | 4,138,789 | ||
Incyte | 16,845 | b | 1,452,544 | ||
Ionis Pharmaceuticals | 24,115 | a,b | 1,711,924 | ||
IQVIA Holdings | 46,491 | b | 6,513,389 | ||
Jazz Pharmaceuticals | 110,108 | b | 15,418,423 | ||
Ligand Pharmaceuticals, Cl. B | 40,239 | b | 4,992,855 | ||
Mettler-Toledo International | 4,135 | b | 2,815,563 | ||
Mylan | 541,043 | b | 14,278,125 | ||
Neurocrine Biosciences | 61,739 | b | 4,769,338 | ||
PerkinElmer | 4,260 | a | 401,122 | ||
PRA Health Sciences | 107,450 | b | 11,495,001 | ||
QIAGEN | 30,176 | a,b | 1,159,664 | ||
REGENXBIO | 18,402 | a,b | 951,935 | ||
Sage Therapeutics | 69,744 | a,b | 11,106,732 | ||
Sarepta Therapeutics | 51,015 | a,b | 7,358,404 | ||
United Therapeutics | 7,777 | b | 982,157 |
37
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6%(continued) | |||||
Pharmaceuticals Biotechnology & Life Sciences - 4.5% (continued) | |||||
Waters | 14,140 | b | 3,424,991 | ||
126,585,837 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - .0% | |||||
Herbalife | 14,290 | b | 801,669 | ||
Real Estate - 4.3% | |||||
American Homes 4 Rent, Cl. A | 79,279 | c | 1,731,453 | ||
Apartment Investment & Management Co., CI. A | 25,727 | c | 1,258,822 | ||
Apple Hospitality | 28,060 | a,c | 462,429 | ||
AvalonBay Communities | 14,696 | c | 2,860,282 | ||
Boston Properties | 72,839 | c | 9,665,007 | ||
Brookfield Property, CI. A | 21,805 | c | 427,814 | ||
Camden Property Trust | 19,110 | c | 1,874,500 | ||
CBRE Group, Cl. A | 63,290 | b | 3,149,310 | ||
CoreSite Realty | 3,323 | c | 339,777 | ||
Corporate Office Properties Trust | 10,330 | c | 268,477 | ||
CyrusOne | 41,830 | a,c | 2,084,807 | ||
Digital Realty Trust | 25,055 | a,c | 2,834,222 | ||
Douglas Emmett | 127,451 | c | 4,919,609 | ||
Duke Realty | 157,397 | c | 4,654,229 | ||
EPR Properties | 5,015 | c | 368,502 | ||
Equinix | 11,834 | c | 5,011,699 | ||
Equity Commonwealth | 63,550 | c | 2,074,908 | ||
Equity Lifestyle Properties | 29,600 | c | 3,215,744 | ||
Equity Residential | 81,048 | c | 5,972,427 | ||
Essex Property Trust | 9,625 | c | 2,693,460 | ||
Extra Space Storage | 28,165 | c | 2,702,150 | ||
Federal Realty Investment Trust | 2,485 | c | 331,971 | ||
HCP | 38,600 | c | 1,187,722 | ||
Healthcare Trust of America, Cl. A | 26,755 | c | 762,250 | ||
Hospitality Properties Trust | 54,440 | c | 1,473,691 | ||
Host Hotels & Resorts | 161,904 | c | 3,174,937 | ||
Iron Mountain | 61,668 | a,c | 2,184,281 | ||
JBG SMITH Properties | 25,650 | c | 1,033,439 | ||
Jones Lang LaSalle | 6,529 | 1,078,068 | |||
Kilroy Realty | 29,947 | c | 2,207,393 | ||
Lamar Advertising, Cl. A | 5,375 | c | 416,939 | ||
Macerich | 41,845 | c | 1,824,442 | ||
Medical Properties Trust | 21,830 | a,c | 397,961 | ||
Mid-America Apartment Communities | 6,670 | c | 690,879 | ||
Outfront Media | 14,075 | c | 315,843 | ||
Park Hotels & Resorts | 47,796 | c | 1,493,147 | ||
Prologis | 54,820 | c | 3,840,689 | ||
Rayonier | 51,154 | a,c | 1,507,508 | ||
Realty Income | 62,015 | a,c | 4,288,957 | ||
Regency Centers | 94,642 | c | 6,175,390 | ||
Retail Properties of America, Cl. A | 144,502 | c | 1,800,495 | ||
Retail Value | 7,062 | c | 219,840 | ||
SBA Communications | 17,347 | b,c | 3,132,174 | ||
Senior Housing Properties Trust | 40,340 | c | 522,403 | ||
SITE Centers | 98,015 | a,c | 1,308,500 | ||
SL Green Realty | 88,602 | c | 8,037,973 | ||
Spirit Realty Capital | 15,884 | c | 613,758 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6%(continued) | |||||
Real Estate - 4.3% (continued) | |||||
STORE Capital | 17,605 | c | 571,634 | ||
UDR | 56,260 | c | 2,499,069 | ||
Uniti Group | 45,560 | c | 439,198 | ||
Ventas | 16,105 | c | 1,010,589 | ||
Vornado Realty Trust | 2,260 | c | 152,121 | ||
Weingarten Realty Investors | 56,940 | c | 1,640,441 | ||
Welltower | 34,295 | c | 2,548,461 | ||
Weyerhaeuser | 18,537 | c | 461,386 | ||
WP Carey | 43,885 | a,c | 3,241,785 | ||
121,154,962 | |||||
Retailing - 4.6% | |||||
Advance Auto Parts | 12,860 | 2,080,491 | |||
AutoNation | 4,595 | a,b | 162,020 | ||
AutoZone | 3,700 | b | 3,474,189 | ||
Best Buy | 36,250 | 2,495,450 | |||
Burlington Stores | 51,101 | b | 8,673,884 | ||
CarMax | 24,630 | a,b | 1,529,523 | ||
Dollar General | 68,923 | 8,164,619 | |||
Dollar Tree | 38,674 | b | 3,725,466 | ||
eBay | 137,957 | 5,125,103 | |||
Expedia Group | 54,290 | a | 6,694,500 | ||
Floor & Décor Holdings, Cl. A | 14,930 | a,b | 555,097 | ||
Foot Locker | 30,885 | 1,838,275 | |||
Gap | 404,985 | a | 10,286,619 | ||
Genuine Parts | 13,330 | 1,450,037 | |||
Kohl's | 27,880 | 1,882,736 | |||
LKQ | 123,882 | b | 3,431,531 | ||
Macy's | 30,005 | 743,824 | |||
Nordstrom | 40,344 | a | 1,907,464 | ||
O'Reilly Automotive | 42,790 | b | 15,916,168 | ||
Pool | 62,158 | a | 9,916,687 | ||
Qurate Retail Group | 52,410 | b | 943,904 | ||
Ross Stores | 193,666 | 18,365,347 | |||
Tiffany & Co. | 12,130 | a | 1,152,835 | ||
Tractor Supply | 23,465 | 2,237,388 | |||
Ulta Salon Cosmetics & Fragrance | 44,410 | b | 13,877,681 | ||
Williams-Sonoma | 3,785 | a | 220,136 | ||
Yum China Holdings | 10,940 | 456,417 | |||
127,307,391 | |||||
Semiconductors & Semiconductor Equipment - 2.7% | |||||
Advanced Micro Devices | 340,442 | a,b | 8,010,600 | ||
Analog Devices | 30,871 | 3,301,962 | |||
Cypress Semiconductor | 88,925 | 1,372,113 | |||
First Solar | 16,565 | a,b | 870,491 | ||
KLA-Tencor | 28,757 | 3,321,146 | |||
Lam Research | 21,200 | 3,733,108 | |||
Marvell Technology Group | 325,787 | a | 6,499,451 | ||
Maxim Integrated Products | 89,072 | 4,848,189 | |||
Microchip Technology | 96,100 | a | 8,348,207 | ||
MKS Instruments | 3,365 | 278,858 | |||
Monolithic Power Systems | 2,853 | a | 382,616 | ||
NVIDIA | 14,438 | 2,227,206 | |||
ON Semiconductor | 35,855 | b | 770,165 | ||
Qorvo | 71,932 | b | 5,045,310 |
38
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6%(continued) | |||||
Semiconductors & Semiconductor Equipment - 2.7% (continued) | |||||
Skyworks Solutions | 175,400 | 14,323,164 | |||
Teradyne | 116,526 | a | 4,757,757 | ||
Universal Display | 8,768 | 1,308,536 | |||
Versum Materials | 61,328 | 3,005,072 | |||
Xilinx | 30,960 | 3,879,288 | |||
76,283,239 | |||||
Software & Services - 16.5% | |||||
2U | 16,250 | a,b | 1,197,625 | ||
Akamai Technologies | 16,890 | b | 1,176,557 | ||
Alliance Data Systems | 21,970 | 3,800,810 | |||
Amdocs | 30,391 | 1,688,828 | |||
ANSYS | 82,155 | b | 14,562,795 | ||
Aspen Technology | 432 | b | 43,507 | ||
Atlassian, CI. A | 11,580 | b | 1,244,619 | ||
Autodesk | 28,790 | b | 4,693,058 | ||
Black Knight | 16,645 | b | 869,701 | ||
Broadridge Financial Solutions | 137,276 | 13,899,195 | |||
Cadence Design Systems | 350 | b | 20,038 | ||
CDK Global | 57,041 | 3,308,948 | |||
Ceridian HCM Holding | 3,625 | a | 177,698 | ||
Citrix Systems | 11,990 | 1,264,945 | |||
Cognizant Technology Solutions, Cl. A | 16,386 | 1,163,078 | |||
Conduent | 75,449 | b | 1,103,064 | ||
CoreLogic | 26,335 | b | 965,704 | ||
DocuSign | 166,233 | a | 9,167,750 | ||
DXC Technology | 176,198 | 11,604,400 | |||
EPAM Systems | 19,956 | b | 3,228,482 | ||
Fidelity National Information Services | 205,485 | 22,223,203 | |||
FireEye | 53,570 | a,b | 897,833 | ||
First Data, Cl. A | 917,055 | b | 23,054,763 | ||
Fiserv | 216,843 | a,b | 18,364,434 | ||
FleetCor Technologies | 10,138 | b | 2,364,993 | ||
Fortinet | 10,360 | b | 899,144 | ||
Gartner | 84,592 | b | 12,037,442 | ||
Global Payments | 163,620 | 21,332,776 | |||
GoDaddy, Cl. A | 1,130 | b | 84,355 | ||
Guidewire Software | 7,560 | b | 693,554 | ||
HubSpot | 98,023 | b | 16,505,113 | ||
Intuit | 89,924 | 22,222,918 | |||
Jack Henry & Associates | 21,980 | 2,915,207 | |||
Leidos Holdings | 112,665 | 7,277,032 | |||
LogMeIn | 132,834 | 10,552,333 | |||
New Relic | 34,935 | b | 3,694,376 | ||
Nuance Communications | 365,830 | b | 6,134,969 | ||
Okta | 18,185 | a,b | 1,543,543 | ||
Palo Alto Networks | 12,380 | b | 3,048,823 | ||
Paychex | 29,815 | 2,296,351 | |||
Paycom Software | 5,762 | a,b | 1,047,128 | ||
Pluralsight, CI. A | 10,224 | 332,382 | |||
Proofpoint | 75,483 | b | 8,913,787 | ||
PTC | 7,045 | b | 653,917 | ||
RealPage | 170,443 | a,b | 10,432,816 | ||
Red Hat | 84,214 | b | 15,377,476 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6%(continued) | |||||
Software & Services - 16.5% (continued) | |||||
RingCentral, Cl. A | 9,925 | b | 1,045,003 | ||
ServiceNow | 74,688 | b | 17,883,295 | ||
Shopify, Cl. A | 79,891 | b | 15,111,383 | ||
Splunk | 153,105 | b | 20,803,907 | ||
Square, Cl. A | 217,366 | a,b | 17,658,814 | ||
SS&C Technologies Holdings | 365,047 | 22,479,594 | |||
Symantec | 52,900 | 1,189,721 | |||
Tableau Software, Cl. A | 13,962 | a,b | 1,841,588 | ||
Teradata | 198,690 | b | 9,610,635 | ||
Total System Services | 37,190 | 3,510,736 | |||
Twilio, Cl. A | 174,909 | a,b | 21,284,676 | ||
Tyler Technologies | 57,450 | b | 11,765,185 | ||
Ultimate Software Group | 31,868 | b | 10,564,242 | ||
VeriSign | 22,480 | b | 4,002,339 | ||
WEX | 4,971 | b | 885,136 | ||
Workday, Cl. A | 17,471 | a,b | 3,458,035 | ||
Zendesk | 80,458 | b | 6,357,791 | ||
Zynga | 99,610 | b | 519,964 | ||
460,053,514 | |||||
Technology Hardware & Equipment - 4.6% | |||||
Amphenol, Cl. A | 261,986 | 24,618,824 | |||
Arrow Electronics | 32,068 | b | 2,555,820 | ||
CDW | 7,325 | 687,744 | |||
Cognex | 118,063 | a | 6,304,564 | ||
Coherent | 3,603 | a,b | 479,487 | ||
CommScope Holding | 70,720 | b | 1,648,483 | ||
Corning | 45,495 | 1,583,681 | |||
Dell Technologies, CI. C | 16,367 | b | 913,606 | ||
EchoStar, Cl. A | 24,330 | b | 938,165 | ||
F5 Networks | 9,231 | b | 1,552,100 | ||
Flex | 150,438 | b | 1,585,617 | ||
FLIR Systems | 149,998 | 7,717,397 | |||
Hewlett Packard Enterprise | 158,659 | 2,598,834 | |||
HP | 253,088 | 4,993,426 | |||
IPG Photonics | 659 | a,b | 102,165 | ||
Juniper Networks | 55,900 | 1,513,772 | |||
Keysight Technologies | 146,715 | b | 12,384,213 | ||
Lumentum Holdings | 77,972 | a,b | 3,879,107 | ||
Motorola Solutions | 25,235 | 3,611,633 | |||
National Instruments | 147,637 | 6,900,553 | |||
NCR | 32,605 | a,b | 913,592 | ||
NetApp | 52,089 | 3,396,203 | |||
Pure Storage, CI. A | 37,275 | b | 763,392 | ||
TE Connectivity | 85,435 | 7,013,359 | |||
Trimble | 365,922 | b | 14,640,539 | ||
Western Digital | 57,092 | a | 2,871,728 | ||
Xerox | 105,432 | 3,257,849 | |||
Zebra Technologies, Cl. A | 42,166 | b | 8,454,705 | ||
127,880,558 | |||||
Telecommunication Services - .1% | |||||
CenturyLink | 197,213 | a | 2,601,239 | ||
Telephone & Data Systems | 23,015 | 737,631 | |||
3,338,870 | |||||
Transportation - 2.4% | |||||
American Airlines Group | 19,245 | 685,699 |
39
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.6%(continued) | |||||
Transportation - 2.4% (continued) | |||||
CH Robinson Worldwide | 24,345 | 2,200,301 | |||
Copa Holdings, CI. A | 8,535 | 752,531 | |||
Delta Air Lines | 78,046 | 3,869,521 | |||
Expeditors International of Washington | 27,280 | 2,044,636 | |||
Genesee & Wyoming, Cl. A | 6,105 | a,b | 500,610 | ||
J.B. Hunt Transport Services | 184,252 | 19,838,413 | |||
Kansas City Southern | 16,612 | 1,804,728 | |||
Knight-Swift Transportation Holdings | 261,930 | a | 8,808,706 | ||
Landstar System | 18,666 | 2,028,621 | |||
Macquarie Infrastructure | 16,815 | a | 687,565 | ||
Southwest Airlines | 362,911 | 20,337,532 | |||
United Continental Holdings | 34,750 | b | 3,051,398 | ||
XPO Logistics | 5,538 | a,b | 278,838 | ||
66,889,099 | |||||
Utilities - 3.2% | |||||
AES | 75,700 | 1,304,311 | |||
Alliant Energy | 28,074 | 1,287,754 | |||
Ameren | 53,545 | 3,814,546 | |||
American Electric Power | 55,316 | 4,488,893 | |||
American Water Works | 27,465 | 2,790,993 | |||
Aqua America | 35,065 | a | 1,260,236 | ||
Atmos Energy | 5,115 | a | 505,618 | ||
CenterPoint Energy | 94,705 | 2,854,409 | |||
CMS Energy | 57,200 | 3,111,680 | |||
Consolidated Edison | 16,665 | 1,374,029 | |||
DTE Energy | 66,149 | 8,173,370 | |||
Edison International | 70,187 | 4,203,499 | |||
Entergy | 89,142 | 8,319,623 | |||
Evergy | 74,440 | 4,161,940 | |||
Eversource Energy | 48,435 | 3,381,247 | |||
FirstEnergy | 16,280 | 663,410 | |||
National Fuel Gas | 11,550 | a | 695,195 | ||
NiSource | 80,020 | a | 2,158,940 | ||
NRG Energy | 65,635 | 2,735,667 | |||
OGE Energy | 7,910 | 336,333 | |||
Pinnacle West Capital | 116,299 | a | 10,901,868 | ||
PPL | 46,250 | a | 1,487,863 | ||
Public Service Enterprise Group | 30,530 | 1,795,469 | |||
Sempra Energy | 21,360 | a | 2,572,598 | ||
Vistra Energy | 90,050 | a | 2,344,902 | ||
WEC Energy Group | 20,550 | a | 1,567,554 | ||
Xcel Energy | 187,080 | 10,263,209 | |||
88,555,156 | |||||
Total Common Stocks(cost $1,841,441,564) | 2,718,751,797 | ||||
Exchange-Traded Funds - .6% | |||||
Registered Investment Companies - .6% | |||||
iShares Russell Mid-Cap Growth ETF | 106,917 | 14,332,224 | |||
SPDR S&P MidCap 400 ETF Trust | 8,175 | 2,846,699 | |||
Total Exchange-Traded Funds(cost $16,027,905) | 17,178,923 | ||||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | 1-Day | Shares | Value ($) | ||
Investment Companies - 1.6% | |||||
Registered Investment Companies - 1.6% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 44,137,157 | d | 44,137,157 | |
Investment of Cash Collateral for Securities Loaned - .5% | |||||
Registered Investment Companies - .5% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 12,966,181 | d | 12,966,181 | |
Total Investments(cost $1,914,572,807) | 100.3% | 2,793,034,058 | |||
Liabilities, Less Cash and Receivables | (.3%) | (8,593,987) | |||
Net Assets | 100.0% | 2,784,440,071 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $335,333,850 and the value of the collateral held by the fund was $344,505,220, consisting of cash collateral of $12,966,181 and U.S. Government & Agency securities valued at $331,539,039.
b Non-income producing security.
c Investment in real estate investment trust.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Information Technology | 23.8 |
Industrials | 15.3 |
Health Care | 12.4 |
Financials | 12.3 |
Consumer Discretionary | 10.3 |
Materials | 4.7 |
Real Estate | 4.3 |
Energy | 4.2 |
Utilities | 3.2 |
Consumer Staples | 2.8 |
Investment Companies | 2.7 |
Communication Services | 2.6 |
Consumer, Cyclical | 1.0 |
Consumer, Non-cyclical | .7 |
100.3 |
† Based on net assets.
See notes to financial statements.
40
BNY Mellon Small Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.6% | |||||
Automobiles & Components - 1.7% | |||||
Delphi Technologies | 209,995 | a | 4,579,991 | ||
Dorman Products | 12,643 | b | 1,022,819 | ||
Gentherm | 28,383 | b | 1,163,703 | ||
Visteon | 12,211 | b | 1,045,994 | ||
7,812,507 | |||||
Banks - 9.1% | |||||
Ameris Bancorp | 34,680 | 1,413,904 | |||
Associated Banc-Corp | 60,391 | 1,405,902 | |||
Atlantic Capital Bancshares | 95,922 | b | 1,849,376 | ||
Banner | 18,030 | 1,120,204 | |||
Boston Private Financial Holdings | 67,554 | 803,217 | |||
Bryn Mawr Bank | 13,109 | 534,323 | |||
Carolina Financial | 12,999 | 476,023 | |||
Central Pacific Financial | 29,814 | 869,973 | |||
Columbia Banking System | 5,506 | 208,567 | |||
CVB Financial | 37,462 | a | 853,759 | ||
Essent Group | 30,827 | b | 1,329,877 | ||
First Bancorp | 313,586 | 3,609,375 | |||
First Interstate BancSystem, Cl. A | 84,699 | 3,526,866 | |||
First Merchants | 33,900 | 1,369,221 | |||
Hancock Whitney | 23,785 | 1,038,929 | |||
IBERIABANK | 8,640 | 675,907 | |||
National Bank Holdings, Cl. A | 74,153 | 2,679,148 | |||
Old National Bancorp | 72,427 | a | 1,287,752 | ||
Seacoast Banking Corporation of Florida | 25,195 | b | 731,159 | ||
South State | 22,454 | a | 1,595,132 | ||
Synovus Financial | 28,260 | 1,121,357 | |||
Texas Capital Bancshares | 22,165 | b | 1,352,730 | ||
Towne Bank | 17,808 | 490,967 | |||
TriState Capital Holdings | 45,728 | b | 1,033,910 | ||
UMB Financial | 20,992 | a | 1,444,460 | ||
Umpqua Holdings | 22,493 | 408,923 | |||
Union Bankshares | 109,038 | 3,878,482 | |||
United Community Banks | 43,315 | 1,199,392 | |||
Webster Financial | 45,165 | 2,593,374 | |||
Westamerica Bancorporation | 12,922 | a | 830,626 | ||
41,732,835 | |||||
Capital Goods - 8.3% | |||||
Advanced Drainage Systems | 18,371 | 466,991 | |||
Aerojet Rocketdyne Holdings | 41,998 | a,b | 1,564,425 | ||
AeroVironment | 12,489 | a,b | 994,999 | ||
Astec Industries | 18,869 | 720,041 | |||
Astronics | 18,089 | b | 650,661 | ||
Beacon Roofing Supply | 22,390 | b | 812,085 | ||
Blue Bird | 9,302 | b | 173,017 | ||
Capitol Investment Corporation IV | 143,065 | b | 1,492,168 | ||
Chart Industries | 10,062 | b | 888,273 | ||
Construction Partners, Cl. A | 103,189 | 1,275,416 | |||
Curtiss-Wright | 8,671 | 1,069,048 | |||
EMCOR Group | 15,740 | 1,135,326 | |||
EnerSys | 27,373 | 2,020,675 | |||
Esterline Technologies | 15,011 | b | 1,827,589 | ||
Granite Construction | 23,899 | a | 1,112,737 | ||
Haymaker Acquisition, Cl. A | 71,282 | b | 729,215 | ||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.6%(continued) | |||||
Capital Goods - 8.3% (continued) | |||||
Kaman | 12,031 | 740,869 | |||
Kennametal | 24,245 | 913,794 | |||
Kornit Digital | 91,949 | a,b | 2,059,658 | ||
Lindsay | 11,043 | a | 1,021,146 | ||
Manitowoc Company | 36,285 | a,b | 652,767 | ||
Mercury Systems | 48,841 | a,b | 3,102,380 | ||
Milacron Holdings | 126,304 | b | 1,766,993 | ||
MSC Industrial Direct, Cl. A | 5,429 | 458,262 | |||
Proto Labs | 7,150 | b | 807,879 | ||
Simpson Manufacturing | 20,916 | a | 1,253,496 | ||
Tennant | 23,812 | 1,504,918 | |||
The Greenbrier Companies | 34,429 | a | 1,420,196 | ||
TPG Pace Holdings | 98,446 | b | 1,073,061 | ||
TPI Composites | 56,863 | a,b | 1,717,831 | ||
TriMas | 19,136 | b | 618,667 | ||
Welbilt | 60,884 | b | 972,317 | ||
Wesco Aircraft Holdings | 123,694 | b | 1,050,162 | ||
38,067,062 | |||||
Commercial & Professional Services - 1.2% | |||||
Covanta Holding | 127,350 | 2,162,403 | |||
Deluxe | 13,996 | 651,234 | |||
Huron Consulting Group | 17,343 | b | 794,656 | ||
Knoll | 44,118 | 933,537 | |||
Korn/Ferry International | 21,584 | 1,053,083 | |||
5,594,913 | |||||
Consumer Durables & Apparel - 2.2% | |||||
Century Communities | 44,718 | a,b | 1,020,912 | ||
Ethan Allen Interiors | 32,225 | a | 647,078 | ||
G-III Apparel Group | 41,467 | b | 1,476,640 | ||
KB Home | 61,428 | 1,401,173 | |||
M.D.C. Holdings | 17,918 | 516,755 | |||
Oxford Industries | 13,176 | a | 1,041,299 | ||
Skyline Champion | 126,235 | b | 2,507,027 | ||
Taylor Morrison Home, Cl. A | 50,715 | b | 850,491 | ||
William Lyon Homes, Cl. A | 54,266 | b | 767,864 | ||
10,229,239 | |||||
Consumer Services - 4.1% | |||||
Adtalem Global Education | 74,499 | b | 3,590,852 | ||
Belmond, Cl. A | 35,907 | b | 892,289 | ||
Cheesecake Factory | 38,427 | a | 1,817,597 | ||
Dave & Buster's Entertainment | 88,655 | a | 4,550,661 | ||
Penn National Gaming | 91,570 | a,b | 2,275,514 | ||
Planet Fitness, Cl. A | 86,527 | b | 5,086,057 | ||
Sotheby's | 15,150 | a,b | 664,631 | ||
18,877,601 | |||||
Diversified Financials - 3.2% | |||||
Cohen & Steers | 24,942 | a | 1,041,578 | ||
Federated Investors, Cl. B | 48,434 | a | 1,440,911 | ||
Focus Financial Partners, Cl. A | 18,331 | 693,828 | |||
Green Dot, Cl. A | 60,553 | b | 3,908,696 | ||
OneMain Holdings | 122,807 | 4,052,631 | |||
SLM | 242,510 | a | 2,679,735 | ||
WisdomTree Investments | 96,812 | 753,197 | |||
14,570,576 |
41
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.6%(continued) | |||||
Energy - 5.9% | |||||
Apergy | 17,455 | 732,761 | |||
Ardmore Shipping | 142,106 | a,b | 800,057 | ||
Bonanza Creek Energy | 81,141 | b | 1,863,809 | ||
Cactus, Cl. A | 35,509 | b | 1,287,556 | ||
Callon Petroleum | 92,409 | a,b | 706,929 | ||
Comstock Resources | 129,580 | a,b | 925,201 | ||
Delek US Holdings | 101,703 | 3,598,252 | |||
Dril-Quip | 17,481 | a,b | 744,865 | ||
GasLog | 58,515 | 943,262 | |||
Green Plains | 189,132 | 2,950,459 | |||
Laredo Petroleum | 354,009 | a,b | 1,214,251 | ||
Navigator Holdings | 44,298 | b | 481,519 | ||
Newpark Resources | 116,675 | a,b | 1,031,407 | ||
Patterson-UTI Energy | 73,127 | a | 969,664 | ||
PBF Energy, Cl. A | 71,509 | 2,221,785 | |||
PDC Energy | 46,065 | a,b | 1,707,630 | ||
Scorpio Tankers | 131,059 | a | 2,412,796 | ||
Select Energy Services, Cl. A | 238,723 | a,b | 2,406,328 | ||
26,998,531 | |||||
Food & Staples Retailing - .7% | |||||
Casey's General Stores | 9,896 | a | 1,333,387 | ||
Sprouts Farmers Market | 28,063 | a,b | 654,429 | ||
US Foods Holding | 28,278 | b | 996,517 | ||
2,984,333 | |||||
Food, Beverage & Tobacco - 2.7% | |||||
Boston Beer, Cl. A | 4,481 | a,b | 1,400,581 | ||
Calavo Growers | 31,546 | a | 2,685,511 | ||
Darling Ingredients | 84,671 | b | 1,861,069 | ||
Flowers Foods | 41,664 | a | 852,862 | ||
Fresh Del Monte Produce | 30,574 | 846,288 | |||
Freshpet | 91,045 | b | 3,752,875 | ||
Hain Celestial Group | 44,278 | a,b | 870,948 | ||
12,270,134 | |||||
Health Care Equipment & Services - 4.8% | |||||
Align Technology | 1,939 | b | 502,143 | ||
Amedisys | 6,397 | b | 795,147 | ||
AMN Healthcare Services | 20,436 | b | 1,022,004 | ||
AxoGen | 112,515 | a,b | 2,077,027 | ||
Evolent Health, Cl. A | 228,098 | a,b | 3,008,613 | ||
HealthEquity | 17,316 | a,b | 1,393,592 | ||
iRhythm Technologies | 23,048 | a,b | 2,207,768 | ||
LHC Group | 9,304 | b | 1,020,556 | ||
Medidata Solutions | 28,235 | a,b | 2,118,190 | ||
Nevro | 13,856 | b | 638,346 | ||
NuVasive | 21,278 | a,b | 1,253,274 | ||
Omnicell | 19,512 | b | 1,657,544 | ||
Tabula Rasa HealthCare | 9,685 | a,b | 533,740 | ||
Teladoc | 40,233 | b | 2,589,396 | ||
WellCare Health Plans | 5,214 | b | 1,322,166 | ||
22,139,506 | |||||
Household & Personal Products - .2% | |||||
Inter Parfums | 14,644 | 1,080,288 | |||
Insurance - .6% | |||||
Kemper | 13,403 | 1,113,789 | |||
Safety Insurance Group | 7,705 | 688,365 | |||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.6%(continued) | |||||
Insurance - .6% (continued) | |||||
Selective Insurance Group | 15,750 | 1,038,870 | |||
2,841,024 | |||||
Materials - 6.9% | |||||
Alamos Gold, Cl. A | 738,652 | 3,575,076 | |||
Cabot | 130,343 | 6,110,480 | |||
Carpenter Technology | 20,147 | 945,700 | |||
Coeur Mining | 155,055 | a,b | 741,163 | ||
Eagle Materials | 39,228 | 2,998,588 | |||
Hecla Mining | 230,309 | 552,742 | |||
Iamgold | 606,716 | a,b | 2,026,431 | ||
Louisiana-Pacific | 46,254 | 1,168,839 | |||
Methanex | 24,464 | 1,379,770 | |||
OMNOVA Solutions | 378,010 | b | 3,080,781 | ||
Orion Engineered Carbons | 70,934 | 1,976,931 | |||
Schnitzer Steel Industries, Cl. A | 21,964 | 533,725 | |||
Summit Materials, Cl. A | 126,388 | a,b | 2,148,596 | ||
TimkenSteel | 89,242 | a,b | 1,111,955 | ||
US Concrete | 85,534 | a,b | 3,430,769 | ||
31,781,546 | |||||
Media & Entertainment - 3.2% | |||||
Criteo, ADR | 169,629 | b | 4,603,731 | ||
E.W. Scripps, Cl. A | 36,017 | 761,760 | |||
Gray Television | 118,615 | a,b | 2,598,855 | ||
New York Times, Cl. A | 20,456 | a | 671,980 | ||
Nexstar Media Group, Cl. A | 25,173 | a | 2,460,157 | ||
Scholastic | 20,888 | 883,771 | |||
Sinclair Broadcast Group, Cl. A | 64,070 | 2,312,927 | |||
TEGNA | 20,816 | 274,147 | |||
14,567,328 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 10.0% | |||||
Acceleron Pharma | 20,206 | b | 889,872 | ||
Aerie Pharmaceuticals | 91,937 | a,b | 4,290,700 | ||
Amicus Therapeutics | 66,556 | b | 805,328 | ||
Cambrex | 63,156 | a,b | 2,610,869 | ||
DBV Technologies, ADR | 187,385 | b | 1,525,314 | ||
FibroGen | 20,136 | b | 1,163,861 | ||
Flexion Therapeutics | 126,875 | a,b | 1,753,412 | ||
Foamix Pharmaceuticals | 144,319 | a,b | 479,139 | ||
G1 Therapeutics | 52,509 | a,b | 969,316 | ||
Galapagos, ADR | 15,803 | a,b | 1,542,689 | ||
Global Blood Therapeutics | 20,179 | a,b | 1,059,398 | ||
GW Pharmaceuticals, ADR | 4,638 | b | 797,782 | ||
Myovant Sciences | 32,969 | b | 725,318 | ||
Natera | 67,219 | b | 1,064,749 | ||
NeoGenomics | 79,200 | a,b | 1,552,320 | ||
Prothena | 50,480 | a,b | 676,432 | ||
PTC Therapeutics | 24,476 | b | 845,401 | ||
REGENXBIO | 9,829 | a,b | 508,454 | ||
Revance Therapeutics | 255,414 | b | 4,326,713 | ||
Sage Therapeutics | 23,942 | a,b | 3,812,763 | ||
Sarepta Therapeutics | 4,746 | a,b | 684,563 | ||
Supernus Pharmaceuticals | 16,253 | a,b | 663,773 | ||
TherapeuticsMD | 1,246,617 | b | 7,130,649 | ||
Xeris Pharmaceuticals | 72,548 | b | 726,205 |
42
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.6%(continued) | |||||
Pharmaceuticals Biotechnology & Life Sciences - 10.0% (continued) | |||||
Zogenix | 93,872 | a,b | 4,949,871 | ||
45,554,891 | |||||
Real Estate - 2.8% | |||||
Agree Realty | 21,543 | c | 1,416,021 | ||
Americold Realty Trust | 46,460 | c | 1,335,725 | ||
Cousins Properties | 159,058 | c | 1,514,232 | ||
Empire State Realty Trust, Cl. A | 24,453 | c | 372,175 | ||
Monmouth Real Estate Investment | 35,114 | c | 465,612 | ||
Newmark Group, Cl. A | 121,809 | 1,127,951 | |||
Outfront Media | 18,110 | c | 406,388 | ||
Physicians Realty Trust | 131,596 | c | 2,377,940 | ||
Retail Properties of America, Cl. A | 90,402 | c | 1,126,409 | ||
Sunstone Hotel Investors | 92,973 | c | 1,399,244 | ||
Urban Edge Properties | 60,412 | a,c | 1,173,201 | ||
12,714,898 | |||||
Retailing - 3.3% | |||||
Abercrombie & Fitch, Cl. A | 44,850 | a | 984,458 | ||
Carvana | 53,846 | a,b | 2,415,532 | ||
Dick's Sporting Goods | 60,230 | a | 2,352,584 | ||
Dillard's, Cl. A | 13,479 | a | 1,058,641 | ||
Express | 74,732 | a,b | 388,606 | ||
National Vision Holdings | 75,159 | b | 2,525,342 | ||
Ollie's Bargain Outlet Holdings | 26,163 | a,b | 2,308,100 | ||
The Children's Place | 9,979 | 953,593 | |||
Urban Outfitters | 18,388 | b | 567,270 | ||
Williams-Sonoma | 23,254 | a | 1,352,453 | ||
14,906,579 | |||||
Semiconductors & Semiconductor Equipment - 1.8% | |||||
Brooks Automation | 35,980 | a | 1,155,318 | ||
First Solar | 19,287 | a,b | 1,013,532 | ||
MKS Instruments | 17,897 | 1,483,124 | |||
Power Integrations | 17,981 | 1,313,692 | |||
Semtech | 62,835 | b | 3,458,438 | ||
8,424,104 | |||||
Software & Services - 13.0% | |||||
2U | 47,657 | a,b | 3,512,321 | ||
Bottomline Technologies | 18,526 | b | 924,077 | ||
CACI International, Cl. A | 14,893 | b | 2,714,398 | ||
Carbon Black | 119,045 | 1,558,299 | |||
Cardtronics, Cl. A | 125,769 | b | 3,711,443 | ||
Cloudera | 29,852 | b | 434,944 | ||
Commvault Systems | 27,927 | b | 1,882,001 | ||
CSG Systems International | 24,150 | 1,003,433 | |||
Everbridge | 44,042 | b | 3,114,210 | ||
EVERTEC | 44,430 | 1,271,587 | |||
HubSpot | 30,034 | b | 5,057,125 | ||
John Wiley & Sons, Cl. A | 13,394 | 695,015 | |||
LogMeIn | 41,290 | 3,280,078 | |||
Mimecast | 42,527 | b | 2,053,204 | ||
New Relic | 12,434 | b | 1,314,895 | ||
NIC | 42,792 | 731,315 | |||
Proofpoint | 24,890 | b | 2,939,260 | ||
Rapid7 | 79,944 | b | 3,679,822 | ||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.6%(continued) | |||||
Software & Services - 13.0% (continued) | |||||
Shopify, Cl. A | 18,746 | b | 3,545,806 | ||
Talend, ADR | 95,854 | b | 4,591,407 | ||
Twilio, Cl. A | 49,186 | b | 5,985,444 | ||
Varonis Systems | 20,075 | b | 1,143,472 | ||
Verint Systems | 32,503 | b | 1,730,785 | ||
Zendesk | 31,287 | b | 2,472,299 | ||
59,346,640 | |||||
Technology Hardware & Equipment - 4.2% | |||||
Ciena | 175,130 | b | 7,471,046 | ||
Coherent | 12,183 | a,b | 1,621,314 | ||
Cray | 53,995 | a,b | 1,324,497 | ||
Fabrinet | 11,619 | b | 679,712 | ||
KEMET | 20,648 | 391,280 | |||
Littelfuse | 6,083 | 1,174,566 | |||
Lumentum Holdings | 48,687 | a,b | 2,422,178 | ||
NETGEAR | 54,545 | a,b | 1,955,438 | ||
nLight | 69,556 | 1,487,803 | |||
Tech Data | 7,895 | b | 807,027 | ||
19,334,861 | |||||
Telecommunication Services - 1.0% | |||||
Bandwidth, Cl. A | 78,646 | b | 4,382,155 | ||
Transportation - 4.3% | |||||
Covenant Transport, Cl. A | 17,825 | b | 406,588 | ||
Euronav | 97,168 | 760,825 | |||
Knight-Swift Transportation Holdings | 112,109 | a | 3,770,226 | ||
Marten Transport | 85,412 | 1,592,934 | |||
Mesa Air Group | 81,950 | 825,237 | |||
Scorpio Bulkers | 277,649 | a | 1,177,232 | ||
SkyWest | 92,630 | 5,005,725 | |||
US Xpress Enterprises, Cl. A | 67,547 | a | 591,036 | ||
Werner Enterprises | 156,561 | a | 5,406,051 | ||
19,535,854 | |||||
Utilities - 1.4% | |||||
Avista | 19,681 | 795,309 | |||
Chesapeake Utilities | 13,268 | 1,194,253 | |||
IDACORP | 6,852 | 674,305 | |||
Portland General Electric | 36,206 | 1,815,369 | |||
Southwest Gas | 22,534 | 1,846,436 | |||
6,325,672 | |||||
Total Common Stocks(cost $361,721,180) | 442,073,077 | ||||
Exchange-Traded Funds - .3% | |||||
Registered Investment Companies - .3% | |||||
iShares Russell 2000 ETF | 2,907 | a | 455,759 | ||
iShares Russell 2000 Growth ETF | 4,191 | a | 836,230 | ||
Total Exchange-Traded Funds(cost $1,081,627) | 1,291,989 | ||||
Number of | |||||
Rights - .0% | |||||
Materials - .0% | |||||
Pan American Silver | 708,575 | 0 |
43
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small Cap Multi-Strategy Fund (continued) | ||||||
Description | Number of Warrants | Value ($) | ||||
Warrants - .0% | ||||||
Retailing - .0% | ||||||
Waitr Holdings, 6/1/23 | 60,686 | 111,055 | ||||
1-Day | Shares | |||||
Investment Companies - 3.1% | ||||||
Registered Investment Companies - 3.1% | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 14,306,848 | d | 14,306,848 | ||
Investment of Cash Collateral for Securities Loaned - 2.6% | ||||||
Registered Investment Companies - 2.6% | ||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 2.41 | 11,636,194 | d | 11,636,194 | ||
Total Investments(cost $389,292,709) | 102.6% | 469,419,163 | ||||
Liabilities, Less Cash and Receivables | (2.6%) | (11,739,244) | ||||
Net Assets | 100.0% | 457,679,919 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $113,177,956 and the value of the collateral held by the fund was $117,064,855, consisting of cash collateral of $11,636,194 and U.S. Government & Agency securities valued at $105,428,661.
b Non-income producing security.
c Investment in real estate investment trust.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Information Technology | 18.3 |
Health Care | 14.8 |
Industrials | 12.9 |
Financials | 12.8 |
Consumer Discretionary | 11.1 |
Materials | 6.9 |
Investment Companies | 5.9 |
Energy | 5.9 |
Communication Services | 4.1 |
Consumer Staples | 3.6 |
Real Estate | 2.8 |
Utilities | 1.4 |
Diversified | .7 |
Communications | .7 |
Consumer, Cyclical | .3 |
Industrial | .2 |
Financial | .2 |
102.6 |
† Based on net assets.
See notes to financial statements.
44
BNY Mellon Focused Equity Opportunities Fund | ||||||
Description | Shares | Value ($) | ||||
Common Stocks - 98.8% | ||||||
Banks - 3.2% | ||||||
SVB Financial Group | 54,921 | a | 13,574,274 | |||
Capital Goods - 11.0% | ||||||
Boeing | 43,349 | 19,071,826 | ||||
Deere & Co. | 85,921 | 14,094,481 | ||||
Honeywell International | 90,355 | 13,920,995 | ||||
47,087,302 | ||||||
Consumer Services - 6.2% | ||||||
MGM Resorts International | 431,600 | 11,545,300 | ||||
Yum! Brands | 156,140 | 14,755,230 | ||||
26,300,530 | ||||||
Diversified Financials - 9.1% | ||||||
Charles Schwab | 252,340 | 11,610,163 | ||||
Intercontinental Exchange | 178,690 | 13,785,934 | ||||
MSCI | 73,229 | 13,526,861 | ||||
38,922,958 | ||||||
Energy - 5.2% | ||||||
Chevron | 91,914 | 10,991,076 | ||||
Valero Energy | 135,129 | 11,021,121 | ||||
22,012,197 | ||||||
Food, Beverage & Tobacco - 6.6% | ||||||
Coca-Cola | 224,736 | 10,189,530 | ||||
Mondelez International, Cl. A | 378,186 | 17,835,252 | ||||
28,024,782 | ||||||
Health Care Equipment & Services - 11.3% | ||||||
Boston Scientific | 408,353 | a | 16,383,122 | |||
CVS Health | 270,908 | 15,666,610 | ||||
UnitedHealth Group | 67,619 | 16,378,674 | ||||
48,428,406 | ||||||
Materials - 2.4% | ||||||
Air Products & Chemicals | 57,212 | 10,365,670 | ||||
Media & Entertainment - 10.1% | ||||||
Alphabet, Cl. A | 12,370 | a | 13,935,423 | |||
Comcast, Cl. A | 361,750 | 13,988,873 | ||||
Facebook, Cl. A | 94,791 | a | 15,304,007 | |||
43,228,303 | ||||||
Pharmaceuticals Biotechnology & Life Sciences - 3.3% | ||||||
Merck & Co. | 173,720 | 14,121,699 | ||||
Real Estate - 3.2% | ||||||
American Tower | 77,491 | b | 13,650,040 | |||
Retailing - 3.9% | ||||||
Amazon.com | 10,107 | a | 16,573,762 | |||
Semiconductors & Semiconductor Equipment - 7.0% | ||||||
Micron Technology | 324,180 | a | 13,252,478 | |||
Texas Instruments | 157,863 | 16,698,748 | ||||
29,951,226 | ||||||
Software & Services - 13.7% | ||||||
Adobe | 57,251 | a | 15,028,388 | |||
Microsoft | 104,214 | 11,675,094 | ||||
salesforce.com | 83,101 | a | 13,599,479 | |||
Visa, Cl. A | 121,947 | c | 18,062,790 | |||
58,365,751 | ||||||
BNY Mellon Focused Equity Opportunities Fund (continued) | ||||||
Description | Shares | Value ($) | ||||
Common Stocks - 98.8%(continued) | ||||||
Technology Hardware & Equipment - 2.6% | ||||||
Cisco Systems | 215,511 | 11,157,004 | ||||
Total Common Stocks(cost $342,702,345) | 421,763,904 | |||||
1-Day | ||||||
Investment Companies - 1.1% | ||||||
Registered Investment Companies - 1.1% | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 4,853,417 | d | 4,853,417 | ||
Total Investments(cost $347,555,762) | 99.9% | 426,617,321 | ||||
Cash and Receivables (Net) | .1% | 425,281 | ||||
Net Assets | 100.0% | 427,042,602 |
a Non-income producing security.
b Investment in real estate investment trust.
c Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $17,882,086 and the value of the collateral held by the fund was $18,134,271, consisting of U.S. Government & Agency securities.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Information Technology | 23.3 |
Health Care | 14.6 |
Financials | 12.3 |
Industrials | 11.0 |
Communication Services | 10.1 |
Consumer Discretionary | 6.6 |
Consumer Staples | 6.6 |
Energy | 5.2 |
Consumer, Cyclical | 3.5 |
Real Estate | 3.2 |
Materials | 2.4 |
Investment Companies | 1.1 |
99.9 |
† Based on net assets.
See notes to financial statements.
45
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small/Mid Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.2% | |||||
Automobiles & Components - 1.4% | |||||
Delphi Technologies | 108,152 | 2,358,795 | |||
Dorman Products | 4,041 | a | 326,917 | ||
Visteon | 7,873 | a,b | 674,401 | ||
3,360,113 | |||||
Banks - 5.7% | |||||
Cullen/Frost Bankers | 27,353 | b | 2,835,959 | ||
First BanCorp | 101,056 | 1,163,155 | |||
First Interstate BancSystem, Cl. A | 16,236 | 676,067 | |||
First Republic Bank | 4,725 | 496,030 | |||
National Bank Holdings, Cl. A | 17,159 | 619,955 | |||
Signature Bank | 2,426 | 329,354 | |||
South State | 41,909 | b | 2,977,215 | ||
SVB Financial Group | 6,700 | a | 1,655,972 | ||
TriState Capital Holdings | 14,662 | a,b | 331,508 | ||
Webster Financial | 53,790 | 3,088,622 | |||
14,173,837 | |||||
Capital Goods - 4.3% | |||||
AGCO | 25,556 | 1,727,075 | |||
Allegion | 3,995 | 359,390 | |||
AMETEK | 2,681 | 213,354 | |||
Beacon Roofing Supply | 7,019 | a | 254,579 | ||
Construction Partners, Cl. A | 22,767 | 281,400 | |||
Curtiss-Wright | 2,780 | 342,746 | |||
Fluor | 9,772 | 367,427 | |||
Graco | 3,242 | 152,244 | |||
Kornit Digital | 29,482 | a,b | 660,397 | ||
Mercury Systems | 25,000 | a | 1,588,000 | ||
Milacron Holdings | 40,375 | a | 564,846 | ||
Proto Labs | 2,292 | a | 258,973 | ||
Quanta Services | 5,526 | 196,947 | |||
Roper Technologies | 2,619 | 847,639 | |||
Snap-on | 6,642 | b | 1,062,720 | ||
TPI Composites | 8,200 | a | 247,722 | ||
Welbilt | 19,522 | a,b | 311,766 | ||
Wesco Aircraft Holdings | 68,188 | a | 578,916 | ||
Xylem | 6,756 | 510,416 | |||
10,526,557 | |||||
Commercial & Professional Services - 3.2% | |||||
Clean Harbors | 17,485 | a | 1,188,980 | ||
CoStar Group | 1,541 | a | 705,054 | ||
Covanta Holding | 59,162 | 1,004,571 | |||
Equifax | 14,820 | 1,622,938 | |||
Korn Ferry | 21,575 | 1,052,644 | |||
Nielsen Holdings | 60,996 | 1,598,095 | |||
Waste Connections | 8,011 | 668,117 | |||
7,840,399 | |||||
Consumer Durables & Apparel - 2.9% | |||||
Cavco Industries | 2,124 | a | 294,025 | ||
KB Home | 43,839 | 999,968 | |||
Lululemon Athletica | 6,362 | a | 956,972 | ||
Ralph Lauren | 14,446 | 1,808,206 | |||
Skechers USA, Cl. A | 86,416 | a | 2,906,170 | ||
Under Armour, Cl. A | 11,540 | a | 260,227 | ||
7,225,568 | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.2%(continued) | |||||
Consumer Services - 6.7% | |||||
Adtalem Global Education | 18,646 | a | 898,737 | ||
Cheesecake Factory | 30,498 | b | 1,442,555 | ||
Chipotle Mexican Grill | 781 | a | 474,481 | ||
Dave & Buster's Entertainment | 14,810 | b | 760,197 | ||
Grand Canyon Education | 25,135 | a | 2,907,617 | ||
Norwegian Cruise Line Holdings | 55,473 | a | 3,080,416 | ||
Penn National Gaming | 52,149 | a,b | 1,295,903 | ||
Planet Fitness, Cl. A | 27,743 | a | 1,630,734 | ||
Service Corporation International | 64,640 | b | 2,672,218 | ||
Six Flags Entertainment | 5,824 | 324,455 | |||
Sotheby's | 4,749 | a,b | 208,339 | ||
Wynn Resorts | 7,271 | 920,072 | |||
16,615,724 | |||||
Diversified Financials - 4.4% | |||||
Ally Financial | 26,316 | 712,900 | |||
E*TRADE Financial | 56,621 | 2,773,863 | |||
Focus Financial Partners, Cl. A | 5,725 | 216,691 | |||
Green Dot, Cl. A | 34,940 | a | 2,255,377 | ||
Jefferies Financial Group | 77,758 | 1,576,155 | |||
LPL Financial Holdings | 2,326 | 175,404 | |||
OneMain Holdings | 61,718 | 2,036,694 | |||
SLM | 110,637 | b | 1,222,539 | ||
10,969,623 | |||||
Energy - 5.3% | |||||
Apergy | 46,641 | 1,957,989 | |||
Bonanza Creek Energy | 16,221 | a | 372,596 | ||
Cabot Oil & Gas | 121,831 | b | 2,999,479 | ||
Cactus, Cl. A | 11,130 | a | 403,574 | ||
Cheniere Energy | 16,558 | a | 1,067,163 | ||
Delek US Holdings | 25,550 | 903,959 | |||
Parsley Energy, Cl. A | 77,037 | a | 1,397,451 | ||
PBF Energy, Cl. A | 35,771 | b | 1,111,405 | ||
PDC Energy | 49,291 | a,b | 1,827,217 | ||
Pioneer Natural Resources | 3,269 | 460,766 | |||
Scorpio Tankers | 33,041 | b | 608,285 | ||
13,109,884 | |||||
Food & Staples Retailing - 1.5% | |||||
Casey's General Stores | 22,717 | b | 3,060,889 | ||
US Foods Holding | 18,028 | a | 635,307 | ||
3,696,196 | |||||
Food, Beverage & Tobacco - 1.9% | |||||
Calavo Growers | 10,115 | b | 861,090 | ||
Darling Ingredients | 45,022 | a | 989,584 | ||
Freshpet | 28,683 | a | 1,182,313 | ||
Ingredion | 18,245 | 1,686,750 | |||
4,719,737 | |||||
Health Care Equipment & Services - 6.7% | |||||
ABIOMED | 1,870 | a | 625,515 | ||
Align Technology | 3,401 | a | 880,757 | ||
Amedisys | 19,906 | a | 2,474,316 | ||
Boston Scientific | 14,926 | a | 598,831 | ||
DexCom | 4,843 | a | 674,775 | ||
Encompass Health | 41,709 | 2,633,506 | |||
Evolent Health, Cl. A | 100,849 | a,b | 1,330,198 | ||
HealthEquity | 5,552 | a,b | 446,825 |
46
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.2%(continued) | |||||
Health Care Equipment & Services - 6.7% (continued) | |||||
Insulet | 2,763 | a,b | 259,473 | ||
iRhythm Technologies | 7,390 | a,b | 707,888 | ||
Laboratory Corporation of America Holdings | 2,198 | a | 325,832 | ||
Medidata Solutions | 9,053 | a,b | 679,156 | ||
Nevro | 4,315 | a | 198,792 | ||
Omnicell | 34,305 | a | 2,914,210 | ||
Tabula Rasa HealthCare | 3,105 | a,b | 171,117 | ||
Teladoc Health | 12,874 | a,b | 828,571 | ||
WellCare Health Plans | 3,071 | a | 778,744 | ||
16,528,506 | |||||
Household & Personal Products - .1% | |||||
Inter Parfums | 4,695 | 346,350 | |||
Materials - 6.6% | |||||
AptarGroup | 20,597 | 2,095,333 | |||
Cabot | 23,187 | 1,087,007 | |||
Eagle Materials | 24,891 | 1,902,668 | |||
Goldcorp | 101,722 | 1,072,150 | |||
Huntsman | 124,125 | 3,077,059 | |||
Kinross Gold | 380,094 | a | 1,265,713 | ||
Methanex | 4,366 | 246,242 | |||
Orion Engineered Carbons | 37,808 | 1,053,709 | |||
Packaging Corporation of America | 2,976 | 284,476 | |||
Pan American Silver | 78,969 | 1,055,028 | |||
Summit Materials, Cl. A | 40,548 | a,b | 689,316 | ||
US Concrete | 36,674 | a,b | 1,470,994 | ||
Vulcan Materials | 4,814 | 536,568 | |||
Westlake Chemical | 6,258 | b | 437,246 | ||
16,273,509 | |||||
Media & Entertainment - 2.2% | |||||
Altice USA, Cl. A | 44,391 | a,b | 968,168 | ||
Criteo, ADR | 65,818 | a | 1,786,301 | ||
Liberty Media Corporation-Liberty Formula One, Cl. C | 10,799 | a | 336,065 | ||
Nexstar Media Group, Cl. A | 6,661 | b | 650,980 | ||
Sinclair Broadcast Group, Cl. A | 27,993 | 1,010,547 | |||
Spotify Technology | 2,077 | a | 291,071 | ||
13,066 | a | 402,171 | |||
5,445,303 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 9.8% | |||||
Acceleron Pharma | 6,371 | a,b | 280,579 | ||
Aerie Pharmaceuticals | 32,532 | a,b | 1,518,268 | ||
Agilent Technologies | 4,288 | 340,639 | |||
Amicus Therapeutics | 21,340 | a | 258,214 | ||
BioMarin Pharmaceutical | 3,625 | a | 338,068 | ||
Cambrex | 71,451 | a,b | 2,953,784 | ||
FibroGen | 6,350 | a,b | 367,030 | ||
Foamix Pharmaceuticals | 46,273 | a,b | 153,626 | ||
G1 Therapeutics | 27,312 | a,b | 504,180 | ||
Galapagos, ADR | 7,593 | a | 741,229 | ||
Global Blood Therapeutics | 6,367 | a,b | 334,268 | ||
GW Pharmaceuticals, ADR | 2,863 | a | 492,465 | ||
Jazz Pharmaceuticals | 16,912 | a | 2,368,187 | ||
Mylan | 55,665 | a | 1,468,999 | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.2%(continued) | |||||
Pharmaceuticals Biotechnology & Life Sciences - 9.8% (continued) | |||||
Myovant Sciences | 10,403 | a | 228,866 | ||
Natera | 21,552 | a | 341,384 | ||
NeoGenomics | 25,394 | a,b | 497,722 | ||
Neurocrine Biosciences | 2,917 | a | 225,338 | ||
PRA Health Sciences | 8,536 | a | 913,181 | ||
Prothena | 16,186 | a | 216,892 | ||
PTC Therapeutics | 7,723 | a | 266,752 | ||
REGENXBIO | 4,275 | a,b | 221,146 | ||
Revance Therapeutics | 9,347 | a,b | 158,338 | ||
SAGE Therapeutics | 15,571 | a,b | 2,479,682 | ||
Sarepta Therapeutics | 4,635 | a,b | 668,552 | ||
TherapeuticsMD | 587,816 | a | 3,362,308 | ||
Xeris Pharmaceuticals | 22,935 | a | 229,579 | ||
Zogenix | 44,956 | a,b | 2,370,530 | ||
24,299,806 | |||||
Real Estate - 3.3% | |||||
Americold Realty Trust | 81,787 | c | 2,351,376 | ||
Empire State Realty Trust, Cl. A | 122,480 | c | 1,864,146 | ||
Equinix | 722 | c | 305,767 | ||
Monmouth Real Estate Investment | 11,259 | c | 149,294 | ||
Physicians Realty Trust | 87,330 | c | 1,578,053 | ||
Urban Edge Properties | 93,268 | b,c | 1,811,265 | ||
8,059,901 | |||||
Retailing - 2.3% | |||||
Carvana | 17,264 | a,b | 774,463 | ||
Gap | 59,580 | b | 1,513,332 | ||
National Vision Holdings | 24,026 | a | 807,274 | ||
Ollie's Bargain Outlet Holdings | 8,389 | a,b | 740,078 | ||
Ross Stores | 7,807 | 740,338 | |||
The Children's Place | 6,152 | 587,885 | |||
Ulta Salon Cosmetics & Fragrance | 1,490 | a | 465,610 | ||
5,628,980 | |||||
Semiconductors & Semiconductor Equipment - 1.2% | |||||
NVIDIA | 881 | 135,903 | |||
Power Integrations | 5,765 | b | 421,191 | ||
Semtech | 13,243 | a | 728,895 | ||
Skyworks Solutions | 9,808 | 800,921 | |||
Teradyne | 24,152 | 986,126 | |||
3,073,036 | |||||
Software & Services - 17.8% | |||||
2U | 15,280 | a,b | 1,126,136 | ||
Amdocs | 42,989 | 2,388,899 | |||
Bottomline Technologies | 10,226 | a | 510,073 | ||
CACI International, Cl. A | 17,700 | a | 3,226,002 | ||
Carbon Black | 38,193 | 499,946 | |||
Cardtronics, Cl. A | 39,844 | a | 1,175,796 | ||
Cloudera | 16,475 | a | 240,041 | ||
CommVault Systems | 10,075 | a | 678,954 | ||
CoreLogic | 35,343 | a | 1,296,028 | ||
DocuSign | 10,133 | 558,835 | |||
Everbridge | 14,121 | a | 998,496 | ||
Fidelity National Information Services | 7,056 | 763,106 | |||
First Data, Cl. A | 39,385 | a | 990,139 |
47
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | ||||||
Description | Shares | Value ($) | ||||
Common Stocks - 96.2%(continued) | ||||||
Software & Services - 17.8% (continued) | ||||||
Global Payments | 8,190 | 1,067,812 | ||||
HubSpot | 15,605 | a | 2,627,570 | |||
Intuit | 1,745 | 431,242 | ||||
Jack Henry & Associates | 13,021 | 1,726,975 | ||||
Leidos Holdings | 8,137 | 525,569 | ||||
Liveramp Holdings | 41,601 | a,b | 2,236,054 | |||
LogMeIn | 14,852 | 1,179,843 | ||||
MAXIMUS | 16,799 | 1,187,353 | ||||
Mimecast | 13,636 | a | 658,346 | |||
New Relic | 6,119 | a | 647,084 | |||
Nuance Communications | 104,741 | a | 1,756,507 | |||
Proofpoint | 12,227 | a | 1,443,886 | |||
Rapid7 | 25,632 | a | 1,179,841 | |||
ServiceNow | 3,345 | a | 800,927 | |||
Shopify, Cl. A | 10,887 | a | 2,059,276 | |||
Splunk | 7,965 | a | 1,082,284 | |||
Square, Cl. A | 13,267 | a,b | 1,077,811 | |||
SS&C Technologies Holdings | 10,734 | 661,000 | ||||
Talend, ADR | 49,347 | a | 2,363,721 | |||
Twilio, Cl. A | 26,187 | a | 3,186,696 | |||
Varonis Systems | 6,292 | a | 358,392 | |||
Zendesk | 14,942 | a | 1,180,717 | |||
43,891,357 | ||||||
Technology Hardware & Equipment - 4.0% | ||||||
Amphenol, Cl. A | 4,924 | 462,708 | ||||
Ciena | 55,719 | a | 2,376,973 | |||
Dolby Laboratories, Cl. A | 43,965 | 2,848,932 | ||||
FLIR Systems | 5,902 | 303,658 | ||||
Keysight Technologies | 18,210 | a | 1,537,106 | |||
Littelfuse | 1,951 | b | 376,719 | |||
Lumentum Holdings | 13,302 | a | 661,774 | |||
NETGEAR | 9,643 | a,b | 345,702 | |||
nLight | 21,802 | 466,345 | ||||
Trimble | 6,245 | a | 249,862 | |||
Zebra Technologies, Cl. A | 1,451 | a | 290,940 | |||
9,920,719 | ||||||
Telecommunication Services - .6% | ||||||
Bandwidth, Cl. A | 25,216 | a | 1,405,036 | |||
Transportation - 3.8% | ||||||
Euronav | 104,071 | b | 814,876 | |||
J.B. Hunt Transport Services | 11,077 | 1,192,661 | ||||
Knight-Swift Transportation Holdings | 115,829 | b | 3,895,329 | |||
Marten Transport | 18,231 | 340,008 | ||||
SkyWest | 35,300 | 1,907,612 | ||||
Werner Enterprises | 35,703 | b | 1,232,825 | |||
9,383,311 | ||||||
Utilities - .5% | ||||||
PPL | 36,176 | b | 1,163,782 | |||
Total Common Stocks(cost $187,036,399) | 237,657,234 | |||||
Exchange-Traded Funds - 1.6% | ||||||
Registered Investment Companies - 1.6% | ||||||
iShares Russell 2000 ETF | 4,796 | b | 751,917 | |||
iShares Russell 2000 Growth ETF | 2,006 | b | 400,257 | |||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | ||||||
Exchange-Traded Funds - 1.6%(continued) | ||||||
Registered Investment Companies - 1.6% (continued) | ||||||
iShares Russell 2000 Value ETF | 8,370 | b | 1,037,210 | |||
iShares Russell Mid-Cap Growth ETF | 2,223 | 297,993 | ||||
SPDR S&P MidCap 400 ETF Trust | 4,259 | 1,483,069 | ||||
Total Exchange-Traded Funds(cost $3,954,513) | 3,970,446 | |||||
Number of Rights | ||||||
Rights - .0% | ||||||
Materials - .0% | ||||||
Pan American Silver | 409,332 | 0 | ||||
1-Day | Shares | |||||
Investment Companies - 2.4% | ||||||
Registered Investment Companies - 2.4% | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 6,040,353 | d | 6,040,353 | ||
Investment of Cash Collateral for Securities Loaned - 2.0% | ||||||
Registered Investment Companies - 2.0% | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 4,829,018 | d | 4,829,018 | ||
Total Investments(cost $201,954,429) | 102.2% | 252,497,051 | ||||
Liabilities, Less Cash and Receivables | (2.2%) | (5,360,775) | ||||
Net Assets | 100.0% | 247,136,276 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Non-income producing security.
b Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $49,340,472 and the value of the collateral held by the fund was $50,622,613, consisting of cash collateral of $4,829,018 and U.S. Government & Agency securities valued at $45,793,595.
c Investment in real estate investment trust.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Information Technology | 23.0 |
Health Care | 15.6 |
Consumer Discretionary | 12.9 |
Industrials | 11.2 |
Financials | 10.2 |
Materials | 6.6 |
Investment Companies | 6.0 |
Energy | 5.3 |
Consumer Staples | 3.5 |
Real Estate | 3.3 |
Communication Services | 2.8 |
Consumer, Non-cyclical | .9 |
Utilities | .5 |
Consumer, Cyclical | .4 |
102.2 |
† Based on net assets.
See notes to financial statements.
48
BNY Mellon International Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.0% | |||||
Australia - 6.0% | |||||
Aristocrat Leisure | 501,918 | 8,765,595 | |||
BHP Group | 465,438 | 12,291,799 | |||
Brambles | 528,181 | 4,406,063 | |||
Macquarie Group | 193,852 | 17,689,147 | |||
South32 | 2,142,140 | 5,941,351 | |||
Woodside Petroleum | 319,890 | 8,225,631 | |||
57,319,586 | |||||
Austria - 1.4% | |||||
OMV | 253,790 | 13,356,920 | |||
Belgium - 1.0% | |||||
UCB | 118,346 | a | 9,918,261 | ||
Denmark - .9% | |||||
Vestas Wind Systems | 107,800 | 8,973,267 | |||
Finland - 2.2% | |||||
Nokia | 2,222,646 | a | 13,439,638 | ||
UPM-Kymmene | 252,257 | 7,609,376 | |||
21,049,014 | |||||
France - 11.1% | |||||
Atos | 126,260 | a | 12,123,931 | ||
BNP Paribas | 231,260 | 11,851,568 | |||
Cie Generale des Etablissements Michelin | 120,677 | 14,481,358 | |||
Edenred | 263,006 | a | 11,673,074 | ||
Klepierre | 330,247 | 11,528,375 | |||
LVMH Moet Hennessy Louis Vuitton | 18,955 | 6,511,230 | |||
Sanofi | 291,558 | 24,375,000 | |||
Vinci | 142,141 | 13,568,041 | |||
106,112,577 | |||||
Germany - 6.2% | |||||
Allianz | 58,792 | 13,080,351 | |||
Deutsche Boerse | 91,443 | 11,555,715 | |||
Deutsche Post | 232,290 | a | 7,218,443 | ||
Deutsche Telekom | 1,275,170 | 21,009,654 | |||
Evonik Industries | 235,636 | a | 6,633,598 | ||
59,497,761 | |||||
Hong Kong - 3.2% | |||||
AIA Group | 1,791,400 | 17,914,571 | |||
Sun Hung Kai Properties | 768,500 | 12,727,157 | |||
30,641,728 | |||||
Ireland - .8% | |||||
ICON | 50,904 | a | 7,125,542 | ||
Italy - 4.2% | |||||
Enel | 2,235,321 | 13,526,450 | |||
Leonardo | 996,298 | 10,047,298 | |||
UniCredit | 1,190,792 | 16,207,544 | |||
39,781,292 | |||||
Japan - 22.4% | |||||
Asahi Kasei | 827,000 | 9,007,114 | |||
Chubu Electric Power | 1,053,100 | 16,557,285 | |||
Denso | 244,100 | 10,472,222 | |||
Fujitsu | 132,600 | 8,932,790 | |||
Hitachi | 491,600 | 14,708,527 | |||
ITOCHU | 306,300 | 5,490,400 | |||
Kirin Holdings | 540,700 | 12,073,766 | |||
Mitsubishi Electric | 1,091,300 | 13,647,981 | |||
BNY Mellon International Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.0%(continued) | |||||
Japan - 22.4% (continued) | |||||
Nintendo | 29,400 | 8,028,852 | |||
Panasonic | 612,300 | 5,630,534 | |||
Recruit Holdings | 327,700 | 9,154,962 | |||
Seven & i Holdings | 348,100 | 15,283,734 | |||
Shionogi & Co. | 245,200 | 15,653,732 | |||
Shiseido | 148,200 | 9,769,646 | |||
Showa Denko | 130,400 | 4,849,128 | |||
Sony | 327,500 | 15,692,617 | |||
Sumitomo Mitsui Financial Group | 669,700 | 23,684,182 | |||
Suzuki Motor | 296,600 | 15,169,933 | |||
213,807,405 | |||||
Macau - 1.4% | |||||
Sands China | 2,639,200 | 13,179,610 | |||
Netherlands - 8.1% | |||||
Heineken | 143,401 | 14,451,676 | |||
Koninklijke Ahold Delhaize | 480,473 | 12,392,205 | |||
Koninklijke DSM | 107,496 | a | 11,542,413 | ||
Koninklijke Philips | 193,300 | 7,695,418 | |||
NN Group | 274,189 | 11,944,861 | |||
Royal Dutch Shell, Cl. B | 608,514 | 19,083,940 | |||
77,110,513 | |||||
Portugal - .9% | |||||
Galp Energia | 502,132 | a | 8,241,695 | ||
Singapore - 1.2% | |||||
United Overseas Bank | 603,900 | 11,175,723 | |||
Spain - 4.0% | |||||
ACS Actividades de Construccion y Servicios | 268,777 | 11,916,981 | |||
Amadeus IT Group | 170,202 | a | 12,816,073 | ||
Banco Santander | 2,804,922 | 13,706,210 | |||
38,439,264 | |||||
Sweden - 1.9% | |||||
Alfa Laval | 288,534 | 6,310,510 | |||
Swedbank, Cl. A | 257,704 | 4,734,990 | |||
Swedish Match | 151,518 | 7,103,432 | |||
18,148,932 | |||||
Switzerland - 8.4% | |||||
Ferguson | 184,981 | 12,809,700 | |||
Julius Baer Group | 232,388 | a | 10,149,585 | ||
Lonza Group | 44,960 | a | 12,500,776 | ||
Novartis | 358,912 | 32,739,190 | |||
OC Oerlikon | 436,804 | a | 5,838,350 | ||
STMicroelectronics | 372,730 | 6,092,330 | |||
80,129,931 | |||||
United Kingdom - 11.7% | |||||
Anglo American | 355,214 | b | 9,439,252 | ||
BAE Systems | 1,548,232 | 9,569,298 | |||
BT Group | 2,096,371 | 5,969,780 | |||
Bunzl | 128,832 | 4,054,895 | |||
Cineworld Group | 1,528,308 | 5,655,529 | |||
Diageo | 320,313 | 12,377,922 | |||
Fiat Chrysler Automobiles | 909,343 | 13,427,701 | |||
Legal & General Group | 4,314,607 | a | 16,057,837 | ||
Melrose Industries | 1,944,629 | 4,485,331 | |||
Prudential | 411,584 | a | 8,679,881 |
49
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Fund (continued) | ||||||
Description | Shares | Value ($) | ||||
Common Stocks - 97.0%(continued) | ||||||
United Kingdom - 11.7% (continued) | ||||||
Tesco | 4,410,178 | 13,219,733 | ||||
Unilever | 170,347 | 9,055,665 | ||||
111,992,824 | ||||||
Total Common Stocks(cost $915,796,896) | 926,001,845 | |||||
Exchange-Traded Funds - 1.4% | ||||||
United States - 1.4% | ||||||
iShares MSCI EAFE ETF | 203,450 | 13,075,731 | ||||
1-Day | ||||||
Investment Companies - 1.2% | ||||||
Registered Investment Companies - 1.2% | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 11,305,099 | c | 11,305,099 | ||
Investment of Cash Collateral for Securities Loaned - .4% | ||||||
Registered Investment Companies - .4% | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 4,130,028 | c | 4,130,028 | ||
Total Investments(cost $943,936,543) | 100.0% | 954,512,703 | ||||
Liabilities, Less Cash and Receivables | .0% | (299,802) | ||||
Net Assets | 100.0% | 954,212,901 |
ETF—Exchange-Traded Fund
a Non-income producing security.
b Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $4,858,417 and the value of the collateral held by the fund was $5,254,692, consisting of cash collateral of $4,130,028 and U.S. Government & Agency securities valued at $1,124,664.
c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Capital Goods | 10.8 |
Pharmaceuticals Biotechnology & Life Sciences | 10.7 |
Banks | 8.5 |
Insurance | 7.1 |
Materials | 7.1 |
Food, Beverage & Tobacco | 6.4 |
Automobiles & Components | 5.6 |
Energy | 5.1 |
Diversified Financials | 4.1 |
Software & Services | 3.6 |
Utilities | 3.2 |
Technology Hardware & Equipment | 3.0 |
Consumer Durables & Apparel | 2.9 |
Telecommunication Services | 2.8 |
Food & Staples Retailing | 2.7 |
Commercial & Professional Services | 2.6 |
Real Estate | 2.5 |
Consumer Services | 2.3 |
Household & Personal Products | 2.0 |
Investment Companies | 1.6 |
Media & Entertainment | 1.4 |
Registered Investment Companies | 1.4 |
Health Care Equipment & Services | .8 |
Transportation | .8 |
Semiconductors & Semiconductor Equipment | .6 |
Retailing | .4 |
100.0 |
† Based on net assets.
See notes to financial statements.
50
BNY Mellon Emerging Markets Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 89.3% | |||||
Argentina - .6% | |||||
Globant | 71,330 | a | 4,913,924 | ||
Brazil - 5.0% | |||||
Banco do Brasil | 472,500 | 6,365,161 | |||
CCR | 3,750,000 | 14,276,586 | |||
EDP - Energias do Brasil | 1,052,100 | 4,873,751 | |||
Estacio Participacoes | 974,400 | 7,178,001 | |||
Hypera | 635,300 | 4,566,671 | |||
Tim Participacoes | 2,016,300 | 6,398,652 | |||
43,658,822 | |||||
China - 31.7% | |||||
Alibaba Group Holding, ADR | 277,078 | a | 50,713,586 | ||
Anhui Conch Cement, Cl. H | 1,031,000 | 5,897,245 | |||
ANTA Sports Products | 2,421,000 | 14,187,203 | |||
Autohome, ADR | 155,476 | a,b | 14,622,518 | ||
China Construction Bank, Cl. H | 27,410,939 | 24,373,815 | |||
China Railway Group, Cl. H | 7,895,000 | 7,824,848 | |||
China Shenhua Energy, Cl. H | 4,192,500 | 10,340,049 | |||
CNOOC | 6,675,000 | 11,513,679 | |||
ENN Energy Holdings | 446,000 | 4,602,185 | |||
Geely Automobile Holdings | 3,175,000 | 5,961,910 | |||
Guangzhou Automobile Group, Cl. H | 3,876,000 | 4,764,916 | |||
Hangzhou Hikvision Digital Technology, Cl. A | 1,430,100 | 7,379,147 | |||
Ping An Insurance Group Company of China, Cl. H | 2,833,500 | 29,833,915 | |||
Shanghai Pharmaceuticals Holding, Cl. H | 4,719,800 | 10,606,360 | |||
Sunny Optical Technology Group | 158,000 | 1,871,907 | |||
TAL Education Group, ADR | 70,181 | a | 2,498,444 | ||
Tencent Holdings | 1,669,400 | 71,414,315 | |||
278,406,042 | |||||
Colombia - .2% | |||||
Grupo Aval Acciones y Valores, ADR | 243,500 | 1,882,255 | |||
Czech Republic - 1.1% | |||||
Komercni Banka | 72,241 | 3,032,844 | |||
Moneta Money Bank | 1,768,374 | c | 6,262,564 | ||
9,295,408 | |||||
Hong Kong - 2.3% | |||||
China Overseas Land & Investment | 1,412,000 | 5,198,484 | |||
China Unicom Hong Kong | 6,448,000 | 7,647,489 | |||
Galaxy Entertainment Group | 405,224 | 2,877,956 | |||
Shimao Property Holdings | 1,733,500 | 4,098,699 | |||
19,822,628 | |||||
Hungary - .6% | |||||
MOL Hungarian Oil & Gas | 449,727 | 5,249,076 | |||
India - 10.5% | |||||
Aurobindo Pharma | 785,409 | 7,862,786 | |||
Edelweiss Financial Services | 2,182,969 | 4,197,058 | |||
HCL Technologies | 846,198 | 12,538,382 | |||
Housing Development Finance | 258,109 | 6,681,503 | |||
ICICI Bank | 691,191 | 3,402,689 | |||
Infosys, ADR | 1,100,493 | b | 11,797,285 | ||
ITC | 1,376,083 | 5,340,753 | |||
Larsen & Toubro | 754,781 | 13,720,590 | |||
National Aluminium Co. | 3,870,799 | 2,751,008 | |||
Shriram Transport Finance | 409,401 | 6,574,764 | |||
BNY Mellon Emerging Markets Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 89.3%(continued) | |||||
India - 10.5% (continued) | |||||
Tech Mahindra | 1,455,651 | 16,989,630 | |||
91,856,448 | |||||
Indonesia - 1.6% | |||||
Astra International | 11,248,200 | 5,717,052 | |||
Bank Negara Indonesia | 8,415,300 | 5,264,236 | |||
Bank Rakyat Indonesia | 12,288,000 | 3,362,986 | |||
14,344,274 | |||||
Malaysia - .5% | |||||
Malaysia Airports Holdings | 2,161,000 | 4,341,662 | |||
Mexico - 3.0% | |||||
Arca Continental | 1,502,300 | 8,493,456 | |||
Grupo Aeroportuario del Centro Norte | 1,218,800 | 6,945,644 | |||
Grupo Financiero Banorte, Cl. O | 1,183,800 | 6,445,348 | |||
Mexichem | 1,144,027 | 2,782,133 | |||
Wal-Mart de Mexico | 562,877 | 1,456,718 | |||
26,123,299 | |||||
Philippines - .9% | |||||
Ayala Land | 8,243,700 | 7,013,202 | |||
Puregold Price Club | 1,362,380 | 1,239,365 | |||
8,252,567 | |||||
Russia - 3.1% | |||||
Lukoil, ADR | 139,544 | 11,658,901 | |||
Sberbank of Russia, ADR | 1,193,396 | 15,215,799 | |||
26,874,700 | |||||
South Africa - 3.3% | |||||
Clicks Group | 591,400 | 7,580,830 | |||
FirstRand | 1,160,365 | 5,293,940 | |||
Nedbank Group | 349,044 | 7,043,414 | |||
Sasol | 304,616 | 9,291,234 | |||
29,209,418 | |||||
South Korea - 10.2% | |||||
Doosan Infracore | 136,719 | a | 925,075 | ||
GS Engineering & Construction | 213,903 | 8,139,992 | |||
Hana Financial Group | 210,401 | 7,267,786 | |||
Hyundai Mobis | 30,187 | 5,918,230 | |||
KB Financial Group | 240,148 | 9,469,693 | |||
Korea Investment Holdings | 122,586 | a | 7,030,139 | ||
Kumho Petrochemical | 55,951 | 4,760,835 | |||
POSCO | 48,806 | 11,412,802 | |||
Samsung Electronics | 686,955 | 27,546,608 | |||
Samsung SDI | 34,753 | 7,338,701 | |||
89,809,861 | |||||
Taiwan - 9.7% | |||||
Chailease Holding | 4,879,720 | 19,184,966 | |||
Delta Electronics | 1,958,000 | 9,765,665 | |||
Eclat Textile | 368,000 | 4,214,904 | |||
Feng TAY Enterprise | 579,000 | 3,640,326 | |||
Fubon Financial Holding | 4,109,000 | 6,074,749 | |||
Taiwan Semiconductor Manufacturing | 4,883,000 | 37,919,744 | |||
TCI | 296,148 | 4,527,403 | |||
85,327,757 | |||||
Thailand - 1.5% | |||||
Indorama Ventures | 3,659,500 | 5,980,619 |
51
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Emerging Markets Fund (continued) | ||||||
Description | Shares | Value ($) | ||||
Common Stocks - 89.3%(continued) | ||||||
Thailand - 1.5% (continued) | ||||||
Thai Beverage | 11,781,200 | 7,101,833 | ||||
13,082,452 | ||||||
Turkey - 2.3% | ||||||
Eregli Demir ve Celik Fabrikalari | 2,279,741 | 3,980,178 | ||||
Tofas Turk Otomobil Fabrikasi | 1,991,604 | b | 7,901,873 | |||
Tupras Turkiye Petrol Rafinerileri | 180,545 | 4,853,315 | ||||
Turkcell Iletisim Hizmetleri | 1,424,313 | 3,815,422 | ||||
20,550,788 | ||||||
United Arab Emirates - 1.2% | ||||||
Dubai Islamic Bank | 7,230,087 | 10,275,267 | ||||
Total Common Stocks(cost $627,015,154) | 783,276,648 | |||||
Exchange-Traded Funds - 4.5% | ||||||
United States - 4.5% | ||||||
iShares MSCI Emerging Markets ETF | 936,976 | b | 39,765,262 | |||
Preferred Dividend | ||||||
Preferred Stocks - 4.8% | ||||||
Brazil - 4.3% | ||||||
Banco do Estado do Rio Grande do Sul, Cl. B | 7.63 | 1,636,600 | 10,857,945 | |||
Cia Brasileira de Distribuicao | 1.43 | 369,000 | 9,148,988 | |||
Petroleo Brasileiro | 3.13 | 2,493,300 | 17,875,902 | |||
37,882,835 | ||||||
Chile - .5% | ||||||
Embotelladora Andina, Cl. B | 3.85 | 1,211,959 | 4,536,819 | |||
Total Preferred Stocks(cost $39,308,499) | 42,419,654 | |||||
1-Day | ||||||
Investment Companies - 1.1% | ||||||
Registered Investment Companies - 1.1% | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 9,135,255 | d | 9,135,255 | ||
BNY Mellon Emerging Markets Fund (continued) | ||||||
Description | 1-Day | Shares | Value ($) | |||
Investment of Cash Collateral for Securities Loaned - .2% | ||||||
Registered Investment Companies - .2% | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 1,723,301 | d | 1,723,301 | ||
Total Investments(cost $714,749,493) | 99.9% | 876,320,120 | ||||
Cash and Receivables (Net) | .1% | 1,122,715 | ||||
Net Assets | 100.0% | 877,442,835 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Non-income producing security.
b Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $54,760,566 and the value of the collateral held by the fund was $56,664,310, consisting of cash collateral of $1,723,301 and U.S. Government & Agency securities valued at $54,941,009.
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 February 28, 2019, these securities were valued at $6,262,564 or .71% of net assets.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Banks | 14.5 |
Media & Entertainment | 9.8 |
Energy | 7.0 |
Technology Hardware & Equipment | 6.2 |
Retailing | 5.8 |
Materials | 5.4 |
Software & Services | 5.3 |
Diversified Financials | 4.8 |
Registered Investment Companies | 4.5 |
Semiconductors & Semiconductor Equipment | 4.3 |
Insurance | 4.1 |
Capital Goods | 3.5 |
Automobiles & Components | 3.5 |
Transportation | 2.9 |
Food, Beverage & Tobacco | 2.9 |
Consumer Durables & Apparel | 2.5 |
Food & Staples Retailing | 2.2 |
Telecommunication Services | 2.0 |
Real Estate | 1.9 |
Consumer Services | 1.4 |
Pharmaceuticals Biotechnology & Life Sciences | 1.4 |
Investment Companies | 1.2 |
Health Care Equipment & Services | 1.2 |
Utilities | 1.1 |
Household & Personal Products | .5 |
99.9 |
† Based on net assets.
See notes to financial statements.
52
BNY Mellon International Appreciation Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.2% | |||||
Automobiles & Components - 3.2% | |||||
Bridgestone, ADR | 14,448 | a | 286,070 | ||
Daimler | 857 | 51,463 | |||
Denso, ADR | 16,138 | 347,532 | |||
Ferrari | 2,439 | a | 312,826 | ||
Fiat Chrysler Automobiles | 1,495 | 22,021 | |||
Honda Motor, ADR | 2,948 | a | 83,340 | ||
Nissan Motor, ADR | 262 | 4,529 | |||
Sumitomo Electric Industries, ADR | 13,020 | 176,421 | |||
Toyota Motor, ADR | 4,498 | 544,438 | |||
Volkswagen, ADR | 12,100 | 213,081 | |||
2,041,721 | |||||
Banks - 10.6% | |||||
Australia & New Zealand Banking Group, ADR | 22,898 | 455,556 | |||
Banco Bilbao Vizcaya Argentaria, ADR | 52,559 | a | 324,815 | ||
Banco Santander, ADR | 108,293 | 526,304 | |||
Barclays, ADR | 26,340 | 228,104 | |||
BNP Paribas, ADR | 14,661 | b | 375,175 | ||
Commerzbank, ADR | 28,642 | b | 235,724 | ||
Commonwealth Bank of Australia, ADR | 1,723 | c | 271,950 | ||
Credit Agricole, ADR | 38,441 | a,b | 243,139 | ||
Danske Bank, ADR | 10,508 | 103,819 | |||
Erste Group Bank, ADR | 12,733 | b | 239,762 | ||
Hang Seng Bank, ADR | 11,669 | 291,258 | |||
HSBC Holdings, ADR | 20,328 | a | 829,992 | ||
ING Groep, ADR | 23,169 | a,b | 306,294 | ||
Intesa Sanpaolo, ADR | 16,734 | 246,157 | |||
Lloyds Banking Group, ADR | 90,723 | a,b | 301,200 | ||
Mitsubishi UFJ Financial Group, ADR | 54,642 | a | 285,231 | ||
Mizuho Financial Group, ADR | 5,000 | 15,550 | |||
National Australia Bank, ADR | 29,006 | 259,024 | |||
Nordea Bank, ADR | 5,400 | 49,194 | |||
Shinsei Bank, ADR | 84,396 | b | 232,089 | ||
Societe Generale, ADR | 3,495 | b | 21,197 | ||
Sumitomo Mitsui Financial Group, ADR | 5,296 | 37,813 | |||
Sumitomo Mitsui Trust Holdings, ADR | 67,240 | 254,840 | |||
United Overseas Bank, ADR | 6,700 | a,b | 246,962 | ||
Westpac Banking, ADR | 22,315 | 427,332 | |||
6,808,481 | |||||
Capital Goods - 10.1% | |||||
ABB, ADR | 12,222 | b | 240,896 | ||
AGC, ADR | 24,076 | 166,726 | |||
Airbus, ADR | 20,122 | b | 647,124 | ||
Atlas Copco, Cl. A, ADR | 8,647 | a | 234,074 | ||
Atlas Copco, Cl. B, ADR | 5,020 | b | 125,791 | ||
BAE Systems, ADR | 7,289 | 181,970 | |||
CK Hutchison Holdings, ADR | 6,471 | b | 68,496 | ||
FANUC, ADR | 16,000 | 264,640 | |||
Itochu, ADR | 705 | 25,500 | |||
Kajima, ADR | 17,085 | 254,908 | |||
Kawasaki Heavy Industries, ADR | 22,754 | 229,588 | |||
Keppel, ADR | 13,187 | 119,606 | |||
BNY Mellon International Appreciation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.2%(continued) | |||||
Capital Goods - 10.1% (continued) | |||||
Komatsu, ADR | 9,788 | 240,002 | |||
Kubota, ADR | 3,271 | 221,054 | |||
Marubeni, ADR | 1,423 | 102,143 | |||
Metso, ADR | 30,248 | b | 249,848 | ||
Mitsubishi Electric, ADR | 9,575 | 239,997 | |||
Mitsubishi, ADR | 1,157 | 65,440 | |||
Mitsui & Co., ADR | 661 | 208,327 | |||
Monotaro, ADR | 8,450 | 198,998 | |||
Nidec, ADR | 11,562 | 350,040 | |||
NSK, ADR | 7,210 | 132,664 | |||
Rolls-Royce Holdings, ADR | 22,230 | 284,877 | |||
Safran, ADR | 200 | b | 6,812 | ||
Sandvik, ADR | 23,276 | b | 381,261 | ||
Schneider Electric, ADR | 2,150 | b | 33,261 | ||
Siemens, ADR | 7,872 | 429,732 | |||
SKF, ADR | 10,990 | a | 185,291 | ||
Sumitomo, ADR | 11,086 | 157,421 | |||
TOTO, ADR | 6,445 | 244,942 | |||
Vinci, ADR | 2,800 | 66,668 | |||
Volvo, ADR | 6,252 | a | 91,561 | ||
6,449,658 | |||||
Commercial & Professional Services - 2.7% | |||||
Dai Nippon Printing, ADR | 25,828 | a | 300,638 | ||
Experian, ADR | 13,373 | 348,032 | |||
RELX, ADR | 16,624 | 383,183 | |||
Secom, ADR | 18,620 | 402,192 | |||
Toppan Printing, ADR | 33,905 | 275,987 | |||
1,710,032 | |||||
Consumer Durables & Apparel - 5.1% | |||||
adidas, ADR | 4,125 | b | 500,775 | ||
Casio Computer, ADR | 1,940 | 261,784 | |||
Cie Financiere Richemont, ADR | 40,900 | 310,227 | |||
Electrolux, Cl. B, ADR | 3,767 | 196,976 | |||
EssilorLuxottica, ADR | 6,134 | b | 370,770 | ||
LVMH Moet Hennessy Louis Vuitton, ADR | 11,119 | 762,930 | |||
Panasonic, ADR | 21,520 | a | 200,244 | ||
Pandora, ADR | 10,600 | a | 138,913 | ||
Sega Sammy Holdings, ADR | 67,384 | 195,414 | |||
Sony, ADR | 6,922 | 332,187 | |||
3,270,220 | |||||
Consumer Services - 1.4% | |||||
Compass Group, ADR | 13,831 | 310,022 | |||
InterContinental Hotels Group, ADR | 4,776 | a | 288,805 | ||
Sodexo, ADR | 14,960 | 327,175 | |||
926,002 | |||||
Diversified Financials - 2.2% | |||||
Credit Suisse Group, ADR | 17,222 | b | 212,003 | ||
Daiwa Securities Group, ADR | 42,790 | 217,801 | |||
Deutsche Bank | 23,906 | 220,891 | |||
Nomura Holdings, ADR | 51,857 | a | 202,242 | ||
Orix, ADR | 2,529 | 183,403 | |||
UBS Group | 27,651 | a,b | 350,338 | ||
1,386,678 |
53
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Appreciation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.2%(continued) | |||||
Energy - 5.6% | |||||
BP, ADR | 14,566 | 621,240 | |||
Eni, ADR | 11,575 | 399,916 | |||
Equinor, ADR | 10,255 | a | 230,327 | ||
Repsol, ADR | 14,792 | 255,532 | |||
Royal Dutch Shell, Cl. A, ADR | 10,124 | 629,814 | |||
Royal Dutch Shell, Cl. B, ADR | 8,193 | 521,157 | |||
Total, ADR | 10,772 | 613,035 | |||
Woodside Petroleum, ADR | 10,815 | 278,865 | |||
3,549,886 | |||||
Food & Staples Retailing - 1.7% | |||||
Aeon, ADR | 15,968 | 340,597 | |||
Dairy Farm International Holdings, ADR | 3,000 | b | 134,070 | ||
J Sainsbury, ADR | 5,618 | 69,298 | |||
Koninklijke Ahold Delhaize, ADR | 12,825 | b | 329,603 | ||
Seven & I Holdings, ADR | 300 | 6,594 | |||
Tesco, ADR | 21,655 | 194,678 | |||
1,074,840 | |||||
Food, Beverage & Tobacco - 6.9% | |||||
Ajinomoto, ADR | 10,230 | 151,916 | |||
Anheuser-Busch InBev, ADR | 2,685 | 209,860 | |||
British American Tobacco, ADR | 2,808 | 103,166 | |||
Coca-Cola Amatil, ADR | 39,762 | 231,216 | |||
Coca-Cola European Partners | 1,888 | 89,000 | |||
Coca-Cola HBC, ADR | 6,762 | b | 226,933 | ||
Danone, ADR | 27,809 | b | 420,472 | ||
Diageo, ADR | 2,398 | 371,162 | |||
Heineken, ADR | 7,309 | b | 367,752 | ||
Imperial Brands, ADR | 5,274 | 177,180 | |||
Japan Tobacco, ADR | 2,000 | 25,420 | |||
Kirin Holdings, ADR | 11,382 | 254,046 | |||
Nestle, ADR | 16,305 | 1,472,831 | |||
Orkla, ADR | 15,307 | b | 120,237 | ||
Yamazaki Baking, ADR | 1,023 | 175,156 | |||
4,396,347 | |||||
Health Care Equipment & Services - 1.4% | |||||
Fresenius Medical Care & Co., ADR | 7,800 | b | 304,824 | ||
Olympus, ADR | 6,140 | b | 272,309 | ||
Smith & Nephew, ADR | 8,103 | 313,100 | |||
890,233 | |||||
Household & Personal Products - 3.0% | |||||
Henkel AG & Co., ADR | 4,488 | b | 111,661 | ||
Kao, ADR | 24,940 | 379,587 | |||
L'Oreal, ADR | 9,964 | b | 502,783 | ||
Reckitt Benckiser Group, ADR | 8,141 | b | 125,453 | ||
Unilever | 8,862 | 478,371 | |||
Unilever, ADR | 5,938 | 316,080 | |||
1,913,935 | |||||
Insurance - 6.3% | |||||
Aego | 27,741 | 148,692 | |||
Ageas, ADR | 6,836 | b | 336,434 | ||
AIA Group, ADR | 16,000 | a | 636,640 | ||
Allianz, ADR | 32,570 | b | 722,565 | ||
AXA, ADR | 11,900 | b | 300,951 | ||
Legal & General Group, ADR | 18,467 | b | 346,349 | ||
BNY Mellon International Appreciation Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.2%(continued) | |||||
Insurance - 6.3% (continued) | |||||
MS&AD Insurance Group Holdings, ADR | 16,902 | 254,713 | |||
Prudential, ADR | 10,632 | b | 448,670 | ||
Tokio Marine Holdings, ADR | 8,055 | 394,212 | |||
Zurich Insurance Group, ADR | 12,997 | b | 427,861 | ||
4,017,087 | |||||
Materials - 7.5% | |||||
Air Liquide, ADR | 16,853 | 419,134 | |||
Akzo Nobel, ADR | 5,968 | 180,711 | |||
Alumina, ADR | 26,920 | 209,303 | |||
Amcor, ADR | 6,096 | a | 259,690 | ||
Anglo American, ADR | 14,023 | b | 188,048 | ||
ArcelorMittal | 851 | a,b | 19,445 | ||
Asahi Kasei, ADR | 10,985 | a | 239,583 | ||
BASF, ADR | 28,984 | b | 553,305 | ||
BHP Group, ADR | 8,004 | a | 423,412 | ||
BHP Group, ADR | 2,445 | 113,375 | |||
Boral, ADR | 11,521 | 163,483 | |||
Glencore, ADR | 24,336 | b | 195,540 | ||
James Hardie Industries, ADR | 20,320 | a | 255,016 | ||
Johnson Matthey, ADR | 1,692 | 139,142 | |||
Nippon Steel & Sumitomo Metal, ADR | 82 | 1,506 | |||
Nitto Denko, ADR | 5,620 | 150,841 | |||
Norsk Hydro, ADR | 20,133 | 82,545 | |||
OJI Holdings, ADR | 3,200 | 190,528 | |||
Rio Tinto, ADR | 3,124 | a,b | 181,817 | ||
Showa Denko, ADR | 300 | 11,091 | |||
South32, ADR | 13,639 | 190,196 | |||
Teijin, ADR | 10,148 | 167,949 | |||
Toray Industries, ADR | 15,040 | 208,830 | |||
UPM-Kymmene, ADR | 8,622 | b | 260,557 | ||
4,805,047 | |||||
Media - .4% | |||||
Wolters Kluwer, ADR | 4,372 | 288,224 | |||
Media & Entertainment - 1.5% | |||||
CyberAgent, ADR | 10,000 | 155,850 | |||
Nintendo, ADR | 1,000 | 34,250 | |||
Pearson, ADR | 14,633 | a,b | 166,085 | ||
Publicis Groupe, ADR | 14,714 | b | 203,053 | ||
Ubisoft Entertainment, ADR | 15,200 | b | 219,032 | ||
WPP, ADR | 3,096 | 170,249 | |||
948,519 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 9.5% | |||||
AstraZeneca, ADR | 16,086 | 668,856 | |||
Bayer, ADR | 19,670 | b | 395,170 | ||
Beigene, ADR | 1,283 | a,b | 175,835 | ||
CSL, ADR | 5,200 | 356,174 | |||
Eisai, ADR | 3,323 | 274,280 | |||
GlaxoSmithKline, ADR | 7,340 | 296,242 | |||
H Lundeck, ADR | 5,100 | 233,861 | |||
Novartis, ADR | 13,087 | 1,193,927 | |||
Novo Nordisk, ADR | 12,375 | 605,756 | |||
Roche Holding, ADR | 30,532 | 1,057,934 | |||
Sanofi, ADR | 15,389 | a | 640,182 |
54
BNY Mellon International Appreciation Fund (continued) | |||||||
Description | Shares | Value ($) | |||||
Common Stocks - 99.2%(continued) | |||||||
Pharmaceuticals Biotechnology & Life Sciences - 9.5% (continued) | |||||||
Takeda Pharmaceutical, ADR | 7,951 | 159,497 | |||||
Teva Pharmaceutical Industries, ADR | 300 | b | 5,049 | ||||
6,062,763 | |||||||
Real Estate - 3.8% | |||||||
British Land, ADR | 20,994 | 168,372 | |||||
CapitaLand, ADR | 56,796 | a,b | 291,363 | ||||
City Developments, ADR | 32,591 | 215,264 | |||||
Daiwa House Industry, ADR | 7,610 | 235,758 | |||||
Hysan Development, ADR | 25,301 | 263,383 | |||||
Lendlease Group, ADR | 24,316 | 217,628 | |||||
Mitsubishi Estate, ADR | 15,000 | 257,325 | |||||
Sino Land, ADR | 29,641 | 270,622 | |||||
Sun Hung Kai Properties, ADR | 12,037 | 200,175 | |||||
Swire Pacific, Cl. A, ADR | 25,906 | 306,468 | |||||
2,426,358 | |||||||
Retailing - 1.2% | |||||||
Fast Retailing, ADR | 150 | 7,048 | |||||
Hennes & Mauritz, ADR | 45,706 | 138,261 | |||||
INDITEX, ADR | 16,800 | 253,596 | |||||
Kingfisher, ADR | 27,401 | 180,436 | |||||
Marui Group, ADR | 5,401 | 190,412 | |||||
769,753 | |||||||
Semiconductors & Semiconductor Equipment - .4% | |||||||
ASML Holding | 1,355 | b | 247,789 | ||||
SUMCO, ADR | 1,000 | 25,435 | |||||
273,224 | |||||||
Software & Services - 3.2% | |||||||
Computershare, ADR | 17,942 | 218,803 | |||||
Dassault Systemes, ADR | 2,720 | b | 397,773 | ||||
Fujitsu, ADR | 14,005 | 189,208 | |||||
NICE Systems, ADR | 1,500 | a,b | 176,535 | ||||
Sage Group, ADR | 6,064 | a | 212,786 | ||||
SAP, ADR | 7,862 | b | 842,256 | ||||
2,037,361 | |||||||
Technology Hardware & Equipment - 2.7% | |||||||
Canon, ADR | 8,097 | 233,194 | |||||
Ericsson, ADR | 25,504 | b | 231,321 | ||||
Fujifilm Holdings, ADR | 6,819 | 306,991 | |||||
Hitachi, ADR | 835 | 50,250 | |||||
Kyocera, ADR | 3,424 | 188,902 | |||||
Nokia, ADR | 11,880 | b | 72,349 | ||||
Omron, ADR | 4,660 | 201,895 | |||||
Ricoh,ADR | 22,155 | 225,870 | |||||
TDK, ADR | 2,871 | a | 224,426 | ||||
1,735,198 | |||||||
Telecommunication Services - 3.9% | |||||||
BT Group, ADR | 10,368 | a | 149,818 | ||||
Deutsche Telekom, ADR | 25,034 | b | 412,185 | ||||
KDDI, ADR | 20,150 | a | 242,707 | ||||
Nippon Telegraph & Telephone, ADR | 4,682 | 202,988 | |||||
Orange, ADR | 13,052 | 198,912 | |||||
Singapore Telecommunications, ADR | 124 | a | 2,758 | ||||
SoftBank Group, ADR | 6,000 | 278,460 | |||||
BNY Mellon International Appreciation Fund (continued) | |||||||
Description | Shares | Value ($) | |||||
Common Stocks - 99.2%(continued) | |||||||
Telecommunication Services - 3.9% (continued) | |||||||
Swisscom, ADR | 5,286 | a,b | 245,006 | ||||
Telecom Italia, ADR | 20,896 | b | 126,003 | ||||
Telefonica, ADR | 30,412 | 263,064 | |||||
Telenor, ADR | 8,088 | 158,363 | |||||
Telstra, ADR | 11,948 | 132,862 | |||||
Vodafone Group, ADR | 4,964 | 88,607 | |||||
2,501,733 | |||||||
Transportation - .9% | |||||||
ANA Holdings, ADR | 18,872 | b | 144,560 | ||||
Deutsche Lufthansa, ADR | 5,366 | b | 137,155 | ||||
Nippon Yusen, ADR | 34,373 | 106,900 | |||||
Ryanair Holdings, ADR | 2,663 | b | 198,500 | ||||
587,115 | |||||||
Utilities - 4.0% | |||||||
Centrica, ADR | 970 | 6,562 | |||||
CLP Holdings, ADR | 12,613 | a | 149,716 | ||||
E.ON, ADR | 24,594 | b | 269,796 | ||||
EDP - Energias de Portugal, ADR | 330 | b | 12,118 | ||||
Enel, ADR | 63,707 | 382,242 | |||||
Engie, ADR | 486 | 7,290 | |||||
Hong Kong & China Gas, ADR | 97,666 | 225,120 | |||||
Iberdrola, ADR | 10,196 | 341,464 | |||||
National Grid, ADR | 3,940 | 222,610 | |||||
RWE, ADR | 9,780 | b | 239,414 | ||||
SSE, ADR | 1,560 | 24,601 | |||||
United Utilities Group, ADR | 10,947 | 246,089 | |||||
Veolia Environnement, ADR | 13,277 | b | 290,235 | ||||
Verbund, ADR | 16,200 | b | 155,439 | ||||
2,572,696 | |||||||
Total Common Stocks(cost $77,958,185) | 63,443,111 | ||||||
Principal Amount ($) | |||||||
Short-Term Investments - .1% | |||||||
U.S. Treasury Bills - .1% | |||||||
2.40%, 3/7/19 | 55,000 | d,e | 54,979 | ||||
1-Day | Shares | ||||||
Investment Companies - .8% | |||||||
Registered Investment Companies - .8% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 499,829 | f | 499,829 |
55
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Appreciation Fund (continued) | ||||||
Description | 1-Day | Shares | Value ($) | |||
Investment of Cash Collateral for Securities Loaned - 4.2% | ||||||
Registered Investment Companies - 4.2% | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 2,687,915 | f | 2,687,915 | ||
Total Investments(cost $81,200,907) | 104.3% | 66,685,834 | ||||
Liabilities, Less Cash and Receivables | (4.3%) | (2,745,670) | ||||
Net Assets | 100.0% | 63,940,164 |
ADR—American Depository Receipt
a Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $5,271,032 and the value of the collateral held by the fund was $5,473,169, consisting of cash collateral of $2,687,915 and U.S. Government & Agency securities valued at $2,785,254.
b Non-income producing security.
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 February 28, 2019, these securities were valued at $271,950 or .43% of net assets.
d Held by a counterparty for open exchange traded derivative contracts.
e Security is a discount security. Income is recognized through the accretion of discount.
f Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Financials | 18.4 |
Industrials | 13.7 |
Consumer Staples | 11.3 |
Consumer Discretionary | 11.0 |
Health Care | 10.9 |
Materials | 7.5 |
Information Technology | 6.3 |
Energy | 5.5 |
Communication Services | 5.4 |
Investment Companies | 5.0 |
Utilities | 4.0 |
Real Estate | 3.8 |
Financial | .7 |
Communications | .4 |
Consumer, Non-cyclical | .3 |
Government | .1 |
104.3 |
† Based on net assets.
See notes to financial statements.
56
BNY Mellon International Equity Income Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 93.3% | |||||
Australia - 7.0% | |||||
Alumina | 510,500 | 923,414 | |||
Australia & New Zealand Banking Group | 120,500 | 2,393,347 | |||
National Australia Bank | 322,000 | 5,739,961 | |||
Transurban Group | 348,800 | 3,085,343 | |||
Wesfarmers | 119,400 | 2,810,226 | |||
Westpac Banking | 387,900 | 7,418,229 | |||
22,370,520 | |||||
Canada - 5.7% | |||||
Royal Bank of Canada | 99,300 | 7,760,937 | |||
Toronto-Dominion Bank | 136,300 | 7,815,797 | |||
Vermillion Energy | 108,300 | 2,770,149 | |||
18,346,883 | |||||
China - 6.7% | |||||
Alibaba Group Holding, ADR | 10,300 | a | 1,885,209 | ||
Bank of China, Cl. H | 5,035,500 | a | 2,347,837 | ||
Guangzhou R&F Properties, Cl. H | 4,225,300 | 7,901,832 | |||
Industrial & Commercial Bank of China, Cl. H | 4,625,000 | a | 3,558,712 | ||
Sinopec Shanghai Petrochemical, Cl. H | 1,926,000 | a | 976,525 | ||
Tencent Holdings | 50,100 | a | 2,143,199 | ||
Zhejiang Expressway, Cl. H | 2,630,700 | a | 2,744,729 | ||
21,558,043 | |||||
Czech Republic - 1.6% | |||||
CEZ | 216,600 | a | 5,248,392 | ||
Finland - 3.7% | |||||
Fortum | 205,000 | 4,551,620 | |||
Nordea Bank | 795,000 | 7,209,744 | |||
11,761,364 | |||||
France - 6.5% | |||||
AXA | 111,400 | 2,825,042 | |||
BNP Paribas | 30,900 | 1,583,557 | |||
Bouygues | 980 | 37,064 | |||
Casino Guichard Perrachon | 149,600 | b | 7,910,856 | ||
Natixis | 550,900 | a | 3,027,834 | ||
Renault | 18,200 | a | 1,246,857 | ||
Total | 77,200 | 4,389,679 | |||
21,020,889 | |||||
Germany - 2.9% | |||||
Deutsche Post | 39,500 | a | 1,227,468 | ||
Muenchener Rueckversicherungs | 17,000 | 4,004,620 | |||
ProSiebenSat.1 Media | 232,500 | a | 4,241,892 | ||
9,473,980 | |||||
Greece - .7% | |||||
OPAP | 229,900 | 2,353,498 | |||
Hong Kong - 2.5% | |||||
Nine Dragons Paper Holdings | 2,633,000 | 2,730,357 | |||
PCCW | 2,617,000 | 1,573,584 | |||
Yue Yuen Industrial Holdings | 1,099,500 | 3,697,799 | |||
8,001,740 | |||||
Israel - .5% | |||||
Bezeq The Israeli Telecommunication Corporation | 1,712,600 | 1,501,667 | |||
Italy - 1.8% | |||||
Eni | 327,400 | 5,647,836 | |||
BNY Mellon International Equity Income Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 93.3%(continued) | |||||
Japan - 13.1% | |||||
Aozora Bank | 79,200 | 2,280,824 | |||
Canon | 108,500 | 3,115,853 | |||
FANUC | 5,600 | 926,425 | |||
Honda Motor | 63,500 | 1,796,219 | |||
ITOCHU | 396,400 | 7,105,434 | |||
Japan Airlines | 65,600 | 2,392,356 | |||
Mitsui & Co. | 106,800 | 1,676,760 | |||
MS&AD Insurance Group Holdings | 112,000 | 3,359,045 | |||
Nissan Motor | 399,800 | 3,451,913 | |||
NTT Docomo | 54,800 | 1,274,070 | |||
Sumco | 97,000 | 1,229,633 | |||
Sumitomo | 110,100 | 1,580,900 | |||
Takeda Pharmaceutical | 129,400 | 5,188,073 | |||
Tokyo Electron | 48,900 | 6,646,346 | |||
42,023,851 | |||||
Luxembourg - .9% | |||||
RTL Group | 53,500 | 3,017,120 | |||
Macau - 1.6% | |||||
Sands China | 1,059,800 | 5,292,418 | |||
Netherlands - 2.5% | |||||
Royal Dutch Shell, Cl. A | 232,500 | 7,245,303 | |||
Royal Dutch Shell, Cl. B | 26,200 | 821,673 | |||
8,066,976 | |||||
New Zealand - 2.3% | |||||
Auckland International Airport | 188,800 | 999,011 | |||
Spark New Zealand | 2,549,800 | 6,476,823 | |||
7,475,834 | |||||
Norway - 2.4% | |||||
Mowi | 332,400 | a | 7,668,394 | ||
Qatar - .0% | |||||
Commercial Bank | 11,484 | 126,470 | |||
Russia - 3.3% | |||||
Alrosa | 842,500 | 1,215,255 | |||
MMC Norilsk Nickel | 10,000 | 2,140,755 | |||
Severstal | 465,800 | 7,268,543 | |||
10,624,553 | |||||
Singapore - 1.9% | |||||
Ascendas Real Estate Investment Trust | 1,346,000 | 2,787,574 | |||
DBS Group Holdings | 19,000 | 349,083 | |||
Singapore Telecommunications | 1,263,700 | 2,822,762 | |||
5,959,419 | |||||
South Africa - .6% | |||||
MTN Group | 93,500 | a | 554,084 | ||
Redefine Properties | 2,076,100 | 1,430,345 | |||
1,984,429 | |||||
South Korea - 1.2% | |||||
Hyosung | 36,500 | 2,433,982 | |||
Samsung Electronics | 33,800 | 1,355,366 | |||
3,789,348 | |||||
Spain - 1.0% | |||||
Banco Santander | 645,200 | 3,152,760 | |||
Sweden - 1.3% | |||||
Hennes & Mauritz, Cl. B | 51,000 | 771,847 |
57
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Equity Income Fund (continued) | |||||||
Description | Shares | Value ($) | |||||
Common Stocks - 93.3%(continued) | |||||||
Sweden - 1.3% (continued) | |||||||
Skanska, Cl. B | 191,600 | 3,456,102 | |||||
4,227,949 | |||||||
Switzerland - 4.8% | |||||||
Nestle | 29,650 | 2,684,409 | |||||
Novartis | 61,600 | 5,619,021 | |||||
Roche Holding | 9,971 | 2,770,361 | |||||
Zurich Insurance Group | 12,865 | 4,253,745 | |||||
15,327,536 | |||||||
Taiwan - 4.9% | |||||||
Asustek Computer | 800,000 | a | 5,705,652 | ||||
Chicony Electronics | 372,162 | a | 822,284 | ||||
Compal Electronics | 1,024,900 | a | 636,056 | ||||
Nan Ya Plastics | 1,345,000 | A | 3,360,697 | ||||
President Chain Store | 284,000 | a | 2,939,061 | ||||
Transcend Information | 247,400 | a | 553,056 | ||||
Uni-President Enterprises | 644,000 | a | 1,569,379 | ||||
15,586,185 | |||||||
Turkey - .5% | |||||||
Tupras Turkiye Petrol Rafinerileri | 59,100 | 1,588,695 | |||||
United Arab Emirates - .6% | |||||||
Dubai Islamic Bank | 1,300,658 | 1,848,471 | |||||
United Kingdom - 10.8% | |||||||
AstraZeneca | 280 | 22,799 | |||||
BP | 1,159,200 | 8,216,426 | |||||
British American Tobacco | 98,500 | 3,603,855 | |||||
GlaxoSmithKline | 272,100 | 5,404,114 | |||||
HSBC Holdings | 223,173 | 1,814,218 | |||||
Imperial Brands | 100,300 | 3,339,791 | |||||
Legal & General Group | 756,700 | a | 2,816,239 | ||||
Persimmon | 176,000 | 5,679,537 | |||||
Rio Tinto | 32,900 | 1,892,097 | |||||
SSE | 44,100 | 695,178 | |||||
Vodafone Group | 726,500 | 1,293,913 | |||||
34,778,167 | |||||||
Total Common Stocks(cost $291,616,592) | 299,823,387 | ||||||
Exchange-Traded Funds - 3.2% | |||||||
United States - 3.2% | |||||||
iShares MSCI EAFE ETF | 158,000 | 10,154,660 | |||||
Preferred Dividend | |||||||
Preferred Stocks - .8% | |||||||
South Korea - .8% | |||||||
Hyundai Motor | 5.84 | 39,700 | 2,601,485 | ||||
1-Day | |||||||
Investment Companies - 1.6% | |||||||
Registered Investment Companies - 1.6% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 5,191,679 | c | 5,191,679 | |||
BNY Mellon International Equity Income Fund (continued) | |||||||
Description | 1-Day | Shares | Value ($) | ||||
Investment of Cash Collateral for Securities Loaned - .7% | |||||||
Registered Investment Companies - .7% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 2,366,079 | c | 2,366,079 | |||
Total Investments(cost $312,542,931) | 99.6% | 320,137,290 | |||||
Cash and Receivables (Net) | .4% | 1,208,346 | |||||
Net Assets | 100.0% | 321,345,636 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Non-income producing security.
b Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $2,354,060 and the value of the collateral held by the fund was $2,366,079.
c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Banks | 17.2 |
Energy | 9.5 |
Materials | 6.4 |
Pharmaceuticals Biotechnology & Life Sciences | 5.9 |
Food, Beverage & Tobacco | 5.9 |
Insurance | 5.4 |
Capital Goods | 5.4 |
Telecommunication Services | 4.8 |
Technology Hardware & Equipment | 3.8 |
Real Estate | 3.8 |
Food & Staples Retailing | 3.4 |
Utilities | 3.3 |
Transportation | 3.2 |
Registered Investment Companies | 3.2 |
Media & Entertainment | 2.9 |
Consumer Durables & Apparel | 2.9 |
Automobiles & Components | 2.8 |
Semiconductors & Semiconductor Equipment | 2.4 |
Consumer Services | 2.4 |
Investment Companies | 2.4 |
Retailing | 1.7 |
Diversified Financials | .9 |
99.6 |
† Based on net assets.
See notes to financial statements.
58
BNY Mellon Asset Allocation Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 13.8% | |||||||||
Aerospace & Defense - .1% | |||||||||
Northrop Grumman, | 2.93 | 1/15/2025 | 320,000 | 310,400 | |||||
Airlines - .1% | |||||||||
American Airlines Pass-Through Trust, | 3.38 | 5/1/2027 | 318,812 | 308,355 | |||||
United Airlines Pass Through Trust, | 4.15 | 8/25/2031 | 395,000 | 405,941 | |||||
714,296 | |||||||||
Automobiles & Components - .1% | |||||||||
Toyota Motor Credit, | 2.15 | 3/12/2020 | 300,000 | 298,118 | |||||
Banks - 1.2% | |||||||||
Bank of America, | 3.95 | 4/21/2025 | 590,000 | 590,182 | |||||
Barclays, | 5.20 | 5/12/2026 | 55,000 | 55,448 | |||||
Citigroup, | 4.45 | 9/29/2027 | 625,000 | 627,785 | |||||
Citizens Financial Group, | 4.15 | 9/28/2022 | 545,000 | a | 548,274 | ||||
Cooperatieve Rabobank, | 4.50 | 1/11/2021 | 530,000 | 545,403 | |||||
Goldman Sachs Group, | 6.75 | 10/1/2037 | 530,000 | 631,111 | |||||
JPMorgan Chase & Co., | 3.38 | 5/1/2023 | 425,000 | 425,374 | |||||
Morgan Stanley, | 4.88 | 11/1/2022 | 680,000 | 712,288 | |||||
Royal Bank of Scotland Group, | 5.08 | 1/27/2030 | 335,000 | 344,436 | |||||
Royal Bank of Scotland Group, | 6.13 | 12/15/2022 | 240,000 | 253,394 | |||||
Societe Generale, | 4.75 | 11/24/2025 | 510,000 | a | 518,666 | ||||
Sumitomo Mitsui Banking, | 3.15 | 10/16/2020 | 315,000 | b | 315,118 | ||||
Wells Fargo & Co., | 2.63 | 7/22/2022 | 225,000 | 220,872 | |||||
5,788,351 | |||||||||
Beverage Products - .2% | |||||||||
Anheuser-Busch InBev Worldwide, | 4.90 | 2/1/2046 | 375,000 | a | 361,605 | ||||
PepsiCo, | 4.50 | 1/15/2020 | 375,000 | 380,808 | |||||
742,413 | |||||||||
Chemicals - .1% | |||||||||
DowDuPont, | 4.49 | 11/15/2025 | 405,000 | 423,766 | |||||
Commercial & Professional Services - .1% | |||||||||
George Washington University, | 4.13 | 9/15/2048 | 325,000 | 326,766 | |||||
Total System Services, | 4.80 | 4/1/2026 | 350,000 | 358,666 | |||||
685,432 | |||||||||
Commercial Mortgage Pass-Through Ctfs. - .2% | |||||||||
UBS Commercial Mortgage Trust, | 3.40 | 5/10/2045 | 272,335 | 274,879 |
59
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 13.8% (continued) | |||||||||
Commercial Mortgage Pass-Through Ctfs. - .2% (continued) | |||||||||
WFRBS Commercial Mortgage Trust, | 3.20 | 3/15/2048 | 315,000 | 316,698 | |||||
WFRBS Commercial Mortgage Trust, | 3.00 | 5/15/2045 | 540,000 | 538,744 | |||||
1,130,321 | |||||||||
Diversified Financials - .2% | |||||||||
Aercap Global Aviation Trust, | 4.50 | 5/15/2021 | 470,000 | 476,428 | |||||
Intercontinental Exchange, | 2.75 | 12/1/2020 | 410,000 | 408,622 | |||||
885,050 | |||||||||
Electronic Components - .1% | |||||||||
Tech Data, | 4.95 | 2/15/2027 | 345,000 | 343,701 | |||||
Energy - .4% | |||||||||
BP Capital Markets, | 2.50 | 11/6/2022 | 255,000 | 250,308 | |||||
Concho Resources, | 4.30 | 8/15/2028 | 225,000 | 227,004 | |||||
Energy Transfer Operating, | 5.25 | 4/15/2029 | 170,000 | 178,109 | |||||
Enterprise Products Operating, | 2.55 | 10/15/2019 | 200,000 | 199,687 | |||||
Exxon Mobil, | 1.71 | 3/1/2019 | 260,000 | 260,000 | |||||
Sabine Pass Liquefaction, | 5.75 | 5/15/2024 | 200,000 | 216,594 | |||||
Shell International Finance, | 3.50 | 11/13/2023 | 300,000 | 306,677 | |||||
Spectra Energy Partners, | 3.50 | 3/15/2025 | 195,000 | 192,399 | |||||
Williams Cos., | 4.30 | 3/4/2024 | 225,000 | 230,314 | |||||
2,061,092 | |||||||||
Foreign/Governmental - .2% | |||||||||
Petroleos Mexicanos, | 4.88 | 1/24/2022 | 470,000 | 468,355 | |||||
Province of Ontario Canada, | 3.05 | 1/29/2024 | 430,000 | 433,289 | |||||
901,644 | |||||||||
Health Care - .4% | |||||||||
AbbVie, | 2.90 | 11/6/2022 | 325,000 | 320,069 | |||||
Amgen, | 5.65 | 6/15/2042 | 325,000 | 354,406 | |||||
Biogen, | 2.90 | 9/15/2020 | 345,000 | 345,085 | |||||
Celgene, | 3.25 | 2/20/2023 | 300,000 | 297,645 | |||||
CVS Health, | 4.78 | 3/25/2038 | 435,000 | 424,039 | |||||
1,741,244 |
60
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 13.8% (continued) | |||||||||
Industrials - .1% | |||||||||
ABB Finance USA, | 2.88 | 5/8/2022 | 505,000 | 503,680 | |||||
Rockwell Automation, | 3.50 | 3/1/2029 | 200,000 | 200,078 | |||||
703,758 | |||||||||
Information Technology - .3% | |||||||||
Adobe, | 3.25 | 2/1/2025 | 305,000 | 307,170 | |||||
Microsoft, | 3.75 | 2/12/2045 | 440,000 | 432,355 | |||||
Oracle, | 2.50 | 5/15/2022 | 570,000 | 563,054 | |||||
1,302,579 | |||||||||
Insurance - .1% | |||||||||
MetLife, | 5.88 | 3/15/2028 | 300,000 | 302,558 | |||||
Prudential Financial, | 4.35 | 2/25/2050 | 345,000 | 339,402 | |||||
641,960 | |||||||||
Internet Software & Services - .2% | |||||||||
Amazon.com, | 2.40 | 2/22/2023 | 435,000 | 427,504 | |||||
Arrow Electronics, | 3.50 | 4/1/2022 | 385,000 | 380,145 | |||||
eBay, | 2.60 | 7/15/2022 | 320,000 | 313,366 | |||||
1,121,015 | |||||||||
Media - .3% | |||||||||
21st Century Fox America, | 6.15 | 3/1/2037 | 265,000 | 327,556 | |||||
Comcast, | 3.60 | 3/1/2024 | 625,000 | 635,005 | |||||
Discovery Communications, | 2.80 | 6/15/2020 | 345,000 | a | 342,163 | ||||
1,304,724 | |||||||||
Municipal Bonds - 1.2% | |||||||||
California, | 3.38 | 4/1/2025 | 400,000 | 405,448 | |||||
California Earthquake Authority, | 2.81 | 7/1/2019 | 147,000 | 146,909 | |||||
California Educational Facilities Authority, | 5.00 | 10/1/2032 | 375,000 | 477,180 | |||||
Chicago, | 7.38 | 1/1/2033 | 290,000 | 314,928 | |||||
Commonwealth of Massachusetts, | 4.91 | 5/1/2029 | 325,000 | 362,362 | |||||
Florida Hurricane Catastrophe Fund Finance Corporation, | 3.00 | 7/1/2020 | 900,000 | 900,207 | |||||
New York City, | 6.25 | 6/1/2035 | 345,000 | 357,927 |
61
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 13.8% (continued) | |||||||||
Municipal Bonds - 1.2% (continued) | |||||||||
New York City Municipal Water Finance Authority, | 6.28 | 6/15/2042 | 530,000 | 559,240 | |||||
New York City Transitional Finance Authority Future Tax Secured Revenue, | 3.88 | 8/1/2031 | 350,000 | 352,881 | |||||
Oakland Unified School District, | 9.50 | 8/1/2034 | 180,000 | 184,907 | |||||
Shawnee County Unified School District No 345 Seaman, | 5.00 | 9/1/2024 | 650,000 | 724,054 | |||||
Texas Public Finance Authority, | 8.25 | 7/1/2024 | 310,000 | 313,240 | |||||
University of California, | 4.13 | 5/15/2045 | 340,000 | 340,374 | |||||
5,439,657 | |||||||||
Real Estate - .3% | |||||||||
Alexandria Real Estate Equities, | 4.30 | 1/15/2026 | 265,000 | 267,559 | |||||
Boston Properties, | 4.13 | 5/15/2021 | 215,000 | 219,217 | |||||
CubeSmart, | 4.80 | 7/15/2022 | 170,000 | 176,353 | |||||
Kimco Realty, | 3.40 | 11/1/2022 | 340,000 | 339,188 | |||||
Mid-America Apartments, | 3.60 | 6/1/2027 | 280,000 | 272,173 | |||||
National Retail Properties, | 4.30 | 10/15/2028 | 165,000 | 167,956 | |||||
1,442,446 | |||||||||
Semiconductors & Semiconductor Equipment - .1% | |||||||||
Intel, | 2.70 | 12/15/2022 | 290,000 | 288,701 | |||||
Technology Hardware & Equipment - .1% | |||||||||
Apple, | 4.38 | 5/13/2045 | 300,000 | 312,079 | |||||
Telecommunication Services - .4% | |||||||||
AT&T, | 4.13 | 2/17/2026 | 335,000 | 335,508 | |||||
AT&T, | 4.55 | 3/9/2049 | 460,000 | 413,006 | |||||
Telefonica Emisiones, | 4.10 | 3/8/2027 | 590,000 | 580,792 | |||||
Verizon Communications, | 5.50 | 3/16/2047 | 570,000 | 634,523 | |||||
1,963,829 | |||||||||
Transportation - .3% | |||||||||
Burlington North Santa Fe, | 3.45 | 9/15/2021 | 430,000 | 434,635 | |||||
JB Hunt Transport Services, | 3.88 | 3/1/2026 | 310,000 | 309,602 | |||||
Ryder System, | 3.65 | 3/18/2024 | 315,000 | 314,740 |
62
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 13.8% (continued) | |||||||||
Transportation - .3% (continued) | |||||||||
Union Pacific, | 3.15 | 3/1/2024 | 320,000 | 319,293 | |||||
1,378,270 | |||||||||
U.S. Government Agencies - .1% | |||||||||
Federal Farm Credit Bank, | 3.60 | 7/23/2025 | 325,000 | 325,360 | |||||
U.S. Government Agencies Mortgage-Backed - 3.8% | |||||||||
Federal Home Loan Mortgage Corporation: | |||||||||
3.00%, 1/1/33 | 428,726 | c | 428,462 | ||||||
3.50%, 11/1/32-4/1/48 | 2,456,162 | c | 2,463,004 | ||||||
4.00%, 11/1/47-9/1/48 | 2,314,972 | c | 2,365,470 | ||||||
4.50%, 7/1/48-11/1/48 | 1,102,888 | c | 1,143,713 | ||||||
5.00%, 7/1/40 | 176,184 | c | 188,977 | ||||||
Federal National Mortgage Association: | |||||||||
2.50%, 10/1/31 | 726,242 | c | 713,424 | ||||||
3.00%, 6/1/37-9/1/46 | 2,628,690 | c | 2,574,996 | ||||||
3.50%, 5/1/33-3/1/48 | 1,860,033 | c | 1,869,674 | ||||||
4.00%, 2/1/39-11/1/48 | 1,253,805 | c | 1,282,242 | ||||||
4.50%, 7/1/48 | 585,268 | c | 606,139 | ||||||
5.00%, 11/1/43-9/1/48 | 492,733 | c | 519,805 | ||||||
Government National Mortgage Association II: | |||||||||
3.00%, 9/20/47 | 938,107 | 926,694 | |||||||
3.50%, 4/20/46-9/20/47 | 1,013,631 | 1,023,733 | |||||||
4.00%, 8/1/48 | 914,606 | 939,767 | |||||||
4.50%, 12/1/48 | 627,491 | 650,487 | |||||||
17,696,587 | |||||||||
U.S. Government Securities - 2.8% | |||||||||
U.S. Treasury Bonds | 2.25 | 8/15/2046 | 420,000 | 354,654 | |||||
U.S. Treasury Bonds | 2.50 | 5/15/2046 | 640,000 | 570,425 | |||||
U.S. Treasury Bonds | 2.75 | 11/15/2047 | 185,000 | d | 172,982 | ||||
U.S. Treasury Bonds | 2.88 | 8/15/2045 | 470,000 | 452,448 | |||||
U.S. Treasury Notes | 1.88 | 4/30/2022 | 1,390,000 | 1,363,883 | |||||
U.S. Treasury Notes | 2.00 | 11/15/2026 | 555,000 | d | 529,906 | ||||
U.S. Treasury Notes | 2.13 | 9/30/2021 | 460,000 | 455,634 | |||||
U.S. Treasury Notes | 2.25 | 11/15/2027 | 20,000 | 19,313 | |||||
U.S. Treasury Notes | 2.38 | 1/31/2023 | 320,000 | 318,338 | |||||
U.S. Treasury Notes | 2.38 | 5/15/2027 | 385,000 | d | 376,804 | ||||
U.S. Treasury Notes | 2.50 | 1/31/2024 | 2,535,000 | d | 2,532,574 | ||||
U.S. Treasury Notes | 2.63 | 2/15/2029 | 220,000 | d | 218,208 | ||||
U.S. Treasury Notes | 2.63 | 2/28/2023 | 385,000 | 386,579 | |||||
U.S. Treasury Notes | 2.63 | 1/31/2026 | 215,000 | d | 215,151 | ||||
U.S. Treasury Notes | 2.88 | 10/15/2021 | 105,000 | 105,970 | |||||
U.S. Treasury Notes | 2.88 | 8/15/2028 | 220,000 | 222,888 | |||||
U.S. Treasury Notes | 2.88 | 11/30/2023 | 165,000 | 167,623 | |||||
U.S. Treasury Notes | 3.13 | 11/15/2028 | 1,465,000 | 1,515,274 | |||||
United States Treasury Inflation Indexed Bonds, | 1.00 | 2/15/2046 | 652,085 | e | 634,038 | ||||
United States Treasury Inflation Indexed Notes, | 0.38 | 7/15/2025 | 683,319 | e | 672,716 |
63
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 13.8% (continued) | |||||||||
U.S. Government Securities - 2.8% (continued) | |||||||||
United States Treasury Inflation Indexed Notes, | 0.38 | 1/15/2027 | 332,816 | e | 323,612 | ||||
United States Treasury Inflation Indexed Notes, | 0.63 | 1/15/2024 | 629,887 | e | 630,287 | ||||
United States Treasury Inflation Indexed Notes, | 0.63 | 4/15/2023 | 960,868 | e | 959,676 | ||||
13,198,983 | |||||||||
Utilities - .3% | |||||||||
Black Hills, | 4.35 | 5/1/2033 | 160,000 | 159,380 | |||||
CenterPoint Energy, | 4.25 | 11/1/2028 | 275,000 | 277,844 | |||||
Exelon, | 3.40 | 4/15/2026 | 280,000 | 271,819 | |||||
NiSource, | 3.95 | 3/30/2048 | 335,000 | 302,690 | |||||
Public Service Enterprise Group, | 1.60 | 11/15/2019 | 170,000 | 168,439 | |||||
1,180,172 | |||||||||
TotalBonds and Notes | 64,325,948 | ||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 23.5% | |||||||||
Aerospace & Defense - .9% | |||||||||
Boeing | 4,714 | 2,073,971 | |||||||
Lockheed Martin | 3,630 | 1,123,158 | |||||||
Raytheon | 4,714 | 879,161 | |||||||
4,076,290 | |||||||||
Agriculture - .5% | |||||||||
Altria Group | 19,155 | 1,003,914 | |||||||
Philip Morris International | 15,468 | 1,344,788 | |||||||
2,348,702 | |||||||||
Airlines - .1% | |||||||||
United Continental Holdings | 7,365 | f | 646,721 | ||||||
Banks - 1.5% | |||||||||
Bank of America | 75,854 | 2,205,834 | |||||||
Comerica | 10,325 | 899,411 | |||||||
JPMorgan Chase & Co. | 24,237 | 2,529,373 | |||||||
Popular | 10,311 | 581,334 | |||||||
Wells Fargo & Co. | 736 | 36,719 | |||||||
Zions Bancorp | 13,259 | 677,535 | |||||||
6,930,206 | |||||||||
Beverage Products - .1% | |||||||||
PepsiCo | 4,493 | 519,571 | |||||||
Chemicals - .4% | |||||||||
CF Industries Holdings | 13,994 | 590,547 | |||||||
Huntsman | 23,765 | 589,134 | |||||||
LyondellBasell Industries, Cl. A | 7,513 | 642,512 | |||||||
Westlake Chemical | 958 | 66,935 | |||||||
1,889,128 |
64
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 23.5%(continued) | |||||||||
Commercial & Professional Services - .4% | |||||||||
Automatic Data Processing | 5,523 | 845,185 | |||||||
S&P Global | 5,818 | 1,165,753 | |||||||
2,010,938 | |||||||||
Consumer Discretionary - .2% | |||||||||
Carnival | 14,063 | 812,279 | |||||||
Consumer Durables & Apparel - .2% | |||||||||
NIKE, Cl. B | 13,994 | 1,199,706 | |||||||
Consumer Staples - .2% | |||||||||
Procter & Gamble | 8,138 | 802,000 | |||||||
Diversified Financials - .6% | |||||||||
American Express | 6,038 | 650,534 | |||||||
Discover Financial Services | 13,239 | 948,045 | |||||||
Evercore, Cl. A | 6,631 | 610,715 | |||||||
Synchrony Financial | 22,095 | 720,518 | |||||||
2,929,812 | |||||||||
Energy - 1.4% | |||||||||
Chevron | 14,763 | 1,765,360 | |||||||
ConocoPhillips | 16,205 | 1,099,509 | |||||||
Continental Resources | 3,683 | f | 164,299 | ||||||
Exxon Mobil | 15,465 | 1,222,199 | |||||||
HollyFrontier | 9,572 | 490,086 | |||||||
Marathon Petroleum | 14,620 | 906,586 | |||||||
Phillips 66 | 10,089 | 972,176 | |||||||
6,620,215 | |||||||||
Environmental Control - .0% | |||||||||
Pentair | 5,156 | 219,336 | |||||||
Food & Staples Retailing - .7% | |||||||||
Sysco | 10,311 | 696,508 | |||||||
Walgreens Boots Alliance | 13,370 | 951,810 | |||||||
Walmart | 15,387 | 1,523,159 | |||||||
3,171,477 | |||||||||
Health Care - 4.2% | |||||||||
AbbVie | 16,502 | 1,307,618 | |||||||
Agilent Technologies | 9,539 | 757,778 | |||||||
Allergan | 1,104 | 152,032 | |||||||
Amgen | 7,440 | 1,414,195 | |||||||
Baxter International | 8,104 | 605,612 | |||||||
Biogen | 3,609 | f | 1,183,788 | ||||||
Bristol-Myers Squibb | 16,940 | 875,120 | |||||||
Danaher | 10,550 | 1,340,061 | |||||||
Herbalife Nutrition | 11,047 | f | 619,737 | ||||||
IDEXX Laboratories | 3,757 | f | 792,840 | ||||||
Illumina | 2,503 | f | 782,863 | ||||||
Johnson & Johnson | 18,557 | 2,535,628 | |||||||
Merck & Co. | 8,839 | 718,522 | |||||||
Mettler-Toledo International | 221 | f | 150,481 | ||||||
Pfizer | 49,796 | 2,158,657 | |||||||
Thermo Fisher Scientific | 3,094 | 803,110 | |||||||
UnitedHealth Group | 4,863 | 1,177,916 | |||||||
Waters | 4,050 | f | 980,991 |
65
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 23.5%(continued) | |||||||||
Health Care - 4.2% (continued) | |||||||||
Zoetis | 11,787 | 1,110,689 | |||||||
19,467,638 | |||||||||
Household & Personal Products - .2% | |||||||||
Kimberly-Clark | 7,070 | 825,988 | |||||||
Industrials - .3% | |||||||||
Textron | 12,522 | 679,945 | |||||||
Xerox | 20,629 | 637,436 | |||||||
1,317,381 | |||||||||
Information Technology - 2.7% | |||||||||
Adobe | 4,639 | f | 1,217,737 | ||||||
Broadridge Financial Solutions | 5,228 | 529,335 | |||||||
Cadence Design Systems | 19,151 | f | 1,096,395 | ||||||
CDK Global | 10,310 | 598,083 | |||||||
Citrix Systems | 4,642 | 489,731 | |||||||
Cognizant Technology Solutions, Cl. A | 12,522 | 888,812 | |||||||
Fiserv | 2,505 | f | 212,148 | ||||||
International Business Machines | 3,951 | 545,752 | |||||||
Intuit | 3,976 | 982,589 | |||||||
Mastercard, Cl. A | 958 | 215,330 | |||||||
Microsoft | 30,496 | 3,416,467 | |||||||
Paychex | 2,947 | 226,978 | |||||||
Visa, Cl. A | 13,919 | 2,061,682 | |||||||
12,481,039 | |||||||||
Insurance - .9% | |||||||||
Allstate | 11,030 | 1,041,011 | |||||||
Berkshire Hathaway, Cl. B | 4,345 | f | 874,648 | ||||||
Progressive | 16,185 | 1,179,886 | |||||||
Prudential Financial | 1,285 | 123,167 | |||||||
Torchmark | 10,314 | 851,524 | |||||||
4,070,236 | |||||||||
Internet Software & Services - 2.2% | |||||||||
Alphabet, Cl. A | 1,621 | f | 1,826,138 | ||||||
Alphabet, Cl. C | 1,695 | f | 1,898,264 | ||||||
Amazon.com | 1,915 | f | 3,140,274 | ||||||
Facebook, Cl. A | 14,809 | f | 2,390,913 | ||||||
Match Group | 14,730 | 815,747 | |||||||
10,071,336 | |||||||||
Media - .5% | |||||||||
CBS, Cl. B | 13,259 | 665,734 | |||||||
Netflix | 1,031 | f | 369,201 | ||||||
Walt Disney | 13,334 | 1,504,609 | |||||||
2,539,544 | |||||||||
Real Estate - .2% | |||||||||
Prologis | 2,210 | g | 154,833 | ||||||
Public Storage | 4,533 | g | 958,684 | ||||||
1,113,517 | |||||||||
Retailing - 1.0% | |||||||||
Best Buy | 14,732 | 1,014,151 | |||||||
Dick's Sporting Goods | 15,463 | 603,985 | |||||||
Foot Locker | 8,837 | 525,978 |
66
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 23.5%(continued) | |||||||||
Retailing - 1.0% (continued) | |||||||||
Home Depot | 3,093 | 572,638 | |||||||
Kohl's | 8,835 | 596,628 | |||||||
Macy's | 18,412 | 456,433 | |||||||
Tapestry | 17,678 | 617,669 | |||||||
TripAdvisor | 2,946 | f | 156,639 | ||||||
4,544,121 | |||||||||
Semiconductors & Semiconductor Equipment - .6% | |||||||||
Intel | 35,344 | 1,871,818 | |||||||
Micron Technology | 18,419 | f | 752,969 | ||||||
Texas Instruments | 2,988 | 316,071 | |||||||
2,940,858 | |||||||||
Technology Hardware & Equipment - 1.7% | |||||||||
Accenture, Cl. A | 8,325 | 1,343,488 | |||||||
Apple | 25,625 | 4,436,969 | |||||||
F5 Networks | 3,770 | f | 633,888 | ||||||
Fortinet | 2,946 | f | 255,683 | ||||||
HP | 42,705 | 842,570 | |||||||
Seagate Technology | 1,473 | 68,583 | |||||||
Zebra Technologies, Cl. A | 1,400 | f | 280,714 | ||||||
7,861,895 | |||||||||
Telecommunication Services - .5% | |||||||||
AT&T | 4,050 | 126,036 | |||||||
Verizon Communications | 35,356 | 2,012,464 | |||||||
2,138,500 | |||||||||
Transportation - .6% | |||||||||
CSX | 10,311 | 749,300 | |||||||
Norfolk Southern | 6,187 | 1,109,329 | |||||||
Union Pacific | 5,893 | 988,256 | |||||||
2,846,885 | |||||||||
Utilities - .7% | |||||||||
Exelon | 26,521 | 1,288,655 | |||||||
NRG Energy | 22,830 | 951,554 | |||||||
OGE Energy | 20,622 | 876,847 | |||||||
3,117,056 | |||||||||
TotalCommon Stocks | 109,512,375 | ||||||||
Description | 1-Day | Shares | Value ($) | ||||||
Investment Companies - 62.8% | |||||||||
Registered Investment Companies - 62.8% | |||||||||
ASG Managed Futures Strategy Fund, Cl. Y | 969,204 | 8,461,152 | |||||||
BNY Mellon Corporate Bond Fund, Cl. M | 1,024,265 | h | 12,823,794 | ||||||
BNY Mellon Emerging Markets Fund, Cl. M | 2,117,866 | h | 22,195,231 | ||||||
BNY Mellon Focused Equity Opportunities Fund, Cl. M | 3,096,479 | h | 44,867,974 | ||||||
BNY Mellon Income Stock Fund, Cl. M | 1,446,123 | h | 12,161,894 | ||||||
BNY Mellon Intermediate Bond Fund, Cl. M | 1,980,834 | h | 24,423,681 | ||||||
BNY Mellon International Fund, Cl. M | 1,053,734 | h | 13,087,372 | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund, Cl. M | 1,413,161 | h | 23,924,809 | ||||||
BNY Mellon Small Cap Multi-Strategy Fund, Cl. M | 263,462 | h | 4,626,393 | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund, Cl. M | 892,161 | h | 11,589,174 |
67
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | 1-Day | Shares | Value ($) | ||||||
Investment Companies - 62.8%(continued) | |||||||||
Registered Investment Companies - 62.8% (continued) | |||||||||
Dynamic Total Return Fund, CI. Y | 520,094 | h | 8,207,079 | ||||||
Dreyfus Floating Rate Income Fund, Cl. Y | 926,273 | h | 10,883,706 | ||||||
Dreyfus Global Real Estate Securities Fund, Cl. Y | 942,507 | h | 8,567,392 | ||||||
Dreyfus High Yield Fund, Cl. I | 1,760,043 | h | 10,613,060 | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 8,345,064 | h | 8,345,064 | |||||
Dreyfus International Small Cap Fund, Cl. Y | 866,056 | h | 11,457,927 | ||||||
Dreyfus Research Growth Fund, Cl. Y | 719,840 | h | 10,668,023 | ||||||
Dreyfus Select Managers Small Cap Growth Fund, Cl. Y | 762,989 | h | 18,876,351 | ||||||
Dreyfus Select Managers Small Cap Value Fund, Cl. Y | 646,085 | h | 14,078,196 | ||||||
Dreyfus/Newton International Equity Fund, Cl. Y | 624,558 | h | 12,441,194 | ||||||
TotalInvestment Companies | 292,299,466 | ||||||||
Total Investments(cost $414,449,966) | 100.1% | 466,137,789 | |||||||
Liabilities, Less Cash and Receivables | (0.1%) | (517,225) | |||||||
Net Assets | 100.0% | 465,620,564 |
GO—General Obligation
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 February 28, 2019, these securities were valued at $1,770,708 or .38% of net assets.
b Variable rate security—rate shown is the interest rate in effect at period end.
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 Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $3,501,745 and the value of the collateral held by the fund was $3,592,243, consisting of U.S. Government & Agency securities.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Non-income producing security.
g Investment in real estate investment trust.
h Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Investment Companies | 62.8 |
Consumer, Non-cyclical | 6.0 |
Financial | 5.6 |
Technology | 4.9 |
Communications | 4.2 |
Government | 4.2 |
Mortgage Securities | 4.0 |
Industrial | 2.7 |
Consumer, Cyclical | 2.3 |
Energy | 2.0 |
Utilities | .9 |
Basic Materials | .5 |
100.1 |
† Based on net assets.
See notes to financial statements.
68
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS(Unaudited)
Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ |
BNY Mellon Large Cap Stock Fund | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 2,371,133 | 45,018,315 | 46,279,579 | - | - | 1,109,869 | .5 | 17,035 |
Investment of Cash | ||||||||
Dreyfus Institutional | - | 2,050,309 | 2,050,309 | - | - | - | - | - |
Dreyfus Institutional | - | 1,888,927 | 235,414 | - | - | 1,653,513 | .8 | - |
Total | 2,371,133 | 48,957,551 | 48,565,302 | - | - | 2,763,382 | 1.3 | 17,035 |
BNY Mellon | ||||||||
Registered Investment | ||||||||
BNY Mellon Income | 6,962,823 | 2,300,001 | 1,021,610 | (55,284) | (772,726) | 7,413,204 | 16.5 | 601,593 |
Dreyfus Institutional | 558,067 | 10,229,360 | 10,126,719 | - | - | 660,708 | 1.5 | 9,763 |
Dreyfus Research | 16,290,492 | 300,000 | 2,761,676 | 451,435 | (2,898,476) | 11,381,775 | 25.3 | 1,401,298 |
Dreyfus Strategic | 8,873,949 | 3,175,000 | 1,287,429 | (194,961) | (1,357,123) | 9,209,436 | 20.4 | 1,128,816 |
Investment of Cash | ||||||||
Dreyfus Institutional | 193,919 | 298,565 | 492,484 | - | - | - | - | - |
Dreyfus Institutional | - | 37,437 | 37,437 | - | - | - | - | - |
Total | 32,879,250 | 16,340,363 | 15,727,355 | 201,190 | (5,028,325) | 28,665,123 | 63.7 | 3,141,470 |
69
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited) (continued)
Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ |
BNY Mellon | ||||||||
Registered Investment | ||||||||
BNY Mellon Income | 23,882,111 | 9,550,000 | 822,204 | (69,510) | (2,515,519) | 30,024,878 | 9.8 | 2,156,932 |
Dreyfus Institutional | 2,850,823 | 21,637,976 | 21,993,540 | - | - | 2,495,259 | .8 | 38,347 |
Dreyfus Research | 53,194,402 | 3,750,000 | 4,838,606 | 188,818 | (6,576,091) | 45,718,523 | 14.9 | 4,495,607 |
Dreyfus Strategic | 27,333,196 | 14,150,000 | 1,148,364 | (155,379) | (4,064,560) | 36,114,893 | 11.8 | 3,614,952 |
Investment of Cash | ||||||||
Dreyfus Institutional | 776,954 | 1,089,789 | 1,866,743 | - | - | - | - | - |
Dreyfus Institutional | - | 700,809 | 700,809 | - | - | - | - | - |
Total | 108,037,486 | 50,878,574 | 31,370,266 | (36,071) | (13,156,170) | 114,353,553 | 37.3 | 10,305,838 |
BNY Mellon Income Stock Fund | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 50,950,671 | 286,308,790 | 302,100,108 | - | - | 35,159,353 | 3.5 | 402,388 |
Investment of Cash | ||||||||
Dreyfus Institutional | 10,316,873 | 48,773,470 | 59,090,343 | - | - | - | - | - |
Dreyfus Institutional | - | 39,618,319 | 37,401,515 | - | - | 2,216,804 | .2 | - |
Total | 61,267,544 | 374,700,579 | 398,591,966 | - | - | 37,376,157 | 3.7 | 402,388 |
70
Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ |
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 58,809,239 | 328,598,407 | 343,270,489 | - | - | 44,137,157 | 1.6 | 502,684 |
Investment of Cash | ||||||||
Dreyfus Institutional | - | 91,348,828 | 78,382,647 | - | - | 12,966,181 | .5 | - |
Total | 58,809,239 | 419,947,235 | 421,653,136 | - | - | 57,103,338 | 2.1 | 502,684 |
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 25,813,487 | 81,555,636 | 93,062,275 | - | - | 14,306,848 | 3.1 | 132,217 |
Investment of Cash | ||||||||
Dreyfus Institutional | 28,354,418 | 67,265,521 | 95,619,939 | - | - | - | - | - |
Dreyfus Institutional | - | 36,245,086 | 24,608,892 | - | - | 11,636,194 | 2.6 | - |
Total | 54,167,905 | 185,066,243 | 213,291,106 | - | - | 25,943,042 | 5.7 | 132,217 |
BNY Mellon Focused Equity Opportunities | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 4,315,710 | 80,225,335 | 79,687,628 | - | - | 4,853,417 | 1.1 | 36,697 |
71
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited) (continued)
InvestmentCompanies | Value | Purchases ($) | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ |
BNY Mellon Small/ | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 8,999,810 | 40,513,189 | 43,472,646 | - | - | 6,040,353 | 2.4 | 58,921 |
Investment of Cash | ||||||||
Dreyfus Institutional | - | 26,101,299 | 21,272,281 | - | - | 4,829,018 | 2.0 | - |
Total | 8,999,810 | 66,614,488 | 64,744,927 | - | - | 10,869,371 | 4.4 | 58,921 |
BNY Mellon | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 8,123,756 | 122,184,504 | 119,003,161 | - | - | 11,305,099 | 1.2 | 67,595 |
Investment of Cash | ||||||||
Dreyfus Institutional | - | 5,690,913 | 1,560,885 | - | - | 4,130,028 | .4 | - |
Total | 8,123,756 | 127,875,417 | 120,564,046 | - | - | 15,435,127 | 1.6 | 67,595 |
BNY Mellon | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | - | 158,403,128 | 149,267,873 | - | - | 9,135,255 | 1.1 | 40,777 |
Investment of Cash | ||||||||
Dreyfus Institutional | - | 2,166,708 | 2,166,708 | - | - | - | - | - |
Dreyfus Institutional | - | 89,476,219 | 87,752,918 | - | - | 1,723,301 | .2 | - |
Total | - | 250,046,055 | 239,187,499 | - | - | 10,858,556 | 1.3 | 40,777 |
72
Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ | |||
BNY Mellon International | |||||||||||
Registered Investment | |||||||||||
Dreyfus Institutional | 1,017,084 | 5,314,441 | 5,831,696 | - | - | 499,829 | .8 | 5,555 | |||
Investment of Cash | |||||||||||
Dreyfus Institutional | - | 9,718,103 | 7,030,188 | - | - | 2,687,915 | 4.2 | - | |||
Total | 1,017,084 | 15,032,544 | 12,861,884 | - | - | 3,187,744 | 5.0 | 5,555 | |||
BNY Mellon International | |||||||||||
Registered Investment | |||||||||||
Dreyfus Institutional | 932,182 | 64,019,169 | 59,759,672 | - | - | 5,191,679 | 1.6 | 35,369 | |||
Investment of Cash | |||||||||||
Dreyfus Institutional | - | 2,366,079 | - | - | - | 2,366,079 | .7 | - | |||
Total | 932,182 | 66,385,248 | 59,759,672 | - | - | 7,557,758 | 2.3 | 35,369 | |||
BNY Mellon Asset Allocation Fund | |||||||||||
Registered Investment | |||||||||||
BNY Mellon Corporate Bond Fund, Cl. M | 12,577,733 | 243,061 | - | - | 3,000 | 12,823,794 | 2.8 | 243,061 | |||
BNY Mellon Emerging Markets Fund, Cl. M | 22,530,508 | 157,840 | - | - | (493,117) | 22,195,231 | 4.8 | 157,840 | |||
BNY Mellon Focused Equity Opportunities Fund, Cl. M | 48,499,412 | 6,845,367 | - | - | (10,476,805) | 44,867,974 | 9.6 | 6,845,368 | |||
BNY Mellon Income Stock Fund, Cl. M | 12,764,651 | 1,145,866 | - | - | (1,748,623) | 12,161,894 | 2.6 | 1,145,866 | |||
BNY Mellon Intermediate Bond Fund, Cl. M | 24,047,441 | 236,934 | - | - | 139,306 | 24,423,681 | 5.2 | 236,934 | |||
BNY Mellon International Fund, Cl. M | 13,872,483 | 260,947 | - | - | (1,046,058) | 13,087,372 | 2.8 | 260,947 | |||
BNY Mellon Mid Cap Multi-Strategy Fund, Cl M | 38,721,182 | 1,928,462 | 12,079,917 | 1,791,785 | (6,436,703) | 23,924,809 | 5.1 | 1,928,462 | |||
BNY Mellon Small Cap Multi-Strategy Fund, Cl M | 6,789,894 | 640,840 | 1,606,565 | 237,717 | (1,435,493) | 4,626,393 | 1.0 | 640,840 | |||
BNY Mellon Small/Mid Cap Multi-Strategy Fund, Cl M | 12,625,248 | 1,698,493 | - | (2,734,567) | 11,589,174 | 2.5 | 1,698,493 |
73
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited) (continued)
Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ | ||||||
BNY Mellon Asset Allocation Fund (continues) | ||||||||||||||
Dreyfus Floating Rate Income Fund, Cl. Y | 10,825,577 | 309,530 | - | - | (251,401) | 10,883,706 | 2.3 | 309,530 | ||||||
Dreyfus Global Real Estate Securities Fund, Cl. Y | 8,379,093 | 316,633 | - | - | (128,334) | 8,567,392 | 1.8 | 316,634 | ||||||
Dreyfus High Yield | 10,468,598 | 327,220 | - | - | (182,758) | 10,613,060 | 2.3 | 330,027 | ||||||
Dreyfus Institutional | 3,732,676 | 41,508,123 | 36,895,735 | - | - | 8,345,064 | 1.8 | 63,400 | ||||||
Dreyfus International | 12,637,433 | 1,296,073 | - | - | (2,475,579) | 11,457,927 | 2.5 | 1,296,073 | ||||||
Dreyfus Research | 11,036,389 | 964,990 | - | - | (1,333,356) | 10,668,023 | 2.3 | 964,990 | ||||||
Dreyfus Select | 22,313,619 | 2,731,083 | 1,009,694 | 75,620 | (5,234,277) | 18,876,351 | 4.1 | 2,731,084 | ||||||
Dreyfus Select | 16,442,657 | 1,557,843 | 1,007,797 | 16,004 | (2,930,511) | 14,078,196 | 3.0 | 1,557,842 | ||||||
Dreyfus/Newton | 13,115,060 | 252,406 | - | - | (926,272) | 12,441,194 | 2.7 | 252,405 | ||||||
Dynamic Total Return Fund, Cl. Y | 8,353,501 | 117,185 | - | - | (263,607) | 8,207,079 | 1.8 | 117,184 | ||||||
Investment of Cash | ||||||||||||||
Dreyfus Institutional | 351,900 | - | 351,900 | - | - | - | - | - | ||||||
Dreyfus Institutional | - | 614,800 | 614,800 | - | - | - | - | - | ||||||
Total | 310,085,055 | 63,153,696 | 53,566,408 | 2,121,126 | (37,955,155) | 283,838,314 | 61.0 | 21,096,980 |
† Effective January 2, 2019, cash collateral for securities lending was transferred from Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares to Dreyfus Institutional Preferred Government Plus Money Market Fund.
See notes to financial statements
74
STATEMENT OF FUTURES
February 28, 2019 (Unaudited)
BNY Mellon International Appreciation Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Long | |||||||||||
MSCI EAFE Index | 7 | 3/19 | 650,658 | 654,150 | 3,492 | ||||||
Gross Unrealized Appreciation | 3,492 |
See notes to financial statements.
75
STATEMENT OF OPTIONS WRITTEN
February 28, 2019 (Unaudited)
BNY Mellon Income Stock Fund | ||||||
Description/ Contracts/ Counterparties | Exercise Price | Expiration Date | Notional Amount | Value ($) | ||
Call Options: | ||||||
Honeywell International | 160 | 4/18/19 | 5,120,000 | (40,640) | ||
International Business Machine | 150 | 4/18/19 | 5,250,000 | (21,000) | ||
Jpmorgan Chase & Co. | 110 | 4/18/19 | 5,500,000 | (37,500) | ||
Lamar Advertising | 80 | 4/18/19 | 5,040,000 | (69,300) | ||
Las Vegas Sands | 65 | 4/18/19 | 2,600,000 | (40,800) | ||
Medtronic | 95 | 4/18/19 | 5,130,000 | (25,920) | ||
Merck & Co. | 82.5 | 4/18/19 | 4,950,000 | (62,400) | ||
US Bancorp | 52.5 | 4/18/19 | 4,987,500 | (72,200) | ||
United Technologies | 135 | 4/18/19 | 5,130,000 | (19,000) | ||
Verizon Communications | 57.5 | 4/18/19 | 5,002,500 | (83,520) | ||
Put Options: | ||||||
Bank Of America | 29 | 3/15/19 | 997,600 | (14,792) | ||
Citigroup | 62.5 | 3/15/19 | 1,000,000 | (9,600) | ||
Conagra Brands | 24 | 3/15/19 | 998,400 | (34,320) | ||
Delta Air Lines | 50 | 3/15/19 | 1,000,000 | (23,800) | ||
Corning | 34 | 3/15/19 | 999,600 | (7,644) | ||
Lamar Advertising Co. | 75 | 3/15/19 | 997,500 | (5,985) | ||
Las Vegas Sands | 55 | 3/15/19 | 995,500 | (2,534) | ||
Medtronic | 90 | 3/15/19 | 999,000 | (10,545) | ||
Marathon Petroleum | 62.5 | 3/15/19 | 781,250 | (19,625) | ||
Merck & Co. | 80 | 3/15/19 | 1,000,000 | (8,625) | ||
Morgan Stanley | 40 | 3/15/19 | 952,000 | (5,950) | ||
Omnicom Group | 72.5 | 3/15/19 | 964,250 | (4,655) | ||
Occidental Petroleum | 65 | 3/15/19 | 994,500 | (15,606) | ||
PPL | 30 | 3/15/19 | 990,000 | (1,650) | ||
Phillips 66 | 95 | 3/15/19 | 997,500 | (10,500) | ||
Target | 70 | 3/15/19 | 1,001,000 | (19,877) |
76
BNY Mellon Income Stock Fund | ||||||
Description/ Contracts/ Counterparties | Exercise Price | Expiration Date | Notional Amount | Value ($) | ||
Put Options: (continued) | ||||||
US Bancorp | 50 | 3/15/19 | 1,000,000 | (4,000) | ||
United Technologies | 125 | 3/15/19 | 1,000,000 | (9,840) | ||
Vulcan Materials Co. | 95 | 3/15/19 | 997,500 | (788) | ||
Verizon Communications | 55 | 3/15/19 | 995,500 | (3,077) | ||
Wells Fargo & Co. | 47.5 | 3/15/19 | 831,250 | (2,800) | ||
Total Options Written (premiums received $693,659) | (688,493) |
See notes to financial statements.
77
STATEMENTS OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTSFebruary 28, 2019 (Unaudited)
BNY Mellon International Fund | |||||
Counterparty/ Purchased | Purchased Currency | Currency | Sold | Settlement Date | Unrealized (Depreciation)($) |
Goldman Sachs | |||||
Japanese Yen | 239,845,037 | United States Dollar | 2,167,286 | 3/1/19 | (15,373) |
Japanese Yen | 64,954,699 | United States Dollar | 584,467 | 3/4/19 | (1,557) |
Gross Unrealized Depreciation | (16,930) |
See notes to financial statements.
78
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2019 (Unaudited)
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 214,569,715 |
| 16,362,325 |
| 192,050,006 |
| 955,696,753 |
| |
Affiliated issuers |
|
|
| 2,763,382 |
| 28,665,123 |
| 114,353,553 |
| 37,376,157 |
| |
Cash collateral held by broker—Note 4 |
|
|
| - |
| - |
| - |
| 20,492,350 |
| |
Dividends receivable |
|
|
| 446,610 |
| 37,578 |
| 413,372 |
| 2,386,415 |
| |
Receivable for shares of Beneficial |
|
|
| 47,689 |
| - |
| 76,495 |
| 1,220,171 |
| |
Interest receivable |
|
|
| 1,624 |
| 1,288 |
| 2,788 |
| 60,788 |
| |
Securities lending receivable |
|
|
| 658 |
| 57 |
| 516 |
| 3,604 |
| |
Prepaid expenses |
|
|
| 17,216 |
| 14,076 |
| 17,343 |
| 44,269 |
| |
|
|
|
| 217,846,894 |
| 45,080,447 |
| 306,914,073 |
| 1,017,280,507 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 118,865 |
| 22,214 |
| 128,327 |
| 523,889 |
| |
Due to Administrator—Note 3(a) |
|
|
| 20,563 |
| 1,590 |
| 18,219 |
| 95,270 |
| |
Cash overdraft due to Custodian |
|
|
| 274,978 |
| - |
| - |
| 1,362,456 |
| |
Liability for securities on loan—Note 1(c) |
|
|
| 1,653,513 |
| - |
| - |
| 2,216,804 |
| |
Payable for shares of Beneficial |
|
|
| 638,483 |
| - |
| 4,356 |
| 4,047,525 |
| |
Payable for investment securities purchased |
|
|
| - |
| - |
| - |
| 2,006,907 |
| |
Outstanding options written, at value††† |
|
|
| - |
| - |
| - |
| 688,493 |
| |
Trustees fees and expenses payable |
|
|
| 4,198 |
| 1,072 |
| 6,591 |
| 14,594 |
| |
Accrued expenses |
|
|
| 35,997 |
| 21,704 |
| 28,832 |
| 49,206 |
| |
|
|
|
| 2,746,597 |
| 46,580 |
| 186,325 |
| 11,005,144 |
|
|
Net Assets ($) |
|
|
| 215,100,297 |
| 45,033,867 |
| 306,727,748 |
| 1,006,275,363 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 153,799,826 |
| 31,879,441 |
| 184,058,818 |
| 853,596,567 |
| |
Total distributable earnings (loss) |
|
|
| 61,300,471 |
| 13,154,426 |
| 122,668,930 |
| 152,678,796 |
| |
Net Assets ($) |
|
|
| 215,100,297 |
| 45,033,867 |
| 306,727,748 |
| 1,006,275,363 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 159,697,926 |
| 11,729,655 |
| 95,836,212 |
| 821,367,100 |
|
|
Affiliated issuers |
|
|
| 2,763,382 |
| 25,489,415 |
| 106,084,279 |
| 37,376,157 |
|
|
††Value of securities on loan ($) |
|
|
| 6,030,704 |
| 1,163,469 |
| 10,005,651 |
| 33,644,889 |
|
|
††† Outstanding options premiums received ($) |
|
|
| - |
| - |
| - |
| 693,659 |
| |
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
79
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (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 |
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 207,476,129 |
| 44,804,726 |
| 301,123,979 |
| 963,911,085 |
| |
Shares Outstanding |
|
|
| 39,344,099 |
| 4,422,792 |
| 19,951,874 |
| 114,590,815 |
| |
Net Asset Value Per Share ($) |
|
|
| 5.27 |
| 10.13 |
| 15.09 |
| 8.41 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 7,624,168 |
| 229,141 |
| 5,603,769 |
| 29,523,904 |
| |
Shares Outstanding |
|
|
| 1,445,114 |
| 22,164 |
| 361,236 |
| 3,465,506 |
| |
Net Asset Value Per Share ($) |
|
|
| 5.28 |
| 10.34 |
| 15.51 |
| 8.52 |
| |
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 2,512,231 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 298,504 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 8.42 |
| |
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 1,763,866 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 210,162 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 8.39 |
| |
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 8,554,290 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 1,016,591 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 8.41 |
| |
Class Y |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 9,987 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 1,188 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 8.41 |
| |
| ||||||||||||
See notes to financial statements. |
|
80
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| 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 ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 2,735,930,720 |
| 443,476,121 |
| 421,763,904 |
| 241,627,680 |
| |
Affiliated issuers |
|
|
| 57,103,338 |
| 25,943,042 |
| 4,853,417 |
| 10,869,371 |
| |
Cash |
|
|
| - |
| - |
| - |
| 180,248 |
| |
Receivable for investment securities sold |
|
|
| 6,388,695 |
| 3,576,330 |
| - |
| 411,046 |
| |
Dividends receivable |
|
|
| 2,505,912 |
| 284,648 |
| 719,298 |
| 104,408 |
| |
Receivable for shares of Beneficial |
|
|
| 2,301,364 |
| 317,166 |
| 445,355 |
| 65,630 |
| |
Interest receivable |
|
|
| 95,967 |
| 21,609 |
| 7,654 |
| 8,712 |
| |
Securities lending receivable |
|
|
| 31,361 |
| 11,731 |
| 1,309 |
| 5,446 |
| |
Prepaid expenses |
|
|
| 41,733 |
| 19,435 |
| 23,588 |
| 21,905 |
| |
|
|
|
| 2,804,399,090 |
| 473,650,082 |
| 427,814,525 |
| 253,294,446 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 1,658,280 |
| 320,000 |
| 240,250 |
| 169,628 |
| |
Due to Administrator—Note 3(a) |
|
|
| 261,090 |
| 43,056 |
| 40,570 |
| 25,873 |
| |
Cash overdraft due to Custodian |
|
|
| 822 |
| - |
| - |
| - |
| |
Liability for securities on loan—Note 1(c) |
|
|
| 12,966,181 |
| 11,636,194 |
| - |
| 4,829,018 |
| |
Payable for investment securities purchased |
|
|
| 3,184,339 |
| 3,706,051 |
| - |
| 789,498 |
| |
Payable for shares of Beneficial |
|
|
| 1,794,159 |
| 217,634 |
| 435,043 |
| 261,050 |
| |
Interest payable—Note 2 |
|
|
| - |
| - |
| - |
| 16,633 |
| |
Trustees fees and expenses payable |
|
|
| 45,305 |
| 9,537 |
| 9,435 |
| 5,869 |
| |
Accrued expenses |
|
|
| 48,843 |
| 37,691 |
| 46,625 |
| 60,601 |
| |
|
|
|
| 19,959,019 |
| 15,970,163 |
| 771,923 |
| 6,158,170 |
|
|
Net Assets ($) |
|
|
| 2,784,440,071 |
| 457,679,919 |
| 427,042,602 |
| 247,136,276 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 1,918,028,461 |
| 381,044,414 |
| 330,424,038 |
| 199,836,015 |
| |
Total distributable earnings (loss) |
|
|
| 866,411,610 |
| 76,635,505 |
| 96,618,564 |
| 47,300,261 |
| |
Net Assets ($) |
|
|
| 2,784,440,071 |
| 457,679,919 |
| 427,042,602 |
| 247,136,276 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 1,857,469,469 |
| 363,349,667 |
| 342,702,345 |
| 191,085,058 |
|
|
Affiliated issuers |
|
|
| 57,103,338 |
| 25,943,042 |
| 4,853,417 |
| 10,869,371 |
|
|
††Value of securities on loan ($) |
|
|
| 335,333,850 |
| 113,177,956 |
| 17,882,086 |
| 49,340,472 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 2,660,952,102 |
| 438,030,368 |
| 420,695,656 |
| 244,654,500 |
| |
Shares Outstanding |
|
|
| 157,209,721 |
| 24,946,786 |
| 29,039,075 |
| 18,833,704 |
| |
Net Asset Value Per Share ($) |
|
|
| 16.93 |
| 17.56 |
| 14.49 |
| 12.99 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 123,487,969 |
| 19,649,551 |
| 6,346,946 |
| 2,481,776 |
| |
Shares Outstanding |
|
|
| 7,425,065 |
| 1,186,541 |
| 443,473 |
| 195,271 |
| |
Net Asset Value Per Share ($) |
|
|
| 16.63 |
| 16.56 |
| 14.31 |
| 12.71 |
| |
| ||||||||||||
See notes to financial statements. |
|
81
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| BNY Mellon International Appreciation Fund |
| BNY Mellon International Equity Income Fund |
| BNY Mellon Asset Allocation Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 939,077,576 |
| 865,461,564 |
| 63,498,090 |
| 312,579,532 |
| 182,299,475 |
| |
Affiliated issuers |
|
|
| 15,435,127 |
| 10,858,556 |
| 3,187,744 |
| 7,557,758 |
| 283,838,314 |
| |
Cash |
|
|
| - |
| - |
| 51 |
| - |
| - |
| |
Cash denominated in foreign currency††† |
|
|
| 1,693,172 |
| 6,054,763 |
| - |
| 935,812 |
| - |
| |
Tax reclaim receivable |
|
|
| 2,379,860 |
| 26,549 |
| - |
| 980,654 |
| - |
| |
Receivable for shares of Beneficial |
|
|
| 1,937,833 |
| 1,247,921 |
| 140 |
| 788,065 |
| 520,000 |
| |
Receivable for investment securities sold |
|
|
| 1,695,419 |
| 860,138 |
| 187,902 |
| - |
| 602,986 |
| |
Dividends receivable |
|
|
| 1,139,700 |
| 1,980,067 |
| 148,020 |
| 1,305,155 |
| 319,271 |
| |
Interest receivable |
|
|
| 13,256 |
| 9,955 |
| 117,535 |
| 13,584 |
| 529,166 |
| |
Securities lending receivable |
|
|
| 209 |
| 3,854 |
| 5,828 |
| 22,818 |
| 265 |
| |
Unrealized appreciation on foreign currency transactions |
|
|
| - |
| 7,107 |
| - |
| - |
| - |
| |
Prepaid expenses |
|
|
| 23,564 |
| 23,892 |
| 23,022 |
| 26,109 |
| 41,787 |
| |
|
|
|
| 963,395,716 |
| 886,534,366 |
| 67,168,332 |
| 324,209,487 |
| 468,151,264 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 711,629 |
| 1,190,023 |
| 31,953 |
| 320,730 |
| 81,121 |
| |
Due to Administrator—Note 3(a) |
|
|
| 91,297 |
| 82,482 |
| 6,050 |
| 29,954 |
| 16,374 |
| |
Cash overdraft due to Custodian |
|
|
| - |
| 984,115 |
| - |
| - |
| 473,952 |
| |
Liability for securities on loan—Note 1(c) |
|
|
| 4,130,028 |
| 1,723,301 |
| 2,687,915 |
| 2,366,079 |
| - |
| |
Payable for investment securities purchased |
|
|
| 2,754,471 |
| 3,971,377 |
| 193,236 |
| - |
| 1,050,159 |
| |
Payable for shares of Beneficial |
|
|
| 1,386,662 |
| 1,090,809 |
| 257,977 |
| 95,064 |
| 872,738 |
| |
Unrealized depreciation on foreign currency transactions |
|
|
| 36,232 |
| - |
| - |
| 7,616 |
| - |
| |
Unrealized depreciation on forward foreign |
|
|
| 16,930 |
| - |
| - |
| - |
| - |
| |
Trustees fees and expenses payable |
|
|
| 13,496 |
| 11,741 |
| 1,133 |
| 4,434 |
| 7,984 |
| |
Payable for futures |
|
|
| - |
| - |
| 1,505 |
| - |
| - |
| |
Interest payable—Note 2 |
|
|
| - |
| 319 |
| - |
| - |
| - |
| |
Accrued expenses |
|
|
| 42,070 |
| 37,364 |
| 48,399 |
| 39,974 |
| 28,372 |
| |
|
|
|
| 9,182,815 |
| 9,091,531 |
| 3,228,168 |
| 2,863,851 |
| 2,530,700 |
|
|
Net Assets ($) |
|
|
| 954,212,901 |
| 877,442,835 |
| 63,940,164 |
| 321,345,636 |
| 465,620,564 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 1,008,296,585 |
| 1,134,719,580 |
| 112,574,115 |
| 342,377,188 |
| 396,854,297 |
| |
Total distributable earnings (loss) |
|
|
| (54,083,684) |
| (257,276,745) |
| (48,633,951) |
| (21,031,552) |
| 68,766,267 |
| |
Net Assets ($) |
|
|
| 954,212,901 |
| 877,442,835 |
| 63,940,164 |
| 321,345,636 |
| 465,620,564 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 928,501,416 |
| 703,890,937 |
| 78,013,163 |
| 304,985,173 |
| 159,517,566 |
|
|
Affiliated issuers |
|
|
| 15,435,127 |
| 10,858,556 |
| 3,187,744 |
| 7,557,758 |
| 254,932,400 |
|
|
††Value of securities on loan ($) |
|
|
| 4,858,417 |
| 54,760,566 |
| 5,271,032 |
| 2,354,060 |
| 3,501,745 |
|
|
†††Cash denominated in foreign |
|
|
| 1,700,962 |
| 6,026,743 |
| - |
| 933,343 |
| - |
| |
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 934,801,251 |
| 858,974,491 |
| 62,788,240 |
| 319,826,584 |
| 458,913,746 |
| |
Shares Outstanding |
|
|
| 75,281,016 |
| 81,981,499 |
| 4,799,791 |
| 24,286,047 |
| 38,538,174 |
| |
Net Asset Value Per Share ($) |
|
|
| 12.42 |
| 10.48 |
| 13.08 |
| 13.17 |
| 11.91 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 19,411,650 |
| 18,468,344 |
| 1,151,924 |
| 1,519,052 |
| 6,706,818 |
| |
Shares Outstanding |
|
|
| 1,464,879 |
| 1,715,390 |
| 88,761 |
| 113,946 |
| 558,797 |
| |
Net Asset Value Per Share ($) |
|
|
| 13.25 |
| 10.77 |
| 12.98 |
| 13.33 |
| 12.00 |
| |
| ||||||||||||||
See notes to financial statements. |
|
82
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
| ||
Cash dividends: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 2,364,956 | † | 180,217 |
| 1,968,445 |
| 17,608,924 | † | ||
Affiliated issuers |
|
| 17,035 |
| 246,421 |
| 837,607 |
| 402,388 |
| ||
Interest |
|
| - |
| - |
| 7 |
| - |
| ||
Income from securities lending—Note 1(c) |
|
| 3,949 |
| 387 |
| 3,933 |
| 23,558 |
| ||
Total Income |
|
| 2,385,940 |
| 427,025 |
| 2,809,992 |
| 18,034,870 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 764,916 |
| 108,230 |
| 832,354 |
| 3,531,047 |
| ||
Administration fee—Note 3(a) |
|
| 144,808 |
| 15,239 |
| 132,547 |
| 667,785 |
| ||
Registration fees |
|
| 16,597 |
| 15,252 |
| 16,403 |
| 42,630 |
| ||
Professional fees |
|
| 14,379 |
| 16,172 |
| 17,510 |
| 30,147 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 10,478 |
| 208 |
| 7,380 |
| 47,731 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 9,385 |
| 1,659 |
| 13,870 |
| 27,340 |
| ||
Prospectus and shareholders’ reports |
|
| 6,234 |
| 5,647 |
| 5,519 |
| 6,218 |
| ||
Custodian fees—Note 3(b) |
|
| 3,500 |
| 1,494 |
| 1,472 |
| 10,196 |
| ||
Loan commitment fees—Note 2 |
|
| 3,137 |
| 859 |
| 5,122 |
| 15,043 |
| ||
Interest expense—Note 2 |
|
| 1,819 |
| - |
| - |
| 1,470 |
| ||
Distribution fees—Note 3(b) |
|
| - |
| - |
| - |
| 4,350 |
| ||
Miscellaneous |
|
| 21,670 |
| 13,469 |
| 14,799 |
| 22,435 |
| ||
Total Expenses |
|
| 996,923 |
| 178,229 |
| 1,046,976 |
| 4,406,392 |
| ||
Investment Income—Net |
|
| 1,389,017 |
| 248,796 |
| 1,763,016 |
| 13,628,478 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments: |
|
|
|
|
|
|
|
| ||||
Unaffiliated issuers |
|
|
| 9,287,530 |
| 3,274,338 |
| 13,715,677 |
| 37,156,423 |
| |
Affiliated issuers |
|
|
| - |
| 201,190 |
| (36,071) |
| - |
| |
Net realized gain (loss) on options transactions |
|
| - |
| - |
| - |
| (176,443) |
| ||
Capital gain distributions from affiliated issuers |
|
| - |
| 2,895,049 |
| 9,468,231 |
| - |
| ||
Net Realized Gain (Loss) |
|
| 9,287,530 |
| 6,370,577 |
| 23,147,837 |
| 36,979,980 |
| ||
Net unrealized appreciation (depreciation) on investments: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
|
| (23,606,999) |
| (6,185,211) |
| (28,526,317) |
| (119,702,940) |
| |
Affiliated issuers |
|
|
| - |
| (5,028,325) |
| (13,156,170) |
| - |
| |
Net unrealized appreciation (depreciation) on options transactions |
|
| - |
| - |
| - |
| 863,001 |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| (23,606,999) |
| (11,213,536) |
| (41,682,487) |
| (118,839,939) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (14,319,469) |
| (4,842,959) |
| (18,534,650) |
| (81,859,959) |
| ||
Net (Decrease) in Net Assets Resulting from Operations |
| (12,930,452) |
| (4,594,163) |
| (16,771,634) |
| (68,231,481) |
| |||
†Net of foreign taxes withheld at source ($) |
|
| 344 |
| - |
| - |
| 27,241 |
| ||
See notes to financial statements. |
83
STATEMENTS OF OPERATIONS (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Mid Cap Multi-Strategy Fund |
| BNY Mellon Small Cap Multi-Strategy Fund |
| BNY Mellon Focused Equity Opportunities Fund |
| BNY Mellon Small/Mid Cap Multi-Strategy Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
| ||
Cash dividends: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 18,899,043 | † | 2,102,268 | † | 3,796,480 |
| 1,299,003 | † | ||
Affiliated issuers |
|
| 502,684 |
| 132,217 |
| 36,697 |
| 58,921 |
| ||
Interest |
|
| 143 |
| - |
| - |
| - |
| ||
Income from securities lending—Note 1(c) |
|
| 55,320 |
| 98,031 |
| 10,589 |
| 11,070 |
| ||
Total Income |
|
| 19,457,190 |
| 2,332,516 |
| 3,843,766 |
| 1,368,994 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 11,026,968 |
| 2,161,849 |
| 1,713,115 |
| 1,136,822 |
| ||
Administration fee—Note 3(a) |
|
| 1,807,574 |
| 312,949 |
| 301,134 |
| 186,918 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 145,583 |
| 27,264 |
| 12,338 |
| 3,789 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 108,132 |
| 20,026 |
| 18,462 |
| 10,225 |
| ||
Custodian fees—Note 3(b) |
|
| 41,869 |
| 13,047 |
| 4,547 |
| 9,668 |
| ||
Loan commitment fees—Note 2 |
|
| 41,086 |
| 7,000 |
| 4,460 |
| 1,894 |
| ||
Professional fees |
|
| 36,136 |
| 16,155 |
| 22,377 |
| 25,056 |
| ||
Registration fees |
|
| 21,377 |
| 17,148 |
| 19,159 |
| 18,612 |
| ||
Prospectus and shareholders’ reports |
|
| 9,736 |
| 5,874 |
| 4,248 |
| 3,118 |
| ||
Interest expense—Note 2 |
|
| 5,857 |
| 888 |
| 13,715 |
| 16,633 |
| ||
Miscellaneous |
|
| 26,324 |
| 15,466 |
| 16,378 |
| 15,746 |
| ||
Total Expenses |
|
| 13,270,642 |
| 2,597,666 |
| 2,129,933 |
| 1,428,481 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (566) |
| - |
| - |
| (222) |
| ||
Net Expenses |
|
| 13,270,076 |
| 2,597,666 |
| 2,129,933 |
| 1,428,259 |
| ||
Investment Income—Net |
|
| 6,187,114 |
| (265,150) |
| 1,713,833 |
| (59,265) |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | 25,644,861 |
| 9,589,512 |
| 24,796,029 |
| 4,270,289 |
| ||||
Net realized gain (loss) on forward foreign | 217 |
| - |
| - |
| - |
| ||||
Net Realized Gain (Loss) |
|
| 25,645,078 |
| 9,589,512 |
| 24,796,029 |
| 4,270,289 |
| ||
Net unrealized appreciation (depreciation) on investments |
|
| (247,211,581) |
| (83,065,671) |
| (78,870,867) |
| (40,205,958) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (221,566,503) |
| (73,476,159) |
| (54,074,838) |
| (35,935,669) |
| ||
Net (Decrease) in Net Assets Resulting from Operations |
| (215,379,389) |
| (73,741,309) |
| (52,361,005) |
| (35,994,934) |
| |||
†Net of foreign taxes withheld at source ($) |
|
| 19,966 |
| 8,653 |
| - |
| 2,134 |
| ||
See notes to financial statements. |
84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| 7,798,281 | † | 6,568,106 | † | 701,604 | † | 6,758,468 | † | 1,076,213 | † | ||
Affiliated issuers |
|
| 67,595 |
| 40,777 |
| 5,555 |
| 35,369 |
| 2,953,795 |
| ||
Interest |
|
| - |
| - |
| 461 |
| - |
| 1,007,210 |
| ||
Income from securities lending—Note 1(c) |
|
| 667 |
| 7,774 |
| 7,916 |
| 44,690 |
| 684 |
| ||
Total Income |
|
| 7,866,543 |
| 6,616,657 |
| 715,536 |
| 6,838,527 |
| 5,037,902 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 4,246,996 |
| 4,903,507 |
| 166,345 |
| 1,373,167 |
| 685,022 |
| ||
Administration fee—Note 3(a) |
|
| 613,858 |
| 523,695 |
| 40,894 |
| 198,431 |
| 102,963 |
| ||
Custodian fees—Note 3(b) |
|
| 93,938 |
| 380,809 |
| 305 |
| 97,712 |
| 3,398 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 32,333 |
| 26,213 |
| 1,733 |
| 11,355 |
| 15,565 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 24,709 |
| 24,032 |
| 1,753 |
| 1,761 |
| 8,011 |
| ||
Registration fees |
|
| 19,924 |
| 20,209 |
| 16,159 |
| 17,755 |
| 22,543 |
| ||
Professional fees |
|
| 15,524 |
| 39,609 |
| 17,111 |
| 21,983 |
| 17,459 |
| ||
Loan commitment fees—Note 2 |
|
| 12,681 |
| 5,876 |
| 770 |
| 4,429 |
| 6,263 |
| ||
Interest expense—Note 2 |
|
| 6,361 |
| 11,068 |
| - |
| 2,805 |
| - |
| ||
Prospectus and shareholders’ reports |
|
| 5,875 |
| 5,909 |
| 3,761 |
| 4,689 |
| 6,185 |
| ||
ADR fees |
|
| - |
| - |
| 46,053 |
| - |
| - |
| ||
Miscellaneous |
|
| 29,226 |
| 24,881 |
| 16,479 |
| 23,286 |
| 14,228 |
| ||
Total Expenses |
|
| 5,101,425 |
| 5,965,808 |
| 311,363 |
| 1,757,373 |
| 881,637 |
| ||
Less—reduction in expenses due to undertakings—Note 3(a) |
|
| - |
| - |
| - |
| - |
| (217,236) |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| - |
| - |
| (8) |
| - |
| - |
| ||
Net Expenses |
|
| 5,101,425 |
| 5,965,808 |
| 311,355 |
| 1,757,373 |
| 664,401 |
| ||
Investment Income—Net |
|
| 2,765,118 |
| 650,849 |
| 404,181 |
| 5,081,154 |
| 4,373,501 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments |
|
|
|
|
|
|
|
|
|
| ||||
Unaffiliated issuers |
|
|
| (23,629,506) |
| (10,680,817) |
| (2,372,049) |
| (12,707,202) |
| 597,279 |
| |
Affiliated issuers |
|
|
| - |
| - |
| - |
| - |
| 2,121,126 |
| |
Net realized gain (loss) on futures |
|
| - |
| - |
| (53,668) |
| - |
| - |
| ||
Net realized gain (loss) on forward foreign | 104,035 |
| (549,105) |
| - |
| (122,543) |
| - |
| ||||
Capital gain distributions from affiliated issuers |
|
| - |
| - |
| - |
| - |
| 18,143,185 |
| ||
Net Realized Gain (Loss) |
|
| (23,525,471) |
| (11,229,922) |
| (2,425,717) |
| (12,829,745) |
| 20,861,590 |
| ||
Net unrealized appreciation (depreciation) on investments |
|
|
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
|
| (51,952,644) |
| (8,942,953) |
| (1,622,204) |
| (4,239,407) |
| (6,583,551) |
| |
Affiliated issuers |
|
|
| - |
| - |
| - |
| - |
| (37,955,155) |
| |
Net unrealized appreciation (depreciation) on futures |
|
| - |
| - |
| 12,397 |
| - |
| - |
| ||
Net unrealized appreciation (depreciation) on |
|
| (16,930) |
| 126 |
| - |
| - |
| - |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| (51,969,574) |
| (8,942,827) |
| (1,609,807) |
| (4,239,407) |
| (44,538,706) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (75,495,045) |
| (20,172,749) |
| (4,035,524) |
| (17,069,152) |
| (23,677,116) |
| ||
Net (Decrease) in Net Assets Resulting from Operations |
| (72,729,927) |
| (19,521,900) |
| (3,631,343) |
| (11,987,998) |
| (19,303,615) |
| |||
†Net of foreign taxes withheld at source ($) |
|
| 462,653 |
| 804,384 |
| 59,024 |
| 685,822 |
| 153 |
| ||
See notes to financial statements. |
85
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 1,389,017 |
|
|
| 2,993,055 |
| 248,796 |
|
|
| 345,432 |
| |
Net realized gain (loss) on investments |
| 9,287,530 |
|
|
| 35,056,395 |
| 6,370,577 |
|
|
| 9,976,403 |
| ||
Net unrealized appreciation (depreciation) |
| (23,606,999) |
|
|
| 10,791,958 |
| (11,213,536) |
|
|
| 3,197,647 |
| ||
Net Increase (Decrease) in Net Assets | (12,930,452) |
|
|
| 48,841,408 |
| (4,594,163) |
|
|
| 13,519,482 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (33,999,968) |
|
|
| (35,767,556) |
| (10,406,409) |
|
|
| (9,661,502) |
| |
Investor Shares |
|
| (1,290,666) |
|
|
| (1,238,547) |
| (29,260) |
|
|
| (124,129) |
| |
Total Distributions |
|
| (35,290,634) |
|
|
| (37,006,103) |
| (10,435,669) |
|
|
| (9,785,631) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 31,838,528 |
|
|
| 20,184,388 |
| 3,248,509 |
|
|
| 2,314,575 |
| |
Investor Shares |
|
| 608,876 |
|
|
| 2,473,904 |
| 82,800 |
|
|
| 299,966 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 20,333,000 |
|
|
| 21,009,234 |
| 5,587,716 |
|
|
| 4,680,418 |
| |
Investor Shares |
|
| 1,224,223 |
|
|
| 1,196,889 |
| 29,261 |
|
|
| 89,052 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (68,508,693) |
|
|
| (60,799,287) |
| (13,950,938) |
|
|
| (14,617,165) |
| |
Investor Shares |
|
| (2,477,516) |
|
|
| (4,226,415) |
| (18,843) |
|
|
| (1,102,464) |
| |
Increase (Decrease) in Net Assets | (16,981,582) |
|
|
| (20,161,287) |
| (5,021,495) |
|
|
| (8,335,618) |
| |||
Total Increase (Decrease) in Net Assets | (65,202,668) |
|
|
| (8,325,982) |
| (20,051,327) |
|
|
| (4,601,767) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 280,302,965 |
|
|
| 288,628,947 |
| 65,085,194 |
|
|
| 69,686,961 |
| |
End of Period |
|
| 215,100,297 |
|
|
| 280,302,965 |
| 45,033,867 |
|
|
| 65,085,194 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 6,540,283 |
|
|
| 3,198,117 |
| 301,983 |
|
|
| 186,620 |
| |
Shares issued for distributions reinvested |
|
| 4,092,662 |
|
|
| 3,484,417 |
| 606,701 |
|
|
| 390,686 |
| |
Shares redeemed |
|
| (12,852,792) |
|
|
| (9,662,903) |
| (1,352,960) |
|
|
| (1,160,531) |
| |
Net Increase (Decrease) in Shares Outstanding | (2,219,847) |
|
|
| (2,980,369) |
| (444,276) |
|
|
| (583,225) |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 112,012 |
|
|
| 394,245 |
| 8,236 |
|
|
| 23,776 |
| |
Shares issued for distributions reinvested |
|
| 246,169 |
|
|
| 198,305 |
| 3,113 |
|
|
| 7,335 |
| |
Shares redeemed |
|
| (446,031) |
|
|
| (672,656) |
| (2,003) |
|
|
| (88,960) |
| |
Net Increase (Decrease) in Shares Outstanding | (87,850) |
|
|
| (80,106) |
| 9,346 |
|
|
| (57,849) |
| |||
|
| ||||||||||||||
a For BNY Mellon Large Cap Stock Fund, distributions to shareholders include $2,646,614 Class M shares and $70,073 Investor shares of distributions from net investment income and $33,120,942 Class M shares and $1,168,474 Investor shares distributions from net realized gains, and undistributed investment income—net was $297,659 in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. For BNY Mellon Large Cap Market Opportunities Fund, distributions to shareholders include $890,970 Class M shares and $9,378 Investor shares of distributions from net investment income and $8,770,532 Class M shares and $114,751 Investor shares of distributions from net realized gains, and undistributed investment income—net was $386,827 in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. | |||||||||||||||
bDuring the period ended February 28, 2019, 112,087 Class M shares representing $608,876 were exchanged for 112,012 Investor shares for BNY Mellon Large Cap Stock Fund and 7,009 Class M shares representing $70,300 were exchanged for 6,867 Investor shares for BNY Mellon Large Cap Market Opportunities Fund. 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 $260,893 were exchanged for 20,578 Investor shares for BNY Mellon Large Cap Market Opportunities Fund. | |||||||||||||||
|
86
|
|
|
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 1,763,016 |
|
|
| 2,756,138 |
| 13,628,478 |
|
|
| 26,546,515 |
| |
Net realized gain (loss) on investments |
| 23,147,837 |
|
|
| 33,971,203 |
| 36,979,980 |
|
|
| 98,604,079 |
| ||
Net unrealized appreciation (depreciation) |
| (41,682,487) |
|
|
| 30,420,435 |
| (118,839,939) |
|
|
| 51,204,694 |
| ||
Net Increase (Decrease) in Net Assets | (16,771,634) |
|
|
| 67,147,776 |
| (68,231,481) |
|
|
| 176,355,288 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (38,761,855) |
|
|
| (34,256,502) |
| (101,904,731) |
|
|
| (109,192,083) |
| |
Investor Shares |
|
| (742,007) |
|
|
| (648,409) |
| (3,429,052) |
|
|
| (2,492,047) |
| |
Class A |
|
| - |
|
|
| - |
| (342,608) |
|
|
| (315,556) |
| |
Class C |
|
| - |
|
|
| - |
| (66,924) |
|
|
| (77,193) |
| |
Class I |
|
| - |
|
|
| - |
| (1,308,618) |
|
|
| (532,656) |
| |
Class Y |
|
| - |
|
|
| - |
| (1,034) |
|
|
| (1,041) |
| |
Total Distributions |
|
| (39,503,862) |
|
|
| (34,904,911) |
| (107,052,967) |
|
|
| (112,610,576) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 7,242,520 |
|
|
| 7,532,291 |
| 111,080,049 |
|
|
| 97,506,202 |
| |
Investor Shares |
|
| 288,650 |
|
|
| 1,614,102 |
| 13,540,467 |
|
|
| 19,440,856 |
| |
Class A |
|
| - |
|
|
| - |
| 485,991 |
|
|
| 2,164,520 |
| |
Class C |
|
| - |
|
|
| - |
| 1,271,151 |
|
|
| 164,393 |
| |
Class I |
|
| - |
|
|
| - |
| 5,469,143 |
|
|
| 8,955,418 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 30,446,340 |
|
|
| 26,191,338 |
| 46,444,195 |
|
|
| 45,518,173 |
| |
Investor Shares |
|
| 588,916 |
|
|
| 511,558 |
| 2,845,282 |
|
|
| 2,105,487 |
| |
Class A |
|
| - |
|
|
| - |
| 339,318 |
|
|
| 313,715 |
| |
Class C |
|
| - |
|
|
| - |
| 65,945 |
|
|
| 76,269 |
| |
Class I |
|
| - |
|
|
| - |
| 1,196,595 |
|
|
| 531,394 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (31,340,109) |
|
|
| (52,043,430) |
| (212,363,443) |
|
|
| (204,001,653) |
| |
Investor Shares |
|
| (781,349) |
|
|
| (2,659,846) |
| (13,071,326) |
|
|
| (19,931,472) |
| |
Class A |
|
| - |
|
|
| - |
| (2,273,315) |
|
|
| (3,338,059) |
| |
Class C |
|
| - |
|
|
| - |
| (393,404) |
|
|
| (598,745) |
| |
Class I |
|
| - |
|
|
| - |
| (8,392,811) |
|
|
| (3,597,411) |
| |
Increase (Decrease) in Net Assets | 6,444,968 |
|
|
| (18,853,987) |
| (53,756,163) |
|
|
| (54,690,913) |
| |||
Total Increase (Decrease) in Net Assets | (49,830,528) |
|
|
| 13,388,878 |
| (229,040,611) |
|
|
| 9,053,799 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 356,558,276 |
|
|
| 343,169,398 |
| 1,235,315,974 |
|
|
| 1,226,262,175 |
| |
End of Period |
|
| 306,727,748 |
|
|
| 356,558,276 |
| 1,006,275,363 |
|
|
| 1,235,315,974 |
|
87
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 485,622 |
|
|
| 447,655 |
| 13,532,871 |
|
|
| 10,324,382 |
| |
Shares issued for distributions reinvested |
|
| 2,220,740 |
|
|
| 1,603,879 |
| 5,746,736 |
|
|
| 4,876,755 |
| |
Shares redeemed |
|
| (2,072,496) |
|
|
| (3,138,912) |
| (25,896,236) |
|
|
| (21,587,699) |
| |
Net Increase (Decrease) in Shares Outstanding | 633,866 |
|
|
| (1,087,378) |
| (6,616,629) |
|
|
| (6,386,562) |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 17,112 |
|
|
| 92,027 |
| 1,456,553 |
|
|
| 2,045,846 |
| |
Shares issued for distributions reinvested |
|
| 41,767 |
|
|
| 30,577 |
| 346,677 |
|
|
| 222,625 |
| |
Shares redeemed |
|
| (53,737) |
|
|
| (153,137) |
| (1,533,662) |
|
|
| (2,075,998) |
| |
Net Increase (Decrease) in Shares Outstanding | 5,142 |
|
|
| (30,533) |
| 269,568 |
|
|
| 192,473 |
| |||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| 59,001 |
|
|
| 230,326 |
| |
Shares issued for distributions reinvested |
|
| - |
|
|
| - |
| 41,779 |
|
|
| 33,471 |
| |
Shares redeemed |
|
| - |
|
|
| - |
| (273,141) |
|
|
| (342,734) |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| (172,361) |
|
|
| (78,937) |
| |||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| 163,467 |
|
|
| 17,439 |
| |
Shares issued for distributions reinvested |
|
| - |
|
|
| - |
| 8,151 |
|
|
| 8,167 |
| |
Shares redeemed |
|
| - |
|
|
| - |
| (46,024) |
|
|
| (64,161) |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| 125,594 |
|
|
| (38,555) |
| |||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| 609,696 |
|
|
| 943,755 |
| |
Shares issued for distributions reinvested |
|
| - |
|
|
| - |
| 147,198 |
|
|
| 56,716 |
| |
Shares redeemed |
|
| - |
|
|
| - |
| (1,016,956) |
|
|
| (376,655) |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| (260,062) |
|
|
| 623,816 |
| |||
|
| ||||||||||||||
a For BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, distributions to shareholders include $4,527,099 Class M shares and $72,902 Investor shares of distributions from net investment income and $29,729,403 Class M shares and $575,507 Investor shares distributions from net realized gains, and undistributed investment income—net was $2,195,162 in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. For BNY Mellon Income Stock Fund, distributions to shareholders include $23,485,880 Class M shares, $488,284 Investor shares, $70,349 Class A shares, $8,747 Class C shares, $142,050 Class I shares and $223 Class Y shares of distributions from net investment income and $85,706,203 Class M shares, $2,003,763 Investor shares, $245,207 Class A shares, $68,446 Class C shares, $390,606 Class I shares and $818 Class Y shares distributions from net realized gains, and undistributed investment income—net was $2,530,460 in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. | |||||||||||||||
b During the period ended February 28, 2019, 16,642 Class M shares representing $273,650 were exchanged for 16,283 Investor shares for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and 1,458,877 Class M shares representing $13,408,247 were exchanged for 1,441,944 Investor shares for BNY Mellon Income Stock Fund. 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 $229,166 were exchanged for 24,887 Class I shares for BNY Mellon Income Stock Fund. | |||||||||||||||
|
88
|
|
|
| BNY Mellon Mid Cap Multi-Strategy Fund |
| BNY Mellon Small Cap Multi-Strategy Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income (loss)—net |
|
| 6,187,114 |
|
|
| 9,251,474 |
| (265,150) |
|
|
| (935,746) |
| |
Net realized gain (loss) on investments |
| 25,645,078 |
|
|
| 198,762,928 |
| 9,589,512 |
|
|
| 71,620,292 |
| ||
Net unrealized appreciation (depreciation) |
| (247,211,581) |
|
|
| 377,820,071 |
| (83,065,671) |
|
|
| 79,464,459 |
| ||
Net Increase (Decrease) in Net Assets | (215,379,389) |
|
|
| 585,834,473 |
| (73,741,309) |
|
|
| 150,149,005 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (197,165,092) |
|
|
| (135,207,017) |
| (68,142,188) |
|
|
| (44,416,531) |
| |
Investor Shares |
|
| (8,965,119) |
|
|
| (4,205,056) |
| (3,576,590) |
|
|
| (1,832,665) |
| |
Total Distributions |
|
| (206,130,211) |
|
|
| (139,412,073) |
| (71,718,778) |
|
|
| (46,249,196) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 205,097,933 |
|
|
| 330,453,914 |
| 41,869,409 |
|
|
| 47,952,690 |
| |
Investor Shares |
|
| 30,875,932 |
|
|
| 53,660,367 |
| 4,457,581 |
|
|
| 8,196,012 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 88,948,705 |
|
|
| 62,094,669 |
| 37,256,302 |
|
|
| 23,540,331 |
| |
Investor Shares |
|
| 7,422,669 |
|
|
| 3,438,095 |
| 2,583,482 |
|
|
| 1,369,810 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (585,180,439) |
|
|
| (254,539,293) |
| (127,663,106) |
|
|
| (54,092,920) |
| |
Investor Shares |
|
| (23,327,336) |
|
|
| (36,247,589) |
| (5,729,226) |
|
|
| (7,843,905) |
| |
Increase (Decrease) in Net Assets | (276,162,536) |
|
|
| 158,860,163 |
| (47,225,558) |
|
|
| 19,122,018 |
| |||
Total Increase (Decrease) in Net Assets | (697,672,136) |
|
|
| 605,282,563 |
| (192,685,645) |
|
|
| 123,021,827 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 3,482,112,207 |
|
|
| 2,876,829,644 |
| 650,365,564 |
|
|
| 527,343,737 |
| |
End of Period |
|
| 2,784,440,071 |
|
|
| 3,482,112,207 |
| 457,679,919 |
|
|
| 650,365,564 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 12,987,449 |
|
|
| 18,468,723 |
| 2,651,810 |
|
|
| 2,309,778 |
| |
Shares issued for distributions reinvested |
|
| 6,147,112 |
|
|
| 3,589,287 |
| 2,459,162 |
|
|
| 1,171,161 |
| |
Shares redeemed |
|
| (36,516,625) |
|
|
| (14,214,472) |
| (7,168,176) |
|
|
| (2,534,680) |
| |
Net Increase (Decrease) in Shares Outstanding | (17,382,064) |
|
|
| 7,843,538 |
| (2,057,204) |
|
|
| 946,259 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 1,838,488 |
|
|
| 3,004,436 |
| 229,170 |
|
|
| 402,533 |
| |
Shares issued for distributions reinvested |
|
| 521,988 |
|
|
| 202,003 |
| 180,663 |
|
|
| 71,345 |
| |
Shares redeemed |
|
| (1,480,294) |
|
|
| (2,054,728) |
| (356,677) |
|
|
| (391,382) |
| |
Net Increase (Decrease) in Shares Outstanding | 880,182 |
|
|
| 1,151,711 |
| 53,156 |
|
|
| 82,496 |
| |||
|
| ||||||||||||||
a For BNY Mellon Mid Cap Multi-Strategy Fund, distributions to shareholders include $7,217,693 Class M shares and $30,915 Investor shares of distributions from net investment income and $127,989,324 Class M shares and $4,174,141 Investor shares distributions from net realized gains, and undistributed investment income—net was $5,802,143 in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. For BNY Mellon Small Cap Multi-Strategy Fund, distributions to shareholders include $44,416,531 Class M shares and $1,832,665 Investor shares of distributions from net realized gains, and undistributed investment income—net was $46,634 in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. | |||||||||||||||
b During the period ended February 28, 2019, 1,687,252 Class M shares representing $28,787,665 were exchanged for 1,716,022 Investor shares for BNY Mellon Mid Cap Multi-Strategy Fund and 215,808 Class M shares representing $4,419,433 were exchanged for 226,244 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund. 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 $7,633,504 were exchanged for 375,561 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund. | |||||||||||||||
|
89
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Focused Equity Opportunities Fund |
| BNY Mellon Small/Mid Cap Multi-Strategy Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income (loss)—net |
|
| 1,713,833 |
|
|
| 2,805,973 |
| (59,265) |
|
|
| (187,758) |
| |
Net realized gain (loss) on investments |
| 24,796,029 |
|
|
| 67,608,376 |
| 4,270,289 |
|
|
| 50,747,136 |
| ||
Net unrealized appreciation (depreciation) |
| (78,870,867) |
|
|
| 37,761,819 |
| (40,205,958) |
|
|
| 36,265,031 |
| ||
Net Increase (Decrease) in Net Assets | (52,361,005) |
|
|
| 108,176,168 |
| (35,994,934) |
|
|
| 86,824,409 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (76,074,385) |
|
|
| (54,916,254) |
| (47,356,740) |
|
|
| (32,673,716) |
| |
Investor Shares |
|
| (2,013,402) |
|
|
| (639,269) |
| (496,008) |
|
|
| (363,349) |
| |
Total Distributions |
|
| (78,087,787) |
|
|
| (55,555,523) |
| (47,852,748) |
|
|
| (33,037,065) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 52,265,093 |
|
|
| 80,923,163 |
| 19,860,268 |
|
|
| 15,282,710 |
| |
Investor Shares |
|
| 4,576,236 |
|
|
| 8,151,743 |
| 488,036 |
|
|
| 2,507,632 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 42,511,803 |
|
|
| 30,811,036 |
| 35,180,791 |
|
|
| 23,419,359 |
| |
Investor Shares |
|
| 1,561,091 |
|
|
| 476,563 |
| 276,553 |
|
|
| 199,287 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (124,714,826) |
|
|
| (70,603,125) |
| (98,196,199) |
|
|
| (48,822,516) |
| |
Investor Shares |
|
| (8,271,962) |
|
|
| (3,802,435) |
| (1,585,214) |
|
|
| (2,245,145) |
| |
Increase (Decrease) in Net Assets | (32,072,565) |
|
|
| 45,956,945 |
| (43,975,765) |
|
|
| (9,658,673) |
| |||
Total Increase (Decrease) in Net Assets | (162,521,357) |
|
|
| 98,577,590 |
| (127,823,447) |
|
|
| 44,128,671 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 589,563,959 |
|
|
| 490,986,369 |
| 374,959,723 |
|
|
| 330,831,052 |
| |
End of Period |
|
| 427,042,602 |
|
|
| 589,563,959 |
| 247,136,276 |
|
|
| 374,959,723 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 3,518,202 |
|
|
| 4,603,582 |
| 1,733,930 |
|
|
| 1,001,581 |
| |
Shares issued for distributions reinvested |
|
| 3,062,810 |
|
|
| 1,854,969 |
| 2,968,843 |
|
|
| 1,615,128 |
| |
Shares redeemed |
|
| (8,568,331) |
|
|
| (4,028,972) |
| (7,862,413) |
|
|
| (3,225,837) |
| |
Net Increase (Decrease) in Shares Outstanding | (1,987,319) |
|
|
| 2,429,579 |
| (3,159,640) |
|
|
| (609,128) |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 283,564 |
|
|
| 465,940 |
| 33,835 |
|
|
| 165,959 |
| |
Shares issued for distributions reinvested |
|
| 113,782 |
|
|
| 28,953 |
| 23,841 |
|
|
| 13,955 |
| |
Shares redeemed |
|
| (586,454) |
|
|
| (216,156) |
| (119,399) |
|
|
| (148,594) |
| |
Net Increase (Decrease) in Shares Outstanding | (189,108) |
|
|
| 278,737 |
| (61,723) |
|
|
| 31,320 |
| |||
|
| ||||||||||||||
a For BNY Mellon Focused Equity Opportunities Fund, distributions to shareholders include $1,953,779 Class M shares and $10,301 Investor shares of distributions from net investment income and $52,962,475 Class M shares and $628,968 Investor shares distributions from net realized gains, and undistributed investment income—net was $2,803,355 in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. For BNY Mellon Small/Mid Cap Multi-Strategy Fund, distributions to shareholders include $68,364 Class M shares of distributions from net investment income and $32,605,352 Class M shares and $363,349 Investor shares of distributions from net realized gains, and undistributed investment income—net was $49,897 in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. | |||||||||||||||
b During the period ended February 28, 2019, 285,429 Class M shares representing $4,667,409 were exchanged for 288,681 Investor shares for BNY Mellon Focused Equity Opportunities Fund and 33,225 Class M shares representing $488,036 were exchanged for 33,835 Investor shares for BNY Mellon Small/Mid Cap Multi-Strategy Fund. 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 $2,503,824 were exchanged for 165,692 Investor shares for BNY Mellon Small/Mid Cap Multi-trategy Fund. | |||||||||||||||
|
90
|
|
|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 2,765,118 |
|
|
| 19,493,737 |
| 650,849 |
|
|
| 9,499,959 |
| |
Net realized gain (loss) on investments |
| (23,525,471) |
|
|
| 63,190,123 |
| (11,229,922) |
|
|
| 38,008,782 |
| ||
Net unrealized appreciation (depreciation) |
| (51,969,574) |
|
|
| (43,840,879) |
| (8,942,827) |
|
|
| (87,061,772) |
| ||
Net Increase (Decrease) in Net Assets | (72,729,927) |
|
|
| 38,842,981 |
| (19,521,900) |
|
|
| (39,553,031) |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (19,760,847) |
|
|
| (16,943,659) |
| (6,203,546) |
|
|
| (7,723,247) |
| |
Investor Shares |
|
| (370,348) |
|
|
| (243,292) |
| (91,891) |
|
|
| (119,629) |
| |
Total Distributions |
|
| (20,131,195) |
|
|
| (17,186,951) |
| (6,295,437) |
|
|
| (7,842,876) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 82,039,120 |
|
|
| 136,691,465 |
| 93,135,657 |
|
|
| 155,688,692 |
| |
Investor Shares |
|
| 8,552,130 |
|
|
| 11,732,640 |
| 4,364,781 |
|
|
| 12,739,639 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 3,815,653 |
|
|
| 3,348,360 |
| 1,313,234 |
|
|
| 1,593,794 |
| |
Investor Shares |
|
| 280,799 |
|
|
| 170,210 |
| 75,219 |
|
|
| 103,209 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (184,439,090) |
|
|
| (113,117,569) |
| (132,276,624) |
|
|
| (93,654,883) |
| |
Investor Shares |
|
| (7,769,534) |
|
|
| (10,475,345) |
| (5,725,493) |
|
|
| (9,444,800) |
| |
Increase (Decrease) in Net Assets | (97,520,922) |
|
|
| 28,349,761 |
| (39,113,226) |
|
|
| 67,025,651 |
| |||
Total Increase (Decrease) in Net Assets | (190,382,044) |
|
|
| 50,005,791 |
| (64,930,563) |
|
|
| 19,629,744 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 1,144,594,945 |
|
|
| 1,094,589,154 |
| 942,373,398 |
|
|
| 922,743,654 |
| |
End of Period |
|
| 954,212,901 |
|
|
| 1,144,594,945 |
| 877,442,835 |
|
|
| 942,373,398 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 6,852,606 |
|
|
| 9,878,425 |
| 9,309,514 |
|
|
| 13,258,901 |
| |
Shares issued for distributions reinvested |
|
| 326,403 |
|
|
| 245,841 |
| 134,277 |
|
|
| 137,871 |
| |
Shares redeemed |
|
| (15,535,581) |
|
|
| (8,223,616) |
| (13,442,815) |
|
|
| (8,006,127) |
| |
Net Increase (Decrease) in Shares Outstanding | (8,356,572) |
|
|
| 1,900,650 |
| (3,999,024) |
|
|
| 5,390,645 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 647,335 |
|
|
| 800,105 |
| 425,252 |
|
|
| 1,070,909 |
| |
Shares issued for distributions reinvested |
|
| 22,500 |
|
|
| 11,715 |
| 7,485 |
|
|
| 8,688 |
| |
Shares redeemed |
|
| (599,387) |
|
|
| (711,901) |
| (557,786) |
|
|
| (797,888) |
| |
Net Increase (Decrease) in Shares Outstanding | 70,448 |
|
|
| 99,919 |
| (125,049) |
|
|
| 281,709 |
| |||
|
| ||||||||||||||
a For BNY Mellon International Fund, distributions to shareholders include $16,943,659 Class M shares and $243,292 Investor shares of distributions from net investment income and undistributed investment income—net was $19,875,258 in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. For BNY Mellon Emerging Markets Fund, distributions to shareholders include $7,723,247 Class M shares and $119,629 Investor shares of distributions from net investment income and undistributed investment income—net was $6,289,561 in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. | |||||||||||||||
b During the period ended February 28, 2019, 695,468 Class M shares representing $8,634,827 were exchanged for 653,048 Investor shares for BNY Mellon International Fund and 449,611 Class M shares representing $4,500,035 were exchanged for 437,875 Investor shares for BNY Mellon Emerging Markets Fund. 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 $11,891,240 were exchanged for 995,592 Investor shares for BNY Mellon Emerging Markets Fund. | |||||||||||||||
|
91
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon International Appreciation Fund |
| BNY Mellon International Equity Income Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 404,181 |
|
|
| 1,636,045 |
| 5,081,154 |
|
|
| 14,931,687 |
| |
Net realized gain (loss) on investments |
| (2,425,717) |
|
|
| (1,582,157) |
| (12,829,745) |
|
|
| 25,768,697 |
| ||
Net unrealized appreciation (depreciation) |
| (1,609,807) |
|
|
| 2,541,988 |
| (4,239,407) |
|
|
| (34,579,549) |
| ||
Net Increase (Decrease) in Net Assets | (3,631,343) |
|
|
| 2,595,876 |
| (11,987,998) |
|
|
| 6,120,835 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (1,551,938) |
|
|
| (1,543,090) |
| (7,996,602) |
|
|
| (15,178,004) |
| |
Investor Shares |
|
| (27,725) |
|
|
| (27,158) |
| (29,244) |
|
|
| (56,391) |
| |
Total Distributions |
|
| (1,579,663) |
|
|
| (1,570,248) |
| (8,025,846) |
|
|
| (15,234,395) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 1,887,223 |
|
|
| 2,090,902 |
| 48,844,663 |
|
|
| 51,840,945 |
| |
Investor Shares |
|
| 101,518 |
|
|
| 608,711 |
| 1,124,833 |
|
|
| 2,485,606 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 105,424 |
|
|
| 115,041 |
| 1,991,444 |
|
|
| 3,731,254 |
| |
Investor Shares |
|
| 24,066 |
|
|
| 26,028 |
| 27,044 |
|
|
| 32,865 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (7,394,156) |
|
|
| (5,817,550) |
| (71,912,394) |
|
|
| (53,460,898) |
| |
Investor Shares |
|
| (488,516) |
|
|
| (445,357) |
| (1,159,148) |
|
|
| (3,037,341) |
| |
Increase (Decrease) in Net Assets | (5,764,441) |
|
|
| (3,422,225) |
| (21,083,558) |
|
|
| 1,592,431 |
| |||
Total Increase (Decrease) in Net Assets | (10,975,447) |
|
|
| (2,396,597) |
| (41,097,402) |
|
|
| (7,521,129) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 74,915,611 |
|
|
| 77,312,208 |
| 362,443,038 |
|
|
| 369,964,167 |
| |
End of Period |
|
| 63,940,164 |
|
|
| 74,915,611 |
| 321,345,636 |
|
|
| 362,443,038 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 155,328 |
|
|
| 145,302 |
| 3,852,157 |
|
|
| 3,526,189 |
| |
Shares issued for distributions reinvested |
|
| 8,720 |
|
|
| 8,096 |
| 157,859 |
|
|
| 257,430 |
| |
Shares redeemed |
|
| (592,134) |
|
|
| (405,023) |
| (5,763,421) |
|
|
| (3,639,315) |
| |
Net Increase (Decrease) in Shares Outstanding | (428,086) |
|
|
| (251,625) |
| (1,753,405) |
|
|
| 144,304 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 7,387 |
|
|
| 43,237 |
| 84,592 |
|
|
| 169,896 |
| |
Shares issued for distributions reinvested |
|
| 2,006 |
|
|
| 1,845 |
| 2,120 |
|
|
| 2,241 |
| |
Shares redeemed |
|
| (38,383) |
|
|
| (31,327) |
| (88,988) |
|
|
| (204,609) |
| |
Net Increase (Decrease) in Shares Outstanding | (28,990) |
|
|
| 13,755 |
| (2,276) |
|
|
| (32,472) |
| |||
|
| ||||||||||||||
a For BNY Mellon International Appreciation Fund, distributions to shareholders include $1,543,090 Class M shares and $27,158 Investor shares of distributions from net investment income, and undistributed investment income—net was $ 1,225,349 in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. For BNY Mellon International Equity Income Fund, distributions to shareholders include $15,178,004 Class M shares and $56,391 Investor shares of distributions from net investment income, and undistributed investment income—net was $3,598,703 in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. | |||||||||||||||
b During the period ended February 28, 2019, 4,027 Class M shares representing $58,995 were exchanged for 4,067 Investor shares for BNY Mellon International Appreciation Fund and 93,697 Class M shares representing $1,218,888 were exchanged for 92,552 Investor shares for BNY Mellon International Equity Income Fund. 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 $2,479,257 were exchanged for 169,473 Investor shares for BNY Mellon International Equity Income Fund. | |||||||||||||||
|
92
|
|
|
| BNY Mellon Asset Allocation Fund |
| ||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 4,373,501 |
|
|
| 6,378,519 |
| |
Net realized gain (loss) on investments |
| 20,861,590 |
|
|
| 21,926,039 |
| ||
Net unrealized appreciation (depreciation) |
| (44,538,706) |
|
|
| 25,271,417 |
| ||
Net Increase (Decrease) in Net Assets | (19,303,615) |
|
|
| 53,575,975 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
| |
Class M |
|
| (26,213,996) |
|
|
| (21,035,128) |
| |
Investor Shares |
|
| (358,467) |
|
|
| (261,575) |
| |
Total Distributions |
|
| (26,572,463) |
|
|
| (21,296,703) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
| |
Class M |
|
| 44,790,155 |
|
|
| 33,289,749 |
| |
Investor Shares |
|
| 1,380,725 |
|
|
| 1,649,611 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
| |
Class M |
|
| 14,833,270 |
|
|
| 11,144,876 |
| |
Investor Shares |
|
| 308,293 |
|
|
| 244,651 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
| |
Class M |
|
| (45,024,911) |
|
|
| (46,826,466) |
| |
Investor Shares |
|
| (1,348,286) |
|
|
| (2,111,442) |
| |
Increase (Decrease) in Net Assets | 14,939,246 |
|
|
| (2,609,021) |
| |||
Total Increase (Decrease) in Net Assets | (30,936,832) |
|
|
| 29,670,251 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 496,557,396 |
|
|
| 466,887,145 |
| |
End of Period |
|
| 465,620,564 |
|
|
| 496,557,396 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
| |
Shares sold |
|
| 3,866,322 |
|
|
| 2,598,590 |
| |
Shares issued for distributions reinvested |
|
| 1,348,457 |
|
|
| 883,500 |
| |
Shares redeemed |
|
| (3,889,124) |
|
|
| (3,673,332) |
| |
Net Increase (Decrease) in Shares Outstanding | 1,325,655 |
|
|
| (191,242) |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
| |
Shares sold |
|
| 115,618 |
|
|
| 127,161 |
| |
Shares issued for distributions reinvested |
|
| 27,641 |
|
|
| 19,217 |
| |
Shares redeemed |
|
| (109,587) |
|
|
| (165,678) |
| |
Net Increase (Decrease) in Shares Outstanding | 33,672 |
|
|
| (19,300) |
| |||
| |||||||||
a For BNY Mellon Asset Allocation Fund, distributions to shareholders include $7,929,138 Class M shares and $90,358 Investor shares of distributions from net investment income and $13,105,990 Class M shares and $171,217 Investor shares of distributions from net realized gains, and undistributed investment income—net was $649,061 in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. | |||||||||
b During the period endedFebruary 28, 2019, 116,580 Class M shares representing $1,382,394 were exchanged for 115,701 Investor shares and during the period ended August 31, 2018, 126,575 Class M shares representing $1,630,368 were exchanged for 125,658 Investor shares for BNY Mellon Asset Allocation Fund. | |||||||||
|
93
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Large Cap Stock Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 6.50 | 6.25 | 5.67 | 5.92 | 7.15 | 9.97 |
Investment Operations: | ||||||
Investment income—neta | .03 | .07 | .07 | .08 | .09 | .09 |
Net realized and unrealized | (.33) | 1.00 | .81 | .34 | (.04) | 1.88 |
Total from Investment Operations | (.30) | 1.07 | .88 | .42 | .05 | 1.97 |
Distributions: | ||||||
Dividends from investment income—net | (.04) | (.06) | (.07) | (.08) | (.08) | (.10) |
Dividends from net realized gain on investments | (.89) | (.76) | (.23) | (.59) | (1.20) | (4.69) |
Total Distributions | (.93) | (.82) | (.30) | (.67) | (1.28) | (4.79) |
Net asset value, end of period | 5.27 | 6.50 | 6.25 | 5.67 | 5.92 | 7.15 |
Total Return (%) | (3.78)b | 18.31 | 16.12 | 7.31 | .12 | 26.27 |
Ratios/Supplemental Data (%) | ||||||
Ratio of total expenses to average net assets | .84c | .82 | .84 | .83 | .81 | .81 |
Ratio of net expenses to average net assets | .84c | .82 | .84 | .83 | .81 | .81 |
Ratio of net investment income | 1.19c | 1.05 | 1.27 | 1.44 | 1.32 | 1.20 |
Portfolio Turnover | 25.75b | 48.73 | 46.36 | 49.82 | 52.80 | 142.41 |
Net Assets, end of period ($ x 1,000) | 207,476 | 270,328 | 278,536 | 328,113 | 398,485 | 468,446 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
94
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Large Cap Stock Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 6.51 | 6.26 | 5.67 | 5.92 | 7.15 | 9.97 |
Investment Operations: | ||||||
Investment income—neta | .03 | .05 | .06 | .07 | .07 | .07 |
Net realized and unrealized | (.34) | 1.01 | .82 | .34 | (.03) | 1.88 |
Total from Investment Operations | (.31) | 1.06 | .88 | .41 | .04 | 1.95 |
Distributions: | ||||||
Dividends from investment income—net | (.03) | (.05) | (.06) | (.07) | (.07) | (.08) |
Dividends from net realized gain on investments | (.88) | (.76) | (.23) | (.59) | (1.20) | (4.69) |
Total Distributions | (.91) | (.81) | (.29) | (.66) | (1.27) | (4.77) |
Net asset value, end of period | 5.28 | 6.51 | 6.26 | 5.67 | 5.92 | 7.15 |
Total Return (%) | (3.85)b | 18.02 | 16.02 | 7.04 | (.13) | 25.96 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.09c | 1.07 | 1.09 | 1.08 | 1.06 | 1.06 |
Ratio of net expenses to average net assets | 1.09c | 1.07 | 1.09 | 1.08 | 1.06 | 1.06 |
Ratio of net investment income | .93c | .79 | 1.02 | 1.18 | 1.08 | .93 |
Portfolio Turnover Rate | 25.75b | 48.73 | 46.36 | 49.82 | 52.80 | 142.41 |
Net Assets, end of period ($ x 1,000) | 7,624 | 9,975 | 10,093 | 9,801 | 9,900 | 12,672 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
95
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Large Cap | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.34 | 12.62 | 12.09 | 13.25 | 16.21 | 14.21 |
Investment Operations: | ||||||
Investment income—neta | .05 | .07 | .09 | .11 | .11 | .11 |
Net realized and unrealized | (.96) | 2.50 | 1.98 | 1.08 | (.28) | 3.13 |
Total from Investment Operations | (.91) | 2.57 | 2.07 | 1.19 | (.17) | 3.24 |
Distributions: | ||||||
Dividends from investment income—net | (.19) | (.17) | (.19) | (.11) | (.25) | (.18) |
Dividends from net realized gain on investments | (2.11) | (1.68) | (1.35) | (2.24) | (2.54) | (1.06) |
Total Distributions | (2.30) | (1.85) | (1.54) | (2.35) | (2.79) | (1.24) |
Net asset value, end of period | 10.13 | 13.34 | 12.62 | 12.09 | 13.25 | 16.21 |
Total Return (%) | (5.13)b | 22.00 | 18.68 | 10.27 | (1.72) | 23.67 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assetsc | .67d | .66 | .66 | .60 | .53 | .53 |
Ratio of net expenses to average net assetsc | .67d | .66 | .66 | .60 | .53 | .53 |
Ratio of net investment income | .94d | .51 | .78 | .92 | .78 | .69 |
Portfolio Turnover | 31.28b | 18.59 | 30.26 | 19.43 | 30.75 | 26.42 |
Net Assets, end of period ($ x 1,000) | 44,805 | 64,912 | 68,786 | 83,425 | 130,257 | 192,209 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
96
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Large Cap | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.49 | 12.75 | 12.16 | 13.32 | 16.29 | 14.28 |
Investment Operations: | ||||||
Investment income (loss)—neta | (.02) | .04 | .05 | .09 | .07 | .06 |
Net realized and unrealized | (.90) | 2.52 | 2.00 | 1.07 | (.28) | 3.17 |
Total from Investment Operations | (.92) | 2.56 | 2.05 | 1.16 | (.21) | 3.23 |
Distributions: | ||||||
Dividends from investment income—net | (.12) | (.14) | (.11) | (.08) | (.22) | (.16) |
Dividends from net realized gain on investments | (2.11) | (1.68) | (1.35) | (2.24) | (2.54) | (1.06) |
Total Distributions | (2.23) | (1.82) | (1.46) | (2.32) | (2.76) | (1.22) |
Net asset value, end of period | 10.34 | 13.49 | 12.75 | 12.16 | 13.32 | 16.29 |
Total Return (%) | (5.16)b | 21.61 | 18.41 | 9.90 | (1.99) | 23.54 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assetsc | .92d | .91 | .91 | .84 | .79 | .81 |
Ratio of net expenses to average net assetsc | .92d | .91 | .91 | .84 | .79 | .81 |
Ratio of net investment income (loss) | (.42)d | .30 | .44 | .76 | .50 | .45 |
Portfolio Turnover | 31.28b | 18.59 | 30.26 | 19.43 | 30.75 | 26.42 |
Net Assets, end of period ($ x 1,000) | 229 | 173 | 901 | 670 | 1,119 | 631 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
97
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Tax-Sensitive Large Cap | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.12 | 16.50 | 14.98 | 14.71 | 17.12 | 14.45 |
Investment Operations: | ||||||
Investment income—neta | .09 | .14 | .16 | .17 | .16 | .15 |
Net realized and unrealized | (1.06) | 3.21 | 2.31 | 1.33 | (.23) | 3.22 |
Total from Investment Operations | (.97) | 3.35 | 2.47 | 1.50 | (.07) | 3.37 |
Distributions: | ||||||
Dividends from investment income—net | (.23) | (.23) | (.23) | (.15) | (.26) | (.20) |
Dividends from net realized gain on investments | (1.83) | (1.50) | (.72) | (1.08) | (2.08) | (.50) |
Total Distributions | (2.06) | (1.73) | (.95) | (1.23) | (2.34) | (.70) |
Net asset value, end of period | 15.09 | 18.12 | 16.50 | 14.98 | 14.71 | 17.12 |
Total Return (%) | (4.20)b | 21.44 | 17.13 | 10.86 | (.94) | 23.82 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assetsc | .66d | .66 | .65 | .64 | .61 | .61 |
Ratio of net expenses to average net assetsc | .66d | .66 | .65 | .64 | .61 | .61 |
Ratio of net investment income | 1.11d | .80 | 1.05 | 1.19 | .99 | .95 |
Portfolio Turnover | 20.41b | 15.03 | 24.05 | 13.81 | 20.63 | 13.01 |
Net Assets, end of period ($ x 1,000) | 301,124 | 349,960 | 336,659 | 344,867 | 401,855 | 474,496 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
98
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Tax-Sensitive Large Cap | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.53 | 16.84 | 15.28 | 14.98 | 17.40 | 14.64 |
Investment Operations: | ||||||
Investment income—neta | .08 | .10 | .13 | .14 | .12 | .08 |
Net realized and unrealized | (1.08) | 3.28 | 2.35 | 1.35 | (.23) | 3.30 |
Total from Investment Operations | (1.00) | 3.38 | 2.48 | 1.49 | (.11) | 3.38 |
Distributions: | ||||||
Dividends from investment income—net | (.19) | (.19) | (.20) | (.11) | (.23) | (.12) |
Dividends from net realized gain on investments | (1.83) | (1.50) | (.72) | (1.08) | (2.08) | (.50) |
Total Distributions | (2.02) | (1.69) | (.92) | (1.19) | (2.31) | (.62) |
Net asset value, end of period | 15.51 | 18.53 | 16.84 | 15.28 | 14.98 | 17.40 |
Total Return (%) | (4.30)b | 21.15 | 16.87 | 10.56 | (1.19) | 23.47 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assetsc | .91d | .91 | .90 | .89 | .86 | .87 |
Ratio of net expenses to average net assetsc | .91d | .91 | .90 | .89 | .86 | .87 |
Ratio of net investment income | .96d | .56 | .81 | .97 | .74 | .53 |
Portfolio Turnover Rate | 20.41b | 15.03 | 24.05 | 13.81 | 20.63 | 13.01 |
Net Assets, end of period ($ x 1,000) | 5,604 | 6,598 | 6,511 | 6,081 | 4,237 | 3,859 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
99
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.78 | 9.29 | 8.72 | 8.57 | 9.94 | 8.39 |
Investment Operations: | ||||||
Investment income—neta | .11 | .21 | .21 | .21 | .19 | .19 |
Net realized and unrealized | (.61) | 1.16 | .83 | .94 | (.38) | 1.86 |
Total From Investment Operations | (.50) | 1.37 | 1.04 | 1.15 | (.19) | 2.05 |
Distributions: | ||||||
Dividends from investment income—net | (.11) | (.19) | (.19) | (.21) | (.19) | (.19) |
Dividends from net realized gain on investments | (.76) | (.69) | (.28) | (.79) | (.99) | (.31) |
Total Distributions | (.87) | (.88) | (.47) | (1.00) | (1.18) | (.50) |
Net asset value, end of period | 8.41 | 9.78 | 9.29 | 8.72 | 8.57 | 9.94 |
Total Return (%) | (4.72)b | 15.31 | 12.33 | 14.33 | (2.28) | 25.17 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .80c | .80 | .81 | .81 | .80 | .80 |
Ratio of net expenses to average net assets | .80c | .80 | .81 | .81 | .80 | .80 |
Ratio of net investment income | 2.52c | 2.17 | 2.28 | 2.54 | 2.06 | 2.08 |
Portfolio Turnover | 31.78b | 67.57 | 52.66 | 54.31 | 65.75 | 57.74 |
Net Assets, end of period ($ x 1,000) | 963,911 | 1,185,755 | 1,185,723 | 1,068,292 | 1,077,496 | 1,254,622 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
100
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.90 | 9.39 | 8.81 | 8.63 | 10.02 | 8.45 |
Investment Operations: | ||||||
Investment income—neta | .10 | .18 | .19 | .19 | .17 | .16 |
Net realized and unrealized | (.62) | 1.18 | .84 | .97 | (.40) | 1.89 |
Total from Investment Operations | (.52) | 1.36 | 1.03 | 1.16 | (.23) | 2.05 |
Distributions: | ||||||
Dividends from investment income—net | (.10) | (.16) | (.17) | (.19) | (.17) | (.17) |
Dividends from net realized gain on investments | (.76) | (.69) | (.28) | (.79) | (.99) | (.31) |
Total Distributions | (.86) | (.85) | (.45) | (.98) | (1.16) | (.48) |
Net asset value, end of period | 8.52 | 9.90 | 9.39 | 8.81 | 8.63 | 10.02 |
Total Return (%) | (4.88)b | 15.08 | 12.02 | 14.14 | (2.64) | 24.75 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.05c | 1.05 | 1.06 | 1.06 | 1.05 | 1.07 |
Ratio of net expenses to average net assets | 1.05c | 1.05 | 1.06 | 1.06 | 1.05 | 1.07 |
Ratio of net investment income | 2.31c | 1.92 | 2.03 | 2.27 | 1.81 | 1.74 |
Portfolio Turnover Rate | 31.78b | 67.57 | 52.66 | 54.31 | 65.75 | 57.74 |
Net Assets, end of period ($ x 1,000) | 29,524 | 31,625 | 28,204 | 16,094 | 14,479 | 13,913 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
101
FINANCIAL HIGHLIGHTS (continued)
Class A | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | a | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.79 | 9.30 | 8.72 | 8.42 | ||
Investment Operations: | ||||||
Investment income—netb | .10 | .18 | .17 | .05 | ||
Net realized and unrealized gain (loss) on investments | (.61) | 1.16 | .86 | .30 | ||
Total from Investment Operations | (.51) | 1.34 | 1.03 | .35 | ||
Distributions: | ||||||
Dividends from investment income—net | (.10) | (.16) | (.17) | (.05) | ||
Dividends from net realized gain on investments | (.76) | (.69) | (.28) | — | ||
Total Distributions | (.86) | (.85) | (.45) | (.05) | ||
Net asset value, end of period | 8.42 | 9.79 | 9.30 | 8.72 | ||
Total Return (%)c | (4.83)d | 15.01 | 12.18 | 4.19 | d | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.09e | 1.10 | 1.11 | 1.15 | e | |
Ratio of net expenses to average net assets | 1.09e | 1.10 | 1.10 | 1.15 | e | |
Ratio of net investment income to average net assets | 2.28e | 1.89 | 2.01 | 1.96 | e | |
Portfolio Turnover Rate | 31.78d | 67.57 | 52.66 | 54.31 | ||
Net Assets, end of period ($ x 1,000) | 2,512 | 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.
102
Class C | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | a | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.76 | 9.28 | 8.72 | 8.42 | ||
Investment Operations: | ||||||
Investment income—netb | .06 | .10 | .12 | .04 | ||
Net realized and unrealized gain (loss) on investments | (.60) | 1.16 | .83 | .30 | ||
Total from Investment Operations | (.54) | 1.26 | .95 | .34 | ||
Distributions: | ||||||
Dividends from investment income—net | (.07) | (.09) | (.11) | (.04) | ||
Dividends from net realized gain on investments | (.76) | (.69) | (.28) | — | ||
Total Distributions | (.83) | (.78) | (.39) | (.04) | ||
Net asset value, end of period | 8.39 | 9.76 | 9.28 | 8.72 | ||
Total Return (%)c | (5.24)d | 14.07 | 11.22 | 4.00 | d | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.89e | 1.88 | 1.85 | 1.85 | e | |
Ratio of net expenses to average net assets | 1.89e | 1.88 | 1.81 | 1.85 | e | |
Ratio of net investment income to average net assets | 1.38e | 1.08 | 1.30 | 1.69 | e | |
Portfolio Turnover Rate | 31.78d | 67.57 | 52.66 | 54.31 | ||
Net Assets, end of period ($ x 1,000) | 1,764 | 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.
103
FINANCIAL HIGHLIGHTS (continued)
Class I | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | a | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.78 | 9.30 | 8.72 | 8.42 | ||
Investment Operations: | ||||||
Investment income—netb | .11 | .20 | .21 | .06 | ||
Net realized and unrealized gain (loss) on investments | (.61) | 1.16 | .84 | .30 | ||
Total from Investment Operations | (.50) | 1.36 | 1.05 | .36 | ||
Distributions: | ||||||
Dividends from investment income—net | (.11) | (.19) | (.19) | (.06) | ||
Dividends from net realized gain on investments | (.76) | (.69) | (.28) | — | ||
Total Distributions | (.87) | (.88) | (.47) | (.06) | ||
Net asset value, end of period | 8.41 | 9.78 | 9.30 | 8.72 | ||
Total Return (%) | (4.73)c | 15.18 | 12.44 | 4.26 | c | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .84d | .83 | .85 | .86 | d | |
Ratio of net expenses to average net assets | .84d | .83 | .85 | .86 | d | |
Ratio of net investment income to average net assets | 2.45d | 2.13 | 2.30 | 2.71 | d | |
Portfolio Turnover Rate | 31.78c | 67.57 | 52.66 | 54.31 | ||
Net Assets, end of period ($ x 1,000) | 8,554 | 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.
104
Class Y | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | a | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.78 | 9.29 | 8.72 | 8.42 | ||
Investment Operations: | ||||||
Investment income—netb | .11 | .20 | .21 | .06 | ||
Net realized and unrealized gain (loss) on investments | (.61) | 1.17 | .83 | .30 | ||
Total from Investment Operations | (.50) | 1.37 | 1.04 | .36 | ||
Distributions: | ||||||
Dividends from investment income—net | (.11) | (.19) | (.19) | (.06) | ||
Dividends from net realized gain on investments | (.76) | (.69) | (.28) | — | ||
Total Distributions | (.87) | (.88) | (.47) | (.06) | ||
Net asset value, end of period | 8.41 | 9.78 | 9.29 | 8.72 | ||
Total Return (%) | (4.72)c | 15.31 | 12.33 | 4.26 | c | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .81d | .80 | .81 | .86 | d | |
Ratio of net expenses to average net assets | .81d | .80 | .81 | .86 | d | |
Ratio of net investment income to average net assets | 2.51d | 2.17 | 2.27 | 2.71 | d | |
Portfolio Turnover Rate | 31.78c | 67.57 | 52.66 | 54.31 | ||
Net Assets, end of period ($ x 1,000) | 10 | 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.
105
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Mid Cap Multi-Strategy Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 19.24 | 16.72 | 15.03 | 14.66 | 15.58 | 13.33 |
Investment Operations: | ||||||
Investment income—neta | .04 | .05 | .07 | .08 | .05 | .05 |
Net realized and unrealized | (1.11) | 3.28 | 1.88 | .96 | (.04) | 2.94 |
Total from Investment Operations | (1.07) | 3.33 | 1.95 | 1.04 | .01 | 2.99 |
Distributions: | ||||||
Dividends from investment income—net | (.05) | (.04) | (.10) | (.02) | (.04) | (.05) |
Dividends from net realized gain on investments | (1.19) | (.77) | (.16) | (.65) | (.89) | (.69) |
Total Distributions | (1.24) | (.81) | (.26) | (.67) | (.93) | (.74) |
Net asset value, end of period | 16.93 | 19.24 | 16.72 | 15.03 | 14.66 | 15.58 |
Total Return (%) | (4.48)b | 20.48 | 13.12 | 7.51 | .15 | 23.09 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .89c | .89 | .90 | .90 | .90 | .90 |
Ratio of net expenses to average net assets | .89c | .89 | .90 | .90 | .90 | .90 |
Ratio of net investment income | .43c | .30 | .45 | .60 | .29 | .33 |
Portfolio Turnover | 23.34b | 50.53 | 62.81 | 74.68 | 73.87 | 53.63 |
Net Assets, end of period ($ x 1,000) | 2,660,952 | 3,358,399 | 2,788,133 | 2,433,012 | 2,199,395 | 1,922,073 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
106
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Mid Cap Multi-Strategy Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.90 | 16.45 | 14.79 | 14.45 | 15.37 | 13.17 |
Investment Operations: | ||||||
Investment income—neta | .02 | .01 | .03 | .05 | .01 | .01 |
Net realized and unrealized | (1.08) | 3.22 | 1.86 | .94 | (.03) | 2.91 |
Total from Investment Operations | (1.06) | 3.23 | 1.89 | .99 | (.02) | 2.92 |
Distributions: | ||||||
Dividends from investment income—net | (.02) | (.01) | (.07) | — | (.01) | (.03) |
Dividends from net realized gain on investments | (1.19) | (.77) | (.16) | (.65) | (.89) | (.69) |
Total Distributions | (1.21) | (.78) | (.23) | (.65) | (.90) | (.72) |
Net asset value, end of period | 16.63 | 18.90 | 16.45 | 14.79 | 14.45 | 15.37 |
Total Return (%) | (4.57)b | 20.13 | 12.89 | 7.26 | (.08) | 22.74 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.14c | 1.14 | 1.15 | 1.15 | 1.15 | 1.15 |
Ratio of net expenses to average net assets | 1.14c | 1.14 | 1.15 | 1.15 | 1.15 | 1.15 |
Ratio of net investment income | .19c | .05 | .20 | .34 | .04 | .08 |
Portfolio Turnover Rate | 23.34b | 50.53 | 62.81 | 74.68 | 73.87 | 53.63 |
Net Assets, end of period ($ x 1,000) | 123,488 | 123,713 | 88,697 | 60,222 | 57,118 | 52,447 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
107
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Small Cap Multi-Strategy Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 23.16 | 19.48 | 16.71 | 16.65 | 17.18 | 14.78 |
Investment Operations: | ||||||
Investment income (loss)—neta | (.01) | (.03) | .01 | .01 | (.02) | (.04) |
Net realized and unrealized | (2.69) | 5.41 | 2.86 | .68 | .25 | 2.44 |
Total from Investment Operations | (2.70) | 5.38 | 2.87 | .69 | .23 | 2.40 |
Distributions: | ||||||
Dividends from net realized gain on investments | (2.90) | (1.70) | (.10) | (.63) | (.76) | — |
Net asset value, end of period | 17.56 | 23.16 | 19.48 | 16.71 | 16.65 | 17.18 |
Total Return (%) | (9.68)b | 28.97 | 17.19 | 4.46 | 1.33 | 16.24 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.01c | 1.01 | 1.03 | 1.05 | 1.03 | 1.03 |
Ratio of net expenses to average net assets | 1.01c | 1.01 | 1.03 | 1.05 | 1.03 | 1.03 |
Ratio of net investment income | (.09)c | (.15) | .05 | .04 | (.14) | (.21) |
Portfolio Turnover | 39.81b | 63.00 | 75.82 | 101.40 | 90.30 | 92.86 |
Net Assets, end of period ($ x 1,000) | 438,030 | 625,344 | 507,703 | 389,890 | 368,428 | 347,613 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
108
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Small Cap Multi-Strategy Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 22.08 | 18.69 | 16.07 | 16.08 | 16.65 | 14.36 |
Investment Operations: | ||||||
Investment(loss)—neta | (.03) | (.08) | (.04) | (.03) | (.06) | (.07) |
Net realized and unrealized | (2.59) | 5.17 | 2.76 | .65 | .25 | 2.36 |
Total from Investment Operations | (2.62) | 5.09 | 2.72 | .62 | .19 | 2.29 |
Distributions: | ||||||
Dividends from net realized gain on investments | (2.90) | (1.70) | (.10) | (.63) | (.76) | — |
Net asset value, end of period | 16.56 | 22.08 | 18.69 | 16.07 | 16.08 | 16.65 |
Total Return (%) | (9.80)b | 28.62 | 16.94 | 4.17 | 1.13 | 15.95 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.26c | 1.26 | 1.28 | 1.30 | 1.28 | 1.28 |
Ratio of net expenses to average net assets | 1.26c | 1.26 | 1.28 | 1.30 | 1.28 | 1.28 |
Ratio of net investment (loss) | (.34)c | (.40) | (.20) | (.21) | (.39) | (.46) |
Portfolio Turnover Rate | 39.81b | 63.00 | 75.82 | 101.40 | 90.30 | 92.86 |
Net Assets, end of period ($ x 1,000) | 19,650 | 25,022 | 19,641 | 14,285 | 12,745 | 11,485 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
109
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Focused Equity Opportunities Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.63 | 16.96 | 14.63 | 14.66 | 18.30 | 15.24 |
Investment Operations: | ||||||
Investment income—neta | .06 | .09 | .11 | .12 | .12 | .11 |
Net realized and unrealized | (1.57) | 3.51 | 3.56 | 1.20 | (.69) | 4.31 |
Total from Investment Operations | (1.51) | 3.60 | 3.67 | 1.32 | (.57) | 4.42 |
Distributions: | ||||||
Dividends from investment income—net | .12) | (.07) | (.19) | (.11) | (.10) | (.14) |
Dividends from net realized gain on investments | (2.51) | (1.86) | (1.15) | (1.24) | (2.97) | (1.22) |
Total Distributions | (2.63) | (1.93) | (1.34) | (1.35) | (3.07) | (1.36) |
Net asset value, end of period | 14.49 | 18.63 | 16.96 | 14.63 | 14.66 | 18.30 |
Total Return (%) | (7.49)b | 22.62 | 27.04 | 9.39 | (3.82) | 30.54 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .87c | .86 | .87 | .87 | .85 | .85 |
Ratio of net expenses to average net assets | .87c | .86 | .87 | .87 | .85 | .85 |
Ratio of net investment income | .71c | .53 | .72 | .83 | .73 | .65 |
Portfolio Turnover | 52.42b | 45.29 | 62.39 | 48.25 | 74.72 | 76.48 |
Net Assets, end of period ($ x 1,000) | 420,696 | 577,906 | 485,040 | 434,171 | 561,399 | 674,222 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
110
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Focused Equity Opportunities Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.43 | 16.81 | 14.51 | 14.55 | 18.20 | 15.18 |
Investment Operations: | ||||||
Investment income—neta | .04 | .05 | .07 | .08 | .08 | .06 |
Net realized and unrealized | (1.56) | 3.46 | 3.53 | 1.19 | (.69) | 4.30 |
Total from Investment Operations | (1.52) | 3.51 | 3.60 | 1.27 | (.61) | 4.36 |
Distributions: | ||||||
Dividends from investment income—net | (.09) | (.03) | (.15) | (.07) | (.07) | (.12) |
Dividends from net realized gain on investments | (2.51) | (1.86) | (1.15) | (1.24) | (2.97) | (1.22) |
Total Distributions | (2.60) | (1.89) | (1.30) | (1.31) | (3.04) | (1.34) |
Net asset value, end of period | 14.31 | 18.43 | 16.81 | 14.51 | 14.55 | 18.20 |
Total Return (%) | (7.65)b | 22.24 | 26.75 | 9.13 | (4.05) | 30.18 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.12c | 1.11 | 1.12 | 1.12 | 1.11 | 1.11 |
Ratio of net expenses to average net assets | 1.12c | 1.11 | 1.12 | 1.12 | 1.11 | 1.11 |
Ratio of net investment income | .45c | .32 | .49 | .59 | .47 | .36 |
Portfolio Turnover | 52.42b | 45.29 | 62.39 | 48.25 | 74.72 | 76.48 |
Net Assets, end of period ($ x 1,000) | 6,347 | 11,658 | 5,947 | 4,206 | 8,593 | 3,569 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
111
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.86 | 14.49 | 12.44 | 12.72 | 16.98 | 15.09 |
Investment Operations: | ||||||
Investment income (loss)—neta | (.00)b | (.01) | .01 | .01 | (.01) | .07 |
Net realized and unrealized | (1.60) | 3.86 | 2.09 | .50 | .10 | 2.82 |
Total from Investment Operations | (1.60) | 3.85 | 2.10 | .51 | .09 | 2.89 |
Distributions: | ||||||
Dividends from investment income—net | - | (.00)b | (.01) | (.04) | - | (.08) |
Dividends from net realized gain on investments | (2.27) | (1.48) | (.04) | (.75) | (4.35) | (.92) |
Total Distributions | (2.27) | (1.48) | (.05) | (.79) | (4.35) | (1.00) |
Net asset value, end of period | 12.99 | 16.86 | 14.49 | 12.44 | 12.72 | 16.98 |
Total Return (%) | (8.21)c | 28.25 | 16.94 | 4.35 | 1.71 | 19.84 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .94d | .93 | .94 | .95 | .94 | .91 |
Ratio of net expenses to average net assets | .94d | .93 | .94 | .95 | .94 | .91 |
Ratio of net investment income (loss) | (.04)d | (.05) | .10 | .10 | (.08) | .46 |
Portfolio Turnover | 37.68c | 61.78 | 79.45 | 99.45 | 110.79 | 144.87 |
Net Assets, end of period ($ x 1,000) | 244,655 | 370,701 | 327,604 | 300,557 | 339,836 | 411,334 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
112
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.57 | 14.30 | 12.31 | 12.59 | 16.88 | 15.02 |
Investment Operations: | ||||||
Investment (loss)—neta | (.02) | (.05) | (.02) | (.01) | (.04) | (.00)b |
Net realized and unrealized | (1.57) | 3.80 | 2.05 | .48 | .10 | 2.84 |
Total from Investment Operations | (1.59) | 3.75 | 2.03 | .47 | .06 | 2.84 |
Distributions: | ||||||
Dividends from investment income—net | - | - | - | - | - | (.06) |
Dividends from net realized gain on investments | (2.27) | (1.48) | (.04) | (.75) | (4.35) | (.92) |
Total Distributions | (2.27) | (1.48) | (.04) | (.75) | (4.35) | (.98) |
Net asset value, end of period | 12.71 | 16.57 | 14.30 | 12.31 | 12.59 | 16.88 |
Total Return (%) | (8.30)c | 27.87 | 16.55 | 4.08 | 1.48 | 19.53 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.19d | 1.18 | 1.19 | 1.20 | 1.19 | 1.17 |
Ratio of net expenses to average net assets | 1.19d | 1.18 | 1.19 | 1.20 | 1.19 | 1.17 |
Ratio of net investment (loss) | (.29)d | (.30) | (.17) | (.11) | (.32) | (.03) |
Portfolio Turnover | 37.68c | 61.78 | 79.45 | 99.45 | 110.79 | 144.87 |
Net Assets, end of period ($ x 1,000) | 2,482 | 4,258 | 3,227 | 1,697 | 1,536 | 3,088 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
113
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.45 | 13.17 | 11.22 | 11.55 | 12.72 | 11.14 |
Investment Operations: | ||||||
Investment income—neta | .03 | .23 | .19 | .18 | .18 | .21 |
Net realized and unrealized | (.81) | .26 | 1.98 | (.35) | (1.16) | 1.57 |
Total from Investment Operations | (.78) | .49 | 2.17 | (.17) | (.98) | 1.78 |
Distributions: | ||||||
Dividends from investment income—net | (.25) | (.21) | (.22) | (.16) | (.19) | (.20) |
Net asset value, end of period | 12.42 | 13.45 | 13.17 | 11.22 | 11.55 | 12.72 |
Total Return (%) | (5.66)b | 3.68 | 19.80 | (1.49) | (7.68) | 16.11 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.02c | 1.02 | 1.04 | 1.03 | 1.03 | 1.03 |
Ratio of net expenses to average net assets | 1.02c | 1.02 | 1.04 | 1.03 | 1.03 | 1.03 |
Ratio of net investment income | .56c | 1.68 | 1.64 | 1.59 | 1.49 | 1.64 |
Portfolio Turnover | 35.79b | 54.87 | 81.88 | 86.83 | 112.69 | 92.94 |
Net Assets, end of period ($ x 1,000) | 934,801 | 1,124,632 | 1,076,444 | 1,007,752 | 1,005,637 | 990,119 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
114
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.32 | 14.02 | 11.92 | 12.26 | 13.50 | 11.82 |
Investment Operations: | ||||||
Investment income—neta | .02 | .22 | .20 | .15 | .15 | .19 |
Net realized and unrealized | (.87) | .26 | 2.10 | (.37) | (1.22) | 1.67 |
Total from Investment Operations | (.85) | .48 | 2.30 | (.22) | (1.07) | 1.86 |
Distributions: | ||||||
Dividends from investment income—net | (.22) | (.18) | (.20) | (.12) | (.17) | (.18) |
Net asset value, end of period | 13.25 | 14.32 | 14.02 | 11.92 | 12.26 | 13.50 |
Total Return (%) | (5.82)b | 3.41 | 19.59 | (1.78) | (7.88) | 15.85 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.27c | 1.27 | 1.29 | 1.28 | 1.28 | 1.28 |
Ratio of net expenses to average net assets | 1.27c | 1.27 | 1.29 | 1.28 | 1.28 | 1.28 |
Ratio of net investment income | .28c | 1.44 | 1.53 | 1.25 | 1.17 | 1.38 |
Portfolio Turnover Rate | 35.79b | 54.87 | 81.88 | 86.83 | 112.69 | 92.94 |
Net Assets, end of period ($ x 1,000) | 19,412 | 19,963 | 18,145 | 11,553 | 14,040 | 8,952 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
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FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Emerging Markets Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 10.72 | 11.23 | 8.96 | 7.98 | 10.98 | 9.11 |
Investment Operations: | ||||||
Investment income—neta | .01 | .11 | .08 | .09 | .09 | .10 |
Net realized and unrealized | (.17) | (.53) | 2.26 | .96 | (2.96) | 1.88 |
Total from Investment Operations | (.16) | (.42) | 2.34 | 1.05 | (2.87) | 1.98 |
Distributions: | ||||||
Dividends from investment income—net | (.08) | (.09) | (.07) | (.07) | (.13) | (.11) |
Dividends from net realized gain on investments | — | — | — | — | — | — |
Total Distributions | (.08) | (.09) | (.07) | (.07) | (.13) | (.11) |
Net asset value, end of period | 10.48 | 10.72 | 11.23 | 8.96 | 7.98 | 10.98 |
Total Return (%) | (1.49)b | (3.76) | 26.36 | 13.35 | (26.28) | 21.82 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.39c | 1.39 | 1.40 | 1.44 | 1.42 | 1.42 |
Ratio of net expenses to average net assets | 1.39c | 1.39 | 1.40 | 1.44 | 1.42 | 1.42 |
Ratio of net investment income | .16c | .96 | .84 | 1.10 | .98 | 1.04 |
Portfolio Turnover | 45.05b | 80.86 | 91.81 | 103.60 | 107.27 | 70.89 |
Net Assets, end of period ($ x 1,000) | 858,974 | 922,117 | 904,774 | 693,652 | 1,108,616 | 2,046,317 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
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Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Emerging Markets Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.01 | 11.53 | 9.20 | 8.17 | 11.25 | 9.33 |
Investment Operations: | ||||||
Investment income (loss)—neta | (.00)b | .09 | .07 | .07 | .08 | .09 |
Net realized and unrealized | (.19) | (.54) | 2.31 | 1.00 | (3.04) | 1.91 |
Total from Investment Operations | (.19) | (.45) | 2.38 | 1.07 | (2.96) | 2.00 |
Distributions: | ||||||
Dividends from investment income—net | (.05) | (.07) | (.05) | (.04) | (.12) | (.08) |
Dividends from net realized gain on investments | — | — | — | — | — | — |
Total Distributions | (.05) | (.07) | (.05) | (.04) | (.12) | (.08) |
Net asset value, end of period | 10.77 | 11.01 | 11.53 | 9.20 | 8.17 | 11.25 |
Total Return (%) | (1.70)c | (3.93) | 26.05 | 13.13 | (26.49) | 21.57 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.64d | 1.64 | 1.65 | 1.69 | 1.67 | 1.67 |
Ratio of net expenses to average net assets | 1.64d | 1.64 | 1.65 | 1.69 | 1.67 | 1.67 |
Ratio of net investment income (loss) | (.08)d | .74 | .69 | .85 | .76 | .90 |
Portfolio Turnover Rate | 45.05c | 80.86 | 91.81 | 103.60 | 107.27 | 70.89 |
Net Assets, end of period ($ x 1,000) | 18,468 | 20,257 | 17,970 | 11,263 | 17,033 | 22,947 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
117
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Appreciation Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.02 | 13.85 | 12.19 | 12.51 | 13.90 | 12.38 |
Investment Operations: | ||||||
Investment income—neta | .08 | .30 | .26 | .26 | .27 | .38 |
Net realized and unrealized | (.71) | .15 | 1.73 | (.29) | (1.26) | 1.42 |
Total from Investment Operations | (.63) | .45 | 1.99 | (.03) | (.99) | 1.80 |
Distributions: | ||||||
Dividends from investment income—net | (.31) | (.28) | (.33) | (.29) | (.40) | (.28) |
Net asset value, end of period | 13.08 | 14.02 | 13.85 | 12.19 | 12.51 | 13.90 |
Total Return (%) | (4.32)b | 3.24 | 16.76 | (.22) | (7.14) | 14.65 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .93c | .95 | .92 | .92 | .83 | .81 |
Ratio of net expenses to average net assets | .93c | .95 | .92 | .92 | .83 | .81 |
Ratio of net investment income | 1.22c | 2.09 | 2.01 | 2.21 | 2.02 | 2.78 |
Portfolio Turnover | 2.96b | 4.54 | 4.49 | 3.04 | 12.51 | 4.41 |
Net Assets, end of period ($ x 1,000) | 62,788 | 73,281 | 75,885 | 73,896 | 101,023 | 111,225 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
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Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Appreciation Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.88 | 13.73 | 12.04 | 12.37 | 13.74 | 12.24 |
Investment Operations: | ||||||
Investment income—neta | .06 | .26 | .18 | .23 | .23 | .34 |
Net realized and unrealized | (.69) | .14 | 1.76 | (.31) | (1.24) | 1.41 |
Total from Investment Operations | (.63) | .40 | 1.94 | (.08) | (1.01) | 1.75 |
Distributions: | ||||||
Dividends from investment income—net | (.27) | (.25) | (.25) | (.25) | (.36) | (.25) |
Net asset value, end of period | 12.98 | 13.88 | 13.73 | 12.04 | 12.37 | 13.74 |
Total Return (%) | (4.36)b | 2.89 | 16.47 | (.57) | (7.32) | 14.39 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.18c | 1.20 | 1.17 | 1.17 | 1.08 | 1.06 |
Ratio of net expenses to average net assets | 1.18c | 1.20 | 1.17 | 1.17 | 1.08 | 1.06 |
Ratio of net investment income | .92c | 1.84 | 1.50 | 1.96 | 1.77 | 2.52 |
Portfolio Turnover | 2.96b | 4.54 | 4.49 | 3.04 | 12.51 | 4.41 |
Net Assets, end of period ($ x 1,000) | 1,152 | 1,635 | 1,427 | 4,360 | 4,966 | 5,310 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
119
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Equity Income Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.86 | 14.20 | 12.35 | 11.92 | 14.82 | 13.81 |
Investment Operations: | ||||||
Investment income—neta | .20 | .57 | .42 | .34 | .43 | .75 |
Net realized and unrealized | (.56) | (.32) | 1.84 | .41 | (2.82) | .90 |
Total from Investment Operations | (.36) | .25 | 2.26 | .75 | (2.39) | 1.65 |
Distributions: | ||||||
Dividends from investment income—net | (.33) | (.59) | (.41) | (.32) | (.51) | (.64) |
Net asset value, end of period | 13.17 | 13.86 | 14.20 | 12.35 | 11.92 | 14.82 |
Total Return (%) | (2.49)b | 1.63 | 18.72 | 6.51 | (16.51) | 12.08 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.09c | 1.08 | 1.09 | 1.09 | 1.07 | 1.08 |
Ratio of net expenses to average net assets | 1.09c | 1.08 | 1.09 | 1.09 | 1.07 | 1.08 |
Ratio of net investment income | 3.15c | 3.92 | 3.27 | 2.85 | 3.25 | 5.13 |
Portfolio Turnover | 26.56b | 54.20 | 46.42 | 78.17 | 88.45 | 83.07 |
Net Assets, end of period ($ x 1,000) | 319,827 | 360,816 | 367,829 | 282,609 | 283,099 | 341,645 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
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Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Equity Income Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.00 | 14.36 | 12.47 | 11.97 | 14.89 | 13.89 |
Investment Operations: | ||||||
Investment income—neta | .19 | .54 | .62 | .23 | .39 | .50 |
Net realized and unrealized | (.57) | (.34) | 1.57 | .52 | (2.83) | 1.11 |
Total from Investment Operations | (.38) | .20 | 2.19 | .75 | (2.44) | 1.61 |
Distributions: | ||||||
Dividends from investment income—net | (.29) | (.56) | (.30) | (.25) | (.48) | (.61) |
Net asset value, end of period | 13.33 | 14.00 | 14.36 | 12.47 | 11.97 | 14.89 |
Total Return (%) | (2.63)b | 1.27 | 17.87 | 6.40 | (16.77) | 11.79 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.34c | 1.33 | 1.37 | 1.34 | 1.33 | 1.36 |
Ratio of net expenses to average net assets | 1.34c | 1.33 | 1.37 | 1.34 | 1.33 | 1.36 |
Ratio of net investment income | 2.96c | 3.78 | 4.13 | 1.92 | 2.84 | 3.81 |
Portfolio Turnover Rate | 26.56b | 54.20 | 46.42 | 78.17 | 88.45 | 83.07 |
Net Assets, end of period ($ x 1,000) | 1,519 | 1,627 | 2,135 | 765 | 2,924 | 919 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
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FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Asset Allocation Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.16 | 12.30 | 11.30 | 11.51 | 12.57 | 11.68 |
Investment Operations: | ||||||
Investment income—neta | .11 | .17 | .18 | .17 | .18 | .17 |
Net realized and unrealized | (.68) | 1.26 | 1.12 | .39 | (.46) | 1.67 |
Total from Investment Operations | (.57) | 1.43 | 1.30 | .56 | (.28) | 1.84 |
Distributions: | ||||||
Dividends from investment income—net | (.19) | (.21) | (.20) | (.19) | (.32) | (.26) |
Dividends from net realized gain on investments | (.49) | (.36) | (.10) | (.58) | (.46) | (.69) |
Total Distributions | (.68) | (.57) | (.30) | (.77) | (.78) | (.95) |
Net asset value, end of period | 11.91 | 13.16 | 12.30 | 11.30 | 11.51 | 12.57 |
Total Return (%) | (3.90)b | 11.86 | 11.73 | 5.08 | (2.39) | 16.25 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assetsc | .38d | .38 | .38 | .37 | .35 | .35 |
Ratio of net expenses to average net assetsc | .29d | .29 | .30 | .27 | .26 | .26 |
Ratio of net investment income | 1.92d | 1.33 | 1.51 | 1.52 | 1.48 | 1.43 |
Portfolio Turnover | 12.55b | 20.66 | 27.34 | 23.99 | 30.31 | 48.28 |
Net Assets, end of period ($ x 1,000) | 458,914 | 489,598 | 460,142 | 444,399 | 467,431 | 493,660 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
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Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Asset Allocation Fund | February 28, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.25 | 12.39 | 11.38 | 11.58 | 12.64 | 11.74 |
Investment Operations: | ||||||
Investment income—neta | .08 | .14 | .15 | .14 | .15 | .14 |
Net realized and unrealized | (.66) | 1.26 | 1.14 | .40 | (.46) | 1.68 |
Total from Investment Operations | (.58) | 1.40 | 1.29 | .54 | (.31) | 1.82 |
Distributions: | ||||||
Dividends from investment income—net | (.18) | (.18) | (.18) | (.16) | (.29) | (.23) |
Dividends from net realized gain on investments | (.49) | (.36) | (.10) | (.58) | (.46) | (.69) |
Total Distributions | (.67) | (.54) | (.28) | (.74) | (.75) | (.92) |
Net asset value, end of period | 12.00 | 13.25 | 12.39 | 11.38 | 11.58 | 12.64 |
Total Return (%) | (4.01)b | 11.50 | 11.49 | 4.89 | (2.62) | 15.96 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assetsc | .63d | .63 | .63 | .62 | .60 | .61 |
Ratio of net expenses to average net assetsc | .54d | .54 | .55 | .52 | .51 | .52 |
Ratio of net investment income | 1.26d | 1.06 | 1.22 | 1.25 | 1.25 | 1.17 |
Portfolio Turnover | 12.55b | 20.66 | 27.34 | 23.99 | 30.31 | 48.28 |
Net Assets, end of period ($ x 1,000) | 6,707 | 6,959 | 6,745 | 5,131 | 6,393 | 8,338 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
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NOTES TO FINANCIAL STATEMENTS(Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-five series, including the following diversified funds: BNY Mellon Large Cap Stock Fund, BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Income Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Small/Mid Cap Multi-Strategy Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund, BNY Mellon International Appreciation Fund, BNY Mellon International Equity Income Fund and BNY Mellon Asset Allocation Fund and the following non-diversified fund: BNY Mellon Focused Equity Opportunities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Large Cap Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Focused Equity Opportunities Fund and BNY Mellon Small/Mid Cap Multi-Strategy Fund seek capital appreciation. BNY Mellon Income Stock Fund and BNY Mellon International Equity Income Fund seek total return (consisting of capital appreciation and income). BNY Mellon International Fund and BNY Mellon Emerging Markets Fund seek long-term capital growth. BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and BNY Mellon International Appreciation Fund seek long-term capital appreciation. BNY Mellon Asset Allocation Fund seeks long-term growth of principal in conjunction with current income.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. Walter Scott & Partners Limited (“Walter Scott”), also a wholly-owned subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as the BNY Mellon Large Cap Market Opportunities Fund’s and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s sub-investment adviser with respect to the U.S. Large Cap Equity Strategy of each fund. Boston Partners Global Investors, Inc. (“Boston Partners”), and Geneva Capital Management LLC (“Geneva”), serve as BNY Mellon Mid Cap Multi-Strategy Fund’s sub-investment adviser with respect to the Boston Partners Mid Cap Value Strategy and the Geneva Mid Cap Growth Strategy, respectively.MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor and for BNY Mellon Income Stock Fund only Class A, Class C, Class I, Class T and Class Y. Class A and Class T shares generally are subject to a sales charge imposed at the time of purchase. Class C shares are subject to a contingent deferred sales charge (“CDSC”) imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares ten years after the date of purchase, without the imposition of a sales charge. Class I and Class Y shares are sold at net asset value per share generally to institutional investors. As of the date of this report, the fund did not offer Class T shares for purchase. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
As of February 28, 2019, 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
124
GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:
BNY Mellon Asset Allocation Fund:Investments in debt securities, excluding short-term investments (other than U.S. Treasury Bills), are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board of Trustees (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.
Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S Treasury Bills are valued at the mean price between quoted prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general supervision of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer
125
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.
Futures and options, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy. Options traded over-the-counter (“OTC”) are valued at the mean between the bid and asked price and are generally categorized within Level 2 of the fair value hierarchy. Forward foreign currency exchange contracts (“forward contracts”) are valued at the forward rate and are generally categorized within Level 2 of the fair value hierarchy.
Table 1 summarizes the inputs used as of February 28, 2019in valuing each fund’s investments:
At February 28, 2019, 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.
(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 ($) | Total | |||||||||
BNY Mellon Large Cap | |||||||||||||||||
Equity Securities— | 214,569,715 | - | - | - | - | - | 214,569,715 | ||||||||||
Investment Companies | 2,763,382 | - | - | - | - | - | 2,763,382 | ||||||||||
BNY Mellon Large Cap Market | |||||||||||||||||
Equity Securities— | 16,362,325 | - | - | - | - | - | 16,362,325 | ||||||||||
Investment Companies | 28,665,123 | - | - | - | - | - | 28,665,123 |
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Table 1—Fair Value Measurements (continued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon Tax-Sensitive | |||||||||||||||||
Equity Securities— | 192,050,006 | - | - | - | - | - | 192,050,006 | ||||||||||
Investment Companies | 114,353,553 | - | - | - | - | - | 114,353,553 | ||||||||||
BNY Mellon Income Stock Fund | |||||||||||||||||
Equity Securities— | 955,696,753 | - | - | - | - | - | 955,696,753 | ||||||||||
Investment Companies | 37,376,157 | - | - | - | - | - | 37,376,157 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Options Written | - | (688,493) | - | - | - | - | (688,493) | ||||||||||
BNY Mellon Mid Cap | |||||||||||||||||
Equity Securities— | 2,718,751,797 | - | - | - | - | - | 2,718,751,797 | ||||||||||
Exchange-Traded Funds | 17,178,923 | - | - | - | - | - | 17,178,923 | ||||||||||
Investment Companies | 57,103,338 | - | - | - | - | - | 57,103,338 | ||||||||||
BNY Mellon Small Cap | |||||||||||||||||
Equity Securities— | 442,073,077 | - | - | - | - | - | 442,073,077 | ||||||||||
Exchange-Traded Funds | 1,291,989 | - | - | - | - | - | 1,291,989 | ||||||||||
Investment Companies | 25,943,042 | - | - | - | - | - | 25,943,042 | ||||||||||
Rights | - | - | 0†† | - | - | - | 0 | ||||||||||
Warrants† | 111,055 | - | - | - | - | - | 111,055 | ||||||||||
BNY Mellon Focused Equity | |||||||||||||||||
Equity Securities— | 421,763,904 | - | - | - | - | - | 421,763,904 | ||||||||||
Investment Companies | 4,853,417 | - | - | - | - | - | 4,853,417 | ||||||||||
BNY Mellon Small/Mid Cap | |||||||||||||||||
Equity Securities— | 237,657,234 | - | - | - | - | - | 237,657,234 | ||||||||||
Exchange-Traded Funds | 3,970,446 | - | - | - | - | - | 3,970,446 | ||||||||||
Investment Companies | 10,869,371 | - | - | - | - | - | 10,869,371 | ||||||||||
Rights | - | - | 0†† | - | - | - | 0 |
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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
Table 1—Fair Value Measurements (continued) | ||||||||||||||||||
Investments in Securities | ||||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant |
|
| ||||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | ||||||||||
BNY Mellon International Fund | ||||||||||||||||||
Equity Securities— | 926,001,845 | - | - | - | - | - | 926,001,845 | |||||||||||
Exchange-Traded Funds | 13,075,731 | - | - | - | - | - | 13,075,731 | |||||||||||
Investment Companies | 15,435,127 | - | - | - | - | - | 15,435,127 | |||||||||||
Other Financial Instruments: | ||||||||||||||||||
Forward Foreign Currency | - | - | - | (16,930) | - | - | (16,930) | |||||||||||
BNY Mellon | ||||||||||||||||||
Equity Securities— | 783,276,648 | - | - | - | - | - | 783,276,648 | |||||||||||
Equity Securities— | 42,419,654 | - | - | - | - | - | 42,419,654 | |||||||||||
Exchange-Traded Funds | 39,765,262 | - | - | - | - | - | 39,765,262 | |||||||||||
Investment Companies | 10,858,556 | - | - | - | - | - | 10,858,556 | |||||||||||
BNY Mellon International | ||||||||||||||||||
Equity Securities— | 63,443,111 | - | - | - | - | - | 63,443,111 | |||||||||||
Investment Companies | 3,187,744 | - | - | - | - | - | 3,187,744 | |||||||||||
U.S. Treasury | - | - | 54,979 | - | - | - | 54,979 | |||||||||||
Other Financial Instruments: | ||||||||||||||||||
Futures††† | 3,492 | - | - | - | - | - | 3,492 | |||||||||||
BNY Mellon International | ||||||||||||||||||
Equity Securities— | 299,823,387 | - | - | - | - | - | 299,823,387 | |||||||||||
Equity Securities— | 2,601,485 | - | - | - | - | 2,601,485 | ||||||||||||
Exchange-Traded Fund | 10,154,660 | - | - | - | - | - | 10,154,660 | |||||||||||
Investment Companies | 7,557,758 | - | - | - | - | - | 7,557,758 |
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Table 1—Fair Value Measurements (continued) | ||||||||||||||||||
Investments in Securities | ||||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant |
|
| ||||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | ||||||||||
BNY Mellon Asset | ||||||||||||||||||
Commercial Mortgage-Backed | - | - | 1,130,321 | - | - | - | 1,130,321 | |||||||||||
Corporate Bonds† | - | - | 25,633,396 | - | - | - | 25,633,396 | |||||||||||
Equity Securities— | 109,512,375 | - | - | - | - | - | 109,512,375 | |||||||||||
Foreign Government | - | - | 901,644 | - | - | - | 901,644 | |||||||||||
Investment Companies | 292,299,466 | - | - | - | - | - | 292,299,466 | |||||||||||
Municipal Bonds† | - | - | 5,439,657 | - | - | - | 5,439,657 | |||||||||||
U.S. Government | - | - | 18,021,947 | - | - | - | 18,021,947 | |||||||||||
U.S. Treasury | - | - | 13,198,983 | - | - | - | 13,198,983 |
† 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.
129
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
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 earnedfrom each relevant fund from lending portfolio securities, pursuant to the securities lending agreement during the period ended February 28, 2019.
Table 2—Securities Lending Agreement |
|
BNY Mellon Large Cap Stock Fund | $ 724 |
BNY Mellon Large Cap Market Opportunities Fund | 68 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 713 |
BNY Mellon Income Stock Fund | 4,333 |
BNY Mellon Mid Cap Multi-Strategy Fund | 13,823 |
BNY Mellon Small Cap Multi-Strategy Fund | 17,869 |
BNY Mellon Focused Equity Opportunities Fund | 1,917 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 2,765 |
BNY Mellon Emerging Markets Fund | 1,838 |
BNY Mellon International Appreciation Fund | 1,978 |
BNY Mellon Asset Allocation Fund | 139 |
(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.
130
(g) Federal income taxes:It is the policy of each fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2019, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 28, 2019, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2018 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010, each fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
Table 3summarizes each relevant fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, realized subsequent to August 31, 2018.
Table 4 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2018. The tax character of current year distributions will be determined at the end of the current fiscal year.
Table 3—Capital Loss Carryover | ||||||
Short-Term | Long-Term | |||||
Total ($) | ||||||
BNY Mellon International Fund | - | 43,033,415 | 43,033,415 | |||
BNY Mellon Emerging Markets Fund | 200,669,947 | 197,344,478 | 398,014,425 | |||
BNY Mellon International Appreciation Fund | 348,735 | 31,327,790 | 31,676,525 | |||
BNY Mellon International Equity Income Fund | 15,482,631 | - | 15,482,631 |
† Short-term capital losses which can be carried forward for an unlimited period.
†† Long-term capital losses which can be carried forward for an unlimited period.
Table 4— Tax Character of Distributions Paid | |||||
2018 | |||||
|
| Ordinary Income ($) | Long-Term | ||
BNY Mellon Large Cap Stock Fund | 4,171,417 | 32,834,686 | |||
BNY Mellon Large Cap Market Opportunities Fund | 1,575,596 | 8,210,035 | |||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 6,036,550 | 28,868,361 | |||
BNY Mellon Income Stock Fund | 52,191,705 | 60,418,871 | |||
BNY Mellon Mid Cap Multi-Strategy Fund | 15,027,980 | 124,384,093 | |||
BNY Mellon Small Cap Multi-Strategy Fund | 8,631,843 | 37,617,353 | |||
BNY Mellon Focused Equity Opportunities Fund | 7,661,930 | 47,893,593 | |||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 8,274,304 | 24,762,761 | |||
BNY Mellon International Fund | 17,186,951 | – | |||
BNY Mellon Emerging Markets Fund | 7,842,876 | – | |||
BNY Mellon International Appreciation Fund | 1,570,248 | – | |||
BNY Mellon International Equity Income Fund | 15,234,395 | – | |||
BNY Mellon Asset Allocation Fund | 8,019,496 | 13,277,207 |
(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
131
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
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 long-term open-end funds in a $1.030 billion unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by The Bank of New York Mellon (the “BNYM Credit Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $830 million and is available to all long-term open-ended funds, including the funds, and (ii) Tranche B is in amount equal to $200 million and is available only to the Dreyfus Floating Rate Income Fund, a series of The Dreyfus/Laurel Funds, Inc. Prior to October 3, 2018, the unsecured credit facility with Citibank, N.A. was $830 million. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2019, BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon International Appreciation Fund and BNY Mellon Asset Allocation Fund did not borrow under the Facilities.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2019 for BNY Mellon Large Cap Stock Fund was approximately $111,600, with a related weighted average annualized interest rate of 3.29%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2019 for BNY Mellon Income Stock Fund was approximately $88,400, with a related weighted average annualized interest rate of 3.35%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2019 for BNY Mellon Mid Cap Multi-Strategy Fund was approximately $351,400, with a related weighted average annualized interest rate of 3.36%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2019 for BNY Mellon Small Cap Multi-Strategy Fund was approximately $64,600, with a related weighted average annualized interest rate of 2.77%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2019 for BNY Mellon Focused Equity Opportunities Fund was approximately $833,100, with a related weighted average annualized interest rate of 3.32%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2019 for BNY Mellon Small/Mid Cap Multi-Strategy Fund was approximately $992,800, with a related weighted average annualized interest rate of 3.38%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2019 for BNY Mellon International Fund was approximately $380,700, with a related weighted average annualized interest rate of 3.37%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2019 for BNY Mellon Emerging Markets Fund was approximately $695,000, with a related weighted average annualized interest rate of 3.21%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2019 for BNY Mellon International Equity Income Fund was approximately $171,300, with a related weighted average annualized interest rate of 3.30%.
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
132
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 February 28, 2019, 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, 2019 through December 31, 2019, 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 $217,236 during the period ended February 28, 2019.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
No administration fee is applied to assets held by BNY Mellon Large Cap Market Opportunities Fund and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund which are invested in shares of other underlying funds.
No administration fee is applied to assets held by BNY Mellon Asset Allocation Fund which are invested in cash or money market instruments or shares of other underlying funds.
Pursuant to a sub-investment advisory agreement between Dreyfus and Walter Scott, Dreyfus pays Walter Scott a monthly fee at an annual rate of .41% of BNY Mellon Large Cap Market Opportunities Fund’s and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s average daily net assets allocated to the U.S. Large Cap Equity Strategy.
Pursuant to separate sub-investment advisory agreements, Geneva and Boston Partners serve as a sub-investment adviser responsible for the day-to-day management of their respective portion of BNY Mellon Mid Cap Multi-Strategy Fund’s portfolio. Dreyfus pays Boston Partners and Geneva separate monthly fees at an annual percentage of BNY Mellon Mid Cap Multi-Strategy Fund’s average daily net assets allocated to the Boston Partners Mid Cap Value Strategy and the Geneva Mid Cap Growth Strategy, respectively. Dreyfus has obtained an exemptive order from the SEC (the “Order”), upon which the funds may rely, to use a manager of managers approach that permits Dreyfus, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-investment advisers who are either unaffiliated with Dreyfus or are wholly-owned subsidiaries (as defined under the Act) of Dreyfus’ ultimate parent company, BNY Mellon, without obtaining shareholder approval. The Order also allows the funds to disclose the sub-investment advisory fee paid by Dreyfus to any unaffiliated sub-investment adviser in the aggregate with other unaffiliated sub-investment advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-investment advisory fee payable by Dreyfus separately to a sub-investment adviser that is a wholly-owned subsidiary of BNY Mellon in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to Dreyfus. Dreyfus has ultimate responsibility (subject to oversight by the Board) to supervise any sub-investment adviser and recommend the hiring, termination, and replacement of any sub-investment adviser to the Board.
During the period ended February 28, 2019, the Distributor retained $106 from commissions earned on sales of BNY Mellon Income Stock Fund Class A shares.
133
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
(b)Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares of BNY Mellon Income Stock Fund pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. During the period ended February 28, 2019, Class C shares were charged $4,350 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 7summarizes the amounts Investor, Class A and Class C shares were charged during the period ended February 28, 2019, 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 | $ 10,470 |
BNY Mellon Large Cap Market Opportunities Fund | 208 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 7,380 |
BNY Mellon Income Stock Fund | |
Investor Shares | 38,950 |
Class A | 4,013 |
Class C | 1,450 |
BNY Mellon Mid Cap Multi-Strategy Fund | 145,354 |
BNY Mellon Small Cap Multi-Strategy Fund | 27,191 |
BNY Mellon Focused Equity Opportunities Fund | 12,336 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 3,788 |
BNY Mellon International Fund | 24,250 |
BNY Mellon Emerging Markets Fund | 23,506 |
BNY Mellon International Appreciation Fund | 1,743 |
BNY Mellon International Equity Income Fund | 1,760 |
BNY Mellon Asset Allocation Fund | 8,009 |
The funds have an arrangement with the transfer agent whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency fees and the funds had an arrangement with the custodian to receive earnings credits when positive cash balance are maintained, which were used to offset custody fees. Effective February 1, 2019, the arrangement with the custodian changed whereby the funds will no longer receive earnings credits to offset its custody fees and will receive interest income or overdraft fees going forward. 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 February 28, 2019, .BNY Mellon Income Stock Fund Class A, Class C, Class I and Class Y shares was charged $91 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity.Table 8 summarizes the amount each fund was charged during the period ended February 28, 2019 pursuant to the custody agreement. These fees were partially offset by earnings credits, also summarized inTable 8.
134
NOTES TO FINANCIAL STATEMENTS(Unaudited)
Table 8—Custody Agreement Fees | ||||
| Custody Fees ($) | Earnings Credits ($) | ||
BNY Mellon Large Cap Stock Fund | 3,500 | – | ||
BNY Mellon Large Cap Market Opportunities Fund | 1,494 | – | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 1,472 | – | ||
BNY Mellon Income Stock Fund | 10,196 | – | ||
BNY Mellon Mid Cap Multi-Strategy Fund | 41,869 | (566) | ||
BNY Mellon Small Cap Multi-Strategy Fund | 13,047 | – | ||
BNY Mellon Focused Equity Opportunities Fund | 4,547 | – | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 9,668 | (222) | ||
BNY Mellon International Fund | 93,938 | – | ||
BNY Mellon Emerging Markets Fund | 380,809 | – | ||
BNY Mellon International Appreciation Fund | 305 | (8) | ||
BNY Mellon International Equity Income Fund | 97,712 | – | ||
BNY Mellon Asset Allocation Fund | 3,398 | – |
Table9 summarizes the amount each fund was charged for services performed by the Chief Compliance Officer and his staff, during the period ended February 28, 2019.
Table 9—Chief Compliance Officer Fees |
|
BNY Mellon Large Cap Stock Fund | $6,305 |
BNY Mellon Large Cap Market Opportunities Fund | 8,827 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 8,827 |
BNY Mellon Income Stock Fund | 6,305 |
BNY Mellon Mid Cap Multi-Strategy Fund | 10,088 |
BNY Mellon Small Cap Multi-Strategy Fund | 6,305 |
BNY Mellon Focused Equity Opportunities Fund | 6,305 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 6,305 |
BNY Mellon International Fund | 6,305 |
BNY Mellon Emerging Markets Fund | 6,305 |
BNY Mellon International Appreciation Fund | 6,305 |
BNY Mellon International Equity Income Fund | 6,305 |
BNY Mellon Asset Allocation Fund | 7,566 |
Table 10summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
135
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
Table 10—Due to The Dreyfus Corporation and Affiliates | |||||||||||
| Investment | Distribution | Shareholder | Custodian | Chief Compliance | Less Expense | |||||
BNY Mellon Large Cap Stock Fund | 106,710 | – | 1,501 | 5,400 | 5,254 | – | |||||
BNY Mellon Large Cap Market Opportunities Fund | 12,297 | – | 41 | 2,520 | 7,356 | – | |||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 117,503 | – | 1,068 | 2,400 | 7,356 | – | |||||
BNY Mellon Income Stock Fund | 500,295 | 1,052 | 6,620 | 10,668 | 5,254 | – | |||||
BNY Mellon Mid Cap Multi-Strategy Fund | 1,584,575 | – | 23,327 | 41,971 | 8,407 | – | |||||
BNY Mellon Small Cap Multi-Strategy Fund | 293,055 | — | 3,775 | 17,916 | 5,254 | – | |||||
BNY Mellon Focused Equity Opportunities Fund | 228,374 | – | 1,222 | 5,400 | 5,254 | – | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 152,515 | – | 459 | 11,400 | 5,254 | – | |||||
BNY Mellon International Fund | 613,058 | – | 3,710 | 89,607 | 5,254 | – | |||||
BNY Mellon Emerging Markets Fund | 766,793 | – | 3,536 | 414,440 | 5,254 | – | |||||
BNY Mellon International Appreciation Fund | 24,357 | – | 231 | 2,111 | 5,254 | – | |||||
BNY Mellon International Equity Income Fund | 205,611 | – | 251 | 109,614 | 5,254 | – | |||||
BNY Mellon Asset Allocation Fund | 106,833 | – | 1,296 | 3,750 | 6,305 | (37,063) |
(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 11summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, forward contracts, futures and options transactions,during the period ended February 28, 2019.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each relevant fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, “Master Agreements”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination.
Each type of derivative instrument that was held by each relevant fund during the period ended February 28, 2019 is discussed below.
Futures:In the normal course of pursuing their investment objective, BNY Mellon International Appreciation Fund is exposed to market risk, including equity price risk,as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage their exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statements of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statements of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at February 28, 2019 are set forth in the Statements of Futures.
136
Table 11—Purchases and Sales | ||||||||
| Purchases ($) | Sales ($) | ||||||
BNY Mellon Large Cap Stock Fund | 61,348,408 | 110,358,120 | ||||||
BNY Mellon Large Cap Market Opportunities Fund | 16,641,199 | 28,954,795 | ||||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 65,376,075 | 87,682,636 | ||||||
BNY Mellon Income Stock Fund | 331,610,018 | 454,606,220 | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund | 689,533,355 | 1,158,080,487 | ||||||
BNY Mellon Small Cap Multi-Strategy Fund | 202,661,722 | 308,116,072 | ||||||
BNY Mellon Focused Equity Opportunities Fund | 258,896,207 | 366,416,318 | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 114,121,716 | 202,437,716 | ||||||
BNY Mellon International Fund | 359,075,640 | 471,831,133 | ||||||
BNY Mellon Emerging Markets Fund | 389,007,066 | 432,794,311 | ||||||
BNY Mellon International Appreciation Fund | 1,975,963 | 8,180,717 | ||||||
BNY Mellon International Equity Income Fund | 86,350,755 | 116,220,272 | ||||||
BNY Mellon Asset Allocation Fund | 64,783,845 | 57,822,373 |
Options Transactions: BNY Mellon Income Stock Fund purchases and writes (sells) put and call options to hedge against changes in the values of equities or as a substitute for an investment. The fund is subject to market risk, in the course of pursuing its investment objectives through its investments in options contracts. A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the writer to sell, the underlying financial instrument at the exercise price at any time during the option period, or at a specified date. Conversely, a put option gives the purchaser of the option the right (but not the obligation) to sell, and obligates the writer to buy the underlying financial instrument at the exercise price at any time during the option period, or at a specified date.
As a writer of call options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument increases between those dates.
As a writer of put options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument increases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument decreases between those dates.
As a writer of an option, the fund has no control over whether the underlying financial instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the financial instrument underlying the written option. There is a risk of loss from a change in value of such options which may exceed the related premiums received. The Statement of Operations reflects any unrealized gains or losses which occurred during the period as well as any realized gains or losses which occurred upon the expiration or closing of the option transaction.Options written open at February 28, 2019 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
137
NOTES TO FINANCIAL STATEMENTS (Unaudited)(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 February 28, 2019, there were no forward contracts outstanding for BNY Mellon Emerging Markets Fund. Forward contracts open at February 28, 2019 for BNY Mellon International Fund and BNY Mellon International Equity Income 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 February 28, 2019.
Table 12—Derivative of Assets and Liabilities subject to Master Netting Agreements
BNY Mellon International Fund |
|
|
| ||
|
|
|
|
|
|
Derivative Financial Instruments: |
| Assets ($) |
| Liabilities ($) |
|
Forward contracts |
| - |
| (16,930) |
|
Total gross amount of derivative |
|
|
|
|
|
assets and liabilities in the |
|
|
|
|
|
Statement of Assets and Liabilities |
| - |
| (16,930) |
|
Derivatives not subject to |
|
|
|
|
|
Master Agreements |
| - |
| - |
|
Total gross amount of assets |
|
|
|
|
|
and liabilities subject to |
|
|
|
|
|
Master Agreements |
| - |
| (16,930) |
|
|
|
|
|
|
|
|
|
|
| Financial |
|
|
|
|
|
| Instruments |
|
|
|
|
|
| and Derivatives |
|
|
|
| Gross Amount of |
| Available | Collateral |
| Net Amount of |
Counterparty | Liabilities ($) | 1 | for Offset ($) | Pledged ($) |
| Liabilities ($) |
Goldman Sachs | (16,930) |
| - | - |
| (16,930) |
1 Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statement of Assets and Liabilities. |
138
Table 13 summarizes each relevant fund’s average market value of derivatives outstanding during the period ended February 28, 2019.
Table 13—Average Market Value of Derivatives | |
Average Market Value ($) | |
BNY Mellon Income Stock Fund | 747,515 |
BNY Mellon International Fund | 390,689 |
BNY Mellon Emerging Markets Fund | 319,559 |
BNY Mellon International Appreciation Fund | 772,836 |
BNY Mellon International Equity Income Fund | 991,745 |
Table 14 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments inclusive of derivative contracts for each fund at February 28, 2019.
At February 28, 2019, the cost of investments inclusive of derivative contracts for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
Table 14—Accumulated Net Unrealized Appreciation (Depreciation) | ||||||||
| Gross | Gross | Net ($) | |||||
BNY Mellon Large Cap Stock Fund | 58,336,718 | 3,464,929 | 54,871,789 | |||||
BNY Mellon Large Cap Market Opportunities Fund | 8,530,478 | 722,100 | 7,808,378 | |||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 106,414,836 | 1,931,768 | 104,483,068 | |||||
BNY Mellon Income Stock Fund | 169,060,960 | 34,726,141 | 134,334,819 | |||||
BNY Mellon Mid Cap Multi-Strategy Fund | 915,497,926 | 37,036,675 | 878,461,251 | |||||
BNY Mellon Small Cap Multi-Strategy Fund | 102,362,212 | 22,235,758 | 80,126,454 | |||||
BNY Mellon Focused Equity Opportunities Fund | 87,372,231 | 8,310,672 | 79,061,559 | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 59,637,215 | 9,094,593 | 50,542,622 | |||||
BNY Mellon International Fund | 69,934,204 | 59,374,974 | 10,559,230 | |||||
BNY Mellon Emerging Markets Fund | 191,136,752 | 29,566,125 | 161,570,627 | |||||
BNY Mellon International Appreciation Fund | 12,750,873 | 27,262,454 | (14,511,581) | |||||
BNY Mellon International Equity Income Fund | 29,470,678 | 21,876,319 | 7,594,359 | |||||
BNY Mellon Asset Allocation Fund | 59,168,018 | 7,480,195 | 51,687,823 |
NOTE 5—Subsequent Event:
On March 20, 2019, the Board approved a Plan of Liquidation for BNY Mellon Large Cap Market Opportunities Fund and BNY Mellon International Appreciation Fund, the pro rata distribution of the assets of the funds to its shareholders and the closing of funds shareholder accounts (the “Liquidation”). The Liquidation of the funds will occur on or about April 30, 2019. Accordingly, effective April 19, 2019, the funds will be closed to any investments for new accounts.
139
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 Avenue
New York, NY 10166
Ticker Symbols: | ||||||
BNY Mellon Large Cap Stock Fund | Class M: MPLCX | Investor: MILCX | ||||
BNY Mellon Large Cap Market Opportunities Fund | Class M: MMOMX | Investor: MMOIX | ||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | Class M: MTSMX | Investor: MTSIX | ||||
BNY Mellon Income Stock Fund | Class M: MPISX | Investor: MIISX | Class A: BMIAX | Class C: BMISX | Class I: BMIIX | Class Y: BMIYX |
BNY Mellon Mid Cap Multi-Strategy Fund | Class M: MPMCX | Investor: MIMSX | ||||
BNY Mellon Small Cap Multi-Strategy Fund | Class M: MPSSX | Investor: MISCX | ||||
BNY Mellon Focused Equity Opportunities Fund | Class M: MFOMX | Investor: MFOIX | ||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | Class M: MMCMX | Investor: MMCIX | ||||
BNY Mellon International Fund | Class M: MPITX | Investor: MIINX | ||||
BNY Mellon Emerging Markets Fund | Class M: MEMKX | Investor: MIEGX | ||||
BNY Mellon International Appreciation Fund | Class M: MPPMX | Investor: MARIX | ||||
BNY Mellon International Equity Income Fund | Class M: MLIMX | Investor: MLIIX | ||||
BNY Mellon Asset Allocation Fund | Class M: MPBLX | Investor: MIBLX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-866-804-5023. Brokerage Clients of BNY Mellon Wealth Advisors (BNYMWA), please contact your financial representative or call 1-800-830-0549, Option 2 for BNY Mellon Wealth Management Direct or 1-800-843-5466 for former brokerage clients of BNY Mellon Wealth Advisors whose accounts are now held by Dreyfus Brokerage Services. Individual Account holders, please call Dreyfus at 1-800-DREYFUS.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov.
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.
© 2019 MBSC Securities Corporation | MFTSA0219-EQ |
The BNY Mellon Funds
BNY Mellon Bond Fund
BNY Mellon Intermediate Bond Fund
BNY Mellon Corporate Bond Fund
BNY Mellon Short-Term U.S. Government Securities Fund
SEMIANNUAL REPORT February 28, 2019 | |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2018 through February 28, 2019. 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.
While the U.S. economy continued to grow at above-trend rates during the six months, other developed country economies remained moderated. Economic momentum and strong corporate earnings supported U.S. stocks early in the period, while stocks declined in other developed markets. In emerging countries, equities experienced pressure for much of the period as the currency crises in Turkey and Argentina led investors to fear that currency depreciation would spread to other markets in the developing world.
In October, equity markets experienced a sharp sell-off, triggered in part by interest rate increases, trade tensions and slowing global growth. The sell-off partially reduced prior gains on U.S. indexes while losses deepened in international markets. Global equities continued their general decline throughout the end of the calendar year. However, comments made in January by the U.S. Federal Reserve (the “Fed”) that it might slow the pace of interest rate increases in 2019 helped stimulate a rebound across equity markets that lasted throughout the end of the reporting period.
Fixed income markets struggled during the first month of the period as interest rates and inflation rose, pressuring most bond prices. Favorable U.S. equity market performance fed investor risk appetites, reducing the demand for Treasuries and increasing yields. However, equity volatility in October triggered a flight to quality in the bond market, raising Treasury prices and flattening the yield curve. Growth concerns also affected corporate bonds, causing increased spreads and hurting prices through the end of the calendar year. After encouraging comments by the Fed in January, Bond markets rebounded and many indices continued to experience moderately positive returns through the end of February.
We expect economic momentum to continue in the U.S., but we will monitor relevant data for any signs of a change in our outlook. As always, we encourage you to discuss the risks and opportunities in today’s investment environment with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2019
3
DISCUSSION OF FUND PERFORMANCE(Unaudited)
For the period from September 1, 2018 through February 28, 2019, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Bond Fund’s Class M shares produced a total return of 1.78%, and Investor shares produced a total return of 1.64%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”), produced a total return of 1.99% for the same period.2
Bonds produced positive total returns over the reporting period amid interest-rate volatility and concerns over slowing economic growth. The fund produced lower returns than the Index primarily due to positioning in treasury inflation-protected securities (TIPS) and taxable municipal bonds.
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, plus any borrowings for investment purposes, in bonds. 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 (i.e., Baa/BBB or higher) at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Investments in bonds may include government securities, corporate bonds, mortgage-related securities and municipal securities. Generally, the average effective duration of the fund’s portfolio will not exceed eight years.
Interest-Rate and Spread Volatility Drove Bond Performance
U.S. debt markets were driven by fluctuating interest rates and spread volatility throughout the reporting period. In early fall 2018, interest rates rose at many points along the yield curve, suppressing Treasury performance. Corporate high yield debt outperformed like-duration Treasuries. Investment-grade corporate credit, despite high supply levels, also performed well. TIPS gained ground on mounting inflationary pressures. However, the market hit an inflection point in the fourth quarter of 2018.
Concerns over decelerating growth and the possibility of continued Federal Reserve (“Fed”) interest-rate hikes, in the face of unsupportive data, triggered a sell-off that lasted throughout the remainder of 2018. Spreads widened and risk assets came under pricing pressure, which was exacerbated by a lack of liquidity within the market. High yield and investment-grade corporate bond prices fell. TIPS prices also dipped as inflation expectations weakened.
A flight to quality among investors increased the demand for Treasuries, raising their prices and pushing down yields. However, the volatility subsided in January 2019, in part due to the Fed’s announcement that emphasized its focus on data as a primary driver for rate-hike decisions, and its ability to suspend additional rate increases when the data is not supportive, after its first meeting of the calendar year. Since the meeting, spreads have narrowed and risk assets have recovered. In general, corporate and securitized credit outperformed like-duration Treasuries during the six-month period.
Sector Allocation Decisions Drive Results
Positioning in TIPS and taxable municipals were two of the largest detractors during the reporting period. TIPS suffered for the period amid softening growth and inflation expectations. The portfolio’s 6% TIPS position produced a drag on returns. Taxable municipal bonds, a subsector of agency debt, also underperformed the broader market during the period. The fund’s overweight position detracted from relative results. From a credit-rating perspective, the portfolio’s underweight position to AAA rated securities also weighed on returns.
Conversely, the fund’s overweight to corporate credit was beneficial to results. Much of the outperformance occurred in the industrials and communication services sectors. Debt backed by technology, utility, and financial companies was also additive. An overweight to BBB rated corporate credit also added value for the period. Lastly, an underweight to nominal Treasuries, which underperformed during the six months, also contributed to relative returns.
Anticipating Range-Bound Interest Rates
We recognize that the fourth quarter of 2018 provided a challenging environment for fixed-income markets. However, we believe the correction we saw is behind us and the markets are in a good position to move forward. We think interest rates will remain range-bound for the near future and could possibly dip lower before rising once again.
Therefore, as of the reporting period’s end, we will continue to maintain the fund’s current sector and credit-rating positioning. However, we are tightening the fund’s duration positioning to be more in line with the benchmark to help mitigate the impact of future interest-rate changes on relative performance.
March 15, 2019
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, 2018 through February 28, 2019, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Intermediate Bond Fund’s Class M shares produced a total return of 1.57%, and Investor shares produced a total return of 1.51%.1In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Government/Credit Index (the “Index”), produced a total return of 2.21% for the same period.2
Intermediate-term bonds produced positive total returns over the reporting period amid interest-rate volatility and concerns over slowing growth. The fund produced lower returns than the Index, primarily due to duration and allocation positioning within Treasuries.
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, plus any borrowings for investment purposes, 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. The fund’s investments in bonds must be rated investment grade (i.e., Baa/BBB or higher) at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Investments in bonds may include government securities, corporate bonds and municipal bonds. 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. The investment adviser uses a disciplined process to select bonds and manage risk. The investment adviser chooses bonds based on yield, credit quality, the level of interest rates and inflation, general economic and financial trends, and its outlook for the securities markets. The process includes computer modeling and scenario testing of possible changes in market conditions.
Interest-Rate and Spread Volatility Drive Bond Performance
U.S. debt markets were driven by fluctuating interest rates and spread volatility throughout the reporting period. In early fall 2018, interest rates rose at many points along the yield curve, suppressing Treasury performance. Corporate high yield debt outperformed like-duration Treasuries. Investment-grade corporate credit, despite high supply levels, also performed well. Treasury inflation-protected securities (TIPS) gained ground on mounting inflationary pressures. However, the market hit an inflection point in the fourth quarter of 2018.
Concerns over decelerating growth and the possibility of continued Federal Reserve (“Fed”) interest-rate hikes, in the face of unsupportive data, triggered a sell-off that lasted throughout the remainder of 2018. Spreads widened and risk assets came under pricing pressure, which was exacerbated by a lack of liquidity within the market. High yield and investment-grade corporate bond prices fell. TIPS prices also dipped as inflation expectations weakened.
A flight to quality among investors increased the demand for Treasuries, raising their prices and pushing down yields. However, the volatility subsided in January 2019, in part due to the Fed’s announcement that emphasized its focus on data as a primary driver for rate-hike decisions, and its ability to suspend additional rate increases when the data is not supportive, after its first meeting of the calendar year. Since the meeting, spreads have narrowed and risk assets have recovered. In general, corporate and securitized credit outperformed like-duration Treasuries during the six-month period.
Treasury Performance Dampens Relative Results
Duration and allocation decisions within Treasuries were the primary drivers of relative underperformance. Short duration positioning within nominal Treasuries was a main detractor from results. Underweight positioning relative to the benchmark was also a headwind. Within TIPS, the fund’s 6% position detracted as the asset class underperformed for the period on softening growth and inflation expectations. Positioning within corporate debt detracted modestly, driven by short duration positions within the industrials and consumer cyclicals sectors. From a credit-rating perspective, high-quality debt, such as AAA and AA, detracted from results.
Conversely, BBB rated credit contributed to relative results. Debt issued by utility companies was also modestly additive.
Anticipating Range-Bound Interest Rates
We recognize that the fourth quarter of 2018 provided a challenging environment for fixed-income markets. However, we believe the correction we saw is behind us and the markets are in a good position to move forward. We think interest rates will remain range-bound for the near future and could possibly dip lower before rising once again.
Therefore, as of the reporting period’s end, we will continue to maintain the fund’s current sector and credit-rating positioning. However, we are tightening the fund’s duration positioning to be more in line with the benchmark to help mitigate the impact of future interest-rate changes on relative performance.
March 15, 2019
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, 2018 through February 28, 2019, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Corporate Bond Fund’s Class M shares produced a total return of 1.96%, and Investor shares produced a total return of 1.81%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Credit Index (the “Index”), produced a total return of 2.47%, and the Bloomberg Barclays U.S. Credit Index, the fund’s secondary benchmark, produced a total return of 2.05% for the same period.2,3
Investment-grade corporate-backed bonds produced moderately positive total returns over the reporting period amid interest-rate volatility and concerns over slowing economic growth. The fund produced lower returns than the Index, primarily due to security selection shortfalls within consumer cyclicals and an overweight to BBB rated debt.
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, plus any borrowings for investment purposes, 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, but no lower than Ba-/BB- (or the unrated equivalent as determined by the investment adviser) in the case of mortgage-related and asset-backed securities.
The investment adviser uses a disciplined process to select bonds and manage risk. The investment adviser chooses bonds based on yield, credit quality, the level of interest rates and inflation, general economic and financial trends, and its outlook for the securities markets. In selecting corporate bonds for investment, the fund’s portfolio managers 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 and Spread Volatility Drive Bond Performance
U.S. debt markets were driven by fluctuating interest rates and spread volatility throughout the reporting period. In early fall 2018, interest rates rose at many points along the yield curve, suppressing Treasury performance. Corporate high yield debt outperformed like-duration Treasuries. Investment-grade corporate credit, despite high supply levels, also performed well. Treasury inflation-protected securities (TIPS) gained ground on mounting inflationary pressures. However, the market hit an inflection point in the fourth quarter of 2018.
Concerns over decelerating growth and the possibility of continued Federal Reserve (“Fed”) interest-rate hikes, in the face of unsupportive data, triggered a sell-off that lasted throughout the remainder of 2018. Spreads widened and risk assets came under pricing pressure, which was exacerbated by a lack of liquidity within the market. High yield and investment-grade corporate bond prices fell. TIPS prices also dipped as inflation expectations weakened.
A flight to quality among investors increased the demand for Treasuries, raising their prices and pushing down yields. However, the volatility subsided in January 2019, in part due to the Fed’s announcement that emphasized its focus on data as a primary driver for rate-hike decisions, and its ability to suspend additional rate increases when the data is not supportive, after its first meeting of the calendar year. Since the meeting, spreads have narrowed and risk assets have recovered. In general, corporate and securitized credit outperformed like-duration Treasuries during the six-month period.
Security Selection Decisions Drive Results
Selection of individual issues was a main detractor from relative performance during the six months. Credits backed by consumer cyclical companies were the primary underperformers, although consumer non-cyclical, technology and financial companies also produced a headwind. From a credit-rating perspective, BBB rated securities also dampened relative results. A material overweight to these lower-quality bonds, which were hurt worse than higher-quality credits in December 2018, detracted as spreads widened.
Conversely, long duration positioning was additive. Credit selection among bonds backed by utility companies also helped relative results.
Anticipating Range-Bound Interest Rates
We recognize that the fourth quarter of 2018 provided a challenging environment for fixed-income markets. However, we believe the correction we saw is behind us and the markets are in a good position to move forward. We think interest rates will remain range-bound for the near future and could possibly dip lower before rising once again.
Therefore, as of the reporting period’s end, we will continue to maintain the fund’s current sector and credit-rating positioning. However, we are tightening the fund’s duration positioning to be more in line with the benchmark to help mitigate the impact of future interest-rate changes on relative performance.
March 15, 2019
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. – The Bloomberg Barclays U.S. Intermediate Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with a maturity greater than 1 year and less than 10 years. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities constrained by maturity. The U.S. Intermediate Credit Index is a subset of the U.S. Credit Index, which feeds into the U.S. Government/Credit Index and U.S. Aggregate Index. Investors cannot invest directly in any index.
3 Source: Lipper Inc. – The Bloomberg Barclays U.S. Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities. Investors cannot invest directly in any index.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
The fund may use derivative instruments, such as options, futures, options on futures, forward contracts, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
6
For the period from September 1, 2018 through February 28, 2019, as provided by Lawrence R. Dunn, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Short-Term U.S. Government Securities Fund’s Class M shares produced a total return of 1.04%, and Investor shares produced a total return of 0.98%.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 1.56% for the same period.2
Short-term U.S. government securities produced mildly positive total returns over the reporting period amid volatile interest rates and slowing growth. 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 its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and in repurchase agreements in respect of such securities. 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.
Typically in choosing securities, the portfolio managers first examine U.S. and global economic conditions and other market factors in order to estimate long- and short-term interest rates. Using a research-driven investment process, generally the portfolio managers then seek to identify potentially profitable sectors before they are widely perceived by the market, and seek underpriced or mispriced securities that appear likely to perform well over time.
Interest-Rate and Spread Volatility Drove Bond Performance
U.S. debt markets were driven by fluctuating interest rates and spread volatility throughout the reporting period. In early fall 2018, interest rates rose at many points along the yield curve, suppressing Treasury performance. Corporate high yield debt outperformed like-duration Treasuries. Investment-grade corporate credit, despite high supply levels, also performed well. Treasury inflation-protected securities (TIPS) gained ground on mounting inflationary pressures. However, the market hit an inflection point in the fourth quarter of 2018.
Concerns over decelerating growth and the possibility of continued Federal Reserve (“Fed”) interest-rate hikes, in the face of unsupportive data, triggered a sell-off that lasted throughout the remainder of 2018. Spreads widened and risk assets came under pricing pressure, which was exacerbated by a lack of liquidity within the market. High yield and investment-grade corporate bond prices fell. TIPS prices also dipped as inflation expectations weakened.
A flight to quality among investors increased the demand for Treasuries, raising their prices and pushing down yields. However, the volatility subsided in January 2019, in part due to the Fed’s announcement that emphasized its focus on data as a primary driver for rate-hike decisions, and its ability to suspend additional rate increases when the data is not supportive, after its first meeting of the calendar year. Since the meeting, spreads have narrowed and risk assets have recovered. Throughout January 2019 and February 2019, the 10-year/2-year and 30-year/2-year spreads increased, steepening the intermediate- and long-term portions of the yield curve. In general, corporate and securitized credit outperformed like-duration Treasuries during the six-month period.
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 suffered from periods of weak performance during the fourth quarter of 2018. We have since been working to shorten the duration of our mortgage exposure. In addition, short duration within Treasury securities also detracted from relative performance. The portfolio’s Treasury allocation lagged the benchmark during the period of falling rates in December 2018. The fund did not participate as fully as the benchmark due to its reduced interest-rate sensitivity caused by the shorter duration positioning. Agency positioning also detracted from relative performance.
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 Moderating Growth
As of the end of the reporting period, we expect U.S. growth to continue, albeit at a slower pace that is more in line with the historical mean. We do not anticipate an imminent recession, although we think given current trends one could be possible once we pass into 2020. Given this moderating growth profile, we expect the Fed will likely be patient with rate increases, hiking only once in 2019.
In this environment, we will look for opportunities over the next three to six months to bring duration into closer alignment with the benchmark.
March 15, 2019
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. – The Bloomberg Barclays U.S. Government 1-3 Year Bond Index comprises the U.S. Treasury and U.S. Agency Indices. The index includes U.S. dollar-denominated, fixed-rate, nominal U.S. Treasuries and U.S. agency debentures, which reach maturity in 1-3 years. Investors cannot invest directly in any index.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
The fund may use derivative instruments, such as options, futures, options on futures, forward contracts, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
7
UNDERSTANDING YOUR FUND’S EXPENSES(Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2018 to February 28, 2019. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment | |||||||||||||||||
assuming actual returns for the six months ended February 28, 2019 | |||||||||||||||||
|
|
|
|
|
| Class M |
|
|
| Investor Shares |
| ||||||
BNY Mellon Bond Fund | |||||||||||||||||
Expenses paid per $1,000† |
| $2.75 | $4.00 | ||||||||||||||
Ending value (after expenses) | $1,017.80 | $1,016.40 | |||||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||||
BNY Mellon Intermediate Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.70 | $3.95 | |||||||||||||||
Ending value (after expenses) | $1,015.70 | $1,015.10 | |||||||||||||||
Annualized expense ratio (%) | .54 | .79 | |||||||||||||||
BNY Mellon Corporate Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.75 | $4.00 | |||||||||||||||
Ending value (after expenses) | $1,019.60 | $1,018.10 | |||||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.69 | $3.94 | |||||||||||||||
Ending value (after expenses) | $1,010.40 | $1,009.80 | |||||||||||||||
Annualized expense ratio (%) | .54 | .79 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
8
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS(Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment | |||||||||||||||||
assuming a hypothetical 5% annualized return for the six months ended February 28, 2019 | |||||||||||||||||
|
|
|
|
|
| Class M |
|
|
| Investor Shares |
| ||||||
BNY Mellon Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.76 | $4.01 | |||||||||||||||
Ending value (after expenses) | $1,022.07 | $1,020.83 | |||||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||||
BNY Mellon Intermediate Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.71 | $3.96 | |||||||||||||||
Ending value (after expenses) | $1,022.12 | $1,020.88 | |||||||||||||||
Annualized expense ratio (%) | .54 | .79 | |||||||||||||||
BNY Mellon Corporate Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.76 | $4.01 | |||||||||||||||
Ending value (after expenses) | $1,022.07 | $1,020.83 | |||||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.71 | $3.96 | |||||||||||||||
Ending value (after expenses) | $1,022.12 | $1,020.88 | |||||||||||||||
Annualized expense ratio (%) | .54 | .79 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
9
STATEMENT OF INVESTMENTS
February 28, 2019 (Unaudited)
BNY Mellon Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.5% | |||||||||
Aerospace & Defense - .5% | |||||||||
Northrop Grumman, | 2.93 | 1/15/2025 | 5,255,000 | 5,097,352 | |||||
Airlines - 1.1% | |||||||||
American Airlines, | 3.38 | 5/1/2027 | 5,088,573 | 4,921,668 | |||||
United Airlines Pass Through Trust, | 4.15 | 8/25/2031 | 6,400,000 | 6,577,280 | |||||
11,498,948 | |||||||||
Automobiles & Components - .5% | |||||||||
Toyota Motor Credit, | 2.15 | 3/12/2020 | 5,145,000 | 5,112,728 | |||||
Banks - 9.2% | |||||||||
Bank of America, | 3.95 | 4/21/2025 | 9,170,000 | 9,172,825 | |||||
Barclays, | 5.20 | 5/12/2026 | 2,185,000 | 2,202,803 | |||||
Citigroup, | 4.45 | 9/29/2027 | 10,200,000 | 10,245,445 | |||||
Citizens Financial Group, | 4.15 | 9/28/2022 | 8,555,000 | a | 8,606,399 | ||||
Cooperatieve Rabobank, | 4.50 | 1/11/2021 | 8,060,000 | 8,294,235 | |||||
Credit Suisse Group, | 4.21 | 6/12/2024 | 5,500,000 | a | 5,531,358 | ||||
Goldman Sachs Group, | 6.75 | 10/1/2037 | 8,270,000 | 9,847,709 | |||||
JPMorgan Chase & Co., | 3.38 | 5/1/2023 | 7,270,000 | 7,276,405 | |||||
Morgan Stanley, | 4.88 | 11/1/2022 | 11,490,000 | 12,035,570 | |||||
Royal Bank of Scotland Group, | 5.08 | 1/27/2030 | 5,345,000 | 5,495,556 | |||||
Royal Bank of Scotland Group, | 6.13 | 12/15/2022 | 3,660,000 | 3,864,258 | |||||
Societe Generale, | 4.75 | 11/24/2025 | 8,355,000 | a | 8,496,975 | ||||
Sumitomo Mitsui Banking, | 3.15 | 10/16/2020 | 5,090,000 | b | 5,091,902 | ||||
Wells Fargo & Co., | 2.63 | 7/22/2022 | 3,530,000 | 3,465,238 | |||||
99,626,678 | |||||||||
Beverage Products - 1.2% | |||||||||
Anheuser-Busch InBev Worldwide, | 4.90 | 2/1/2046 | 5,935,000 | a | 5,723,009 | ||||
PepsiCo, | 4.50 | 1/15/2020 | 7,040,000 | 7,149,041 | |||||
12,872,050 | |||||||||
Chemicals - .7% | |||||||||
DowDuPont, | 4.49 | 11/15/2025 | 6,885,000 | 7,204,014 | |||||
Commercial & Professional Services - 1.0% | |||||||||
George Washington University, | 4.13 | 9/15/2048 | 5,350,000 | 5,379,072 | |||||
Total System Services, | 4.80 | 4/1/2026 | 5,765,000 | 5,907,744 | |||||
11,286,816 |
10
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.5% (continued) | |||||||||
Commercial Mortgage Pass-Through Ctfs. - 1.7% | |||||||||
UBS Commercial Mortgage Trust, | 3.40 | 5/10/2045 | 4,187,153 | 4,226,274 | |||||
WFRBS Commercial Mortgage Trust, | 3.20 | 3/15/2048 | 4,835,000 | 4,861,062 | |||||
WFRBS Commercial Mortgage Trust, | 3.00 | 5/15/2045 | 9,045,000 | 9,023,960 | |||||
18,111,296 | |||||||||
Diversified Financials - 1.3% | |||||||||
AerCap Ireland Capital, | 4.50 | 5/15/2021 | 7,525,000 | 7,627,916 | |||||
Intercontinental Exchange, | 2.75 | 12/1/2020 | 6,035,000 | 6,014,717 | |||||
13,642,633 | |||||||||
Electronic Components - .5% | |||||||||
Tech Data, | 4.95 | 2/15/2027 | 5,230,000 | 5,210,310 | |||||
Energy - 2.9% | |||||||||
BP Capital Markets, | 2.50 | 11/6/2022 | 5,500,000 | 5,398,805 | |||||
Concho Resources, | 4.30 | 8/15/2028 | 3,750,000 | 3,783,404 | |||||
Energy Transfer Operating, | 5.25 | 4/15/2029 | 2,830,000 | 2,964,996 | |||||
Exxon Mobil, | 1.71 | 3/1/2019 | 4,425,000 | 4,425,000 | |||||
Marathon Petroleum, | 3.80 | 4/1/2028 | 4,250,000 | a | 4,103,385 | ||||
Sabine Pass Liquefaction, | 5.75 | 5/15/2024 | 3,300,000 | 3,573,793 | |||||
Spectra Energy Partners, | 3.50 | 3/15/2025 | 3,145,000 | 3,103,044 | |||||
Williams Cos., | 4.30 | 3/4/2024 | 3,516,000 | 3,599,036 | |||||
30,951,463 | |||||||||
Foreign/Governmental - 1.4% | |||||||||
Petroleos Mexicanos, | 4.88 | 1/24/2022 | 7,625,000 | 7,598,313 | |||||
Province of Ontario Canada, | 3.05 | 1/29/2024 | 7,455,000 | 7,512,014 | |||||
15,110,327 | |||||||||
Health Care - 2.6% | |||||||||
AbbVie, | 2.90 | 11/6/2022 | 5,090,000 | 5,012,774 | |||||
Amgen, | 5.65 | 6/15/2042 | 4,955,000 | 5,403,333 | |||||
Biogen, | 2.90 | 9/15/2020 | 5,600,000 | 5,601,384 | |||||
Celgene, | 3.25 | 2/20/2023 | 5,100,000 | 5,059,963 | |||||
CVS Health, | 4.78 | 3/25/2038 | 7,180,000 | 6,999,077 | |||||
28,076,531 | |||||||||
Industrials - .9% | |||||||||
ABB Finance USA, | 2.88 | 5/8/2022 | 7,215,000 | 7,196,146 | |||||
Rockwell Automation, | 3.50 | 3/1/2029 | 2,800,000 | 2,801,088 | |||||
9,997,234 |
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.5% (continued) | |||||||||
Information Technology - 2.0% | |||||||||
Adobe, | 3.25 | 2/1/2025 | 4,895,000 | 4,929,826 | |||||
Microsoft, | 3.75 | 2/12/2045 | 7,035,000 | 6,912,762 | |||||
Oracle, | 2.50 | 5/15/2022 | 9,660,000 | 9,542,289 | |||||
21,384,877 | |||||||||
Insurance - 1.0% | |||||||||
MetLife, | 5.88 | 3/15/2028 | 5,000,000 | 5,042,625 | |||||
Prudential Financial, | 4.35 | 2/25/2050 | 5,960,000 | 5,863,288 | |||||
10,905,913 | |||||||||
Internet Software & Services - 1.6% | |||||||||
Amazon.com, | 2.40 | 2/22/2023 | 6,655,000 | 6,540,322 | |||||
Arrow Electronics, | 3.50 | 4/1/2022 | 5,620,000 | 5,549,129 | |||||
eBay, | 2.60 | 7/15/2022 | 5,295,000 | 5,185,231 | |||||
17,274,682 | |||||||||
Media - 1.9% | |||||||||
21st Century Fox America, | 6.15 | 3/1/2037 | 4,365,000 | 5,395,412 | |||||
Comcast, | 3.60 | 3/1/2024 | 9,400,000 | 9,550,479 | |||||
Discovery Communications, | 2.80 | 6/15/2020 | 5,465,000 | a | 5,420,053 | ||||
20,365,944 | |||||||||
Municipal Bonds - 7.0% | |||||||||
California, | 3.38 | 4/1/2025 | 6,270,000 | 6,355,397 | |||||
California Earthquake Authority, | 2.81 | 7/1/2019 | 2,394,000 | 2,392,516 | |||||
California Educational Facilities Authority, | 5.00 | 10/1/2032 | 6,125,000 | 7,793,940 | |||||
Chicago, | 7.38 | 1/1/2033 | 4,710,000 | 5,114,872 | |||||
Commonwealth of Massachusetts, | 4.91 | 5/1/2029 | 4,990,000 | 5,563,650 | |||||
Commonwealth of Massachusetts, | 4.20 | 12/1/2021 | 335,000 | 342,487 | |||||
Florida Hurricane Catastrophe Fund Finance Corporation, | 3.00 | 7/1/2020 | 14,000,000 | 14,003,220 | |||||
New York City, | 6.25 | 6/1/2035 | 5,470,000 | 5,674,961 | |||||
New York City Municipal Water Finance Authority, | 6.28 | 6/15/2042 | 8,440,000 | 8,905,635 | |||||
New York City Transitional Finance Authority, | 3.88 | 8/1/2031 | 5,650,000 | 5,696,499 | |||||
Oakland Unified School District, | 9.50 | 8/1/2034 | 3,550,000 | 3,646,773 | |||||
Texas Public Finance Authority, | 8.25 | 7/1/2024 | 4,390,000 | 4,435,876 | |||||
University of California Regents, | 4.13 | 5/15/2045 | 5,530,000 | 5,536,083 | |||||
75,461,909 |
12
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.5% (continued) | |||||||||
Real Estate - 2.1% | |||||||||
Alexandria Real Estate Equities, | 4.30 | 1/15/2026 | 4,180,000 | 4,220,371 | |||||
Boston Properties, | 4.13 | 5/15/2021 | 3,005,000 | 3,063,937 | |||||
CubeSmart, | 4.80 | 7/15/2022 | 2,538,000 | 2,632,853 | |||||
Kimco Realty, | 3.40 | 11/1/2022 | 5,595,000 | 5,581,646 | |||||
Mid-America Apartments, | 3.60 | 6/1/2027 | 4,725,000 | 4,592,919 | |||||
National Retail Properties, | 4.30 | 10/15/2028 | 2,625,000 | 2,672,023 | |||||
22,763,749 | |||||||||
Semiconductors & Semiconductor Equipment - .6% | |||||||||
Intel, | 2.70 | 12/15/2022 | 4,020,000 | 4,001,993 | |||||
Lam Research, | 4.00 | 3/15/2029 | 3,000,000 | 3,005,056 | |||||
7,007,049 | |||||||||
Technology Hardware & Equipment - .5% | |||||||||
Apple, | 4.38 | 5/13/2045 | 4,895,000 | 5,092,091 | |||||
Telecommunication Services - 3.1% | |||||||||
AT&T, | 4.13 | 2/17/2026 | 4,975,000 | 4,982,546 | |||||
AT&T, | 4.55 | 3/9/2049 | 7,340,000 | 6,590,132 | |||||
Telefonica Emisiones, | 4.10 | 3/8/2027 | 9,675,000 | 9,524,001 | |||||
Verizon Communications, | 5.50 | 3/16/2047 | 10,605,000 | 11,805,467 | |||||
32,902,146 | |||||||||
Transportation - 2.1% | |||||||||
Burlington North Santa Fe., | 3.45 | 9/15/2021 | 6,415,000 | 6,484,147 | |||||
JB Hunt Transport Services, | 3.88 | 3/1/2026 | 5,230,000 | 5,223,281 | |||||
Ryder System, | 3.65 | 3/18/2024 | 5,190,000 | 5,185,720 | |||||
Union Pacific, | 3.15 | 3/1/2024 | 5,500,000 | 5,487,848 | |||||
22,380,996 | |||||||||
U.S. Government Agencies - .5% | |||||||||
Federal Farm Credit Bank, | 3.60 | 7/23/2025 | 5,370,000 | 5,375,950 | |||||
U.S. Government Agencies Mortgage-Backed - 26.2% | |||||||||
Federal Home Loan Mortgage Corporation: | |||||||||
3.00%, 1/1/33 | 6,891,204 | c | 6,886,961 | ||||||
3.50%, 11/1/32-4/1/48 | 37,010,060 | c | 37,113,546 | ||||||
4.00%, 11/1/47-9/1/48 | 36,944,407 | c | 37,749,972 | ||||||
4.50%, 7/1/48-11/1/48 | 17,831,507 | c | 18,491,560 | ||||||
5.00%, 12/1/39-7/1/40 | 4,898,908 | c | 5,253,981 | ||||||
Federal National Mortgage Association: | |||||||||
2.50%, 10/1/31 | 11,936,737 | c | 11,726,068 | ||||||
3.00%, 6/1/37-9/1/46 | 42,234,880 | c | 41,368,965 | ||||||
3.50%, 5/1/33-3/1/48 | 30,345,411 | c | 30,502,514 | ||||||
4.00%, 2/1/39-11/1/48 | 19,973,538 | c | 20,426,933 | ||||||
4.50%, 7/1/48 | 9,419,281 | c | 9,755,184 |
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.5% (continued) | |||||||||
U.S. Government Agencies Mortgage-Backed - 26.2% (continued) | |||||||||
5.00%, 11/1/43-9/1/48 | 7,159,849 | c | 7,542,390 | ||||||
Government National Mortgage Association II: | |||||||||
3.00%, 9/20/47 | 13,908,453 | 13,739,240 | |||||||
3.50%, 4/20/46-9/20/47 | 16,332,884 | 16,495,606 | |||||||
4.00%, 8/1/48 | 13,924,511 | 14,307,583 | |||||||
4.50%, 12/1/48 | 10,144,909 | 10,516,682 | |||||||
281,877,185 | |||||||||
U.S. Government Securities - 23.2% | |||||||||
U.S. Treasury Bonds | 2.25 | 8/15/2046 | 5,500,000 | 4,644,277 | |||||
U.S. Treasury Bonds | 2.50 | 5/15/2046 | 5,050,000 | 4,501,010 | |||||
U.S. Treasury Bonds | 2.75 | 11/15/2047 | 4,000,000 | d | 3,740,156 | ||||
U.S. Treasury Bonds | 2.88 | 8/15/2045 | 7,985,000 | 7,686,810 | |||||
U.S. Treasury Bonds | 3.00 | 2/15/2049 | 7,250,000 | d | 7,130,488 | ||||
U.S. Treasury Bonds | 3.00 | 2/15/2047 | 1,380,000 | 1,360,324 | |||||
U.S. Treasury Notes | 1.88 | 4/30/2022 | 19,525,000 | 19,158,144 | |||||
U.S. Treasury Notes | 2.00 | 11/15/2026 | 8,480,000 | d | 8,096,578 | ||||
U.S. Treasury Notes | 2.13 | 9/30/2021 | 2,300,000 | 2,278,168 | |||||
U.S. Treasury Notes | 2.25 | 11/15/2027 | 5,730,000 | 5,533,255 | |||||
U.S. Treasury Notes | 2.38 | 5/15/2027 | 3,150,000 | d | 3,082,939 | ||||
U.S. Treasury Notes | 2.38 | 1/31/2023 | 3,500,000 | 3,481,816 | |||||
U.S. Treasury Notes | 2.50 | 1/31/2024 | 4,000,000 | d | 3,996,172 | ||||
U.S. Treasury Notes | 2.63 | 1/31/2026 | 10,500,000 | d | 10,507,383 | ||||
U.S. Treasury Notes | 2.63 | 12/31/2023 | 31,500,000 | 31,635,352 | |||||
U.S. Treasury Notes | 2.63 | 2/28/2023 | 12,165,000 | 12,214,895 | |||||
U.S. Treasury Notes | 2.63 | 2/15/2029 | 10,000,000 | d | 9,918,555 | ||||
U.S. Treasury Notes | 2.88 | 11/30/2025 | 5,000,000 | 5,079,297 | |||||
U.S. Treasury Notes | 2.88 | 11/30/2023 | 24,810,000 | 25,204,440 | |||||
U.S. Treasury Notes | 3.13 | 11/15/2028 | 16,695,000 | 17,267,912 | |||||
United States Treasury Inflation Indexed Bonds, | 1.00 | 2/15/2046 | 9,940,313 | e | 9,665,207 | ||||
United States Treasury Inflation Indexed Notes, | 0.13 | 1/15/2022 | 9,990,090 | e | 9,845,409 | ||||
United States Treasury Inflation Indexed Notes, | 0.38 | 7/15/2025 | 12,935,396 | e | 12,734,670 | ||||
United States Treasury Inflation Indexed Notes, | 0.38 | 1/15/2027 | 5,200,250 | e | 5,056,431 | ||||
United States Treasury Inflation Indexed Notes, | 0.63 | 1/15/2024 | 11,106,470 | e | 11,113,520 | ||||
United States Treasury Inflation Indexed Notes, | 0.63 | 4/15/2023 | 15,469,975 | e | 15,450,788 | ||||
250,383,996 | |||||||||
Utilities - 2.2% | |||||||||
Black Hills, | 4.35 | 5/1/2033 | 2,580,000 | 2,570,002 | |||||
CenterPoint Energy, | 4.25 | 11/1/2028 | 4,685,000 | 4,733,458 | |||||
Exelon, | 3.40 | 4/15/2026 | 4,400,000 | d | 4,271,435 | ||||
NiSource, | 3.95 | 3/30/2048 | 5,115,000 | 4,621,667 | |||||
Public Service Enterprise Group, | 1.60 | 11/15/2019 | 2,670,000 | 2,645,490 | |||||
Shell International Finance, | 3.50 | 11/13/2023 | 5,269,000 | 5,386,265 | |||||
24,228,317 | |||||||||
TotalBonds and Notes | 1,071,203,184 |
14
BNY Mellon Bond Fund (continued) | |||||||||
Description | 1-Day | Shares | Value ($) | ||||||
Investment Companies - .7% | |||||||||
Registered Investment Companies - .7% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 7,628,601 | f | 7,628,601 | |||||
Investment of Cash Collateral for Securities Loaned - .0% | |||||||||
Registered Investment Companies - .0% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 101,000 | f | 101,000 | |||||
Total Investments(cost $1,080,371,242) | 100.2% | 1,078,932,785 | |||||||
Liabilities, Less Cash and Receivables | (0.2%) | (1,712,765) | |||||||
Net Assets | 100.0% | 1,077,220,020 |
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 February 28, 2019, these securities were valued at $37,881,179 or 3.52% of net assets.
b Variable rate security—rate shown is the interest rate in effect at period end.
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 Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $46,422,544 and the value of the collateral held by the fund was $47,988,423, consisting of cash collateral of $101,000 and U.S. Government & Agency securities valued at $47,887,423.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Government | 31.4 |
Mortgage Securities | 27.9 |
Financial | 13.6 |
Communications | 6.0 |
Consumer, Non-cyclical | 4.9 |
Industrial | 4.5 |
Energy | 4.1 |
Technology | 3.1 |
Utilities | 1.8 |
Consumer, Cyclical | 1.5 |
Investment Companies | .7 |
Basic Materials | .7 |
100.2 |
† Based on net assets.
See notes to financial statements.
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Intermediate Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.9% | |||||||||
Aerospace & Defense - .7% | |||||||||
General Dynamics, | 3.00 | 5/11/2021 | 6,205,000 | 6,232,743 | |||||
Airlines - .5% | |||||||||
American Airlines Pass-Through Trust, | 3.38 | 5/1/2027 | 4,550,319 | 4,401,068 | |||||
Automobiles & Components - 1.7% | |||||||||
American Honda Finance, | 1.70 | 9/9/2021 | 4,260,000 | 4,126,012 | |||||
BMW US Capital, | 3.18 | 4/6/2020 | 2,000,000 | a,b | 2,001,696 | ||||
Paccar Financial, | 2.80 | 3/1/2021 | 3,730,000 | 3,726,705 | |||||
Toyota Motor Credit, | 2.15 | 3/12/2020 | 5,960,000 | 5,922,616 | |||||
15,777,029 | |||||||||
Banks - 11.9% | |||||||||
Bank of America, | 3.95 | 4/21/2025 | 7,175,000 | 7,177,210 | |||||
Bank of Montreal, | 3.30 | 2/5/2024 | 9,000,000 | 8,969,849 | |||||
Bank of Nova Scotia, | 2.50 | 1/8/2021 | 4,855,000 | 4,820,510 | |||||
Citigroup, | 4.40 | 6/10/2025 | 10,540,000 | 10,721,054 | |||||
Citizens Financial Group, | 4.30 | 12/3/2025 | 6,885,000 | 6,950,322 | |||||
Cooperatieve Rabobank, | 3.75 | 7/21/2026 | 6,785,000 | 6,562,598 | |||||
Credit Suisse Group, | 3.00 | 12/14/2023 | 5,000,000 | b | 4,841,235 | ||||
Deutsche Bank, | 3.38 | 5/12/2021 | 4,420,000 | 4,334,960 | |||||
Goldman Sachs Group, | 2.91 | 7/24/2023 | 9,000,000 | 8,819,650 | |||||
JPMorgan Chase & Co., | 3.38 | 5/1/2023 | 7,895,000 | 7,901,955 | |||||
Lloyds Banking Group, | 2.91 | 11/7/2023 | 5,374,000 | 5,206,726 | |||||
Morgan Stanley, | 4.88 | 11/1/2022 | 7,610,000 | 7,971,339 | |||||
Royal Bank of Canada, | 4.65 | 1/27/2026 | 6,510,000 | 6,813,607 | |||||
Royal Bank of Scotland Group, | 6.13 | 12/15/2022 | 3,100,000 | 3,273,006 | |||||
Santander Holdings USA, | 2.65 | 4/17/2020 | 4,615,000 | 4,584,871 | |||||
Societe Generale, | 4.75 | 11/24/2025 | 7,335,000 | b | 7,459,642 | ||||
Sumitomo Mitsui Banking, | 2.51 | 1/17/2020 | 4,570,000 | 4,555,238 | |||||
110,963,772 | |||||||||
Beverage Products - .6% | |||||||||
Anheuser-Busch InBev Worldwide, | 4.75 | 1/23/2029 | 4,955,000 | 5,182,785 | |||||
Building Materials - .4% | |||||||||
Vulcan Materials, | 3.39 | 6/15/2020 | 3,600,000 | a | 3,590,645 |
16
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.9% (continued) | |||||||||
Chemicals - .4% | |||||||||
Dow Chemical, | 4.55 | 11/30/2025 | 3,000,000 | b | 3,104,300 | ||||
DowDuPont, | 4.21 | 11/15/2023 | 745,000 | 769,574 | |||||
3,873,874 | |||||||||
Commercial & Professional Services - .9% | |||||||||
Automatic Data Processing, | 2.25 | 9/15/2020 | 4,135,000 | 4,111,072 | |||||
Total System Services, | 4.00 | 6/1/2023 | 4,615,000 | 4,655,407 | |||||
8,766,479 | |||||||||
Commercial Mortgage Pass-Through Ctfs. - .3% | |||||||||
Government National Mortgage Association, | 2.30 | 1/16/2049 | 2,983,687 | 2,880,981 | |||||
Diversified Financials - 1.2% | |||||||||
AerCap Ireland Capital, | 4.50 | 5/15/2021 | 4,435,000 | 4,495,655 | |||||
Intercontinental Exchange, | 2.75 | 12/1/2020 | 6,195,000 | 6,174,179 | |||||
10,669,834 | |||||||||
Electronic Components - .5% | |||||||||
Tech Data, | 4.95 | 2/15/2027 | 4,425,000 | 4,408,341 | |||||
Energy - 2.3% | |||||||||
BP Capital Markets, | 2.50 | 11/6/2022 | 5,875,000 | 5,766,905 | |||||
Enterprise Products Operating, | 2.55 | 10/15/2019 | 3,330,000 | 3,324,783 | |||||
Noble Energy, | 3.85 | 1/15/2028 | 3,575,000 | 3,384,171 | |||||
ONEOK, | 4.00 | 7/13/2027 | 3,400,000 | 3,346,268 | |||||
Sabine Pass Liquefaction, | 5.75 | 5/15/2024 | 2,500,000 | 2,707,419 | |||||
Spectra Energy Partners, | 3.50 | 3/15/2025 | 2,760,000 | 2,723,180 | |||||
21,252,726 | |||||||||
Environmental Control - .5% | |||||||||
Waste Management, | 3.13 | 3/1/2025 | 4,775,000 | 4,717,786 | |||||
Food Products - .9% | |||||||||
Campbell Soup Co., | 3.65 | 3/15/2023 | 4,375,000 | 4,350,616 | |||||
General Mills, | 3.78 | 10/17/2023 | 4,325,000 | a | 4,299,915 | ||||
8,650,531 | |||||||||
Foreign/Governmental - 1.4% | |||||||||
Canadaian Government, | 3.05 | 1/29/2024 | 6,700,000 | c | 6,751,240 | ||||
Mexican Government, | 4.88 | 1/24/2022 | 6,390,000 | 6,367,635 | |||||
13,118,875 | |||||||||
Health Care - 4.9% | |||||||||
Abbvie, | 2.85 | 5/14/2023 | 5,800,000 | 5,650,129 | |||||
Allergan Funding, | 3.45 | 3/15/2022 | 4,560,000 | 4,543,129 | |||||
Amgen, | 4.10 | 6/15/2021 | 4,955,000 | 5,057,014 |
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.9% (continued) | |||||||||
Health Care - 4.9% (continued) | |||||||||
Celgene, | 3.25 | 2/20/2023 | 3,955,000 | 3,923,952 | |||||
CVS Health, | 4.10 | 3/25/2025 | 6,550,000 | 6,646,311 | |||||
GlaxoSmithKline Capital, | 3.38 | 5/15/2023 | 6,550,000 | 6,631,529 | |||||
Providence St. Joseph Health Obligated Group, | 2.75 | 10/1/2026 | 4,095,000 | 3,811,706 | |||||
Shire Acquisitions Investments Ireland, | 3.20 | 9/23/2026 | 5,005,000 | 4,697,968 | |||||
UnitedHealth Group, | 2.88 | 3/15/2023 | 4,560,000 | 4,539,352 | |||||
45,501,090 | |||||||||
Industrials - 1.6% | |||||||||
Caterpillar Financial Services, | 2.10 | 6/9/2019 | 6,590,000 | 6,578,895 | |||||
John Deere Capital, | �� | 2.15 | 9/8/2022 | 5,000,000 | 4,880,143 | ||||
Snap-On, | 3.25 | 3/1/2027 | 3,890,000 | 3,794,474 | |||||
15,253,512 | |||||||||
Information Technology - 3.2% | |||||||||
Adobe, | 4.75 | 2/1/2020 | 6,414,000 | 6,524,405 | |||||
Fidelity National Information Services, | 2.25 | 8/15/2021 | 6,000,000 | 5,837,914 | |||||
Fiserv, | 3.85 | 6/1/2025 | 4,235,000 | 4,252,847 | |||||
Microsoft, | 3.13 | 11/3/2025 | 6,550,000 | 6,593,719 | |||||
Oracle, | 2.50 | 5/15/2022 | 7,000,000 | 6,914,702 | |||||
30,123,587 | |||||||||
Insurance - .3% | |||||||||
Berkshire Hathaway Finance, | 1.70 | 3/15/2019 | 3,225,000 | 3,224,241 | |||||
Internet Software & Services - 1.1% | |||||||||
Amazon.com, | 2.60 | 12/5/2019 | 6,345,000 | 6,343,870 | |||||
Ebay, | 2.15 | 6/5/2020 | 3,855,000 | 3,813,530 | |||||
10,157,400 | |||||||||
Media - 1.4% | |||||||||
Discovery Communications, | 4.90 | 3/11/2026 | 3,970,000 | 4,096,212 | |||||
NBCUniversal Media, | 4.38 | 4/1/2021 | 8,425,000 | 8,667,844 | |||||
12,764,056 | |||||||||
Municipal Bonds - 4.4% | |||||||||
California, | 2.37 | 4/1/2022 | 2,850,000 | 2,822,725 | |||||
California, | 3.38 | 4/1/2025 | 2,725,000 | 2,762,114 | |||||
California Earthquake Authority, | 2.81 | 7/1/2019 | 2,016,000 | 2,014,750 | |||||
Chicago, | 7.05 | 1/1/2029 | 5,785,000 | 6,188,157 | |||||
Commonwealth Of Massachusetts, | 4.20 | 12/1/2021 | 6,495,000 | 6,640,163 |
18
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.9% (continued) | |||||||||
Municipal Bonds - 4.4% (continued) | |||||||||
Florida Hurricane Catastrophe Fund Finance Corporation, | 3.00 | 7/1/2020 | 7,375,000 | 7,376,696 | |||||
Texas Public Finance Authority, | 8.25 | 7/1/2024 | 3,805,000 | 3,844,762 | |||||
University of California, | 3.06 | 7/1/2025 | 9,140,000 | 9,152,065 | |||||
40,801,432 | |||||||||
Real Estate - 1.0% | |||||||||
Brandywine Operating Partnership, | 3.95 | 11/15/2027 | 4,000,000 | 3,855,064 | |||||
HealthCare Realty Trust, | 3.63 | 1/15/2028 | 2,375,000 | 2,252,574 | |||||
UDR, | 2.95 | 9/1/2026 | 3,620,000 | 3,401,417 | |||||
9,509,055 | |||||||||
Semiconductors & Semiconductor Equipment - .9% | |||||||||
Intel, | 2.45 | 7/29/2020 | 7,930,000 | 7,901,596 | |||||
Technology Hardware & Equipment - .6% | |||||||||
Apple, | 2.25 | 2/23/2021 | 5,915,000 | 5,865,275 | |||||
Telecommunication Services - 3.0% | |||||||||
AT&T, | 3.40 | 5/15/2025 | 9,350,000 | 9,118,808 | |||||
Cisco Systems, | 2.13 | 3/1/2019 | 2,935,000 | 2,935,000 | |||||
Telefonica Emisiones, | 4.57 | 4/27/2023 | 4,460,000 | 4,650,687 | |||||
Verizon Communications, | 5.15 | 9/15/2023 | 10,515,000 | 11,419,849 | |||||
28,124,344 | |||||||||
U.S. Government Agencies - .4% | |||||||||
Federal National Mortgage Association, | 2.00 | 4/30/2020 | 3,610,000 | d | 3,586,521 | ||||
U.S. Government Securities - 50.6% | |||||||||
U.S. Treasury Notes | 0.75 | 8/15/2019 | 21,500,000 | c | 21,326,152 | ||||
U.S. Treasury Notes | 0.88 | 6/15/2019 | 22,840,000 | c | 22,740,075 | ||||
U.S. Treasury Notes | 0.88 | 5/15/2019 | 21,105,000 | c | 21,036,207 | ||||
U.S. Treasury Notes | 1.13 | 6/30/2021 | 8,990,000 | 8,713,277 | |||||
U.S. Treasury Notes | 1.13 | 2/28/2021 | 25,655,000 | c | 24,956,503 | ||||
U.S. Treasury Notes | 1.25 | 4/1/2019 | 3,500,000 | c | 3,496,624 | ||||
U.S. Treasury Notes | 1.38 | 12/15/2019 | 18,750,000 | 18,580,078 | |||||
U.S. Treasury Notes | 1.38 | 7/31/2019 | 20,000,000 | 19,905,469 | |||||
U.S. Treasury Notes | 1.38 | 8/31/2023 | 4,000,000 | 3,805,314 | |||||
U.S. Treasury Notes | 1.50 | 7/15/2020 | 19,480,000 | 19,203,399 | |||||
U.S. Treasury Notes | 1.63 | 5/15/2026 | 4,680,000 | 4,371,870 | |||||
U.S. Treasury Notes | 1.75 | 9/30/2022 | 11,400,000 | c | 11,105,203 | ||||
U.S. Treasury Notes | 1.75 | 9/30/2019 | 18,500,000 | c | 18,415,449 | ||||
U.S. Treasury Notes | 1.88 | 1/31/2022 | 10,060,000 | 9,883,164 | |||||
U.S. Treasury Notes | 1.88 | 2/28/2022 | 7,200,000 | 7,070,625 | |||||
U.S. Treasury Notes | 1.88 | 12/31/2019 | 7,750,000 | 7,707,617 | |||||
U.S. Treasury Notes | 2.00 | 11/15/2026 | 4,885,000 | 4,664,125 | |||||
U.S. Treasury Notes | 2.00 | 11/30/2020 | 38,095,000 | 37,740,835 | |||||
U.S. Treasury Notes | 2.13 | 9/30/2021 | 20,240,000 | 20,047,878 | |||||
U.S. Treasury Notes | 2.25 | 11/15/2024 | 9,970,000 | 9,798,641 | |||||
U.S. Treasury Notes | 2.50 | 3/31/2023 | 11,000,000 | 10,993,125 | |||||
U.S. Treasury Notes | 2.50 | 1/31/2021 | 19,000,000 | 18,991,094 |
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.9% (continued) | |||||||||
U.S. Government Securities - 50.6% (continued) | |||||||||
U.S. Treasury Notes | 2.63 | 2/28/2023 | 7,195,000 | 7,224,511 | |||||
U.S. Treasury Notes | 2.75 | 4/30/2023 | 8,000,000 | 8,072,031 | |||||
U.S. Treasury Notes | 2.88 | 10/15/2021 | 18,750,000 | 18,923,218 | |||||
U.S. Treasury Notes | 2.88 | 11/15/2021 | 12,000,000 | 12,114,844 | |||||
U.S. Treasury Notes | 2.88 | 10/31/2020 | 28,000,000 | 28,145,469 | |||||
U.S. Treasury Notes | 2.88 | 11/30/2023 | 17,000,000 | 17,270,274 | |||||
United States Treasury Inflation Indexed Notes, | 0.13 | 4/15/2022 | 8,801,586 | c,e | 8,647,730 | ||||
United States Treasury Inflation Indexed Notes, | 0.13 | 1/15/2022 | 10,295,343 | e | 10,146,241 | ||||
United States Treasury Inflation Indexed Notes, | 0.38 | 1/15/2027 | 13,479,048 | e | 13,106,268 | ||||
United States Treasury Inflation Indexed Notes, | 0.63 | 1/15/2024 | 8,538,469 | e | 8,543,889 | ||||
United States Treasury Inflation Indexed Notes, | 0.63 | 4/15/2023 | 13,608,925 | e | 13,592,047 | ||||
470,339,246 | |||||||||
Utilities - 1.3% | |||||||||
Nisource, | 3.49 | 5/15/2027 | 3,600,000 | 3,490,902 | |||||
Public Service Enterprise Group, | 2.65 | 11/15/2022 | 3,860,000 | 3,772,530 | |||||
Southwestern Electric Power Co., | 4.10 | 9/15/2028 | 4,570,000 | 4,625,249 | |||||
11,888,681 | |||||||||
TotalBonds and Notes | 919,527,505 | ||||||||
1-Day | Shares | ||||||||
Investment Companies - .9% | |||||||||
Registered Investment Companies - .9% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 8,248,616 | f | 8,248,616 | |||||
Investment of Cash Collateral for Securities Loaned - 1.0% | |||||||||
Registered Investment Companies - 1.0% | |||||||||
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares | 2.41 | 9,704,875 | f | 9,704,875 | |||||
Total Investments(cost $939,698,207) | 100.8% | 937,480,996 | |||||||
Liabilities, Less Cash and Receivables | (0.8%) | (7,823,523) | |||||||
Net Assets | 100.0% | 929,657,473 |
LIBOR—London Interbank Offered Rate
a Variable rate security—rate shown is the interest rate in effect at period end.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2019, these securities were valued at $17,406,873 or 1.87% of net assets.
c Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $137,871,358 and the value of the collateral held by the fund was $144,999,079, consisting of cash collateral of $9,704,875 and U.S. Government & Agency securities valued at $135,294,204.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
20
Portfolio Summary (Unaudited)† | Value (%) |
Government | 56.1 |
Financial | 14.4 |
Consumer, Non-cyclical | 7.3 |
Communications | 5.5 |
Technology | 4.7 |
Industrial | 3.7 |
Energy | 3.0 |
Consumer, Cyclical | 2.2 |
Investment Companies | 1.9 |
Utilities | 1.3 |
Basic Materials | .4 |
Mortgage Securities | .3 |
100.8 |
† Based on net assets.
See notes to financial statements.
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.5% | |||||||||
Agriculture - 1.0% | |||||||||
BAT Capital, | 3.56 | 8/15/2027 | 4,000,000 | 3,659,549 | |||||
Bunge, | 4.35 | 3/15/2024 | 4,500,000 | 4,457,376 | |||||
8,116,925 | |||||||||
Airlines - 1.6% | |||||||||
Air Canada Pass Through Trust, | 3.60 | 3/15/2027 | 2,591,237 | a | 2,534,488 | ||||
American Airlines Pass Through Trust, | 3.38 | 5/1/2027 | 4,471,651 | 4,324,981 | |||||
United Airlines Pass Through Trust, | 3.10 | 10/7/2028 | 6,156,397 | 5,747,613 | |||||
12,607,082 | |||||||||
Automobiles & Components - 1.5% | |||||||||
Ford Motor Credit, | 4.39 | 1/8/2026 | 2,500,000 | 2,284,470 | |||||
Ford Motor Credit, | 5.09 | 1/7/2021 | 2,000,000 | 2,038,069 | |||||
General Motors Financial, | 5.75 | 9/30/2027 | 3,500,000 | b | 3,070,463 | ||||
Volkswagen Group of America Finance, | 4.00 | 11/12/2021 | 4,000,000 | a | 4,053,847 | ||||
11,446,849 | |||||||||
Banks - 19.8% | |||||||||
AIB Group, | 4.75 | 10/12/2023 | 5,000,000 | a | 5,021,567 | ||||
BAC Capital Trust XIV, | 4.00 | 4/15/2019 | 3,000,000 | 2,314,425 | |||||
Banco Santander, | 3.13 | 2/23/2023 | 5,000,000 | 4,851,011 | |||||
Bank of America, | 5.88 | 3/15/2028 | 3,000,000 | 2,938,695 | |||||
Bank of America, | 4.00 | 1/22/2025 | 4,000,000 | 4,010,497 | |||||
Bank of Ireland Group, | 4.50 | 11/25/2023 | 5,000,000 | a | 4,985,625 | ||||
Bank of Nova Scotia, | 4.65 | 10/12/2049 | 5,000,000 | b | 4,572,925 | ||||
Barclays, | 5.20 | 5/12/2026 | 7,000,000 | 7,057,036 | |||||
BBVA Bancomer, | 4.38 | 4/10/2024 | 5,250,000 | a | 5,269,688 | ||||
BNP Paribas, | 4.38 | 5/12/2026 | 5,000,000 | a | 4,945,394 | ||||
Citigroup, | 5.95 | 8/15/2020 | 5,000,000 | 5,064,225 | |||||
Citigroup, | 4.40 | 6/10/2025 | 4,500,000 | 4,577,300 | |||||
Citizens Financial Group, | 3.75 | 7/1/2024 | 6,000,000 | 5,876,004 | |||||
Cooperatieve Rabobank, | 4.38 | 8/4/2025 | 6,500,000 | 6,605,438 | |||||
Credit Agricole, | 4.00 | 1/10/2033 | 7,250,000 | a | 6,815,507 | ||||
Credit Suisse Group, | 3.00 | 12/14/2023 | 7,000,000 | a | 6,777,729 |
22
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.5% (continued) | |||||||||
Banks - 19.8% (continued) | |||||||||
Deutsche Bank, | 4.50 | 4/1/2025 | 7,500,000 | b | 6,989,490 | ||||
Goldman Sachs Group, | 3.50 | 11/16/2026 | 6,500,000 | 6,260,608 | |||||
HSBC Holdings, | 4.25 | 3/14/2024 | 4,500,000 | 4,560,547 | |||||
JPMorgan Chase & Co., | 3.38 | 5/1/2023 | 4,500,000 | 4,503,965 | |||||
JPMorgan Chase & Co., | 3.63 | 12/1/2027 | 3,000,000 | 2,904,601 | |||||
Llyods Banking Group, | 4.58 | 12/10/2025 | 3,000,000 | 2,964,353 | |||||
Llyoyds Bank, | 12.00 | 12/16/2024 | 3,000,000 | a | 3,640,350 | ||||
Morgan Stanley, | 4.88 | 11/1/2022 | 6,000,000 | 6,284,893 | |||||
Royal Bank of Canada, | 4.65 | 1/27/2026 | 6,000,000 | b | 6,279,822 | ||||
Royal Bank of Scotland Group, | 6.13 | 12/15/2022 | 5,000,000 | 5,279,041 | |||||
Societe Generale, | 4.75 | 11/24/2025 | 6,750,000 | a | 6,864,701 | ||||
Toronto-Dominion Bank, | 3.63 | 9/15/2031 | 3,000,000 | 2,899,135 | |||||
UniCredit, | 6.57 | 1/14/2022 | 4,000,000 | a | 4,103,290 | ||||
Westpac Banking, | 4.32 | 11/23/2031 | 5,000,000 | 4,872,829 | |||||
Zions Bancorp, | 3.50 | 8/27/2021 | 3,000,000 | 3,009,831 | |||||
153,100,522 | |||||||||
Beverage Products - 1.9% | |||||||||
Becle, | 3.75 | 5/13/2025 | 6,000,000 | a | 5,834,733 | ||||
Constellation Brands, | 4.40 | 11/15/2025 | 5,000,000 | 5,129,238 | |||||
Keurig Dr Pepper, | 4.60 | 5/25/2028 | 3,500,000 | a | 3,541,584 | ||||
14,505,555 | |||||||||
Building Materials - .6% | |||||||||
CRH America, | 3.88 | 5/18/2025 | 3,000,000 | a | 2,935,118 | ||||
CRH America Finance, | 3.40 | 5/9/2027 | 1,500,000 | a | 1,391,744 | ||||
4,326,862 | |||||||||
Chemicals - 1.5% | |||||||||
Huntsman International, | 4.50 | 5/1/2029 | 3,000,000 | 2,956,790 | |||||
Westlake Chemical, | 3.60 | 8/15/2026 | 4,000,000 | 3,781,859 | |||||
Yara International, | 4.75 | 6/1/2028 | 4,750,000 | a | 4,788,815 | ||||
11,527,464 | |||||||||
Commercial & Professional Services - 2.3% | |||||||||
Boston Medical Center, | 3.91 | 7/1/2028 | 5,000,000 | 4,866,331 | |||||
Moody's, | 4.50 | 9/1/2022 | 5,000,000 | 5,183,314 |
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.5% (continued) | |||||||||
Commercial & Professional Services - 2.3% (continued) | |||||||||
Total System Services, | 4.80 | 4/1/2026 | 7,500,000 | 7,685,704 | |||||
17,735,349 | |||||||||
Consumer Discretionary - 1.8% | |||||||||
Hasbro, | 3.15 | 5/15/2021 | 5,000,000 | 4,978,473 | |||||
NVR, | 3.95 | 9/15/2022 | 6,250,000 | 6,362,502 | |||||
Whirlpool, | 4.75 | 2/26/2029 | 3,000,000 | 3,000,498 | |||||
14,341,473 | |||||||||
Consumer Durables & Apparel - .4% | |||||||||
Michael Kors USA, | 4.00 | 11/1/2024 | 3,000,000 | a | 2,833,382 | ||||
Consumer Staples - .4% | |||||||||
Newell Brands, | 5.00 | 11/15/2023 | 3,400,000 | 3,398,804 | |||||
Diversified Financials - 2.8% | |||||||||
AerCap Ireland Capital, | 4.45 | 10/1/2025 | 3,000,000 | 2,971,958 | |||||
Blackstone Holdings Finance, | 4.75 | 2/15/2023 | 3,000,000 | a | 3,142,485 | ||||
E*Trade Financial, | 3.80 | 8/24/2027 | 3,750,000 | 3,563,299 | |||||
International Lease Finance, | 5.88 | 8/15/2022 | 1,500,000 | 1,595,870 | |||||
Legg Mason, | 4.75 | 3/15/2026 | 4,000,000 | 4,054,749 | |||||
Stifel Financial, | 4.25 | 7/18/2024 | 6,000,000 | 6,053,731 | |||||
21,382,092 | |||||||||
Electronic Components - 2.4% | |||||||||
Arrow Electronics, | 3.25 | 9/8/2024 | 2,000,000 | 1,894,298 | |||||
Arrow Electronics, | 4.00 | 4/1/2025 | 3,000,000 | 2,906,591 | |||||
Avnet, | 4.88 | 12/1/2022 | 3,000,000 | 3,072,159 | |||||
Jabil, | 5.63 | 12/15/2020 | 3,737,000 | 3,865,553 | |||||
Tech Data, | 4.95 | 2/15/2027 | 7,250,000 | 7,222,705 | |||||
18,961,306 | |||||||||
Energy - 8.5% | |||||||||
Anadarko Petroleum, | 5.55 | 3/15/2026 | 2,750,000 | 2,941,264 | |||||
Andeavor, | 4.75 | 12/15/2023 | 4,000,000 | b | 4,159,003 | ||||
Andeavor Logistics, | 3.50 | 12/1/2022 | 2,000,000 | 1,991,785 | |||||
Andeavor Logistics, | 4.25 | 12/1/2027 | 1,500,000 | 1,477,249 | |||||
Andeavor Logistics, | 6.25 | 10/15/2022 | 746,000 | 766,515 | |||||
Antero Resources, | 5.13 | 12/1/2022 | 3,000,000 | 3,016,050 | |||||
Cheniere Corpus Christi Holdings, | 5.13 | 6/30/2027 | 4,000,000 | 4,090,000 |
24
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.5% (continued) | |||||||||
Energy - 8.5% (continued) | |||||||||
Continental Resources, | 5.00 | 9/15/2022 | 5,600,000 | 5,662,269 | |||||
Enbridge, | 4.25 | 12/1/2026 | 4,000,000 | 4,082,686 | |||||
Energy Transfer, | 5.50 | 6/1/2027 | 2,500,000 | 2,631,250 | |||||
Energy Transfer Operating, | 5.25 | 4/15/2029 | 3,000,000 | 3,143,105 | |||||
EQM Midstream Partners, | 4.75 | 7/15/2023 | 5,000,000 | 5,038,067 | |||||
Harvest Operations, | 4.20 | 6/1/2023 | 2,000,000 | a | 2,062,116 | ||||
Marathon Oil, | 2.80 | 11/1/2022 | 5,000,000 | 4,865,460 | |||||
Newfield Exploration, | 5.38 | 1/1/2026 | 2,000,000 | 2,115,000 | |||||
Newfield Exploration, | 5.63 | 7/1/2024 | 3,500,000 | 3,751,563 | |||||
Petrobras Global Finance, | 5.38 | 1/27/2021 | 946,000 | 975,969 | |||||
Petroleos Mexicanos, | 4.63 | 9/21/2023 | 5,000,000 | 4,801,000 | |||||
Sabal Trail Transmission, | 4.25 | 5/1/2028 | 3,000,000 | a,b | 3,012,544 | ||||
Sabine Pass Liquefaction, | 5.63 | 3/1/2025 | 2,000,000 | 2,166,464 | |||||
Williams Partners, | 3.75 | 6/15/2027 | 3,000,000 | 2,909,071 | |||||
65,658,430 | |||||||||
Financials - 2.2% | |||||||||
Apollo Management Holdings, | 4.00 | 5/30/2024 | 6,000,000 | a | 5,942,023 | ||||
Carlyle Holdings Finance, | 3.88 | 2/1/2023 | 5,921,000 | a | 5,925,936 | ||||
GATX, | 3.25 | 3/30/2025 | 2,000,000 | 1,881,601 | |||||
GATX, | 4.75 | 6/15/2022 | 3,000,000 | 3,099,251 | |||||
16,848,811 | |||||||||
Food Products - 1.8% | |||||||||
Flowers Foods, | 3.50 | 10/1/2026 | 2,000,000 | 1,884,454 | |||||
Flowers Foods, | 4.38 | 4/1/2022 | 5,500,000 | 5,569,091 | |||||
Grupo Bimbo, | 3.88 | 6/27/2024 | 3,000,000 | a | 2,998,129 | ||||
Grupo Bimbo, | 5.95 | 4/17/2023 | 500,000 | a | 502,500 | ||||
McCormick & Co., | 3.15 | 8/15/2024 | 3,000,000 | 2,923,522 | |||||
13,877,696 | |||||||||
Foreign/Governmental - 1.1% | |||||||||
Bermudian Government, | 4.75 | 2/15/2029 | 200,000 | a | 209,250 | ||||
Morongo Band of Mission Indians, | 7.00 | 10/1/2039 | 2,500,000 | a | 2,565,150 | ||||
Petroleos Mexicanos, | 5.50 | 1/21/2021 | 3,000,000 | 3,044,250 |
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.5% (continued) | |||||||||
Foreign/Governmental - 1.1% (continued) | |||||||||
Saudi Arabian Government, | 2.38 | 10/26/2021 | 2,700,000 | a | 2,638,737 | ||||
8,457,387 | |||||||||
Forest Products & Other - 1.1% | |||||||||
Georgia-Pacific, | 3.16 | 11/15/2021 | 6,000,000 | a | 5,968,978 | ||||
International Paper, | 3.00 | 2/15/2027 | 2,500,000 | b | 2,338,450 | ||||
8,307,428 | |||||||||
Health Care - 6.0% | |||||||||
AbbVie, | 3.60 | 5/14/2025 | 5,000,000 | 4,909,674 | |||||
Bayer US Finance II, | 3.88 | 12/15/2023 | 1,000,000 | a | 997,807 | ||||
Celgene, | 3.90 | 2/20/2028 | 6,000,000 | 5,885,576 | |||||
Cigna, | 4.38 | 10/15/2028 | 3,000,000 | a | 3,043,868 | ||||
CVS Health, | 4.10 | 3/25/2025 | 4,250,000 | 4,312,492 | |||||
CVS Health, | 4.78 | 3/25/2038 | 2,000,000 | 1,949,604 | |||||
Dignity Health, | 3.13 | 11/1/2022 | 5,000,000 | 4,931,628 | |||||
Express Scripts Holdings, | 3.00 | 7/15/2023 | 3,000,000 | 2,943,277 | |||||
Magellan Health, | 4.40 | 9/22/2024 | 5,000,000 | 4,734,837 | |||||
Montefiore Obligated Group, | 5.25 | 11/1/2048 | 5,000,000 | 5,010,222 | |||||
Takeda Pharmaceutical, | 5.00 | 11/26/2028 | 5,500,000 | a | 5,760,680 | ||||
Teva Pharmaceutical Finance Netherlands III, | 2.20 | 7/21/2021 | 2,500,000 | 2,377,103 | |||||
46,856,768 | |||||||||
Industrials - 2.3% | |||||||||
Carlisle Cos., | 3.75 | 12/1/2027 | 4,000,000 | 3,797,060 | |||||
Fluor, | 4.25 | 9/15/2028 | 4,500,000 | 4,362,960 | |||||
Huntington Ingalls Industries, | 3.48 | 12/1/2027 | 2,000,000 | 1,921,460 | |||||
Oshkosh, | 4.60 | 5/15/2028 | 3,500,000 | 3,499,475 | |||||
Pentair Finance, | 2.65 | 12/1/2019 | 4,500,000 | 4,497,188 | |||||
18,078,143 | |||||||||
Information Technology - 4.3% | |||||||||
Activision Blizzard, | 3.40 | 9/15/2026 | 2,000,000 | 1,909,728 | |||||
Broadridge Financial Solutions, | 3.95 | 9/1/2020 | 4,850,000 | 4,903,627 | |||||
CA, | 3.60 | 8/1/2020 | 3,000,000 | 3,002,621 | |||||
Cadence Design Systems, | 4.38 | 10/15/2024 | 6,250,000 | 6,329,926 | |||||
Citrix Systems, | 4.50 | 12/1/2027 | 5,500,000 | 5,276,409 |
26
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.5% (continued) | |||||||||
Information Technology - 4.3% (continued) | |||||||||
Electronic Arts, | 4.80 | 3/1/2026 | 3,000,000 | 3,149,073 | |||||
Fiserv, | 3.50 | 10/1/2022 | 5,500,000 | 5,522,423 | |||||
VMware, | 2.95 | 8/21/2022 | 3,000,000 | 2,940,016 | |||||
33,033,823 | |||||||||
Insurance - 2.3% | |||||||||
Assured Guaranty U.S. Holdings, | 5.00 | 7/1/2024 | 6,000,000 | 6,309,858 | |||||
MetLife, | 5.88 | 3/15/2028 | 5,500,000 | 5,546,888 | |||||
Prudential Financial, | 5.70 | 9/15/2048 | 5,750,000 | 5,679,246 | |||||
17,535,992 | |||||||||
Internet Software & Services - .7% | |||||||||
Arrow Electronics, | 3.50 | 4/1/2022 | 2,000,000 | 1,974,779 | |||||
eBay, | 3.60 | 6/5/2027 | 4,000,000 | 3,823,158 | |||||
5,797,937 | |||||||||
Materials - .5% | |||||||||
WRKCo, | 3.75 | 3/15/2025 | 4,000,000 | 3,928,708 | |||||
Media - 3.1% | |||||||||
Discovery Communications, | 3.95 | 3/20/2028 | 6,250,000 | 5,955,756 | |||||
Fox, | 4.71 | 1/25/2029 | 1,000,000 | a | 1,038,553 | ||||
Grupo Televisa, | 4.63 | 1/30/2026 | 5,000,000 | 5,011,983 | |||||
NBCUniversal Media, | 4.38 | 4/1/2021 | 6,500,000 | 6,687,357 | |||||
Sky, | 2.63 | 9/16/2019 | 5,000,000 | a | 4,990,729 | ||||
23,684,378 | |||||||||
Metals & Mining - .8% | |||||||||
Anglo American Capital, | 4.50 | 3/15/2028 | 4,000,000 | a | 3,898,480 | ||||
Glencore Funding, | 4.63 | 4/29/2024 | 2,000,000 | a | 2,040,404 | ||||
5,938,884 | |||||||||
Municipal Bonds - 5.7% | |||||||||
Chicago, | 7.05 | 1/1/2029 | 7,100,000 | 7,594,799 | |||||
Detroit, | 4.00 | 4/1/2044 | 3,000,000 | 2,606,970 | |||||
Illinois, | 5.88 | 3/1/2019 | 2,385,000 | 2,385,000 | |||||
Illinois, | 6.20 | 7/1/2021 | 660,000 | 680,777 | |||||
Medical Center Hospital Authority, | 4.88 | 8/1/2022 | 5,000,000 | 5,238,550 | |||||
New Jersey Transportation Trust Fund Authority, | 6.10 | 12/15/2028 | 7,010,000 | 7,247,639 | |||||
New York State Dormitory Authority, | 4.95 | 8/1/2048 | 2,500,000 | 2,528,025 |
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.5% (continued) | |||||||||
Municipal Bonds - 5.7% (continued) | |||||||||
North Texas Tollway Authority, | 8.91 | 2/1/2030 | 5,000,000 | 5,242,400 | |||||
Oklahoma Development Finance Authority, | 5.45 | 8/15/2028 | 3,750,000 | 3,978,113 | |||||
Texas Public Finance Authority, | 8.25 | 7/1/2024 | 6,600,000 | 6,668,970 | |||||
44,171,243 | |||||||||
Real Estate - 8.0% | |||||||||
Alexandria Real Estate Equities, | 3.95 | 1/15/2027 | 3,327,000 | 3,279,229 | |||||
Alexandria Real Estate Equities, | 4.30 | 1/15/2026 | 2,000,000 | 2,019,316 | |||||
American Homes 4 Rent, | 4.90 | 2/15/2029 | 4,000,000 | 4,044,889 | |||||
Brandywine Operating Partnership, | 4.10 | 10/1/2024 | 3,080,000 | 3,071,329 | |||||
CBRE Services, | 4.88 | 3/1/2026 | 6,000,000 | 6,192,038 | |||||
CubeSmart, | 4.80 | 7/15/2022 | 3,500,000 | 3,630,806 | |||||
Duke Realty, | 3.25 | 6/30/2026 | 1,000,000 | 962,828 | |||||
EPR Properties, | 4.50 | 6/1/2027 | 2,000,000 | 1,978,108 | |||||
EPR Properties, | 4.75 | 12/15/2026 | 2,500,000 | 2,518,803 | |||||
Essex Portfolio, | 3.25 | 5/1/2023 | 3,000,000 | 2,961,201 | |||||
Healthcare Trust of America Holdings, | 3.75 | 7/1/2027 | 4,000,000 | 3,854,893 | |||||
Highwoods Realty, | 4.20 | 4/15/2029 | 3,000,000 | 2,971,695 | |||||
Hudson Pacific Properties, | 3.95 | 11/1/2027 | 2,500,000 | 2,364,601 | |||||
Hudson Pacific Properties, | 4.65 | 4/1/2029 | 3,000,000 | 2,961,047 | |||||
Kilroy Realty, | 4.38 | 10/1/2025 | 4,250,000 | 4,313,286 | |||||
Liberty Property, | 3.25 | 10/1/2026 | 4,000,000 | 3,796,749 | |||||
Retail Opportunity Investments Partnership, | 4.00 | 12/15/2024 | 3,000,000 | 2,860,590 | |||||
Retail Opportunity Investments Partnership, | 5.00 | 12/15/2023 | 2,000,000 | 2,012,776 | |||||
SL Green Operating Partnership, | 3.25 | 10/15/2022 | 3,000,000 | 2,954,000 | |||||
Weingarten Realty Investors, | 4.45 | 1/15/2024 | 3,000,000 | 3,048,148 | |||||
61,796,332 | |||||||||
Retailing - 2.7% | |||||||||
Alimentation Couche-Tard, | 3.55 | 7/26/2027 | 3,000,000 | a | 2,861,592 | ||||
Autonation, | 3.50 | 11/15/2024 | 5,000,000 | 4,693,157 | |||||
Dollar Tree, | 4.00 | 5/15/2025 | 4,000,000 | 3,931,492 | |||||
Macy's Retail Holdings, | 2.88 | 2/15/2023 | 3,000,000 | b | 2,794,518 |
28
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.5% (continued) | |||||||||
Retailing - 2.7% (continued) | |||||||||
Nordstorm, | 4.00 | 3/15/2027 | 4,000,000 | b | 3,826,104 | ||||
Tapestry, | 3.00 | 7/15/2022 | 3,000,000 | 2,910,405 | |||||
21,017,268 | |||||||||
Semiconductors & Semiconductor Equipment - 2.2% | |||||||||
Lam Research, | 3.80 | 3/15/2025 | 6,000,000 | 6,066,165 | |||||
Microchip Technology, | 4.33 | 6/1/2023 | 5,500,000 | a | 5,497,395 | ||||
NXP, | 4.88 | 3/1/2024 | 5,000,000 | a | 5,150,450 | ||||
16,714,010 | |||||||||
Technology Hardware & Equipment - .4% | |||||||||
Dell International, | 8.10 | 7/15/2036 | 3,000,000 | a | 3,420,687 | ||||
Telecommunication Services - 2.9% | |||||||||
AT&T, | 3.40 | 5/15/2025 | 4,500,000 | 4,388,731 | |||||
AT&T, | 4.45 | 4/1/2024 | 3,000,000 | 3,107,951 | |||||
Telefonica Emisiones, | 4.57 | 4/27/2023 | 6,500,000 | 6,777,907 | |||||
Verizon Communications, | 3.38 | 2/15/2025 | 5,500,000 | 5,504,357 | |||||
Verizon Communications, | 4.50 | 8/10/2033 | 3,000,000 | 3,077,337 | |||||
22,856,283 | |||||||||
Utilities - 2.9% | |||||||||
Black Hills, | 4.25 | 11/30/2023 | 5,000,000 | 5,108,554 | |||||
Cleveland Electric Illuminating, | 4.55 | 11/15/2030 | 4,000,000 | a | 4,070,114 | ||||
Entergy, | 2.95 | 9/1/2026 | 2,000,000 | 1,875,786 | |||||
Exelon, | 3.50 | 6/1/2022 | 3,500,000 | 3,477,674 | |||||
Mid-Atlantic Interstate Transmission, | 4.10 | 5/15/2028 | 3,000,000 | a | 2,995,775 | ||||
Mississippi Power Co., | 3.95 | 3/30/2028 | 5,000,000 | 4,947,427 | |||||
22,475,330 | |||||||||
TotalBonds and Notes | 754,739,203 | ||||||||
Preferred | Shares | ||||||||
Preferred Stocks - .4% | |||||||||
Diversified Financials - .4% | |||||||||
Air Lease | 6.15 | 120,000 | c | 3,039,600 | |||||
1-Day | |||||||||
Investment Companies - 2.2% | |||||||||
Registered Investment Companies - 2.2% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 17,021,909 | d | 17,021,909 |
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | 1-Day | Shares | Value ($) | ||||||
Investment of Cash Collateral for Securities Loaned - .6% | |||||||||
Registered Investment Companies - .6% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 4,825,220 | d | 4,825,220 | |||||
Total Investments(cost $780,257,102) | 100.7% | 779,625,932 | |||||||
Liabilities, Less Cash and Receivables | (0.7%) | (5,656,435) | |||||||
Net Assets | 100.0% | 773,969,497 |
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2019, these securities were valued at $157,071,944 or 20.29% of net assets.
b Security, or portion thereof, on loan. At February 28, 2019, the value of the fund’s securities on loan was $10,011,099 and the value of the collateral held by the fund was $10,357,995, consisting of cash collateral of $4,825,220 and U.S. Government & Agency securities valued at $5,532,775.
c Non-income producing security.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Financial | 34.7 |
Consumer, Non-Cyclical | 13.1 |
Energy | 8.5 |
Consumer, Cyclical | 8.5 |
Technology | 6.9 |
Government | 6.8 |
Industrial | 6.7 |
Communications | 6.5 |
Basic Materials | 3.3 |
Utilities | 2.9 |
Investment Companies | 2.8 |
100.7 |
† Based on net assets.
See notes to financial statements.
30
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.6% | |||||||||
Commercial Mortgage Pass-Through Ctfs. - 10.1% | |||||||||
Federal Home Loan Mortgage Corporation, | 4.32 | 11/1/2019 | 2,000,000 | a | 2,007,798 | ||||
Federal Home Loan Mortgage Corporation, | 4.22 | 3/25/2020 | 1,449,394 | a | 1,463,265 | ||||
Federal Home Loan Mortgage Corporation, | 1.78 | 10/1/2020 | 213,425 | a | 211,832 | ||||
Federal Home Loan Mortgage Corporation, | 2.09 | 3/25/2019 | 39,797 | a | 39,721 | ||||
Federal Home Loan Mortgage Corporation, | 1.88 | 5/1/2019 | 1,182,663 | a | 1,179,925 | ||||
Federal Home Loan Mortgage Corporation, | 2.31 | 3/1/2020 | 4,897,287 | a | 4,874,888 | ||||
Federal Home Loan Mortgage Corporation, | 3.03 | 10/1/2020 | 2,772,061 | a | 2,776,636 | ||||
Federal Home Loan Mortgage Corporation, | 3.09 | 8/1/2022 | 2,000,000 | a | 2,015,995 | ||||
Government National Mortgage Association, | 2.19 | 10/1/2037 | 1,443,294 | 1,430,362 | |||||
Government National Mortgage Association, | 3.50 | 10/1/2044 | 878,342 | 879,406 | |||||
Government National Mortgage Association, | 1.90 | 3/1/2040 | 1,063,732 | 1,051,276 | |||||
Government National Mortgage Association, | 0.51 | 5/16/2035 | 2,058,959 | 1,996,205 | |||||
Government National Mortgage Association, | 1.71 | 2/16/2037 | 2,065,885 | 2,007,121 | |||||
Government National Mortgage Association, | 0.98 | 12/16/2035 | 3,494,232 | 3,301,474 | |||||
25,235,904 | |||||||||
Municipal Bonds - 3.4% | |||||||||
California Earthquake Authority, | 2.81 | 7/1/2019 | 535,500 | 535,168 | |||||
Houston, | 2.20 | 3/1/2019 | 1,500,000 | 1,500,000 | |||||
Massachusetts Housing Finance Agency, | 2.82 | 6/1/2019 | 295,000 | 294,970 | |||||
State Board of Administration Finance Corporation, | 2.16 | 7/1/2019 | 2,180,000 | 2,176,621 | |||||
Texas, | 2.78 | 10/1/2020 | 2,000,000 | 2,002,900 | |||||
Washington, | 2.79 | 8/1/2020 | 2,000,000 | 2,001,240 | |||||
8,510,899 | |||||||||
U.S. Government Agencies - 22.9% | |||||||||
Federal Farm Credit Bank, | 1.16 | 9/26/2019 | 1,000,000 | 992,681 | |||||
Federal Farm Credit Bank, | 1.17 | 1/13/2020 | 3,000,000 | 2,965,533 | |||||
Federal Farm Credit Bank, | 1.18 | 8/1/2019 | 2,000,000 | 1,989,736 |
31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.6% (continued) | |||||||||
U.S. Government Agencies - 22.9% (continued) | |||||||||
Federal Farm Credit Bank, | 1.32 | 7/20/2020 | 1,000,000 | 983,095 | |||||
Federal Home Loan Bank, | 1.75 | 7/13/2020 | 3,630,000 | 3,586,117 | |||||
Federal Home Loan Bank, | 3.00 | 9/27/2021 | 2,765,000 | 2,771,631 | |||||
Federal Home Loan Bank, | 3.17 | 10/29/2021 | 3,380,000 | 3,382,302 | |||||
Federal Home Loan Bank, | 3.17 | 10/25/2021 | 1,500,000 | 1,503,573 | |||||
Federal Home Loan Bank, | 3.25 | 11/8/2021 | 2,000,000 | 2,002,444 | |||||
Federal Home Loan Bank, | 3.25 | 11/23/2021 | 2,770,000 | 2,771,540 | |||||
Federal Home Loan Mortgage Corporation, | 1.30 | 9/20/2019 | 4,000,000 | a | 3,972,884 | ||||
Federal Home Loan Mortgage Corporation, | 1.50 | 9/27/2019 | 2,000,000 | a | 1,988,516 | ||||
Federal Home Loan Mortgage Corporation, | 2.95 | 1/25/2022 | 3,345,000 | a | 3,345,264 | ||||
Federal Home Loan Mortgage Corporation, | 3.00 | 1/18/2022 | 2,375,000 | a | 2,376,093 | ||||
Federal Home Loan Mortgage Corporation, | 3.00 | 7/29/2022 | 2,845,000 | a | 2,845,199 | ||||
Federal Home Loan Mortgage Corporation, | 3.00 | 11/27/2020 | 1,000,000 | a | 1,001,706 | ||||
Federal Home Loan Mortgage Corporation, | 3.00 | 12/28/2021 | 2,545,000 | a | 2,545,270 | ||||
Federal Home Loan Mortgage Corporation, | 3.16 | 12/28/2021 | 2,520,000 | a | 2,521,653 | ||||
Federal National Mortgage Association, | 1.20 | 8/16/2019 | 1,800,000 | a | 1,789,279 | ||||
Federal National Mortgage Association, | 1.54 | 7/6/2021 | 2,965,000 | a | 2,881,159 | ||||
Federal National Mortgage Association, | 3.00 | 9/28/2021 | 7,005,000 | a | 7,006,485 | ||||
Federal National Mortgage Association, | 1.25 | 7/26/2019 | 2,180,000 | a | 2,169,046 | ||||
57,391,206 | |||||||||
U.S. Government Agencies Mortgage-Backed - 41.1% | |||||||||
Federal Home Loan Mortgage Corporation, | 5.75 | 2/1/2036 | 759,687 | a | 768,084 | ||||
Federal Home Loan Mortgage Corporation, | 4.00 | 5/1/2024 | 208,942 | a | 209,081 | ||||
Federal Home Loan Mortgage Corporation, | 4.00 | 1/1/2025 | 1,697,855 | a | 1,735,390 | ||||
Federal Home Loan Mortgage Corporation, | 2.50 | 8/15/2024 | 72,027 | a | 71,958 | ||||
Federal Home Loan Mortgage Corporation, | 2.50 | 4/1/2025 | 302,130 | a | 300,242 | ||||
Federal Home Loan Mortgage Corporation, | 3.50 | 2/1/2024 | 241,197 | a | 241,073 | ||||
Federal Home Loan Mortgage Corporation, | 4.50 | 2/1/2038 | 322,205 | a | 323,107 | ||||
Federal Home Loan Mortgage Corporation, | 1.50 | 9/15/2020 | 453 | a | 452 | ||||
Federal Home Loan Mortgage Corporation, | 3.00 | 9/15/2025 | 613,239 | a | 613,009 | ||||
Federal Home Loan Mortgage Corporation, | 2.00 | 10/15/2021 | 331,621 | a | 328,627 |
32
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.6% (continued) | |||||||||
U.S. Government Agencies Mortgage-Backed - 41.1% (continued) | |||||||||
Federal Home Loan Mortgage Corporation, | 3.00 | 11/15/2021 | 1,550,879 | a | 1,556,329 | ||||
Federal Home Loan Mortgage Corporation, | 4.00 | 4/1/2029 | 1,663,005 | a | 1,667,860 | ||||
Federal Home Loan Mortgage Corporation, | 2.00 | 9/15/2025 | 1,057,082 | a | 1,047,227 | ||||
Federal Home Loan Mortgage Corporation, | 1.75 | 3/15/2027 | 687,656 | a | 661,170 | ||||
Federal Home Loan Mortgage Corporation, | 2.00 | 8/15/2040 | 1,667,382 | a | 1,612,381 | ||||
Federal Home Loan Mortgage Corporation, | 3.00 | 2/15/2033 | 1,100,340 | a | 1,098,422 | ||||
Federal Home Loan Mortgage Corporation, | 4.00 | 6/1/2026 | 1,627,377 | a | 1,673,143 | ||||
Federal Home Loan Mortgage Corporation, | 3.50 | 10/15/2026 | 2,542,666 | a | 2,591,983 | ||||
Federal Home Loan Mortgage Corporation, | 3.50 | 4/15/2027 | 1,514,203 | a | 1,545,842 | ||||
Federal National Mortgage Association, | 5.00 | 7/1/2025 | 369,249 | a | 381,423 | ||||
Federal National Mortgage Association, | 4.50 | 4/1/2024 | 386,987 | a | 390,995 | ||||
Federal National Mortgage Association, | 2.00 | 5/1/2025 | 1,159,631 | a | 1,143,973 | ||||
Federal National Mortgage Association, | 1.75 | 11/25/2020 | 422,618 | a | 418,292 | ||||
Federal National Mortgage Association, | 4.00 | 5/1/2038 | 494,771 | a | 496,655 | ||||
Federal National Mortgage Association, | 3.50 | 9/1/2034 | 1,692,960 | a | 1,699,081 | ||||
Federal National Mortgage Association, | 3.00 | 12/25/2025 | 534,405 | a | 533,390 | ||||
Federal National Mortgage Association, | 2.75 | 6/25/2020 | 19,272 | a | 19,297 | ||||
Federal National Mortgage Association, | 3.50 | 4/1/2024 | 1,916,550 | a | 1,918,605 | ||||
Federal National Mortgage Association, | 4.50 | 11/1/2040 | 925,878 | a | 926,755 | ||||
Federal National Mortgage Association, | 2.00 | 12/1/2022 | 665,454 | a | 656,533 | ||||
Federal National Mortgage Association, | 2.00 | 12/1/2022 | 665,454 | a | 654,172 | ||||
Federal National Mortgage Association, | 4.00 | 4/1/2023 | 966,510 | a | 977,332 | ||||
Federal National Mortgage Association, | 4.00 | 11/1/2027 | 1,130,608 | a | 1,142,468 | ||||
Federal National Mortgage Association, | 1.75 | 7/25/2027 | 800,908 | a | 777,950 | ||||
Federal National Mortgage Association, | 3.00 | 6/25/2022 | 262,959 | a | 262,640 | ||||
Federal National Mortgage Association, | 1.50 | 9/25/2027 | 1,197,311 | a | 1,154,013 | ||||
Federal National Mortgage Association, | 2.50 | 1/25/2029 | 205,184 | a | 204,738 | ||||
Federal National Mortgage Association, | 1.75 | 4/25/2028 | 868,044 | a | 837,443 | ||||
Federal National Mortgage Association, | 4.00 | 4/1/2029 | 393,377 | a | 398,020 | ||||
Federal National Mortgage Association, | 3.50 | 6/1/2025 | 464,872 | a | 467,063 |
33
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.6% (continued) | |||||||||
U.S. Government Agencies Mortgage-Backed - 41.1% (continued) | |||||||||
Government National Mortgage Association, | 3.00 | 3/1/2039 | 266,424 | 265,525 | |||||
Federal Home Loan Mortgage Corporation: | |||||||||
2.00%, 2/1/23-7/1/23 | 1,629,428 | a | 1,605,411 | ||||||
2.50%, 1/1/23-3/1/27 | 3,825,545 | a | 3,781,987 | ||||||
3.00%, 9/1/26-3/1/27 | 3,214,690 | a | 3,221,828 | ||||||
3.50%, 10/1/25-5/1/27 | 3,541,841 | a | 3,591,635 | ||||||
4.00%, 10/1/25-6/1/26 | 2,810,628 | a | 2,889,895 | ||||||
4.50%, 11/1/24-9/1/26 | 1,084,088 | a | 1,115,707 | ||||||
Federal National Mortgage Association: | |||||||||
2.00%, 4/1/23-10/1/23 | 6,848,830 | a | 6,744,786 | ||||||
2.42%, 4/1/46 | 1,545,226 | a | 1,549,487 | ||||||
2.50%, 6/1/22-5/1/28 | 19,496,563 | a | 19,306,851 | ||||||
3.00%, 1/1/24-9/1/27 | 8,147,274 | a | 8,197,724 | ||||||
3.50%, 8/1/26-5/1/27 | 3,257,599 | a | 3,315,747 | ||||||
3.62%, 12/1/21 | 1,773,845 | a | 1,806,977 | ||||||
4.00%, 5/1/29 | 3,411,966 | a | 3,502,463 | ||||||
4.07%, 7/1/20 | 2,234,411 | a | 2,269,429 | ||||||
4.50%, 11/1/22 | 526,710 | a | 535,498 | ||||||
4.65%, 10/1/19 | 1,489,599 | a | 1,501,922 | ||||||
6.00%, 8/1/22 | 907,057 | a | 928,598 | ||||||
Government National Mortgage Association I: | |||||||||
4.00%, 8/1/24 | 1,301,333 | 1,335,228 | |||||||
Government National Mortgage Association II: | |||||||||
3.00%, 4/1/27 | 1,501,725 | 1,499,667 | |||||||
3.50%, 3/1/26 | 600,393 | 610,086 | |||||||
103,082,669 | |||||||||
U.S. Government Securities - 22.1% | |||||||||
U.S. Treasury Notes | 1.00 | 8/31/2019 | 795,000 | 788,944 | |||||
U.S. Treasury Notes | 1.25 | 3/31/2021 | 3,000,000 | 2,924,297 | |||||
U.S. Treasury Notes | 1.50 | 5/15/2020 | 7,000,000 | 6,913,320 | |||||
U.S. Treasury Notes | 1.50 | 7/15/2020 | 2,500,000 | 2,464,502 | |||||
U.S. Treasury Notes | 1.50 | 8/15/2020 | 2,500,000 | 2,462,549 | |||||
U.S. Treasury Notes | 2.13 | 12/31/2021 | 7,000,000 | 6,928,906 | |||||
U.S. Treasury Notes | 2.25 | 3/31/2020 | 6,000,000 | 5,981,367 | |||||
U.S. Treasury Notes | 2.38 | 3/15/2021 | 2,500,000 | 2,492,432 | |||||
U.S. Treasury Notes | 2.50 | 12/31/2020 | 7,000,000 | 6,994,531 | |||||
U.S. Treasury Notes | 2.63 | 8/31/2020 | 2,000,000 | 2,002,070 | |||||
U.S. Treasury Notes | 2.63 | 7/15/2021 | 6,750,000 | 6,767,930 | |||||
U.S. Treasury Notes | 2.75 | 11/30/2020 | 2,000,000 | 2,006,797 | |||||
U.S. Treasury Notes | 2.75 | 9/15/2021 | 6,750,000 | 6,790,737 | |||||
55,518,382 | |||||||||
TotalBonds and Notes | 249,739,060 |
34
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | |||||||||
Description | 1-Day | Shares | Value ($) | ||||||
Investment Companies - .1% | |||||||||
Registered Investment Companies - .1% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.41 | 286,885 | b | 286,885 | |||||
Total Investments(cost $251,482,837) | 99.7% | 250,025,945 | |||||||
Cash and Receivables (Net) | 0.3% | 827,934 | |||||||
Net Assets | 100.0% | 250,853,879 |
REMIC—Real Estate Mortgage Investment Conduit
a The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
b Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Mortgage Securities | 51.2 |
Government | 48.4 |
Investment Companies | .1 |
99.7 |
† Based on net assets.
See notes to financial statements.
35
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS(Unaudited)
Registered Investment Companies | Value | Purchases ($) | Sales ($) | Value | Net | Dividends/ |
BNY Mellon Bond Fund | ||||||
Registered Investment Companies: | ||||||
Dreyfus Institutional Preferred | 8,185,463 | 151,038,287 | 151,595,149 | 7,628,601 | .7 | 96,992 |
Investment of Cash Collateral | ||||||
Dreyfus Institutional Preferred | - | 4,112,290 | 4,112,290 | - | - | - |
Dreyfus Institutional Preferred | - | 25,309,875 | 25,208,875 | 101,000 | .0 | - |
Total | 8,185,463 | 180,460,452 | 180,916,314 | 7,729,601 | .7 | 96,992 |
BNY Mellon Intermediate Bond Fund | ||||||
Registered Investment Companies: | ||||||
Dreyfus Institutional Preferred | 6,290,213 | 109,400,160 | 107,441,757 | 8,248,616 | .9 | 87,656 |
Investment of Cash Collateral | ||||||
Dreyfus Institutional Preferred | 1,347,340 | 96,558,880 | 97,906,220 | - | - | - |
Dreyfus Institutional Preferred | - | 29,506,400 | 19,801,525 | 9,704,875 | 1.0 | - |
Total | 7,637,553 | 235,465,440 | 225,149,502 | 17,953,491 | 1.9 | 87,656 |
BNY Mellon Corporate Bond Fund | ||||||
Registered Investment Companies: | ||||||
Dreyfus Institutional Preferred | 1,463,043 | 131,035,264 | 115,476,398 | 17,021,909 | 2.2 | 82,736 |
Investment of Cash Collateral | ||||||
Dreyfus Institutional Preferred | 11,215,090 | 20,984,869 | 32,199,959 | - | - | - |
Dreyfus Institutional Preferred | - | 7,659,870 | 2,834,650 | 4,825,220 | .6 | - |
Total | 12,678,133 | 159,680,003 | 150,511,007 | 21,847,129 | 2.8 | 82,736 |
BNY Mellon Short-Term U.S. | ||||||
Registered Investment Companies: | ||||||
Dreyfus Institutional Preferred | 4,376,864 | 70,902,341 | 74,992,320 | 286,885 | .1 | 43,532 |
Investment of Cash Collateral | ||||||
Dreyfus Institutional Preferred | - | 2,801,563 | 2,801,563 | - | - | - |
Total | 4,376,864 | 73,703,904 | 77,793,883 | 286,885 | .1 | 43,532 |
† Effective January 2, 2019, cash collateral for securities lending was transferred from Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares to Dreyfus Institutional Preferred Government Plus Money Market Fund.
See notes to financial statements.
36
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Bond Fund |
| BNY Mellon Intermediate Bond Fund |
| BNY Mellon Corporate Bond Fund |
| BNY Mellon Short-Term U.S. Government Securities Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 1,071,203,184 |
| 919,527,505 |
| 757,778,803 |
| 249,739,060 |
| |
Affiliated issuers |
|
|
| 7,729,601 |
| 17,953,491 |
| 21,847,129 |
| 286,885 |
| |
Cash |
|
|
| - |
| - |
| - |
| 1,305,478 |
| |
Receivable for investment securities sold |
|
|
| 10,057,110 |
| 3,289,934 |
| - |
| - | ||
Interest receivable |
|
|
| 7,504,941 |
| 6,157,860 |
| 8,971,787 |
| 1,038,283 |
| |
Receivable for shares of Beneficial |
|
|
| 3,017,023 |
| 1,993,189 |
| 1,764,888 |
| 1,045,126 |
| |
Securities lending receivable |
|
|
| 2,636 |
| 14,533 |
| 2,769 |
| - |
| |
Prepaid expenses |
|
|
| 27,827 |
| 26,034 |
| 34,877 |
| 20,245 |
| |
|
|
|
| 1,099,542,322 |
| 948,962,546 |
| 790,400,253 |
| 253,435,077 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 340,730 |
| 294,678 |
| 247,059 |
| 77,004 |
| |
Due to Administrator—Note 3(a) |
|
|
| 99,545 |
| 86,209 |
| 71,703 |
| 23,343 |
| |
Cash overdraft due to Custodian |
|
|
| 1,429,530 |
| 1,068,134 |
| 1,531,013 |
| - |
| |
Payable for investment securities purchased |
|
|
| 18,019,509 |
| 7,871,141 |
| 9,455,440 |
| - | ||
Payable for shares of Beneficial |
|
|
| 2,274,083 |
| 235,639 |
| 260,365 |
| 2,447,687 |
| |
Liability for securities on loan—Note 1(b) |
|
|
| 101,000 |
| 9,704,875 |
| 4,825,220 |
| - |
| |
Trustees fees and expenses payable |
|
|
| 15,167 |
| 7,640 |
| 1,296 |
| 2,647 |
| |
Accrued expenses |
|
|
| 42,738 |
| 36,757 |
| 38,660 |
| 30,517 |
| |
|
|
|
| 22,322,302 |
| 19,305,073 |
| 16,430,756 |
| 2,581,198 |
|
|
Net Assets ($) |
|
|
| 1,077,220,020 |
| 929,657,473 |
| 773,969,497 |
| 250,853,879 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 1,098,614,316 |
| 948,430,434 |
| 795,332,451 |
| 266,775,816 |
| |
Total distributable earnings (loss) |
|
|
| (21,394,296) |
| (18,772,961) |
| (21,362,954) |
| (15,921,937) |
| |
Net Assets ($) |
|
|
| 1,077,220,020 |
| 929,657,473 |
| 773,969,497 |
| 250,853,879 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 1,072,641,641 |
| 921,744,716 |
| 758,409,973 |
| 251,195,952 |
|
|
Affiliated issuers |
|
|
| 7,729,601 |
| 17,953,491 |
| 21,847,129 |
| 286,885 |
|
|
††Value of securities on loan ($) |
|
|
| 46,422,544 |
| 137,871,358 |
| 10,011,099 |
| - |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 1,071,051,032 |
| 925,429,957 |
| 771,866,814 |
| 249,625,950 |
| |
Shares Outstanding |
|
|
| 86,659,945 |
| 75,051,868 |
| 61,646,865 |
| 21,642,991 |
| |
Net Asset Value Per Share ($) |
|
|
| 12.36 |
| 12.33 |
| 12.52 |
| 11.53 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 6,168,988 |
| 4,227,516 |
| 2,102,683 |
| 1,227,929 |
| |
Shares Outstanding |
|
|
| 500,373 |
| 342,592 |
| 167,853 |
| 106,597 |
| |
Net Asset Value Per Share ($) |
|
|
| 12.33 |
| 12.34 |
| 12.53 |
| 11.52 |
| |
| ||||||||||||
See notes to financial statements. |
|
37
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Bond Fund |
| BNY Mellon Intermediate Bond Fund |
| BNY Mellon Corporate Bond Fund |
| BNY Mellon Short-Term U.S. Government Securities Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
| ||
Interest |
|
| 16,173,707 |
| 10,707,587 |
| 16,068,256 | † | 2,616,740 |
| ||
Dividends from affiliated issuers |
|
| 96,992 |
| 87,656 |
| 82,736 |
| 43,532 |
| ||
Income from securities lending—Note 1(b) |
|
| 17,578 |
| 48,057 |
| 24,153 |
| 1,069 |
| ||
Total Income |
|
| 16,288,277 |
| 10,843,300 |
| 16,175,145 |
| 2,661,341 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 2,003,191 |
| 1,735,769 |
| 1,515,374 |
| 377,057 |
| ||
Administration fee—Note 3(a) |
|
| 614,728 |
| 532,617 |
| 465,143 |
| 132,148 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 32,071 |
| 9,805 |
| 8,226 |
| 7,077 |
| ||
Professional fees |
|
| 27,871 |
| 19,000 |
| 21,817 |
| 17,604 |
| ||
Registration fees |
|
| 20,061 |
| 18,911 |
| 19,290 |
| 17,439 | |||
Loan commitment fees—Note 2 |
|
| 11,608 |
| 9,477 |
| 7,524 |
| 2,523 |
| ||
Custodian fees—Note 3(b) |
|
| 8,881 |
| 6,126 |
| 7,719 |
| 4,353 | |||
Shareholder servicing costs—Note 3(b) |
|
| 8,731 |
| 6,706 |
| 3,334 |
| 1,656 | |||
Prospectus and shareholders’ reports |
|
| 4,363 |
| 3,790 |
| 4,517 |
| 2,251 | |||
Miscellaneous |
|
| 29,781 |
| 24,185 |
| 25,296 |
| 22,250 |
| ||
Total Expenses |
|
| 2,761,286 |
| 2,366,386 |
| 2,078,240 |
| 584,358 |
| ||
Investment Income—Net |
|
| 13,526,991 |
| 8,476,914 |
| 14,096,905 |
| 2,076,983 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | (4,656,264) |
| (800,219) |
| (1,878,537) |
| (893,534) |
| ||||
Net unrealized appreciation (depreciation) on investments |
|
| 8,923,580 |
| 6,895,460 |
| 1,816,598 |
| 1,285,774 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 4,267,316 |
| 6,095,241 |
| (61,939) |
| 392,240 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 17,794,307 |
| 14,572,155 |
| 14,034,966 |
| 2,469,223 |
| |||
†Net of foreign taxes withheld at source ($) |
|
| - |
| - |
| 5,628 |
| - |
| ||
See notes to financial statements. |
38
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon Bond Fund |
| BNY Mellon Intermediate Bond Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended | a | Six Months Ended |
|
|
| Year Ended | a |
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 13,526,991 |
|
|
| 27,398,018 |
| 8,476,914 |
|
|
| 17,242,702 |
| |
Net realized gain (loss) on investments |
| (4,656,264) |
|
|
| (2,202,329) |
| (800,219) |
|
|
| 59,101 |
| ||
Net unrealized appreciation (depreciation) |
| 8,923,580 |
|
|
| (36,331,602) |
| 6,895,460 |
|
|
| (22,312,859) |
| ||
Net Increase (Decrease) in Net Assets | 17,794,307 |
|
|
| (11,135,913) |
| 14,572,155 |
|
|
| (5,011,056) |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (14,430,960) |
|
|
| (28,995,001) |
| (8,604,251) |
|
|
| (18,153,405) |
| |
Investor Shares |
|
| (87,836) |
|
|
| (200,456) |
| (45,662) |
|
|
| (113,811) |
| |
Total Distributions |
|
| (14,518,796) |
|
|
| (29,195,457) |
| (8,649,913) |
|
|
| (18,267,216) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 177,525,437 |
|
|
| 176,185,912 |
| 196,974,617 |
|
|
| 165,086,857 |
| |
Investor Shares |
|
| 3,594,760 |
|
|
| 5,354,917 |
| 2,681,057 |
|
|
| 6,381,831 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 2,655,551 |
|
|
| 5,366,251 |
| 1,846,458 |
|
|
| 3,961,878 |
| |
Investor Shares |
|
| 77,629 |
|
|
| 176,306 |
| 40,716 |
|
|
| 103,003 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (115,272,299) |
|
|
| (139,925,758) |
| (113,239,701) |
|
|
| (150,729,882) |
| |
Investor Shares |
|
| (4,479,556) |
|
|
| (7,886,070) |
| (4,278,174) |
|
|
| (8,119,255) |
| |
Increase (Decrease) in Net Assets | 64,101,522 |
|
|
| 39,271,558 |
| 84,024,973 |
|
|
| 16,684,432 |
| |||
Total Increase (Decrease) in Net Assets | 67,377,033 |
|
|
| (1,059,812) |
| 89,947,215 |
|
|
| (6,593,840) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 1,009,842,987 |
|
|
| 1,010,902,799 |
| 839,710,258 |
|
|
| 846,304,098 |
| |
End of Period |
|
| 1,077,220,020 |
|
|
| 1,009,842,987 |
| 929,657,473 |
|
|
| 839,710,258 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 14,470,905 |
|
|
| 14,054,695 |
| 16,115,746 |
|
|
| 13,339,023 |
| |
Shares issued for distributions reinvested |
|
| 217,518 |
|
|
| 430,151 |
| 151,014 |
|
|
| 321,068 |
| |
Shares redeemed |
|
| (9,432,513) |
|
|
| (11,207,340) |
| (9,259,884) |
|
|
| (12,206,218) |
| |
Net Increase (Decrease) in Shares Outstanding | 5,255,910 |
|
|
| 3,277,506 |
| 7,006,876 |
|
|
| 1,453,873 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 295,251 |
|
|
| 432,501 |
| 219,401 |
|
|
| 517,393 |
| |
Shares issued for distributions reinvested |
|
| 6,380 |
|
|
| 14,141 |
| 3,329 |
|
|
| 8,333 |
| |
Shares redeemed |
|
| (366,385) |
|
|
| (633,295) |
| (349,517) |
|
|
| (656,561) |
| |
Net Increase (Decrease) in Shares Outstanding | (64,754) |
|
|
| (186,653) |
| (126,787) |
|
|
| (130,835) |
| |||
|
| ||||||||||||||
a Distributions to shareholders include only distributions from net investment income. Undistributed investment income—net was $1,233,701 for BNY Mellon Bond Fund and $504,314 for BNY Mellon Intermediate Bond Fund in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. | |||||||||||||||
b During the period ended February 28, 2019, 294,462 Class M Shares representing $3,594,260 were exchanged for 275,805 Investor Shares for BNY Mellon Bond Fund and 222,793 Class M Shares representing $2,721,631 were exchanged for 222,793 Investor Shares for BNY Mellon Intermediate Bond Fund and 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 $6,087,135 were exchanged for 493,605 Investor Shares for BNY Mellon Intermediate Bond Fund. | |||||||||||||||
|
39
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Corporate Bond Fund |
| BNY Mellon Short-Term U.S. Government Securities Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended | a | Six Months Ended |
|
|
| Year Ended | a |
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 14,096,905 |
|
|
| 27,058,341 |
| 2,076,983 |
|
|
| 2,064,823 |
| |
Net realized gain (loss) on investments |
| (1,878,537) |
|
|
| 1,947,248 |
| (893,534) |
|
|
| (669,834) |
| ||
Net unrealized appreciation (depreciation) |
| 1,816,598 |
|
|
| (33,131,880) |
| 1,285,774 |
|
|
| (1,994,084) |
| ||
Net Increase (Decrease) in Net Assets | 14,034,966 |
|
|
| (4,126,291) |
| 2,469,223 |
|
|
| (599,095) |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (14,820,191) |
|
|
| (29,491,847) |
| (2,079,695) |
|
|
| (2,361,769) |
| |
Investor Shares |
|
| (50,554) |
|
|
| (66,030) |
| (10,297) |
|
|
| (17,720) |
| |
Total Distributions |
|
| (14,870,745) |
|
|
| (29,557,877) |
| (2,089,992) |
|
|
| (2,379,489) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 153,013,536 |
|
|
| 171,919,330 |
| 104,759,466 |
|
|
| 93,340,190 |
| |
Investor Shares |
|
| 2,216,322 |
|
|
| 3,985,674 |
| 522,639 |
|
|
| 1,225,556 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 3,954,757 |
|
|
| 7,830,883 |
| 518,181 |
|
|
| 614,664 |
| |
Investor Shares |
|
| 27,747 |
|
|
| 43,854 |
| 8,553 |
|
|
| 16,141 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (160,753,256) |
|
|
| (153,901,535) |
| (46,544,474) |
|
|
| (73,094,625) |
| |
Investor Shares |
|
| (2,706,766) |
|
|
| (4,184,996) |
| (799,183) |
|
|
| (1,469,386) |
| |
Increase (Decrease) in Net Assets | (4,247,660) |
|
|
| 25,693,210 |
| 58,465,182 |
|
|
| 20,632,540 |
| |||
Total Increase (Decrease) in Net Assets | (5,083,439) |
|
|
| (7,990,958) |
| 58,844,413 |
|
|
| 17,653,956 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
| �� | 779,052,936 |
|
|
| 787,043,894 |
| 192,009,466 |
|
|
| 174,355,510 |
| |
End of Period |
|
| 773,969,497 |
|
|
| 779,052,936 |
| 250,853,879 |
|
|
| 192,009,466 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 12,364,762 |
|
|
| 13,474,382 |
| 9,104,224 |
|
|
| 8,073,937 |
| |
Shares issued for distributions reinvested |
|
| 319,768 |
|
|
| 616,425 |
| 45,051 |
|
|
| 53,192 |
| |
Shares redeemed |
|
| (13,043,548) |
|
|
| (12,113,421) |
| (4,045,842) |
|
|
| (6,310,266) |
| |
Net Increase (Decrease) in Shares Outstanding | (359,018) |
|
|
| 1,977,386 |
| 5,103,433 |
|
|
| 1,816,863 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 179,306 |
|
|
| 314,900 |
| 45,517 |
|
|
| 106,303 |
| |
Shares issued for distributions reinvested |
|
| 2,248 |
|
|
| 3,449 |
| 744 |
|
|
| 1,398 |
| |
Shares redeemed |
|
| (219,101) |
|
|
| (327,754) |
| (69,590) |
|
|
| (127,440) |
| |
Net Increase (Decrease) in Shares Outstanding | (37,547) |
|
|
| (9,405) |
| (23,329) |
|
|
| (19,739) |
| |||
|
| ||||||||||||||
a Distributions to shareholders include only distributions from net investment income. Undistributed investment income—net was $654,663 for BNY Mellon Corporate Bond Fund and $158,678 for BNY Mellon Short-Term U.S. Government Securities Fund in 2018 and is no longer presented as a result of the adoption of SEC’s Disclosure Update and Simplification Rule. | |||||||||||||||
b During the period ended February 28, 2019, 179,149 Class M Shares representing $2,213,728 were exchanged for 179,093 Investor Shares for BNY Mellon Corporate Bond Fund and 45,447 Class M Shares representing $522,621 were exchanged for 45,515 Investor Shares for BNY Mellon Short-Term U.S. Government Securities Fund and 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 $1,084,907 were exchanged for 94,149 Investor Shares for BNY Mellon Short-Term U.S. Government Securities Fund. | |||||||||||||||
|
40
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Six Months Ended | Year Ended August 31, | ||||||||||||||
BNY Mellon Bond Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.32 | 12.82 | 13.11 | 12.74 | 13.00 | 12.89 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .16 | .34 | .32 | .31 | .29 | .31 | |||||||||
Net realized and unrealized | .06 | (.48) | (.21) | .42 | (.18) | .34 | |||||||||
Total from Investment Operations | .22 | (.14) | .11 | .73 | .11 | .65 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.18) | (.36) | (.37) | (.36) | (.34) | (.36) | |||||||||
Dividends from net realized gain on investments | - | - | (.03) | - | (.03) | (.18) | |||||||||
Total Distributions | (.18) | (.36) | (.40) | (.36) | (.37) | (.54) | |||||||||
Net asset value, end of period | 12.36 | 12.32 | 12.82 | 13.11 | 12.74 | 13.00 | |||||||||
Total Return (%) | 1.78 | b | (1.10) | .87 | 5.82 | .87 | 5.19 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .55 | c | .55 | .56 | .56 | .55 | .55 | ||||||||
Ratio of net expenses to average net assets | .55 | c | .55 | .56 | .56 | .55 | .55 | ||||||||
Ratio of net investment income | 2.70 | c | 2.70 | 2.50 | 2.38 | 2.21 | 2.41 | ||||||||
Portfolio Turnover Rate | 32.75 | b | 47.36 | 72.85 | 72.21 | 59.94 | 43.62 | ||||||||
Net Assets, end of period ($ x 1,000) | 1,071,051 | 1,002,899 | 1,001,290 | 1,030,685 | 1,010,387 | 1,040,204 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
41
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | Year Ended August 31, | ||||||||||||||
BNY Mellon Bond Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.29 | 12.79 | 13.08 | 12.71 | 12.97 | 12.86 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .15 | .31 | .28 | .27 | .26 | .28 | |||||||||
Net realized and unrealized | .05 | (.48) | (.21) | .43 | (.18) | .34 | |||||||||
Total from Investment Operations | .20 | (.17) | .07 | .70 | .08 | .62 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.16) | (.33) | (.33) | (.33) | (.31) | (.33) | |||||||||
Dividends from net realized gain on investments | - | - | (.03) | - | (.03) | (.18) | |||||||||
Total Distributions | (.16) | (.33) | (.36) | (.33) | (.34) | (.51) | |||||||||
Net asset value, end of period | 12.33 | 12.29 | 12.79 | 13.08 | 12.71 | 12.97 | |||||||||
Total Return (%) | 1.64 | b | (1.35) | .63 | 5.55 | .62 | 4.95 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .80 | c | .80 | .81 | .81 | .80 | .80 | ||||||||
Ratio of net expenses to average net assets | .80 | c | .80 | .81 | .81 | .80 | .80 | ||||||||
Ratio of net investment income | 2.48 | c | 2.46 | 2.24 | 2.14 | 1.95 | 2.16 | ||||||||
Portfolio Turnover Rate | 32.75 | b | 47.36 | 72.85 | 72.21 | 59.94 | 43.62 | ||||||||
Net Assets, end of period ($ x 1,000) | 6,169 | 6,944 | 9,613 | 9,619 | 8,221 | 9,246 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
42
Class M Shares | |||||||||||||||
Six Months Ended | Year Ended August 31, | ||||||||||||||
BNY Mellon Intermediate Bond Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.26 | 12.60 | 12.74 | 12.55 | 12.75 | 12.73 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .12 | .25 | .22 | .20 | .19 | .21 | |||||||||
Net realized and unrealized | .07 | (.32) | (.10) | .25 | (.15) | .17 | |||||||||
Total from Investment Operations | .19 | (.07) | .12 | .45 | .04 | .38 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.12) | (.27) | (.26) | (.26) | (.24) | (.27) | |||||||||
Dividends from net realized gain on investments | - | - | - | - | - | (.09) | |||||||||
Total Distributions | (.12) | (.27) | (.26) | (.26) | (.24) | (.36) | |||||||||
Net asset value, end of period | 12.33 | 12.26 | 12.60 | 12.74 | 12.55 | 12.75 | |||||||||
Total Return (%) | 1.57 | b | (.58) | 1.01 | 3.60 | .39 | 2.87 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .54 | c | .55 | .56 | .56 | .55 | .55 | ||||||||
Ratio of net expenses to average net assets | .54 | c | .55 | .56 | .56 | .55 | .55 | ||||||||
Ratio of net investment income | 1.95 | c | 2.03 | 1.77 | 1.61 | 1.46 | 1.66 | ||||||||
Portfolio Turnover Rate | 16.88 | b | 28.92 | 48.97 | 32.99 | 50.80 | 42.45 | ||||||||
Net Assets, end of period ($ x 1,000) | 925,430 | 833,954 | 838,741 | 869,419 | 877,322 | 912,247 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
43
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | Year Ended August 31, | ||||||||||||||
BNY Mellon Intermediate Bond Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.26 | 12.60 | 12.74 | 12.56 | 12.75 | 12.73 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .11 | .22 | .19 | .17 | .15 | .18 | |||||||||
Net realized and unrealized | .07 | (.33) | (.10) | .24 | (.13) | .16 | |||||||||
Total from Investment Operations | .18 | (.11) | .09 | .41 | .02 | .34 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.10) | (.23) | (.23) | (.23) | (.21) | (.23) | |||||||||
Dividends from net realized gain on investments | - | - | - | - | - | (.09) | |||||||||
Total Distributions | (.10) | (.23) | (.23) | (.23) | (.21) | (.32) | |||||||||
Net asset value, end of period | 12.34 | 12.26 | 12.60 | 12.74 | 12.56 | 12.75 | |||||||||
Total Return (%) | 1.51 | b | (.84) | .75 | 3.26 | .14 | 2.69 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .79 | c | .80 | .81 | .81 | .80 | .80 | ||||||||
Ratio of net expenses to average net assets | .79 | c | .80 | .81 | .81 | .80 | .80 | ||||||||
Ratio of net investment income | 1.74 | c | 1.78 | 1.52 | 1.36 | 1.21 | 1.40 | ||||||||
Portfolio Turnover Rate | 16.88 | b | 28.92 | 48.97 | 32.99 | 50.80 | 42.45 | ||||||||
Net Assets, end of period ($ x 1,000) | 4,228 | 5,756 | 7,563 | 8,247 | 7,468 | 6,415 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
44
Class M Shares | |||||||||||||||
Six Months Ended | Year Ended August 31, | ||||||||||||||
BNY Mellon Corporate Bond Fund | (Unaudited) | 2018 | 2017 | 2016 | 2015 |
| 2014 |
| |||||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.52 | 13.06 | 13.07 | 12.59 | 12.96 | 12.49 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .23 | .44 | .42 | .39 | .35 | .32 | |||||||||
Net realized and unrealized | .01 | (.50) | .05 | .54 | (.31) | .56 | |||||||||
Total from Investment Operations | .24 | (.06) | .47 | .93 | .04 | .88 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.24) | (.48) | (.48) | (.45) | (.41) | (.41) | |||||||||
Dividends from net realized gain on investments | - | - | - | - | - | (.00) | b | ||||||||
Total Distributions | (.24) | (.48) | (.48) | (.45) | (.41) | (.41) | |||||||||
Net asset value, end of period | 12.52 | 12.52 | 13.06 | 13.07 | 12.59 | 12.96 | |||||||||
Total Return (%) | 1.96 | c | (.48) | 3.67 | 7.55 | .31 | 7.21 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .55 | d | .55 | .56 | .56 | .56 | .56 | ||||||||
Ratio of net expenses to average net assets | .55 | d | .55 | .56 | .56 | .56 | .56 | ||||||||
Ratio of net investment income | 3.72 | d | 3.43 | 3.29 | 3.10 | 2.71 | 2.48 | ||||||||
Portfolio Turnover Rate | 21.53 | c | 33.36 | 33.05 | 34.99 | 34.56 | 33.17 | ||||||||
Net Assets, end of period ($ x 1,000) | 771,867 | 776,480 | 784,237 | 850,017 | 786,085 | 747,274 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
45
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | Year Ended August 31, | ||||||||||||||
BNY Mellon Corporate Bond Fund | (Unaudited) | 2018 | 2017 | 2016 | 2015 |
| 2014 |
| |||||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.53 | 13.07 | 13.07 | 12.59 | 12.96 | 12.49 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .22 | .37 | .42 | .35 | .33 | .28 | |||||||||
Net realized and unrealized | .00 | b | (.46) | .03 | .55 | (.32) | .57 | ||||||||
Total from Investment Operations | .22 | (.09) | .45 | .90 | .01 | .85 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.22) | (.45) | (.45) | (.42) | (.38) | (.38) | |||||||||
Dividends from net realized gain on investments | - | - | - | - | - | (.00) | b | ||||||||
Total Distributions | (.22) | (.45) | (.45) | (.42) | (.38) | (.38) | |||||||||
Net asset value, end of period | 12.53 | 12.53 | 13.07 | 13.07 | 12.59 | 12.96 | |||||||||
Total Return (%) | 1.81 | c | (.72) | 3.53 | 7.29 | .04 | 6.92 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .80 | d | .80 | .81 | .81 | .81 | .82 | ||||||||
Ratio of net expenses to average net assets | .80 | d | .80 | .81 | .81 | .81 | .82 | ||||||||
Ratio of net investment income | 3.52 | d | 3.06 | 3.02 | 2.83 | 2.46 | 2.21 | ||||||||
Portfolio Turnover Rate | 21.53 | c | 33.36 | 33.05 | 34.99 | 34.56 | 33.17 | ||||||||
Net Assets, end of period ($ x 1,000) | 2,103 | 2,573 | 2,807 | 1,793 | 5,315 | 1,519 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
46
Class M Shares | |||||||||||||||
Six Months Ended | Year Ended August 31, | ||||||||||||||
BNY Mellon Short-Term | February 28, 2019 | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.52 | 11.72 | 11.81 | 11.84 | 11.95 | 12.03 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .11 | .14 | .08 | .04 | .06 | .02 | |||||||||
Net realized and unrealized | .01 | (.18) | (.05) | .05 | (.02) | .03 | |||||||||
Total from Investment Operations | .12 | (.04) | .03 | .09 | .04 | .05 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.11) | (.16) | (.12) | (.12) | (.15) | (.13) | |||||||||
Net asset value, end of period | 11.53 | 11.52 | 11.72 | 11.81 | 11.84 | 11.95 | |||||||||
Total Return (%) | 1.04 | b | (.36) | .26 | .77 | .31 | .44 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .54 | c | .56 | .55 | .55 | .54 | .53 | ||||||||
Ratio of net expenses to average net assets | .54 | c | .56 | .55 | .55 | .54 | .53 | ||||||||
Ratio of net investment income | 1.93 | c | 1.20 | .68 | .37 | .47 | .19 | ||||||||
Portfolio Turnover Rate | 54.12 | b | 61.04 | 65.98 | 100.46 | 105.49 | 116.19 | ||||||||
Net Assets, end of period ($ x 1,000) | 249,626 | 190,515 | 172,603 | 214,754 | 195,648 | 253,961 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
47
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | Year Ended August 31, | ||||||||||||||
BNY Mellon Short-Term | February 28, 2019 | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.50 | 11.71 | 11.79 | 11.82 | 11.93 | 12.01 | |||||||||
Investment Operations: | |||||||||||||||
Investment income (loss)—neta | .09 | .11 | .05 | .01 | .03 | (.01) | |||||||||
Net realized and unrealized | .02 | (.19) | (.04) | .05 | (.02) | .03 | |||||||||
Total from Investment Operations | .11 | (.08) | .01 | .06 | .01 | .02 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.09) | (.13) | (.09) | (.09) | (.12) | (.10) | |||||||||
Net asset value, end of period | 11.52 | 11.50 | 11.71 | 11.79 | 11.82 | 11.93 | |||||||||
Total Return (%) | .98 | b | (.69) | .10 | .51 | .07 | .18 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .79 | c | .81 | .80 | .80 | .79 | .78 | ||||||||
Ratio of net expenses to average net assets | .79 | c | .81 | .80 | .80 | .79 | .78 | ||||||||
Ratio of net investment income | 1.65 | c | .92 | .43 | .12 | .22 | (.06) | ||||||||
Portfolio Turnover Rate | 54.12 | b | 61.04 | 65.98 | 100.46 | 105.49 | 116.19 | ||||||||
Net Assets, end of period ($ x 1,000) | 1,228 | 1,494 | 1,753 | 1,906 | 1,576 | 801 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
48
NOTES TO FINANCIAL STATEMENTS(Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-five series, including the following diversified funds: BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund, BNY Mellon Corporate Bond Fund and BNY Mellon Short-Term U.S. Government Securities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund and BNY Mellon Corporate Bond Fund seek total return (consisting of capital appreciation and current income). BNY Mellon Short-Term U.S. Government Securities Fund seeks to provide as high a level of current income as is consistent with the preservation of capital.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Each class of shares has identical rights and privileges, except with respect to the Shareholder Service Plan and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:
49
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
Registered investment companies that are not traded on an exchange are valued at their net asset value and are generally categorized within Level 1 of the fair value hierarchy.
Investments in securities, excluding short-term investments (other than U.S. Treasury Bills), are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board of Trustees (the “Board”).Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general supervision of the Board.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Table 1 summarizes the inputs used as of February 28, 2019in valuing each fund’s investments:
At February 28, 2019, there were no transfers between levels of the fair value hierarchy. It is the fund’s policy to recognize transfers between levels at the end of the reporting period.
Table 1—Fair Value Measurements | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon Bond Fund | |||||||||||||||||
Commercial Mortgage-Backed | - | - | 18,111,296 | - | - | - | 18,111,296 | ||||||||||
Corporate Bonds† | - | - | 424,882,521 | - | - | - | 424,882,521 | ||||||||||
Foreign Government | - | - | 15,110,327 | - | - | - | 15,110,327 | ||||||||||
Investment Companies | 7,729,601 | - | - | - | - | - | 7,729,601 | ||||||||||
Municipal Bonds† | - | - | 75,461,909 | - | - | - | 75,461,909 | ||||||||||
U.S. Government Agencies/ | - | - | 287,253,135 | - | - | - | 287,253,135 | ||||||||||
U.S. Treasury | - | - | 250,383,996 | - | - | - | 250,383,996 | ||||||||||
BNY Mellon | |||||||||||||||||
Commercial Mortgage-Backed | - | - | 2,880,981 | - | - | - | 2,880,981 | ||||||||||
Corporate Bonds† | - | - | 388,800,450 | - | - | - | 388,800,450 | ||||||||||
Foreign Government | - | - | 13,118,875 | - | - | - | 13,118,875 | ||||||||||
Investment Companies | 17,953,491 | - | - | - | - | - | 17,953,491 | ||||||||||
Municipal Bonds† | - | - | 40,801,432 | - | - | - | 40,801,432 | ||||||||||
U.S. Government Agencies/ | - | - | 3,586,521 | - | - | - | 3,586,521 | ||||||||||
U.S. Treasury | - | - | 470,339,246 | - | - | - | 470,339,246 |
50
Table 1—Fair Value Measurements (contibued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon | |||||||||||||||||
Corporate Bonds† | - | - | 702,110,573 | - | - | - | 702,110,573 | ||||||||||
Equity Securities - | 3,039,600 | - | - | - | - | - | 3,039,600 | ||||||||||
Foreign Government | - | - | 8,457,387 | - | - | - | 8,457,387 | ||||||||||
Investment Companies | 21,847,129 | - | - | - | - | - | 21,847,129 | ||||||||||
Municipal Bonds† | - | - | 44,171,243 | - | - | - | 44,171,243 | ||||||||||
BNY Mellon Short-Term U.S. | |||||||||||||||||
Commercial Mortgage-Backed | - | - | 25,235,904 | - | - | - | 25,235,904 | ||||||||||
Investment Company | 286,885 | - | - | - | - | - | 286,885 | ||||||||||
Municipal Bonds† | - | - | 8,510,899 | - | - | - | 8,510,899 | ||||||||||
U.S. Government Agencies/ | - | - | 160,473,875 | - | - | - | 160,473,875 | ||||||||||
U.S. Treasury | - | - | 55,518,382 | - | - | - | 55,518,382 |
† 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 earnedfrom each fund from lending portfolio securities, pursuant to the securities lending agreement during the period ended February 28, 2019.
Table 2—Securities Lending Agreement |
|
BNY Mellon Bond Fund | $ 3,221 |
BNY Mellon Intermediate Bond Fund | 9,416 |
BNY Mellon Corporate Bond Fund | 4,477 |
BNY Mellon Short-Term U.S. | 184 |
(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
51
NOTES TO FINANCIAL STATEMENTS (Unaudited)(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. Thefunds normally declare and pay dividends from investment income-net monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers of a fund, it is the policy of each fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(f) Federal income taxes:It is the policy of each fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2019, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 28, 2019, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2018 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), each fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute. The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.
Table 3summarizes each relevant fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, realized subsequent to August 31, 2018.
Table 4 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2018. The tax character of current year distributions will be determined at the end of the current fiscal year.
Table 3—Capital Loss Carryover | ||||||||||
Expiring in fiscal year | Post-Enactment | †† | Post-Enactment | |||||||
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 4—Tax Character of Distributions Paid | |||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||
2018 | |||||||||||||||||
|
|
| Ordinary | Long-Term | |||||||||||||
BNY Mellon Bond Fund | 29,195,457 | - | |||||||||||||||
BNY Mellon Intermediate Bond Fund | 18,267,216 | - | |||||||||||||||
BNY Mellon Corporate Bond Fund | 29,557,877 | - | |||||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | 2,379,489 | - |
52
(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 long-term open-end funds in a $1.030 billion unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by The Bank of New York Mellon (the “BNYM Credit Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $830 million and is available to all long-term open-ended funds, including the funds, and (ii) Tranche B is in amount equal to $200 million and is available only to the Dreyfus Floating Rate Income Fund, a series of The Dreyfus/Laurel Funds, Inc. Prior to October 3, 2018, the unsecured credit facility with Citibank, N.A. was $830 million. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2019, the funds did not borrow under the Facilities.
NOTE 3—Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:
(a)Fees payable by the funds pursuant to the provisions of an investment advisory agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .40% of BNY Mellon Bond Fund, .40% of BNY Mellon Intermediate Bond Fund, .40% of BNY Mellon Corporate Bond Fund and .35% of BNY Mellon Short-Term U.S. Government Securities Fund.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
(b)Each fund has adopted a Shareholder Services Plan with respect to its Investor shares. Each fund pays the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services.Table 5summarizes the amounts Investor shares were charged during the period ended February 28, 2019, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
Table 5—Shareholder Services Plan Fees |
|
BNY Mellon Bond Fund | $ 8,672 |
BNY Mellon Intermediate Bond Fund | 6,636 |
BNY Mellon Corporate Bond Fund | 3,314 |
BNY Mellon Short-Term U.S. Government Securities Fund | 1,645 |
The funds have an arrangement with the transfer agent whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency fees and the funds had an arrangement with the custodian to receive earnings credits when positive cash balance are maintained, which were used to offset custody fees. Effective February 1, 2019, the arrangement with the custodian changed whereby the funds will no longer receive earnings credits to offset its custody fees and will receive interest income or overdraft fees going forward. For financial reporting purposes, the funds include net earnings credits, if any, as expense offsets in the Statements of Operations.
53
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity.Table 6 summarizes the amount each fund was charged during the period ended February 28, 2019 pursuant to the custody agreement.
Each fund compensates The Bank of New York Mellon under a shareholder redemptionsdraft processingagreement for providing certain services related to the funds’ check writing privilege.Table 7 summarizes the amount each fund was charged during the period ended February 28, 2019 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 7—The Bank of New York Mellon Cash Management Fees | ||
BNY Mellon Bond Fund | $ 47 | |
BNY Mellon Intermediate Bond Fund | 62 | |
BNY Mellon Corporate Bond Fund | 19 | |
BNY Mellon Short-Term U.S. | 10 |
During the period ended February 28, 2019, each fund was charged $6,305 for services performed by the Chief Compliance Officer and his staff. These fees are included in Miscellaneous in the Statements of Operations.
Table 8summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—Securities Transactions:
Table 9summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securitiesduring the period ended February 28, 2019.
Table 10 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at February 28, 2019.
At February 28, 2019, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
Table 6—Custody Agreement Fees |
| |
Custody fees ($) | ||
BNY Mellon Bond Fund | 8,881 | |
BNY Mellon Intermediate Bond Fund | 6,126 | |
BNY Mellon Corporate Bond Fund | 7,719 | |
BNY Mellon Short-Term U.S. Government Securities Fund | 4,353 |
Table 8—Due to The Dreyfus Corporation and Affiliates | ||||||||
| Investment | Shareholder | Custodian | The Bank of | Chief | |||
BNY Mellon Bond Fund | 325,143 | 1,320 | 9,000 | 13 | 5,254 | |||
BNY Mellon Intermediate Bond Fund | 282,192 | 831 | 6,389 | 12 | 5,254 | |||
BNY Mellon Corporate Bond Fund | 234,172 | 430 | 7,200 | 3 | 5,254 | |||
BNY Mellon Short-Term U.S. Government Securities Fund | 67,312 | 233 | 4,203 | 2 | 5,254 |
Table 9—Purchases and Sales | ||||||||
| Purchases ($) | Sales ($) | ||||||
BNY Mellon Bond Fund | 400,202,907 | 329,378,464 | ||||||
BNY Mellon Intermediate Bond Fund | 230,290,691 | 146,451,892 | ||||||
BNY Mellon Corporate Bond Fund | 162,221,487 | 175,965,063 | ||||||
BNY Mellon Short-Term U.S. Government Securities Fund | 162,976,114 | 114,908,657 |
54
Table 10—Accumulated Net Unrealized Appreciation (Depreciation) | ||||||||
| Gross | Gross | Net ($) | |||||
BNY Mellon Bond Fund | 8,748,020 | 10,186,477 | (1,438,457) | |||||
BNY Mellon Intermediate Bond Fund | 4,399,172 | 6,616,383 | (2,217,211) | |||||
BNY Mellon Corporate Bond Fund | 8,142,009 | 8,773,179 | (631,170) | |||||
BNY Mellon Short-Term U.S. Government Securities Fund | 263,104 | 1,719,996 | (1,456,892) |
55
The BNY Mellon Funds
c/o The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Investment Adviser
BNY Mellon Fund Advisers, a division of
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Administrator
The Bank of New York Mellon
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.
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.
© 2019 MBSC Securities Corporation | MFTSA0219-TB |
The BNY Mellon Funds
BNY Mellon Government Money Market Fund
BNY Mellon National Municipal Money Market Fund
SEMIANNUAL REPORT February 28, 2019 | |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2018 through February 28, 2019. 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.
While the U.S. economy continued to grow at above-trend rates during the six months, other developed country economies remained moderated. Economic momentum and strong corporate earnings supported U.S. stocks early in the period, while stocks declined in other developed markets. In emerging countries, equities experienced pressure for much of the period as the currency crises in Turkey and Argentina led investors to fear that currency depreciation would spread to other markets in the developing world.
In October, equity markets experienced a sharp sell-off, triggered in part by interest rate increases, trade tensions and slowing global growth. The sell-off partially reduced prior gains on U.S. indexes while losses deepened in international markets. Global equities continued their general decline throughout the end of the calendar year. However, comments made in January by the U.S. Federal Reserve (the “Fed”) that it might slow the pace of interest rate increases in 2019 helped stimulate a rebound across equity markets that lasted throughout the end of the reporting period.
Fixed income markets struggled during the first month of the period as interest rates and inflation rose, pressuring most bond prices. Favorable U.S. equity market performance fed investor risk appetites, reducing the demand for Treasuries and increasing yields. However, equity volatility in October triggered a flight to quality in the bond market, raising Treasury prices and flattening the yield curve. Growth concerns also affected corporate bonds, causing increased spreads and hurting prices through the end of the calendar year. After encouraging comments by the Fed in January, Bond markets rebounded and many indices continued to experience moderately positive returns through the end of February.
We expect economic momentum to continue in the U.S., but we will monitor relevant data for any signs of a change in our outlook. As always, we encourage you to discuss the risks and opportunities in today’s investment environment with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2019
3
DISCUSSION OF FUND PERFORMANCE(Unaudited)
For the period from September 1, 2018 through February 28, 2019, as provided by Patricia A. Larkin, Chief Investment Officer of BNY Mellon Cash Investment Strategies
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Government Money Market Fund’s Class M shares produced an annualized yield of 1.99% and its Investor shares produced an annualized yield of 1.74%. Taking into account the effects of compounding, the fund’s Class M shares and Investor shares produced annualized effective yields of 2.01% and 1.75%, 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 two additional increases in short-term interest rates amid expectations of strong 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. The fund is a “government money market fund,” as that term is defined in Rule 2a-7 under the Investment Company Act of 1940, as amended, and as such 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 government securities and/or cash, and cash. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in government securities and repurchase agreements collateralized solely by government securities (i.e., under normal circumstances, the fund will not invest more than 20% of its net assets in cash and/or repurchase agreements collateralized by cash). The securities in which the fund invests include those backed by the full faith and credit of the U.S. government, which include U.S. Treasury securities as well as securities issued by certain agencies of the U.S. government, and those that are neither insured nor guaranteed by the U.S. government.
Short-Term Interest Rates Rose, but the Fed Pauses
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. In September 2018, 108,000 jobs were created, but the unemployment rate slipped to 3.7% and the Fed hiked the federal funds target rate to between 2.00% and 2.25%. October 2018 saw new jobs rebound to 277,000 while the unemployment rate edged up to 3.8%.
New jobs slipped in November 2018, totaling 196,000 and unemployment declined to 3.7%. December 2018 saw a rebound in job creation with new positions amounting to 227,000. Unemployment also rose somewhat, reaching 3.9%.
The Fed raised the federal funds target rate to between 2.25% and 2.50% in December 2018, but Fed Chairman Jerome Powell said the central bank would take a more data-dependent approach to future increases. This led many investors to expect fewer rate hikes in 2019. In January 2019, the economy produced 312,000 new jobs, but the unemployment rate climbed to 4.0%. February 2019 saw job creation plummet to just an estimated 33,000 while unemployment dropped to 3.8%.
Rate Hikes on Pause
The Fed continued to move away from its accommodative monetary policy in 2018, but signaled that it would take a more data-dependent approach in 2019. As interest rates have risen, we have maintained the fund’s weighted average maturity in a range that is modestly shorter than industry averages. This strategy is intended to capture potential higher yields as they become available. As always, we have retained our longstanding focus on quality and liquidity.
March 15, 2019
1 Annualized 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, 2018 through February 28, 2019, as provided by Joseph Irace, Senior Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon National Municipal Money Market Fund’s Class M shares produced an annualized yield of 1.29%, and Investor shares produced an annualized yield of 1.04%. Taking into account the effects of compounding, the fund’s Class M and Investor shares also produced annualized effective yields of 1.30% and 1.05%, respectively.1
Yields of municipal money market instruments generally rose during the reporting period as the Federal Reserve Board (the “Fed”) implemented two additional increases in the federal funds rate and continued to unwind its balance sheet. 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 reserves the right to 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.
Rates Rise, State Fiscal Health Improves
Tax-exempt money market funds saw an increase in assets of approximately 10% in 2018, particularly on strong demand from the retail sector due to attractive after-tax yields. Interest in single-state funds, specifically in high-tax states, increased, and we expect this trend to persist as rates continue to produce attractive after-tax returns.
Supply and demand continued to drive the Securities Industry and Financial Markets Association (SIFMA) Index. The average yield for the first two months of 2019 was 1.54%. The SIFMA Index averaged 1.42% for 2018. (The SIFMA Index is a weekly, high grade market index comprised of seven-day, tax-exempt, variable-rate demand notes produced by Bloomberg LP.)
Assets increased in January 2019 due to the imbalance of newly issued securities and the reinvestment of coupon payments and security maturities. Cash flooded the market looking for a parking place, which pushed floating-security rates lower, as anticipated. The funds added fixed-rate securities as rates backed up in December 2018 in an attempt to smooth out this period of lower variable rates.
Strong inflows into tax-exempt funds continued through February 2019, keeping a lid on rates of variable-rate securities. The imbalance of newly issued securities and the reinvestment of coupon payments and security maturities continued through the month. Yields on fixed-rate securities declined as the market digested the change in future interest-rate increase expectations. The yield curve on short-duration, municipal securities continued to flatten as investors increased their holdings in municipal securities.
The beginning of 2019 finds the states in generally sound credit positions following a period of robust economic and revenue growth in 2018. States have used higher tax receipts to bolster and fully restore reserve or “rainy-day” funds to shield against the inevitable future economic slowdown. But as the majority of states prepare and develop fiscal 2020 budgets, there are some emerging concerns over trends in personal income tax revenue.
A number of high-tax states, such as California, New Jersey and New York, have noted declines in, and lower-than-projected, personal income tax collections. This may be due to a number of factors, including out-migration of very high income-tax payers, the timing of estimated tax payments due to the implementation of the Tax Cuts and Jobs Act of 2017, and diminished capital gains resulting from extreme volatility in the equity markets. We will carefully monitor income-tax receipts during this current tax season as states make adjustments to the difficult process of projecting tax revenues.
Maintaining a Prudent Investment Posture
In a largely rising interest-rate environment, most municipal money market funds maintained short weighted-average maturities with a focus on liquidity. Our funds were no exception, enabling them to capture the increase in yields as the Fed raised interest rates through December 2018.
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.
The Fed Adopts a More Data-Dependent Approach
At its first meeting of 2019 on January 30, the Fed said that it will be patient about any future interest-rate moves and signaled flexibility on the path for reducing its balance sheet. The target range for the federal funds rate was held steady at 2.25%-2.50%. This was a pivotal change from the December 2018 meeting, which had signaled a trend toward higher borrowing costs. Citing global economic and financial developments, as well as muted inflation pressures, the Fed’s statement marked a broader shift toward risk management. The next meeting is scheduled for March 20, 2019.
In light of these developments and the market’s ongoing adjustment to the new tax laws, we intend to emphasize liquidity in an attempt to capture higher yields as short-term rates rise. In addition, we believe that a focus on preservation of capital and liquidity remains the prudent course for the fund’s management.
March 15, 2019
1 Annualized 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 September 1, 2018 to February 28, 2019. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment |
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assuming actual returns for the six months ended February 28, 2019 | ||||||||||||||||||
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BNY Mellon Government Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† |
| $1.45 | $2.69 | |||||||||||||||
Ending value (after expenses) | $1,009.90 | $1,008.60 | ||||||||||||||||
Annualized expense ratio (%) | .29 | .54 | ||||||||||||||||
BNY Mellon National Municipal Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $1.49 | $2.73 | ||||||||||||||||
Ending value (after expenses) | $1,006.40 | $1,005.20 | ||||||||||||||||
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 February 28, 2019 | ||||||||||||||||||
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BNY Mellon Government Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $1.45 | $2.71 | ||||||||||||||||
Ending value (after expenses) | $1,023.36 | $1,022.12 | ||||||||||||||||
Annualized expense ratio (%) | .29 | .54 | ||||||||||||||||
BNY Mellon National Municipal Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $1.51 | $2.76 | ||||||||||||||||
Ending value (after expenses) |
| $1,023.31 | $1,022.07 | |||||||||||||||
Annualized expense ratio (%) | .30 | .55 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
6
STATEMENT OF INVESTMENTS
February 28, 2019 (Unaudited)
BNY Mellon Government Money Market Fund | ||||||||
U.S. Treasury Notes - 2.8% | Annualized Yield (%) | Principal Amount($) | Value($) | |||||
7/31/19 | 0.88 | 25,000,000 | 24,830,641 | |||||
Repurchase Agreements - 21.4% | ||||||||
Bank of Nova Scotia/New York, Tri-Party Agreement thru BNY Mellon, dated 2/28/19, due 3/1/19 in the amount of $16,001,156 (fully collateralized by $16,636,239 U.S. Treasuries, 0.13%-8.13%, due 3/15/19-8/15/47, value $16,320,000) | 2.60 | 16,000,000 | 16,000,000 | |||||
BNP Paribas, Tri-Party Agreement thru BNY Mellon, dated 2/28/19, due 3/1/19 in the amount of $50,003,597 (fully collateralized by $51,239,542 U.S. Treasuries (including strips), 0%-2.88%, due 3/28/19-11/15/45, value $51,000,008) | 2.59 | 50,000,000 | 50,000,000 | |||||
Credit Agricole CIB, Tri-Party Agreement thru BNY Mellon, dated 2/28/19, due 3/1/19 in the amount of $25,001,806 (fully collateralized by $25,308,610 U.S. Treasuries (including strips), 0%-3.63%, due 8/29/19-8/15/47, value $25,500,000) | 2.60 | 25,000,000 | 25,000,000 | |||||
HSBC Securities USA, Tri-Party Agreement thru JPMorgan Chase Bank, dated 2/28/19, due 3/1/19 in the amount of $100,007,083 (fully collateralized by $136,034,445 U.S. Treasuries (including strips), 0%-2.13%, due 4/16/19-2/15/42, value $102,000,012) | 2.55 | 100,000,000 | 100,000,000 | |||||
Total Repurchase Agreements (cost $191,000,000) | 191,000,000 | |||||||
U.S. Treasury Floating Rate Notes - 21.8% | ||||||||
3/1/19, 3 Month U.S. T-BILL +.07% | 2.49 | 105,000,000 | a | 105,011,510 | ||||
3/1/19, 3 Month U.S. T-BILL FLAT | 2.42 | 25,000,000 | a | 24,997,087 | ||||
3/1/19, 3 Month U.S. T-BILL +.04% | 2.46 | 35,000,000 | a | 34,997,946 | ||||
3/1/19, 3 Month U.S. T-BILL +.05% | 2.46 | 25,000,000 | a | 25,001,883 | ||||
3/1/19, 3 Month U.S. T-BILL +.12% | 2.53 | 5,000,000 | a | 4,999,870 | ||||
Total U.S. Treasury Floating Rate Notes (cost $195,008,296) | 195,008,296 | |||||||
U.S. Government Agencies - 34.5% | ||||||||
Federal Home Loan Bank: | ||||||||
4/1/19, 3 Month LIBOR -.35% | 2.45 | 14,000,000 | a | 14,000,074 | ||||
4/3/19 | 2.42 | 25,000,000 | b | 24,945,320 | ||||
4/9/19, 3 Month LIBOR -.34% | 2.46 | 25,000,000 | a | 25,000,000 | ||||
4/12/19 | 2.46 | 25,000,000 | b | 24,929,329 | ||||
4/17/19 | 2.46 | 50,000,000 | b | 49,842,224 | ||||
4/26/19 | 2.46 | 75,000,000 | b | 74,718,250 | ||||
3/12/19, 1 Month LIBOR -.07% | 2.43 | 5,000,000 | a | 5,000,000 | ||||
4/25/19, 3 Month LIBOR -.26% | 2.51 | 25,000,000 | a | 25,000,000 | ||||
3/8/19, 1 Month LIBOR -.07% | 2.45 | 20,000,000 | a | 20,000,059 | ||||
3/1/19, SOFR +.04% | 2.41 | 10,000,000 | a | 10,000,000 | ||||
Federal Farm Credit Bank: | ||||||||
3/1/19, 1 Month LIBOR +.15% | 2.66 | 5,000,000 | a | 5,000,000 | ||||
3/1/19, EFFE +.01% | 2.41 | 5,000,000 | a | 5,000,111 | ||||
3/1/19, FCPR -3.06% | 2.44 | 15,000,000 | a | 15,000,395 | ||||
3/1/19, FCPR -3.08% | 2.42 | 10,000,000 | a | 9,999,690 | ||||
Total U.S. Government Agencies (cost $308,435,452) | 308,435,452 | |||||||
U.S. Treasury Bills - 19.4% | ||||||||
3/12/19 | 2.39 | 50,000,000 | b | 49,964,021 |
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Government Money Market Fund (continued) | ||||||||
U.S. Treasury Bills - 19.4% (continued) | Annualized Yield (%) | Principal Amount($) | Value($) | |||||
7/5/19 | 2.51 | 125,000,000 | b | 123,925,937 | ||||
Total U.S. Treasury Bills (cost $173,889,958) | 173,889,958 | |||||||
Total Investments(cost $893,164,347) | 99.9% | 893,164,347 | ||||||
Cash and Receivables (Net) | .1% | 1,237,302 | ||||||
Net Assets | 100.0% | 894,401,649 |
EFFE—Effective Federal Funds Rate
FCPR—Farm Credit Prime Rate
LIBOR—London Interbank Offered Rate
SOFR—Secured Overnight Financing Rate
a Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
b Security is a discount security. Income is recognized through the accretion of discount.
Portfolio Summary (Unaudited)† | Value (%) |
U.S. Government Securities | 78.5 |
Repurchase Agreements | 21.4 |
99.9 |
† Based on net assets.
See notes to financial statements.
8
BNY Mellon National Municipal Money Market Fund | |||||||||
Short-Term Investments - 97.7% | Coupon | Maturity | Principal | Value ($) | |||||
Alabama - 1.3% | |||||||||
Huntsville Health Care Authority, | 1.46 | 3/5/19 | 8,000,000 | 7,999,877 | |||||
Tender Option Bond Trust Receipts (Series 2018-XL0098), | 1.83 | 3/14/19 | 4,500,000 | a,b,c | 4,500,000 | ||||
12,499,877 | |||||||||
Alaska - 1.2% | |||||||||
Tender Option Bond Trust Receipts (Series 2017-XL0044), | 1.84 | 3/14/19 | 6,750,000 | a,b,c | 6,750,000 | ||||
Tender Option Bond Trust Receipts (Series 2017-XM0532), | 1.84 | 3/14/19 | 4,665,000 | a,b,c | 4,665,000 | ||||
11,415,000 | |||||||||
Arizona - 1.0% | |||||||||
Casa Grande Industrial Development Authority, | 1.74 | 3/14/19 | 2,010,000 | a | 2,010,000 | ||||
Phoenix Industrial Development Authority, | 1.85 | 3/14/19 | 820,000 | a | 820,000 | ||||
Phoenix Industrial Development Authority, | 1.75 | 3/6/19 | 1,900,000 | a | 1,900,000 | ||||
Tempe Industrial Development Authority, | 1.90 | 3/14/19 | 565,000 | a | 565,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-XF0695), | 1.79 | 3/14/19 | 5,000,000 | a,b,c | 5,000,000 | ||||
10,295,000 | |||||||||
California - 2.0% | |||||||||
California Enterprise Development Authority, | 1.79 | 3/14/19 | 2,920,000 | a | 2,920,000 | ||||
California Enterprise Development Authority, | 1.81 | 3/14/19 | 100,000 | a | 100,000 | ||||
California Enterprise Development Authority, | 1.79 | 3/14/19 | 15,000,000 | a | 15,000,000 | ||||
Sacramento County Housing Authority, | 1.77 | 3/14/19 | 2,300,000 | a | 2,300,000 | ||||
20,320,000 | |||||||||
Colorado - 1.8% | |||||||||
Colorado Educational and Cultural Facilities Authority, | 1.85 | 3/14/19 | 1,810,000 | a | 1,810,000 | ||||
Colorado Health Facilities Authority, | 1.75 | 3/6/19 | 3,795,000 | a | 3,795,000 | ||||
Colorado Housing and Finance Authority, | 1.80 | 3/6/19 | 1,805,000 | a | 1,805,000 |
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||
Short-Term Investments - 97.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||
Colorado - 1.8% (continued) | |||||||||
Jefferson County, | 1.85 | 3/14/19 | 385,000 | a | 385,000 | ||||
University of Colorado, | 1.66 | 5/15/19 | 10,000,000 | 10,000,000 | |||||
17,795,000 | |||||||||
Connecticut - 1.7% | |||||||||
RIB Floater Trust, | 1.78 | 3/14/19 | 17,000,000 | a,b | 17,000,000 | ||||
District of Columbia - 5.1% | |||||||||
District of Columbia, | 1.85 | 3/8/19 | 1,400,000 | a | 1,400,000 | ||||
District of Columbia, | 1.85 | 3/8/19 | 3,810,000 | a | 3,810,000 | ||||
Metropolitan Washington Airports Authority, | 1.52 | 3/21/19 | 22,000,000 | 21,997,953 | |||||
Metropolitan Washington Airports Authority, | 1.52 | 3/22/19 | 17,000,000 | 16,998,377 | |||||
Tender Option Bond Trust Receipts (Series 2019-BAML8001), | 1.80 | 3/7/19 | 6,805,000 | b,c | 6,805,000 | ||||
51,011,330 | |||||||||
Florida - 5.3% | |||||||||
Collier County Industrial Development Authority, | 2.02 | 3/14/19 | 2,020,000 | a | 2,020,000 | ||||
Florida Development Finance Corporation, | 1.80 | 3/14/19 | 1,400,000 | a | 1,400,000 | ||||
Florida Housing Finance Corporation, | 1.79 | 3/14/19 | 6,405,000 | a | 6,405,000 | ||||
Jacksonville, | 1.85 | 3/14/19 | 2,500,000 | a | 2,500,000 | ||||
Jacksonville, | 1.85 | 3/14/19 | 235,000 | a | 235,000 | ||||
Jacksonville, | 1.78 | 3/14/19 | 800,000 | 800,000 | |||||
Orange County Health Facilities Authority, | 1.80 | 3/6/19 | 28,210,000 | a | 28,210,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-BAML7001), | 1.78 | 3/7/19 | 11,000,000 | b,c | 11,000,000 | ||||
52,570,000 | |||||||||
Georgia - 3.2% | |||||||||
Emory University , | 1.62 | 5/14/19 | 15,350,000 | 15,350,000 | |||||
Municipal Electric Authority of Georgia, | 1.60 | 3/14/19 | 6,550,000 | 6,549,684 | |||||
RBC Municipal Products Trust, | 1.80 | 3/14/19 | 7,050,000 | a,b | 7,050,000 |
10
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||
Short-Term Investments - 97.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||
Georgia - 3.2% (continued) | |||||||||
Tender Option Bond Trust Receipts (Series 2018-XF0708), | 1.82 | 3/14/19 | 3,200,000 | a,b,c | 3,200,000 | ||||
32,149,684 | |||||||||
Illinois - 6.6% | |||||||||
Illinois Development Finance Authority, | 1.77 | 3/6/19 | 7,000,000 | a | 7,000,000 | ||||
Illinois Development Finance Authority, | 1.76 | 3/6/19 | 5,750,000 | a | 5,750,000 | ||||
Illinois Finance Authority, | 1.85 | 3/14/19 | 5,040,000 | a | 5,040,000 | ||||
Illinois Finance Authority, | 1.76 | 3/6/19 | 1,400,000 | a | 1,400,000 | ||||
Illinois Finance Authority, | 1.80 | 3/14/19 | 3,810,000 | a | 3,810,000 | ||||
Illinois Finance Authority, | 1.76 | 3/6/19 | 12,000,000 | a | 12,000,000 | ||||
Illinois Housing Development Authority, | 1.76 | 3/14/19 | 7,370,000 | a | 7,370,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-XF0711), | 1.79 | 3/14/19 | 23,250,000 | a,b,c | 23,250,000 | ||||
65,620,000 | |||||||||
Indiana - .6% | |||||||||
Crawfordsville, | 1.85 | 3/14/19 | 4,000,000 | a | 4,000,000 | ||||
Indiana Development Finance Authority, | 1.74 | 3/14/19 | 1,750,000 | a | 1,750,000 | ||||
5,750,000 | |||||||||
Iowa - .5% | |||||||||
Tender Option Bond Trust Receipts (Series 2018-ZF2627), | 1.79 | 3/14/19 | 5,000,000 | a,b,c | 5,000,000 | ||||
Kentucky - 2.9% | |||||||||
Boone County, | 1.76 | 3/6/19 | 4,855,000 | a | 4,855,000 | ||||
Jefferson County, | 1.75 | 3/14/19 | 3,900,000 | a | 3,900,000 | ||||
Louisville & Jefferson County, | 1.88 | 4/9/19 | 20,000,000 | 20,000,000 | |||||
28,755,000 | |||||||||
Louisiana - 1.0% | |||||||||
Tender Option Bond Trust Receipts (Series 2018-BAML7002), | 1.78 | 3/7/19 | 10,000,000 | b,c | 10,000,000 |
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||
Short-Term Investments - 97.7% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||||||||
Maryland - 1.4% | ||||||||||||||||
Baltimore County, | 1.85 | 3/6/19 | 760,000 | a | 760,000 | |||||||||||
Maryland Economic Development Corporation, | 2.08 | 3/14/19 | 2,015,000 | a | 2,015,000 | |||||||||||
Maryland Health and Higher Educational Facilities Authority, | 1.83 | 3/14/19 | 4,235,000 | a | 4,235,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2017-XG0146), | 1.79 | 3/14/19 | 6,635,000 | a,b,c | 6,635,000 | |||||||||||
13,645,000 | ||||||||||||||||
Massachusetts - 1.1% | ||||||||||||||||
Massachusetts Healthcare, | 1.60 | 4/3/19 | 8,505,000 | 8,503,453 | ||||||||||||
Massachusetts Healthcare, | 1.70 | 5/1/19 | 1,960,000 | 1,959,674 | ||||||||||||
10,463,127 | ||||||||||||||||
Michigan - 1.2% | ||||||||||||||||
Tender Option Bond Trust Receipts (Series 2018 XF0686), | 1.79 | 3/14/19 | 4,000,000 | a,b,c | 4,000,000 | |||||||||||
University of Michigan, | 1.40 | 4/2/19 | 7,500,000 | 7,498,821 | ||||||||||||
11,498,821 | ||||||||||||||||
Minnesota - .3% | ||||||||||||||||
Minneapolis, | 1.85 | 3/14/19 | 1,155,000 | a | 1,155,000 | |||||||||||
Minnesota Higher Education Facilities Authority, | 1.78 | 3/14/19 | 1,200,000 | a | 1,200,000 | |||||||||||
Saint Paul Housing and Redevelopment Authority, | 1.85 | 3/14/19 | 865,000 | a | 865,000 | |||||||||||
3,220,000 | ||||||||||||||||
Mississippi - .3% | ||||||||||||||||
Mississippi Business Finance Corporation, | 1.78 | 3/14/19 | 3,235,000 | a | 3,235,000 | |||||||||||
Missouri - 1.4% | ||||||||||||||||
RBC Municipal Products Trust, | 1.80 | 3/14/19 | 14,000,000 | a,b | 14,000,000 | |||||||||||
Nebraska - .5% | ||||||||||||||||
Tender Option Bond Trust Receipts (Series 2018-XF2671), | 1.77 | 3/14/19 | 5,245,000 | a,b,c | 5,245,000 | |||||||||||
Nevada - .4% | ||||||||||||||||
Tender Option Bond Trust Receipts (Series 2018-XG0199), | 1.82 | 3/14/19 | 4,000,000 | a,b,c | 4,000,000 |
12
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||
Short-Term Investments - 97.7% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||||||||
New Jersey - 1.5% | ||||||||||||||||
Tender Option Bond Trust Receipts (Series 2016-ZF0468), | 1.79 | 3/14/19 | 8,550,000 | a,b,c | 8,550,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2016-ZF0470), | 1.79 | 3/14/19 | 1,500,000 | a,b,c | 1,500,000 | |||||||||||
Township of Little Egg Harbor, | 2.25 | 8/20/19 | 5,200,000 | 5,209,962 | ||||||||||||
15,259,962 | ||||||||||||||||
New York - 9.7% | ||||||||||||||||
New York City Capital Resource Corporation, | 1.86 | 3/14/19 | 3,700,000 | a | 3,700,000 | |||||||||||
New York Metropolitan Transportation Authority , | 1.82 | 3/14/19 | 2,590,000 | a,b | 2,590,000 | |||||||||||
New York Power Authority, | 1.38 | 3/6/19 | 38,622,000 | 38,620,276 | ||||||||||||
New York State Dormitory Authority, | 1.79 | 3/6/19 | 15,000,000 | a | 15,000,000 | |||||||||||
Syracuse, | 3.50 | 3/29/19 | 10,644,000 | 10,657,280 | ||||||||||||
Tender Option Bond Trust Receipts (Series 2018-XF0615), | 1.82 | 3/14/19 | 12,375,000 | a,b,c | 12,375,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-XF0623), | 1.86 | 3/14/19 | 5,000,000 | a,b,c | 5,000,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-XM0697), | 1.89 | 3/7/19 | 4,000,000 | b,c | 4,000,000 | |||||||||||
Tompkins County Industrial Development Agency, | 1.85 | 3/8/19 | 5,000,000 | a | 5,000,000 | |||||||||||
96,942,556 | ||||||||||||||||
North Carolina - .9% | ||||||||||||||||
North Carolina Capital Facilities Finance Agency, | 1.73 | 3/14/19 | 1,180,000 | a | 1,180,000 | |||||||||||
North Carolina Medical Care Commission, | 1.83 | 3/6/19 | 7,605,000 | a | 7,605,000 | |||||||||||
8,785,000 | ||||||||||||||||
Ohio - 3.9% | ||||||||||||||||
Hamilton County, | 1.74 | 3/14/19 | 1,750,000 | a | 1,750,000 | |||||||||||
Ohio Higher Educational Facility Commission, | 1.55 | 5/3/19 | 17,495,000 | 17,487,327 | ||||||||||||
Stark County Port Authority, | 1.75 | 3/14/19 | 555,000 | a | 555,000 | |||||||||||
Stark County Port Authority, | 1.85 | 3/14/19 | 525,000 | a | 525,000 |
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||
Short-Term Investments - 97.7% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||||||||
Ohio - 3.9% (continued) | ||||||||||||||||
Tender Option Bond Trust Receipts (Series 2018-XG0206), | 1.86 | 3/7/19 | 4,255,000 | b,c | 4,255,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-YX1079), | 1.89 | 3/14/19 | 14,590,000 | a,b,c | 14,590,000 | |||||||||||
39,162,327 | ||||||||||||||||
Oklahoma - 1.8% | ||||||||||||||||
Tender Option Bond Trust Receipts (Series 2018-XX1096), | 1.78 | 3/14/19 | 18,235,000 | a,b,c | 18,235,000 | |||||||||||
Pennsylvania - .3% | ||||||||||||||||
Pennsylvania Economic Development Financing Authority, | 1.75 | 3/14/19 | 1,200,000 | a | 1,200,000 | |||||||||||
York Redevelopment Authority, | 1.90 | 3/8/19 | 1,995,000 | 1,995,000 | ||||||||||||
3,195,000 | ||||||||||||||||
South Carolina - 3.0% | ||||||||||||||||
South Carolina Jobs-Economic Development Authority, | 1.77 | 3/14/19 | 1,210,000 | a | 1,210,000 | |||||||||||
South Carolina Jobs-Economic Development Authority, | 1.85 | 3/14/19 | 2,190,000 | a | 2,190,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2017-XG0149), | 1.78 | 3/14/19 | 21,190,000 | a,b,c | 21,190,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2019-BAML5004), | 1.78 | 2/14/19 | 5,000,000 | b,c | 5,000,000 | |||||||||||
29,590,000 | ||||||||||||||||
Tennessee - 4.0% | ||||||||||||||||
Cleveland Health and Educational Facilities Board, | 1.79 | 3/14/19 | 200,000 | a | 200,000 | |||||||||||
Hawkins County Industrial Development Board, | 1.83 | 3/13/19 | 1,750,000 | a | 1,750,000 | |||||||||||
Metropolitan Government Nashville & Davidson County, | 1.55 | 5/3/19 | 25,000,000 | 24,986,705 | ||||||||||||
Monroe County, | 1.20 | 6/15/19 | 5,000,000 | 4,993,130 | ||||||||||||
Tender Option Bond Trust Receipts (Series 2017-XG0145), | 1.78 | 3/14/19 | 3,485,000 | a,b,c | 3,485,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-XL0062), | 1.80 | 3/14/19 | 4,420,000 | a,b,c | 4,420,000 | |||||||||||
39,834,835 |
14
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||
Short-Term Investments - 97.7% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||||||||
Texas - 22.9% | ||||||||||||||||
Atascosa County Industrial Development Corporation, | 1.76 | 3/14/19 | 34,200,000 | a | 34,200,000 | |||||||||||
Austin, | 1.50 | 3/27/19 | 20,000,000 | 19,997,347 | ||||||||||||
Gulf Coast Industrial Development Authority, | 1.85 | 3/14/19 | 6,200,000 | a | 6,200,000 | |||||||||||
Harris County, | 1.55 | 5/2/19 | 23,330,000 | 23,320,874 | ||||||||||||
Harris County, | 1.55 | 5/2/19 | 26,670,000 | 26,659,567 | ||||||||||||
Houston Texas , | 1.50 | 4/3/19 | 20,000,000 | 19,995,430 | ||||||||||||
Lower Colorado River Authority, | 1.60 | 3/1/19 | 6,000,000 | 6,000,000 | ||||||||||||
Lower Colorado River Authority, | 1.63 | 5/2/19 | 10,430,000 | 10,426,989 | ||||||||||||
San Antonio Water System, | 1.88 | 3/26/19 | 9,000,000 | 9,000,000 | ||||||||||||
Tender Option Bond Trust Receipts (Series 2018-XM0698), | 1.78 | 3/14/19 | 4,585,000 | a,b,c | 4,585,000 | |||||||||||
Texas, | 1.76 | 3/6/19 | 9,500,000 | a | 9,500,000 | |||||||||||
Texas A&M Board of Regents, | 1.66 | 4/2/19 | 8,150,000 | 8,150,000 | ||||||||||||
University of Texas System, | 1.39 | 3/4/19 | 25,000,000 | 24,999,812 | ||||||||||||
University of Texas System, | 1.49 | 4/3/19 | 10,000,000 | 9,997,181 | ||||||||||||
University of Texas System, | 1.53 | 5/2/19 | 15,000,000 | 14,991,819 | ||||||||||||
228,024,019 | ||||||||||||||||
Utah - 2.2% | ||||||||||||||||
Intermountain Power Agency, | 1.50 | 3/22/19 | 22,000,000 | 21,996,777 | ||||||||||||
Vermont - .1% | ||||||||||||||||
Vermont Educational and Health Buildings Financing Agency, | 2.00 | 3/14/19 | 590,000 | a | 590,000 | |||||||||||
Virginia - .6% | ||||||||||||||||
University of Virginia, | 1.50 | 3/4/19 | 6,400,000 | 6,399,842 | ||||||||||||
Washington - 4.1% | ||||||||||||||||
Tender Option Bond Trust Receipts (Series 2018-ZF2682), | 1.77 | 3/14/19 | 7,000,000 | a,b,c | 7,000,000 | |||||||||||
Washington State Housing Finance Commission, | 1.76 | 3/6/19 | 9,700,000 | a | 9,700,000 | |||||||||||
Washington State Housing Finance Commission, | 1.76 | 3/6/19 | 10,945,000 | a | 10,945,000 | |||||||||||
Washington State Housing Finance Commission, | 1.85 | 3/14/19 | 495,000 | a | 495,000 | |||||||||||
Washington State Housing Finance Commission, | 1.76 | 3/6/19 | 9,775,000 | a | 9,775,000 |
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||||
Short-Term Investments - 97.7% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||||||||||
Washington - 4.1% (continued) | ||||||||||||||||||
Washington State Housing Finance Commission, | 1.75 | 3/6/19 | 2,605,000 | a | 2,605,000 | |||||||||||||
40,520,000 | ||||||||||||||||||
West Virginia - .2% | ||||||||||||||||||
Cabell County, | 1.85 | 3/14/19 | 1,820,000 | a | 1,820,000 | |||||||||||||
Wisconsin - 1.7% | ||||||||||||||||||
Byron, | 1.85 | 3/14/19 | 6,500,000 | a | 6,500,000 | |||||||||||||
Pewaukee School District, | 3.00 | 8/1/19 | 2,300,000 | 2,305,831 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, | 1.85 | 3/14/19 | 4,505,000 | 4,505,000 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, | 1.85 | 3/14/19 | 930,000 | 930,000 | ||||||||||||||
Wisconsin Health and Educational Facilities Authority, | 1.85 | 3/14/19 | 250,000 | 250,000 | ||||||||||||||
Wisconsin Housing and Economic Development Authority, | 1.80 | 3/14/19 | 2,700,000 | 2,700,000 | ||||||||||||||
17,190,831 | ||||||||||||||||||
Total Investments(cost $973,033,988) | 97.7% | 973,033,988 | ||||||||||||||||
Cash and Receivables (Net) | 2.3% | 22,638,523 | ||||||||||||||||
Net Assets | 100.0% | 995,672,511 |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2019, these securities amounted to $254,875,000 or 25.6% 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). These securities are not an underlying piece for any of the Dreyfus long-term Inverse floater securities.
Portfolio Summary (Unaudited)† | Value (%) |
Education | 19.9 |
Medical | 17.1 |
Development | 7.6 |
Utilities | 7.6 |
Power | 7.5 |
General Obligation | 7.2 |
Water | 7.1 |
Multifamily Housing | 6.9 |
Transportation | 4.2 |
Airport | 3.9 |
School District | 3.6 |
Higher Education | 3.3 |
Facilities | .9 |
Single Family Housing | .7 |
Nursing Homes | .2 |
97.7 |
† 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
February 28, 2019 (Unaudited)
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
| |
Assets ($): |
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
| 893,164,347 | †† | 973,033,988 |
| |
Cash |
|
|
| 662,713 |
| - |
| |
Interest receivable |
|
|
| 803,594 |
| 2,234,428 |
| |
Receivable for investment securities sold |
|
|
| - |
| 29,969,532 |
| |
Prepaid expenses |
|
|
| 28,840 |
| 30,249 |
| |
|
|
|
| 894,659,494 |
| 1,005,268,197 |
|
|
Liabilities ($): |
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 116,720 |
| 139,833 |
| |
Due to Administrator—Note 2(a) |
|
|
| 86,561 |
| 100,363 |
| |
Cash overdraft due to Custodian |
|
|
| - |
| 1,126,118 |
| |
Payable for investment securities purchased |
|
|
| - |
| 8,161,053 |
| |
Trustees fees and expenses payable |
|
|
| 18,434 |
| 20,416 |
| |
Accrued expenses |
|
|
| 36,130 |
| 47,903 |
| |
|
|
|
| 257,845 |
| 9,595,686 |
|
|
Net Assets ($) |
|
|
| 894,401,649 |
| 995,672,511 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 894,404,417 |
| 995,525,011 |
| |
Total distributable earnings (loss) |
|
|
| (2,768) |
| 147,500 |
| |
Net Assets ($) |
|
|
| 894,401,649 |
| 995,672,511 |
|
|
† Investments at cost ($) |
|
|
| 893,164,347 |
| 973,033,988 |
|
|
††Value of repurchase |
|
|
| 191,000,000 |
| - |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 876,996,271 |
| 995,617,379 |
| |
Shares Outstanding |
|
|
| 877,001,840 |
| 996,221,111 |
| |
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 17,405,378 |
| 55,132 |
| |
Shares Outstanding |
|
|
| 17,405,371 |
| 55,176 |
| |
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
| |
| ||||||||
See notes to financial statements. |
|
18
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
|
Investment Income ($): |
|
|
|
|
|
| ||
Interest Income |
|
| 9,731,977 |
| 7,398,105 |
| ||
Expenses: |
|
|
|
|
|
| ||
Investment advisory fee—Note 2(a) |
|
| 636,343 |
| 698,887 |
| ||
Administration fee—Note 2(a) |
|
| 521,231 |
| 572,562 |
| ||
Custodian fees—Note 2(b) |
|
| 9,562 |
| 15,965 |
| ||
Prospectus and shareholders’ reports |
|
| 9,817 |
| 8,387 |
| ||
Shareholder servicing costs—Note 2(b) |
|
| 20,859 |
| 69 |
| ||
Registration fees |
|
| 16,635 |
| 17,011 |
| ||
Trustees’ fees and expenses—Note 2(c) |
|
| 27,174 |
| 30,671 |
| ||
Professional fees |
|
| 18,658 |
| 22,923 |
| ||
Miscellaneous |
|
| 15,715 |
| 23,082 |
| ||
Total Expenses |
|
| 1,275,994 |
| 1,389,557 |
| ||
Less—reduction in fees due to earnings credits—Note 2(b) |
|
| (6,378) |
| (2,741) | �� | ||
Net Expenses |
|
| 1,269,616 |
| 1,386,816 |
| ||
Investment Income—Net |
|
| 8,462,361 |
| 6,011,289 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
| ||||
Net realized gain (loss) on investments | - |
| 147,500 |
| ||||
Net unrealized appreciation (depreciation) on investments |
|
| - |
| (42,986) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| - |
| 104,514 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 8,462,361 |
| 6,115,803 |
| |||
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 |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 8,462,361 |
|
|
| 9,546,308 |
| 6,011,289 |
|
|
| 6,650,490 |
| |
Net realized gain (loss) on investments |
| - |
|
|
| 521 |
| 147,500 |
|
|
| 79,004 |
| ||
Net unrealized appreciation (depreciation) |
| - |
|
|
| - |
| (42,986) |
|
|
| 42,986 |
| ||
Net Increase (Decrease) in Net Assets | 8,462,361 |
|
|
| 9,546,829 |
| 6,115,803 |
|
|
| 6,772,480 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (8,317,728) |
|
|
| (9,383,047) |
| (6,011,005) |
|
|
| (6,655,129) |
| |
Investor Shares |
|
| (144,633) |
|
|
| (163,261) |
| (284) |
|
|
| (369) |
| |
Total Distributions |
|
| (8,462,361) |
|
|
| (9,546,308) |
| (6,011,289) |
|
|
| (6,655,498) |
| |
Beneficial Interest Transactions ($1.00 per share): |
|
|
|
|
|
|
|
|
|
|
| ||||
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 609,307,373 |
|
|
| 1,162,190,850 |
| 1,125,452,406 |
|
|
| 1,564,832,868 |
| |
Investor Shares |
|
| 14,549,072 |
|
|
| 26,360,739 |
| - |
|
|
| 15,000 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 35,979 |
|
|
| 38,605 |
| 106,329 |
|
|
| 177,176 |
| |
Investor Shares |
|
| 143,032 |
|
|
| 161,584 |
| 78 |
|
|
| 98 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (507,080,108) |
|
|
| (1,082,838,713) |
| (893,566,751) |
|
|
| (1,423,041,075) |
| |
Investor Shares |
|
| (14,190,611) |
|
|
| (29,986,172) |
| - |
|
|
| - |
| |
Increase (Decrease) in Net Assets | 102,764,737 |
|
|
| 75,926,893 |
| 231,992,062 |
|
|
| 141,984,067 |
| |||
Total Increase (Decrease) in Net Assets | 102,764,737 |
|
|
| 75,927,414 |
| 232,096,576 |
|
|
| 142,101,049 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 791,636,912 |
|
|
| 715,709,498 |
| 763,575,935 |
|
|
| 621,474,886 |
| |
End of Period |
|
| 894,401,649 |
|
|
| 791,636,912 |
| 995,672,511 |
|
|
| 763,575,935 |
| |
|
| ||||||||||||||
a Distributions to shareholders include only distributions from net investment income. | |||||||||||||||
|
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.
Six Months Ended (Unaudited) | Class M Shares | ||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Government Money Market Fund | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .010 | .012 | .004 | .000 | a | .000 | a | .000 | a | ||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.010) | (.012) | (.004) | (.000) | a | (.000) | a | (.000) | a | ||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Total Return (%) | .99b | 1.24 | .38 | .04 | .00 | c | .00 | c | |||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .30d | .30 | .31 | .33 | .32 | .32 | |||||||||
Ratio of net expenses to average net assets | .29d | .30 | .31 | .30 | .19 | .14 | |||||||||
Ratio of net investment income to average net assets | 2.00d | 1.23 | .36 | .04 | .00 | c | .00 | c | |||||||
Net Assets, end of period ($ x 1,000) | 876,996 | 774,733 | 695,342 | 839,477 | 329,114 | 381,864 |
a Amount represents less than $.001 per share.
b Not annualized.
c Amount represents less than .01%.
d Annualized.
See notes to financial statements.
21
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||||||||||||
Six Months Ended | Year Ended August 31, | |||||||||||||||
BNY Mellon Government Money Market Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | ||||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Investment Operations: | ||||||||||||||||
Investment income—net | .009 | .010 | .002 | .000 | a | .000 | a | .000 | a | |||||||
Distributions: | ||||||||||||||||
Dividends from investment income—net | (.009) | (.010) | (.002) | (.000) | a | (.000) | a | (.000) | a | |||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Total Return (%) | .86b | .98 | .18 | .01 | .00 | c | .00 | c | ||||||||
Ratios/Supplemental Data (%): | ||||||||||||||||
Ratio of total expenses to average net assets | .55d | .55 | .56 | .58 | .57 | .57 | ||||||||||
Ratio of net expenses to average net assets | .54d | .55 | .52 | .32 | .19 | .14 | ||||||||||
Ratio of net investment income to average net assets | 1.73d | .94 | .20 | .01 | .00 | c | .00 | c | ||||||||
Net Assets, end of period ($ x 1,000) | 17,405 | 16,904 | 20,368 | 8,799 | 8,035 | 8,056 |
a Amount represents less than $.001 per share.
b Not annualized.
c Amount represents less than .01%.
d Annualized.
See notes to financial statements.
22
Class M Shares | ||||||||||||||||
Six Months Ended | Year Ended August 31, | |||||||||||||||
BNY Mellon National Municipal Money Market Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| |||||
Per Share Data ($): | ||||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Investment Operations: | ||||||||||||||||
Investment income—net | .006 | .009 | .004 | .000 | a | .000 | a | .000 | a | |||||||
Distributions: | ||||||||||||||||
Dividends from investment income—net | (.006) | (.009) | (.004) | (.000) | a | (.000) | a | (.000) | a | |||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Total Return (%) | .64b | .93 | .44 | .04 | .00 | c | .00 | c | ||||||||
Ratios/Supplemental Data (%): | ||||||||||||||||
Ratio of total expenses to average net assets | .30d | .30 | .31 | .31 | .30 | .30 | ||||||||||
Ratio of net expenses to average net assets | .30d | .30 | .31 | .16 | .08 | .13 | ||||||||||
Ratio of net investment income to average net assets | 1.29d | .93 | .44 | .04 | .00 | c | .00 | c | ||||||||
Net Assets, end of period ($ x 1,000) | 995,617 | 763,521 | 621,435 | 571,287 | 780,977 | 851,238 |
a Amount represents less than $.001 per share.
b Not annualized.
c Amount represents less than .01%.
d Annualized.
See notes to financial statements.
23
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | Year Ended August 31, | ||||||||||||||
BNY Mellon National Municipal Money Market Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .005 | .007 | .002 | .000 | a | .000 | a | .000 | a | ||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.005) | (.007) | (.002) | (.000) | a | (.000) | a | (.000) | a | ||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Total Return (%) | .52b | .68 | .19 | .01 | .00 | c | .00 | c | |||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .55d | .55 | .57 | .56 | .56 | .55 | |||||||||
Ratio of net expenses to average net assets | .55d | .55 | .57 | .17 | .09 | .13 | |||||||||
Ratio of net investment income to average net assets | 1.15d | .69 | .12 | .01 | .00 | c | .00 | c | |||||||
Net Assets, end of period ($ x 1,000) | 55 | 55 | 40 | 2,331 | 6,788 | 2,648 |
a Amount represents less than $.001 per share.
b Not annualized.
c Amount represents less than .01%.
d Annualized.
See notes to financial statements.
24
NOTES TO FINANCIAL STATEMENTS(Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-five series, including the following diversified funds: BNY Mellon Government Money Market Fund and BNY Mellon National Municipal Money Market Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Government Money Market Fund’s investment objective is to seek as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. BNY Mellon National Municipal Money Market Fund’s investment objective is to provide investors with as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and the maintenance of liquidity.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Each class of shares has identical rights and privileges, except with respect to the Shareholder Service Plan and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
It is each fund’s policy to maintain a constant net asset value (NAV) per share of $1.00; the funds have adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the funds will be able to maintain a constant NAV per share of $1.00.
BNY Mellon National Municipal Money Market Fund operates as a “retail money market fund” as that term is defined in Rule 2a-7 under the Act, and, such, the fund may, or in certain circumstances, must impose a fee upon the sale of shares or may temporarily suspend redemptions if the fund’s weekly liquid assets fall below required minimums because of market conditions or other factors. BNY Mellon Government Money Market Fund is a “government money market fund” as that term is defined in Rule 2a-7 under the Act, and, as such, the fund is not subject to liquidity fees or temporary suspensions of redemptions due to declines in the fund’s weekly liquid assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation:Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the Board.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
25
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
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. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected within Level 2 of the fair value hierarchy.
At February 28, 2019, all of the securities in each fund were considered Level 2 within the fair value hierarchy.
At February 28, 2019, there were no transfers between levels of the fair value hierarchy.
(b) Securities transactions and investment income:Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis.
BNY Mellon Government Money Market Fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by Dreyfus, subject to the seller’s agreement to repurchase and the fund agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller. The collateral is held on behalf of the fund by the tri-party administrator with respect to any tri-party agreement. The fund may also jointly enter into one or more repurchase agreements with other Dreyfus-managed funds in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities.
(c) Dividends and distributions to shareholders:It is the policy of each fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of each fund not to distribute such gains.
(d) Federal income taxes:It is the policy of BNY Mellon Government Money Market Fund to continue to qualify as a regulated investment company if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.
It is the policy of BNY Mellon National Municipal Money Market Fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2019, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 28, 2019, the funds did not incur any interest or penalties.
26
Each tax year in the three-year period ended August 31, 2018 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010, each fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
BNY Mellon Government Money Market Fund has an unused capital loss carryover of $2,768 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2018. These short-term capital losses can be carried forward for an unlimited period.
The tax character of distributions paid to shareholders for each fund during the fiscal year ended August 31, 2018 was all ordinary income for BNY Mellon Government Money Market Fund, $6,650,490 tax-exempt income and $5,008 ordinary income for BNY Mellon National Municipal Money Market Fund. The tax character of current year distributions will be determined at the end of the current fiscal year.
At February 28, 2019, 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 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—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 1summarizes the amounts Investor shares were charged during the period ended February 28, 2019, 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 | $20,856 |
BNY Mellon National Municipal | 68 |
27
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
The funds have an arrangement with the transfer agent whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency fees. Effective August 1, 2018, BNY Mellon Government Money Market Fund had an arrangement with the custodian to receive earnings credits when positive cash balance are maintained, which were used to offset custody fees. On the effective date, the arrangement with the custodian changed whereby BNY Mellon Government Money Market Fund will no longer receive earnings credits to offset its custody fees and will receive interest income or overdraft fees going forward. BNY Mellon National Municipal Money Market Fund will continue its current arrangement to offset earning credits against 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 February 28, 2019 pursuant to the custody agreement. These fees were partially offset by earnings credits for each relevant fund, also summarized inTable 2.
Each fund compensates The Bank of New York Mellon under a shareholder redemptionsdraft processingagreement for providing certain services related to the funds’ check writing privilege.Table 3 summarizes the amount each fund was charged during the period ended February 28, 2019 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 | $3 |
BNY Mellon National Municipal | 1 |
During the period ended February 28, 2019, each fund was charged $6,305 for services performed by the Chief Compliance Officer and his staff. These fees are included in Miscellaneous in the Statements of Operations.
Table 4summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 3—Securities Transactions:
BNY Mellon National Municipal Money Market Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers, complies with Rule 17a-7 under the Act. During the period ended February 28, 2019, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act amounting to $181,485,000 and $161,220,000respectively.
Table 2—Custody Agreement Fees | |||
| Custody Fees ($) | Earnings Credits ($) | |
BNY Mellon Government Money Market Fund | 9,562 | (6,378) | |
BNY Mellon National Municipal Money Market Fund | 15,965 | (2,741) |
Table 4—Due to The Dreyfus Corporation and Affiliates | ||||||
| Investment | Shareholder | Custodian | Chief | ||
BNY Mellon Government Money Market Fund | 106,090 | 3,149 | 2,227 | 5,254 | ||
BNY Mellon National Municipal Money Market Fund | 123,051 | 10 | 11,518 | 5,254 |
28
NOTES
29
NOTES
30
NOTES
31
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, onwww.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.
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.
© 2019 MBSC Securities Corporation | MFTSA0219-MM |
The BNY Mellon Funds
BNY Mellon National Intermediate Municipal Bond Fund
BNY Mellon National Short-Term Municipal Bond Fund
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund
BNY Mellon Massachusetts Intermediate Municipal Bond Fund
BNY Mellon New York Intermediate Tax-Exempt Bond Fund
BNY Mellon Municipal Opportunities Fund
SEMIANNUAL REPORT February 28, 2019 | |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2018 through February 28, 2019. 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.
While the U.S. economy continued to grow at above-trend rates during the six months, other developed country economies remained moderated. Economic momentum and strong corporate earnings supported U.S. stocks early in the period, while stocks declined in other developed markets. In emerging countries, equities experienced pressure for much of the period as the currency crises in Turkey and Argentina led investors to fear that currency depreciation would spread to other markets in the developing world.
In October, equity markets experienced a sharp sell-off, triggered in part by interest rate increases, trade tensions and slowing global growth. The sell-off partially reduced prior gains on U.S. indexes while losses deepened in international markets. Global equities continued their general decline throughout the end of the calendar year. However, comments made in January by the U.S. Federal Reserve (the “Fed”) that it might slow the pace of interest rate increases in 2019 helped stimulate a rebound across equity markets that lasted throughout the end of the reporting period.
Fixed income markets struggled during the first month of the period as interest rates and inflation rose, pressuring most bond prices. Favorable U.S. equity market performance fed investor risk appetites, reducing the demand for Treasuries and increasing yields. However, equity volatility in October triggered a flight to quality in the bond market, raising Treasury prices and flattening the yield curve. Growth concerns also affected corporate bonds, causing increased spreads and hurting prices through the end of the calendar year. After encouraging comments by the Fed in January, Bond markets rebounded and many indices continued to experience moderately positive returns through the end of February.
We expect economic momentum to continue in the U.S., but we will monitor relevant data for any signs of a change in our outlook. As always, we encourage you to discuss the risks and opportunities in today’s investment environment with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2019
3
DISCUSSION OF FUND PERFORMANCE(Unaudited)
For the period from September 1, 2018 through February 28, 2019, as provided by John F. Flahive and Mary Collette O’Brien, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon National Intermediate Municipal Bond Fund’s Class M shares produced a total return of 2.27%, and Investor shares produced a total return of 2.14%.1In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 2.88%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 2.85% for the same period.3,4
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 well-controlled supply, a flight to quality during the period, and investors’ desire for tax-free income. The fund underperformed the Index, mainly due to 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, plus any borrowings for investment purposes, 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 (i.e., Baa/BBB or higher) at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.5 Generally, the fund’s average effective portfolio maturity will be between three and ten years and the average effective duration of the fund’s portfolio will not exceed eight years.
High Investor Demand Drove Municipal Bonds
Demand from individuals was strong during the period as tax-exempt bonds remained a relatively attractive shelter from taxes. Conversely, tax cuts to corporations have softened institutional demand for municipal bonds, particularly from banks and property and casualty insurance companies as companies perceive less of a need to seek out tax-advantaged investments in the wake of lower tax rates. Strong fundamental credit quality, reflecting the positive impact of a growing economy on tax revenues, also appealed to investors.
In September 2018, technical factors offered less support for the municipal bond market as coupon and maturity reinvestment trended lower in keeping with typical seasonal patterns. Fundamentally, growing investor concern over tightening employment markets and increasing inflation weighed on the market. In October 2018, the yield curve shifted upward on the back of continued economic strength, and volatility continued to increase as midterm elections and trade concerns caused uncertainty within the markets. In addition, concern over continued Federal Reserve (“Fed”) interest-rate hikes, in the face of unsupportive data, triggered a flight to quality among investors, driving demand for municipal securities. Volatility in equities and riskier fixed-income assets continued during November 2018 and December 2018, benefiting municipal bond valuations throughout the fourth quarter of 2018, particularly within the five-year to ten-year part of the curve. Heightened demand for these maturity profiles pushed yields lower, steepening the curve. January 2019 and February 2019 brought an acceleration of demand, creating rich valuations for these bonds.
Yield Curve Positioning Dampened Fund Results
The fund’s performance relative to the Index was hindered during the reporting period due to yield curve positioning. The portfolio utilizes a “barbelled” yield curve strategy, meaning that the fund held concentrations of bonds with maturities shorter than and longer than what was held in the Index, which detracted from returns. The yield curve steepened over the period, reducing the effectiveness of this strategy. The portfolio also uses futures to hedge interest-rate risk, which detracted from relative results during the six months. From a credit-rating perspective, issue selection hampered results for AAA rated, AA rated, and BBB rated debt. Bonds backed by the state of California also weighed on portfolio returns. Among the sectors, dedicated tax bonds, education, health care, and transportation issuers detracted.
Conversely, positioning within general obligation bonds supported fund results.
A Constructive Investment Posture
Significant demand for municipal bonds has resulted in rich valuations when compared with other fixed- income securities, particularly for bonds with maturities of ten years or less. There is less demand at this time for longer-dated securities. We believe much of this demand is driven by investors’ demand for tax-free income, particularly with the rollback of state and local tax deductions on federal income taxes. Although supply is greater than last year, it is still well controlled and supportive of prices. We expect that credit quality will remain stable, bolstered by robust state revenues. We do not believe that a recession is imminent. Due to investors’ desire for yield, lower-quality credit may continue to outperform.
Therefore, we have maintained a constructive investment posture, looking to tighten duration relative to the Index and to reduce our exposure to bonds with maturities shorter or longer than those found within the Index. In addition, we remain judiciously diversified across credit qualities. Currently, we are overweight to lower-quality credits. We will continue to seek out individual credits with what we believe to be favorable return profiles and select investment opportunities which support liquidity within the fund.
March 15, 2019
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, 2018 through February 28, 2019, as provided by John F. Flahive, Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon National Short-Term Municipal Bond Fund’s Class M shares produced a total return of 1.01%, and Investor shares produced a total return of 0.88%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Short Index (the “Index”), produced a total return of 1.33%,2 and the fund’s former benchmark, the S&P Municipal Bond Short Index, produced a total return of 1.34% for the same period.3,4
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 well-controlled supply, a flight to quality during the period, and investors’ desire for tax-free income. The fund underperformed the Index, primarily due to 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, plus any borrowings for investment purposes, 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 (i.e., Baa/BBB or higher) 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 and the average effective duration of the fund’s portfolio will be less than three years.
High Investor Demand Drove Municipal Bonds
Demand from individuals was strong during the reporting period as tax-exempt bonds remained a relatively attractive shelter from taxes. Conversely, tax cuts to corporations have softened institutional demand for municipal bonds, particularly from banks and property and casualty insurance companies as companies perceive less of a need to seek out tax-advantaged investments in the wake of lower tax rates. Strong fundamental credit quality, reflecting the positive impact of a growing economy on tax revenues, also appealed to investors.
In September 2018, technical factors offered less support for the municipal bond market, as coupon and maturity reinvestment trended lower, in keeping with typical seasonal patterns. Fundamentally, growing investor concern over tightening employment markets and increasing inflation weighed on the market. In October 2018, the yield curve shifted upward on the back of continued economic strength, and volatility continued to increase as midterm elections and trade concerns caused uncertainty within the markets. In addition, concern over continued Federal Reserve (“Fed”) interest-rate hikes in the face of unsupportive data triggered a flight to quality among investors, driving demand for municipal securities. Volatility in equities and riskier fixed-income assets continued during November 2018 and December 2018, benefiting municipal bond valuations throughout the fourth quarter of 2018, particularly within the five-year to ten-year part of the curve. Heightened demand for these maturity profiles pushed yields lower, steepening the curve. January 2019 and February 2019 brought an acceleration of demand, creating rich valuations for these bonds.
Yield Curve Positioning Dampens Fund Results
The fund’s performance relative to the Index was hindered during the reporting period by an overweight to bonds with maturities shorter than the benchmark. The fund held an overweight to one- and two-year maturity bonds, which shortened the fund’s duration. The portfolio was underweight to three-, four-, and five-year maturities. This led to underperformance during a period in which these bonds rallied. From a credit-rating perspective, the short duration within higher-yielding, lower-quality bonds with ratings of A and BBB detracted from results. Bonds backed by health care and industrial development revenue and pollution control revenue (IDRPCR) bonds also provided a headwind. Positioning within bonds issued by the state of New York also detracted.
Conversely, successful bond selection within AAA rated debt contributed to relative results. Pre-refunded and tax-supported bonds also helped returns, as did bonds issued by the state of California.
A Constructive Investment Posture
Significant demand for municipal bonds has resulted in rich valuations when compared with other fixed- income securities, particularly for bonds with maturities of 10 years or less. There is currently less demand for longer-dated securities. We believe much of this demand is driven by investors’ demand for tax-free income, particularly with the rollback of state and local tax deductions on federal income taxes. Although supply is greater than last year, it is still well controlled and supportive of prices. We expect that credit quality will remain stable, bolstered by robust state revenues. We do not believe that a recession is imminent. Due to investors’ desire for yield, lower-quality credit may continue to outperform.
Therefore, we have maintained a constructive investment posture, looking to tighten duration relative to the Index and to reduce our exposure to bonds with maturities shorter or longer than those found within the Index. In addition, we remain judiciously diversified across credit qualities. Currently, we are overweight to lower-quality credits. We will continue to seek out individual credits with what we believe to be favorable return profiles and select investment opportunities which support liquidity within the fund.
March 15, 2019
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, 2018 through February 28, 2019, as provided by Gregory J. Conant and Mary Collette O’Brien, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund’s Class M shares produced a total return of 2.35%, and Investor shares produced a total return of 2.31%.1In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 2.88%,2and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 2.85% for the same period.3,4
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 well-controlled supply, a flight to quality during the period, and investors’ desire for tax-free income. The fund underperformed the Index, primarily due to yield curve positioning.
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, plus any borrowings for investment purposes, 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 (i.e., Baa/BBB or higher) at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.5 Generally, the fund’s average effective portfolio maturity will be between three and ten years and the average effective duration of the fund’s portfolio will not exceed eight years.
High Investor Demand Drove Municipal Bonds
Demand from individuals was strong during the period as tax-exempt bonds remained a relatively attractive shelter from taxes. Conversely, tax cuts to corporations have softened institutional demand for municipal bonds, particularly from banks and property and casualty insurance companies as companies perceive less of a need to seek out tax-advantaged investments in the wake of lower tax rates. Strong fundamental credit quality, reflecting the positive impact of a growing economy on tax revenues, also appealed to investors.
In September 2018, technical factors offered less support for the municipal bond market as coupon and maturity reinvestment trended lower in keeping with typical seasonal patterns. Fundamentally, growing investor concern over tightening employment markets and increasing inflation weighed on the market. In October 2018, the yield curve shifted upward on the back of continued economic strength, and volatility continued to increase as midterm elections and trade concerns caused uncertainty within the markets. In addition, concern over continued Federal Reserve (“Fed”) interest-rate hikes, in the face of unsupportive data, triggered a flight to quality among investors, driving demand for municipal securities. Volatility in equities and riskier fixed-income assets continued during November 2018 and December 2018, benefiting municipal bond valuations throughout the fourth quarter of 2018, particularly within the five-year to ten-year part of the curve. Heightened demand for these maturity profiles pushed yields lower, steepening the curve. January 2019 and February 2019 brought an acceleration of demand, creating rich valuations for these bonds.
Pennsylvania’s financial condition has stabilized throughout the last several years due to an improved budgetary process. After previous difficulties, the state was able to pass a budget in the summer of 2018. This has reassured investors and the state spreads have narrowed. Pennsylvania enjoys a diverse economy, which helps to provide steady revenues.
Yield Curve Positioning Dampens Fund Results
The fund’s performance relative to the Index was hindered during the reporting period due to yield curve positioning. The portfolio utilizes a “barbelled” yield curve strategy, meaning that the fund held concentrations of bonds with maturities shorter than and longer than what was held in the Index, which detracted from returns. The yield curve steepened over the period, reducing the effectiveness of this strategy. In particular, bonds with maturities shorter than three years contributed to the majority of the underperformance. The portfolio also uses futures to hedge interest-rate risk, which detracted from relative results during the six months. From a credit-rating perspective, A rated, and BBB rated selections also detracted from relative results. Credit selection within education and dedicated tax bonds also provided a headwind. Within the sectors, an overweight to dedicated tax bonds, combined with unfavorable issue selection, led to relative losses.
Conversely, positioning with AA rated securities helped to bolster results. Selections within Pennsylvania education bonds, which are of relatively high quality, were also additive.
A Constructive Investment Posture
Significant demand for municipal bonds has resulted in rich valuations when compared to other fixed-income securities, particularly for bonds with maturities of ten years or less. There is less demand at this time for longer-dated securities. We believe much of this demand is driven by investors’ demand for tax-free income, particularly with the rollback of state and local tax deductions on federal income taxes. Although supply is greater than last year, it is still well controlled and supportive of prices. We expect that credit quality will remain stable, bolstered by robust state revenues. We do not believe that a recession is imminent. Due to investors’ desire for yield, lower-quality credit may continue to outperform.
Therefore, we have maintained a constructive investment posture, looking to tighten duration relative to the Index and to reduce our exposure to bonds with maturities shorter or longer than those found within the Index. In addition, we remain judiciously diversified across credit qualities. Currently, we are overweight to lower-quality credits. We will continue to seek out individual credits with what we believe to be favorable return profiles and select investment opportunities which support liquidity within the fund.
March 15, 2019
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, 2018 through February 28, 2019, as provided by Mary Collette O’Brien and Stephen J. O’Brien, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Massachusetts Intermediate Municipal Bond Fund’s Class M shares produced a total return of 2.44%, and Investor shares produced a total return of 2.31%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 2.88%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 2.85% for the same period.3,4
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 well-controlled supply, a flight to quality during the period, and investors’ desire for tax-free income. The fund underperformed the Index, primarily due to yield curve positioning.
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, plus any borrowings for investment purposes, 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 (i.e., Baa/BBB or higher) at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.5 Generally, the fund’s average effective portfolio maturity will be between three and ten years, and the average effective duration of the fund’s portfolio will not exceed eight years.
High Investor Demand Drove Municipal Bonds
Demand from individuals was strong during the period, as tax-exempt bonds remained a relatively attractive shelter from taxes. Conversely, tax cuts to corporations have softened institutional demand for municipal bonds, particularly from banks and property and casualty insurance companies, as companies perceive less of a need to seek out tax-advantaged investments in the wake of lower tax rates. Strong fundamental credit quality, reflecting the positive impact of a growing economy on tax revenues, also appealed to investors.
In September 2018, technical factors offered less support for the municipal bond market as coupon and maturity reinvestment trended lower in keeping with typical seasonal patterns. Fundamentally, growing investor concern over tightening employment markets and increasing inflation weighed on the market. In October 2018, the yield curve shifted upward on the back of continued economic strength, and volatility continued to increase as midterm elections and trade concerns caused uncertainty within the markets. In addition, concern over continued Federal Reserve interest-rate hikes, in the face of unsupportive data, triggered a flight to quality among investors, driving demand for municipal securities. Volatility in equities and riskier fixed-income assets continued during November 2018 and December 2018, benefiting municipal bond valuations throughout the fourth calendar quarter of 2018, particularly within the five-year to ten-year part of the curve. Heightened demand for these maturity profiles pushed yields lower, steepening the curve. January 2019 and February 2019 brought an acceleration of demand, creating rich valuations for these bonds.
Massachusetts is doing well from an economic and credit perspective. Revenue increases have been mitigating budgetary strains. The state benefits from diversified sources of revenue. Challenges remain regarding pension funding, but increased revenue flows have improved funding rates. Fiscal discipline keeps the state in a healthy financial condition.
Yield Curve Positioning Dampens Fund Results
The fund’s performance relative to the Index was hindered during the reporting period due to yield curve positioning. The portfolio utilizes a “barbelled” yield curve strategy, meaning that the fund held concentrations of bonds with maturities shorter than and longer than what was held in the Index, which detracted from returns. The yield curve steepened over the period, reducing the effectiveness of this strategy. The portfolio also uses futures to hedge interest-rate risk, which detracted from relative results during the six months. From a credit-rating perspective, the shorter durations of fund holdings in the AAA and A rated categories relative to those of the Index hampered their relative performance. Credit spread widening in certain BBB rated names within the higher education and health care sectors also provided a headwind.
The fund’s yield curve positioning within the middle of the curve, particularly debt with maturities in eight to ten years, was additive, however. In addition, selections within AA rated securities were modestly positive contributors largely due to their longer-than-index duration on average.
A Constructive Investment Posture
Significant demand for municipal bonds has resulted in rich valuations when compared with other fixed- income securities, particularly for bonds with maturities of ten years or less. There is less demand at this time for longer-dated securities. We believe much of this demand is driven by investors’ demand for tax-free income, particularly with the rollback of state and local tax deductions on federal income taxes. Although supply is greater than last year, it is still well controlled and supportive of prices. We expect that credit quality will remain stable, bolstered by robust state revenues. We do not believe that a recession is imminent. Due to investors’ desire for yield, lower-quality credit may continue to outperform.
Therefore, we have maintained a constructive investment posture, looking to tighten duration relative to the Index and to reduce our exposure to bonds with maturities shorter or longer than those found within the Index. In addition, we remain judiciously diversified across credit qualities. Currently, we are overweight to lower-quality credits. We will continue to seek out individual credits with what we believe to be favorable return profiles and select investment opportunities which support liquidity within the fund.
March 15, 2019
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, 2018 through February 28, 2019, as provided by John F. Flahive and Gregory J. Conant, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon New York Intermediate Tax-Exempt Bond Fund’s Class M shares produced a total return of 2.32%, and Investor shares produced a total return of 2.20%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 2.88%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 2.85% for the same period.3,4
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 well-controlled supply, a flight to quality during the period, and investors’ desire for tax-free income. The fund underperformed the Index, primarily due to yield curve positioning.
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, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal, New York state and New York city personal income taxes. These municipal bonds include those issued by New York state and New York City as well as those issued by territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities, and certain other specified securities. Generally, the fund’s average effective portfolio maturity will be between three and ten years.
High Investor Demand Drove Municipal Bonds
Demand from individuals was strong during the period as tax-exempt bonds remained a relatively attractive shelter from taxes. Conversely, tax cuts to corporations have softened institutional demand for municipal bonds, particularly from banks and property and casualty insurance companies as companies perceive less of a need to seek out tax-advantaged investments in the wake of lower tax rates. Strong fundamental credit quality, reflecting the positive impact of a growing economy on tax revenues, also appealed to investors.
In September 2018, technical factors offered less support for the municipal bond market as coupon and maturity reinvestment trended lower in keeping with typical seasonal patterns. Fundamentally, growing investor concern over tightening employment markets and increasing inflation weighed on the market. In October 2018, the yield curve shifted upward on the back of continued economic strength, and volatility continued to increase as midterm elections and trade concerns caused uncertainty within the markets. In addition, concern over continued Federal Reserve interest-rate hikes, in the face of unsupportive data, triggered a flight to quality among investors, driving demand for municipal securities. Volatility in equities and riskier fixed-income assets continued during November 2018 and December 2018, benefiting municipal bond valuations throughout the fourth quarter of 2018, particularly within the five-year to ten-year part of the curve. Heightened demand for these maturity profiles pushed yields lower, steepening the curve. January 2019 and February 2019 brought an acceleration of demand, creating rich valuations for these bonds.
New York’s fiscal condition continues to benefit from a diverse economy. The state also employs strong fiscal controls and relatively high funding requirements for public pensions when compared with other states. New York boasts a long history of being supportive to its bondholders and continues to enjoy an AA rating.
Yield Curve Positioning Dampens Fund Results
The fund’s performance relative to the Index was hindered during the reporting period due to yield curve positioning. The portfolio utilizes a “barbelled” yield curve strategy, meaning that the fund held concentrations of bonds with maturities shorter than and longer than what was held in the Index, which detracted from returns. The yield curve steepened over the period, reducing the effectiveness of this strategy. The portfolio also uses futures to hedge interest-rate risk, which detracted from relative results during the six months. From a credit-rating perspective, security selections within AA rated debt were also a headwind. Local general obligation bonds, industrial development revenue/pollution control revenue (IDR/PCR) bonds, and credit backed by transportation entities were also sources of relative weakness.
Conversely, bonds issued by New York state educational entities benefited portfolio performance.
A Constructive Investment Posture
Significant demand for municipal bonds has resulted in rich valuations when compared with other fixed- income securities, particularly for bonds with maturities of ten years or less. There is less demand, at this time, for longer-dated securities. We believe much of this demand is driven by investors’ demand for tax-free income, particularly with the rollback of state and local tax deductions on federal income taxes. Although supply is greater than last year, it is still well controlled and supportive of prices. We expect that credit quality will remain stable, bolstered by robust state revenues. We do not believe that a recession is imminent. Due to investors’ desire for yield, lower-quality credit may continue to outperform.
Therefore, we have maintained a constructive investment posture, looking to tighten duration relative to the Index and to reduce our exposure to bonds with maturities shorter or longer than those found within the Index. In addition, we remain judiciously diversified across credit qualities. Currently, we are overweight to lower-quality credits. We will continue to seek out individual credits with what we believe to be favorable return profiles and select investment opportunities which support liquidity within the fund.
March 15, 2019
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, 2019, 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: FactSet — 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, 2018 through February 28, 2019, as provided by John F. Flahive, Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2019, BNY Mellon Municipal Opportunities Fund’s Class M shares produced a total return of 1.68%, and Investor shares produced a total return of 1.55%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Municipal Bond Index (the “Index”), produced a total return of 2.34% 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 well-controlled supply, a flight to quality during the period, and investors’ desire for tax-free income. The fund underperformed the Index for the period, primarily due to the hedging activity of the fund.
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. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, 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.
The fund’s portfolio manager seeks 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 and other fixed-income markets. Although the fund seeks to be diversified by geography and sector, the fund 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.
High Investor Demand Drove Municipal Bonds
Demand from individuals was strong during the period, as tax-exempt bonds remained a relatively attractive shelter from taxes. Conversely, tax cuts to corporations have softened institutional demand for municipal bonds, particularly from banks and property and casualty insurance companies, as companies perceive less of a need to seek out tax-advantaged investments in the wake of lower tax rates. Strong fundamental credit quality, reflecting the positive impact of a growing economy on tax revenues, also appealed to investors.
In September 2018, technical factors offered less support for the municipal bond market, as coupon and maturity reinvestment trended lower in keeping with typical seasonal patterns. Fundamentally, growing investor concern over tightening employment markets and increasing inflation weighed on the market. In October 2018, the yield curve shifted upward on the back of continued economic strength, and volatility continued to increase as midterm elections and trade concerns caused uncertainty within the markets. In addition, concern over continued Federal Reserve interest-rate hikes, in the face of unsupportive data, triggered a flight to quality among investors, driving demand for municipal securities. Volatility in equities and riskier fixed income assets continued during November 2018 and December 2018, benefiting municipal bond valuations throughout the fourth quarter of 2018, particularly within the five-year to ten-year part of the curve. Heightened demand for these maturity profiles pushed yields lower, steepening the curve. January 2019 and February 2019 brought an acceleration of demand, creating rich valuations for these bonds.
Hedging Activity Dampens Fund Results
The fund’s performance relative to the Index was hindered during the reporting period due in part to hedging activity, which was one of the largest detractors from relative performance during the six months. In addition, an emphasis on bonds with longer maturities also weighed on results. Bonds with maturities at 2044 and beyond struggled due to steepening at the long end of the yield curve during the period. From a credit-rating perspective, selections within BBB rated debt were a headwind to performance, as were securities rated “other,” which include unrated and pre-refunded bonds. Bonds issued by California, Texas, New Jersey, and New York also weighed on results. Cash drag from inflows also created a drag on returns.
Conversely, selections within AA and A rated debt were beneficial to portfolio performance.
A Constructive Investment Posture
Significant demand for municipal bonds has resulted in rich valuations when compared with other fixed- income securities, particularly for bonds within maturities of ten years or less. There is less demand at this time for longer-dated securities. We believe much of this demand is driven by investors’ demand for tax-free income, particularly with the rollback of state and local tax deductions on federal income taxes. Although supply is greater than last year, it is still well controlled and supportive of price increases. We expect that credit quality will remain stable, bolstered by robust state revenues. We do not believe that a recession is imminent. Due to investors’ desire for yield, lower-quality credit may continue to outperform.
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. We will continue to seek out individual credits with what we believe to be favorable return profiles and select investment opportunities which support liquidity within the fund.
March 15, 2019
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
UNDERSTANDING YOUR FUND’S EXPENSES(Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2018 to February 28, 2019. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment |
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assuming actual returns for the six months ended February 28, 2019 | |||||||||||||||||
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BNY Mellon National Intermediate | |||||||||||||||||
Expenses paid per $1,000† |
| $2.51 | $3.76 | ||||||||||||||
Ending value (after expenses) | $1,022.70 | $1,021.40 | |||||||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||||
BNY Mellon National Short-Term | |||||||||||||||||
Expenses paid per $1,000† | $2.49 | $3.74 | |||||||||||||||
Ending value (after expenses) | $1,010.10 | $1,008.80 | |||||||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||||
BNY Mellon Pennsylvania | |||||||||||||||||
Expenses paid per $1,000† | $3.51 | $4.77 | |||||||||||||||
Ending value (after expenses) | $1,023.50 | $1,023.10 | |||||||||||||||
Annualized expense ratio (%) | .70 | .95 | |||||||||||||||
BNY Mellon Massachusetts | |||||||||||||||||
Expenses paid per $1,000† | $2.66 | $3.91 | |||||||||||||||
Ending value (after expenses) | $1,024.40 | $1,023.10 | |||||||||||||||
Annualized expense ratio (%) | .53 | .78 | |||||||||||||||
BNY Mellon New York | |||||||||||||||||
Expenses paid per $1,000† | $2.96 | $4.21 | |||||||||||||||
Ending value (after expenses) | $1,023.20 | $1,022.00 | |||||||||||||||
Annualized expense ratio (%) | .59 | .84 | |||||||||||||||
BNY Mellon Municipal | |||||||||||||||||
Expenses paid per $1,000† | $3.65 | $4.90 | |||||||||||||||
Ending value (after expenses) | $1,016.80 | $1,015.50 | |||||||||||||||
Annualized expense ratio (%) | .73 | .98 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
10
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS(Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment |
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assuming a hypothetical 5% annualized return for the six months ended February 28, 2019 | |||||||||||||||||
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BNY Mellon National Intermediate | |||||||||||||||||
Expenses paid per $1,000† | $2.51 | $3.76 | |||||||||||||||
Ending value (after expenses) | $1,022.32 | $1,021.08 | |||||||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||||
BNY Mellon National Short-Term | |||||||||||||||||
Expenses paid per $1,000† | $2.51 | $3.76 | |||||||||||||||
Ending value (after expenses) | $1,022.32 | $1,021.08 | |||||||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||||
BNY Mellon Pennsylvania | |||||||||||||||||
Expenses paid per $1,000† | $3.51 | $4.76 | |||||||||||||||
Ending value (after expenses) | $1,021.32 | $1,020.08 | |||||||||||||||
Annualized expense ratio (%) | .70 | .95 | |||||||||||||||
BNY Mellon Massachusetts | |||||||||||||||||
Expenses paid per $1,000† | $2.66 | $3.91 | |||||||||||||||
Ending value (after expenses) | $1,022.17 | $1,020.93 | |||||||||||||||
Annualized expense ratio (%) | .53 | .78 | |||||||||||||||
BNY Mellon New York | |||||||||||||||||
Expenses paid per $1,000† | $2.96 | $4.21 | |||||||||||||||
Ending value (after expenses) | $1,021.87 | $1,020.63 | |||||||||||||||
Annualized expense ratio (%) | .59 | .84 | |||||||||||||||
BNY Mellon Municipal | |||||||||||||||||
Expenses paid per $1,000† | $3.66 | $4.91 | |||||||||||||||
Ending value (after expenses) | $1,021.17 | $1,019.93 | |||||||||||||||
Annualized expense ratio (%) | .73 | .98 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
11
STATEMENT OF INVESTMENTS
February 28, 2019 (Unaudited)
BNY Mellon National Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% | |||||||||
Alabama - .6% | |||||||||
Alabama 21st Century Authority, | 5.00 | 6/1/2021 | 1,240,000 | 1,316,892 | |||||
Alabama 21st Century Authority, | 5.00 | 6/1/2020 | 1,500,000 | 1,552,800 | |||||
Auburn University, | 5.00 | 6/1/2030 | 5,000,000 | 5,798,650 | |||||
Black Belt Energy Gas District, | 4.00 | 6/1/2021 | 5,000,000 | 5,182,100 | |||||
13,850,442 | |||||||||
Alaska - .3% | |||||||||
Alaska, | 5.00 | 10/1/2032 | 5,000,000 | 5,681,450 | |||||
Arizona - 1.4% | |||||||||
City of Phoenix Civic Improvement Corporation, | 4.00 | 7/1/2028 | 10,000,000 | 10,906,500 | |||||
Maricopa County Industrial Development Authority, | 5.00 | 1/1/2027 | 5,000,000 | 5,991,650 | |||||
Maricopa County Special Health Care District, | 5.00 | 7/1/2029 | 5,000,000 | 6,082,650 | |||||
Maricopa County Special Health Care District, | 5.00 | 7/1/2035 | 6,000,000 | 6,983,100 | |||||
29,963,900 | |||||||||
California - 15.6% | |||||||||
Alameda Corridor Transportation Authority, | 5.00 | 10/1/2035 | 2,050,000 | 2,329,046 | |||||
Alameda Corridor Transportation Authority, | 5.00 | 10/1/2036 | 1,500,000 | 1,660,020 | |||||
Anaheim Housing and Public Improvement Authority, | 5.00 | 10/1/2035 | 2,485,000 | 2,745,850 | |||||
Anaheim Housing and Public Improvement Authority, | 5.00 | 10/1/2036 | 1,750,000 | 1,929,392 | |||||
Anaheim Housing and Public Improvement Authority, | 5.00 | 10/1/2033 | 3,000,000 | 3,338,400 | |||||
Anaheim Housing and Public Improvement Authority, | 5.00 | 10/1/2034 | 3,250,000 | 3,603,177 | |||||
Bay Area Toll Authority, | 2.63 | 4/1/2026 | 10,000,000 | 10,325,900 | |||||
Bay Area Toll Authority, | 4.00 | 4/1/2035 | 10,000,000 | 10,609,200 | |||||
California, | 5.00 | 12/1/2023 | 2,500,000 | 2,872,250 | |||||
California, | 5.25 | 9/1/2029 | 10,000,000 | 11,416,500 | |||||
California, | 5.25 | 10/1/2039 | 5,000,000 | 5,774,400 | |||||
California, | 6.50 | 4/1/2033 | 4,010,000 | 4,024,677 | |||||
California, | 4.00 | 9/1/2031 | 10,000,000 | 10,922,500 | |||||
California, | 5.00 | 10/1/2025 | 5,000,000 | 5,970,150 | |||||
California, | 5.00 | 12/1/2023 | 12,500,000 | 14,361,250 | |||||
California, | 5.00 | 10/1/2029 | 5,000,000 | 5,893,950 |
12
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
California - 15.6% (continued) | |||||||||
California Health Facilities Financing Authority, | 4.00 | 3/1/2033 | 7,500,000 | 7,780,425 | |||||
California Health Facilities Financing Authority, | 5.00 | 11/15/2024 | 1,600,000 | 1,782,528 | |||||
California Health Facilities Financing Authority, | 5.00 | 11/15/2023 | 1,500,000 | 1,673,970 | |||||
California Health Facilities Financing Authority, | 4.00 | 11/15/2047 | 1,120,000 | 1,137,315 | |||||
California Health Facilities Financing Authority, | 5.00 | 11/15/2042 | 825,000 | 924,949 | |||||
California Health Facilities Financing Authority, | 5.00 | 7/1/2033 | 10,000,000 | 11,140,300 | |||||
California Health Facilities Financing Authority, | 5.00 | 11/15/2032 | 7,500,000 | 8,969,175 | |||||
California Infrastructure and Economic Development Bank, | 4.00 | 10/1/2045 | 8,275,000 | 8,608,979 | |||||
California Statewide Communities Development Authority, | 6.25 | 8/1/2019 | 4,085,000 | a | 4,163,595 | ||||
California Statewide Communities Development Authority, | 5.00 | 4/1/2042 | 7,750,000 | 8,309,317 | |||||
City of San Francisco CA Public Utilities Commission Water Revenue, | 5.00 | 11/1/2035 | 10,025,000 | 11,824,788 | |||||
Evergreen School District, | 4.00 | 8/1/2041 | 5,000,000 | 5,170,700 | |||||
Glendale Unified School District, | 5.00 | 9/1/2025 | 500,000 | 565,840 | |||||
Glendale Unified School District, | 5.00 | 9/1/2026 | 500,000 | 574,770 | |||||
Glendale Unified School District, | 5.00 | 9/1/2024 | 650,000 | 721,773 | |||||
Glendale Unified School District, | 5.00 | 9/1/2021 | 500,000 | 517,360 | |||||
Glendale Unified School District, | 5.00 | 9/1/2022 | 715,000 | 759,466 | |||||
Glendale Unified School District, | 5.00 | 9/1/2023 | 530,000 | 576,142 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/2029 | 10,680,000 | 11,890,898 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/2032 | 2,000,000 | 2,268,160 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/2032 | 5,000,000 | 5,625,400 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/2029 | 3,500,000 | 3,980,235 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/2033 | 1,000,000 | 1,120,030 | |||||
Long Beach Unified School District, | 4.00 | 8/1/2038 | 10,300,000 | 10,827,875 | |||||
Los Angeles Department of Airports, | 5.00 | 5/15/2026 | 9,060,000 | 10,772,612 | |||||
Los Angeles Department of Airports, | 5.25 | 5/15/2026 | 7,000,000 | 7,325,290 | |||||
Los Angeles Department Of Airports, | 5.00 | 5/15/2026 | 1,500,000 | 1,779,450 |
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
California - 15.6% (continued) | |||||||||
Los Angeles Department Of Airports, | 5.00 | 5/15/2023 | 825,000 | 928,076 | |||||
Los Angeles Department Of Airports, | 5.00 | 5/15/2024 | 1,080,000 | 1,240,510 | |||||
Los Angeles Department Of Airports, | 5.00 | 5/15/2025 | 1,240,000 | 1,448,754 | |||||
Los Angeles Unified School District, | 5.00 | 7/1/2026 | 5,000,000 | 6,060,700 | |||||
New Haven Unified School District, | 0.00 | 8/1/2033 | 4,000,000 | b | 2,452,320 | ||||
Port of Oakland, | 5.00 | 5/1/2023 | 1,875,000 | 1,996,669 | |||||
Riverside County Transportation Commission, | 5.25 | 6/1/2023 | 5,000,000 | a | 5,774,300 | ||||
Sacramento County Sanitation Districts Financing Authority, | 2.37 | 12/1/2035 | 10,000,000 | c | 9,784,600 | ||||
Sacramento County Water Financing Authority, | 2.39 | 6/1/2034 | 8,000,000 | c | 7,725,760 | ||||
San Francisco City & County Airports Commission, | 5.00 | 5/1/2024 | 4,375,000 | 5,016,900 | |||||
San Francisco City & County Public Utilities Commission, | 5.00 | 11/1/2034 | 5,000,000 | 5,733,450 | |||||
San Francisco City & County Public Utilities Commission, | 5.00 | 11/1/2033 | 4,000,000 | 4,605,120 | |||||
San Francisco City and County, | 4.00 | 4/1/2037 | 7,000,000 | 7,362,880 | |||||
San Francisco Community College District, | 5.00 | 6/15/2029 | 5,000,000 | 5,908,550 | |||||
Southern California Public Power Authority, | 5.25 | 11/1/2020 | 4,000,000 | 4,198,200 | |||||
Southern California Public Power Authority, | 5.00 | 7/1/2033 | 3,380,000 | 3,894,571 | |||||
Southern California Public Power Authority, | 5.00 | 7/1/2031 | 3,855,000 | 4,463,011 | |||||
Southern California Public Power Authority, | 5.00 | 7/1/2030 | 1,000,000 | 1,160,470 | |||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, | 5.00 | 9/1/2026 | 6,610,000 | 7,889,498 | |||||
University of California, | 4.00 | 5/15/2037 | 5,000,000 | 5,242,800 | |||||
University of California Regents, | 5.00 | 5/15/2031 | 9,000,000 | 10,486,080 | |||||
University of California Regents, | 5.00 | 5/15/2030 | 11,000,000 | 12,816,320 | |||||
344,757,543 | |||||||||
Colorado - .7% | |||||||||
Colorado Health Facilities Authority, | 6.00 | 10/1/2023 | 2,000,000 | 2,007,180 | |||||
Colorado Health Facilities Authority, | 6.25 | 10/1/2033 | 1,600,000 | 1,606,080 | |||||
Public Authority for Colorado Energy, | 6.13 | 11/15/2023 | 5,350,000 | 5,978,946 | |||||
Regional Transportation District, | 5.50 | 6/1/2020 | 1,750,000 | a | 1,831,970 |
14
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
Colorado - .7% (continued) | |||||||||
Regional Transportation District, | 5.50 | 6/1/2022 | 450,000 | 470,151 | |||||
Regional Transportation District of Colorado, | 5.00 | 6/1/2020 | 2,700,000 | 2,809,296 | |||||
14,703,623 | |||||||||
Connecticut - 1.5% | |||||||||
Connecticut, | 5.00 | 11/15/2021 | 9,430,000 | 10,181,854 | |||||
Connecticut, | 4.00 | 6/15/2030 | 3,000,000 | 3,152,160 | |||||
Connecticut, | 5.00 | 4/15/2022 | 5,000,000 | 5,440,250 | |||||
Connecticut, | 5.00 | 9/1/2028 | 1,070,000 | 1,233,967 | |||||
Connecticut, | 5.00 | 9/1/2030 | 7,055,000 | 8,029,013 | |||||
Connecticut Housing Finance Authority, | 4.00 | 11/15/2047 | 2,350,000 | 2,474,691 | |||||
Connecticut State Health & Educational Facilities Authority, | 5.00 | 7/1/2042 | 2,000,000 | 2,213,540 | |||||
32,725,475 | |||||||||
Delaware - .4% | |||||||||
Delaware River and Bay Authority, | 5.00 | 1/1/2024 | 1,000,000 | 1,145,670 | |||||
Delaware River and Bay Authority, | 5.00 | 1/1/2023 | 1,500,000 | 1,680,840 | |||||
University of Delaware, | 5.00 | 11/1/2027 | 5,440,000 | 6,112,982 | |||||
8,939,492 | |||||||||
District of Columbia - .9% | |||||||||
District of Columbia, | 5.00 | 7/1/2042 | 5,955,000 | 6,394,122 | |||||
District of Columbia, | 5.00 | 7/1/2037 | 4,925,000 | 5,366,723 | |||||
District of Columbia, | 5.00 | 7/1/2037 | 1,010,000 | 1,100,587 | |||||
Metropolitan Washington Airports Authority, | 5.00 | 10/1/2024 | 2,500,000 | 2,689,975 | |||||
Metropolitan Washington Airports Authority, | 5.00 | 10/1/2023 | 4,250,000 | 4,580,735 | |||||
20,132,142 | |||||||||
Florida - 4.4% | |||||||||
Florida Department of Transportation, | 5.00 | 7/1/2019 | 4,220,000 | 4,231,310 | |||||
Florida'S Turnpike Enterprise, | 4.50 | 7/1/2040 | 8,710,000 | 9,193,057 | |||||
Jacksonville, | 5.00 | 10/1/2021 | 2,500,000 | 2,700,450 | |||||
Lee County, | 5.50 | 10/1/2024 | 5,000,000 | 5,397,450 | |||||
Lee County, | 5.50 | 10/1/2023 | 3,565,000 | 3,859,041 | |||||
Miami-Dade County, | 5.50 | 10/1/2025 | 3,165,000 | 3,353,223 | |||||
Miami-Dade County School Board, | 5.00 | 5/1/2026 | 5,600,000 | 6,502,552 |
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
Florida - 4.4% (continued) | |||||||||
Miami-Dade County Water & Sewer System, | 5.00 | 10/1/2031 | 3,000,000 | 3,477,360 | |||||
Miami-Dade County Water & Sewer System, | 5.00 | 10/1/2033 | 5,150,000 | 5,901,951 | |||||
Miami-Dade County Water & Sewer System, | 5.00 | 10/1/2034 | 10,110,000 | 11,566,345 | |||||
Miami-Dade County Water & Sewer System, | 5.00 | 10/1/2032 | 5,000,000 | 5,762,700 | |||||
Orange County Convention Center, | 4.00 | 10/1/2031 | 5,000,000 | 5,374,850 | |||||
Orange County Health Facilities Authority, | 5.00 | 10/1/2025 | 3,000,000 | 3,449,370 | |||||
Orange County Health Facilities Authority, | 5.00 | 10/1/2026 | 3,000,000 | 3,493,050 | |||||
Orange County School Board, | 5.00 | 8/1/2031 | 10,000,000 | 11,470,200 | |||||
Palm Beach County School District, | 5.00 | 8/1/2031 | 2,855,000 | 3,293,014 | |||||
Palm Beach County School District, | 5.00 | 8/1/2030 | 7,840,000 | 9,088,206 | |||||
Tampa Sports Authority, | 5.00 | 1/1/2024 | 90,000 | 103,380 | |||||
98,217,509 | |||||||||
Georgia - 1.6% | |||||||||
Burke County Development Authority, | 2.35 | 12/11/2020 | 7,500,000 | 7,471,500 | |||||
Cobb County Kennestone Hospital Authority, | 5.00 | 4/1/2037 | 2,845,000 | 3,159,458 | |||||
Cobb County Kennestone Hospital Authority, | 5.00 | 4/1/2036 | 2,710,000 | 3,026,257 | |||||
Cobb County Kennestone Hospital Authority, | 5.00 | 4/1/2035 | 2,000,000 | 2,245,300 | |||||
DeKalb County, | 5.25 | 10/1/2036 | 3,500,000 | 3,771,320 | |||||
Main Street Natural Gas Inc, | 5.00 | 5/15/2027 | 2,500,000 | 2,853,200 | |||||
Main Street Natural Gas Inc, | 5.00 | 5/15/2028 | 2,000,000 | 2,297,980 | |||||
Main Street Natural Gas Inc, | 5.00 | 5/15/2029 | 2,500,000 | 2,879,125 | |||||
Main Street Natural Gas Inc, | 5.00 | 5/15/2026 | 3,000,000 | 3,402,180 | |||||
Main Street Natural Gas Inc, | 4.00 | 12/1/2023 | 5,000,000 | 5,341,100 | |||||
Main Street Natural Gas Inc., | 6.38 | 7/15/2038 | 1,335,000 | d | 13,350 | ||||
36,460,770 | |||||||||
Idaho - .7% | |||||||||
Idaho Health Facilities Authority, | 5.00 | 12/1/2033 | 5,000,000 | 5,391,950 | |||||
University of Idaho Regents, | 5.25 | 4/1/2021 | 9,300,000 | 9,898,548 | |||||
15,290,498 | |||||||||
Illinois - 5.5% | |||||||||
Chicago, | 5.25 | 1/1/2022 | 1,000,000 | 1,055,180 |
16
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
Illinois - 5.5% (continued) | |||||||||
Chicago, | 5.50 | 1/1/2037 | 3,500,000 | 3,732,715 | |||||
Chicago, | 5.50 | 1/1/2035 | 3,750,000 | 4,021,350 | |||||
Chicago, | 5.00 | 1/1/2026 | 3,000,000 | 3,231,150 | |||||
Chicago, | 5.00 | 1/1/2024 | 4,500,000 | 4,827,015 | |||||
Chicago, | 5.00 | 1/1/2024 | 3,000,000 | 3,356,010 | |||||
Chicago, | 5.00 | 1/1/2025 | 2,110,000 | 2,398,247 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2023 | 2,000,000 | 2,234,020 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2024 | 5,000,000 | 5,706,000 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2025 | 4,450,000 | 5,183,894 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2022 | 4,615,000 | 5,021,028 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2025 | 7,055,000 | 7,825,335 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2026 | 2,000,000 | 2,364,700 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2027 | 2,500,000 | 2,926,775 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2033 | 1,000,000 | 1,109,660 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2037 | 3,000,000 | 3,444,750 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2038 | 3,250,000 | 3,716,472 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2039 | 7,375,000 | 8,402,116 | |||||
Illinois, | 5.00 | 9/1/2019 | 185,000 | 185,366 | |||||
Illinois, | 5.25 | 2/1/2028 | 6,000,000 | 6,006,000 | |||||
Illinois, | 5.00 | 8/1/2023 | 5,000,000 | 5,333,950 | |||||
Illinois, | 5.00 | 8/1/2019 | 10,000,000 | 10,112,900 | |||||
Illinois, | 5.00 | 1/1/2020 | 5,000,000 | 5,107,450 | |||||
Illinois, | 5.00 | 10/1/2023 | 1,200,000 | 1,282,440 | |||||
Illinois, | 5.00 | 10/1/2022 | 2,000,000 | 2,136,420 | |||||
Illinois, | 5.00 | 10/1/2025 | 4,000,000 | 4,327,160 | |||||
Illinois, | 5.00 | 10/1/2024 | 2,000,000 | 2,153,820 |
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
Illinois - 5.5% (continued) | |||||||||
Illinois, | 6.00 | 6/15/2026 | 4,290,000 | 5,046,112 | |||||
Illinois, | 6.00 | 6/15/2025 | 2,625,000 | 3,038,437 | |||||
Illinois, | 6.00 | 6/15/2024 | 5,030,000 | 5,740,487 | |||||
121,026,959 | |||||||||
Kansas - .6% | |||||||||
Kansas Department of Transportation, | 5.00 | 9/1/2028 | 6,000,000 | 6,930,120 | |||||
Kansas Department of Transportation, | 5.00 | 9/1/2027 | 5,000,000 | 5,794,850 | |||||
12,724,970 | |||||||||
Kentucky - 2.1% | |||||||||
Kentucky Property and Buildings Commission, | 5.00 | 11/1/2022 | 5,000,000 | 5,519,900 | |||||
Kentucky Public Energy Authority, | 4.00 | 6/1/2025 | 8,000,000 | 8,556,480 | |||||
Kentucky State Property & Building Commission, | 5.00 | 11/1/2026 | 5,000,000 | 5,841,700 | |||||
Kentucky State Property & Building Commission, | 5.00 | 11/1/2025 | 7,475,000 | 8,655,900 | |||||
Kentucky State Property & Building Commission, | 5.00 | 2/1/2031 | 3,000,000 | 3,379,140 | |||||
Kentucky State Property and Buildings Commission, | 5.00 | 2/1/2028 | 5,150,000 | 5,967,768 | |||||
Kentucky State Property and Buildings Commission, | 5.00 | 8/1/2021 | 1,785,000 | 1,910,807 | |||||
Kentucky Turnpike Authority, | 5.00 | 7/1/2027 | 5,000,000 | 5,861,350 | |||||
45,693,045 | |||||||||
Louisiana - .3% | |||||||||
Louisiana, | 5.00 | 8/1/2026 | 5,000,000 | 5,765,450 | |||||
Louisiana Public Facilities Authority, | 6.00 | 7/1/2029 | 2,000,000 | 2,027,360 | |||||
7,792,810 | |||||||||
Maine - .1% | |||||||||
Maine Governmental Facilities Authority, | 4.00 | 10/1/2034 | 1,880,000 | 2,004,400 | |||||
Maryland - 2.8% | |||||||||
Anne Arundel County, | 5.00 | 4/1/2030 | 4,640,000 | 5,200,048 | |||||
Maryland, | 4.00 | 6/1/2027 | 18,700,000 | 20,539,706 | |||||
Maryland Department of Transportation, | 4.00 | 11/1/2027 | 1,300,000 | 1,437,332 | |||||
Maryland Economic Development Corporation, | 5.00 | 3/31/2024 | 6,000,000 | 6,424,140 | |||||
Maryland Health and Higher Educational Facilities Authority, | 5.00 | 5/15/2042 | 2,500,000 | 2,752,825 | |||||
Montgomery County, | 5.00 | 11/1/2024 | 10,000,000 | a | 11,772,900 |
18
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | PrincipalAmount ($) | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
Maryland - 2.8% (continued) | |||||||||
Montgomery County, | 4.00 | 12/1/2030 | 12,000,000 | 12,963,120 | |||||
61,090,071 | |||||||||
Massachusetts - 2.9% | |||||||||
Commonwealth Of Massachusetts, | 2.38 | 11/1/2025 | 5,000,000 | c | 4,985,900 | ||||
Commonwealth Of Massachusetts, | 4.50 | 12/1/2043 | 15,000,000 | 15,635,100 | |||||
Commonwealth Of Massachusetts, | 4.00 | 2/1/2029 | 5,000,000 | 5,414,100 | |||||
Massachusetts, | 4.00 | 6/1/2046 | 10,000,000 | 10,303,600 | |||||
Massachusetts Clean Water Trust, | 5.75 | 8/1/2029 | 380,000 | 381,205 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2035 | 2,000,000 | 2,168,180 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2033 | 5,815,000 | 6,759,821 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2033 | 5,000,000 | 5,531,950 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/2035 | 5,000,000 | 5,240,700 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2033 | 800,000 | 918,904 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2032 | 770,000 | 888,819 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2031 | 620,000 | 719,529 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2030 | 700,000 | 819,420 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2035 | 1,000,000 | 1,116,310 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2034 | 1,000,000 | 1,120,610 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2036 | 1,010,000 | 1,122,797 | |||||
63,126,945 | |||||||||
Michigan - 2.3% | |||||||||
Detroit Downtown Development Authority, | 5.00 | 7/1/2032 | 1,000,000 | 1,090,330 | |||||
Detroit Downtown Development Authority, | 5.00 | 7/1/2031 | 1,000,000 | 1,092,900 | |||||
Detroit Downtown Development Authority, | 5.00 | 7/1/2029 | 1,350,000 | 1,487,957 | |||||
Michigan Building Authority, | 5.00 | 10/15/2022 | 2,400,000 | 2,680,488 | |||||
Michigan Building Authority, | 5.00 | 10/15/2033 | 5,000,000 | 5,590,250 | |||||
Michigan Building Authority, | 5.00 | 10/15/2029 | 10,000,000 | 11,236,500 | |||||
Michigan Finance Authority, | 5.00 | 12/1/2031 | 10,000,000 | 10,826,200 | |||||
Michigan Finance Authority, | 5.00 | 12/1/2035 | 5,000,000 | 5,380,650 |
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
Michigan - 2.3% (continued) | |||||||||
Michigan Finance Authority, | 5.00 | 7/1/2028 | 2,500,000 | 2,822,125 | |||||
Michigan Finance Authority, | 5.00 | 7/1/2026 | 1,875,000 | 2,138,888 | |||||
Michigan Finance Authority, | 5.00 | 7/1/2027 | 3,000,000 | 3,403,860 | |||||
Michigan Finance Authority, | 5.00 | 7/1/2026 | 2,500,000 | 2,851,850 | |||||
50,601,998 | |||||||||
Minnesota - .1% | |||||||||
Minnesota Housing Finance Agency, | 4.00 | 7/1/2047 | 1,720,000 | 1,807,634 | |||||
Mississippi - .4% | |||||||||
Mississippi, | 5.00 | 11/1/2032 | 3,500,000 | 4,093,250 | |||||
Southern Mississippi Educational Building Corporation, | 5.00 | 9/1/2025 | 250,000 | 295,163 | |||||
West Rankin Utility Authority, | 5.00 | 1/1/2033 | 1,650,000 | 1,866,612 | |||||
West Rankin Utility Authority, | 5.00 | 1/1/2032 | 1,000,000 | 1,134,250 | |||||
West Rankin Utility Authority, | 5.00 | 1/1/2030 | 1,105,000 | 1,261,645 | |||||
8,650,920 | |||||||||
Missouri - 1.7% | |||||||||
Health & Educational Facilities Authority, | 5.00 | 6/1/2028 | 6,000,000 | 7,264,980 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/2021 | 45,000 | 48,370 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/2022 | 65,000 | 71,837 | |||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/2023 | 75,000 | 85,042 | |||||
Missouri Health & Educational Facilities Authority, | 4.00 | 11/15/2036 | 1,300,000 | 1,356,381 | |||||
Missouri Highways and Transportation Commission, | 5.00 | 5/1/2023 | 24,625,000 | 27,935,339 | |||||
36,761,949 | |||||||||
Montana - .2% | |||||||||
Montana Board of Housing, | 3.50 | 6/1/2044 | 3,890,000 | 4,018,370 |
20
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
Nebraska - .1% | |||||||||
Nebraska Lincoln Electric System, | 5.00 | 9/1/2030 | 1,650,000 | 1,970,364 | |||||
Nevada - 1.3% | |||||||||
Clark County School District, | 5.00 | 6/15/2033 | 5,000,000 | 5,866,350 | |||||
Clark County School District, | 5.00 | 6/15/2027 | 5,000,000 | 5,841,650 | |||||
Clark County School District, | 5.00 | 6/15/2036 | 5,000,000 | 5,403,400 | |||||
Clark County School District, | 5.00 | 6/15/2028 | 10,005,000 | 12,044,419 | |||||
29,155,819 | |||||||||
New Jersey - 6.5% | |||||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/2024 | 5,000,000 | 5,387,800 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/2021 | 10,000,000 | 10,594,700 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/2023 | 5,000,000 | 5,401,150 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/2020 | 5,000,000 | 5,276,400 | |||||
New Jersey Economic Development Authority, | 5.50 | 12/15/2019 | 1,410,000 | 1,449,438 | |||||
New Jersey Economic Development Authority, | 5.00 | 3/1/2025 | 13,000,000 | 14,280,110 | |||||
New Jersey Economic Development Authority, | 5.50 | 9/1/2023 | 10,000,000 | 11,284,600 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/2020 | 5,000,000 | 5,184,050 | |||||
New Jersey Educational Facilities Authority, | 7.50 | 6/1/2019 | 3,750,000 | a | 3,803,550 | ||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/2019 | 2,000,000 | 2,020,780 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/2024 | 3,005,000 | 3,305,831 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/2022 | 1,830,000 | 2,017,557 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/2024 | 1,000,000 | 1,131,690 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/2026 | 1,000,000 | 1,159,440 | |||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/2025 | 1,060,000 | 1,216,286 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/2030 | 5,000,000 | 5,766,800 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/2032 | 6,000,000 | 6,822,240 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/2033 | 12,000,000 | 13,572,840 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/2034 | 8,000,000 | 8,987,200 |
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
New Jersey - 6.5% (continued) | |||||||||
New Jersey Transportation Trust Fund Authority, | 5.50 | 12/15/2021 | 10,000,000 | 10,879,100 | |||||
New Jersey Transportation Trust Fund Authority, | 5.25 | 12/15/2021 | 3,000,000 | 3,241,080 | |||||
New Jersey Transportation Trust Fund Authority, | 5.50 | 6/15/2031 | 5,000,000 | 5,258,550 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 12/15/2027 | 10,000,000 | 11,405,400 | |||||
New Jersey Transportation Trust Fund Authority, | 5.75 | 6/15/2025 | 4,245,000 | 5,027,184 | |||||
144,473,776 | |||||||||
New Mexico - .2% | |||||||||
New Mexico Municipal Energy Acquisition Authority, | 5.00 | 8/1/2019 | 5,000,000 | 5,059,350 | |||||
New York - 16.4% | |||||||||
Brooklyn Arena Local Development Corporation, | 4.00 | 7/15/2034 | 1,000,000 | 1,053,010 | |||||
Brooklyn Arena Local Development Corporation, | 4.00 | 7/15/2033 | 900,000 | 952,767 | |||||
Brooklyn Arena Local Development Corporation, | 4.00 | 7/15/2032 | 750,000 | 799,380 | |||||
Hudson Yards Infrastructure Corp., | 5.00 | 2/15/2033 | 5,000,000 | 5,826,550 | |||||
Metropolitan Transportation Authority, | 5.25 | 11/15/2033 | 5,000,000 | 6,011,200 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/2035 | 10,000,000 | 11,619,800 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/2026 | 10,185,000 | 12,012,698 | |||||
Metropolitan Transportation Authority, | 4.00 | 11/15/2038 | 10,000,000 | 10,320,600 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/2030 | 1,725,000 | 1,887,443 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/2031 | 10,000,000 | 11,461,800 | |||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, | 5.00 | 11/15/2051 | 5,000,000 | 5,297,000 | |||||
Nassau, | 5.00 | 10/1/2028 | 10,000,000 | 11,898,400 | |||||
Nassau, | 5.00 | 4/1/2036 | 4,000,000 | 4,503,000 | |||||
New York City, | 1.72 | 8/1/2038 | 2,600,000 | e | 2,600,000 | ||||
New York City, | 5.00 | 8/1/2024 | 5,000,000 | 5,824,000 | |||||
New York City, | 1.78 | 3/1/2019 | 7,100,000 | e | 7,100,000 | ||||
New York City, | 5.00 | 8/1/2023 | 5,000,000 | 5,696,350 | |||||
New York City, | 5.00 | 8/1/2026 | 5,660,000 | 6,251,979 | |||||
New York City Municipal Water Finance Authority, | 1.71 | 6/15/2044 | 3,600,000 | e | 3,600,000 |
22
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
New York - 16.4% (continued) | |||||||||
New York City Municipal Water Finance Authority, | 4.50 | 6/15/2039 | 1,000,000 | 1,067,330 | |||||
New York City Municipal Water Finance Authority, | 1.72 | 6/15/2050 | 1,200,000 | e | 1,200,000 | ||||
New York City Municipal Water Finance Authority, | 1.75 | 6/15/2039 | 2,700,000 | e | 2,700,000 | ||||
New York City Municipal Water Finance Authority, | 1.68 | 6/15/2049 | 2,000,000 | e | 2,000,000 | ||||
New York City Transitional Finance Authority, | 5.00 | 2/1/2023 | 8,325,000 | 8,839,735 | |||||
New York City Transitional Finance Authority, | 5.25 | 8/1/2037 | 10,000,000 | 11,915,300 | |||||
New York City Transitional Finance Authority Building Aid Revenue, | 5.00 | 7/15/2037 | 1,250,000 | 1,415,938 | |||||
New York City Transitional Finance Authority Building Aid Revenue, | 5.00 | 7/15/2034 | 7,965,000 | 8,979,821 | |||||
New York City Transitional Finance Authority Building Aid Revenue, | 5.00 | 7/15/2035 | 5,000,000 | 5,696,900 | |||||
New York City Transitional Finance Authority Building Aid Revenue, | 5.25 | 7/15/2036 | 10,000,000 | 11,935,100 | |||||
New York Counties Tobacco Trust VI, | 5.00 | 6/1/2045 | 1,250,000 | 1,275,013 | |||||
New York Liberty Development Corporation, | 5.00 | 11/15/2044 | 15,400,000 | f | 16,057,118 | ||||
New York Liberty Development Corporation, | 5.15 | 11/15/2034 | 3,500,000 | f | 3,762,080 | ||||
New York State Dormitory Authority, | 5.00 | 7/1/2032 | 10,000,000 | 11,474,400 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/2033 | 7,000,000 | 8,115,450 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/2033 | 5,685,000 | 6,611,996 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/2031 | 5,165,000 | 5,864,909 | |||||
New York State Dormitory Authority, | 5.00 | 2/15/2033 | 25,000,000 | 28,469,500 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/2034 | 2,500,000 | 2,797,000 | |||||
New York State Housing Finance Agency, | 1.73 | 5/1/2042 | 1,100,000 | e | 1,100,000 | ||||
New York State Mortgage Agency, | 1.65 | 10/1/2019 | 1,200,000 | 1,198,224 | |||||
New York State Thruway Authority, | 5.00 | 1/1/2032 | 3,000,000 | 3,415,050 | |||||
New York State Urban Development Corporation, | 5.50 | 3/15/2024 | 10,000,000 | 11,824,100 | |||||
New York State Urban Development Corporation, | 5.00 | 3/15/2026 | 5,000,000 | 5,620,500 |
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
New York - 16.4% (continued) | |||||||||
New York State Urban Development Corporation, | 5.00 | 3/15/2029 | 10,000,000 | 11,174,900 | |||||
New York Transportation Development Corporation, | 5.00 | 1/1/2025 | 20,000,000 | 22,674,200 | |||||
New York Transportation Development Corporation, | 5.00 | 7/1/2046 | 2,500,000 | 2,648,000 | |||||
New York Transportation Development Corporation, | 5.00 | 7/1/2041 | 2,000,000 | 2,128,540 | |||||
Port Authority of New York & New Jersey, | 5.00 | 9/15/2024 | 10,000,000 | 11,525,000 | |||||
Sales Tax Asset Receivable Corporation, | 5.00 | 10/15/2029 | 6,370,000 | 7,389,773 | |||||
Suffolk County, | 4.00 | 2/1/2024 | 5,000,000 | 5,453,950 | |||||
Suffolk County, | 4.00 | 10/15/2028 | 5,000,000 | 5,521,500 | |||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/2029 | 10,000,000 | b | 7,298,800 | ||||
TSASC, Inc. of New York, | 5.00 | 6/1/2023 | 5,000,000 | 5,523,350 | |||||
Utility Debt Securitization Authority of New York, | 5.00 | 12/15/2026 | 2,500,000 | 2,876,125 | |||||
362,265,579 | |||||||||
North Carolina - .5% | |||||||||
North Carolina Municipal Power Agency Number 1, | 5.00 | 1/1/2024 | 1,585,000 | 1,588,756 | |||||
North Carolina Turnpike Authority, | 5.00 | 1/1/2033 | 3,400,000 | 3,975,110 | |||||
North Carolina Turnpike Authority, | 5.00 | 1/1/2032 | 3,780,000 | 4,447,964 | |||||
10,011,830 | |||||||||
Ohio - .9% | |||||||||
Hamilton County, | 5.00 | 12/1/2026 | 3,500,000 | 3,993,710 | |||||
Montgomery County, | 6.00 | 10/1/2023 | 3,055,000 | 3,065,967 | |||||
Ohio, | 1.72 | 1/15/2046 | 4,800,000 | e | 4,800,000 | ||||
Ohio Housing Finance Agency, | 4.50 | 3/1/2047 | 2,195,000 | 2,354,752 | |||||
Ohio Housing Finance Agency, | 4.00 | 3/1/2047 | 5,300,000 | 5,562,085 | |||||
19,776,514 | |||||||||
Oregon - 2.0% | |||||||||
Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, | 5.00 | 6/15/2030 | 10,000,000 | 11,996,300 | |||||
Oregon Housing and Community Services Department, | 4.00 | 1/1/2047 | 4,000,000 | 4,190,040 | |||||
Portland, | 4.50 | 5/1/2037 | 13,635,000 | 15,002,727 |
24
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
Oregon - 2.0% (continued) | |||||||||
Portland, | 4.50 | 5/1/2033 | 11,435,000 | 12,774,725 | |||||
43,963,792 | |||||||||
Pennsylvania - 9.4% | |||||||||
Berks County Industrial Development Authority, | 4.00 | 11/1/2032 | 1,400,000 | 1,462,594 | |||||
Chester County Health & Education Facilities Authority, | 4.00 | 10/1/2037 | 2,105,000 | 2,192,421 | |||||
Commonwealth Financing Authority, | 5.00 | 6/1/2033 | 3,250,000 | 3,707,860 | |||||
Commonwealth Financing Authority, | 5.00 | 6/1/2031 | 3,500,000 | 4,043,480 | |||||
Commonwealth Financing Authority, | 5.00 | 6/1/2030 | 4,000,000 | 4,662,320 | |||||
Delaware River Port Authority, | 5.00 | 1/1/2035 | 3,000,000 | 3,553,230 | |||||
Delaware River Port Authority, | 5.00 | 1/1/2034 | 1,750,000 | 2,083,550 | |||||
Pennsylvania, | 5.00 | 3/15/2031 | 5,000,000 | 5,698,500 | |||||
Pennsylvania, | 5.00 | 9/15/2029 | 7,000,000 | 8,185,380 | |||||
Pennsylvania, | 5.00 | 6/1/2022 | 7,540,000 | a | 8,338,938 | ||||
Pennsylvania, | 5.00 | 4/1/2023 | 11,520,000 | a | 12,986,266 | ||||
Pennsylvania, | 4.00 | 1/1/2030 | 5,000,000 | 5,386,500 | |||||
Pennsylvania, | 5.00 | 8/15/2023 | 10,000,000 | 11,343,800 | |||||
Pennsylvania Economic Development Financing Authority, | 4.00 | 3/15/2032 | 3,305,000 | 3,464,499 | |||||
Pennsylvania Economic Development Financing Authority, | 4.00 | 11/15/2036 | 3,750,000 | 3,884,062 | |||||
Pennsylvania Economic Development Financing Authority, | 4.00 | 11/15/2035 | 6,000,000 | 6,242,940 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/2024 | 5,000,000 | 5,812,000 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 11/1/2034 | 2,240,000 | 2,335,939 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/2029 | 5,000,000 | 5,805,400 | |||||
Pennsylvania Higher Educational Facilities Authority, | 4.00 | 6/15/2031 | 2,505,000 | 2,695,856 | |||||
Pennsylvania Higher Educational Facilities Authority, | 4.00 | 6/15/2032 | 1,355,000 | 1,449,647 | |||||
Pennsylvania Housing Finance Agency, | 4.00 | 10/1/2046 | 2,300,000 | 2,412,033 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/2031 | 5,000,000 | 5,779,500 | |||||
Pennsylvania Turnpike Commission, | 4.00 | 12/1/2037 | 5,000,000 | 5,086,700 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/2022 | 5,110,000 | a | 5,730,507 | ||||
Pennsylvania Turnpike Commission, | 5.00 | 6/1/2033 | 10,000,000 | 11,431,200 |
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
Pennsylvania - 9.4% (continued) | |||||||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/2035 | 7,085,000 | 8,033,752 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/2041 | 6,345,000 | 7,055,005 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/2038 | 10,000,000 | 11,207,000 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/2021 | 3,740,000 | 4,044,997 | |||||
Philadelphia Authority for Industrial Development Hospital, | 4.00 | 7/1/2035 | 1,575,000 | 1,681,297 | |||||
Philadelphia Authority for Industrial Development Hospital, | 4.00 | 7/1/2036 | 3,750,000 | 3,983,175 | |||||
Philadelphia Authority for Industrial Development Hospital, | 4.00 | 7/1/2037 | 3,500,000 | 3,688,965 | |||||
Pittsburgh Water & Sewer Authority, | 5.00 | 9/1/2026 | 10,000,000 | 11,951,000 | |||||
State Public School Building Authority, | 5.00 | 4/1/2025 | 2,750,000 | 2,952,703 | |||||
State Public School Building Authority, | 5.00 | 4/1/2022 | 1,000,000 | 1,084,210 | |||||
State Public School Building Authority, | 5.00 | 6/1/2025 | 5,000,000 | 5,754,650 | |||||
State Public School Building Authority, | 5.00 | 6/1/2031 | 5,000,000 | 5,750,200 | |||||
The School District of Philadelphia , | 5.00 | 9/1/2025 | 500,000 | 576,190 | |||||
The School District of Philadelphia , | 5.00 | 9/1/2024 | 600,000 | 681,642 | |||||
The School District of Philadelphia , | 5.00 | 9/1/2027 | 500,000 | 586,670 | |||||
The School District of Philadelphia , | 5.00 | 9/1/2026 | 500,000 | 582,140 | |||||
West Mifflin Area School District, | 5.00 | 4/1/2028 | 1,000,000 | 1,147,750 | |||||
West Mifflin Area School District, | 5.00 | 4/1/2027 | 1,140,000 | 1,315,172 | |||||
207,851,640 | |||||||||
South Carolina - .9% | |||||||||
Dorchester County School District No 2, | 5.00 | 12/1/2029 | 2,000,000 | 2,257,880 | |||||
Dorchester County School District No 2, | 5.00 | 12/1/2028 | 1,750,000 | 1,979,863 | |||||
Lexington County Health Services District, | 4.00 | 11/1/2032 | 750,000 | 784,103 | |||||
Lexington County Health Services District, | 4.00 | 11/1/2031 | 1,000,000 | 1,051,050 | |||||
Lexington County Health Services District, | 4.00 | 11/1/2030 | 1,000,000 | 1,060,860 |
26
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
South Carolina - .9% (continued) | |||||||||
South Carolina Public Service Authority, | 5.00 | 12/1/2022 | 7,500,000 | 8,279,325 | |||||
South Carolina Public Service Authority, | 5.00 | 12/1/2030 | 3,315,000 | 3,774,194 | |||||
19,187,275 | |||||||||
South Dakota - .3% | |||||||||
South Dakota Educational Enhancement Funding Corporation, | 5.00 | 6/1/2027 | 500,000 | 534,590 | |||||
South Dakota Educational Enhancement Funding Corporation, | 5.00 | 6/1/2025 | 1,800,000 | 1,941,552 | |||||
South Dakota State Building Authority, | 4.00 | 6/1/2032 | 2,660,000 | 2,874,236 | |||||
South Dakota State Building Authority, | 4.00 | 6/1/2031 | 1,250,000 | 1,357,000 | |||||
6,707,378 | |||||||||
Tennessee - .5% | |||||||||
Clarksville Natural Gas Acquisition Corporation, | 5.00 | 12/15/2020 | 1,690,000 | 1,777,863 | |||||
Tennessee Energy Acquisition Corporation, | 4.00 | 5/1/2023 | 5,000,000 | 5,236,950 | |||||
Tennessee Housing Development Agency, | 3.50 | 1/1/2047 | 2,285,000 | 2,361,228 | |||||
Tennessee Housing Development Agency, | 4.00 | 1/1/2042 | 1,810,000 | 1,910,727 | |||||
11,286,768 | |||||||||
Texas - 7.9% | |||||||||
Arlington, | 5.00 | 2/15/2034 | 4,180,000 | 4,698,613 | |||||
Arlington Higher Education Finance Corporation, | 4.00 | 12/1/2042 | 2,760,000 | 2,833,802 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 2/15/2042 | 1,000,000 | 1,115,860 | |||||
Clifton Higher Education Finance Corporation, | 5.00 | 8/15/2023 | 1,100,000 | 1,184,623 | |||||
Culberson County-Allamoore Independent School District, | 4.00 | 2/15/2041 | 1,300,000 | 1,302,054 | |||||
Dallas and Fort Worth, | 5.00 | 11/1/2027 | 2,795,000 | 2,938,104 | |||||
Dallas and Fort Worth, | 5.00 | 11/1/2026 | 3,000,000 | 3,156,630 | |||||
Dallas Texas, | 5.00 | 2/15/2028 | 5,000,000 | 5,972,350 | |||||
Forney Independent School District, | 5.00 | 8/15/2027 | 2,200,000 | 2,586,496 | |||||
Frisco Independent School District, | 4.00 | 8/15/2027 | 4,010,000 | 4,396,163 | |||||
Grand Parkway Transportation Corporation, | 5.00 | 2/1/2023 | 12,500,000 | 13,902,750 | |||||
Harris County Cultural Education Facilities Finance Corp., | 4.00 | 11/15/2032 | 2,170,000 | 2,329,538 |
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
Texas - 7.9% (continued) | |||||||||
Harris County Flood Control District, | 5.00 | 10/1/2026 | 10,000,000 | 11,707,200 | |||||
Houston, | 5.00 | 3/1/2029 | 5,000,000 | 5,960,750 | |||||
Houston Community College System, | 5.00 | 2/15/2032 | 8,200,000 | 9,072,808 | |||||
Houston Independent School District, | 4.00 | 2/15/2028 | 5,000,000 | 5,427,550 | |||||
New Hope Cultural Educational Facilities Finance Corp., | 4.00 | 8/15/2033 | 2,000,000 | 2,121,060 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/2026 | 10,000,000 | 11,372,500 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/2040 | 5,000,000 | 5,413,450 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/2030 | 8,650,000 | 9,999,573 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/2038 | 3,000,000 | 3,259,440 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/2030 | 1,750,000 | 2,017,103 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/2031 | 1,875,000 | 2,146,463 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/2030 | 3,000,000 | 3,409,830 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/2031 | 11,415,000 | 12,928,058 | |||||
Pearland Independent School District, | 5.00 | 2/15/2031 | 5,000,000 | 5,800,450 | |||||
Southwest Higher Education Authority Inc, | 5.00 | 10/1/2029 | 5,000,000 | 5,902,350 | |||||
Southwest Higher Education Authority Inc, | 5.00 | 10/1/2028 | 4,500,000 | 5,342,310 | |||||
Texas, | 5.00 | 10/1/2027 | 8,470,000 | 10,027,125 | |||||
Texas Municipal Power Agency, | 5.00 | 9/1/2047 | 2,500,000 | 2,596,300 | |||||
Texas Public Finance Authority, | 5.00 | 10/1/2023 | 4,220,000 | 4,573,931 | |||||
Texas Public Finance Authority, | 5.00 | 10/1/2021 | 5,165,000 | a | 5,578,975 | ||||
Texas Transportation Commission, | 5.00 | 10/1/2024 | 4,000,000 | 4,629,320 | |||||
175,703,529 | |||||||||
U.S. Related - .3% | |||||||||
A.B. Won International Airport Authority of Guam, | 5.50 | 10/1/2033 | 1,000,000 | 1,131,460 | |||||
Guam, | 5.00 | 12/1/2029 | 2,000,000 | 2,210,400 | |||||
Guam, | 5.00 | 12/1/2028 | 2,000,000 | 2,224,480 | |||||
Puerto Rico Electric Power Authority, | 5.25 | 7/1/2028 | 2,500,000 | d | 1,709,375 | ||||
7,275,715 | |||||||||
Utah - .6% | |||||||||
Salt Lake City, | 5.00 | 7/1/2031 | 2,400,000 | 2,775,384 | |||||
Salt Lake City, | 5.00 | 7/1/2030 | 2,000,000 | 2,333,040 |
28
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
Utah - .6% (continued) | |||||||||
Salt Lake City, | 5.00 | 7/1/2029 | 2,500,000 | 2,939,350 | |||||
Utah Associated Municipal Power Systems, | 5.00 | 4/1/2022 | 5,675,000 | 6,128,546 | |||||
14,176,320 | |||||||||
Vermont - .6% | |||||||||
Burlington, | 5.00 | 11/1/2037 | 1,000,000 | 1,121,440 | |||||
Vermont Educational & Health Buildings Financing Agency, | 5.00 | 12/1/2032 | 10,000,000 | 11,443,800 | |||||
12,565,240 | |||||||||
Virginia - .4% | |||||||||
Virginia Small Business Financing Authority, | 5.00 | 7/1/2034 | 9,500,000 | 9,976,330 | |||||
Washington - 2.7% | |||||||||
King County School District No 411 Issaquah, | 4.50 | 12/1/2027 | 6,650,000 | 7,264,659 | |||||
Port of Seattle, | 5.00 | 4/1/2030 | 2,840,000 | 3,243,763 | |||||
Port of Seattle, | 5.00 | 4/1/2029 | 1,000,000 | 1,146,120 | |||||
Port of Seattle, | 5.00 | 3/1/2028 | 1,750,000 | 2,011,468 | |||||
Washington, | 5.00 | 9/1/2023 | 5,000,000 | 5,687,050 | |||||
Washington, | 5.00 | 9/1/2022 | 5,000,000 | 5,563,850 | |||||
Washington, | 5.00 | 7/1/2032 | 5,000,000 | 5,763,050 | |||||
Washington, | 5.00 | 7/1/2031 | 5,400,000 | 6,169,176 | |||||
Washington, | 5.00 | 2/1/2030 | 5,475,000 | 6,315,686 | |||||
Washington Health Care Facilities Authority, | 5.00 | 10/1/2021 | 5,550,000 | 5,990,614 | |||||
Washington Health Care Facilities Authority, | 5.00 | 10/1/2032 | 2,500,000 | 2,946,650 | |||||
Washington Health Care Facilities Authority, | 5.00 | 8/15/2025 | 1,700,000 | 1,929,432 | |||||
Washington Health Care Facilities Authority, | 5.00 | 8/15/2027 | 2,175,000 | 2,499,445 | |||||
Washington Health Care Facilities Authority, | 5.00 | 8/15/2026 | 2,000,000 | 2,288,140 | |||||
58,819,103 | |||||||||
West Virginia - .5% | |||||||||
West Virginia, | 5.00 | 12/1/2036 | 10,000,000 | 11,690,100 | |||||
Wisconsin - .4% | |||||||||
Wisconsin, | 5.00 | 5/1/2029 | 3,140,000 | 3,778,456 | |||||
WPPI Energy, | 5.00 | 7/1/2033 | 2,000,000 | 2,253,780 | |||||
WPPI Energy, | 5.00 | 7/1/2029 | 1,000,000 | 1,135,980 | |||||
WPPI Energy, | 5.00 | 7/1/2032 | 500,000 | 564,245 |
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.5% (continued) | |||||||||
Wisconsin - .4% (continued) | |||||||||
WPPI Energy, | 5.00 | 7/1/2030 | 1,000,000 | 1,131,690 | |||||
WPPI Energy, | 5.00 | 7/1/2031 | 1,000,000 | 1,130,090 | |||||
9,994,241 | |||||||||
Total Investments(cost $2,145,583,504) | 99.5% | 2,197,933,578 | |||||||
Cash and Receivables (Net) | 0.5% | 11,575,596 | |||||||
Net Assets | 100.0% | 2,209,509,174 |
LIBOR—London Interbank Offered Rate
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
b Security issued with a zero coupon. Income is recognized through the accretion of discount.
c Variable rate security—rate shown is the interest rate in effect at period end.
d Non-income producing—security in default.
e 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 February 28, 2019, these securities were valued at $19,819,198 or .9% of net assets.
Portfolio Summary (Unaudited)† | Value (%) |
General Obligation | 27.9 |
Transportation | 20.4 |
Education | 8.8 |
Medical | 8.3 |
Special Tax | 7.3 |
Water | 7.1 |
School District | 3.6 |
Utilities | 3.2 |
Tobacco Settlement | 3.2 |
Prerefunded | 2.8 |
Higher Education | 1.8 |
Development | 1.4 |
Single Family Housing | 1.3 |
Airport | .9 |
Power | .8 |
Bond Bank | .4 |
Facilities | .2 |
Multifamily Housing | .1 |
99.5 |
† Based on net assets.
See notes to financial statements.
30
BNY Mellon National Short-Term Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 93.8% | |||||||||
Alabama - 1.6% | |||||||||
Black Belt Energy Gas District, | 4.00 | 6/1/2021 | 17,085,000 | 17,707,236 | |||||
Arizona - 1.6% | |||||||||
Arizona, | 5.00 | 10/1/2021 | 2,000,000 | 2,134,600 | |||||
Arizona, | 5.00 | 10/1/2020 | 2,500,000 | 2,595,400 | |||||
Arizona Transportation Board, | 5.25 | 7/1/2025 | 6,780,000 | 7,105,779 | |||||
Coconino County Pollution Control, | 1.60 | 5/21/2020 | 1,100,000 | 1,093,433 | |||||
Maricopa County Industrial Development Authority, | 5.00 | 9/1/2021 | 725,000 | 781,130 | |||||
Maricopa County Industrial Development Authority, | 5.00 | 9/1/2020 | 750,000 | 785,618 | |||||
Phoenix Civic Improvement Corporation, | 5.00 | 7/1/2026 | 3,500,000 | 3,656,730 | |||||
18,152,690 | |||||||||
California - 2.7% | |||||||||
Bay Area Toll Authority, | 2.25 | 4/1/2022 | 7,500,000 | 7,584,675 | |||||
California Infrastructure & Economic Development Bank, | 2.07 | 4/1/2022 | 5,000,000 | a | 4,999,500 | ||||
California State University Trustees, | 3.00 | 11/1/2019 | 1,690,000 | 1,693,211 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/2020 | 3,000,000 | 3,115,770 | |||||
San Francisco City & County Commission International Airport, | 5.00 | 5/1/2020 | 8,210,000 | 8,508,680 | |||||
San Francisco City & County Commission International Airport, | 5.00 | 5/1/2021 | 5,000,000 | 5,333,250 | |||||
31,235,086 | |||||||||
Colorado - 1.2% | |||||||||
Colorado Educational & Cultural Facilities Authority, | 5.00 | 4/1/2020 | 390,000 | 403,775 | |||||
Colorado Educational & Cultural Facilities Authority, | 5.00 | 4/1/2020 | 910,000 | 938,483 | |||||
Colorado Health Facilities Authority, | 1.88 | 11/6/2019 | 5,000,000 | 4,989,800 | |||||
Colorado Hospital Authority University, | 4.00 | 3/1/2020 | 4,000,000 | 4,039,120 | |||||
Colorado Housing & Finance Authority, | 2.15 | 1/1/2020 | 3,000,000 | 3,004,170 | |||||
13,375,348 | |||||||||
Connecticut - 2.0% | |||||||||
Connecticut, | 5.00 | 9/15/2020 | 1,200,000 | 1,258,272 | |||||
Connecticut, | 5.00 | 1/1/2021 | 5,000,000 | 5,285,850 | |||||
Connecticut, | 5.00 | 1/1/2022 | 5,000,000 | 5,409,700 | |||||
Connecticut Health and Educational Facilities Authority, | 5.00 | 7/1/2020 | 5,000,000 | 5,219,850 |
31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 93.8% (continued) | |||||||||
Connecticut - 2.0% (continued) | |||||||||
Connecticut State Health & Educational Facilities Authority, | 5.00 | 2/1/2023 | 5,000,000 | 5,619,250 | |||||
22,792,922 | |||||||||
Florida - 5.1% | |||||||||
Citizens Property Insurance Corporation, | 5.00 | 6/1/2021 | 5,200,000 | 5,572,632 | |||||
Citizens Property Insurance Corporation, | 5.00 | 6/1/2020 | 9,400,000 | 9,774,590 | |||||
Florida, | 5.00 | 6/1/2023 | 1,031,000 | 1,106,294 | |||||
Florida Lottery, | 5.00 | 7/1/2021 | 12,575,000 | 13,532,712 | |||||
Hillsborough County School Board, | 5.00 | 7/1/2021 | 7,000,000 | 7,514,780 | |||||
Orange County Health Facilities Authority, | 5.25 | 10/1/2020 | 5,000,000 | 5,099,300 | |||||
Orange County Health Facilities Authority, | 5.00 | 10/1/2021 | 3,890,000 | 4,134,253 | |||||
Orlando Utilities Commission, | 5.00 | 10/1/2020 | 2,000,000 | 2,095,720 | |||||
Palm Beach County Airport System, | 5.00 | 10/1/2022 | 710,000 | 783,024 | |||||
Palm Beach County Health Facilities Authority, | 4.00 | 11/15/2020 | 2,000,000 | 2,057,580 | |||||
Palm Beach County Health Facilities Authority, | 4.00 | 11/15/2019 | 2,000,000 | 2,025,280 | |||||
Palm Beach County School Board, | 5.00 | 8/1/2022 | 1,875,000 | 2,077,669 | |||||
Palm Beach County School Board, | 5.00 | 8/1/2021 | 1,525,000 | 1,643,325 | |||||
57,417,159 | |||||||||
Georgia - .8% | |||||||||
Burke County Development Authority, | 2.35 | 12/11/2020 | 5,000,000 | 4,981,000 | |||||
Georgia Municipal Association, Inc., | 5.00 | 12/1/2019 | 2,270,000 | 2,326,273 | |||||
Main Street Natural Gas, | 5.00 | 5/15/2022 | 1,000,000 | 1,079,630 | |||||
Main Street Natural Gas, | 5.00 | 5/15/2021 | 700,000 | 740,005 | |||||
Main Street Natural Gas, | 5.00 | 5/15/2020 | 500,000 | 516,600 | |||||
9,643,508 | |||||||||
Illinois - 6.8% | |||||||||
Chicago, | 5.00 | 11/1/2019 | 3,250,000 | 3,314,220 | |||||
Chicago, | 5.00 | 11/1/2019 | 2,500,000 | 2,549,400 | |||||
Chicago Board of Education, | 5.25 | 12/1/2020 | 1,175,000 | 1,224,573 | |||||
Chicago Board of Education, | 5.00 | 12/1/2019 | 2,020,000 | 2,053,209 |
32
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 93.8% (continued) | |||||||||
Illinois - 6.8% (continued) | |||||||||
Chicago Board of Education, | 5.25 | 12/1/2020 | 1,275,000 | 1,328,792 | |||||
Cook County, | 5.00 | 11/15/2020 | 890,000 | 932,026 | |||||
Greater Chicago Metropolitan Water Reclamation District, | 5.00 | 12/1/2020 | 5,000,000 | 5,268,600 | |||||
Illinois, | 5.00 | 10/1/2020 | 3,000,000 | 3,113,190 | |||||
Illinois, | 5.00 | 11/1/2019 | 18,000,000 | 18,327,060 | |||||
Illinois, | 5.00 | 11/1/2020 | 5,000,000 | 5,198,350 | |||||
Illinois, | 5.00 | 11/1/2021 | 5,000,000 | 5,289,000 | |||||
Illinois, | 5.75 | 6/15/2020 | 1,615,000 | 1,681,296 | |||||
Illinois Development Finance Authority, | 1.88 | 3/1/2019 | 3,500,000 | 3,500,000 | |||||
Illinois Finance Authority, | 5.00 | 12/15/2022 | 4,000,000 | 4,450,520 | |||||
Illinois Finance Authority, | 6.00 | 8/15/2038 | 12,505,000 | 13,014,079 | |||||
Railsplitter Tobacco Settlement Authority, | 5.00 | 6/1/2022 | 5,000,000 | 5,462,200 | |||||
76,706,515 | |||||||||
Indiana - 2.2% | |||||||||
Hammond Multi-School Building Corporation, | 4.00 | 1/15/2021 | 660,000 | 685,377 | |||||
Hammond Multi-School Building Corporation, | 4.00 | 1/15/2020 | 940,000 | 957,221 | |||||
Indiana Health Facility Financing Authority, | 2.80 | 8/1/2019 | 1,395,000 | 1,400,343 | |||||
Whiting, | 1.85 | 6/1/2044 | 10,000,000 | 9,990,900 | |||||
Whiting, | 2.18 | 12/1/2044 | 5,000,000 | a | 5,003,900 | ||||
Whiting, | 5.00 | 11/1/2045 | 6,000,000 | 6,542,520 | |||||
24,580,261 | |||||||||
Kansas - .5% | |||||||||
Wichita City, | 4.00 | 10/15/2019 | 5,435,000 | 5,512,666 | |||||
Kentucky - 1.2% | |||||||||
Kentucky Property and Building Commission, | 5.00 | 11/1/2020 | 10,000,000 | 10,516,900 | |||||
Kentucky Property and Building Commission, | 5.00 | 5/1/2020 | 2,000,000 | 2,072,520 | |||||
Louisville & Jefferson County Metro Government, | 2.55 | 5/3/2021 | 1,500,000 | 1,514,670 | |||||
14,104,090 | |||||||||
Louisiana - .3% | |||||||||
Louisiana Public Facilities Authority, | 5.00 | 6/1/2020 | 2,800,000 | 2,909,816 |
33
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 93.8% (continued) | |||||||||
Maryland - 2.4% | |||||||||
County of Cecil, | 5.00 | 8/1/2022 | 2,185,000 | 2,429,611 | |||||
Maryland, | 5.00 | 8/1/2022 | 10,000,000 | 11,112,500 | |||||
Maryland, | 5.00 | 8/1/2024 | 8,585,000 | 9,794,970 | |||||
Washington Suburban Sanitary Commission, | 5.00 | 6/1/2021 | 3,605,000 | 3,874,077 | |||||
27,211,158 | |||||||||
Massachusetts - 1.7% | |||||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2021 | 3,010,000 | 3,236,382 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2021 | 575,000 | 612,047 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2022 | 550,000 | 599,231 | |||||
Massachusetts Development Finance Agency, | 2.25 | 5/1/2019 | 1,000,000 | b | 1,000,070 | ||||
Massachusetts Educational Financing Authority, | 5.00 | 7/1/2022 | 3,000,000 | 3,276,990 | |||||
Massachusetts Educational Financing Authority, | 4.00 | 7/1/2021 | 1,000,000 | 1,042,710 | |||||
Massachusetts Educational Financing Authority, | 4.00 | 7/1/2020 | 375,000 | 384,428 | |||||
Massachusetts Educational Financing Authority, | 5.00 | 7/1/2021 | 1,150,000 | 1,225,072 | |||||
Massachusetts Educational Financing Authority, | 5.00 | 7/1/2022 | 2,000,000 | 2,184,660 | |||||
Massachusetts Transportation Trust Fund Metropolitan Highway, | 5.00 | 1/1/2023 | 5,000,000 | 5,579,200 | |||||
19,140,790 | |||||||||
Michigan - 1.8% | |||||||||
Detroit Downtown Development Authority, | 5.00 | 7/1/2021 | 1,000,000 | 1,063,170 | |||||
Detroit Downtown Development Authority, | 5.00 | 7/1/2021 | 500,000 | 531,585 | |||||
Michigan Finance Authority, | 5.00 | 7/1/2020 | 17,325,000 | 17,515,228 | |||||
Michigan Strategic Fund, | 1.45 | 9/1/2021 | 1,000,000 | 968,940 | |||||
20,078,923 | |||||||||
Minnesota - .7% | |||||||||
Rochester Independent School District No 535, | 5.00 | 2/1/2022 | 1,560,000 | 1,706,297 | |||||
Saint Louis Park, | 5.75 | 7/1/2019 | 6,690,000 | c | 6,778,308 | ||||
8,484,605 | |||||||||
Mississippi - .8% | |||||||||
Mississippi, | 2.01 | 9/1/2020 | 5,490,000 | a | 5,490,933 |
34
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 93.8% (continued) | |||||||||
Mississippi - .8% (continued) | |||||||||
Mississippi Business Finance Corporation, | 2.22 | 5/1/2037 | 3,450,000 | d | 3,451,828 | ||||
8,942,761 | |||||||||
Missouri - .7% | |||||||||
Missouri Public Utilities Commission, | 2.13 | 11/1/2019 | 8,250,000 | 8,254,702 | |||||
Montana - .2% | |||||||||
Montana Board of Investments, | 1.65 | 3/1/2028 | 2,000,000 | d | 2,000,000 | ||||
Nebraska - .2% | |||||||||
Central Plains Energy Project, | 5.00 | 12/1/2019 | 1,975,000 | 2,016,574 | |||||
Nevada - 2.2% | |||||||||
Clark County Nevada Airport System, | 4.00 | 7/1/2019 | 3,000,000 | 3,020,130 | |||||
Clark County Nevada Airport System, | 5.00 | 7/1/2020 | 3,010,000 | 3,129,015 | |||||
Clark County Pollution Control, | 1.60 | 5/21/2020 | 3,000,000 | 2,982,090 | |||||
Clark County School District, | 5.00 | 6/15/2021 | 2,645,000 | 2,831,605 | |||||
Clark County School District, | 5.00 | 6/15/2021 | 3,000,000 | 3,211,650 | |||||
Las Vegas Valley Water District, | 5.00 | 6/1/2022 | 4,000,000 | 4,292,120 | |||||
Washoe County, | 1.50 | 6/3/2019 | 5,500,000 | 5,490,980 | |||||
24,957,590 | |||||||||
New Jersey - 5.1% | |||||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/2023 | 1,500,000 | 1,620,345 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/2021 | 1,000,000 | 1,059,470 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/2020 | 3,000,000 | 3,104,070 | |||||
New Jersey Economic Development Authority, | 5.50 | 12/15/2019 | 750,000 | 770,978 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/2019 | 10,700,000 | 10,795,551 | |||||
New Jersey Housing & Mortgage Finance Agency, | 2.45 | 11/1/2019 | 2,350,000 | 2,355,006 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/2019 | 3,500,000 | 3,524,360 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/2020 | 4,000,000 | 4,136,320 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/2021 | 5,000,000 | 5,298,750 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/2022 | 10,000,000 | 10,858,600 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/2021 | 3,400,000 | 3,612,364 |
35
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 93.8% (continued) | |||||||||
New Jersey - 5.1% (continued) | |||||||||
New Jersey Transportation Trust Fund Authority, | 5.25 | 12/15/2021 | 10,000,000 | 10,803,600 | |||||
57,939,414 | |||||||||
New Mexico - 1.8% | |||||||||
New Mexico, | 5.00 | 3/1/2022 | 14,365,000 | 15,776,074 | |||||
New Mexico Finance Authority, | 5.00 | 6/1/2022 | 4,200,000 | 4,507,692 | |||||
20,283,766 | |||||||||
New York - 10.6% | |||||||||
Freeport, | 2.75 | 5/1/2019 | 6,382,500 | 6,390,989 | |||||
Metropolitan Transportation Authority, | 5.00 | 5/15/2020 | 10,000,000 | 10,363,800 | |||||
Metropolitan Transportation Authority, | 5.00 | 9/1/2020 | 10,000,000 | 10,442,700 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/2019 | 7,500,000 | 7,652,175 | |||||
Nassau, | 5.00 | 4/1/2019 | 10,000,000 | 10,024,400 | |||||
New York City, | 1.78 | 10/1/2038 | 1,100,000 | d | 1,100,000 | ||||
New York City, | 5.00 | 8/1/2022 | 3,840,000 | 3,892,992 | |||||
New York City Housing Development Corporation, | 1.38 | 5/1/2020 | 4,000,000 | 3,968,200 | |||||
New York City Housing Development Corporation, | 1.70 | 7/1/2021 | 10,000,000 | 9,921,600 | |||||
New York City Industrial Development Agency, | 2.76 | 3/1/2023 | 2,000,000 | e | 2,038,600 | ||||
New York City Transitional Finance Authority Future Tax Secured Bonds, | 4.44 | 8/1/2021 | 8,870,000 | 9,144,172 | |||||
New York Housing Finance Authority, | 1.50 | 5/1/2021 | 5,000,000 | 4,958,350 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/2022 | 4,055,000 | 4,468,488 | |||||
New York State Environmental Facilities Corporation, | 2.35 | 5/1/2019 | 5,000,000 | 5,000,450 | |||||
New York State Housing Finance Agency, | 1.00 | 11/1/2019 | 3,465,000 | 3,444,210 | |||||
New York State Housing Finance Agency, | 2.55 | 11/1/2022 | 2,000,000 | 2,029,000 | |||||
New York State Housing Finance Agency, | 2.65 | 5/1/2023 | 2,000,000 | 2,033,000 | |||||
New York State Housing Finance Agency, | 2.50 | 5/1/2022 | 1,500,000 | 1,507,185 | |||||
New York State School Districts Dormitory Authority, | 4.00 | 10/1/2021 | 5,175,000 | 5,473,701 | |||||
Triborough Bridge & Tunnel Authority, | 2.03 | 9/26/2019 | 2,650,000 | a | 2,652,093 | ||||
Triborough Bridge & Tunnel Authority, | 2.10 | 10/1/2020 | 5,000,000 | a | 5,005,550 | ||||
TSASC, Inc, | 4.00 | 6/1/2019 | 3,000,000 | 3,014,070 | |||||
TSASC, Inc, | 5.00 | 6/1/2022 | 2,790,000 | 3,023,021 |
36
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | PrincipalAmount ($) | Value ($) | |||||
Long-Term Municipal Investments - 93.8% (continued) | |||||||||
New York - 10.6% (continued) | |||||||||
TSASC, Inc, | 5.00 | 6/1/2020 | 2,500,000 | 2,585,200 | |||||
120,133,946 | |||||||||
North Carolina - .1% | |||||||||
North Carolina Eastern Municipal Power Agency, | 6.00 | 1/1/2022 | 1,250,000 | 1,397,975 | |||||
Ohio - 1.7% | |||||||||
Allen County Hospital Facilities, | 5.00 | 5/5/2022 | 3,000,000 | 3,286,980 | |||||
American Municipal Power, | 5.25 | 2/15/2022 | 5,040,000 | c | 5,552,165 | ||||
American Municipal Power, | 2.25 | 8/15/2021 | 2,500,000 | 2,509,325 | |||||
Columbus City, | 4.00 | 2/15/2021 | 4,165,000 | 4,356,673 | |||||
Miami University, | 5.00 | 9/1/2022 | 1,590,000 | 1,718,361 | |||||
Ohio, | 5.00 | 2/1/2022 | 1,860,000 | 2,037,760 | |||||
19,461,264 | |||||||||
Pennsylvania - 11.2% | |||||||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/2022 | 3,000,000 | 3,277,320 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/2021 | 3,000,000 | 3,198,570 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/2020 | 3,250,000 | 3,372,005 | |||||
Dauphin County General Authority Health System, | 6.00 | 6/1/2029 | 6,520,000 | 6,581,744 | |||||
Delaware River Port Authority, | 5.00 | 1/1/2021 | 4,000,000 | 4,236,120 | |||||
Lehigh County Industrial Development Authority, | 1.80 | 8/15/2022 | 7,000,000 | 6,850,130 | |||||
Lehigh County Industrial Development Authority, | 1.80 | 9/1/2022 | 5,000,000 | 4,891,500 | |||||
Pennsylvania, | 5.00 | 11/15/2021 | 5,000,000 | c | 5,446,900 | ||||
Pennsylvania, | 5.00 | 1/15/2021 | 5,000,000 | 5,300,400 | |||||
Pennsylvania, | 5.00 | 1/1/2021 | 5,000,000 | 5,294,200 | |||||
Pennsylvania, | 5.00 | 8/15/2022 | 9,000,000 | 9,970,650 | |||||
Pennsylvania, | 5.00 | 8/15/2019 | 4,995,000 | 5,069,875 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 6/30/2020 | 2,000,000 | 2,068,680 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 12/31/2019 | 2,000,000 | 2,044,980 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 6/30/2019 | 2,500,000 | 2,522,150 | |||||
Pennsylvania Economic Development Financing Authority, | 1.70 | 8/3/2020 | 3,000,000 | 2,975,160 | |||||
Pennsylvania Economic Development Financing Authority, | 2.25 | 7/1/2019 | 15,000,000 | 15,001,950 |
37
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 93.8% (continued) | |||||||||
Pennsylvania - 11.2% (continued) | |||||||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 7/1/2020 | 3,720,000 | 3,760,957 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 10/1/2030 | 1,000,000 | 1,111,040 | |||||
Pennsylvania Higher Educational Facilities Authority, | 6.00 | 10/1/2031 | 2,000,000 | 2,215,740 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/2020 | 11,030,000 | 11,483,112 | |||||
Philadelphia, | 5.00 | 8/1/2021 | 4,000,000 | 4,285,840 | |||||
Philadelphia, | 5.00 | 1/1/2020 | 6,150,000 | 6,314,881 | |||||
Philadelphia School District, | 5.00 | 9/1/2020 | 6,000,000 | 6,259,620 | |||||
Philadelphia School District, | 5.00 | 9/1/2020 | 500,000 | 521,635 | |||||
Philadelphia School District, | 5.00 | 9/1/2019 | 700,000 | 710,115 | |||||
Pittsburgh Water & Sewer Authority, | 2.45 | 12/1/2020 | 2,500,000 | a | 2,501,450 | ||||
127,266,724 | |||||||||
Rhode Island - .4% | |||||||||
Rhode Island Commerce Corporation, | 5.00 | 6/15/2019 | 2,000,000 | 2,018,380 | |||||
Rhode Island Health and Educational Building Corporation, | 5.00 | 5/15/2020 | 1,500,000 | 1,550,340 | |||||
Rhode Island Health and Educational Building Corporation, | 5.00 | 5/15/2019 | 1,500,000 | 1,508,655 | |||||
5,077,375 | |||||||||
Tennessee - 1.2% | |||||||||
Greeneville Health & Educational Facilities Board, | 5.00 | 7/1/2020 | 2,000,000 | 2,079,880 | |||||
Greeneville Health & Educational Facilities Board, | 5.00 | 7/1/2019 | 1,720,000 | 1,737,303 | |||||
Lewisburg Industrial Development Board, | 2.35 | 5/1/2019 | 5,000,000 | 5,000,450 | |||||
Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, | 1.55 | 11/3/2020 | 5,000,000 | 4,962,500 | |||||
13,780,133 | |||||||||
Texas - 17.4% | |||||||||
Alamo Heights Independent School District, | 3.00 | 2/1/2021 | 1,500,000 | 1,533,885 | |||||
Alvin Independent School District, | 3.00 | 8/14/2019 | 4,000,000 | 4,022,000 | |||||
Brownsville Independent School District, | 5.00 | 2/15/2022 | 2,875,000 | 3,148,096 | |||||
Central Texas Regional Mobility Authority, | 4.00 | 1/1/2022 | 4,000,000 | 4,170,440 | |||||
Corpus Christi Independent School District, | 2.00 | 8/15/2019 | 5,000,000 | 5,005,500 |
38
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 93.8% (continued) | |||||||||
Texas - 17.4% (continued) | |||||||||
Cypress-Fairbanks Independent School District, | 3.00 | 8/17/2020 | 10,000,000 | 10,174,100 | |||||
Cypress-Fairbanks Independent School District, | 1.40 | 8/17/2020 | 4,125,000 | 4,102,601 | |||||
Dallas Independent School District, | 5.00 | 2/15/2021 | 3,000,000 | 3,183,450 | |||||
Eagle Mountain-Saginaw Independent School District, | 2.00 | 8/1/2019 | 9,925,000 | 9,934,925 | |||||
Garland, | 5.00 | 2/15/2022 | 1,750,000 | 1,917,825 | |||||
Garland, | 5.00 | 2/15/2020 | 1,105,000 | 1,140,493 | |||||
Georgetown Independent School District, | 2.75 | 8/1/2022 | 5,000,000 | 5,139,450 | |||||
Harris County-Houston Sports Authority, | 5.00 | 11/15/2022 | 6,500,000 | 7,226,765 | |||||
Houston Combined Utility System, | 2.11 | 8/1/2021 | 5,000,000 | 4,983,750 | |||||
Houston Independent School District, | 2.20 | 6/1/2020 | 6,270,000 | 6,292,133 | |||||
Houston Independent School District, | 3.00 | 6/1/2019 | 5,000,000 | 5,016,450 | |||||
Houston University, | 5.00 | 2/15/2022 | 15,530,000 | 17,019,327 | |||||
Katy Independent School District, | 5.00 | 2/15/2021 | 2,070,000 | 2,202,749 | |||||
Lamar Consolidated Independent School District, | 1.95 | 8/17/2020 | 3,750,000 | 3,759,075 | |||||
Lewisville Independent School District, | 5.00 | 8/15/2021 | 12,700,000 | 13,732,764 | |||||
Mansfield Independent School District, | 2.50 | 8/1/2021 | 3,500,000 | 3,543,610 | |||||
Matagorda County Navigation Distric No. 1, | 1.75 | 9/1/2020 | 5,000,000 | 4,950,500 | |||||
New Caney Independent School District, | 3.00 | 8/15/2021 | 6,000,000 | 6,150,120 | |||||
North Texas Tollway Authority, | 5.00 | 9/1/2029 | 10,000,000 | 10,801,700 | |||||
Northside Independent School District, | 2.00 | 6/1/2021 | 5,000,000 | 4,999,300 | |||||
Port of Port Arthur Navigation District, | 2.40 | 5/31/2019 | 10,000,000 | b | 10,003,600 | ||||
Round Rock Independent School District, | 1.50 | 8/1/2021 | 7,170,000 | 7,094,858 | |||||
San Antonio, | 5.00 | 2/1/2020 | 5,000,000 | 5,154,450 | |||||
San Antonio Electric & Gas Systems, | 2.75 | 12/1/2022 | 2,250,000 | 2,304,203 |
39
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 93.8% (continued) | |||||||||
Texas - 17.4% (continued) | |||||||||
San Antonio Electric & Gas Systems, | 2.00 | 12/1/2021 | 5,000,000 | 4,994,550 | |||||
Socorro Independent School District, | 5.00 | 8/15/2037 | 10,000,000 | 10,800,200 | |||||
Texas, | 5.00 | 8/1/2022 | 7,500,000 | 8,323,800 | |||||
Travis, | 5.00 | 3/1/2023 | 3,900,000 | 4,278,300 | |||||
197,104,969 | |||||||||
U.S. Related - .7% | |||||||||
Puerto Rico Highways and Transportation Authority, | 5.00 | 7/1/2017 | 2,885,000 | f | 876,319 | ||||
Wisconsin, | 5.00 | 5/1/2023 | 6,300,000 | c | 6,942,663 | ||||
7,818,982 | |||||||||
Virginia - 3.2% | |||||||||
Fairfax County Industrial Development Authority, | 5.00 | 5/15/2021 | 3,900,000 | 4,167,969 | |||||
Loudoun County Economic Development Authority, | 1.84 | 12/1/2019 | 14,500,000 | 14,502,030 | |||||
Virginia Commonwealth Transportation Board, | 5.00 | 5/15/2033 | 2,600,000 | 2,790,632 | |||||
Virginia Peninsula Ports Authority , | 1.55 | 10/1/2019 | 2,750,000 | 2,740,457 | |||||
York County Economic Development Authority, | 1.88 | 5/1/2033 | 12,075,000 | 12,070,049 | |||||
36,271,137 | |||||||||
Washington - 1.6% | |||||||||
King County, | 5.00 | 12/1/2022 | 2,675,000 | 3,000,146 | |||||
King County School District No 405 Bellevue, | 5.00 | 12/1/2022 | 4,085,000 | 4,583,125 | |||||
Washington University, | 5.00 | 7/1/2023 | 2,260,000 | 2,500,893 | |||||
Washington University, | 5.00 | 5/1/2022 | 7,575,000 | 8,201,301 | |||||
18,285,465 | |||||||||
West Virginia - .2% | |||||||||
West Virginia Economic Development Authority, | 1.70 | 9/1/2020 | 2,500,000 | 2,456,150 | |||||
Wisconsin - 1.9% | |||||||||
Howard, | 4.00 | 12/1/2022 | 5,000,000 | 5,257,900 | |||||
Wisconsin, | 5.00 | 5/1/2030 | 580,000 | 639,166 | |||||
Wisconsin Department of Transportation, | 5.00 | 7/1/2031 | 8,500,000 | 9,423,270 | |||||
Wisconsin Department of Transportation, | 5.00 | 7/1/2030 | 5,850,000 | 6,485,427 | |||||
21,805,763 | |||||||||
TotalLong-Term Municipal Investments | 1,064,307,463 |
40
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Short-Term Municipal Investments - 6.6% | |||||||||
Arizona - .1% | |||||||||
Maricopa County Industrial Development Authority, | 5.00 | 9/1/2019 | 1,000,000 | 1,016,090 | |||||
Florida - .3% | |||||||||
Miami-Dade County Aviation, | 5.00 | 10/1/2019 | 3,630,000 | 3,698,643 | |||||
Louisiana - .4% | |||||||||
Louisiana Public Facilities Authority, | 0.00 | 12/1/2019 | 4,375,000 | g | 4,315,981 | ||||
Massachusetts - 1.2% | |||||||||
Brookline, | 2.50 | 3/29/2019 | 1,350,000 | 1,350,851 | |||||
Commonwealth of Massachusetts, | 5.00 | 3/1/2019 | 3,865,000 | 3,865,000 | |||||
Danvers, | 3.00 | 8/16/2019 | 3,000,000 | 3,015,930 | |||||
Duxbury, | 3.00 | 4/18/2019 | 1,100,600 | 1,102,526 | |||||
Freetown, | 3.25 | 1/16/2020 | 4,000,000 | 4,051,120 | |||||
13,385,427 | |||||||||
New Jersey - 1.4% | |||||||||
Hudson, | 4.00 | 12/10/2019 | 10,500,000 | 10,689,000 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/2019 | 3,860,000 | 3,894,470 | |||||
New Jersey Sports & Exposition Authority, | 4.00 | 9/1/2019 | 1,000,000 | 1,009,100 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/2019 | 1,000,000 | 1,008,930 | |||||
16,601,500 | |||||||||
New York - 2.5% | |||||||||
Binghamton City School District, | 3.50 | 11/15/2019 | 7,500,000 | 7,590,450 | |||||
Central Square Central School District, | 3.00 | 6/28/2019 | 8,375,000 | 8,402,051 | |||||
Greater Southern Tier Board of Cooperative Educational Services District, | 3.25 | 6/28/2019 | 5,000,000 | 5,017,250 | |||||
Queensbury Union Free School District, | 3.00 | 7/12/2019 | 7,500,000 | 7,527,150 | |||||
28,536,901 | |||||||||
Pennsylvania - .2% | |||||||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 6/30/2019 | 50,000 | 50,443 | |||||
Pennsylvania Economic Development Financing Authority, | 2.40 | 4/1/2019 | 2,000,000 | d | 2,000,300 | ||||
2,050,743 | |||||||||
South Carolina - .2% | |||||||||
Charleston County School District, | 5.00 | 3/29/2019 | 2,300,000 | 2,305,934 |
41
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Short-Term Municipal Investments - 6.6%(continued) | |||||||||
Texas - .3% | |||||||||
Texas, | 4.00 | 8/29/2019 | 3,000,000 | 3,033,420 | |||||
TotalShort-Term Municipal Investments | 74,944,639 | ||||||||
Total Investments(cost $1,139,272,048) | 100.4% | 1,139,252,102 | |||||||
Liabilities, Less Cash and Receivables | (0.4%) | (4,254,576) | |||||||
Net Assets | 100.0% | 1,134,997,526 |
LIBOR—London Interbank Offered Rate
MUNIPSA—Securities Industry and Financial Markets Association Municipal Swap Index Yield
SOFRRATE—United Stated Secured Overnight Financing Rate
a Variable rate security—rate shown is the interest rate in effect at period end.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2019, these securities were valued at $11,003,670 or .97% of net assets.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
d The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Non-income producing—security in default.
g Security issued with a zero coupon. Income is recognized through the accretion of discount.
Portfolio Summary (Unaudited)† | Value (%) |
General Obligation | 17.6 |
General | 14.3 |
School District | 10.6 |
Transportation | 10.1 |
Education | 8.0 |
Development | 6.2 |
Utilities | 6.0 |
Medical | 4.9 |
Multifamily Housing | 4.6 |
Higher Education | 3.0 |
Facilities | 2.9 |
Tobacco Settlement | 2.6 |
Prerefunded | 2.2 |
Special Tax | 1.9 |
Water | 1.7 |
Airport | 1.5 |
Financials | .5 |
Power | .5 |
Nursing Homes | .4 |
Housing | .3 |
Student Loan | .3 |
Pollution | .3 |
100.4 |
† Based on net assets.
See notes to financial statements.
42
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.6% | |||||||||
Alabama - .8% | |||||||||
Black Belt Energy Gas District, | 4.00 | 7/1/2022 | 1,425,000 | 1,499,955 | |||||
Alaska - .1% | |||||||||
Valdez, | 1.69 | 10/1/2025 | 100,000 | a | 100,000 | ||||
Florida - 1.6% | |||||||||
Lake County School Board, | 5.00 | 6/1/2027 | 1,620,000 | 1,760,195 | |||||
Orange County Health Facilities Authority, | 5.00 | 10/1/2024 | 1,000,000 | 1,131,570 | |||||
Pinellas County Health Facilities Authority, | 1.71 | 11/1/2038 | 100,000 | a | 100,000 | ||||
2,991,765 | |||||||||
Illinois - 2.1% | |||||||||
Chicago, | 5.25 | 1/1/2022 | 1,285,000 | 1,355,906 | |||||
Chicago, | 5.00 | 1/1/2024 | 500,000 | 536,335 | |||||
Illinois, | 5.25 | 2/1/2029 | 2,000,000 | 2,116,760 | |||||
4,009,001 | |||||||||
Louisiana - .1% | |||||||||
East Baton Rouge Parish Industrial Development Board, | 1.72 | 12/1/2040 | 100,000 | a | 100,000 | ||||
Michigan - 1.0% | |||||||||
Michigan Finance Authority, | 5.00 | 12/1/2033 | 1,850,000 | 1,997,426 | |||||
Minnesota - 1.0% | |||||||||
Minneapolis, | 1.72 | 11/15/2048 | 2,000,000 | a | 2,000,000 | ||||
Mississippi - .0% | |||||||||
Mississippi Business Finance Corporation, | 1.69 | 11/1/2035 | 100,000 | a | 100,000 | ||||
New Jersey - 4.4% | |||||||||
New Jersey Economic Development Authority, | 5.00 | 3/1/2027 | 2,000,000 | 2,148,380 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/2020 | 1,250,000 | 1,319,100 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/2021 | 2,000,000 | 2,160,160 | |||||
New Jersey Tobacco Settlement Financing Corporation, | 5.00 | 6/1/2031 | 625,000 | 714,938 | |||||
New Jersey Tobacco Settlement Financing Corporation, | 5.00 | 6/1/2029 | 875,000 | 1,018,360 | |||||
New Jersey Tobacco Settlement Financing Corporation, | 5.00 | 6/1/2028 | 875,000 | 1,026,865 | |||||
8,387,803 | |||||||||
New York - 4.1% | |||||||||
New York & New Jersey Port Authority, | 5.00 | 9/15/2024 | 1,515,000 | 1,746,037 | |||||
New York City, | 1.76 | 4/1/2042 | 500,000 | a | 500,000 |
43
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.6% (continued) | |||||||||
New York - 4.1% (continued) | |||||||||
New York City, | 1.73 | 8/1/2024 | 100,000 | a | 100,000 | ||||
New York City, | 1.78 | 10/1/2038 | 1,000,000 | a | 1,000,000 | ||||
New York City Municipal Water Finance Authority, | 1.68 | 6/15/2049 | 600,000 | a | 600,000 | ||||
New York City Municipal Water Finance Authority, | 1.75 | 6/15/2039 | 100,000 | a | 100,000 | ||||
New York Liberty Development Corporation, | 5.00 | 11/15/2044 | 2,250,000 | b | 2,346,007 | ||||
New York Transportation Development Corporation, | 5.00 | 1/1/2025 | 1,350,000 | 1,530,508 | |||||
7,922,552 | |||||||||
Ohio - .4% | |||||||||
Ohio, | 1.72 | 1/15/2046 | 800,000 | a | 800,000 | ||||
Pennsylvania - 82.5% | |||||||||
Allegheny County Higher Education Building Authority, | 5.00 | 3/1/2026 | 850,000 | 1,001,878 | |||||
Allegheny County Hospital Development Authority, | 5.00 | 4/1/2030 | 1,000,000 | 1,166,090 | |||||
Allegheny County Port Authority, | 5.25 | 3/1/2024 | 2,000,000 | 2,132,220 | |||||
Altoona Area School District, | 5.00 | 12/1/2036 | 1,375,000 | 1,553,186 | |||||
Beaver County Hospital Authority, | 5.00 | 5/15/2025 | 1,250,000 | 1,328,637 | |||||
Beaver County Hospital Authority, | 5.00 | 5/15/2023 | 1,345,000 | 1,434,106 | |||||
Berks County Industrial Development Authority, | 4.00 | 11/1/2033 | 1,300,000 | 1,352,091 | |||||
Boyertown Area School District, | 5.00 | 10/1/2034 | 1,060,000 | 1,182,515 | |||||
Canonsburg-Houston Joint Authority, | 5.00 | 12/1/2023 | 1,260,000 | 1,415,799 | |||||
Capital Region Water, | 5.00 | 7/15/2026 | 750,000 | 889,223 | |||||
Chester County, | 4.00 | 11/15/2032 | 740,000 | 815,820 | |||||
Chester County Health and Education Facilities Authority, | 4.00 | 10/1/2036 | 1,000,000 | 1,046,500 | |||||
Dallastown Area School District, | 5.00 | 4/15/2031 | 1,400,000 | 1,598,492 | |||||
Dauphin County General Authority, | 5.00 | 6/1/2029 | 1,000,000 | 1,158,470 | |||||
Delaware River Port Authority, | 5.00 | 1/1/2034 | 1,500,000 | 1,785,900 | |||||
Delaware River Port Authority, | 5.00 | 1/1/2035 | 1,500,000 | 1,776,615 | |||||
Downingtown Area School District, | 5.00 | 8/1/2030 | 1,455,000 | 1,722,691 | |||||
Easton Area School District, | 5.00 | 4/1/2029 | 1,090,000 | 1,275,867 |
44
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.6% (continued) | |||||||||
Pennsylvania - 82.5% (continued) | |||||||||
Erie County, | 5.50 | 9/1/2022 | 1,640,000 | 1,841,950 | |||||
Franklin County, | 4.00 | 11/1/2032 | 1,205,000 | 1,296,339 | |||||
Garnet Valley School District, | 4.00 | 4/1/2027 | 2,415,000 | 2,655,172 | |||||
Lancaster County Solid Waste Management Authority, | 5.00 | 12/15/2033 | 1,895,000 | 2,112,698 | |||||
Manheim Township School District, | 5.00 | 2/1/2030 | 1,025,000 | 1,192,833 | |||||
Monroeville Finance Authority, | 5.00 | 2/15/2025 | 1,000,000 | 1,163,410 | |||||
Montgomery County, | 5.00 | 12/15/2019 | 100,000 | c | 102,585 | ||||
Montgomery County Higher Education and Health Authority, | 5.00 | 8/15/2037 | 500,000 | 563,695 | |||||
Montgomery County Higher Education and Health Authority, | 5.00 | 9/1/2030 | 1,600,000 | 1,889,600 | |||||
Montgomery County Industrial Development Authority, | 5.50 | 8/1/2020 | 995,000 | c | 1,047,805 | ||||
Montgomery County Industrial Development Authority, | 5.00 | 1/15/2020 | 1,000,000 | 1,021,720 | |||||
Mount Lebanon Hospital Authority, | 5.00 | 7/1/2036 | 1,105,000 | 1,268,562 | |||||
Mount Lebanon Hospital Authority, | 5.00 | 7/1/2035 | 1,000,000 | 1,153,290 | |||||
Northampton County General Purpose Authority, | 5.00 | 11/1/2043 | 2,000,000 | 2,210,960 | |||||
Northampton County General Purpose Authority, | 4.00 | 11/15/2035 | 1,530,000 | 1,625,059 | |||||
Pennsylvania, | 5.00 | 3/15/2028 | 2,200,000 | 2,536,622 | |||||
Pennsylvania, | 5.00 | 9/15/2024 | 2,975,000 | 3,455,700 | |||||
Pennsylvania Commonwealth Financing Authority, | 5.00 | 6/1/2032 | 2,500,000 | 2,865,175 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 11/1/2026 | 1,000,000 | 1,083,370 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 3/1/2025 | 1,000,000 | 1,066,480 | |||||
Pennsylvania Economic Development Financing Authority, | 4.00 | 3/15/2032 | 1,690,000 | 1,771,559 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 3/15/2031 | 1,000,000 | 1,145,990 | |||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 2/1/2026 | 2,455,000 | 2,823,790 | |||||
Pennsylvania Economic Development Financing Authority, | 2.25 | 7/1/2019 | 5,000,000 | 5,000,650 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/2024 | 1,410,000 | 1,638,984 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/2035 | 1,200,000 | 1,356,108 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 4/1/2026 | 1,000,000 | 1,088,260 |
45
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.6% (continued) | |||||||||
Pennsylvania - 82.5% (continued) | |||||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/2032 | 2,240,000 | 2,645,485 | |||||
Pennsylvania Higher Educational Facilities Authority, | 4.00 | 8/15/2036 | 1,000,000 | 1,042,770 | |||||
Pennsylvania Higher Educational Facilities Authority, | 4.00 | 8/15/2034 | 1,000,000 | 1,053,840 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/2025 | 1,000,000 | 1,169,450 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 5/1/2028 | 1,855,000 | 2,204,630 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/2027 | 1,000,000 | 1,178,120 | |||||
Pennsylvania Higher Educational Facilities Authority, | 4.00 | 6/15/2030 | 2,220,000 | 2,416,581 | |||||
Pennsylvania State University, | 5.00 | 9/1/2033 | 1,010,000 | 1,180,044 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/2038 | 2,415,000 | 2,581,369 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/2022 | 1,190,000 | c | 1,334,502 | ||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/2030 | 1,325,000 | 1,554,013 | |||||
Pennsylvania Turnpike Commission, | 5.25 | 7/15/2025 | 2,500,000 | 2,994,800 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/2040 | 1,260,000 | 1,404,056 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/2034 | 1,000,000 | 1,136,980 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 6/1/2032 | 1,000,000 | 1,131,450 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 6/1/2034 | 1,000,000 | 1,136,110 | |||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/2038 | 1,230,000 | 1,378,461 | |||||
Pennsylvania Turnpike Commission, | 5.25 | 12/1/2035 | 2,280,000 | 2,610,167 | |||||
Perkiomen Valley School District, | 4.00 | 3/1/2028 | 1,000,000 | 1,083,630 | |||||
Philadelphia, | 5.00 | 6/15/2020 | 1,750,000 | 1,816,447 | |||||
Philadelphia, | 5.00 | 8/1/2029 | 1,000,000 | 1,164,290 | |||||
Philadelphia, | 5.00 | 8/1/2029 | 1,000,000 | 1,164,290 | |||||
Philadelphia, | 5.00 | 8/1/2030 | 1,275,000 | 1,491,533 | |||||
Philadelphia, | 5.00 | 11/1/2027 | 355,000 | 396,507 | |||||
Philadelphia, | 5.00 | 1/1/2036 | 2,830,000 | 2,958,878 | |||||
Philadelphia, | 5.00 | 7/1/2031 | 2,000,000 | 2,298,660 |
46
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.6% (continued) | |||||||||
Pennsylvania - 82.5% (continued) | |||||||||
Philadelphia Airport, | 5.00 | 7/1/2033 | 350,000 | 404,296 | |||||
Philadelphia Airport, | 5.00 | 7/1/2032 | 350,000 | 406,273 | |||||
Philadelphia Airport, | 5.00 | 7/1/2031 | 500,000 | 584,660 | |||||
Philadelphia Authority for Industrial Development, | 5.00 | 2/15/2034 | 1,250,000 | 1,416,750 | |||||
Philadelphia Authority for Industrial Development, | 5.00 | 4/1/2025 | 1,500,000 | 1,760,595 | |||||
Philadelphia Authority for Industrial Development, | 5.00 | 4/1/2031 | 2,000,000 | 2,285,840 | |||||
Philadelphia School District, | 5.00 | 9/1/2028 | 500,000 | 591,365 | |||||
Pittsburgh, | 4.00 | 9/1/2035 | 750,000 | 797,078 | |||||
Pittsburgh, | 4.00 | 9/1/2036 | 500,000 | 529,165 | |||||
Pittsburgh, | 4.00 | 9/1/2037 | 500,000 | 527,120 | |||||
Pittsburgh, | 4.00 | 9/1/2034 | 325,000 | 346,736 | |||||
Pittsburgh and Allegheny County Sports & Exhibition Authority, | 5.00 | 12/15/2023 | 855,000 | 965,586 | |||||
Pittsburgh and Allegheny County Sports & Exhibition Authority, | 5.00 | 12/15/2024 | 940,000 | 1,081,320 | |||||
Pittsburgh and Allegheny County Sports & Exhibition Authority, | 5.00 | 12/15/2032 | 1,000,000 | 1,140,370 | |||||
Pittsburgh Water & Sewer Authority, | 5.00 | 9/1/2027 | 1,060,000 | 1,280,363 | |||||
Pittsburgh Water and Sewer Authority, | 5.00 | 9/1/2026 | 1,000,000 | 1,195,100 | |||||
Pittsburgh Water and Sewer Authority, | 5.00 | 9/1/2023 | 2,580,000 | c | 2,944,270 | ||||
Southcentral Pennsylvania General Authority, | 5.00 | 6/1/2027 | 2,085,000 | 2,360,032 | |||||
Southeastern Pennsylvania Transportation Authority, | 5.00 | 6/1/2021 | 1,000,000 | c | 1,073,400 | ||||
State Public School Building Authority, | 5.00 | 4/1/2031 | 2,490,000 | 2,645,401 | |||||
State Public School Building Authority, | 5.00 | 6/1/2024 | 2,000,000 | 2,267,480 | |||||
Susquehanna Township School District, | 4.00 | 11/15/2027 | 1,975,000 | 2,137,720 | |||||
Tredyffrin Easttown School District, | 5.00 | 2/15/2034 | 240,000 | 279,089 | |||||
Tredyffrin Easttown School District, | 5.00 | 2/15/2032 | 290,000 | 341,811 |
47
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.6% (continued) | |||||||||
Pennsylvania - 82.5% (continued) | |||||||||
Upper Merion Area School District, | 5.00 | 1/15/2034 | 350,000 | 402,416 | |||||
Upper Merion Area School District, | 5.00 | 1/15/2035 | 420,000 | 481,333 | |||||
Upper Merion Area School District, | 5.00 | 1/15/2036 | 250,000 | 285,528 | |||||
Upper Merion Area School District, | 5.00 | 1/15/2037 | 275,000 | 312,730 | |||||
Upper Merion Area School District, | 5.00 | 1/15/2034 | 1,215,000 | 1,386,813 | |||||
Upper Merion Area School District, | 5.00 | 1/15/2037 | 400,000 | 453,288 | |||||
Upper Merion Area School District, | 5.00 | 1/15/2033 | 500,000 | 572,470 | |||||
Upper Moreland Township School District, | 4.00 | 10/1/2033 | 780,000 | 814,117 | |||||
Upper Saint Clair Township School District, | 5.00 | 10/1/2041 | 1,000,000 | 1,111,150 | |||||
West Mifflin Area School District, | 5.00 | 4/1/2026 | 1,000,000 | 1,153,750 | |||||
West View Municipal Authority, | 5.00 | 11/15/2024 | 3,000,000 | c | 3,535,320 | ||||
Westmoreland County Municipal Authority, | 5.00 | 8/15/2028 | 1,000,000 | 1,155,720 | |||||
Westmoreland County Municipal Authority, | 5.00 | 8/15/2027 | 1,500,000 | 1,748,745 | |||||
Whitemarsh Township, | 4.00 | 11/15/2039 | 1,000,000 | 1,049,960 | |||||
Whitemarsh Township, | 4.00 | 11/15/2035 | 605,000 | 642,583 | |||||
158,609,272 | |||||||||
U.S. Related - 2.5% | |||||||||
Guam, | 5.00 | 1/1/2024 | 1,500,000 | 1,581,405 | |||||
Puerto Rico Commonwealth, | 5.50 | 7/1/2019 | 3,000,000 | 3,022,200 | |||||
Puerto Rico Infrastructure Financing Authority, | 5.00 | 7/1/2021 | 1,400,000 | d | 210,000 | ||||
4,813,605 | |||||||||
Total Investments(cost $189,410,797) | 100.6% | 193,331,379 | |||||||
Liabilities, Less Cash and Receivables | (0.6%) | (1,072,404) | |||||||
Net Assets | 100.0% | 192,258,975 |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2019, these securities were valued at $2,346,007 or 1.22% of net assets.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
d Non-income producing—security in default.
48
Portfolio Summary (Unaudited)† | Value (%) |
Education | 18.0 |
Medical | 17.3 |
Transportation | 16.9 |
General Obligation | 13.7 |
Water | 7.3 |
School District | 6.3 |
Prerefunded | 5.2 |
Development | 4.5 |
Higher Education | 3.9 |
General | 2.7 |
Special Tax | 2.3 |
Tobacco Settlement | 1.4 |
Pollution | 1.1 |
100.6 |
† Based on net assets.
See notes to financial statements.
49
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.0% | |||||||||
Alabama - .9% | |||||||||
Black Belt Energy Gas District, | 4.00 | 7/1/2022 | 2,350,000 | 2,473,610 | |||||
Florida - .5% | |||||||||
Orange County Health Facilities Authority, | 5.00 | 10/1/2024 | 1,250,000 | 1,414,463 | |||||
Illinois - .7% | |||||||||
Chicago, | 5.00 | 1/1/2023 | 1,970,000 | 2,087,156 | |||||
Massachusetts - 92.4% | |||||||||
Berkshire Wind Power Cooperative Corporation, | 5.00 | 7/1/2030 | 1,000,000 | 1,175,460 | |||||
Berkshire Wind Power Cooperative Corporation, | 5.00 | 7/1/2028 | 1,000,000 | 1,192,880 | |||||
Berkshire Wind Power Cooperative Corporation, | 5.00 | 7/1/2026 | 475,000 | 566,803 | |||||
Commonwealth of Massachusetts Transportation Fund, | 5.00 | 6/1/2036 | 1,000,000 | 1,118,440 | |||||
Commonwealth of Massachusetts Transportation Fund, | 4.00 | 6/1/2046 | 2,500,000 | 2,575,900 | |||||
Commonwealth of Massachusetts Transportation Fund, | 4.00 | 6/1/2035 | 3,140,000 | 3,369,879 | |||||
Dedham, | 4.00 | 6/15/2030 | 495,000 | 547,163 | |||||
Dedham, | 4.00 | 6/15/2029 | 495,000 | 550,356 | |||||
Framingham, | 5.00 | 12/1/2029 | 365,000 | 446,191 | |||||
Framingham, | 5.00 | 12/1/2028 | 420,000 | 516,352 | |||||
Manchester Essex Regional School District, | 4.00 | 2/1/2034 | 845,000 | 917,121 | |||||
Manchester Essex Regional School District, | 4.00 | 2/1/2033 | 590,000 | 648,198 | |||||
Mansfield, | 4.00 | 5/15/2029 | 815,000 | 893,036 | |||||
Mansfield, | 4.00 | 5/15/2030 | 845,000 | 919,039 | |||||
Massachusetts, | 4.00 | 2/1/2029 | 2,500,000 | 2,707,050 | |||||
Massachusetts, | 2.38 | 11/1/2025 | 2,500,000 | a | 2,492,950 | ||||
Massachusetts, | 5.00 | 1/1/2021 | 3,000,000 | 3,156,840 | |||||
Massachusetts, | 4.50 | 12/1/2043 | 5,000,000 | 5,211,700 | |||||
Massachusetts, | 5.00 | 3/1/2031 | 2,250,000 | 2,557,552 | |||||
Massachusetts Bay Transportation Authority, | 0.00 | 7/1/2032 | 2,500,000 | b | 1,621,375 | ||||
Massachusetts Clean Energy Cooperative Corporation, | 5.00 | 7/1/2032 | 870,000 | 968,841 |
50
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 92.4% (continued) | |||||||||
Massachusetts Clean Energy Cooperative Corporation, | 5.00 | 7/1/2028 | 1,250,000 | 1,406,425 | |||||
Massachusetts Clean Water Trust, | 5.75 | 8/1/2029 | 155,000 | 155,491 | |||||
Massachusetts Clean Water Trust, | 5.00 | 2/1/2033 | 2,300,000 | 2,628,348 | |||||
Massachusetts Clean Water Trust, | 5.00 | 2/1/2035 | 990,000 | 1,124,541 | |||||
Massachusetts Clean Water Trust, | 5.00 | 8/1/2035 | 2,250,000 | 2,700,292 | |||||
Massachusetts Department Of Transportation, | 5.00 | 1/1/2020 | 800,000 | 822,520 | |||||
Massachusetts Development Finance Agency, | 6.50 | 11/15/2023 | 3,750,000 | c,d | 4,504,687 | ||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2024 | 350,000 | 402,140 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2032 | 1,410,000 | 1,696,498 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2031 | 1,000,000 | 1,212,370 | |||||
Massachusetts Development Finance Agency, | 5.00 | 12/1/2033 | 2,500,000 | 2,883,100 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2026 | 170,000 | 195,862 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2033 | 305,000 | 344,677 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2027 | 280,000 | 325,270 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2028 | 255,000 | 297,985 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2031 | 325,000 | 371,124 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2032 | 340,000 | 386,216 | |||||
Massachusetts Development Finance Agency, | 5.00 | 11/1/2038 | 4,500,000 | 4,942,125 | |||||
Massachusetts Development Finance Agency, | 1.70 | 7/1/2048 | 2,000,000 | e | 2,000,000 | ||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/2020 | 530,000 | 544,379 | |||||
Massachusetts Development Finance Agency, | 5.13 | 7/1/2040 | 210,000 | 216,054 | |||||
Massachusetts Development Finance Agency, | 6.25 | 7/1/2030 | 840,000 | 852,583 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2024 | 550,000 | 624,492 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2020 | 705,000 | 737,190 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2030 | 1,000,000 | 1,209,530 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2022 | 565,000 | 609,194 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2023 | 400,000 | 440,880 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2025 | 545,000 | 639,323 |
51
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 92.4% (continued) | |||||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2037 | 1,750,000 | 1,987,282 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2023 | 2,060,000 | 2,286,621 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2025 | 500,000 | 573,720 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2026 | 500,000 | 578,995 | |||||
Massachusetts Development Finance Agency, | 1.66 | 10/1/2042 | 3,000,000 | e | 3,000,000 | ||||
Massachusetts Development Finance Agency, | 4.00 | 10/1/2032 | 1,000,000 | 1,076,140 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2025 | 800,000 | 920,480 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2022 | 1,000,000 | 1,091,660 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2029 | 2,000,000 | 2,288,820 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2024 | 1,000,000 | 1,133,300 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2026 | 1,000,000 | 1,165,970 | |||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/2026 | 705,000 | 855,031 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2035 | 1,000,000 | 1,084,090 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2025 | 1,000,000 | 1,138,350 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2035 | 1,000,000 | 1,121,400 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2033 | 1,250,000 | 1,412,613 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2030 | 1,000,000 | 1,124,390 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2043 | 1,000,000 | 1,073,660 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/2033 | 390,000 | 437,116 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/2032 | 370,000 | 416,938 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/2037 | 835,000 | 919,861 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/2035 | 840,000 | 934,198 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/2031 | 350,000 | 396,736 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/2021 | 625,000 | 637,644 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/2022 | 655,000 | 672,423 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2037 | 1,600,000 | 1,695,968 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2028 | 1,550,000 | 1,809,346 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2031 | 1,000,000 | 1,146,630 |
52
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 92.4% (continued) | |||||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2037 | 465,000 | 521,219 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2033 | 500,000 | 596,685 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2032 | 750,000 | 898,590 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/2036 | 3,480,000 | 3,631,206 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/2032 | 2,000,000 | 2,110,480 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/15/2040 | 1,730,000 | 1,808,421 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/15/2033 | 3,410,000 | 3,635,060 | |||||
Massachusetts Development Finance Agency, | 5.25 | 10/1/2024 | 465,000 | 525,092 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2029 | 1,000,000 | 1,135,640 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2025 | 700,000 | 808,612 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2021 | 500,000 | 533,345 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2028 | 750,000 | 869,498 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2025 | 500,000 | 578,155 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2024 | 530,000 | 603,214 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2028 | 1,000,000 | 1,198,110 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2031 | 2,050,000 | 2,409,959 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2032 | 1,910,000 | 2,198,639 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2028 | 1,300,000 | 1,506,128 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2027 | 600,000 | 700,932 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2023 | 2,500,000 | 2,787,025 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2025 | 1,340,000 | 1,540,946 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2028 | 525,000 | 616,292 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2029 | 2,250,000 | 2,589,120 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/1/2036 | 2,000,000 | 2,331,840 | |||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/2021 | 300,000 | 320,571 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2024 | 815,000 | 928,016 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2022 | 490,000 | 535,737 |
53
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 92.4% (continued) | |||||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2024 | 1,000,000 | 1,138,670 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2028 | 1,000,000 | 1,155,000 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2025 | 2,375,000 | 2,749,252 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2031 | 1,350,000 | 1,560,370 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2029 | 1,050,000 | 1,233,887 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2030 | 2,075,000 | 2,418,475 | |||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/2026 | 1,205,000 | 1,404,741 | |||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/2024 | 1,090,000 | 1,239,526 | |||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/2040 | 2,650,000 | 2,848,193 | |||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/2035 | 1,000,000 | 1,091,030 | |||||
Massachusetts Development Finance Agency, | 3.00 | 1/1/2025 | 190,000 | 200,104 | |||||
Massachusetts Development Finance Agency, | 4.00 | 1/1/2026 | 130,000 | 144,872 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2027 | 310,000 | 371,107 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2028 | 140,000 | 166,095 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2023 | 250,000 | 280,830 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2021 | 100,000 | 105,940 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2022 | 200,000 | 218,408 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2031 | 415,000 | 482,674 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2030 | 410,000 | 480,036 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2029 | 200,000 | 235,308 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2023 | 1,935,000 | 2,162,188 | |||||
Massachusetts Development Finance Agency, | 5.00 | 6/1/2026 | 850,000 | 1,020,740 | |||||
Massachusetts Development Finance Agency, | 5.00 | 6/1/2025 | 450,000 | 531,653 | |||||
Massachusetts Educational Financing Authority, | 5.00 | 1/1/2020 | 1,400,000 | 1,433,698 | |||||
Massachusetts Educational Financing Authority, | 5.00 | 7/1/2021 | 2,350,000 | 2,503,408 | |||||
Massachusetts Educational Financing Authority, | 5.00 | 7/1/2024 | 2,000,000 | 2,275,200 |
54
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 92.4% (continued) | |||||||||
Massachusetts Educational Financing Authority, | 5.00 | 7/1/2023 | 2,300,000 | 2,567,076 | |||||
Massachusetts Federal Highway, | 5.00 | 6/15/2027 | 2,000,000 | 2,309,420 | |||||
Massachusetts Federal Highway, | 5.00 | 6/15/2025 | 4,000,000 | 4,640,800 | |||||
Massachusetts Federal Highway, | 5.00 | 6/15/2027 | 2,500,000 | 3,008,400 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.25 | 12/1/2022 | 2,750,000 | 2,782,945 | |||||
Massachusetts Health and Educational Facilities Authority, | 1.68 | 7/1/2038 | 200,000 | e | 200,000 | ||||
Massachusetts Health and Educational Facilities Authority, | 5.50 | 7/1/2022 | 1,800,000 | 2,032,074 | |||||
Massachusetts Health and Educational Facilities Authority, | 1.72 | 12/1/2037 | 3,800,000 | e | 3,800,000 | ||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/2032 | 125,000 | 125,335 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 7/1/2023 | 3,335,000 | 3,815,707 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/2030 | 3,000,000 | 3,135,090 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.25 | 2/15/2026 | 3,130,000 | 3,813,060 | |||||
Massachusetts Health and Educational Facilities Authority, | 1.68 | 7/1/2026 | 2,030,000 | e | 2,030,000 | ||||
Massachusetts Housing Finance Agency, | 4.00 | 12/1/2048 | 1,250,000 | 1,327,913 | |||||
Massachusetts Housing Finance Agency, | 3.50 | 12/1/2046 | 1,255,000 | 1,290,391 | |||||
Massachusetts Housing Finance Agency, | 4.00 | 6/1/2019 | 710,000 | 713,394 | |||||
Massachusetts Housing Finance Agency, | 2.95 | 12/1/2032 | 1,000,000 | 947,300 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/2028 | 2,000,000 | 2,434,560 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/2028 | 1,330,000 | 1,531,522 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/2030 | 1,475,000 | 1,620,656 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/2031 | 1,500,000 | 1,646,610 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/2032 | 750,000 | 849,345 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/2033 | 2,000,000 | 2,257,400 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/2027 | 1,345,000 | 1,466,467 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/2024 | 315,000 | 362,269 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/2029 | 200,000 | 229,774 | |||||
Massachusetts Port Authority, | 5.00 | 7/1/2028 | 200,000 | 230,762 |
55
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 92.4% (continued) | |||||||||
Massachusetts School Building Authority, | 5.00 | 2/15/2037 | 1,040,000 | 1,161,878 | |||||
Massachusetts School Building Authority, | 5.00 | 8/15/2026 | 2,000,000 | 2,211,460 | |||||
Massachusetts School Building Authority, | 5.00 | 8/15/2029 | 2,700,000 | 2,970,243 | |||||
Massachusetts School Building Authority, | 4.00 | 8/15/2032 | 2,500,000 | 2,674,825 | |||||
Massachusetts Transportation Trust Fund Metropolitan Highway, | 5.00 | 1/1/2023 | 5,000,000 | 5,579,200 | |||||
Massachusetts Water Resources Authority, | 5.00 | 8/1/2029 | 2,590,000 | 3,098,106 | |||||
Massachusetts Water Resources Authority, | 5.00 | 8/1/2033 | 2,500,000 | 2,910,175 | |||||
Massachusetts Water Resources Authority, | 5.25 | 8/1/2028 | 2,000,000 | 2,541,960 | |||||
Massachusetts Water Resources Authority, | 1.67 | 8/1/2020 | 1,800,000 | f | 1,800,000 | ||||
Metropolitan Boston Transit Parking Corporation, | 5.00 | 7/1/2041 | 4,090,000 | 4,322,598 | |||||
Minuteman Regional Vocational Technical School District, | 5.00 | 10/15/2028 | 1,055,000 | 1,271,022 | |||||
Minuteman Regional Vocational Technical School District, | 5.00 | 10/15/2027 | 525,000 | 636,064 | |||||
Minuteman Regional Vocational Technical School District, | 5.00 | 10/15/2026 | 915,000 | 1,115,943 | |||||
Mount Greylock Regional School District, | 4.00 | 6/15/2029 | 745,000 | 806,068 | |||||
Mount Greylock Regional School District, | 4.00 | 6/15/2030 | 315,000 | 338,483 | |||||
Mount Greylock Regional School District, | 4.00 | 6/15/2027 | 640,000 | 699,264 | |||||
Mount Greylock Regional School District, | 4.00 | 6/15/2028 | 420,000 | 456,998 | |||||
Natick, | 4.00 | 7/15/2033 | 3,000,000 | 3,263,910 | |||||
Natick, | 5.00 | 7/15/2029 | 2,000,000 | 2,454,920 | |||||
Plainville, | 4.00 | 10/15/2030 | 1,210,000 | 1,347,323 | |||||
Randolph, | 5.00 | 9/15/2031 | 595,000 | 717,879 | |||||
University of Massachusetts Building Authority, | 5.00 | 11/1/2034 | 2,200,000 | 2,590,742 | |||||
Worcester, | 4.00 | 1/15/2031 | 2,235,000 | 2,448,018 | |||||
Worcester, | 4.00 | 1/15/2028 | 800,000 | 904,016 | |||||
Worcester, | 5.00 | 1/15/2029 | 1,690,000 | 1,999,929 | |||||
270,265,035 | |||||||||
Michigan - .7% | |||||||||
Michigan Finance Authority, | 5.00 | 12/1/2033 | 2,000,000 | 2,159,380 |
56
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
New Jersey - 3.6% | |||||||||
New Jersey Economic Development Authority, | 5.25 | 12/15/2020 | 1,760,000 | 1,857,293 | |||||
New Jersey Economic Development Authority, | 5.00 | 6/15/2025 | 2,000,000 | 2,255,860 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/2021 | 2,160,000 | 2,332,973 | |||||
New Jersey Tobacco Settlement Financing Corporation, | 5.00 | 6/1/2031 | 875,000 | 1,000,913 | |||||
New Jersey Tobacco Settlement Financing Corporation, | 5.00 | 6/1/2029 | 1,375,000 | 1,600,280 | |||||
New Jersey Tobacco Settlement Financing Corporation, | 5.00 | 6/1/2028 | 1,375,000 | 1,613,645 | |||||
10,660,964 | |||||||||
New York - 1.6% | |||||||||
New York Liberty Development Corporation, | 5.00 | 11/15/2044 | 2,250,000 | c | 2,346,007 | ||||
New York Transportation Development Corporation, | 5.00 | 1/1/2025 | 2,075,000 | 2,352,448 | |||||
4,698,455 | |||||||||
Texas - .5% | |||||||||
Houston Independent School District, | 4.00 | 2/15/2030 | 1,500,000 | 1,590,285 | |||||
U.S. Related - 1.1% | |||||||||
Guam, | 5.00 | 1/1/2025 | 1,500,000 | 1,579,485 | |||||
Guam, | 6.00 | 11/1/2026 | 500,000 | 535,715 | |||||
Puerto Rico Commonwealth, | 5.50 | 7/1/2019 | 800,000 | 805,600 | |||||
Puerto Rico Infrastructure Financing Authority, | 5.00 | 7/1/2020 | 1,100,000 | g | 165,000 | ||||
3,085,800 | |||||||||
Total Investments(cost $294,864,707) | 102.0% | 298,435,148 | |||||||
Liabilities, Less Cash and Receivables | (2.0%) | (5,813,302) | |||||||
Net Assets | 100.0% | 292,621,846 |
LIBOR—London Interbank Offered Rate
a Variable rate security—rate shown is the interest rate in effect at period end.
b Security issued with a zero coupon. Income is recognized through the accretion of discount.
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 February 28, 2019, these securities were valued at $6,850,694 or 2.34% of net assets.
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
e The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
f Auction Rate Security—interest rate is reset periodically under an auction process that is conducted by an auction agent. Rate shown is the interest rate in effect at period end.
g Non-income producing—security in default.
57
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited)† | Value (%) |
Education | 34.9 |
Medical | 14.3 |
Transportation | 14.3 |
General Obligation | 12.0 |
General | 5.3 |
Water | 4.9 |
Higher Education | 3.7 |
School District | 2.9 |
Prerefunded | 1.8 |
Utilities | 1.8 |
Development | 1.8 |
Tobacco Settlement | 1.4 |
Special Tax | 1.4 |
Single Family Housing | .9 |
Multifamily Housing | .6 |
102.0 |
† Based on net assets.
See notes to financial statements.
58
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.4% | |||||||||
Alabama - .9% | |||||||||
Black Belt Energy Gas District, | 4.00 | 7/1/2022 | 1,225,000 | 1,289,435 | |||||
Florida - .6% | |||||||||
Orange County Health Facilities Authority, | 5.00 | 10/1/2024 | 750,000 | 848,677 | |||||
Illinois - .8% | |||||||||
Chicago, | 5.25 | 1/1/2022 | 1,150,000 | 1,213,457 | |||||
Michigan - .9% | |||||||||
Michigan Finance Authority, | 5.00 | 12/1/2033 | 1,150,000 | 1,241,643 | |||||
New Jersey - 4.1% | |||||||||
New Jersey Economic Development Authority, | 5.00 | 3/1/2025 | 1,070,000 | 1,139,689 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/2020 | 1,000,000 | 1,055,280 | |||||
New Jersey Economic Development Authority, | 5.25 | 12/15/2021 | 1,265,000 | 1,366,301 | |||||
New Jersey Tobacco Settlement Financing Corporation, | 5.00 | 6/1/2031 | 500,000 | 571,950 | |||||
New Jersey Tobacco Settlement Financing Corporation, | 5.00 | 6/1/2029 | 750,000 | 872,880 | |||||
New Jersey Tobacco Settlement Financing Corporation, | 5.00 | 6/1/2028 | 750,000 | 880,170 | |||||
5,886,270 | |||||||||
New York - 90.3% | |||||||||
Albany County Airport Authority, | 5.00 | 12/15/2023 | 1,500,000 | 1,559,205 | |||||
Battery Park City Authority, | 5.00 | 11/1/2023 | 1,065,000 | 1,226,316 | |||||
Build NYC Resource Corporation, | 5.00 | 8/1/2029 | 200,000 | 228,134 | |||||
Build NYC Resource Corporation, | 5.00 | 8/1/2027 | 300,000 | 346,026 | |||||
Build NYC Resource Corporation, | 5.00 | 8/1/2026 | 350,000 | 405,272 | |||||
Dutchess County Local Development Corporation, | 5.00 | 7/1/2026 | 1,000,000 | 1,184,330 | |||||
Dutchess County Local Development Corporation, | 5.00 | 7/1/2028 | 1,000,000 | 1,189,650 | |||||
Dutchess County Local Development Corporation, | 5.00 | 7/1/2033 | 920,000 | 1,056,602 | |||||
Dutchess County Local Development Corporation, | 5.00 | 7/1/2026 | 525,000 | 614,051 | |||||
Dutchess County Local Development Corporation, | 5.00 | 7/1/2027 | 1,000,000 | 1,179,480 |
59
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
New York - 90.3% (continued) | |||||||||
Haverstraw-Stony Point Central School District, | 5.00 | 10/15/2034 | 730,000 | 819,235 | |||||
Haverstraw-Stony Point Central School District, | 5.00 | 10/15/2033 | 725,000 | 815,320 | |||||
Hudson Yards Infrastructure Corporation, | 5.00 | 2/15/2035 | 1,000,000 | 1,153,240 | |||||
Hudson Yards Infrastructure Corporation, | 5.00 | 2/15/2033 | 1,310,000 | 1,526,556 | |||||
Long Island Power Authority, | 5.00 | 9/1/2033 | 1,500,000 | 1,747,890 | |||||
Metropolitan Transportation Authority, | 4.00 | 11/15/2033 | 1,000,000 | 1,082,980 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/2035 | 1,570,000 | 1,824,309 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/2025 | 1,000,000 | 1,165,390 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/2035 | 1,215,000 | 1,371,383 | |||||
Metropolitan Transportation Authority, | 5.25 | 11/15/2030 | 1,000,000 | 1,159,290 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/2038 | 1,010,000 | 1,091,790 | |||||
Metropolitan Transportation Authority, | 5.00 | 11/15/2028 | 2,375,000 | 2,603,950 | |||||
Monroe County Industrial Development Corporation, | 5.00 | 12/1/2032 | 1,000,000 | 1,143,590 | |||||
Monroe County Industrial Development Corporation, | 5.00 | 12/1/2028 | 1,095,000 | 1,284,720 | |||||
Monroe County Industrial Development Corporation, | 4.00 | 7/1/2035 | 1,000,000 | 1,065,980 | |||||
Nassau County, | 5.00 | 4/1/2029 | 1,500,000 | 1,693,950 | |||||
Nassau County, | 5.00 | 1/1/2032 | 1,640,000 | 1,864,008 | |||||
Nassau County, | 5.00 | 1/15/2031 | 500,000 | 576,800 | |||||
Nassau County, | 5.00 | 4/1/2036 | 1,000,000 | 1,125,750 | |||||
New York and New Jersey Port Authority, | 5.00 | 5/1/2030 | 1,000,000 | 1,162,420 | |||||
New York and New Jersey Port Authority, | 5.00 | 9/15/2024 | 3,000,000 | 3,457,500 | |||||
New York City, | 1.78 | 10/1/2040 | 100,000 | a | 100,000 | ||||
New York City, | 1.78 | 10/1/2038 | 700,000 | a | 700,000 | ||||
New York City, | 5.25 | 3/1/2031 | 1,065,000 | 1,301,387 | |||||
New York City, | 5.00 | 8/1/2025 | 1,335,000 | 1,516,053 | |||||
New York City Housing Development Corporation, | 4.00 | 7/1/2024 | 1,150,000 | 1,244,645 | |||||
New York City Housing Development Corporation, | 5.00 | 7/1/2025 | 1,500,000 | 1,682,100 | |||||
New York City Industrial Development Agency, | 7.00 | 3/1/2049 | 1,000,000 | 1,004,630 |
60
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
New York - 90.3% (continued) | |||||||||
New York City Municipal Water Finance Authority, | 5.00 | 6/15/2044 | 2,110,000 | 2,274,411 | |||||
New York City Transitional Finance Authority, | 5.25 | 8/1/2037 | 1,000,000 | 1,191,530 | |||||
New York City Transitional Finance Authority, | 5.00 | 5/1/2029 | 2,000,000 | 2,184,880 | |||||
New York City Transitional Finance Authority, | 5.25 | 7/15/2036 | 1,000,000 | 1,193,510 | |||||
New York City Trust for Cultural Resources, | 5.00 | 8/1/2031 | 1,480,000 | 1,657,363 | |||||
New York City Trust for Cultural Resources, | 5.00 | 7/1/2037 | 1,000,000 | 1,135,980 | |||||
New York City Trust for Cultural Resources, | 5.00 | 12/1/2026 | 1,075,000 | 1,303,986 | |||||
New York Convention Center Development Corporation, | 5.00 | 11/15/2029 | 1,000,000 | 1,169,440 | |||||
New York Counties Tobacco Trust VI, | 5.00 | 6/1/2045 | 750,000 | 765,008 | |||||
New York Liberty Development Corporation, | 5.00 | 11/15/2044 | 2,000,000 | b | 2,085,340 | ||||
New York Liberty Development Corporation, | 5.15 | 11/15/2034 | 1,500,000 | b | 1,612,320 | ||||
New York State Dormitory Authority, | 4.00 | 7/1/2034 | 1,000,000 | 1,061,140 | |||||
New York State Dormitory Authority, | 5.63 | 11/1/2035 | 1,000,000 | 1,076,060 | |||||
New York State Dormitory Authority, | 5.00 | 10/1/2026 | 1,000,000 | 1,209,520 | |||||
New York State Dormitory Authority, | 4.00 | 7/1/2026 | 1,200,000 | 1,352,700 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/2033 | 1,000,000 | 1,161,300 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/2043 | 2,400,000 | 2,660,880 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/2037 | 650,000 | 724,626 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/2023 | 1,000,000 | 1,041,220 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/2023 | 1,000,000 | 1,127,140 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/2025 | 1,000,000 | 1,184,730 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/2030 | 1,155,000 | 1,343,946 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/2031 | 2,000,000 | 2,322,840 | |||||
New York State Dormitory Authority, | 5.00 | 7/1/2032 | 1,530,000 | 1,744,032 |
61
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
New York - 90.3% (continued) | |||||||||
New York State Dormitory Authority, | 5.00 | 10/1/2028 | 1,400,000 | 1,674,946 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/2035 | 1,100,000 | 1,256,948 | |||||
New York State Dormitory Authority, | 5.00 | 3/15/2030 | 1,275,000 | 1,507,866 | |||||
New York State Energy Research and Development Authority, | 2.00 | 5/1/2020 | 2,000,000 | 1,995,660 | |||||
New York State Housing Finance Agency, | 4.13 | 11/1/2028 | 1,000,000 | 1,051,530 | |||||
New York State Thruway Authority, | 5.00 | 1/1/2031 | 2,000,000 | 2,293,080 | |||||
New York State Thruway Authority, | 5.00 | 1/1/2032 | 1,000,000 | 1,138,350 | |||||
New York State Urban Development Corporation, | 5.00 | 3/15/2033 | 1,000,000 | 1,166,500 | |||||
New York State Urban Development Corporation, | 5.00 | 3/15/2031 | 1,500,000 | 1,767,300 | |||||
New York Transportation Development Corporation, | 5.00 | 1/1/2025 | 1,575,000 | 1,785,593 | |||||
Niagara Frontier Transportation Authority, | 5.00 | 4/1/2026 | 925,000 | 1,073,046 | |||||
Niagara Frontier Transportation Authority, | 5.00 | 4/1/2024 | 1,750,000 | 1,971,795 | |||||
Niagara Frontier Transportation Authority, | 5.00 | 4/1/2025 | 630,000 | 720,802 | |||||
Oyster Bay, | 4.00 | 11/1/2019 | 2,000,000 | 2,029,020 | |||||
Oyster Bay, | 5.00 | 8/15/2022 | 1,715,000 | 1,892,691 | |||||
Sales Tax Asset Receivable Corporation, | 5.00 | 10/15/2031 | 1,060,000 | 1,220,569 | |||||
St. Lawrence County New York Development Agency, | 5.00 | 9/1/2029 | 1,000,000 | 1,163,340 | |||||
Suffolk County, | 5.00 | 2/1/2022 | 1,000,000 | 1,089,610 | |||||
Suffolk County, | 4.00 | 2/1/2024 | 2,115,000 | 2,307,021 | |||||
Suffolk County, | 4.00 | 2/1/2028 | 1,425,000 | 1,585,811 | |||||
Suffolk County Water Authority, | 4.00 | 6/1/2038 | 1,000,000 | 1,050,060 | |||||
Suffolk County Water Authority, | 4.00 | 6/1/2030 | 1,895,000 | 2,100,683 | |||||
TSASC, Inc., | 5.00 | 6/1/2024 | 500,000 | 560,935 | |||||
TSASC, Inc., | 5.00 | 6/1/2022 | 1,750,000 | 1,896,160 | |||||
Utility Debt Securitization Authority, | 5.00 | 6/15/2027 | 1,600,000 | 1,898,016 |
62
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 99.4% (continued) | |||||||||
New York - 90.3% (continued) | |||||||||
Utility Debt Securitization Authority, | 5.00 | 6/15/2026 | 2,000,000 | 2,300,900 | |||||
Westchester County Health Care Corporation, | 5.00 | 11/1/2020 | 1,400,000 | 1,465,100 | |||||
Westchester County Health Care Corporation, | 5.00 | 11/1/2024 | 1,500,000 | 1,599,570 | |||||
Westchester County Local Development Corporation, | 5.00 | 6/1/2037 | 1,000,000 | 1,110,340 | |||||
Westchester County Local Development Corporation, | 5.00 | 6/1/2026 | 1,000,000 | 1,149,230 | |||||
Westchester County Local Development Corporation, | 5.00 | 6/1/2025 | 1,105,000 | 1,256,661 | |||||
Westchester County Local Development Corporation, | 5.00 | 11/1/2028 | 1,000,000 | 1,136,480 | |||||
Yonkers, | 5.00 | 11/15/2026 | 1,000,000 | 1,203,570 | |||||
130,277,017 | |||||||||
U.S. Related - 1.8% | |||||||||
Guam, | 5.00 | 1/1/2024 | 1,000,000 | 1,054,270 | |||||
Puerto Rico Commonwealth, | 5.50 | 7/1/2019 | 1,550,000 | 1,560,850 | |||||
2,615,120 | |||||||||
Total Investments(cost $140,151,269) | 99.4% | 143,371,619 | |||||||
Cash and Receivables (Net) | 0.6% | 887,062 | |||||||
Net Assets | 100.0% | 144,258,681 |
a 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.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2019, these securities were valued at $3,697,660 or 2.56% of net assets.
Portfolio Summary (Unaudited)† | Value (%) |
Education | 17.3 |
General Obligation | 14.0 |
Transportation | 13.8 |
General | 12.7 |
Medical | 8.7 |
Special Tax | 7.2 |
Development | 3.9 |
Tobacco Settlement | 3.8 |
Water | 3.8 |
Higher Education | 3.3 |
Utilities | 2.8 |
Multifamily Housing | 2.8 |
Airport | 2.6 |
Pollution | 1.4 |
Power | 1.3 |
99.4 |
† Based on net assets.
See notes to financial statements.
63
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - .8% | |||||||||
Health Care - .8% | |||||||||
Montefiore Obligated Group, | 5.25 | 11/1/2048 | 15,000,000 | 15,030,666 | |||||
Long-Term Municipal Investments - 100.2% | |||||||||
Alabama - .5% | |||||||||
Auburn University, | 5.00 | 6/1/2048 | 5,000,000 | 5,712,600 | |||||
Auburn University, | 5.00 | 6/1/2043 | 3,500,000 | 4,023,810 | |||||
9,736,410 | |||||||||
Alaska - .3% | |||||||||
Valdez, | 1.69 | 10/1/2025 | 1,800,000 | a | 1,800,000 | ||||
Valdez, | 1.69 | 12/1/2029 | 2,700,000 | a | 2,700,000 | ||||
4,500,000 | |||||||||
Arizona - 1.6% | |||||||||
Arizona Health Facilities Authority, | 5.00 | 2/1/2042 | 6,000,000 | 6,325,260 | |||||
Arizona Health Facilities Authority, | 0.70 | 1/1/2046 | 800,000 | a | 800,000 | ||||
Arizona Industrial Development Authority, | 5.50 | 7/1/2038 | 1,165,000 | b | 1,188,638 | ||||
Arizona Industrial Development Authority, | 5.63 | 7/1/2048 | 2,000,000 | b | 2,037,180 | ||||
Arizona Industrial Development Authority, | 5.75 | 7/1/2053 | 3,260,000 | b | 3,325,493 | ||||
Maricopa County Special Health Care District, | 5.00 | 7/1/2036 | 7,500,000 | 8,688,900 | |||||
Pinal County Industrial Development Authority, | 7.25 | 10/1/2033 | 4,000,000 | b | 4,032,560 | ||||
University Medical Center Corporation, | 6.00 | 7/1/2021 | 2,500,000 | c | 2,740,975 | ||||
29,139,006 | |||||||||
Arkansas - .4% | |||||||||
University of Arkansas, | 5.00 | 11/1/2042 | 5,990,000 | 6,829,259 | |||||
California - 17.9% | |||||||||
Alameda Corridor Transportation Authority, | 4.00 | 10/1/2037 | 1,000,000 | 1,042,720 | |||||
Alameda Corridor Transportation Authority, | 4.00 | 10/1/2035 | 1,500,000 | 1,583,325 | |||||
Alameda Corridor Transportation Authority, | 5.00 | 10/1/2036 | 2,500,000 | 2,766,700 | |||||
Anaheim Public Financing Authority, | 5.00 | 5/1/2046 | 6,450,000 | 7,100,160 | |||||
Bay Area Toll Authority, | 4.00 | 4/1/2042 | 5,000,000 | 5,138,200 | |||||
Bay Area Toll Authority, | 2.63 | 4/1/2026 | 10,000,000 | 10,325,900 |
64
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
California - 17.9% (continued) | |||||||||
California Communities Development Authority, | 4.00 | 4/1/2042 | 1,600,000 | 1,612,928 | |||||
California Communities Development Authority, | 5.00 | 4/1/2047 | 1,500,000 | 1,663,575 | |||||
California Community College Financing Authority, | 5.25 | 5/1/2043 | 1,250,000 | 1,373,688 | |||||
California Community College Financing Authority, | 5.25 | 5/1/2048 | 2,000,000 | 2,190,920 | |||||
California Education Facilities Authority, | 5.00 | 4/1/2047 | 2,500,000 | 2,795,050 | |||||
California Education Facilities Authority, | 5.00 | 4/1/2042 | 2,000,000 | 2,241,940 | |||||
California Educational Facilities Authority, | 5.00 | 10/1/2048 | 3,000,000 | 3,400,170 | |||||
California Health Facilities Financing Authority, | 4.00 | 11/1/2044 | 12,000,000 | 12,276,240 | |||||
California Health Facilities Financing Authority, | 5.00 | 11/15/2056 | 7,500,000 | 8,261,325 | |||||
California Health Facilities Financing Authority, | 5.00 | 7/1/2037 | 590,000 | b | 650,994 | ||||
California Health Facilities Financing Authority, | 5.00 | 7/1/2047 | 870,000 | b | 943,576 | ||||
California Health Facilities Financing Authority, | 5.00 | 7/1/2037 | 2,270,000 | 2,501,790 | |||||
California Health Facilities Financing Authority, | 5.00 | 8/15/2047 | 1,000,000 | 1,098,430 | |||||
California Health Facilities Financing Authority, | 4.00 | 11/15/2048 | 5,000,000 | 5,087,950 | |||||
California Infrastructure and Economic Development Bank, | 5.25 | 10/1/2034 | 900,000 | 971,883 | |||||
California Municipal Finance Authority, | 5.00 | 5/15/2039 | 3,265,000 | 3,618,436 | |||||
California Municipal Finance Authority, | 5.00 | 5/15/2040 | 5,000,000 | 5,519,150 | |||||
California Municipal Finance Authority, | 5.00 | 5/15/2034 | 2,250,000 | 2,554,762 | |||||
California Municipal Finance Authority, | 5.00 | 5/15/2048 | 6,000,000 | 6,561,360 | |||||
California Municipal Finance Authority, | 5.00 | 5/15/2043 | 5,000,000 | 5,486,100 | |||||
California Municipal Finance Authority, | 5.00 | 5/15/2037 | 2,605,000 | 2,910,749 | |||||
California Municipal Finance Authority, | 5.00 | 7/1/2049 | 1,800,000 | b | 1,870,596 | ||||
California Municipal Finance Authority, | 5.00 | 5/15/2043 | 2,000,000 | 2,196,140 | |||||
California Municipal Finance Authority, | 5.00 | 7/1/2038 | 1,100,000 | b | 1,163,118 | ||||
California Municipal Finance Authority, | 5.00 | 6/1/2043 | 5,750,000 | 6,580,760 | |||||
California Municipal Finance Authority, | 5.00 | 5/15/2052 | 7,500,000 | 8,144,400 | |||||
California Municipal Finance Authority, | 6.00 | 1/1/2022 | 6,000,000 | c | 6,751,020 |
65
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
California - 17.9% (continued) | |||||||||
California Municipal Finance Authority, | 5.00 | 12/31/2047 | 2,250,000 | 2,484,225 | |||||
California Municipal Finance Authority, | 5.25 | 11/1/2047 | 700,000 | 747,740 | |||||
California Municipal Finance Authority, | 5.25 | 11/1/2041 | 1,200,000 | 1,285,800 | |||||
California Municipal Finance Authority, | 6.50 | 11/1/2031 | 300,000 | 336,711 | |||||
California Municipal Finance Authority, | 5.00 | 2/1/2042 | 1,000,000 | 1,095,060 | |||||
California Municipal Finance Authority, | 5.00 | 6/1/2035 | 600,000 | 647,592 | |||||
California Municipal Finance Authority, | 5.00 | 6/1/2050 | 2,750,000 | 2,906,640 | |||||
California Pollution Control Financing Authority, | 7.50 | 12/1/2040 | 7,500,000 | b | 7,211,850 | ||||
California School Finance Authority, | 5.00 | 6/1/2047 | 1,500,000 | b | 1,611,975 | ||||
California School Finance Authority, | 5.00 | 8/1/2038 | 1,000,000 | b | 1,106,650 | ||||
California School Finance Authority, | 5.00 | 8/1/2048 | 1,750,000 | b | 1,908,970 | ||||
California State Public Works Board, | 5.00 | 12/1/2031 | 2,000,000 | 2,163,100 | |||||
California State University Trustees, | 4.00 | 11/1/2045 | 500,000 | 514,975 | |||||
California Statewide Communities Development Authority, | 6.75 | 2/1/2038 | 2,230,000 | 2,277,811 | |||||
California Statewide Communities Development Authority, | 5.00 | 12/1/2041 | 2,500,000 | b | 2,642,450 | ||||
California Statewide Communities Development Authority, | 5.00 | 12/1/2033 | 1,000,000 | b | 1,102,960 | ||||
California Statewide Communities Development Authority, | 5.00 | 12/1/2036 | 2,500,000 | b | 2,676,550 | ||||
California Statewide Communities Development Authority, | 5.25 | 12/1/2043 | 2,150,000 | b | 2,329,654 | ||||
California Statewide Communities Development Authority, | 5.25 | 12/1/2038 | 1,500,000 | b | 1,645,740 | ||||
California Statewide Communities Development Authority, | 5.50 | 12/1/2058 | 2,250,000 | b | 2,460,915 | ||||
California Statewide Communities Development Authority, | 6.00 | 8/15/2020 | 6,000,000 | c | 6,387,720 | ||||
California Statewide Communities Development Authority, | 5.00 | 5/15/2040 | 2,000,000 | 2,186,060 | |||||
California Statewide Communities Development Authority, | 5.38 | 5/15/2038 | 1,900,000 | 2,014,874 |
66
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
California - 17.9% (continued) | |||||||||
Capistrano Unified School District Community Facilities District Number 90-2, | 5.00 | 9/1/2032 | 4,000,000 | 4,472,600 | |||||
Foothill Eastern Transportation Corridor Agency, | 3.95 | 1/15/2053 | 5,000,000 | 5,008,250 | |||||
Galt Redevelopment Agency, | 7.38 | 9/1/2033 | 2,000,000 | 2,251,180 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/2047 | 5,000,000 | 4,826,600 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/2028 | 3,000,000 | 3,439,830 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/2047 | 5,000,000 | 4,826,600 | |||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/2029 | 3,000,000 | 3,411,630 | |||||
Grant Joint Union High School District, | 0.00 | 2/1/2033 | 4,380,000 | d | 2,727,776 | ||||
Grant Joint Union High School District, | 0.00 | 8/1/2029 | 2,080,000 | d | 1,518,837 | ||||
Irvine, | 4.00 | 9/2/2029 | 1,000,000 | 1,046,700 | |||||
Long Beach, | 5.00 | 5/15/2045 | 2,000,000 | 2,161,100 | |||||
Long Beach, | 5.00 | 5/15/2040 | 2,500,000 | 2,721,700 | |||||
Los Angeles County Public Works Financing Authority, | 5.00 | 12/1/2039 | 1,000,000 | 1,139,700 | |||||
Los Angeles County Public Works Financing Authority, | 5.00 | 12/1/2034 | 1,000,000 | 1,151,290 | |||||
Morongo Band of Mission Indians, | 5.00 | 10/1/2042 | 1,000,000 | b | 1,059,270 | ||||
New Haven Unified School District, | 0.00 | 8/1/2032 | 2,500,000 | d | 1,606,800 | ||||
Northern California Energy Authority, | 4.00 | 7/1/2024 | 5,000,000 | 5,317,150 | |||||
Northern California Gas Authority Number 1, | 2.59 | 7/1/2027 | 660,000 | e | 646,589 | ||||
Oroville, | 5.25 | 4/1/2049 | 3,500,000 | 3,815,770 | |||||
Oroville, | 5.25 | 4/1/2039 | 1,750,000 | 1,942,517 | |||||
Palomar Health, | 5.00 | 11/1/2039 | 1,000,000 | 1,068,540 | |||||
Riverside County Transportation Commission, | 5.25 | 6/1/2023 | 3,500,000 | c | 4,042,010 | ||||
Riverside County Transportation Commission, | 5.25 | 6/1/2023 | 2,000,000 | c | 2,309,720 | ||||
Riverside County Transportation Commission, | 5.25 | 6/1/2023 | 2,000,000 | c | 2,309,720 | ||||
Riverside County Transportation Commission, | 5.75 | 6/1/2048 | 5,000,000 | 5,443,700 | |||||
Riverside County Transportation Commission, | 5.75 | 6/1/2044 | 2,000,000 | 2,180,780 | |||||
Sacramento Transient Occupancy, | 5.00 | 6/1/2048 | 5,000,000 | 5,674,050 | |||||
San Diego County Regional Airport Authority, | 5.00 | 7/1/2042 | 1,000,000 | 1,115,940 |
67
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
California - 17.9% (continued) | |||||||||
San Diego Unified School District, | 4.00 | 7/1/2035 | 2,205,000 | 2,340,982 | |||||
San Diego Unified School District, | 0.00 | 7/1/2025 | 4,000,000 | d | 3,487,960 | ||||
San Francisco City & County Airport Comm-San Francisco International Airport, | 5.00 | 5/1/2044 | 6,500,000 | 7,381,790 | |||||
San Francisco City and County Redevelopment Agency Community Facilities District Number 6, | 0.00 | 8/1/2043 | 7,835,000 | d | 2,069,302 | ||||
San Francisco City and County Redevelopment Agency Community Facilities District Number 6, | 0.00 | 8/1/2038 | 2,000,000 | d | 713,480 | ||||
San Francisco City and County Redevelopment Financing Authority, | 6.63 | 2/1/2021 | 1,250,000 | c | 1,372,300 | ||||
San Joaquin Hills Transportation Corridor Agency, | 5.00 | 1/15/2050 | 5,000,000 | 5,372,950 | |||||
San Jose Airport, | 5.00 | 3/1/2047 | 8,500,000 | 9,406,865 | |||||
Sierra Joint Community College District School Facilities Improvement District #2, | 0.00 | 8/1/2031 | 5,330,000 | d | 3,621,362 | ||||
Sierra Joint Community College District School Facilities Improvement District #2, | 0.00 | 8/1/2030 | 3,020,000 | d | 2,163,286 | ||||
South Bayside Waste Management Authority, | 6.00 | 9/1/2036 | 1,000,000 | 1,020,610 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0427) Non-recourse, | 5.25 | 5/15/2026 | 10,000,000 | b,f | 10,453,425 | ||||
University of California, | 5.00 | 5/15/2037 | 7,325,000 | 8,000,511 | |||||
University of California, | 5.00 | 5/15/2022 | 7,280,000 | c | 8,089,245 | ||||
University of California, | 5.00 | 5/15/2043 | 4,000,000 | 4,592,960 | |||||
327,453,454 | |||||||||
Colorado - 1.0% | |||||||||
Board of Governors of Colorado State University System, | 5.00 | 3/1/2043 | 5,000,000 | 5,720,150 | |||||
Colorado Health Facilities Authority, | 5.00 | 6/1/2047 | 2,500,000 | 2,680,550 | |||||
Colorado Health Facilities Authority, | 6.00 | 10/1/2023 | 500,000 | 501,795 | |||||
Denver City and County Airport System, | 4.00 | 12/1/2048 | 1,250,000 | 1,256,875 | |||||
Denver City and County Airport System, | 5.25 | 12/1/2048 | 3,500,000 | 4,017,020 | |||||
Denver Urban Renewal Authority, | 5.25 | 12/1/2039 | 2,000,000 | b | 2,004,880 |
68
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
Colorado - 1.0% (continued) | |||||||||
Denver Urban Renewal Authority, | 5.25 | 12/1/2039 | 2,500,000 | b | 2,521,950 | ||||
18,703,220 | |||||||||
Delaware - .9% | |||||||||
Delaware Health Facilities Authority, | 4.00 | 7/1/2043 | 2,000,000 | 2,039,120 | |||||
Kent Student Housing & Dining Facility, | 5.00 | 7/1/2048 | 1,000,000 | 1,057,950 | |||||
Kent Student Housing & Dining Facility, | 5.00 | 7/1/2040 | 750,000 | 799,035 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0431) Non-recourse, | 5.00 | 11/1/2043 | 12,230,000 | b,f | 13,422,574 | ||||
17,318,679 | |||||||||
District of Columbia - 1.7% | |||||||||
District of Columbia, | 5.00 | 6/1/2032 | 3,500,000 | 3,681,930 | |||||
District of Columbia, | 6.00 | 7/1/2023 | 1,450,000 | c | 1,707,564 | ||||
District of Columbia, | 6.00 | 7/1/2023 | 1,700,000 | c | 2,001,971 | ||||
District of Columbia, | 6.00 | 7/1/2023 | 1,100,000 | c | 1,295,393 | ||||
District of Columbia, | 5.00 | 7/1/2048 | 5,000,000 | 5,339,200 | |||||
District of Columbia, | 5.00 | 7/1/2042 | 4,000,000 | 4,294,960 | |||||
Metropolitan Washington Airports Authority, | 0.00 | 10/1/2036 | 6,275,000 | d | 3,182,303 | ||||
Metropolitan Washington Airports Authority, | 1.68 | 10/1/2039 | 9,630,000 | a | 9,630,000 | ||||
31,133,321 | |||||||||
Florida - 2.8% | |||||||||
Capital Trust Agency Inc, | 5.00 | 7/1/2048 | 750,000 | 789,570 | |||||
Capital Trust Agency Inc, | 5.00 | 7/1/2053 | 250,000 | 250,538 | |||||
Collier County Health Facilities Authority, | 5.00 | 5/1/2045 | 2,500,000 | 2,656,925 | |||||
Davie Educational Facilities, | 5.00 | 4/1/2048 | 3,000,000 | 3,278,040 | |||||
Higher Educational Facilities Financing Authority, | 5.25 | 4/1/2042 | 1,100,000 | 1,194,611 | |||||
Jacksonville, | 5.00 | 10/1/2030 | 750,000 | 816,038 | |||||
Miami Beach Redevelopment Agency, | 5.00 | 2/1/2040 | 7,545,000 | 8,460,661 |
69
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
Florida - 2.8% (continued) | |||||||||
Miami-Dade County, | 5.50 | 10/1/2041 | 1,200,000 | 1,272,096 | |||||
Miami-Dade County, | 5.50 | 10/1/2042 | 14,145,000 | 15,789,215 | |||||
Miami-Dade County Expressway Authority, | 5.00 | 7/1/2040 | 1,050,000 | 1,088,231 | |||||
Miami-Dade County Health Facilities Authority, | 5.00 | 8/1/2042 | 4,000,000 | 4,442,400 | |||||
Orange County Health Facilities Authority, | 5.00 | 10/1/2042 | 5,000,000 | 5,301,450 | |||||
Orange County Health Facilities Authority, | 5.00 | 10/1/2047 | 3,000,000 | 3,350,190 | |||||
Pinellas County Health Facilities Authority, | 1.71 | 11/1/2038 | 2,600,000 | a | 2,600,000 | ||||
51,289,965 | |||||||||
Georgia - 1.0% | |||||||||
Atlanta Development Authority, | 5.25 | 7/1/2044 | 1,500,000 | 1,691,115 | |||||
Atlanta Development Authority Senior Health Care Facilities, | 6.75 | 1/1/2035 | 2,500,000 | 2,404,500 | |||||
Atlanta Development Authority Senior Health Care Facilities, | 7.00 | 1/1/2040 | 2,500,000 | 2,440,725 | |||||
Fulton County Development Authority, | 5.00 | 3/15/2044 | 6,000,000 | 6,741,540 | |||||
Main Street Natural Gas Inc, | 5.00 | 5/15/2049 | 3,500,000 | 3,963,120 | |||||
Main Street Natural Gas Inc, | 5.00 | 5/15/2043 | 1,500,000 | 1,628,205 | |||||
18,869,205 | |||||||||
Hawaii - 2.1% | |||||||||
Hawaii Department of Budget and Finance, | 6.50 | 7/1/2039 | 6,000,000 | 6,099,060 | |||||
Hawaii Department of Budget and Finance, | 5.00 | 7/1/2035 | 7,000,000 | 7,811,720 | |||||
Hawaii Department of Budget and Finance, | 5.13 | 11/15/2032 | 1,000,000 | 1,093,170 | |||||
Hawaii Department of Budget and Finance, | 5.25 | 11/15/2037 | 1,000,000 | 1,089,020 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0429) Non-recourse, | 10.32 | 12/1/2024 | 20,000,000 | b,f | 21,766,149 | ||||
37,859,119 | |||||||||
Idaho - .3% | |||||||||
Idaho Health Facilities Authority, | 5.00 | 12/1/2047 | 1,500,000 | 1,672,950 | |||||
Idaho Health Facilities Authority, | 5.00 | 12/1/2032 | 3,900,000 | 4,210,791 | |||||
5,883,741 |
70
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
Illinois - 10.2% | |||||||||
Board of Education of Chicago Unlimited Tax, | 6.75 | 12/1/2030 | 7,500,000 | b | 9,051,375 | ||||
Board of Education of Chicago Unlimited Tax, | 7.00 | 12/1/2042 | 10,000,000 | b | 11,893,000 | ||||
Board of Education of Chicago Unlimited Tax, | 7.00 | 12/1/2046 | 5,000,000 | b | 5,922,550 | ||||
Chicago, | 5.50 | 1/1/2043 | 4,000,000 | 4,412,160 | |||||
Chicago, | 5.00 | 1/1/2031 | 15,000,000 | 16,789,800 | |||||
Chicago, | 5.00 | 1/1/2041 | 6,800,000 | 7,464,224 | |||||
Chicago, | 5.00 | 1/1/2035 | 5,000,000 | 5,192,700 | |||||
Chicago, | 5.50 | 1/1/2040 | 5,000,000 | 5,295,400 | |||||
Chicago, | 5.50 | 1/1/2042 | 1,250,000 | 1,320,550 | |||||
Chicago, | 5.50 | 1/1/2042 | 1,750,000 | 1,848,770 | |||||
Chicago, | 7.75 | 1/1/2042 | 6,208,000 | 7,839,214 | |||||
Chicago, | 7.75 | 1/1/2042 | 1,272,000 | 1,357,771 | |||||
Chicago Board of Education, | 6.00 | 4/1/2046 | 1,500,000 | 1,718,595 | |||||
Chicago Board of Education, | 6.50 | 12/1/2046 | 4,500,000 | 5,076,180 | |||||
Chicago Board of Education, | 5.00 | 12/1/2026 | 1,170,000 | 1,336,245 | |||||
Chicago Board of Education, | 5.00 | 12/1/2046 | 2,500,000 | 2,531,600 | |||||
Chicago Board of Education, | 7.00 | 12/1/2044 | 2,500,000 | 2,873,850 | |||||
Chicago Board of Education Dedicated Capital Improvement, | 5.00 | 4/1/2046 | 1,600,000 | 1,708,304 | |||||
Chicago Board of Education Dedicated Capital Improvement, | 5.00 | 4/1/2042 | 1,700,000 | 1,819,901 | |||||
Chicago Midway International Airport, | 5.00 | 1/1/2046 | 5,000,000 | 5,488,200 | |||||
Chicago O'Hare International Airport, | 5.75 | 1/1/2039 | 415,000 | 439,497 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2037 | 3,000,000 | 3,404,160 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2036 | 3,130,000 | 3,569,389 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2038 | 3,250,000 | 3,672,727 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2039 | 3,710,000 | 4,176,978 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2048 | 7,000,000 | 7,749,280 | |||||
Chicago O'Hare International Airport, | 5.00 | 1/1/2033 | 10,425,000 | 11,568,205 |
71
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
Illinois - 10.2% (continued) | |||||||||
Illinois, | 5.50 | 7/1/2033 | 2,500,000 | 2,641,375 | |||||
Illinois, | 5.50 | 7/1/2038 | 10,000,000 | 10,451,200 | |||||
Illinois, | 5.00 | 10/1/2025 | 15,000,000 | 16,226,850 | |||||
Illinois Finance Authority, | 5.25 | 5/15/2047 | 4,250,000 | 4,370,402 | |||||
Illinois Finance Authority, | 5.50 | 7/1/2028 | 1,560,000 | 1,743,409 | |||||
Illinois Finance Authority, | 6.00 | 7/1/2043 | 5,000,000 | 5,483,900 | |||||
Illinois Finance Authority, | 1.68 | 8/1/2043 | 5,000,000 | a | 5,000,000 | ||||
Illinois Finance Authority, | 5.00 | 5/15/2037 | 3,000,000 | 3,105,450 | |||||
Illinois Finance Authority, | 5.63 | 5/15/2042 | 3,000,000 | 3,056,310 | |||||
187,599,521 | |||||||||
Indiana - .4% | |||||||||
Allen County, | 6.75 | 1/15/2043 | 750,000 | b | 788,138 | ||||
Allen County, | 6.88 | 1/15/2052 | 1,250,000 | b | 1,316,050 | ||||
Indiana Finance Authority, | 5.25 | 2/1/2035 | 5,000,000 | 5,860,350 | |||||
7,964,538 | |||||||||
Iowa - .7% | |||||||||
Iowa Finance Authority, | 1.68 | 2/15/2041 | 12,100,000 | a | 12,100,000 | ||||
Kansas - .6% | |||||||||
Wichita, | 4.00 | 10/15/2019 | 10,000,000 | 10,142,900 | |||||
Kentucky - .4% | |||||||||
Kentucky Economic Development Finance Authority, | 5.00 | 12/1/2047 | 3,500,000 | 3,775,835 | |||||
Kentucky Public Transportation Infrastructure Authority, | 5.75 | 7/1/2049 | 3,000,000 | 3,251,040 | |||||
7,026,875 | |||||||||
Louisiana - 1.0% | |||||||||
Jefferson Parish Economic Development & Port District, | 5.50 | 6/15/2038 | 3,200,000 | b | 3,236,800 | ||||
Jefferson Parish Economic Development & Port District, | 5.63 | 6/15/2048 | 4,350,000 | b | 4,404,505 | ||||
Jefferson Parish Hospital Service District Number 2, | 6.25 | 7/1/2031 | 5,000,000 | 4,750,000 | |||||
Louisiana Public Facilities Authority, | 4.00 | 6/1/2045 | 5,000,000 | 5,067,000 | |||||
Louisiana Public Facilities Authority, | 6.00 | 7/1/2029 | 1,000,000 | 1,013,680 |
72
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
Louisiana - 1.0% (continued) | |||||||||
New Orleans, | 5.00 | 12/1/2034 | 500,000 | 546,250 | |||||
19,018,235 | |||||||||
Maine - .9% | |||||||||
Maine Finance Authority, | 5.38 | 12/15/2033 | 4,500,000 | b | 4,608,180 | ||||
Maine Health and Higher Educational Facilities Authority, | 6.00 | 7/1/2026 | 825,000 | 880,044 | |||||
Maine Health and Higher Educational Facilities Authority, | 7.00 | 7/1/2041 | 4,240,000 | 4,592,047 | |||||
Maine Health and Higher Educational Facilities Authority, | 5.00 | 7/1/2038 | 5,000,000 | 5,762,400 | |||||
15,842,671 | |||||||||
Maryland - 1.4% | |||||||||
Maryland, | 4.00 | 3/15/2020 | 20,000,000 | c | 20,496,800 | ||||
Maryland Health and Higher Educational Facilities Authority, | 6.75 | 7/1/2019 | 2,000,000 | c | 2,032,780 | ||||
Maryland Health and Higher Educational Facilities Authority, | 5.13 | 7/1/2019 | 250,000 | c | 252,838 | ||||
Maryland Health and Higher Educational Facilities Authority, | 4.00 | 7/1/2042 | 2,000,000 | 2,041,240 | |||||
24,823,658 | |||||||||
Massachusetts - 4.3% | |||||||||
Massachusetts Development Finance Agency, | 5.25 | 11/15/2041 | 4,370,000 | 4,757,444 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2040 | 5,500,000 | 6,180,460 | |||||
Massachusetts Development Finance Agency, | 5.00 | 12/1/2041 | 3,000,000 | 3,345,300 | |||||
Massachusetts Development Finance Agency, | 5.25 | 1/1/2042 | 5,500,000 | 6,064,630 | |||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/2047 | 2,100,000 | 2,056,488 | |||||
Massachusetts Development Finance Agency, | 5.13 | 11/15/2046 | 1,500,000 | b | 1,534,995 | ||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2046 | 2,015,000 | 2,179,001 | |||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/2040 | 1,000,000 | 1,098,600 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2047 | 3,000,000 | b | 3,120,810 | ||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2057 | 2,000,000 | b | 2,070,420 | ||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2037 | 1,000,000 | b | 1,059,290 | ||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2035 | 470,000 | 535,250 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2036 | 445,000 | 504,287 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2038 | 340,000 | 381,619 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2037 | 605,000 | 682,313 | |||||
Massachusetts Development Finance Agency, | 6.75 | 1/1/2036 | 470,000 | 512,103 | |||||
Massachusetts Development Finance Agency, | 6.88 | 1/1/2041 | 400,000 | 436,724 |
73
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
Massachusetts - 4.3% (continued) | |||||||||
Massachusetts Development Finance Agency, | 7.25 | 1/1/2032 | 1,240,000 | 1,361,222 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2039 | 5,000,000 | 5,640,650 | |||||
Massachusetts Development Finance Agency, | 5.00 | 4/15/2040 | 1,500,000 | 1,567,995 | |||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/2036 | 2,115,000 | 2,328,425 | |||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/2044 | 1,375,000 | 1,514,975 | |||||
Massachusetts Health and Educational Facilities Authority, | 1.72 | 12/1/2037 | 3,100,000 | a | 3,100,000 | ||||
Massachusetts Water Pollution Abatement Trust, | 5.75 | 8/1/2029 | 50,000 | 50,159 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0428) Non-recourse, | 5.00 | 4/1/2023 | 15,000,000 | b,f | 16,019,925 | ||||
Tender Option Bond Trust Receipts (Series 2016-XM0430) Non-recourse, | 5.00 | 8/15/2030 | 10,000,000 | b,f | 10,970,485 | ||||
79,073,570 | |||||||||
Michigan - 3.1% | |||||||||
Detroit, | 5.00 | 4/1/2034 | 1,000,000 | 1,057,880 | |||||
Detroit, | 5.00 | 4/1/2033 | 1,150,000 | 1,221,093 | |||||
Detroit, | 5.00 | 4/1/2035 | 1,660,000 | 1,749,076 | |||||
Detroit, | 5.00 | 4/1/2038 | 1,235,000 | 1,286,055 | |||||
Detroit, | 5.00 | 4/1/2036 | 1,200,000 | 1,258,956 | |||||
Detroit, | 5.00 | 4/1/2029 | 1,000,000 | 1,085,930 | |||||
Detroit, | 5.00 | 4/1/2028 | 900,000 | 982,233 | |||||
Detroit, | 5.00 | 4/1/2030 | 700,000 | 756,994 | |||||
Detroit, | 5.00 | 4/1/2032 | 850,000 | 905,199 | |||||
Detroit, | 5.00 | 4/1/2031 | 1,000,000 | 1,071,800 | |||||
Detroit, | 4.00 | 4/1/2044 | 3,000,000 | e | 2,606,970 | ||||
Detroit Downtown Development Authority, | 5.00 | 7/1/2043 | 12,000,000 | 12,889,080 | |||||
Grand Traverse County Hospital Finance Authority, | 1.72 | 7/1/2041 | 1,335,000 | a | 1,335,000 | ||||
Michigan Building Authority, | 5.38 | 10/15/2041 | 3,000,000 | c | 3,247,020 | ||||
Michigan Finance Authority, | 5.00 | 8/1/2032 | 2,000,000 | 2,224,220 | |||||
Michigan Finance Authority, | 5.00 | 12/1/2038 | 6,475,000 | 6,938,675 |
74
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
Michigan - 3.1% (continued) | |||||||||
Michigan Strategic Fund, | 5.00 | 12/31/2043 | 10,000,000 | 10,973,400 | |||||
Wayne County Building Authority, | 10.00 | 12/1/2040 | 5,000,000 | 5,515,300 | |||||
57,104,881 | |||||||||
Minnesota - 2.3% | |||||||||
Minneapolis, | 1.72 | 11/15/2048 | 8,200,000 | a | 8,200,000 | ||||
Tender Option Bond Trust Receipts (Series 2016-XM0425) Non-recourse, | 5.00 | 8/1/2023 | 17,125,000 | b,f | 17,909,554 | ||||
Tender Option Bond Trust Receipts (Series 2016-XM0426) Non-recourse, | 5.00 | 8/1/2020 | 10,000,000 | b,f | 10,474,600 | ||||
Western Minnesota Municipal Power Agency, | 5.00 | 1/1/2049 | 5,390,000 | 6,189,229 | |||||
42,773,383 | |||||||||
Mississippi - 1.1% | |||||||||
Mississippi Business Finance Corporation, | 1.69 | 12/1/2030 | 7,800,000 | a | 7,800,000 | ||||
Mississippi Business Finance Corporation, | 1.69 | 12/1/2030 | 8,500,000 | a | 8,500,000 | ||||
Mississippi Development Bank, | 6.88 | 12/1/2040 | 1,625,000 | 1,927,656 | |||||
Warren County, | 5.80 | 5/1/2034 | 1,500,000 | 1,558,050 | |||||
19,785,706 | |||||||||
Nebraska - .6% | |||||||||
Omaha Public Power District, | 5.00 | 2/1/2042 | 10,000,000 | 11,471,700 | |||||
Nevada - .5% | |||||||||
Director of Nevada Department of Business & Industry Environment, | 6.25 | 12/15/2037 | 5,000,000 | b | 5,329,550 | ||||
Director of Nevada Department of Business & Industry Environment, | 5.13 | 12/15/2037 | 1,500,000 | b | 1,443,015 | ||||
Reno, | 0.00 | 7/1/2058 | 15,000,000 | b,d | 1,741,050 | ||||
8,513,615 | |||||||||
New Jersey - 4.9% | |||||||||
New Jersey, | 5.25 | 6/15/2019 | 1,000,000 | c | 1,010,310 | ||||
New Jersey Economic Development Authority, | 5.00 | 6/15/2026 | 2,500,000 | 2,680,050 | |||||
New Jersey Economic Development Authority, | 5.00 | 7/1/2033 | 2,500,000 | 2,708,625 | |||||
New Jersey Economic Development Authority, | 5.13 | 1/1/2034 | 5,325,000 | 5,824,538 | |||||
New Jersey Economic Development Authority, | 5.38 | 1/1/2043 | 5,500,000 | 5,987,025 |
75
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
New Jersey - 4.9% (continued) | |||||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/2029 | 13,000,000 | 14,461,590 | |||||
New Jersey Economic Development Authority, | 4.70 | 9/1/2028 | 325,000 | b | 328,972 | ||||
New Jersey Economic Development Authority, | 5.38 | 9/1/2033 | 265,000 | b | 274,869 | ||||
New Jersey Economic Development Authority, | 5.63 | 9/1/2038 | 340,000 | b | 351,747 | ||||
New Jersey Economic Development Authority, | 5.75 | 9/1/2050 | 1,250,000 | b | 1,295,288 | ||||
New Jersey Health Care Facilities Financing Authority, | 6.25 | 7/1/2035 | 1,500,000 | 1,593,855 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/2033 | 7,000,000 | 7,917,490 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/2046 | 3,000,000 | 3,168,660 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.25 | 6/1/2046 | 5,000,000 | 5,403,550 | |||||
New Jersey Tobacco Settlement Financing Corp., | 5.00 | 6/1/2046 | 10,000,000 | 10,139,700 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/2030 | 1,500,000 | 1,675,680 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/2029 | 15,000,000 | 16,875,000 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/2030 | 3,000,000 | 3,351,360 | |||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/2031 | 2,000,000 | 2,219,620 | |||||
South Jersey Port Subordinated Marine Terminal, | 5.00 | 1/1/2042 | 1,250,000 | 1,341,650 | |||||
South Jersey Port Subordinated Marine Terminal, | 5.00 | 1/1/2048 | 1,500,000 | 1,597,830 | |||||
90,207,409 | |||||||||
New York - 10.2% | |||||||||
Build New York City Resource Corporation, | 5.00 | 6/1/2047 | 1,000,000 | b | 1,027,800 | ||||
Build New York City Resource Corporation, | 5.00 | 6/1/2052 | 1,000,000 | b | 1,020,630 | ||||
Build New York City Resource Corporation, | 5.00 | 6/1/2032 | 500,000 | b | 526,525 | ||||
Build New York City Resource Corporation, | 5.00 | 6/1/2037 | 700,000 | b | 727,251 | ||||
Hudson Yards Infrastructure Corporation, | 5.75 | 2/15/2047 | 1,930,000 | 2,069,693 | |||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, | 5.00 | 11/15/2056 | 5,000,000 | 5,429,450 | |||||
New York City, | 1.73 | 3/1/2042 | 6,400,000 | a | 6,400,000 |
76
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
New York - 10.2% (continued) | |||||||||
New York City, | 1.73 | 8/1/2024 | 3,000,000 | a | 3,000,000 | ||||
New York City, | 1.76 | 4/1/2042 | 4,800,000 | a | 4,800,000 | ||||
New York City, | 1.78 | 10/1/2038 | 7,200,000 | a | 7,200,000 | ||||
New York City, | 5.00 | 12/1/2041 | 14,000,000 | 15,825,740 | |||||
New York City, | 5.00 | 12/1/2035 | 2,000,000 | 2,304,420 | |||||
New York City Industrial Development Agency, | 6.50 | 1/1/2046 | 325,000 | 326,128 | |||||
New York City Industrial Development Agency, | 7.00 | 3/1/2049 | 1,300,000 | 1,306,019 | |||||
New York City Industrial Development Agency, | 2.70 | 3/1/2020 | 6,100,000 | g | 6,128,670 | ||||
New York City Municipal Water Finance Authority, | 1.72 | 6/15/2043 | 1,300,000 | a | 1,300,000 | ||||
New York City Municipal Water Finance Authority, | 1.75 | 6/15/2039 | 2,000,000 | a | 2,000,000 | ||||
New York City Municipal Water Finance Authority, | 1.68 | 6/15/2049 | 10,000,000 | a | 10,000,000 | ||||
New York City Transitional Finance Authority, | 1.71 | 8/1/2031 | 2,000,000 | a | 2,000,000 | ||||
New York City Transitional Finance Authority, | 4.00 | 8/1/2041 | 5,000,000 | 5,226,500 | |||||
New York City Transitional Finance Authority, | 5.00 | 8/1/2042 | 10,000,000 | 11,468,200 | |||||
New York City Transitional Finance Authority, | 1.72 | 11/1/2036 | 1,575,000 | a | 1,575,000 | ||||
New York City Transitional Finance Authority, | 4.00 | 8/1/2038 | 1,250,000 | 1,322,675 | |||||
New York City Transitional Finance Authority, | 5.25 | 8/1/2037 | 10,000,000 | 11,915,300 | |||||
New York City Transitional Finance Authority, | 1.72 | 8/1/2045 | 6,100,000 | a | 6,100,000 | ||||
New York City Transitional Finance Authority Building Aid, | 5.25 | 7/15/2035 | 10,000,000 | 11,999,200 | |||||
New York City Transitional Finance Authority Building Aid, | 4.00 | 7/15/2037 | 2,500,000 | 2,646,950 | |||||
New York City Transitional Finance Authority Building Aid, | 5.00 | 7/15/2033 | 3,250,000 | 3,858,205 | |||||
New York Counties Tobacco Trust VI, | 5.00 | 6/1/2051 | 4,585,000 | 4,651,391 | |||||
New York Dormitory Authority, | 4.00 | 7/1/2047 | 1,000,000 | 1,034,010 | |||||
New York Liberty Development Corporation, | 5.75 | 11/15/2051 | 5,000,000 | 5,464,900 |
77
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
New York - 10.2% (continued) | |||||||||
New York Liberty Development Corporation, | 5.00 | 3/15/2044 | 2,000,000 | 2,133,200 | |||||
New York Liberty Development Corporation, | 5.00 | 11/15/2044 | 5,000,000 | b | 5,213,350 | ||||
New York State Dormitory Authority, | 4.95 | 8/1/2048 | 10,500,000 | 10,617,705 | |||||
New York State Dormitory Authority, | 5.00 | 5/1/2038 | 500,000 | 527,775 | |||||
New York State Dormitory Authority, | 5.00 | 10/1/2048 | 2,000,000 | 2,648,480 | |||||
New York State Housing Finance Agency, | 1.72 | 11/1/2046 | 2,800,000 | a | 2,800,000 | ||||
New York Transportation Development Corporation, | 5.00 | 1/1/2036 | 2,500,000 | 2,801,900 | |||||
New York Transportation Development Corporation, | 5.00 | 1/1/2034 | 4,000,000 | 4,523,200 | |||||
Port Authority of New York and New Jersey, | 6.00 | 12/1/2042 | 5,000,000 | 5,284,700 | |||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/2028 | 4,715,000 | d | 3,598,111 | ||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/2027 | 2,000,000 | d | 1,586,900 | ||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/2032 | 3,000,000 | d | 1,887,510 | ||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/2031 | 5,000,000 | d | 3,312,450 | ||||
187,589,938 | |||||||||
North Carolina - .3% | |||||||||
North Carolina Turnpike Authority, | 5.00 | 1/1/2038 | 5,000,000 | 5,713,100 | |||||
North Dakota - .3% | |||||||||
Grand Forks, | 5.38 | 9/15/2038 | 5,000,000 | b | 4,713,400 | ||||
Ohio - 1.0% | |||||||||
Butler County, | 6.38 | 1/15/2043 | 1,500,000 | b | 1,541,340 | ||||
Cleveland-Cuyahoga County Port Authority, | 5.25 | 12/1/2038 | 1,170,000 | 1,286,965 | |||||
Cleveland-Cuyahoga County Port Authority, | 5.50 | 12/1/2053 | 1,500,000 | 1,648,185 | |||||
Cleveland-Cuyahoga County Port Authority, | 5.50 | 12/1/2043 | 1,580,000 | 1,749,392 | |||||
Montgomery County, | 6.25 | 10/1/2033 | 1,115,000 | 1,119,237 |
78
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
Ohio - 1.0% (continued) | |||||||||
Ohio, | 5.00 | 12/31/2039 | 2,000,000 | 2,204,800 | |||||
Ohio, | 5.00 | 12/31/2035 | 3,000,000 | 3,345,360 | |||||
Ohio Air Quality Development Authority, | 4.25 | 1/15/2038 | 2,500,000 | b | 2,553,650 | ||||
Ohio Turnpike and Infrastructure Commission, | 0/5.70 | 2/15/2034 | 3,000,000 | h | 3,059,490 | ||||
18,508,419 | |||||||||
Oregon - 1.9% | |||||||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/2026 | 4,300,000 | h | 4,876,974 | ||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/2025 | 2,610,000 | h | 2,909,967 | ||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/2038 | 1,750,000 | h | 1,904,210 | ||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/2027 | 1,275,000 | h | 1,458,970 | ||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/2022 | 1,745,000 | h | 1,812,828 | ||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/2021 | 1,800,000 | h | 1,823,454 | ||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/2024 | 2,310,000 | h | 2,520,164 | ||||
Benton & Linn Counties Consolidated School District No 509J & 509A Corvallis, | 0/5.00 | 6/15/2023 | 1,785,000 | h | 1,900,686 | ||||
Oregon State Business Development Commission, | 6.50 | 4/1/2031 | 2,000,000 | b | 1,976,860 | ||||
Oregon State Business Development Commission, | 6.50 | 4/1/2031 | 3,000,000 | b | 2,965,290 | ||||
Oregon State Business Development Commission, | 11.50 | 4/1/2031 | 1,000,000 | 1,062,160 | |||||
Tri-County Metropolitan Transportation District, | 4.00 | 9/1/2048 | 10,000,000 | 10,380,800 | |||||
35,592,363 | |||||||||
Pennsylvania - 1.8% | |||||||||
Berks County Industrial Development Authority, | 5.00 | 11/1/2047 | 3,000,000 | 3,272,940 | |||||
Berks County Industrial Development Authority, | 4.00 | 11/1/2038 | 5,000,000 | 5,084,700 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/2035 | 3,500,000 | 3,952,725 | |||||
Commonwealth Financing Authority of Pennsylvania, | 5.00 | 6/1/2034 | 4,000,000 | 4,543,080 |
79
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
Pennsylvania - 1.8% (continued) | |||||||||
Pennsylvania Economic Development Financing Authority, | 6.50 | 12/1/2038 | 3,000,000 | b | 2,937,630 | ||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 12/1/2043 | 4,425,000 | 4,627,621 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.75 | 8/15/2021 | 2,550,000 | c | 2,799,721 | ||||
Pennsylvania Higher Educational Facilities Authority, | 4.00 | 8/15/2042 | 4,000,000 | 4,068,040 | |||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 7/1/2022 | 1,000,000 | c | 1,103,490 | ||||
32,389,947 | |||||||||
Rhode Island - .4% | |||||||||
Rhode Island Health and Educational Building Corporation, | 5.00 | 11/1/2045 | 7,000,000 | 7,962,780 | |||||
South Carolina - .5% | |||||||||
South Carolina Public Service Authority, | 5.00 | 12/1/2036 | 2,000,000 | 2,225,300 | |||||
Spartanburg South Carolina Waterworks, | 5.00 | 6/1/2039 | 5,740,000 | 6,547,790 | |||||
8,773,090 | |||||||||
Tennessee - .1% | |||||||||
Memphis-Shelby County Industrial Development Board Economic Development Growth Engine, | 4.75 | 7/1/2027 | 650,000 | 679,978 | |||||
Memphis-Shelby County Industrial Development Board Economic Development Growth Engine, | 5.50 | 7/1/2037 | 1,100,000 | 1,165,417 | |||||
Memphis-Shelby County Industrial Development Board Economic Development Growth Engine, | 5.63 | 1/1/2046 | 750,000 | 787,793 | |||||
2,633,188 | |||||||||
Texas - 11.8% | |||||||||
Arlington Higher Education Finance Corporation, | 5.00 | 8/15/2048 | 1,900,000 | 1,818,167 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 8/15/2053 | 925,000 | 868,362 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 8/15/2038 | 1,000,000 | 978,070 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 12/1/2046 | 1,100,000 | 1,166,528 | |||||
Arlington Higher Education Finance Corporation, | 5.00 | 12/1/2036 | 1,315,000 | 1,410,745 | |||||
Austin, | 5.00 | 11/15/2046 | 13,120,000 | 14,618,304 | |||||
Bexar County Health Facilities Development Corporation, | 5.00 | 7/15/2041 | 1,750,000 | 1,807,453 | |||||
Central Texas Regional Mobility Authority, | 5.00 | 1/1/2046 | 2,000,000 | 2,180,000 | |||||
Central Texas Regional Mobility Authority, | 5.00 | 1/1/2040 | 7,300,000 | 8,002,625 |
80
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
Texas - 11.8% (continued) | |||||||||
Clifton Higher Education Finance Corporation, | 5.00 | 8/15/2032 | 2,745,000 | 2,908,080 | |||||
Clifton Higher Education Finance Corporation, | 6.00 | 8/15/2043 | 2,770,000 | 3,066,528 | |||||
Clifton Higher Education Finance Corporation, | 6.00 | 8/15/2033 | 1,500,000 | 1,691,535 | |||||
Clifton Higher Education Finance Corporation, | 5.50 | 8/15/2021 | 1,250,000 | c | 1,360,225 | ||||
Clifton Higher Education Finance Corporation, | 5.75 | 8/15/2021 | 1,000,000 | c | 1,094,140 | ||||
Clifton Higher Education Finance Corporation, | 5.00 | 12/1/2045 | 3,855,000 | 4,050,641 | |||||
Clifton Higher Education Finance Corporation, | 6.13 | 8/15/2048 | 18,000,000 | 18,573,480 | |||||
Dallas/Fort Worth International Airport, | 5.00 | 11/1/2032 | 7,500,000 | 7,953,300 | |||||
Grand Parkway Transportation Corporation, | 5.50 | 4/1/2053 | 4,500,000 | 4,967,370 | |||||
Grand Parkway Transportation Corporation, | 0/5.20 | 10/1/2031 | 2,000,000 | h | 1,985,140 | ||||
Grand Parkway Transportation Corporation, | 0/5.40 | 10/1/2033 | 2,500,000 | h | 2,474,425 | ||||
Grand Parkway Transportation Corporation, | 0/5.45 | 10/1/2034 | 2,235,000 | h | 2,205,409 | ||||
Grand Parkway Transportation Corporation, | 5.00 | 10/1/2043 | 13,090,000 | 14,879,403 | |||||
Houston, | 5.00 | 7/1/2032 | 500,000 | 536,995 | |||||
Houston Higher Education Finance Corporation, | 6.50 | 5/15/2021 | 1,270,000 | c | 1,396,251 | ||||
Houston Higher Education Finance Corporation, | 6.50 | 5/15/2021 | 1,530,000 | c | 1,682,097 | ||||
Houston Higher Education Finance Corporation, | 5.88 | 5/15/2021 | 380,000 | 397,123 | |||||
Houston Higher Education Finance Corporation, | 6.88 | 5/15/2041 | 4,400,000 | 4,872,736 | |||||
Mission Economic Development Corp, | 4.63 | 10/1/2031 | 3,250,000 | b | 3,330,242 | ||||
Newark Higher Education Finance Corporation, | 5.50 | 8/15/2035 | 750,000 | b | 786,420 | ||||
Newark Higher Education Finance Corporation, | 5.75 | 8/15/2045 | 1,000,000 | b | 1,050,420 | ||||
North Texas Education Finance Corporation, | 4.88 | 12/1/2032 | 1,630,000 | 1,681,378 | |||||
North Texas Tollway Authority, | 5.00 | 1/1/2036 | 2,800,000 | 3,214,008 | |||||
North Texas Tollway Authority, | 5.50 | 9/1/2021 | 20,000,000 | c | 21,846,400 | ||||
Pottsboro Higher Education Finance Corporation, | 5.00 | 8/15/2046 | 1,000,000 | 976,620 |
81
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
Texas - 11.8% (continued) | |||||||||
San Antonio Independent School District, | 5.00 | 8/1/2044 | 7,140,000 | 7,987,804 | |||||
San Antonio Texas Electric & Gas Systems, | 5.00 | 2/1/2026 | 6,000,000 | 7,181,220 | |||||
Texas Private Activity Bond Surface Transportation Corporation, | 5.00 | 12/31/2045 | 1,000,000 | 1,066,540 | |||||
Texas Private Activity Bond Surface Transportation Corporation, | 7.00 | 6/30/2040 | 11,175,000 | 11,871,314 | |||||
Texas Private Activity Bond Surface Transportation Corporation, | 6.75 | 6/30/2043 | 5,000,000 | 5,710,150 | |||||
Texas Private Activity Bond Surface Transportation Corporation, | 7.00 | 12/31/2038 | 10,000,000 | 11,569,000 | |||||
Texas Private Activity Bond Surface Transportation Corporation, | 7.50 | 12/31/2031 | 2,500,000 | 2,614,375 | |||||
Texas Transportation Commission, | 5.00 | 8/15/2041 | 6,000,000 | 6,355,800 | |||||
Texas Transportation Commission, | 5.00 | 8/15/2037 | 15,950,000 | 17,777,870 | |||||
Texas Transportation Commission, | 5.00 | 8/1/2057 | 2,000,000 | 2,175,860 | |||||
216,140,553 | |||||||||
U.S. Related - 2.7% | |||||||||
A.B. Won International Airport Authority of Guam, | 6.00 | 10/1/2034 | 2,000,000 | 2,303,400 | |||||
A.B. Won International Airport Authority of Guam, | 6.13 | 10/1/2043 | 2,000,000 | 2,284,720 | |||||
A.B. Won International Airport Authority of Guam, | 6.25 | 10/1/2034 | 1,000,000 | 1,139,680 | |||||
A.B. Won International Airport Authority of Guam, | 6.38 | 10/1/2043 | 1,000,000 | 1,139,650 | |||||
Guam, | 6.00 | 11/1/2026 | 2,500,000 | 2,678,575 | |||||
Guam, | 6.13 | 11/1/2031 | 5,000,000 | 5,343,850 | |||||
Guam, | 6.50 | 11/1/2040 | 2,000,000 | 2,139,540 | |||||
Guam, | 5.00 | 12/1/2046 | 1,500,000 | 1,572,735 | |||||
Puerto Rico Commonwealth, | 8.00 | 7/1/2035 | 5,000,000 | i | 2,487,500 | ||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, | 6.00 | 7/1/2038 | 2,500,000 | 2,506,250 | |||||
Puerto Rico Electric Power Authority, | 6.75 | 7/1/2036 | 10,000,000 | i | 6,987,500 | ||||
Puerto Rico Electric Power Authority, | 5.00 | 7/1/2021 | 500,000 | 503,610 |
82
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
U.S. Related - 2.7% (continued) | |||||||||
Puerto Rico Electric Power Authority, | 5.00 | 7/1/2022 | 2,000,000 | i | 1,372,500 | ||||
Puerto Rico Highway & Transportation Authority, | 5.00 | 7/1/2042 | 120,000 | i | 36,750 | ||||
Puerto Rico Highway & Transportation Authority, | 5.00 | 7/1/2030 | 120,000 | i | 36,750 | ||||
Puerto Rico Highway & Transportation Authority, | 5.00 | 7/1/2032 | 220,000 | i | 67,375 | ||||
Puerto Rico Highway & Transportation Authority, | 5.00 | 7/1/2025 | 110,000 | i | 33,688 | ||||
Puerto Rico Infrastructure Financing Authority, | 5.00 | 7/1/2021 | 500,000 | i | 75,000 | ||||
Puerto Rico Sales Tax Financing Corporation, | 0.00 | 7/1/2027 | 396,748 | d | 288,356 | ||||
Puerto Rico Sales Tax Financing Corporation, | 0.00 | 7/1/2024 | 234,260 | d | 194,333 | ||||
Puerto Rico Sales Tax Financing Corporation, | 0.00 | 7/1/2051 | 4,348,425 | d | 629,652 | ||||
Puerto Rico Sales Tax Financing Corporation, | 0.00 | 7/1/2033 | 560,881 | d | 284,299 | ||||
Puerto Rico Sales Tax Financing Corporation, | 0.00 | 7/1/2031 | 498,333 | d | 286,796 | ||||
Puerto Rico Sales Tax Financing Corporation, | 0.00 | 7/1/2029 | 386,678 | d | 249,608 | ||||
Puerto Rico Sales Tax Financing Corporation, | 0.00 | 7/1/2046 | 5,337,795 | d | 1,038,895 | ||||
Puerto Rico Sales Tax Financing Corporation, | 4.50 | 7/1/2034 | 410,667 | 411,180 | |||||
Puerto Rico Sales Tax Financing Corporation, | 4.55 | 7/1/2040 | 208,008 | 201,620 | |||||
Puerto Rico Sales Tax Financing Corporation, | 4.75 | 7/1/2053 | 1,525,582 | 1,404,710 | |||||
Puerto Rico Sales Tax Financing Corporation, | 5.00 | 7/1/2058 | 3,857,841 | 3,667,071 | |||||
Puerto Rico Sales Tax Financing Corporation, | 4.55 | 7/1/2040 | 2,112,484 | 1,832,580 | |||||
Puerto Rico Sales Tax Financing Corporation, | 4.75 | 7/1/2053 | 63,222 | 53,423 | |||||
Puerto Rico Sales Tax Financing Corporation, | 5.00 | 7/1/2058 | 846,964 | 729,685 | |||||
Virgin Islands Public Finance Authority, | 5.00 | 10/1/2034 | 1,500,000 | 1,306,875 | |||||
Virgin Islands Public Finance Authority, | 5.00 | 10/1/2029 | 2,250,000 | 2,030,625 | |||||
Virgin Islands Public Finance Authority, | 6.75 | 10/1/2037 | 1,250,000 | 1,219,375 | |||||
Wisconsin, | 6.00 | 5/1/2019 | 70,000 | c | 70,498 | ||||
48,608,654 | |||||||||
Virginia - 2.5% | |||||||||
Chesapeake, | 0/4.88 | 7/15/2040 | 2,000,000 | h | 1,744,120 | ||||
Norfolk Economic Development Authority, | 4.00 | 11/1/2048 | 3,500,000 | 3,607,450 | |||||
University of Virginia, | 4.00 | 4/1/2045 | 3,950,000 | 4,084,892 |
83
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.2%(continued) | |||||||||
Virginia - 2.5% (continued) | |||||||||
Virginia Small Business Financing Authority, | 5.00 | 12/31/2056 | 4,000,000 | 4,301,080 | |||||
Virginia Small Business Financing Authority, | 5.00 | 12/31/2049 | 4,500,000 | 4,858,605 | |||||
Virginia Small Business Financing Authority, | 5.00 | 1/1/2040 | 12,395,000 | 12,948,189 | |||||
Virginia Small Business Financing Authority, | 5.00 | 1/1/2040 | 7,510,000 | 7,845,171 | |||||
Virginia Small Business Financing Authority, | 5.25 | 1/1/2032 | 4,000,000 | 4,261,720 | |||||
Virginia Small Business Financing Authority, | 6.00 | 1/1/2037 | 1,665,000 | 1,819,662 | |||||
Virginia Small Business Financing Authority, | 5.00 | 7/1/2038 | 1,000,000 | b | 1,021,360 | ||||
46,492,249 | |||||||||
Washington - 1.1% | |||||||||
Washington, | 5.00 | 6/1/2042 | 5,950,000 | 6,848,569 | |||||
Washington, | 5.00 | 6/1/2041 | 5,465,000 | 6,304,424 | |||||
Washington, | 5.00 | 6/1/2040 | 5,350,000 | 6,191,073 | |||||
19,344,066 | |||||||||
West Virginia - .9% | |||||||||
Monongalia County Commission Special District, | 5.75 | 6/1/2043 | 750,000 | b | 772,733 | ||||
West Virginia, | 5.00 | 6/1/2041 | 13,330,000 | 15,342,830 | |||||
16,115,563 | |||||||||
Wisconsin - 1.8% | |||||||||
Oneida Tribe of Indians, | 6.50 | 2/1/2031 | 1,325,000 | b | 1,355,409 | ||||
Public Finance Authority, | 6.38 | 1/1/2048 | 2,500,000 | b | 2,570,050 | ||||
Public Finance Authority, | 5.00 | 6/15/2053 | 1,000,000 | 1,066,580 | |||||
Public Finance Authority, | 5.00 | 6/15/2049 | 3,440,000 | 3,698,894 | |||||
Public Finance Authority, | 2.35 | 5/1/2019 | 15,000,000 | 15,001,350 | |||||
Wisconsin, | 5.75 | 5/1/2019 | 130,000 | c | 130,874 | ||||
Wisconsin Center District, | 0.00 | 12/15/2046 | 3,990,000 | d | 1,314,266 | ||||
Wisconsin Center District, | 0.00 | 12/15/2044 | 8,735,000 | d | 3,123,898 | ||||
Wisconsin Health & Educational Facilities Authority, | 5.00 | 2/15/2047 | 5,000,000 | 5,393,950 | |||||
33,655,271 | |||||||||
TotalLong-Term Municipal Investments | 1,836,396,622 |
84
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Short-Term Municipal Investments - 1.1% | |||||||||
Illinois - .5% | |||||||||
Illinois, | 5.00 | 6/1/2019 | 10,000,000 | a | 10,066,600 | ||||
Texas - .6% | |||||||||
Texas, | 4.00 | 8/29/2019 | 10,250,000 | e | 10,364,185 | ||||
TotalShort-Term Municipal Investments | 20,430,785 | ||||||||
Total Investments(cost $1,811,056,400) | 102.1% | 1,871,858,073 | |||||||
Liabilities, Less Cash and Receivables | (2.1%) | (37,944,707) | |||||||
Net Assets | 100.0% | 1,833,913,366 |
LIBOR—London Interbank Offered Rate
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2019, these securities were valued at $242,373,645 or 13.22% of net assets.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
d Security issued with a zero coupon. Income is recognized through the accretion of discount.
e Variable rate security—rate shown is the interest rate in effect at period end.
f Collateral for floating rate borrowings.
g Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
h Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
i Non-income producing—security in default.
Portfolio Summary (Unaudited)† | Value (%) |
General Obligation | 21.6 |
Transportation | 19.0 |
Education | 15.8 |
Medical | 11.9 |
Special Tax | 5.7 |
Development | 5.4 |
Prerefunded | 5.3 |
Tobacco Settlement | 2.6 |
Housing | 2.4 |
Airport | 2.4 |
School District | 1.9 |
Nursing Homes | 1.7 |
Water | 1.5 |
Utilities | 1.5 |
Power | 1.1 |
Higher Education | 1.0 |
Pollution | .6 |
Build America Bonds | .3 |
Facilities | .2 |
Multifamily Housing | .2 |
102.1 |
† Based on net assets.
See notes to financial statements.
85
STATEMENTS OF FUTURES
February 28, 2019 (Unaudited)
BNY Mellon National Intermediate Municipal Bond Fund | |||||||||||
Description |
|
|
|
|
| ||||||
Number of | Expiration | Notional | Value ($) | Unrealized | |||||||
Futures Short | |||||||||||
U.S. Treasury 5 Year Notes | 96 | 6/19 | 11,001,081 | 10,998,000 | 3,081 | ||||||
Ultra 10 Year U.S. Treasury Notes | 253 | 6/19 | 32,822,798 | 32,751,642 | 71,156 | ||||||
Gross Unrealized Appreciation | 74,237 |
See notes to financial statements.
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | |||||||||||
Number of | Expiration | Notional | Value ($) | Unrealized | |||||||
Description | |||||||||||
Futures Short | |||||||||||
U.S. Treasury 5 Year Notes | 8 | 6/19 | 916,757 | 916,500 | 257 | ||||||
Ultra 10 Year U.S. Treasury Notes | 22 | 6/19 | 2,854,156 | 2,847,969 | 6,187 | ||||||
Gross Unrealized Appreciation | 6,444 |
See notes to financial statements.
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 5 Year Notes | 13 | 6/19 | 1,489,730 | 1,489,313 | 417 | ||||||
Ultra 10 Year U.S. Treasury Notes | 33 | 6/19 | 4,281,235 | 4,271,953 | 9,282 | ||||||
Gross Unrealized Appreciation | 9,699 |
See notes to financial statements.
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 5 Year Notes | 6 | 6/19 | 687,568 | 687,375 | 193 | ||||||
Ultra 10 Year U.S. Treasury Notes | 17 | 6/19 | 2,205,484 | 2,200,703 | 4,781 | ||||||
Gross Unrealized Appreciation | 4,974 |
See notes to financial statements.
BNY Mellon Municipal Opportunities Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 10 Year Notes | 258 | 6/19 | 31,506,235 | 31,476,000 | 30,235 | ||||||
U.S. Treasury 5 Year Notes | 275 | 6/19 | 31,513,513 | 31,504,688 | 8,825 | ||||||
U.S. Treasury Long Bond | 370 | 6/19 | 53,658,673 | 53,453,438 | 205,235 | ||||||
U.S. Treasury Ultra Long Bond | 562 | 6/19 | 90,569,813 | 89,691,688 | 878,125 | ||||||
Ultra 10 Year U.S. Treasury Notes | 450 | 6/19 | 58,380,471 | 58,253,909 | 126,562 | ||||||
Gross Unrealized Appreciation | 1,248,982 |
See notes to financial statements.
86
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.
87
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon National Intermediate Municipal Bond Fund |
| BNY Mellon National Short-Term Municipal Bond Fund |
| BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
| BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
| 2,197,933,578 |
| 1,139,252,102 |
| 193,331,379 |
| 298,435,148 |
| |
Cash collateral held by broker—Note 4 |
|
|
| 467,886 |
| - |
| 40,541 |
| 61,580 |
| |
Interest receivable |
|
|
| 25,073,507 |
| 9,837,603 |
| 2,074,562 |
| 2,486,975 |
| |
Receivable for shares of Beneficial |
|
|
| 12,962,707 |
| 3,019,367 |
| 1,140,000 |
| 1,092,041 |
| |
Receivable for futures |
|
|
| 70,546 |
| - |
| 6,094 |
| 9,258 |
| |
Prepaid expenses |
|
|
| 40,278 |
| 27,762 |
| 16,667 |
| 16,190 |
| |
|
|
|
| 2,236,548,502 |
| 1,152,136,834 |
| 196,609,243 |
| 302,101,192 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 612,998 |
| 314,343 |
| 81,009 |
| 86,923 |
| |
Due to Administrator—Note 3(a) |
|
|
| 203,963 |
| 107,217 |
| 17,597 |
| 27,017 |
| |
Cash overdraft due to Custodian |
|
|
| 3,518,750 |
| 1,006,798 |
| 241,903 |
| 401,820 |
| |
Payable for investment securities purchased |
|
|
| 19,268,295 |
| 12,051,729 |
| 3,297,320 |
| 8,762,993 |
| |
Payable for shares of Beneficial |
|
|
| 3,295,624 |
| 3,573,313 |
| 669,165 |
| 136,431 |
| |
Trustees fees and expenses payable |
|
|
| 18,116 |
| 8,166 |
| 1,410 |
| 2,289 |
| |
Accrued expenses |
|
|
| 121,582 |
| 77,742 |
| 41,864 |
| 61,873 |
| |
|
|
|
| 27,039,328 |
| 17,139,308 |
| 4,350,268 |
| 9,479,346 |
|
|
Net Assets ($) |
|
|
| 2,209,509,174 |
| 1,134,997,526 |
| 192,258,975 |
| 292,621,846 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 2,161,119,270 |
| 1,139,390,050 |
| 188,547,209 |
| 288,965,375 |
| |
Total distributable earnings (loss) |
|
|
| 48,389,904 |
| (4,392,524) |
| 3,711,766 |
| 3,656,471 |
| |
Net Assets ($) |
|
|
| 2,209,509,174 |
| 1,134,997,526 |
| 192,258,975 |
| 292,621,846 |
|
|
† Investments at cost ($) |
|
|
| 2,145,583,504 |
| 1,139,272,048 |
| 189,410,797 |
| 294,864,707 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 2,164,452,090 |
| 1,125,464,450 |
| 187,388,335 |
| 285,543,739 |
| |
Shares Outstanding |
|
|
| 161,265,083 |
| 88,255,659 |
| 15,507,754 |
| 22,752,028 |
| |
Net Asset Value Per Share ($) |
|
|
| 13.42 |
| 12.75 |
| 12.08 |
| 12.55 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 45,057,084 |
| 9,533,076 |
| 4,870,640 |
| 7,078,107 |
| |
Shares Outstanding |
|
|
| 3,360,854 |
| 748,090 |
| 403,581 |
| 564,181 |
| |
Net Asset Value Per Share ($) |
|
|
| 13.41 |
| 12.74 |
| 12.07 |
| 12.55 |
| |
| ||||||||||||
See notes to financial statements. |
|
88
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
| BNY Mellon Municipal Opportunities Fund |
| |
Assets ($): |
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
| 143,371,619 |
| 1,871,858,073 |
| |
Cash collateral held by broker—Note 4 |
|
|
| 31,211 |
| 4,203,393 |
| |
Interest receivable |
|
|
| 1,543,216 |
| 19,331,138 |
| |
Receivable for investment securities sold |
|
|
| 1,194,280 |
| 2,962,599 |
| |
Receivable for shares of Beneficial |
|
|
| 45,819 |
| 4,444,826 |
| |
Receivable for futures |
|
|
| 4,687 |
| 777,506 |
| |
Prepaid expenses |
|
|
| 19,704 |
| 39,112 |
| |
|
|
|
| 146,210,536 |
| 1,903,616,647 |
|
|
Liabilities ($): |
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 48,765 |
| 723,432 |
| |
Due to Administrator—Note 3(a) |
|
|
| 13,422 |
| 167,971 |
| |
Cash overdraft due to Custodian |
|
|
| 174,457 |
| 3,122,069 |
| |
Payable for investment securities purchased |
|
|
| 1,667,145 |
| 2,095,603 |
| |
Payable for shares of Beneficial |
|
|
| 4,963 |
| 1,705,143 |
| |
Trustees fees and expenses payable |
|
|
| 1,748 |
| 13,813 | ||
Payable for floating rate notes issued—Note 4 |
|
|
| - |
| 61,475,000 |
| |
Interest and expense payable related to |
|
|
| - |
| 332,390 |
| |
Accrued expenses |
|
|
| 41,355 |
| 67,860 |
| |
|
|
|
| 1,951,855 |
| 69,703,281 |
|
|
Net Assets ($) |
|
|
| 144,258,681 |
| 1,833,913,366 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 140,895,509 |
| 1,786,698,821 |
| |
Total distributable earnings (loss) |
|
|
| 3,363,172 |
| 47,214,545 |
| |
Net Assets ($) |
|
|
| 144,258,681 |
| 1,833,913,366 |
|
|
† Investments at cost ($) |
|
|
| 140,151,269 |
| 1,811,056,400 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 133,414,695 |
| 1,777,061,641 |
| |
Shares Outstanding |
|
|
| 12,102,952 |
| 135,459,782 |
| |
Net Asset Value Per Share ($) |
|
|
| 11.02 |
| 13.12 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 10,843,986 |
| 56,851,725 |
| |
Shares Outstanding |
|
|
| 983,098 |
| 4,331,189 |
| |
Net Asset Value Per Share ($) |
|
|
| 11.03 |
| 13.13 |
| |
| ||||||||
See notes to financial statements. |
|
89
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon National Intermediate Municipal Bond Fund |
| BNY Mellon National Short-Term Municipal Bond Fund |
| BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
| BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Interest Income |
|
| 32,326,585 |
| 9,590,175 |
| 2,932,543 |
| 4,260,728 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 3,693,018 |
| 1,771,286 |
| 457,320 |
| 502,266 |
| ||
Administration fee—Note 3(a) |
|
| 1,295,495 |
| 620,989 |
| 112,292 |
| 176,196 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 66,054 |
| 26,619 |
| 4,452 |
| 9,007 | |||
Shareholder servicing costs—Note 3(b) |
|
| 56,843 |
| 10,385 |
| 6,468 |
| 8,888 |
| ||
Professional fees |
|
| 35,875 |
| 26,846 |
| 23,608 |
| 17,456 |
| ||
Loan commitment fees—Note 2 |
|
| 32,825 |
| 23,297 |
| 3,019 |
| 6,871 |
| ||
Registration fees |
|
| 32,174 |
| 32,061 |
| 15,785 |
| 16,370 |
| ||
Custodian fees—Note 3(b) |
|
| 13,504 |
| 10,479 |
| 2,521 |
| 2,686 | |||
Prospectus and shareholders’ reports |
|
| 6,212 |
| 1,561 |
| 3,441 |
| 5,391 | |||
Interest expense—Note 2 |
|
| - |
| - |
| - |
| 400 |
| ||
Miscellaneous |
|
| 62,244 |
| 34,822 |
| 19,473 |
| 30,398 |
| ||
Total Expenses |
|
| 5,294,244 |
| 2,558,345 |
| 648,379 |
| 775,929 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (1) |
| (8,291) |
| - |
| - |
| ||
Net Expenses |
|
| 5,294,243 |
| 2,550,054 |
| 648,379 |
| 775,929 |
| ||
Investment Income—Net |
|
| 27,032,342 |
| 7,040,121 |
| 2,284,164 |
| 3,484,799 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | (2,308,000) |
| (785,404) |
| 342,704 |
| 315,856 |
| ||||
Net realized gain (loss) on futures |
|
| (1,171,286) |
| - |
| (105,844) |
| (167,396) |
| ||
Net Realized Gain (Loss) |
|
| (3,479,286) |
| (785,404) |
| 236,860 |
| 148,460 |
| ||
Net unrealized appreciation (depreciation) on investments |
|
| 22,610,508 |
| 5,348,143 |
| 1,821,963 |
| 2,800,604 |
| ||
Net unrealized appreciation (depreciation) on futures |
|
| 4,889 |
| - |
| 180 |
| 79 |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| 22,615,397 |
| 5,348,143 |
| 1,822,143 |
| 2,800,683 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 19,136,111 |
| 4,562,739 |
| 2,059,003 |
| 2,949,143 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 46,168,453 |
| 11,602,860 |
| 4,343,167 |
| 6,433,942 |
| |||
See notes to financial statements. |
90
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
| BNY Mellon Municipal Opportunities Fund |
|
Investment Income ($): |
|
|
|
|
|
| ||
Interest Income |
|
| 2,214,861 |
| 32,731,000 |
| ||
Expenses: |
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 363,892 |
| 4,052,168 |
| ||
Administration fee—Note 3(a) |
|
| 89,388 |
| 994,204 |
| ||
Registration fees |
|
| 16,232 |
| 24,811 | |||
Professional fees |
|
| 15,225 |
| 34,017 | |||
Shareholder servicing costs—Note 3(b) |
|
| 13,853 |
| 53,251 |
| ||
Prospectus and shareholders’ reports |
|
| 4,913 |
| 5,193 |
| ||
Custodian fees—Note 3(b) |
|
| 3,359 |
| 11,987 |
| ||
Loan commitment fees—Note 2 |
|
| 2,257 |
| 29,164 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 443 |
| 48,541 |
| ||
Interest and expense related to floating rate notes issued—Note 4 |
|
| - |
| 701,987 |
| ||
Miscellaneous |
|
| 21,573 |
| 50,626 |
| ||
Total Expenses |
|
| 531,135 |
| 6,005,949 |
| ||
Less—reduction in expenses due to undertakings—Note 3(a) |
|
| (84,667) |
| - |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (1) |
| - |
| ||
Net Expenses |
|
| 446,467 |
| 6,005,949 |
| ||
Investment Income—Net |
|
| 1,768,394 |
| 26,725,051 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
| ||||
Net realized gain (loss) on investments | 225,402 |
| (4,219,452) |
| ||||
Net realized gain (loss) on futures |
|
| (81,635) |
| (3,647,165) |
| ||
Net Realized Gain (Loss) |
|
| 143,767 |
| (7,866,617) |
| ||
Net unrealized appreciation (depreciation) on investments |
|
| 1,174,324 |
| 10,710,925 |
| ||
Net unrealized appreciation (depreciation) on futures |
|
| (303) |
| 1,073,727 |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| 1,174,021 |
| 11,784,652 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 1,317,788 |
| 3,918,035 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 3,086,182 |
| 30,643,086 |
| |||
See notes to financial statements. |
91
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon National Intermediate Municipal Bond Fund |
| BNY Mellon National Short-Term Municipal Bond Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended | a | Six Months Ended |
|
|
| Year Ended | a |
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 27,032,342 |
|
|
| 54,865,726 |
| 7,040,121 |
|
|
| 10,402,284 |
| |
Net realized gain (loss) on investments |
| (3,479,286) |
|
|
| 682,133 |
| (785,404) |
|
|
| (1,203,921) |
| ||
Net unrealized appreciation (depreciation) |
| 22,615,397 |
|
|
| (57,152,638) |
| 5,348,143 |
|
|
| (7,136,247) |
| ||
Net Increase (Decrease) in Net Assets | 46,168,453 |
|
|
| (1,604,779) |
| 11,602,860 |
|
|
| 2,062,116 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (26,463,239) |
|
|
| (53,913,268) |
| (6,977,275) |
|
|
| (10,300,745) |
| |
Investor Shares |
|
| (525,470) |
|
|
| (1,078,143) |
| (47,418) |
|
|
| (82,504) |
| |
Total Distributions |
|
| (26,988,709) |
|
|
| (54,991,411) |
| (7,024,693) |
|
|
| (10,383,249) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 525,191,234 |
|
|
| 541,093,004 |
| 471,234,778 |
|
|
| 440,092,102 |
| |
Investor Shares |
|
| 12,474,668 |
|
|
| 27,746,089 |
| 5,114,531 |
|
|
| 14,896,270 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 3,697,413 |
|
|
| 7,761,103 |
| 1,313,624 |
|
|
| 2,229,003 |
| |
Investor Shares |
|
| 374,086 |
|
|
| 794,386 |
| 29,409 |
|
|
| 63,066 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (528,083,157) |
|
|
| (442,308,601) |
| (264,472,679) |
|
|
| (410,500,922) |
| |
Investor Shares |
|
| (15,488,137) |
|
|
| (32,202,146) |
| (4,796,989) |
|
|
| (19,224,766) |
| |
Increase (Decrease) in Net Assets | (1,833,893) |
|
|
| 102,883,835 |
| 208,422,674 |
|
|
| 27,554,753 |
| |||
Total Increase (Decrease) in Net Assets | 17,345,851 |
|
|
| 46,287,645 |
| 213,000,841 |
|
|
| 19,233,620 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 2,192,163,323 |
|
|
| 2,145,875,678 |
| 921,996,685 |
|
|
| 902,763,065 |
| |
End of Period |
|
| 2,209,509,174 |
|
|
| 2,192,163,323 |
| 1,134,997,526 |
|
|
| 921,996,685 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 39,626,225 |
|
|
| 40,418,705 |
| 37,139,736 |
|
|
| 34,647,488 |
| |
Shares issued for distributions reinvested |
|
| 279,084 |
|
|
| 580,735 |
| 103,445 |
|
|
| 175,407 |
| |
Shares redeemed |
|
| (40,014,485) |
|
|
| (33,068,224) |
| (20,831,681) |
|
|
| (32,298,310) |
| |
Net Increase (Decrease) in Shares Outstanding | (109,176) |
|
|
| 7,931,216 |
| 16,411,500 |
|
|
| 2,524,585 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 945,900 |
|
|
| 2,077,366 |
| 402,632 |
|
|
| 1,173,257 |
| |
Shares issued for distributions reinvested |
|
| 28,257 |
|
|
| 59,478 |
| 2,317 |
|
|
| 4,965 |
| |
Shares redeemed |
|
| (1,173,328) |
|
|
| (2,407,870) |
| (378,187) |
|
|
| (1,511,915) |
| |
Net Increase (Decrease) in Shares Outstanding | (199,171) |
|
|
| (271,026) |
| 26,762 |
|
|
| (333,693) |
| |||
|
| ||||||||||||||
a For BNY Mellon National Intermediate Municipal Bond Fund, distributions to shareholders include $53,538,956 Class M shares and $1,069,679 Investor shares of distributions from net investment income and $374,312 Class M shares and $8,464 Investor shares distributions from net realized gains and for BNY Mellon National Short-Term Municipal Bond Fund, distributions to shareholders include $10,300,745 Class M shares and $82,504 Investor shares of distributions from net investment income. | |||||||||||||||
b During the period ended February 28, 2019, 980,083 Class M shares representing $12,943,745 were exchanged for 981,230 Investor shares for BNY Mellon National Intermediate Municipal Bond Fund and 402,399 Class M shares representing $5,115,504 were exchanged for 402,698 Investor shares for BNY Mellon National Short-Term Municipal Bond Fund. 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 $14,575,993 were exchanged for 1,148,115 Investor shares for BNY Mellon National Short-Term Municipal Bond Fund. | |||||||||||||||
|
92
|
|
|
| BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
| BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended | a | Six Months Ended |
|
|
| Year Ended | a |
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 2,284,164 |
|
|
| 4,872,754 |
| 3,484,799 |
|
|
| 7,357,008 |
| |
Net realized gain (loss) on investments |
| 236,860 |
|
|
| 79,221 |
| 148,460 |
|
|
| 505,900 |
| ||
Net unrealized appreciation (depreciation) |
| 1,822,143 |
|
|
| (4,727,959) |
| 2,800,683 |
|
|
| (8,865,871) |
| ||
Net Increase (Decrease) in Net Assets | 4,343,167 |
|
|
| 224,016 |
| 6,433,942 |
|
|
| (1,002,963) |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (2,225,850) |
|
|
| (5,091,772) |
| (3,402,573) |
|
|
| (7,269,509) |
| |
Investor Shares |
|
| (58,328) |
|
|
| (134,886) |
| (77,341) |
|
|
| (169,645) |
| |
Total Distributions |
|
| (2,284,178) |
|
|
| (5,226,658) |
| (3,479,914) |
|
|
| (7,439,154) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 46,501,650 |
|
|
| 15,022,892 |
| 102,989,280 |
|
|
| 65,668,049 |
| |
Investor Shares |
|
| 467,167 |
|
|
| 3,174,709 |
| 2,455,178 |
|
|
| 2,498,387 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 65,281 |
|
|
| 391,540 |
| 656,465 |
|
|
| 1,478,003 |
| |
Investor Shares |
|
| 55,252 |
|
|
| 126,859 |
| 62,407 |
|
|
| 138,330 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (45,400,397) |
|
|
| (35,799,291) |
| (118,498,132) |
|
|
| (58,636,443) |
| |
Investor Shares |
|
| (1,177,715) |
|
|
| (2,725,343) |
| (2,557,837) |
|
|
| (4,781,629) |
| |
Increase (Decrease) in Net Assets | 511,238 |
|
|
| (19,808,634) |
| (14,892,639) |
|
|
| 6,364,697 |
| |||
Total Increase (Decrease) in Net Assets | 2,570,227 |
|
|
| (24,811,276) |
| (11,938,611) |
|
|
| (2,077,420) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 189,688,748 |
|
|
| 214,500,024 |
| 304,560,457 |
|
|
| 306,637,877 |
| |
End of Period |
|
| 192,258,975 |
|
|
| 189,688,748 |
| 292,621,846 |
|
|
| 304,560,457 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 3,901,730 |
|
|
| 1,248,516 |
| 8,317,102 |
|
|
| 5,248,057 |
| |
Shares issued for distributions reinvested |
|
| 5,473 |
|
|
| 32,492 |
| 53,092 |
|
|
| 118,419 |
| |
Shares redeemed |
|
| (3,815,790) |
|
|
| (2,976,956) |
| (9,601,679) |
|
|
| (4,688,409) |
| |
Net Increase (Decrease) in Shares Outstanding | 91,413 |
|
|
| (1,695,948) |
| (1,231,485) |
|
|
| 678,067 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 39,205 |
|
|
| 263,105 |
| 198,775 |
|
|
| 201,472 |
| |
Shares issued for distributions reinvested |
|
| 4,641 |
|
|
| 10,583 |
| 5,044 |
|
|
| 11,084 |
| |
Shares redeemed |
|
| (98,821) |
|
|
| (227,651) |
| (207,739) |
|
|
| (381,253) |
| |
Net Increase (Decrease) in Shares Outstanding | (54,975) |
|
|
| 46,037 |
| (3,920) |
|
|
| (168,697) |
| |||
|
| ||||||||||||||
a For BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, distributions to shareholders include $4,747,819 Class M shares and $123,103 Investor shares of distributions from net investment income and $343,953 Class M shares and $11,783 Investor shares distributions from net realized gains and for BNY Mellon National Short-Term Municipal Bond Fund, distributions to shareholders include $7,180,877 Class M shares and $167,392 Investor shares of distributions from net investment income and $88,632 Class M shares and $2,253 Investor shares distributions from net realized gains. | |||||||||||||||
b During the period ended February 28, 2019, 39,127 Class M shares representing $466,910 were exchanged for 39,184 Investor shares for BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and 186,630 Class M shares representing $2,305,959 were exchanged for 186,646 Investor shares for BNY Mellon Massachusetts Intermediate Municipal Bond Fund. 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 $2,392,295 were exchanged for 193,072 Investor shares for BNY Mellon Massachusetts Intermediate Municipal Bond Fund. | |||||||||||||||
|
93
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
| BNY Mellon Municipal Opportunities Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended | a | Six Months Ended |
|
|
| Year Ended | a |
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 1,768,394 |
|
|
| 3,796,575 |
| 26,725,051 |
|
|
| 43,592,890 |
| |
Net realized gain (loss) on investments |
| 143,767 |
|
|
| 470,127 |
| (7,866,617) |
|
|
| 20,347,053 |
| ||
Net unrealized appreciation (depreciation) |
| 1,174,021 |
|
|
| (4,635,365) |
| 11,784,652 |
|
|
| (23,809,215) |
| ||
Net Increase (Decrease) in Net Assets | 3,086,182 |
|
|
| (368,663) |
| 30,643,086 |
|
|
| 40,130,728 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (1,750,961) |
|
|
| (3,596,094) |
| (26,498,766) |
|
|
| (42,677,125) |
| |
Investor Shares |
|
| (129,837) |
|
|
| (254,130) |
| (661,504) |
|
|
| (1,077,442) |
| |
Total Distributions |
|
| (1,880,798) |
|
|
| (3,850,224) |
| (27,160,270) |
|
|
| (43,754,567) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 33,418,111 |
|
|
| 26,703,390 |
| 450,114,142 |
|
|
| 247,896,915 |
| |
Investor Shares |
|
| 1,159,248 |
|
|
| 729,015 |
| 32,673,964 |
|
|
| 20,385,710 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 298,426 |
|
|
| 515,854 |
| 8,247,019 |
|
|
| 14,193,605 |
| |
Investor Shares |
|
| 115,508 |
|
|
| 221,412 |
| 523,237 |
|
|
| 920,060 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (48,741,184) |
|
|
| (28,891,537) |
| (116,889,305) |
|
|
| (83,869,298) |
| |
Investor Shares |
|
| (1,873,846) |
|
|
| (2,397,399) |
| (9,513,223) |
|
|
| (45,990,892) |
| |
Increase (Decrease) in Net Assets | (15,623,737) |
|
|
| (3,119,265) |
| 365,155,834 |
|
|
| 153,536,100 |
| |||
Total Increase (Decrease) in Net Assets | (14,418,353) |
|
|
| (7,338,152) |
| 368,638,650 |
|
|
| 149,912,261 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 158,677,034 |
|
|
| 166,015,186 |
| 1,465,274,716 |
|
|
| 1,315,362,455 |
| |
End of Period |
|
| 144,258,681 |
|
|
| 158,677,034 |
| 1,833,913,366 |
|
|
| 1,465,274,716 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 3,068,961 |
|
|
| 2,426,877 |
| 34,636,168 |
|
|
| 18,906,273 |
| |
Shares issued for distributions reinvested |
|
| 27,436 |
|
|
| 47,013 |
| 634,021 |
|
|
| 1,087,061 |
| |
Shares redeemed |
|
| (4,494,572) |
|
|
| (2,629,792) |
| (9,001,198) |
|
|
| (6,417,687) |
| |
Net Increase (Decrease) in Shares Outstanding | (1,398,175) |
|
|
| (155,902) |
| 26,268,991 |
|
|
| 13,575,647 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 107,067 |
|
|
| 66,757 |
| 2,514,606 |
|
|
| 1,557,633 |
| |
Shares issued for distributions reinvested |
|
| 10,613 |
|
|
| 20,167 |
| 40,198 |
|
|
| 70,408 |
| |
Shares redeemed |
|
| (172,538) |
|
|
| (217,515) |
| (731,935) |
|
|
| (3,517,753) |
| |
Net Increase (Decrease) in Shares Outstanding | (54,858) |
|
|
| (130,591) |
| 1,822,869 |
|
|
| (1,889,712) |
| |||
|
| ||||||||||||||
a For BNY Mellon New York Intermediate Tax-Exempt Bond Fund, distributions to shareholders include $3,546,488 Class M shares and $250,069 Investor shares of distributions from net investment income and $49,606 Class M shares and $4,061 Investor shares distributions from net realized gains and for BNY Mellon Municipal Opportunities Fund, distributions to shareholders include $42,226,128 Class M shares and $1,067,817 Investor shares of distributions from net investment income and $450,997 Class M shares and $9,625 Investor shares distributions from net realized gains. | |||||||||||||||
b During the period ended February 28, 2019, 21,421 Class M shares representing $235,184 were exchanged for 21,409 Investor shares for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and 1,086,025 Class M shares representing $14,071,771 were exchanged for 1,081,211 Investor shares for BNY Mellon Municipal Opportunities Fund. 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 $13,699,928 were exchanged for 1,048,357 Investor shares for BNY Mellon Municipal Opportunities Fund. | |||||||||||||||
|
94
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2019 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Intermediate Municipal Bond Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.29 | 13.64 | 14.00 | 13.56 | 13.77 | 13.22 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .17 | .34 | .34 | .36 | .37 | .39 | |||||||||
Net realized and unrealized gain (loss) on investments | .13 | (.35) | (.27) | .43 | (.21) | .55 | |||||||||
Total from Investment Operations | .30 | (.01) | .07 | .79 | .16 | .94 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.17) | (.34) | (.34) | (.35) | (.37) | (.39) | |||||||||
Dividends from net realized gain on investments | - | (.00) | b | (.09) | (.00) | b | - | - | |||||||
Total Distributions | (.17) | (.34) | (.43) | (.35) | (.37) | (.39) | |||||||||
Net asset value, end of period | 13.42 | 13.29 | 13.64 | 14.00 | 13.56 | 13.77 | |||||||||
Total Return (%) | 2.27 | c | (.05) | .60 | 5.94 | 1.23 | 7.18 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .50 | d | .50 | .50 | .50 | .50 | .50 | ||||||||
Ratio of net expenses to average net assets | .50 | d | .50 | .50 | .50 | .50 | .50 | ||||||||
Ratio of net investment income to average net assets | 2.57 | d | 2.54 | 2.52 | 2.58 | 2.70 | 2.90 | ||||||||
Portfolio Turnover Rate | 36.34 | c | 38.75 | 32.14 | 18.61 | 35.65 | 24.65 | ||||||||
Net Assets, end of period ($ x 1,000) | 2,164,452 | 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 $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
95
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2019 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Intermediate Municipal Bond Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.28 | 13.63 | 13.99 | 13.54 | 13.75 | 13.20 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .15 | .31 | .31 | .32 | .34 | .36 | |||||||||
Net realized and unrealized gain (loss) on investments | .13 | (.36) | (.27) | .45 | (.22) | .54 | |||||||||
Total from Investment Operations | .28 | (.05) | .04 | .77 | .12 | .90 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.15) | (.30) | (.31) | (.32) | (.33) | (.35) | |||||||||
Dividends from net realized gain on investments | - | (.00) | b | (.09) | (.00) | b | - | - | |||||||
Total Distributions | (.15) | (.30) | (.40) | (.32) | (.33) | (.35) | |||||||||
Net asset value, end of period | 13.41 | 13.28 | 13.63 | 13.99 | 13.54 | 13.75 | |||||||||
Total Return (%) | 2.14 | c | (.30) | .35 | 5.76 | .90 | 6.92 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .75 | d | .75 | .75 | .75 | .75 | .75 | ||||||||
Ratio of net expenses to average net assets | .75 | d | .75 | .75 | .75 | .75 | .75 | ||||||||
Ratio of net investment income to average net assets | 2.32 | d | 2.29 | 2.27 | 2.33 | 2.45 | 2.65 | ||||||||
Portfolio Turnover Rate | 36.34 | c | 38.75 | 32.14 | 18.61 | 35.65 | 24.65 | ||||||||
Net Assets, end of period ($ x 1,000) | 45,057 | 47,265 | 52,216 | 55,272 | 50,199 | 42,042 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
96
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2019 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Short-Term Municipal Bond Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.71 | 12.83 | 12.87 | 12.83 | 12.94 | 12.86 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .09 | .14 | .12 | .11 | .11 | .10 | |||||||||
Net realized and unrealized gain (loss) on investments | .04 | (.12) | (.02) | .05 | (.09) | .09 | |||||||||
Total from Investment Operations | .13 | .02 | .10 | .16 | .02 | .19 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.09) | (.14) | (.12) | (.11) | (.11) | (.10) | |||||||||
Dividends from net realized gain on investments | - | - | (.02) | (.01) | (.02) | (.01) | |||||||||
Total Distributions | (.09) | (.14) | (.14) | (.12) | (.13) | (.11) | |||||||||
Net asset value, end of period | 12.75 | 12.71 | 12.83 | 12.87 | 12.83 | 12.94 | |||||||||
Total Return (%) | 1.01 | b | .18 | .76 | 1.21 | .17 | 1.37 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .50 | c | .51 | .51 | .51 | .50 | .50 | ||||||||
Ratio of net expenses to average net assets | .50 | c | .51 | .51 | .51 | .50 | .50 | ||||||||
Ratio of net investment income to average net assets | 1.39 | c | 1.12 | .94 | .84 | .82 | .77 | ||||||||
Portfolio Turnover Rate | 60.67 | b | 58.52 | 35.60 | 51.47 | 34.24 | 39.43 | ||||||||
Net Assets, end of period ($ x 1,000) | 1,125,464 | 912,838 | 889,237 | 1,104,162 | 1,007,532 | 1,244,187 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
97
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2019 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Short-Term Municipal Bond Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.70 | 12.82 | 12.86 | 12.82 | 12.93 | 12.85 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .07 | .11 | .09 | .08 | .08 | .07 | |||||||||
Net realized and unrealized gain (loss) on investments | .04 | (.12) | (.02) | .05 | (.10) | .09 | |||||||||
Total from Investment Operations | .11 | (.01) | .07 | .13 | (.02) | .16 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.07) | (.11) | (.09) | (.08) | (.07) | (.07) | |||||||||
Dividends from net realized gain on investments | - | - | (.02) | (.01) | (.02) | (.01) | |||||||||
Total Distributions | (.07) | (.11) | (.11) | (.09) | (.09) | (.08) | |||||||||
Net asset value, end of period | 12.74 | 12.70 | 12.82 | 12.86 | 12.82 | 12.93 | |||||||||
Total Return (%) | .88 | b | (.07) | .52 | .97 | (.15) | 1.20 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .75 | c | .76 | .76 | .76 | .76 | .76 | ||||||||
Ratio of net expenses to average net assets | .75 | c | .76 | .76 | .76 | .76 | .76 | ||||||||
Ratio of net investment income to average net assets | 1.15 | c | .87 | .72 | .60 | .59 | .52 | ||||||||
Portfolio Turnover Rate | 60.67 | b | 58.52 | 35.60 | 51.47 | 34.24 | 39.43 | ||||||||
Net Assets, end of period ($ x 1,000) | 9,533 | 9,158 | 13,526 | 5,880 | 12,166 | 9,696 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
98
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2019 | Year Ended August 31, | ||||||||||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.95 | 12.24 | 12.68 | 12.31 | 12.56 | 12.27 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .15 | .29 | .30 | .32 | .33 | .36 | |||||||||
Net realized and unrealized gain (loss) on investments | .13 | (.27) | (.24) | .41 | (.25) | .40 | |||||||||
Total from Investment Operations | .28 | .02 | .06 | .73 | .08 | .76 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.15) | (.29) | (.30) | (.32) | (.33) | (.36) | |||||||||
Dividends from net realized gain on investments | - | (.02) | (.20) | (.04) | - | (.11) | |||||||||
Total Distributions | (.15) | (.31) | (.50) | (.36) | (.33) | (.47) | |||||||||
Net asset value, end of period | 12.08 | 11.95 | 12.24 | 12.68 | 12.31 | 12.56 | |||||||||
Total Return (%) | 2.35 | b | .22 | .55 | 5.96 | .74 | 6.31 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .70 | c | .70 | .70 | .69 | .68 | .68 | ||||||||
Ratio of net expenses to average net assets | .70 | c | .70 | .70 | .69 | .68 | .68 | ||||||||
Ratio of net investment income to average net assets | 2.50 | c | 2.44 | 2.44 | 2.52 | 2.65 | 2.89 | ||||||||
Portfolio Turnover Rate | 39.68 | b | 38.13 | 20.07 | 25.94 | 35.96 | 25.84 | ||||||||
Net Assets, end of period ($ x 1,000) | 187,388 | 184,216 | 209,457 | 255,017 | 276,729 | 306,673 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
99
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2019 | Year Ended August 31, | ||||||||||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.93 | 12.23 | 12.67 | 12.29 | 12.54 | 12.25 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .13 | .27 | .27 | .28 | .30 | .33 | |||||||||
Net realized and unrealized gain (loss) on investments | .14 | (.29) | (.24) | .42 | (.25) | .39 | |||||||||
Total from Investment Operations | .27 | (.02) | .03 | .70 | .05 | .72 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.13) | (.26) | (.27) | (.28) | (.30) | (.32) | |||||||||
Dividends from net realized gain on investments | - | (.02) | (.20) | (.04) | - | (.11) | |||||||||
Total Distributions | (.13) | (.28) | (.47) | (.32) | (.30) | (.43) | |||||||||
Net asset value, end of period | 12.07 | 11.93 | 12.23 | 12.67 | 12.29 | 12.54 | |||||||||
Total Return (%) | 2.31 | b | (.12) | .30 | 5.79 | .40 | 6.04 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .95 | c | .95 | .95 | .94 | .93 | .93 | ||||||||
Ratio of net expenses to average net assets | .95 | c | .95 | .95 | .94 | .93 | .93 | ||||||||
Ratio of net investment income to average net assets | 2.26 | c | 2.19 | 2.20 | 2.27 | 2.41 | 2.64 | ||||||||
Portfolio Turnover Rate | 39.68 | b | 38.13 | 20.07 | 25.94 | 35.96 | 25.84 | ||||||||
Net Assets, end of period ($ x 1,000) | 4,871 | 5,473 | 5,043 | 5,981 | 5,558 | 4,437 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
100
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2019 | Year Ended August 31, | ||||||||||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.40 | 12.75 | 13.16 | 12.73 | 12.95 | 12.62 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .15 | .30 | .30 | .31 | .33 | .36 | |||||||||
Net realized and unrealized gain (loss) on investments | .15 | (.35) | (.28) | .43 | (.21) | .42 | |||||||||
Total from Investment Operations | .30 | (.05) | .02 | .74 | .12 | .78 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.15) | (.30) | (.30) | (.31) | (.34) | (.36) | |||||||||
Dividends from net realized gain on investments | - | (.00) | b | (.13) | - | - | (.09) | ||||||||
Total Distributions | (.15) | (.30) | (.43) | (.31) | (.34) | (.45) | |||||||||
Net asset value, end of period | 12.55 | 12.40 | 12.75 | 13.16 | 12.73 | 12.95 | |||||||||
Total Return (%) | 2.44 | c | (.32) | .24 | 5.88 | .98 | 6.21 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .53 | d | .54 | .54 | .54 | .53 | .53 | ||||||||
Ratio of net expenses to average net assets | .53 | d | .54 | .54 | .54 | .53 | .53 | ||||||||
Ratio of net investment income to average net assets | 2.43 | d | 2.43 | 2.35 | 2.39 | 2.60 | 2.85 | ||||||||
Portfolio Turnover Rate | 49.10 | c | 38.51 | 31.61 | 28.71 | 41.79 | 32.80 | ||||||||
Net Assets, end of period ($ x 1,000) | 285,544 | 297,515 | 297,243 | 360,108 | 310,635 | 305,513 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
101
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2019 | Year Ended August 31, | ||||||||||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.40 | 12.75 | 13.15 | 12.73 | 12.94 | 12.62 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .14 | .27 | .27 | .28 | .31 | .34 | |||||||||
Net realized and unrealized gain (loss) on investments | .14 | (.35) | (.27) | .42 | (.22) | .40 | |||||||||
Total from Investment Operations | .28 | (.08) | - | .70 | .09 | .74 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.13) | (.27) | (.27) | (.28) | (.30) | (.33) | |||||||||
Dividends from net realized gain on investments | - | (.00) | b | (.13) | - | - | (.09) | ||||||||
Total Distributions | (.13) | (.27) | (.40) | (.28) | (.30) | (.42) | |||||||||
Net asset value, end of period | 12.55 | 12.40 | 12.75 | 13.15 | 12.73 | 12.94 | |||||||||
Total Return (%) | 2.31 | c | (.56) | .06 | 5.54 | .73 | 5.95 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .78 | d | .79 | .79 | .79 | .78 | .78 | ||||||||
Ratio of net expenses to average net assets | .78 | d | .79 | .79 | .79 | .78 | .78 | ||||||||
Ratio of net investment income to average net assets | 2.19 | d | 2.18 | 2.12 | 2.15 | 2.35 | 2.60 | ||||||||
Portfolio Turnover Rate | 49.10 | c | 38.51 | 31.61 | 28.71 | 41.79 | 32.80 | ||||||||
Net Assets, end of period ($ x 1,000) | 7,078 | 7,046 | 9,395 | 8,410 | 8,632 | 9,910 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
102
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2019 | Year Ended August 31, | ||||||||||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 10.91 | 11.20 | 11.62 | 11.24 | 11.40 | 11.11 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .13 | .26 | .26 | .29 | .30 | .31 | |||||||||
Net realized and unrealized gain (loss) on investments | .12 | (.29) | (.24) | .41 | (.16) | .46 | |||||||||
Total from Investment Operations | .25 | (.03) | .02 | .70 | .14 | .77 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.13) | (.26) | (.26) | (.29) | (.30) | (.31) | |||||||||
Dividends from net realized gain on investments | (.01) | (.00) | b | (.18) | (.03) | - | (.17) | ||||||||
Total Distributions | (.14) | (.26) | (.44) | (.32) | (.30) | (.48) | |||||||||
Net asset value, end of period | 11.02 | 10.91 | 11.20 | 11.62 | 11.24 | 11.40 | |||||||||
Total Return (%) | 2.32 | c | (.22) | .31 | 6.30 | 1.33 | 7.04 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .71 | d | .72 | .73 | .72 | .71 | .71 | ||||||||
Ratio of net expenses to average net assets | .59 | d | .59 | .59 | .59 | .59 | .59 | ||||||||
Ratio of net investment income to average net assets | 2.45 | d | 2.36 | 2.38 | 2.53 | 2.64 | 2.79 | ||||||||
Portfolio Turnover Rate | 44.98 | c | 45.71 | 37.78 | 36.53 | 52.79 | 36.42 | ||||||||
Net Assets, end of period ($ x 1,000) | 133,415 | 147,343 | 152,923 | 175,053 | 169,337 | 172,407 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
103
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2019 | Year Ended August 31, | ||||||||||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 10.92 | 11.20 | 11.62 | 11.24 | 11.40 | 11.12 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | 1.10 | .23 | .24 | .26 | .27 | .29 | |||||||||
Net realized and unrealized gain (loss) on investments | (.86) | (.28) | (.24) | .41 | (.16) | .44 | |||||||||
Total from Investment Operations | .24 | (.05) | - | .67 | .11 | .73 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.12) | (.23) | (.24) | (.26) | (.27) | (.28) | |||||||||
Dividends from net realized gain on investments | (.01) | (.00) | b | (.18) | (.03) | - | (.17) | ||||||||
Total Distributions | (.13) | (.23) | (.42) | (.29) | (.27) | (.45) | |||||||||
Net asset value, end of period | 11.03 | 10.92 | 11.20 | 11.62 | 11.24 | 11.40 | |||||||||
Total Return (%) | 2.20 | c | (.38) | .07 | 6.03 | .98 | 6.77 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .96 | d | .97 | .98 | .97 | .96 | .96 | ||||||||
Ratio of net expenses to average net assets | .84 | d | .84 | .84 | .84 | .84 | .84 | ||||||||
Ratio of net investment income to average net assets | 2.20 | d | 2.11 | 2.13 | 2.28 | 2.39 | 2.54 | ||||||||
Portfolio Turnover Rate | 44.98 | c | 45.71 | 37.78 | 36.53 | 52.79 | 36.42 | ||||||||
Net Assets, end of period ($ x 1,000) | 10,844 | 11,334 | 13,093 | 14,322 | 15,495 | 16,428 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
104
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2019 | Year Ended August 31, | ||||||||||||||
BNY Mellon Municipal Opportunities Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.12 | 13.15 | 13.46 | 12.99 | 13.16 | 12.38 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .21 | .44 | .45 | .50 | .47 | .49 | |||||||||
Net realized and unrealized gain (loss) on investments | .00 | b | (.02) | (.32) | .45 | (.18) | 1.04 | ||||||||
Total from Investment Operations | .21 | .42 | .13 | .95 | .29 | 1.53 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.21) | (.45) | (.44) | (.48) | (.46) | (.48) | |||||||||
Dividends from net realized gain on investments | (.00) | b | (.00) | b | (.00) | b | - | - | (.27) | ||||||
Total Distributions | (.21) | (.45) | (.44) | (.48) | (.46) | (.75) | |||||||||
Net asset value, end of period | 13.12 | 13.12 | 13.15 | 13.46 | 12.99 | 13.16 | |||||||||
Total Return (%) | 1.68 | c | 3.27 | 1.11 | 7.40 | 2.20 | 12.88 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .73 | d | .75 | .73 | .71 | .69 | .71 | ||||||||
Ratio of net expenses to average net assets | .73 | d | .75 | .73 | .71 | .69 | .71 | ||||||||
Ratio of interest and expense related to floating | .09 | d | .10 | .07 | .05 | .04 | .05 | ||||||||
Ratio of net investment income to average net assets | 3.30 | d | 3.43 | 3.44 | 3.79 | 3.57 | 3.88 | ||||||||
Portfolio Turnover Rate | 33.39 | c | 41.48 | 34.78 | 31.92 | 41.90 | 58.87 | ||||||||
Net Assets, end of period ($ x 1,000) | 1,777,062 | 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 $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
105
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2019 | Year Ended August 31, | ||||||||||||||
BNY Mellon Municipal Opportunities Fund | (Unaudited) | 2018 |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.13 | 13.16 | 13.46 | 12.99 | 13.16 | 12.38 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .19 | .40 | .41 | .47 | .43 | .46 | |||||||||
Net realized and unrealized gain (loss) on investments | .01 | (.02) | (.30) | .44 | (.18) | 1.05 | |||||||||
Total from Investment Operations | .20 | .38 | .11 | .91 | .25 | 1.51 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.20) | (.41) | (.41) | (.44) | (.42) | (.46) | |||||||||
Dividends from net realized gain on investments | (.00) | b | (.00) | b | (.00) | b | - | - | (.27) | ||||||
Total Distributions | (.20) | (.41) | (.41) | (.44) | (.42) | (.73) | |||||||||
Net asset value, end of period | 13.13 | 13.13 | 13.16 | 13.46 | 12.99 | 13.16 | |||||||||
Total Return (%) | 1.55 | c | 3.01 | .95 | 7.13 | 1.93 | 12.54 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .98 | d | 1.00 | .99 | .96 | .96 | .98 | ||||||||
Ratio of net expenses to average net assets | .98 | d | 1.00 | .99 | .96 | .96 | .98 | ||||||||
Ratio of interest and expense related to floating | .09 | d | .10 | .07 | .05 | .04 | .05 | ||||||||
Ratio of net investment income to average net assets | 3.07 | d | 3.12 | 3.14 | 3.55 | 3.30 | 3.67 | ||||||||
Portfolio Turnover Rate | 33.39 | c | 41.48 | 34.78 | 31.92 | 41.90 | 58.87 | ||||||||
Net Assets, end of period ($ x 1,000) | 56,852 | 32,924 | 57,865 | 25,463 | 16,832 | 5,126 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
106
NOTES TO FINANCIAL STATEMENTS(Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-five series, including the following non-diversified funds: BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon National Short-Term Municipal Bond Fund, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon Massachusetts Intermediate Municipal Bond Fund, BNY Mellon New York Intermediate Tax-Exempt Bond Fund and BNY Mellon Municipal Opportunities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon National Short-Term Municipal Bond Fund seek to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. BNY Mellon Pennsylvania Intermediate Municipal Bond Fund seeks as high a level of income exempt from federal and Pennsylvania state income taxes as is consistent with the preservation of capital. BNY Mellon Massachusetts Intermediate Municipal Bond Fund seeks as high a level of income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital. BNY Mellon New York Intermediate Tax-Exempt Bond Fund seeks as high a level of current income exempt from federal, New York state and New York city income taxes as is consistent with the preservation of capital. BNY Mellon Municipal Opportunities Fund seeks to maximize total return consisting of high current income exempt from federal income tax and capital appreciation. Effective March 31, 2019, BNY Mellon Municipal Opportunities Fund is closed to new and existing investors.
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:
107
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
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:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board of Trustees (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general supervision of the Board.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Futures on municipal and U.S. Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy.
Table 1 summarizes the inputs used as of February 28, 2019in valuing each fund’s investments:
At February 28, 2019, 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 Significant |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon National | |||||||||||||||||
Municipal Bonds† | - | - | 2,197,933,578 | - | - | - | 2,197,933,578 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | 74,237 | - | - | - | - | - | 74,237 | ||||||||||
BNY Mellon National | |||||||||||||||||
Municipal Bonds† | - | - | 1,139,252,102 | - | - | - | 1,139,252,102 |
108
Table 1—Fair Value Measurements(continued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other Significant |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon Pennsylvania | |||||||||||||||||
Municipal Bonds† | - | - | 193,331,379 | - | - | - | 193,331,379 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | 6,444 | - | - | - | - | - | 6,444 | ||||||||||
BNY Mellon Massachusetts | |||||||||||||||||
Municipal Bonds† | - | - | 298,435,148 | - | - | - | 298,435,148 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | 9,699 | - | - | - | - | - | 9,699 | ||||||||||
BNY Mellon New York | |||||||||||||||||
Municipal Bonds† | - | - | 143,371,619 | - | - | - | 143,371,619 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | 4,974 | - | - | - | - | - | 4,974 | ||||||||||
BNY Mellon Municipal | |||||||||||||||||
Corporate Bonds† | - | - | 15,030,666 | - | - | - | 15,030,666 | ||||||||||
Municipal Bonds† | - | - | 1,856,827,407 | - | - | - | 1,856,827,407 | ||||||||||
Futures†† | 1,248,983 | - | - | - | - | - | 1,248,983 | ||||||||||
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 at period end, but only variation margin on exchanged traded and centrally cleared derivatives are reported in the Statement of Assets and Liabilities.
††† 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 taxes. For federal income tax purposes, each fund is treated
109
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2019, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 28, 2019, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2018 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010, each fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
Table 2summarizes each relevant fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, realized subsequent to August 31, 2018.
Table 3 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2018. The tax character of current year distributions will be determined at the end of the current fiscal year.
(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.
Table 2—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 3—Tax Character of Distributions Paid | |||||||
2018 | |||||||
| Tax-Exempt Income ($) |
| Ordinary Income ($) | Long-Term Capital Gains ($) | |||
BNY Mellon National Intermediate Municipal Bond Fund | 54,602,839 | 388,572 | - | ||||
BNY Mellon National Short-Term Municipal Bond Fund | 10,383,249 | - | - | ||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 4,871,171 | - | 355,487 | ||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 7,350,064 | - | 89,090 | ||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 3,796,557 | 53,322 | 345 | ||||
BNY Mellon Municipal Opportunities Fund | 42,889,466 | 865,101 | - |
NOTE 2—Bank Lines of Credit:
The funds participate with other Dreyfus-managed long-term open-end funds in a $1.030 billion unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by The Bank of New York Mellon (the “BNYM Credit Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $830 million and is available to all long-term open-ended funds, including the funds, and (ii) Tranche B is in amount equal to $200 million and is available only to the Dreyfus Floating Rate Income Fund, a series of The Dreyfus/Laurel Funds, Inc. Prior to October 3, 2018, the unsecured credit facility with Citibank, N.A. was $830 million. In connection therewith, each fund
110
has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2019, BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon National Short-Term Municipal Bond Fund, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon New York Intermediate Tax-Exempt Bond Fund and BNY Mellon Municipal Opportunities Fund did not borrow under the Facilities.
For BNY Mellon Massachusetts Intermediate Municipal Bond Fund the average amount of borrowings outstanding under the Facilities during the period ended February 28, 2019 was approximately $24,900 with a related weighted average annualized interest rate of 3.24%.
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, 2018 through December 31, 2019, 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 $84,667 during the period ended February 28, 2019.
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%
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.
(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 4summarizes the amounts Investor shares were charged during the period ended February 28, 2019, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
Table 4—Shareholder Services Plan Fees |
|
BNY Mellon National Intermediate | $56,725 |
BNY Mellon National Short-Term | 10,372 |
BNY Mellon Pennsylvania Intermediate | 6,455 |
BNY Mellon Massachusetts Intermediate | 8,839 |
BNY Mellon New York Intermediate | 13,714 |
BNY Mellon Municipal | 53,214 |
111
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity.Table 5 summarizes the amount each fund was charged during the period ended February 28, 2019 pursuant to the custody agreement.
Each fund compensates The Bank of New York Mellon under a shareholder redemptionsdraft processingagreement for providing certain services related to the funds’ check writing privilege.Table 6 summarizes the amount each fund was charged during the period ended February 28, 2019 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
During the period ended February 28, 2019, each fund was charged $6,305 for services performed by the Chief Compliance Officer and his staff. These fees are included in Miscellaneous in the Statements of Operations.
Table 7summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
Table 5—Custody Agreement Fees | |||
| Custody Fees ($) | Custody | |
BNY Mellon National Intermediate Municipal Bond Fund | 13,504 | - | |
BNY Mellon National Short-Term Municipal Bond Fund | 10,479 | (8,291) | |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 2,521 | - | |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 2,686 | - | |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 3,359 | - | |
BNY Mellon Municipal Opportunities Fund | 11,987 | - |
Table 6—The Bank of New York Mellon Cash Management Fees | |||
| Cash Management Fees ($) | Earnings Credits ($) | |
BNY Mellon National Intermediate Municipal Bond Fund | 101 | (1) | |
BNY Mellon National Short-Term Municipal Bond Fund | 10 | - | |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 12 | - | |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 43 | - | |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 122 | (1) | |
BNY Mellon Municipal Opportunities Fund | 33 | - |
Table 7—Due to The Dreyfus Corporation and Affiliates | ||||||
| Investment | Shareholder | Custodian | Chief | The Bank of New York Mellon Cash Management | Less Expense |
BNY Mellon National Intermediate Municipal Bond Fund | 582,227 | 8,676 | 16,801 | 5,254 | 40 | - |
BNY Mellon National Short-Term Municipal Bond Fund | 307,336 | 1,745 | - | 5,254 | 8 | - |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 71,742 | 946 | 3,063 | 5,254 | 4 | - |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 77,029 | 1,339 | 3,287 | 5,254 | 14 | - |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 54,536 | 2,065 | 3,575 | 5,254 | 40 | (16,705) |
BNY Mellon Municipal Opportunities Fund | 692,444 | 10,306 | 15,416 | 5,254 | 12 | - |
112
NOTE 4—Securities Transactions:
Table 8summarizes each fund’s aggregate amount of purchases and sales of investment securities, excluding short-term securities and futures,during the period ended February 28, 2019.
Inverse Floater Securities: BNY Mellon Municipal Opportunities Fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.
The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the related floating rate certificate securities reflected as fund liabilities in the Statement of Assets and Liabilities.
The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.
The average amount of borrowings outstanding under the inverse floater structure during the period ended February 28, 2019, was approximately $61,475,000 with a related weighted average annualized interest rate of 2.30%.
Table 8—Purchases and Sales | ||
| Purchases ($) | Sales ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 778,897,172 | 774,644,837 |
BNY Mellon National Short-Term Municipal Bond Fund | 777,934,409 | 579,677,616 |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 73,135,044 | 74,802,402 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 142,007,925 | 149,152,930 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 65,896,652 | 79,889,264 |
BNY Mellon Municipal Opportunities Fund | 850,027,350 | 530,411,459 |
Derivatives:A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by each fund during the period ended February 28, 2019 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
113
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
which are recorded in the Statements of Operations. When the contracts are closed, the funds recognize a realized gain or loss which is reflected in the Statements of Operations. There is minimal counterparty credit risk to the funds with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at February 28, 2019 are set forth in the Statements of Futures.
Table 9 summarizes each fund’s average market value of derivatives outstanding during the period ended February 28, 2019.
Table 9—Average Market Value of Derivatives | |
Average | |
BNY Mellon National Intermediate | 86,490,509 |
BNY Mellon Pennsylvania Intermediate | 7,614,106 |
BNY Mellon Massachusetts Intermediate | 11,951,781 |
BNY Mellon New York Intermediate | 6,111,705 |
BNY Mellon Municipal | 290,069,199 |
Table 10 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments inclusive of derivative contracts for each fund at February 28, 2019.
At February 28, 2019, the cost of investments inclusive of derivative contracts for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
Table 10—Accumulated Net Unrealized Appreciation (Depreciation) | |||
| Gross | Gross | Net ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 56,263,765 | 3,839,454 | 52,424,311 |
BNY Mellon National Short-Term Municipal Bond Fund | 3,987,031 | 4,006,977 | (19,946) |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 5,183,650 | 1,256,624 | 3,927,026 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 5,299,899 | 1,719,759 | 3,580,140 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 3,341,864 | 116,540 | 3,225,324 |
BNY Mellon Municipal Opportunities Fund | 71,663,961 | 9,613,306 | 62,050,655 |
114
NOTES
115
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.
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.
© 2019 MBSC Securities Corporation | MFTSA0219-MB |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures applicable to Item 10.
Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
BNY Mellon Funds Trust
By: /s/ Patrick T. Crowe
Patrick T. Crowe
President
Date: April 25, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Patrick T. Crowe
Patrick T. Crowe
President
Date: April 25, 2019
By: /s/ James Windels
James Windels
Treasurer
Date: April 29, 2019
EXHIBIT INDEX
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)