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 BNY Mellon Investment Adviser, Inc. 240 Greenwich Street New York, New York 10286 |
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| (Address of principal executive offices) (Zip code) |
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| Bennett A. MacDougall, Esq. 240 Greenwich Street New York, New York 10286 |
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| (Name and address of agent for service) |
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Registrant's telephone number, including area code: | (212) 922-6400 | |||||
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Date of fiscal year end:
| 08/31 |
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Date of reporting period: | 08/31/19
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FORM N-CSR
Item 1. Reports to Stockholders.
The BNY Mellon Funds
BNY Mellon Large Cap Stock 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 Equity Income Fund |
BNY Mellon Asset Allocation Fund |
ANNUAL REPORT August 31, 2019 | |
Contents
THE FUNDS
Advisory Agreement, Administration Agreement and BNY Mellon | |
Mid Cap Multi-Strategy Fund’s Sub-Advisory Agreements | |
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this annual report for the respective funds of the BNY Mellon Funds Trust, covering the 12-month period from September 1, 2018 through August 31, 2019. For information about how the funds performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
After a strong summer, equity markets weakened in the fourth quarter of 2018, as concerns about rising interest rates, trade tensions and slowing global growth provided downward pressure on returns. In December 2018, stocks experienced a sharp sell-off, as it appeared that the U.S. Federal Reserve (the “Fed”) would maintain its hawkish stance on monetary policy. In January 2019, the Fed commented that it would slow the pace of interest-rate increases, which helped stimulate a rebound across equity markets that continued into the second quarter. Escalating trade tensions disrupted equity markets again in May. The dip was short-lived, as markets rose once again in June. However, despite continued supportive central bank policies, pockets of volatility persisted through the end of the period.
In fixed-income markets, returns were hampered early in the reporting period by rising interest rates and accelerating inflation. With the return of stock market volatility in October 2018, a flight to quality led to a rise in prices for U.S. Treasuries that continued through the end of the year, leading to a flattening yield curve. After the Fed’s supportive statements in January 2019, other developed market central banks followed suit and reiterated their abilities to bolster flagging growth by continuing supportive policies. This helped to further buoy fixed-income instrument prices. At the end of July, the Fed cut the federal funds rate by 25 basis points. Both the U.S. and Global Bloomberg Barclays Aggregate Bond indices produced strong returns for the 12 months.
We believe that over the near term, the outlook for the U.S. remains positive, but we will monitor relevant data for any signs of a change. As always, we encourage you to discuss the risks and opportunities in today’s investment environment with your financial advisor.
Thank you for your continued confidence and support.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
September 16, 2019
3
DISCUSSION OF FUND PERFORMANCE(Unaudited)
For the period of September 1, 2018 through August 31, 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 12-month period ended August 31, 2019, BNY Mellon Large Cap Stock Fund’s Class M shares produced a total return of -1.64%, and Investor shares returned -2.03%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, posted a total return of 2.92% for the same period.2
Large-cap stocks generally posted mild gains over the reporting period, amid pockets of volatility fueled by investor concerns over US 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 Central Bank and Trade Activity
U.S. equities exhibited strength the first month of the period. However, starting in October 2018, many 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. Renewed articulation of hawkish narratives by Fed officials alarmed investors and stoked volatility. In December 2018, equities reached new lows for the year, as economic and political news continued to unnerve investors. Investors also feared the European Central Bank (the “ECB”) would proceed with its plan to conclude stimulus measures in January 2019, despite moderating growth rates.
January 2019 marked a turnaround in the 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. China also announced plans to stoke its slowing economic growth rate. 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 the month of January 2019, and equity markets maintained an upward trajectory through April 2019. However, renewed trade tensions between the U.S. and China in May 2019 caused stocks to pull back once again. The dip was short-lived, as markets rose once again in June 2019. At the end of July 2019, the Fed cut the federal funds rate by 25 basis points.However, despite continued supportive central bank policies, pockets of volatility persisted through the end of 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 consumer staples sectors hampered the fund’s gains over the reporting period. In consumer discretionary, an underweight to McDonald’s Corporation was a leading detractor. The restaurant reported steady increases in same store sales and beat analyst estimates. An overweight toKohl’salso hurt results.Kohl’s stores have suffered reduced foot traffic and declining same store sales. A position inConagra brands also provided a headwind, as did reduced exposure to Coca-Cola, which was up during the period on strong sales in China and increased popularity of its reduced sugar beverages. Top individual detractors included Biogen,Herbalife Nutrition andValero Energy. Biogen saw its stock price decline in late March 2019, after halting development on an Alzheimer’s drug that was found to be ineffective in clinical trials.Herbalife Nutrition reported low earnings in May 2019 and August 2019 and provided earnings guidance that came in below expectations.Valero Energy’s stock price was hurt during the period by weak oil prices and an acquisition that did not sit well with investors.
Conversely, contributors during the period included stocks from the communications services and industrials sectors. In communication services, Verizon Communications was among the leading contributors. The stock rose on corporate revenue growth for the seventh consecutive quarter. Within industrials, a position in Lockheed Martin benefitted performance. Elsewhere in the market, top individual contributors includedMatch Group, which benefited from positive fundamentals and earnings growth that beat expectations. A lack of exposure to NVIDIA also helped, as did an overweight position to Cadence Design Systems, which benefited from fiscal first-quarter 2019 results that beat expectations and increased earnings guidance.
From a factor standpoint, the market environment over the 12 months did not favor a majority of the factors utilized by the model to identify stocks for investment potential. The top stocks as identified by the model were some of the worst performers in the portfolio. Value and low volatility fared worst during the period. The quality factor was the best performer.
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
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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 will stage a comeback. In addition, we have continued to maintain a broadly diversified portfolio.
September 16, 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.
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DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
For the period from September 1, 2018 through August 31, 2019, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s Class M shares produced a total return of 0.69%, and Investor shares produced a total return of 0.45%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 2.92% for the same period.2
Large-cap stocks gained ground over the reporting period, amid slowing economic momentum and a shift in Federal Reserve policy. The fund lagged the Index due to negative contributions from six of the fund’s active underlying strategies.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets, 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 of which are more fully 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, as well as the target allocations and ranges when the investment adviser deems it appropriate.
Weakening Economic Conditions Hindered Stocks Late in the Reporting Period
Stock markets declined early in the reporting period, as the Federal Reserve maintained a hawkish stance on interest rates despite growing concerns about the sustainability of growth in the U.S. economy. Late in 2018, when the Fed signaled a shift in its stance, stocks rebounded sharply, and they remained buoyant in 2019 in anticipation of an interest rate cut in response to concerns about U.S./China trade relations and the possibility of slower U.S. economic growth.
The rebound produced a strong performance in the first half of 2019, but markets pulled back later, as trade fears ramped up and nervousness about the outlook increased. In June, stocks rebounded again on expectations of Fed rate cuts. Renewed hopes of a truce between the U.S. and China in late June also helped to lift sentiment.
Globally, stocks received support from central banks, which tended toward looser monetary policy, and from China, which implemented more stimulative fiscal policies. Nevertheless, late in the reporting period, the late-cycle nature of the U.S. expansion, weakening global economic indicators and worries about whether a trade agreement between the U.S. and China could be reached weighed on markets, producing losses.
Fund Performance Hindered by Underlying Strategies
The fund’s relative return was hampered primarily by the underperformance of six of its active strategies. On balance, the effect of the allocation decisions across these underlying strategies was slightly negative. On an absolute basis, exposure to growth-oriented strategies helped performance because growth stocks outperformed the Index, while the value exposure hindered returns since it lagged the Index.
Two allocation decisions across the fund’s four major categories proved negative: U.S. Large Cap Core and U.S. Large Cap Value. The allocation to U.S. Large Cap Growth was beneficial, and the allocation to U.S. Large Cap Tax Sensitive was neutral.
Manager performance was mixed. In the core category, the Focused Equity Strategy lagged its benchmark by more than 265 basis points, but this was partially offset by the performance of the Walter Scott Large Cap Equity Strategy, which beat its benchmark by more than 500 basis points.
In the value-oriented category, manager performance hindered the overall fund’s returns. The Dynamic Large Cap Value Strategy lagged its benchmark by 475 basis points, and the Income Stock Strategy lagged its benchmark by 125 basis points.
In the growth category, the U.S. Large Cap Growth Strategy underperformed its benchmark by more than 360 basis points, which more than offset the positive effect of the overweight to the category. In the tax-sensitive category, the fund had a slight overweight, which had a neutral effect on returns, but outperformance by the Large Cap Tax-Sensitive Strategy resulted in a slight positive contribution from this category.
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A More Neutral Investment Posture
We remain optimistic regarding the prospects for large-cap stocks in an environment characterized by a growing U.S. economy, with a supportive stance from the Federal Reserve. During the reporting period, we adjusted the fund’s portfolio to a more neutral posture between growth and value, trimming the allocation to Focused Equity and allocating the proceeds to Income Stock and Large Cap Value.In our judgment, these changes position the fund well for the prevailing market environment.
September 16, 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.
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DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
For the period of September 1, 2018 through August 31, 2019, as provided by John C. Bailer, Brian C. Ferguson, and David S. Intoppa, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Income Stock Fund’s Class M shares produced a total return of-0.36%, Investor shares produced a total return of -0.60%, Class A shares produced a total return of -0.64%, Class C shares produced a total return of -1.43%, Class I shares produced a total return of -0.28% and Class Y shares produced a total return of -0.36%.1 In comparison, the fund’s benchmark, the Dow Jones U.S. Select Dividend™ Index (the “Index”), produced a total return of 0.89% for the same period.2
Stocks rose over the reporting period in response to steady corporate earnings and economic growth. The fund underperformed the Index due to unfavorable sector allocation and security selection strategies, primarily in the utilities, energy, information technology, financial and health care sectors.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and income). To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in stocks. The fund seeks to focus on dividend-paying stocks and other investments and 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. The fund invests primarily in common stock but also may invest up to 10% of its assets in convertible securities and up to 10% of its assets in preferred stocks.
Weakening Economic Conditions Hindered Stocks Late in the Reporting Period
Stock markets declined early in the reporting period, as the Federal Reserve (the “Fed”) maintained a hawkish stance on interest rates despite growing concerns about the sustainability of growth in the U.S. economy. Late in 2018, when the Fed signaled a shift in its stance, stocks rebounded sharply, and they remained buoyant in 2019 in anticipation of an interest rate cut in response to concerns about U.S./China trade relations and the possibility of slower U.S. economic growth.
The rebound produced a strong performance in the first half of 2019, but markets later pulled back later, as trade fears ramped up and nervousness about the outlook increased. In June 2019, stocks rebounded again on expectations of Fed rate cuts. Renewed hopes of a truce between the U.S. and China in late June 2019 also helped to lift sentiment.
Globally, stocks received support from central banks, which tended toward looser monetary policy, and from China, which implemented more stimulative fiscal policies. Nevertheless, late in the reporting period, the late-cycle nature of the U.S. expansion, weakening global economic indicators and worries about whether a trade agreement between the U.S. and China could be reached weighed on markets, producing losses.
Performance Hindered by Sector Allocations and Stock Selections
Much of the fund’s underperformance versus the Index was driven by asset allocation and stock selection decisions. An underweight to the utilities sector, which outperformed the Index despite elevated valuations, hampered the fund’s returns, as did certain selections in this sector. Specifically, a decision not to own Entergy, an electric power company, and WEC Energy Group, a multi-utility, detracted from relative performance. In the energy sector, the fund’s overweight position hindered performance as well. Positions in Marathon Petroleum, Phillips66 and Occidental Petroleum were most notable. In the information technology sector, the fund’s overweight position detracted somewhat, but stock selection detracted more. Shares ofApple and Corning, the glassmaker, were especially detrimental. Failure to own Western Digital, a semiconductor company, also hurt relative returns. In the financial sector, positions in Wells Fargo and Bank of America were disadvantageous as banks generally struggled in a falling interest rate environment. A failure to own Cincinnati Financial, an insurance company, also proved harmful to fund performance. In the health care sector the fund’s holding of CVS Health, a health care provider, proved detrimental, as this sector has struggled with uncertain prospects.
On the positive side, in the consumer discretionary sector, performance benefited from a decision to avoid multiline retailers Macy’s and Kohl’s, as this industry continues to struggle. In communication services, positions inVerizon Communications and Comcast Corporation proved beneficial, while lack of exposure to CenturyLink, a regional telecommunications company, also boosted performance. In the materials sector shares of Vulcan Materials boosted the fund’s performance, as it benefited from strong infrastructure spending. In addition, a decision to avoid LyondellBasel, a chemical company, was advantageous because the company was hampered by trade tensions. Other top contributors to performance included a lack of exposure to Holly Frontier, an energy company, and Altria, a tobacco company. Positions in Outfront Media, Medtronic and Merck & Co. also proved beneficial.
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Investment Environment Remains Supportive
We remain optimistic about the short-term market outlook, given that the Fed has become more accommodative, and consumer spending remains strong. But we also see risks on the horizon. In the short term, the performance of the markets may depend on whether the U.S. and China achieve a trade agreement. In addition, the outcome of the Brexit conflict may also pose a risk. As of the end of the reporting period, we have continued to find what we believe to be the most attractive investment opportunities in the financial, health care, real estate, industrial, energy and information technology sectors. In contrast, we are finding relatively few opportunities in the utilities, consumer discretionary and consumer staples sector. We remain neutral in the materials and communications services sectors.
September 16, 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 BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect through June 1, 2020, for Class A, Class C, Class I, and Class Y, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns for those share classes would have been lower.
2 Source: Lipper Inc. – The Dow Jones U.S. Select Dividend™ Index is defined as all dividend-paying companies in the Dow Jones U.S. Index, excluding REITs, that have a non-negative, historical, five-year dividend-per-share growth rate, a five-year average dividend coverage ratio of greater than or equal to 167%, paid dividends in each of the previous five years, non-negative, trailing 12-month earnings-per-share (EPS), a float-adjusted market capitalization of at least US $1 billion, and a three-month average daily trading volume of 200,000 shares. Investors cannot invest directly in any index.
Please note: the position in any security highlighted with italicized typeface was sold during the reporting period.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
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DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
For the period from September 1, 2018 through August 31, 2019, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of -1.54%, and Investor shares produced a total return of -1.70%.1 In comparison, the fund’s benchmark, the Russell Midcap® Index (the “Index”), produced a total return of 0.54% for the reporting period.2 The Russell Midcap® Value Index and Russell Midcap® Growth Index, the fund’s secondary benchmarks, produced total returns of -3.13% and 5.96%, respectively, for the same period.3,4
Mid-cap stocks gained slightly over the reporting period, amid slowing economic momentum and a shift in Federal Reserve (the “Fed”) policy. The fund lagged the benchmark Index due to underperformance in four 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. The fund normally allocates its assets across multiple investment strategies employed by the fund’s investment adviser and sub-investment advisers that invest primarily in equity securities issued by mid cap companies.
The investment adviser determines the investment strategies and sets the 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 of which are more fully described in the fund’s prospectus.
Weakening Economic Conditions Hindered Stocks Late in the Reporting Period
Stock markets declined early in the reporting period, as the Fed maintained a hawkish stance on interest rates despite growing concerns about the sustainability of growth in the U.S. economy. Late in 2018, when the Fed signaled a shift in its stance, stocks rebounded sharply, and they remained buoyant in 2019 in anticipation of an interest rate cut in response to concerns about U.S./China trade relations and the possibility of slower U.S. economic growth.
The rebound produced a strong performance in the first half of 2019, but markets pulled back later as trade fears ramped up and nervousness about the outlook increased. In June 2019, stocks rebounded again on expectations of Fed rate cuts. Renewed hopes of a truce between the U.S. and China in late June 2019 also helped to lift sentiment.
Globally, stocks received support from central banks, which tended toward looser monetary policy, and from China, which implemented more stimulative fiscal policies. Nevertheless, late in the reporting period, the late-cycle nature of the U.S. expansion, weakening global economic indicators and worries about whether a trade agreement between the U.S. and China could be reached weighed on markets, producing losses.
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 four of the five active underlying strategies.
In the growth-oriented category, both the Mid Cap Growth Strategy and the Geneva Mid Cap Growth Strategy lagged their benchmark. But since the growth-oriented category produced positive returns, the fund’s overweight to this category resulted in a positive contribution to overall performance.
In the value category, the Opportunistic Mid Cap Value Strategy lagged, detracting from overall performance, while the Boston Partners Mid Cap Value Strategy outperformed the benchmark by more than 230 basis points, adding to overall performance. In the tax-sensitive category, the underweight proved neutral while the manager performance produced a negative effect on returns.
A More Neutral Investment Posture
We remain optimistic regarding the prospects for mid-cap stocks in a growing U.S. economy supported by an accommodative stance from the Federal Reserve. During the reporting period, 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 the proceeds to the Boston Partners Mid Cap ValueStrategy.In our judgment, this change should position the fund for the prevailing market environment.
September 16, 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 cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the midcap segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap opportunity set. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The Russell Midcap®Value Index measures the performance of the 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 midcap value market. The Russell Midcap®Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true 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.
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For the period of September 1, 2018 through August 31, 2019, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Small Cap Multi-Strategy Fund’s Class M shares produced a total return of-11.94%, and Investor shares produced a total return of -12.20%.1 In comparison, the fund’s primary benchmark, the Russell 2000® Index (the “Index”), produced a total return of -12.89% for the same period.2The Russell 2000® Growth Index and Russell 2000® Value Index, the fund’s secondary benchmarks, produced total returns of -11.02% and
-14.89%, respectively, for the same period.3,4
Small-cap stocks lost ground over the reporting period, amid slowing economic momentum and a shift in Federal Reserve (the “Fed”) policy. The fund outperformed the Index due to a positive contribution from two 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 assets across multiple investment strategies employed by the fund’s investment adviser that invest primarily in equity securities issued by small cap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various 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 of which are more fully described in the fund’s prospectus.
Weakening Economic Conditions Hindered Stocks Late in the Reporting Period
Stock markets declined early in the reporting period, as the Federal Reserve maintained a hawkish stance on interest rates despite growing concerns about the sustainability of growth in the U.S. economy. Late in 2018, when the Fed signaled a shift in its stance, stocks rebounded sharply, and they remained buoyant in 2019 in anticipation of an interest rate cut in response to concerns about U.S./China trade relations and the possibility of slower U.S. economic growth.
The rebound produced a strong performance in the first half of 2019, but markets pulled back later, as trade fears ramped up and nervousness about the outlook increased. In June 2019, stocks rebounded again on expectations of Fed rate cuts. Renewed hopes of a truce between the U.S. and China in late June 2019 also helped to lift sentiment.
Globally, stocks received support from central banks, which tended toward looser monetary policy, and from China, which implemented more stimulative fiscal policies. Nevertheless, late in the reporting period, the late-cycle nature of the U.S. expansion, weakening global economic indicators and worries about whether a trade agreement between the U.S. and China could be reached weighed on markets, producing losses.
Two Underlying Strategies Added to Fund Performance
The fund’s performance relative to the Index was helped primarily by the strong performance of the growth-oriented category, which outperformed its benchmark by more than 870 basis points. An overweight to this category also contributed positively to the fund’s returns.
The value category added to the fund’s overall performance as well, as it exceeded its benchmark by more than 580 basis points. However, an underweight to this category offset this to a certain extent.
Overall, allocation decisions hindered the fund’s performance slightly. The primary detractor from the fund’s returns was the core category, in which the underlying Opportunistic Small Cap Strategy lagged its benchmark by more than 550 basis points.
A More Neutral Investment Posture
We remain optimistic regarding the prospects for small-cap stocks in a growing U.S. economy with a supportive stance from the Fed. During the reporting period we adjusted the fund’s portfolio to a neutral allocation between growth and value by trimming the fund’s allocation to the growth strategies and allocating the proceeds to the value strategies. In our judgment, these changes should position the fund for the prevailing market environment.
September 16, 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.
11
DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
For the period from September 1, 2018 through August 31, 2019, as provided by Donald Sauber and Thomas Lee, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Focused Equity Opportunities Fund’s Class M shares produced a total return of -0.59%, and Investor shares produced a total return of -0.81%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 2.92% for the same period.2
Large-cap stocks generally posted mild gains over the reporting period, amid pockets of volatility fueled by investor concerns over U.S. Federal Reserve (the “Fed”) policy, slowing global growth and geopolitical uncertainty. The fund trailed the Index for the period, due primarily to stock-selection shortfalls across multiple sectors.
The Fund’s Investment Approach
The fund seeks capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in 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 monitors 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 Central Bank and Trade Activity
U.S. equities exhibited strength the first month of the period. However, starting in October 2018, many 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. Renewed articulation of hawkish narratives by Fed officials alarmed investors and stoked volatility. In December 2018, equities reached new lows for the year, as economic and political news continued to unnerve investors. Investors also feared the European Central Bank (the “ECB”) would proceed with its plan to conclude stimulus measures in January 2019, despite moderating growth rates.
January 2019 marked a turnaround in the 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. China also announced plans to stoke its slowing economic growth rate. 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 equity markets maintained an upward trajectory through April 2019. However, renewed trade tensions between the U.S. and China in May 2019 caused stocks to pull back once again. The dip was short-lived, as markets rose once again in June 2019. At the end of July 2019, the Fed cut the federal funds rate by 25 basis points.However, despite continued supportive central bank policies, pockets of volatility persisted through the end of the period.
Stock Selection Constrained Fund Performance
Stock selection was the main contributor to underperformance. Choices in the communication services, consumer staples, energy, health care and information technology sectors were the primary detractors.Electronic Arts was a leading detractor within communication services. The stock suffered after disappointing game launches and a weak 2018 holiday season. It is also experiencing slowing sales growth in its core sports franchise. A lack of exposure to strong performer Procter and Gamble led to underperformance in the consumer staples sector. In energy, refining company Valero Energy weighed on returns. The stock price came under pressure due to weak oil prices. Managed care names, such as CVS Health andUnitedHealth 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. In information technology, chip makerNVIDIA was a heavy 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.Micron Technology and Salesforce.com were also among the worst performers. Salesforce.com stock fell after the company announced an all-stock acquisition of Tableau Software, which could have led to significant dilution for shareholders.
Conversely, stock selection in the consumer discretionary, industrials and real estate sectors were positive. A position in Yum! Brands bolstered results. The stock rose on the back of strong U.S. demand for its KFC, Taco Bell and Pizza Hut foods. Within industrials, Honeywell International benefited from strong demand for its aerospace products. A lack of exposure to General Electric and 3M also provided a tailwind. American Tower REIT was a top performer within the real estate sector, with high demand for its 5G infrastructure products helping to support the stock price.
12
Positioned for Continued Slow Growth
We continue to expect trade tensions over the next 12 months and believe the global economy is slowing, though we do not believe there are signs of imminent recession. Going forward, we expect interest rates and commodity prices will be range-bound at current levels. Given this outlook, we believe the environment is less favorable to cyclical companies and bond proxies such as utilities and REITs. We are investing in names we believe can continue to grow their top line revenue through the later stages of the economic cycle, or which are going through a restructuring that may improve efficiencies and boost returns. Currently, we are seeking such opportunities in financial technology, semiconductor, medical device and biotechnology companies.
September 16, 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.
13
DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
For the period from September 1, 2018 through August 31, 2019, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Small/Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of -9.13%, and Investor shares produced a total return of -9.31%.1 In comparison, the Russell 2500™ Index (the “Index”), the fund’s primary benchmark, produced a total return of -7.14% for the same period.2 The Russell 2500™ Growth Index and Russell 2500™ Value Index, the fund’s secondary benchmarks, produced total returns of -3.70% and -9.97%, respectively, for the same period.3,4
Small- and mid-cap stocks lost ground over the reporting period, amid slowing economic momentum and a shift in Federal Reserve (the “Fed”) policy. The fund underperformed the primary Index due largely to negative contributions from one 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 investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment 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 of which are more fully described in the fund’s prospectus.
Weakening Economic Conditions Hindered Stocks Late in the Reporting Period
Stock markets declined early in the reporting period, as the Fed maintained a hawkish stance on interest rates despite growing concerns about the sustainability of growth in the U.S. economy. Late in 2018, when the Fed signaled a shift in its stance, stocks rebounded sharply, and they remained buoyant in 2019 in anticipation of an interest rate cut in response to concerns about U.S./China trade relations and the possibility of slower U.S. economic growth.
The rebound produced a strong performance in the first half of 2019, but markets pulled back later, as trade fears ramped up and nervousness about the outlook increased. In June 2019, stocks rebounded again on expectations of Fed rate cuts. Renewed hopes of a truce between the U.S. and China in late June 2019 also helped to lift sentiment.
Globally, stocks received support from central banks, which tended toward looser monetary policy, and from China, which implemented more stimulative fiscal policies. Nevertheless, late in the reporting period, the late-cycle nature of the U.S. expansion, weakening global economic indicators and worries about whether a trade agreement between the U.S. and China could be reached weighed on markets, producing losses.
Underlying Strategy Hampered Fund Performance
The fund’s performance relative to the Index was hindered by the lagging returns of one of the three underlying strategies. The primary detractor was underperformance of the underlying Opportunistic Small/Mid Cap Strategy, which lagged its benchmark by more than 570 basis points. The fund’s slight underweight to this category had little effect on overall performance.
In the value category, the Small/Mid Cap Value Strategy outperformed its benchmark slightly, but the fund’s slight underweight in this category resulted in a small detraction from overall fund performance.
The fund’s results benefited from relatively strong returns in the growth-oriented category, which beat the Index, and from strong manager performance. The underlying strategy, Small/Mid Cap Growth, outperformed its benchmark by 360 basis points.
A More Neutral Investment Posture
We remain optimistic regarding the prospects for small- and mid-cap stocks in a growing U.S. economy supported by accommodative policy from the Fed. During the reporting period, we adjusted the fund’s portfolio to a neutral allocation between growth and value, trimming the fund’s allocation to the growth strategies and allocating the proceeds to the value strategies.In our judgment, these changes should position the fund for the prevailing market environment.
September 16, 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 Russell 2500™ Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to mid-cap opportunity set. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The Russell 2500™ Growth Index measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2500™ Growth Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap growth market. The Russell 2500™ Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to mid-cap opportunity set and that the represented companies continue to reflect growth characteristics. Investors cannot invest directly in any index.
4 Source: Lipper Inc. — The Russell 2500™ Value Index measures the performance of the small- to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 2500™ Value Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap value market. The Russell 2500™ Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to midcap opportunity set, and that the represented companies continue to reflect value characteristics. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus. Stocks of small- and/or 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.
14
For the period of September 1, 2018 through August 31, 2019, as provided by Mark A. Bogar, Andrew R. Leger, and James A. Lydotes, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon International Fund’s Class M shares produced a total return of-6.50%, and Investor shares produced a total return of -6.74%.1 In comparison, the fund’s benchmark, the MSCI EAFE Index (the “Index”), produced a total return of -3.26% for the same period.2
International equity markets largely posted losses amid ongoing trade tensions and moderate economic growth. The fund underperformed its benchmark due to weakness in Switzerland, Australia and Japan, and a few disappointments in the industrial and health care sectors.
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.
Weakening Economic Conditions Hindered Stocks Late in the Reporting Period
Stock markets declined early in the reporting period as the Federal Reserve (the “Fed”) maintained a hawkish stance on interest rates despite growing concerns about the sustainability of growth in the U.S. economy. Late in 2018, when the Fed signaled a shift in its stance, stocks rebounded sharply and remained buoyant early in 2019 in anticipation of a Fed rate cut in response to concerns about U.S./China trade relations and the U.S. economy’s possible slowing.
The rebound produced a strong performance in the first half of 2019, as the prospect of easier monetary policy outweighed concerns about tariffs and slowing global growth. Stocks pulled back later, as trade fears ramped up and nervousness about the outlook increased, only to rebound again in June 2019 on expectations of rate cuts from the Fed. Renewed hopes of a truce between the U.S. and China in late June 2019 also helped to lift sentiment.
Globally, stocks received support from central banks, which tended toward looser monetary policy, and from China, which implemented more stimulative fiscal policies. Nevertheless, late in the reporting period, the late-cycle nature of the U.S. expansion, weakening global economic indicators, and worries about whether a trade agreement between the U.S. and China could be reached weighed on markets, producing losses.
Certain Allocations and Holdings Detracted from Relative Performance
Certain allocation decisions and individual holdings detracted from the fund’s relative results. Allocations to Switzerland, Australia and Japan in particular hindered the fund. In Switzerland, the fund’s decision not to own Nestle, which jumped 37% during the reporting period, hampered returns. In addition, a position in Julius Bear Group, a wealth manager, detracted from performance because the company was hurt by volatility in equity markets. In Australia, Aristocrat Leisure, a leading maker of gaming machines for casinos, dropped 11% on narrower profit margins and ongoing capital expenditures. In Japan, a holding of Suzuki Motors hurt the fund’s performance, as the company was hindered by higher research and development costs, weakness in the India market and concerns about ongoing global trade tensions.
On the other hand, holdings in Hong Kong, Italy and the UK bolstered the fund’s relative performance. In Hong Kong, the fund’s ownership of shares in AIA Group, a life insurance firm, benefited as the company posted rapid growth, driven by robust expansion in mainland China. In Italy, a position in Enel, a utility company, proved advantageous, and the stock surged 54%, driven by lower interest rates, robust results in Latin America and strong overall quarterly performance. The fund also benefited from an underweight to the UK market, which underperformed due to the uncertainty surrounding Brexit.
From a sector perspective, stock selections in the industrial and health care sectors detracted from performance. A position inAlfa Laval, a Swedish maker of industrial equipment, declined on weakening demand, while the fund’s holding ofBayer, a German drug and chemical company, fell due largely to concerns about the acquisition of Monsanto and litigation related to its Roundup herbicide product.
On the other hand, the energy sector was the top contributor, as the fund’s underweight proved beneficial, given this sector’s underperformance. In the utilities sector, a position inAker BP declined less than other utilities firms, and shares of Chubu Electric Power proved advantageous, given that the company’s defensive nature appealed to investors, and its financial performance benefited from lower input costs.
15
DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
Maintaining Balanced Positioning
International markets have been heavily affected by weaker economic growth as well as trade rhetoric over the past several months. Europe in particular has been affected by the slowdown in China, a large market for European exporters. Japan remains stable, and is experiencing tightness in the labor market, which could produce the level of inflation the Bank of Japan has been seeking. Future market performance depends in part on how U.S./China trade negotiations proceed over the near term. In the meantime, the fund remains relatively balanced between value and growth, with a particular emphasis on companies with secular growth strategies. If the economic outlook brightens, however, the fund is also well-positioned to attempt to gain from a rebound in value stocks.
September 16, 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.
16
For the period of September 1, 2018 through August 31, 2019, as provided by George E. DeFina, Sean P. Fitzgibbon, and Jay Malikowski, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Emerging Markets Fund’s Class M shares produced a total return of -4.68%, and Investor shares produced a total return of -4.99%.1 In comparison, the fund’s benchmark, the MSCI Emerging Markets Index (the “Index”), produced a total return of -4.36% for the same period.2
Stocks in emerging markets lost ground during the reporting period, largely in response to weakening global growth and rising trade tensions between the U.S. and China. The fund lagged the Index, mainly due to country weights and its security selections in India, South Korea and Turkey.
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.
Weakening Economic Conditions Hindered Stocks Late in the Reporting Period
Stock markets declined early in the reporting period, as the Federal Reserve (the “Fed”) maintained a hawkish stance on interest rates despite growing concerns about the sustainability of growth in the U.S. economy. Late in 2018, when the Fed signaled a shift in its stance, stocks rebounded sharply and remained buoyant early in 2019, in anticipation of a rate cut in response to concerns about U.S./China trade relations and the possibility of slower U.S. growth.
The rebound produced a strong performance in the first half of 2019, as the prospect of easier monetary policy outweighed concerns about tariffs and slowing global growth. But markets pulled back later, as trade fears ramped up and nervousness about the outlook increased, only to rebound again in June 2019 on expectations of rate cuts from the Fed. Renewed hopes of a truce between the U.S. and China in late June 2019 also helped to lift sentiment.
Globally, stocks received support from central banks, which tended toward looser monetary policy, and from China, which implemented more stimulative policies. Nevertheless, late in the reporting period, the late-cycle nature of the U.S. expansion, weakening global economic indicators, and worries about whether a trade agreement between the U.S. and China could be reached weighed on markets, producing losses.
Stock Selections in India, Turkey, and South Korea Hindered Performance
The fund’s performance relative to the Index was hindered by overweights to India, Turkey and South Korea. In India, shares ofIndiaBulls, a private bank, declined by 62% on an increase in non-performing loans and in sympathy with declines in shares of other Indian banks. In Turkey, a position inTofas Turk Otomobile, an automaker, hurt the fund’s performance as the stock fell 12%, mostly due to the currency’s plunge and a slowdown in domestic consumption. In South Korea, shares of POSCO, a steel company, declined 41% due to a slowdown in demand stemming from weak auto sales and tariff concerns.
From a sector perspective, the fund’s holdings in the industrial and materials sectors were detractors. In addition to POSCO in the materials sector, in the industrial sector, shares ofMalaysia Airports fell 12% on weak traffic and revenues related to the technical problems with the Boeing 737 airliner.
Despite the overall decline in emerging-markets stocks, there were a few bright spots for the fund. China, Argentina, and United Arab Emirates helped performance on a relative basis. In China, a position in Autohome, an online supplier of automobile components, detracted from the fund’s performance as did shares of Tencent, a mobile gaming company. In Argentina, Globant, a software developer that helps companies manage their software more efficiently, surged 46%. In United Arab Emirates,Abu Dhabi Commercial Bank, rose 28% on improved non-interest income and expanding market share.
From a sector perspective, the commercial services and energy sectors were positive contributors. In commercial services, the fund’s decision not to own Baidu, the Chinese internet company, proved beneficial, as shares fell 54%. In the energy sector, shares of CNOOC, the Chinese oil and gas company, outperformed on a relative basis, falling 11%, while the sector declined 21%. The fund also gained from a position in Gazprom, the Russian natural gas company, which rose 65% when the company announced a large increase in its dividend.
17
DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
Maintaining a Balance in Emerging-Market Equities
The performance of emerging-markets stocks has been heavily influenced by the trade tensions between the U.S. and China, and that is likely to continue over the short term. Over the next 12 months, stimulus in China and dovishness by the Fed could provide some support for stocks, and if the global economy stabilizes, then equities markets are likely to benefit. In addition, if a U.S./China trade deal is reached, that should provide some support as well. In this environment, the fund is maintaining a balance between value and growth, but we believe there may be an upside if a trade deal occurs, and the economy performs better than expected.
September 16, 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 MSCI Emerging Markets Index is a free float-adjusted, market capitalization-weighted index that is designed to measure equity market performance of emerging markets. Reflects reinvestment of net dividends and, where applicable, capital gain distributions. 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.
18
For the period from September 1, 2018 through August 31, 2019, as provided by C. Wesley Boggs, William S. Cazalet, CAIA, CFA, Peter D. Goslin, CFA, and Syed A. Zamil, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon International Equity Income Fund’s Class M shares produced a total return of -7.98%, and Investor shares produced a total return of -8.21%.1 In comparison, the fund’s benchmark, the MSCI ACWI ex USA Index (the “Index”), produced a total return of -3.27% for the same period.2
International equity markets posted losses over the reporting period in the midst of slowing economic growth and trade frictions. The fund underperformed the Index for the period, mainly due to security selection shortfalls in the communication services and financials sectors.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and income). To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The fund focuses on dividend-paying stocks of foreign companies, including those in 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 stock characteristics to identify and rank stocks based on 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 and Trade Concerns Constrain Markets
Through early fall of 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 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 its equity markets. In December 2018, international equities reached new lows for the year, 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 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 January2019, and many equity indices maintained an upward trajectory throughout the month of April 2019. However, renewed trade tensions between the U.S. and China in May 2019 caused stocks to pull back once again. The dip was short-lived, as markets rose once again in June 2019. At the end of July 2019, the Fed cut the federal funds rate by 25 basis points.However, despite continued supportive central bank policies, pockets of volatility persisted through the end of the period.
Security Selections Impact Fund Performance
Positioning in the communication services and financial sectors hampered the fund’s gains over the reporting period, as did stocks from Sweden, Germany and Hong Kong. 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 Holdingsalso 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 12 months.
Conversely, the fund generated positive results in other areas. 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. Russian materials company Severstal was also among the top contributors, as was consumer company Mowi, a seafood company based in Norway. Switzerland-based pharmaceuticals company Novartis was also among the leading performers. The stock price gained significantly in May 2019 as the company received FDA approval for two potential blockbuster drugs. Overall, materials and health care were the top contributing sectors to relative results, as were security selections from Norway, New Zealand and Switzerland.
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.
19
DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
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 financials and real estate, and relatively fewer holdings than the benchmark in industrials and health care sectors. We believe there are opportunities in Australia, Hong Kong and New Zealand, while we hold less in France, China and India.
September 16, 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.
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.
20
For the period of September 1, 2018 through August 31, 2019, as provided by Jeffrey M. Mortimer, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Asset Allocation Fund’s Class M shares produced a total return of -0.44%, and Investor shares produced a total return of-0.63%.1In comparison, the fund’s benchmark, the Morningstar Moderate Target Risk Index (the “Index”), produced a total return of 3.78% for the same period.2
Stocks and bonds were subject to pockets of volatility during the period due to slowing growth and policy uncertainty. U.S. equity markets posted modest gains over the 12 months, while non-U.S. stocks generally declined. Bonds delivered positive results. The fund underperformed the Index, mainly due to an overweight toward equities and negative manager selection effects.
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 BNY Mellon 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 Markets 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 Growth and Trade Concerns Constrain Markets
While U.S. stocks enjoyed strong performance in September 2018, many non-U.S. 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 both U.S. and non-U.S. markets in October 2018, when renewed articulation of hawkish narratives by U.S. Federal Reserve (the “Fed”) officials alarmed investors. In December 2018, equities reached new lows for the year, 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 U.S. and non-U.S. 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 the month of January 2019, and many equity indices maintained an upward trajectory throughout the month of April 2019. However, renewed trade tensions between the U.S. and China in May 2019 caused stocks to pull back once again. The dip was short-lived, as markets rose once again in June.2019. At the end of July 2019, the Fed cut the federal funds rate by 25 basis points.However, despite continued supportive central bank policies, pockets of volatility persisted through the end of the period.
Bonds were also affected by volatility during the fourth quarter of 2018. Spreads widened, and Treasury rates fell. However, bond volatility subsided in January 2019 as well. After the January 2019 Fed meeting, risk asset spreads narrowed, and prices recovered. In general, bonds rallied throughout 2019 in an environment of falling interest rates.
Asset Allocation and Manager Selection Constrained Fund Performance
The fund’s asset allocation and manager selection strategies detracted from relative returns during the reporting period. The fund’s relative overweight to equities during a time when equities trailed bonds was a headwind. The manager effect was also negative, as several managers trailed their benchmarks during the period. The BNY Mellon Focused Equity Opportunities Fund was among the leading detractors, as were the fund’s direct equity holdings. These positions lagged due to stock selection decisions. The BNY Mellon Mid Cap Multi-Strategy Fund and BNY Mellon Small/Mid Cap Multi-Strategy Fund also trailed their respective indices.
Conversely, a couple of strategies produced results that helped relative performance. The fund’s bias towards U.S. equities, which outpaced non-U.S. equities during the period, was beneficial. An underweight to the fund’s developed non-U.S. and emerging-markets managers, who lagged their respective benchmarks, also helped relative returns.
The fund’s bond portfolio generally performed well, with most managers performing in line with their respective benchmarks. Direct fixed income holdings benefited results. However, in an environment where bonds outperformed equities, the fund’s underweight to fixed income hampered overall performance.
Positioned for the Current Market Environment
We expect the current macroeconomic and interest rate environment to persist for the foreseeable future. We believe the fund is well positioned for the current market climate. During the past 12 months, we reduced our equity allocation and increased our fixed income positions to bring the fund more in
21
DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
line with a benchmark neutral asset allocation. As of period end, we are maintaining this positioning and plan to do so for the near term. We believe a more neutral asset allocation will benefit investors given the current investing environment and our views on the global economy and current market valuations.
September 16, 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.
22
FUND PERFORMANCE(Unaudited)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Large Cap Stock Fund with a hypothetical investment of $10,000 in the S&P 500® Index (the “Index”)
Average Annual Total Returns as of 8/31/19 |
|
|
| |
| 1 Year | 5 Years | 10 Years | |
Class M shares | -1.64% | 7.74% | 11.39% | |
Investor shares | -2.03% | 7.48% | 11.11% | |
S&P 500® Index | 2.92% | 10.11% | 13.44% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in Class M and Investor shares of BNY Mellon Large Cap Stock Fund on 8/31/09 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The Index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
23
FUND PERFORMANCE(Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund with a hypothetical investment of $10,000 in the S&P 500® Index (the “Index”)
Average Annual Total Returns as of 8/31/19 |
|
|
| |
| Inception Date | 1 Year | 5 Years | From Inception |
Class M shares | 7/30/10 | 0.69% | 9.48% | 12.28% |
Investor shares | 7/30/10 | 0.45% | 9.21% | 12.08% |
S&P 500® Index | 7/31/10 | 2.92% | 10.11% | 13.70% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in Class M and Investor shares of BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund on 7/30/10 (inception date) to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
24
Comparison of change in value of a $10,000 investment in Class M shares, Investor shares, Class A shares, Class C shares and Class I shares of BNY Mellon Income Stock Fund with a hypothetical investment of $10,000 made in the Dow Jones U.S. Select DividendTMIndex (the “Index”)
† Source: Lipper Inc.
†† The total return figures presented for Class A, Class C and Class I shares of the fund reflect the performance of the fund’s Class M shares for the period prior to 5/31/16 (the inception date for Class A, Class C, Class I shares) adjusted to reflect each share class’ applicable sales charges, and the performance for the fund’s Class A, Class C and Class I shares thereafter.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in Class M, Investor, Class A, Class C, Class I shares of BNY Mellon Income Stock Fund on 8/31/09 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses on all classes. The Index is defined as all dividend-paying companies in the Dow Jones U.S. Index, excluding REITs, that have a non-negative historical five-year dividend-per-share growth rate, a five-year average dividend coverage ratio of greater than or equal to 167%, paid dividends in each of the previous five years, non-negative trailing 12-month earnings-per-share (EPS), a float-adjusted market capitalization of at least US$1 billion, and three-month average daily trading volume of 200,000 shares. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
25
FUND PERFORMANCE(Unaudited) (continued)
Comparison of change in value of a $1,000,000 investment in Class Y shares of BNY Mellon Income Stock Fund with a hypothetical investment of $1,000,000 made in the Dow Jones U.S. Select DividendTM Index (the “Index”)
† Source: Lipper Inc.
†† The total return figures presented for Class Y shares for the period prior to 5/31/16 (the inception date for Class Y shares) adjusted to reflect each share class’ applicable sales charges, and the performance for the fund’s Class Y shares thereafter.
Past performance is not predictive of future performance.
The above graph compares a hypothetical investment of $1,000,000 made in Class Y shares of BNY Mellon Income Stock Fund on 8/31/09 to a hypothetical investment of $1,000,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses on all classes. The Index is defined as all dividend-paying companies in the Dow Jones U.S. Index, excluding REITs, that have a non-negative historical five-year dividend-per-share growth rate, a five-year average dividend coverage ratio of greater than or equal to 167%, paid dividends in each of the previous five years, non-negative trailing 12-month earnings-per-share (EPS), a float-adjusted market capitalization of at least US$1 billion, and three-month average daily trading volume of 200,000 shares. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
26
Average Annual Total Returns as of 8/31/19 |
|
|
| ||||
| Inception Date | 1 Year | 5 Years | 10 Years | |||
Class M shares | 1/1/85 | -0.36% | 7.59% | 12.05% | |||
Investor shares | 7/11/01 | -0.60% | 7.33% | 11.76% | |||
Class A shares | |||||||
with maximum sales charge (5.75%) | 5/31/16 | -6.38% | 6.16%†† | 11.30%†† | |||
without sales charge | 5/31/16 | -0.64% | 7.43%†† | 11.97%†† | |||
Class C shares | |||||||
with applicable redemption charge† | 5/31/16 | -2.32% | 6.86%†† | 11.67%†† | |||
without redemption | 5/31/16 | -1.43% | 6.86%†† | 11.67%†† | |||
Class I shares | 5/31/16 | -0.28% | 7.61%†† | 12.06%†† | |||
Class Y shares | 5/31/16 | -0.36% | 7.59%†† | 12.05%†† | |||
Dow Jones U.S. Select Dividend TMIndex | 0.89% | 8.98% | 13.64% |
† The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the date of purchase.
†† The total return figures presented for Class A, Class C, Class I and Class Y shares of the fund reflect the performance of the fund’s Class M shares for the period prior to 5/31/16 (the inception date for Class A, Class C, Class I and Class Y shares) adjusted to reflect each share class’ applicable sales charges, and the performance for the fund’s Class A, Class C, Class I and Class Y shares thereafter.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
27
FUND PERFORMANCE(Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Mid Cap Multi-Strategy Fund with a hypothetical investment of $10,000 made in the Russell Midcap® Index, Russell Midcap® Value Index and Russell Midcap® Growth Index
Average Annual Total Returns as of 8/31/19 |
|
|
| |
| 1 Year | 5 Years | 10 Years | |
Class M shares | -1.54% | 7.63% | 12.04% | |
Investor shares | -1.70% | 7.40% | 11.77% | |
Russell Midcap® Index | 0.54% | 7.94% | 13.48% | |
Russell Midcap® Value Index | -3.13% | 5.88% | 12.46% | |
Russell Midcap® Growth Index | 5.96% | 10.72% | 14.85% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in Class M and Investor shares of BNY Mellon Mid Cap Multi-Strategy Fund on 8/31/09 to a hypothetical investment of $10,000 made in each of the (1) the Russell Midcap® Index, (2) the Russell Midcap® Value Index and (3) the Russell Midcap® Growth Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on August 20, 2012. Prior to that date, the fund generally had a single primary portfolio manager and investment strategy – selecting stocks of mid cap domestic companies through a disciplined investment process that combined computer modeling techniques, fundamental analysis and risk management. Different investment strategies may lead to different performance results. The fund’s performance for periods prior to August 20, 2012 reflects the fund’s investment strategy in effect prior to that date.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell Midcap® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell Midcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
28
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Small Cap Multi-Strategy Fund with a hypothetical investment of $10,000 in each of the Russell 2000® Index, Russell 2000® Value Index and Russell 2000® Growth Index
Average Annual Total Returns as of 8/31/19 |
|
|
| |
| 1 Year | 5 Years | 10 Years | |
Class M shares | -11.94% | 7.09% | 11.30% | |
Investor shares | -12.20% | 6.83% | 11.03% | |
Russell 2000® Index | -12.89% | 6.41% | 11.59% | |
Russell 2000® Value Index | -14.89% | 4.63% | 10.05% | |
Russell 2000® Growth Index | -11.02% | 8.06% | 13.06% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in Class M and Investor shares of BNY Mellon Small Cap Multi-Strategy Fund on 8/31/09 to a hypothetical investment of $10,000 made in each of the (1) the Russell 2000® Index, (2) the Russell 2000® Value Index and (3) the Russell 2000® Growth Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on August 20, 2012. Prior to that date, the fund generally had a single primary portfolio manager and investment strategy – selecting stocks of small cap domestic companies through a disciplined investment process that combined computer modeling techniques, fundamental analysis and risk management. Different investment strategies may lead to different performance results. The fund’s performance for periods prior to August 20, 2012 reflects the fund’s investment strategy in effect prior to that date.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The Russell 2000® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 2000® Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2000® Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
29
FUND PERFORMANCE(Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Focused Equity Opportunities Fund with a hypothetical investment of $10,000 in the S&P 500® Index (the “Index”)
Average Annual Total Returns as of 8/31/19 |
|
|
| ||
| Inception Date | 1 Year | 5 Years | From Inception | |
Class M shares | 9/30/09 | -0.59% | 10.25% | 12.79% | |
Investor shares | 9/30/09 | -0.81% | 9.99% | 12.51% | |
S&P 500® Index | 9/30/09 | 2.92% | 10.11% | 13.14% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in Class M and Investor shares of BNY Mellon Focused Equity Opportunities Fund on 9/30/09 (inception date) to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
30
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Small/Mid Cap Multi-Strategy Fund with a hypothetical investment of $10,000 in the Russell 2500™ Index, Russell 2500™ Value Index and Russell 2500™ Growth Index
Average Annual Total Returns as of 8/31/19 |
|
|
| |
| Inception Date | 1 Year | 5 Years | From Inception |
Class M shares | 9/30/09 | -9.13% | 7.66% | 10.67% |
Investor shares | 9/30/09 | -9.31% | 7.38% | 10.37% |
Russell 2500™ Index | 9/30/09 | -7.14% | 7.06% | 12.13% |
Russell 2500™ Value Index | 9/30/09 | -9.97% | 4.76% | 10.59% |
Russell 2500™ Growth Index | 9/30/09 | -3.70% | 9.65% | 13.82% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in Class M and Investor shares of BNY Mellon Small/Mid Cap Multi-Strategy Fund on 9/30/09 (inception date) to a hypothetical investment of $10,000 made in each of the Russell 2500™ Index, the Russell 2500™ Value Index and the Russell 2500™ Growth Index on that date. All dividends and capital gain distributions are reinvested.
On April 28, 2014, the fund’s investment strategy changed. From August 20, 2012 through April 27, 2014, the investment adviser selected securities for the fund using a disciplined investment process that combined quantitative modeling techniques, fundamental analysis and risk management. Prior to August 20, 2012, the investment adviser selected securities for the fund using proprietary computer models, along with fundamental analysis to identify and rank stocks within industries or sectors, based on several characteristics, including value, growth and financial profile. Different investment strategies may lead to different performance results. The fund’s performance for the period August 20, 2012 through April 27, 2014 and for the periods prior to August 20, 2012 reflects the fund’s investment strategy in effect during those periods.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Russell 2500™ Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500™ Index is constructed to provide a comprehensive and unbiased barometer for the small- to mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to mid-cap opportunity set. The Russell 2500™ Value Index measures the performance of the small- to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 2500™ Value Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to mid-cap opportunity set and that the represented companies continue to reflect value characteristics. The Russell 2500™ Growth Index measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2500™ Growth Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to mid-cap opportunity set and that the represented companies continue to reflect growth characteristics. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
31
FUND PERFORMANCE(Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon International Fund with a hypothetical investment of $10,000 in the MSCI EAFE Index (the “Index”)
Average Annual Total Returns as of 8/31/19 |
|
|
| |
| 1 Year | 5 Years | 10 Years | |
Class M shares | -6.50% | 1.10% | 4.21% | |
Investor shares | -6.74% | 0.86% | 3.95% | |
MSCI EAFE Index | -3.26% | 1.89% | 5.00% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in Class M and Investor shares of BNY Mellon International Fund on 8/31/09 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on August 6, 2015. Prior to that date, the fund allocated its assets between a core investment style and a value investment style at the discretion of the investment adviser. Different investment strategies may lead to different performance results. The fund’s performance shown in the line chart and table reflects the fund’s investment strategy in effect during those periods. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any Index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
32
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Emerging Markets Fund with a hypothetical investment of $10,000 in the MSCI Emerging Markets Index (the “Index”)
Average Annual Total Returns as of 8/31/19 |
|
|
| |
| 1 Year | 5 Years | 10 Years | |
Class M shares | -4.68% | -0.64% | 2.83% | |
Investor shares | -4.99% | -0.88% | 2.57% | |
MSCI Emerging Markets Index | -4.36% | -0.38% | 4.07% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in Class M and Investor shares of BNY Mellon Emerging Markets Fund on 8/31/09 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on August 6, 2015. Prior to that date, the fund allocated its assets between a core investment style and a value investment style at the discretion of the investment adviser. Different investment strategies may lead to different performance results. The fund’s performance shown in the line chart and table reflects the fund’s investment strategy in effect during those periods. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance of emerging markets. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
33
FUND PERFORMANCE(Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon International Equity Income Fund with a hypothetical investment of $10,000 in the MSCI ACWI ex-USA Index (“the Index”)
Average Annual Total Returns as of 8/31/19 |
|
|
| |
| Inception Date | 1 Year | 5 Year | From Inception |
Class M shares | 12/15/11 | -7.98% | -0.26% | 3.51% |
Investor shares | 12/15/11 | -8.21% | -0.60% | 3.17% |
MSCI ACWI ex-USA Index | 11/30/11 | -3.27% | 1.37% | 5.35%†† |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in Class M and Investor shares of BNY Mellon International Equity Income Fund on 12/15/11 (inception date) to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index captures large- and mid-cap representation across Developed Market (DM) countries (excluding the U.S.) and Emerging Market (EM) countries. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
†† For comparative purposes, the value of the Index on 11/30/11 is used as the beginning value on 12/15/11.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
34
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Asset Allocation Fund with a hypothetical investment of $10,000 in the Morningstar Moderate Target Risk Index (the “Index”)
Average Annual Total Returns as of 8/31/19 |
|
|
| |
| 1 Year | 5 Years | 10 Years | |
Class M shares | -0.44% | 5.00% | 7.25% | |
Investor shares | -0.63% | 4.76% | 6.97% | |
Morningstar Moderate Target Risk Index | 3.78% | 5.04% | 7.69% |
† Source: Morningstar Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in Class M and Investor shares of BNY Mellon Asset Allocation Fund on 8/31/09 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on September 15, 2011. Prior to that date, the fund invested in individual securities and BNY Mellon funds only and its target allocation was 60% of its assets invested in equity securities (directly and through underlying funds) and 40% of its assets invested in bonds and money market instruments (directly), with a range of 15% above or below such target amount. Different investment strategies may lead to different performance results. The fund’s performance for periods prior to September 15, 2011 reflects the investment strategy in effect prior to that date.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index serves as a benchmark to help with target-risk mutual fund selection and evaluation by offering an objective yardstick for moderate performance comparison. Unlike a mutual fund, the index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
35
UNDERSTANDING YOUR FUND’S EXPENSES(Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from March 1, 2019 to August 31, 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 August 31, 2019 | ||||||||||||||
|
|
| Class M | Investor | Class A |
| Class C |
Class I |
| Class Y | ||||
BNY Mellon Large Cap Stock Fund | ||||||||||||||
Expenses paid per $1,000† | $4.28 |
| $5.55 | – | – | – | – | |||||||
Ending value (after expenses) | $1,022.20 |
| $1,019.00 | – | – | – | – | |||||||
Annualized expense ratio (%) | .84 | 1.09 | – | – | – | – | ||||||||
BNY Mellon Tax-Sensitive | ||||||||||||||
Expenses paid per $1,000† | $3.26 | $4.55 | – | – | – | – | ||||||||
Ending value (after expenses) | $1,051.00 | $1,049.70 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .63 | .88 | – | – | – | – | ||||||||
BNY Mellon Income Stock Fund | ||||||||||||||
Expenses paid per $1,000† | $4.13 | $5.41 | $5.82 | $9.62 | $4.39 | $4.23 | ||||||||
Ending value (after expenses) | $1,045.80 | $1,045.10 | $1,044.10 | $1,040.10 | $1,046.70 | $1,045.80 | ||||||||
Annualized expense ratio (%) | .80 | 1.05 | 1.13 | 1.87 | .85 | .82 | ||||||||
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||||||||
Expenses paid per $1,000† | $4.56 | $5.83 | – | – | – | – | ||||||||
Ending value (after expenses) | $1,030.70 | $1,030.10 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .89 | 1.14 | – | – | – | – | ||||||||
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||||||||
Expenses paid per $1,000† | $5.08 | $6.32 | – | – | – | – | ||||||||
Ending value (after expenses) | $974.90 | $973.40 | – | – | – | – | ||||||||
Annualized expense ratio (%) | 1.02 | 1.27 | – | – | – | – | ||||||||
BNY Mellon Focused | ||||||||||||||
Expenses paid per $1,000† | $4.50 | $5.80 | – | – | – | – | ||||||||
Ending value (after expenses) | $1,074.50 | $1,074.10 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .86 | 1.11 | – | – | – | – |
36
Expenses and Value of a $1,000 Investment (continued) | ||||||||||||||
assuming actual returns for the six months ended August 31, 2019 | ||||||||||||||
|
|
| Class M | Investor | ||||||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | ||||||||||||||
Expenses paid per $1,000† |
| $4.66 | $5.92 | |||||||||||
Ending value (after expenses) | $990.00 | $989.00 | ||||||||||||
Annualized expense ratio (%) | .93 | 1.18 | ||||||||||||
BNY Mellon International Fund | ||||||||||||||
Expenses paid per $1,000† | $5.07 | $6.32 | ||||||||||||
Ending value (after expenses) | $991.10 | $990.20 | ||||||||||||
Annualized expense ratio (%) | 1.01 | 1.26 | ||||||||||||
BNY Mellon Emerging Markets Fund | ||||||||||||||
Expenses paid per $1,000† | $6.84 | $8.08 | ||||||||||||
Ending value (after expenses) | $967.60 | $966.60 | ||||||||||||
Annualized expense ratio (%) | 1.38 | 1.63 | ||||||||||||
BNY Mellon International Equity Income Fund | ||||||||||||||
Expenses paid per $1,000† | $5.19 | $6.41 | ||||||||||||
Ending value (after expenses) | $943.70 | $942.70 | ||||||||||||
Annualized expense ratio (%) | 1.06 | 1.31 | ||||||||||||
BNY Mellon Asset Allocation Fund | ||||||||||||||
Expenses paid per $1,000† | $1.69 | $2.98 | ||||||||||||
Ending value (after expenses) | $1,036.00 | $1,035.20 | ||||||||||||
Annualized expense ratio (%) | .33 | .58 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
37
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS(Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment | ||||||||||||||||
assuming a hypothetical 5% annualized return for the six months ended August 31, 2019 | ||||||||||||||||
|
|
|
|
| Class M | Investor |
| Class A |
| Class C |
Class I |
| Class Y | |||
BNY Mellon Large Cap Stock Fund | ||||||||||||||||
Expenses paid per $1,000† | $4.28 | $5.55 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,020.97 | $1,019.71 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .84 | 1.09 | – | – | – | – | ||||||||||
BNY Mellon Tax-Sensitive | ||||||||||||||||
Expenses paid per $1,000† | $3.21 | $4.48 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,022.03 | $1.020.77 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .63 | .88 | – | – | – | – | ||||||||||
BNY Mellon Income Stock Fund | ||||||||||||||||
Expenses paid per $1,000† | $4.08 | $5.35 | $5.75 | $9.50 | $4.33 | $4.18 | ||||||||||
Ending value (after expenses) | $1,021.17 | $1,019.91 | $1,019.51 | $1,015.78 | $1,020.92 | $1,021.07 | ||||||||||
Annualized expense ratio (%) | .80 | 1.05 | 1.13 | 1.87 | .85 | .82 | ||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||||||||||
Expenses paid per $1,000† | $4.53 | $5.80 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,020.72 | $1,019.46 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .89 | 1.14 | – | – | – | – | ||||||||||
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||||||||||
Expenses paid per $1,000† | $5.19 | $6.46 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,020.06 | $1,018.80 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | 1.02 | 1.27 | – | – | – | – | ||||||||||
BNY Mellon Focused | ||||||||||||||||
Expenses paid per $1,000† | $4.38 | $5.65 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,020.87 | $1,019.61 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .86 | 1.11 | – | – | – | – |
38
Expenses and Value of a $1,000 Investment (continued) | ||||||||||||||||
assuming a hypothetical 5% annualized return for the six months ended August 31, 2019 | ||||||||||||||||
|
|
|
|
| Class M |
|
Investor |
| ||||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | ||||||||||||||||
Expenses paid per $1,000† | $4.74 | $6.01 | ||||||||||||||
Ending value (after expenses) | $1,020.52 | $1,019.26 | ||||||||||||||
Annualized expense ratio (%) | .93 | 1.18 | ||||||||||||||
BNY Mellon International Fund | ||||||||||||||||
Expenses paid per $1,000† | $5.14 | $6.41 | ||||||||||||||
Ending value (after expenses) | $1,020.11 | $1,018.85 | ||||||||||||||
Annualized expense ratio (%) | �� | 1.01 | 1.26 | |||||||||||||
BNY Mellon Emerging Markets Fund | ||||||||||||||||
Expenses paid per $1,000† | $7.02 | $8.29 | ||||||||||||||
Ending value (after expenses) | $1,018.25 | $1,016.99 | ||||||||||||||
Annualized expense ratio (%) | 1.38 | 1.63 | ||||||||||||||
BNY Mellon International Equity Income Fund | ||||||||||||||||
Expenses paid per $1,000† | $5.40 | $6.67 | ||||||||||||||
Ending value (after expenses) | $1,019.86 | $1,018.60 | ||||||||||||||
Annualized expense ratio (%) | 1.06 | 1.31 | ||||||||||||||
BNY Mellon Asset Allocation Fund | ||||||||||||||||
Expenses paid per $1,000† | $1.68 | $2.96 | ||||||||||||||
Ending value (after expenses) | $1,023.54 | $1,022.28 | ||||||||||||||
Annualized expense ratio (%) | .33 | .58 |
† Expenses are equal to each fund’s annualized expense ratio as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
39
STATEMENT OF INVESTMENTS
August 31, 2019
BNY Mellon Large Cap Stock Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.9% | |||||
Banks - 5.2% | |||||
Bank of America | 119,845 | 3,296,936 | |||
JPMorgan Chase & Co. | 39,116 | 4,297,284 | |||
Popular | 21,113 | 1,109,910 | |||
Wells Fargo & Co. | 8,200 | 381,874 | |||
Zions Bancorp | 25,630 | a | 1,053,137 | ||
10,139,141 | |||||
Capital Goods - 3.1% | |||||
Johnson Controls International | 10,531 | 449,568 | |||
Lockheed Martin | 5,540 | 2,127,969 | |||
Pentair | 10,286 | 369,473 | |||
Raytheon | 7,848 | 1,454,391 | |||
Textron | 24,211 | 1,089,495 | |||
The Boeing Company | 1,580 | 575,262 | |||
6,066,158 | |||||
Commercial & Professional Services - .3% | |||||
Robert Half International | 12,729 | 680,620 | |||
Consumer Durables & Apparel - 1.6% | |||||
Garmin | 5,682 | 463,481 | |||
NIKE, Cl. B | 22,858 | 1,931,501 | |||
Tempur Sealy International | 3,949 | a,b | 304,547 | ||
Under Armour, Cl. A | 26,990 | b | 502,284 | ||
3,201,813 | |||||
Consumer Services - 1.5% | |||||
McDonald's | 1,705 | 371,639 | |||
Starbucks | 26,035 | 2,513,940 | |||
2,885,579 | |||||
Diversified Financials - 4.1% | |||||
American Express | 11,244 | 1,353,440 | |||
Berkshire Hathaway, Cl. B | 9,213 | b | 1,874,016 | ||
Discover Financial Services | 18,850 | 1,507,434 | |||
S&P Global | 7,433 | 1,933,992 | |||
Synchrony Financial | 42,274 | 1,354,882 | |||
8,023,764 | |||||
Energy - 6.2% | |||||
Cabot Oil & Gas | 27,979 | 479,000 | |||
Chevron | 24,427 | 2,875,546 | |||
ConocoPhillips | 26,846 | 1,400,824 | |||
EOG Resources | 16,609 | 1,232,222 | |||
Exxon Mobil | 22,624 | 1,549,292 | |||
Kinder Morgan | 59,954 | 1,215,268 | |||
Phillips 66 | 16,227 | 1,600,469 | |||
TechnipFMC | 32,672 | 811,572 | |||
The Williams Companies | 43,442 | 1,025,231 | |||
12,189,424 | |||||
Food & Staples Retailing - 3.2% | |||||
Casey's General Stores | 5,792 | a | 972,187 | ||
Sysco | 18,961 | 1,409,371 | |||
Walgreens Boots Alliance | 25,061 | 1,282,873 | |||
Walmart | 23,592 | 2,695,622 | |||
6,360,053 | |||||
Food, Beverage & Tobacco - 3.3% | |||||
Altria Group | 32,262 | 1,411,140 | |||
Monster Beverage | 25,681 | b | 1,506,704 | ||
PepsiCo | 9,664 | 1,321,359 | |||
Philip Morris International | 25,865 | 1,864,608 | |||
BNY Mellon Large Cap Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.9%(continued) | |||||
Food, Beverage & Tobacco - 3.3% (continued) | |||||
The Coca-Cola Company | 6,833 | 376,088 | |||
6,479,899 | |||||
Health Care Equipment & Services - 2.8% | |||||
Danaher | 9,694 | 1,377,420 | |||
Hologic | 13,164 | b | 649,907 | ||
IDEXX Laboratories | 5,134 | b | 1,487,525 | ||
UnitedHealth Group | 5,824 | 1,362,816 | |||
Veeva Systems, Cl. A | 3,597 | b | 576,887 | ||
5,454,555 | |||||
Household & Personal Products - 2.2% | |||||
Kimberly-Clark | 11,785 | 1,662,981 | |||
The Procter & Gamble Company | 22,728 | 2,732,587 | |||
4,395,568 | |||||
Insurance - 2.7% | |||||
Globe Life | 16,880 | 1,506,709 | |||
MetLife | 27,796 | 1,231,363 | |||
Prudential Financial | 3,160 | 253,084 | |||
The Allstate | 4,344 | 444,782 | |||
The Progressive | 23,657 | 1,793,201 | |||
5,229,139 | |||||
Materials - .8% | |||||
Ball | 15,797 | 1,270,237 | |||
Sealed Air | 8,523 | 339,386 | |||
1,609,623 | |||||
Media & Entertainment - 8.5% | |||||
Alphabet, Cl. A | 2,557 | b | 3,044,185 | ||
Alphabet, Cl. C | 2,699 | b | 3,206,682 | ||
Charter Communications, Cl. A | 3,566 | b | 1,460,598 | ||
Comcast, Cl. A | 8,200 | 362,932 | |||
Facebook, Cl. A | 23,553 | b | 4,373,086 | ||
Liberty Broadband, Cl. A | 8,688 | b | 910,068 | ||
Liberty Broadband, Cl. C | 9,060 | b | 955,286 | ||
Netflix | 2,797 | b | 821,619 | ||
The Walt Disney Company | 5,196 | 713,203 | |||
17,046 | b | 727,012 | |||
16,574,671 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 13.2% | |||||
AbbVie | 26,652 | 1,752,103 | |||
Agilent Technologies | 18,324 | 1,303,020 | |||
Alexion Pharmaceuticals | 6,535 | b | 658,467 | ||
Amgen | 12,467 | 2,600,866 | |||
Biogen | 6,049 | b | 1,329,268 | ||
Bristol-Myers Squibb | 29,839 | 1,434,361 | |||
Elanco Animal Health | 9,215 | b | 239,774 | ||
Eli Lilly & Co. | 3,007 | 339,701 | |||
Illumina | 4,425 | b | 1,244,929 | ||
Incyte | 13,323 | b | 1,090,088 | ||
IQVIA Holdings | 4,739 | b | 735,256 | ||
Johnson & Johnson | 31,368 | 4,026,396 | |||
Merck & Co. | 16,313 | 1,410,585 | |||
Pfizer | 78,388 | 2,786,693 | |||
Regeneron Pharmaceuticals | 1,119 | b | 324,566 | ||
Thermo Fisher Scientific | 5,336 | 1,531,752 |
40
BNY Mellon Large Cap Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.9%(continued) | |||||
Pharmaceuticals Biotechnology & Life Sciences - 13.2% (continued) | |||||
Waters | 5,540 | b | 1,173,871 | ||
Zoetis | 15,057 | 1,903,506 | |||
25,885,202 | |||||
Real Estate - 1.3% | |||||
American Tower | 994 | c | 228,809 | ||
Public Storage | 5,326 | c | 1,410,005 | ||
VICI Properties | 40,999 | a,c | 908,538 | ||
2,547,352 | |||||
Retailing - 5.5% | |||||
Amazon.com | 3,697 | b | 6,566,944 | ||
AutoZone | 666 | b | 733,726 | ||
Best Buy | 4,262 | 271,276 | |||
Foot Locker | 18,979 | a | 686,850 | ||
Genuine Parts | 11,364 | 1,026,056 | |||
The Home Depot | 6,447 | 1,469,336 | |||
10,754,188 | |||||
Semiconductors & Semiconductor Equipment - 2.2% | |||||
Broadcom | 5,697 | 1,610,200 | |||
Intel | 58,541 | 2,775,429 | |||
4,385,629 | |||||
Software & Services - 16.3% | |||||
Accenture, Cl. A | 12,728 | 2,522,308 | |||
Adobe | 7,510 | b | 2,136,670 | ||
Autodesk | 7,671 | b | 1,095,572 | ||
Automatic Data Processing | 9,027 | 1,533,146 | |||
Cadence Design Systems | 19,746 | b | 1,352,206 | ||
Fortinet | 6,937 | b | 549,272 | ||
Gartner | 6,395 | b | 854,820 | ||
International Business Machines | 8,359 | 1,132,895 | |||
Intuit | 6,411 | 1,848,676 | |||
Mastercard, Cl. A | 3,007 | 846,080 | |||
Microsoft | 68,194 | 9,401,225 | |||
PayPal Holdings | 16,627 | b | 1,813,174 | ||
Salesforce.com | 1,998 | b | 311,828 | ||
Square, Cl. A | 10,659 | a,b | 659,153 | ||
Verisign | 4,950 | b | 1,009,057 | ||
Visa, Cl. A | 22,334 | a | 4,038,434 | ||
WEX | 4,262 | b | 871,792 | ||
31,976,308 | |||||
Technology Hardware & Equipment - 5.2% | |||||
Apple | 38,354 | 8,006,014 | |||
Cisco Systems | 13,666 | 639,705 | |||
Xerox Holdings | 32,672 | 947,161 | |||
Zebra Technologies, Cl. A | 2,793 | b | 572,649 | ||
10,165,529 | |||||
Telecommunication Services - 3.6% | |||||
AT&T | 73,333 | 2,585,722 | |||
GCI Liberty, Cl. A | 14,205 | b | 884,119 | ||
Telephone & Data Systems | 10,531 | 265,381 | |||
Verizon Communications | 55,400 | 3,222,064 | |||
6,957,286 | |||||
Transportation - 3.9% | |||||
CSX | 22,532 | 1,510,095 | |||
BNY Mellon Large Cap Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.9%(continued) | |||||
Transportation - 3.9% (continued) | |||||
Norfolk Southern | 9,060 | 1,576,893 | |||
Union Pacific | 9,717 | 1,573,765 | |||
United Airlines Holdings | 16,793 | b | 1,415,818 | ||
United Parcel Service, Cl. B | 13,825 | 1,640,474 | |||
7,717,045 | |||||
Utilities - 2.2% | |||||
AES | 59,239 | 908,134 | |||
Exelon | 38,543 | 1,821,542 | |||
OGE Energy | 34,968 | 1,499,078 | |||
4,228,754 | |||||
Total Common Stocks(cost $147,012,801) | 193,907,300 | ||||
1-Day | |||||
Investment Companies - 1.0% | |||||
Registered Investment Companies - 1.0% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 1,994,282 | d | 1,994,282 | |
Investment of Cash Collateral for Securities Loaned - .3% | |||||
Registered Investment Companies - .3% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 553,014 | d | 553,014 | |
Total Investments(cost $149,560,097) | 100.2% | 196,454,596 | |||
Liabilities, Less Cash and Receivables | (.2%) | (489,086) | |||
Net Assets | 100.0% | 195,965,510 |
a Security, or portion thereof, on loan. At August 31, 2019, the value of the fund’s securities on loan was $8,536,383 and the value of the collateral was $8,736,866, consisting of cash collateral of $553,014 and U.S. Government & Agency securities valued at $8,183,852.
b Non-income producing security.
c Investment in real estate investment trust within the United States.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Information Technology | 23.7 |
Health Care | 16.0 |
Communication Services | 12.0 |
Financials | 11.9 |
Consumer Staples | 8.8 |
Consumer Discretionary | 8.6 |
Industrials | 7.4 |
Energy | 6.2 |
Utilities | 2.2 |
Real Estate | 1.3 |
Investment Companies | 1.3 |
Materials | .8 |
100.2 |
† Based on net assets.
See notes to financial statements.
41
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 63.6% | |||||
Automobiles & Components - .1% | |||||
Aptiv | 1,010 | 84,002 | |||
Ford Motor | 20,978 | 192,368 | |||
General Motors | 155 | 5,749 | |||
Harley-Davidson | 224 | a | 7,146 | ||
289,265 | |||||
Banks - 3.2% | |||||
Bank of America | 111,629 | 3,070,914 | |||
BB&T | 10,592 | a | 504,709 | ||
Citigroup | 9,150 | 588,803 | |||
Citizens Financial Group | 6,935 | 233,987 | |||
Fifth Third Bancorp | 3,234 | 85,539 | |||
JPMorgan Chase & Co. | 17,604 | 1,933,975 | |||
KeyCorp | 10,500 | 174,300 | |||
M&T Bank | 630 | 92,112 | |||
SunTrust Banks | 23,300 | 1,433,183 | |||
The PNC Financial Services Group | 4,920 | 634,336 | |||
U.S. Bancorp | 5,082 | 267,771 | |||
Wells Fargo & Co. | 19,002 | 884,923 | |||
Zions Bancorp | 2,665 | a | 109,505 | ||
10,014,057 | |||||
Capital Goods - 4.8% | |||||
3M | 3,752 | 606,773 | |||
Allegion | 2,996 | 288,425 | |||
Caterpillar | 3,798 | 451,962 | |||
Deere & Co. | 11,676 | 1,808,729 | |||
Donaldson | 2,480 | 119,933 | |||
Dover | 4,092 | 383,584 | |||
Eaton | 4,989 | 402,712 | |||
Emerson Electric | 1,163 | 69,303 | |||
Fastenal | 11,180 | a | 342,332 | ||
Flowserve | 6,550 | 279,554 | |||
Fortive | 2,056 | 145,770 | |||
General Dynamics | 741 | 141,731 | |||
General Electric | 41,555 | 342,829 | |||
Hexcel | 3,300 | 277,695 | |||
Honeywell International | 13,736 | 2,261,220 | |||
Illinois Tool Works | 2,190 | 328,193 | |||
Ingersoll-Rand | 5,160 | 624,824 | |||
Johnson Controls International | 1,141 | 48,709 | |||
Lockheed Martin | 1,377 | 528,919 | |||
Northrop Grumman | 1,146 | 421,579 | |||
Parker-Hannifin | 612 | 101,451 | |||
Raytheon | 3,200 | 593,024 | |||
Roper Technologies | 9 | 3,301 | |||
Stanley Black & Decker | 653 | 86,758 | |||
The Boeing Company | 9,190 | 3,345,987 | |||
The Toro Company | 4,995 | 359,690 | |||
TransDigm Group | 78 | 41,989 | |||
United Rentals | 875 | b | 98,490 | ||
United Technologies | 2,681 | 349,173 | |||
W.W. Grainger | 220 | 60,203 | |||
Wabtec | 223 | a | 15,434 | ||
Xylem | 2,698 | a | 206,694 | ||
15,136,970 | |||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 63.6%(continued) | |||||
Commercial & Professional Services - .2% | |||||
Nielsen Holdings | 3,870 | 80,341 | |||
Robert Half International | 2,005 | 107,207 | |||
Waste Management | 2,644 | 315,561 | |||
503,109 | |||||
Consumer Durables & Apparel - .6% | |||||
Leggett & Platt | 5,010 | a | 186,322 | ||
Lennar, Cl. A | 4,900 | 249,900 | |||
Newell Brands | 1,455 | a | 24,153 | ||
NIKE, Cl. B | 14,320 | 1,210,040 | |||
VF | 3,015 | 247,079 | |||
1,917,494 | |||||
Consumer Services - 2.3% | |||||
Carnival | 2,398 | a | 105,704 | ||
Marriott International, Cl. A | 608 | 76,644 | |||
McDonald's | 5,901 | 1,286,241 | |||
MGM Resorts International | 54,810 | 1,537,969 | |||
Starbucks | 14,828 | 1,431,792 | |||
Wynn Resorts | 1,077 | a | 118,632 | ||
Yum! Brands | 23,537 | 2,748,651 | |||
7,305,633 | |||||
Diversified Financials - 3.4% | |||||
American Express | 1,959 | 235,805 | |||
Ameriprise Financial | 1,989 | 256,541 | |||
Berkshire Hathaway, Cl. B | 9,194 | b | 1,870,152 | ||
BlackRock | 456 | 192,687 | |||
Capital One Financial | 3,733 | 323,352 | |||
CME Group | 12,823 | 2,786,310 | |||
Discover Financial Services | 4,067 | 325,238 | |||
Intercontinental Exchange | 7,963 | 744,381 | |||
Moody's | 720 | 155,218 | |||
Morgan Stanley | 6,300 | 261,387 | |||
MSCI | 9,320 | 2,186,752 | |||
S&P Global | 1,858 | 483,433 | |||
State Street | 5,049 | 259,064 | |||
T. Rowe Price Group | 31 | 3,429 | |||
The Charles Schwab | 12,266 | 469,420 | |||
The Goldman Sachs Group | 1,474 | 300,563 | |||
10,853,732 | |||||
Energy - 2.7% | |||||
Apache | 8,885 | 191,649 | |||
Cabot Oil & Gas | 2,630 | 45,026 | |||
Chevron | 19,489 | 2,294,245 | |||
Concho Resources | 994 | 72,711 | |||
ConocoPhillips | 2,066 | 107,804 | |||
Devon Energy | 6,515 | 143,265 | |||
Diamondback Energy | 1,170 | a | 114,754 | ||
EOG Resources | 9,114 | 676,168 | |||
Exxon Mobil | 18,274 | 1,251,404 | |||
Helmerich & Payne | 5,795 | a | 217,834 | ||
Hess | 1,575 | 99,146 | |||
HollyFrontier | 155 | 6,876 | |||
Kinder Morgan | 2,030 | 41,148 | |||
Marathon Oil | 15,500 | 183,520 | |||
Marathon Petroleum | 3,221 | 158,505 |
42
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 63.6%(continued) | |||||
Energy - 2.7% (continued) | |||||
National Oilwell Varco | 6,150 | 125,645 | |||
Noble Energy | 365 | a | 8,242 | ||
Occidental Petroleum | 3,573 | 155,354 | |||
ONEOK | 1,650 | 117,612 | |||
Phillips 66 | 3,608 | 355,857 | |||
Pioneer Natural Resources | 1,187 | 146,500 | |||
Schlumberger | 7,884 | 255,678 | |||
TechnipFMC | 1,805 | 44,836 | |||
The Williams Companies | 94 | 2,218 | |||
Valero Energy | 22,457 | 1,690,563 | |||
8,506,560 | |||||
Food & Staples Retailing - .6% | |||||
Costco Wholesale | 2,865 | 844,487 | |||
Sysco | 1,650 | 122,645 | |||
The Kroger Company | 6,927 | 164,031 | |||
Walgreens Boots Alliance | 2,077 | 106,322 | |||
Walmart | 5,992 | 684,646 | |||
1,922,131 | |||||
Food, Beverage & Tobacco - 2.9% | |||||
Altria Group | 11,619 | 508,215 | |||
Archer-Daniels-Midland | 4,910 | 186,826 | |||
Campbell Soup | 230 | 10,350 | |||
Conagra Brands | 1,425 | 40,413 | |||
Constellation Brands, Cl. A | 1,330 | 271,786 | |||
General Mills | 95 | 5,111 | |||
McCormick & Co. | 1,809 | a | 294,632 | ||
Molson Coors Brewing, Cl. B | 2,905 | 149,201 | |||
Mondelez International, Cl. A | 64,472 | 3,560,144 | |||
Monster Beverage | 2,265 | b | 132,888 | ||
PepsiCo | 7,502 | 1,025,748 | |||
Philip Morris International | 4,459 | 321,449 | |||
The Coca-Cola Company | 44,435 | 2,445,702 | |||
The Hershey Company | 281 | 44,533 | |||
The Kraft Heinz Company | 3,251 | 82,966 | |||
Tyson Foods, Cl. A | 1,390 | 129,326 | |||
9,209,290 | |||||
Health Care Equipment & Services - 4.5% | |||||
Abbott Laboratories | 5,983 | 510,470 | |||
AmerisourceBergen | 2,188 | 180,007 | |||
Anthem | 2,439 | 637,847 | |||
Baxter International | 1,555 | 136,762 | |||
Becton Dickinson & Company | 3,010 | 764,299 | |||
Boston Scientific | 61,454 | b | 2,625,929 | ||
Cardinal Health | 1,070 | 46,149 | |||
Cerner | 5,515 | 380,039 | |||
Cigna | 2,556 | 393,547 | |||
CVS Health | 42,385 | 2,582,094 | |||
Danaher | 4,112 | 584,274 | |||
Edwards Lifesciences | 1,648 | b | 365,592 | ||
Henry Schein | 3,866 | b | 238,223 | ||
Humana | 1,673 | 473,810 | |||
Intuitive Surgical | 1,933 | b | 988,420 | ||
McKesson | 469 | 64,849 | |||
Medtronic | 7,085 | 764,401 | |||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 63.6%(continued) | |||||
Health Care Equipment & Services - 4.5% (continued) | |||||
ResMed | 2,467 | 343,653 | |||
Stryker | 2,718 | 599,754 | |||
UnitedHealth Group | 6,642 | 1,554,228 | |||
14,234,347 | |||||
Household & Personal Products - 1.1% | |||||
Colgate-Palmolive | 9,438 | 699,828 | |||
Coty, Cl. A | 6,900 | a | 65,895 | ||
Kimberly-Clark | 1,327 | 187,253 | |||
The Clorox Company | 2,630 | 415,961 | |||
The Estee Lauder Companies, Cl. A | 3,435 | 680,096 | |||
The Procter & Gamble Company | 10,901 | 1,310,627 | |||
3,359,660 | |||||
Insurance - 1.0% | |||||
Aflac | 500 | 25,090 | |||
American International Group | 2,260 | 117,610 | |||
Aon | 3,728 | 726,401 | |||
Chubb | 739 | 115,491 | |||
Cincinnati Financial | 1,410 | 158,611 | |||
Lincoln National | 2,076 | 109,779 | |||
Marsh & McLennan Companies | 4,531 | 452,602 | |||
MetLife | 3,712 | 164,442 | |||
Prudential Financial | 1,076 | 86,177 | |||
The Allstate | 4,455 | 456,147 | |||
The Hartford Financial Services Group | 8,125 | 473,525 | |||
The Travelers Companies | 2,826 | 415,309 | |||
3,301,184 | |||||
Materials - 1.9% | |||||
Air Products & Chemicals | 10,563 | 2,386,393 | |||
CF Industries Holdings | 940 | 45,299 | |||
Corteva | 4,664 | 136,748 | |||
Dow | 4,664 | 198,826 | |||
DuPont de Nemours | 4,664 | 316,826 | |||
Ecolab | 2,170 | 447,693 | |||
FMC | 4,070 | 351,363 | |||
Freeport-McMoRan | 21,175 | 194,598 | |||
International Paper | 1,354 | 52,941 | |||
Linde | 2,217 | 418,813 | |||
LyondellBasell Industries, Cl. A | 1,780 | 137,736 | |||
Newmont Goldcorp | 4,165 | 166,142 | |||
Nucor | 1,060 | 51,919 | |||
PPG Industries | 2,965 | 328,492 | |||
The Mosaic Company | 1,760 | 32,366 | |||
The Sherwin-Williams Company | 186 | 97,976 | |||
Vulcan Materials | 2,949 | 416,546 | |||
WestRock | 2,735 | 93,482 | |||
5,874,159 | |||||
Media & Entertainment - 5.7% | |||||
Activision Blizzard | 1,575 | 79,695 | |||
Alphabet, Cl. A | 3,157 | b | 3,758,503 | ||
Alphabet, Cl. C | 1,759 | b | 2,089,868 | ||
CBS, Cl. B | 959 | 40,336 | |||
Charter Communications, Cl. A | 446 | b | 182,677 | ||
Comcast, Cl. A | 88,105 | 3,899,527 |
43
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 63.6%(continued) | |||||
Media & Entertainment - 5.7% (continued) | |||||
Discovery, Cl. C | 2,145 | b | 55,834 | ||
Electronic Arts | 48 | b | 4,497 | ||
Facebook, Cl. A | 24,456 | b | 4,540,746 | ||
Netflix | 3,043 | b | 893,881 | ||
Omnicom Group | 820 | a | 62,369 | ||
The Walt Disney Company | 15,947 | 2,188,885 | |||
2,190 | b | 93,404 | |||
17,890,222 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 4.5% | |||||
AbbVie | 8,413 | 553,071 | |||
Alexion Pharmaceuticals | 270 | b | 27,205 | ||
Allergan | 991 | 158,283 | |||
Amgen | 3,754 | 783,159 | |||
Biogen | 1,415 | b | 310,946 | ||
Bristol-Myers Squibb | 8,742 | 420,228 | |||
Celgene | 6,271 | b | 607,033 | ||
Eli Lilly & Co. | 8,715 | 984,534 | |||
Gilead Sciences | 15,336 | 974,449 | |||
Johnson & Johnson | 16,822 | 2,159,272 | |||
Merck & Co. | 35,296 | 3,052,045 | |||
Mettler-Toledo International | 301 | b | 197,694 | ||
Pfizer | 35,223 | 1,252,178 | |||
Thermo Fisher Scientific | 9,120 | 2,617,987 | |||
Waters | 1,402 | b | 297,070 | ||
14,395,154 | |||||
Real Estate - 1.9% | |||||
American Tower | 12,225 | c | 2,814,073 | ||
Apartment Investment & Management, Cl. A | 4,251 | c | 216,801 | ||
AvalonBay Communities | 2,125 | c | 451,690 | ||
Crown Castle International | 2,870 | c | 416,638 | ||
Equinix | 373 | c | 207,492 | ||
Equity Residential | 177 | c | 15,003 | ||
Extra Space Storage | 40 | c | 4,877 | ||
Federal Realty Investment Trust | 488 | c | 63,054 | ||
HCP | 11,405 | c | 395,868 | ||
Iron Mountain | 7,405 | a,c | 235,849 | ||
Kimco Realty | 13,895 | c | 255,390 | ||
Mid-America Apartment Communities | 55 | c | 6,967 | ||
Realty Income | 1,140 | c | 84,143 | ||
Simon Property Group | 780 | c | 116,173 | ||
The Macerich Company | 4,245 | a,c | 121,110 | ||
Ventas | 3,045 | c | 223,473 | ||
Welltower | 4,935 | c | 441,979 | ||
Weyerhaeuser | 1,200 | c | 31,572 | ||
6,102,152 | |||||
Retailing - 3.9% | |||||
Amazon.com | 3,535 | b | 6,279,185 | ||
Booking Holdings | 374 | b | 735,437 | ||
Dollar General | 1,330 | 207,600 | |||
Dollar Tree | 2,974 | b | 301,950 | ||
eBay | 2,742 | 110,475 | |||
Genuine Parts | 414 | 37,380 | |||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 63.6%(continued) | |||||
Retailing - 3.9% (continued) | |||||
L Brands | 849 | a | 14,017 | ||
Lowe's | 6,692 | 750,842 | |||
Macy's | 329 | 4,856 | |||
O'Reilly Automotive | 1,774 | b | 680,790 | ||
Ross Stores | 2,308 | 244,671 | |||
The Home Depot | 8,193 | 1,867,267 | |||
The TJX Companies | 19,329 | 1,062,515 | |||
12,296,985 | |||||
Semiconductors & Semiconductor Equipment - 3.2% | |||||
Advanced Micro Devices | 55,510 | a,b | 1,745,789 | ||
Analog Devices | 1,503 | 165,074 | |||
Applied Materials | 5,935 | 284,999 | |||
Broadcom | 1,590 | 449,398 | |||
Intel | 23,792 | 1,127,979 | |||
Lam Research | 8,829 | 1,858,593 | |||
Marvell Technology Group | 82,110 | 1,968,177 | |||
Micron Technology | 6,870 | b | 311,005 | ||
NVIDIA | 3,918 | 656,304 | |||
Qualcomm | 3,107 | 241,631 | |||
Texas Instruments | 8,654 | 1,070,932 | |||
Xilinx | 1,834 | 190,846 | |||
10,070,727 | |||||
Software & Services - 8.9% | |||||
Accenture, Cl. A | 4,293 | 850,744 | |||
Adobe | 11,897 | b | 3,384,815 | ||
ANSYS | 895 | b | 184,871 | ||
Autodesk | 1,980 | b | 282,784 | ||
Automatic Data Processing | 5,987 | 1,016,832 | |||
Cognizant Technology Solutions, Cl. A | 6,257 | 384,117 | |||
DXC Technology | 2,779 | 92,318 | |||
Fiserv | 6,857 | b | 733,288 | ||
International Business Machines | 2,712 | 367,557 | |||
Intuit | 737 | 212,521 | |||
Jack Henry & Associates | 1,935 | 280,498 | |||
Manhattan Associates | 4,965 | b | 410,258 | ||
Mastercard, Cl. A | 8,549 | 2,405,432 | |||
Microsoft | 56,214 | 7,749,662 | |||
Oracle | 17,795 | 926,408 | |||
Paychex | 9,774 | 798,536 | |||
PayPal Holdings | 3,617 | b | 394,434 | ||
Salesforce.com | 18,487 | b | 2,885,266 | ||
Symantec | 2,805 | 65,216 | |||
Visa, Cl. A | 26,467 | a | 4,785,763 | ||
28,211,320 | |||||
Technology Hardware & Equipment - 3.0% | |||||
Amphenol, Cl. A | 9,134 | 799,590 | |||
Apple | 24,170 | 5,045,246 | |||
Cisco Systems | 34,377 | 1,609,187 | |||
Cognex | 5,340 | 240,727 | |||
Corning | 11,080 | 308,578 | |||
Hewlett Packard Enterprise | 20,128 | 278,169 | |||
HP | 20,128 | 368,141 | |||
IPG Photonics | 2,205 | b | 272,825 |
44
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 63.6%(continued) | |||||
Technology Hardware & Equipment - 3.0% (continued) | |||||
Motorola Solutions | 768 | 138,939 | |||
TE Connectivity | 3,810 | 347,548 | |||
Western Digital | 1,211 | 69,354 | |||
9,478,304 | |||||
Telecommunication Services - .8% | |||||
AT&T | 38,598 | 1,360,965 | |||
Verizon Communications | 18,370 | 1,068,399 | |||
2,429,364 | |||||
Transportation - .9% | |||||
CSX | 7,713 | 516,925 | |||
Delta Air Lines | 3,995 | 231,151 | |||
Expeditors International of Washington | 4,410 | 313,551 | |||
FedEx | 1,550 | 245,846 | |||
Norfolk Southern | 757 | 131,756 | |||
Southwest Airlines | 9,025 | 472,188 | |||
Union Pacific | 5,748 | 930,946 | |||
United Parcel Service, Cl. B | 1,559 | 184,991 | |||
3,027,354 | |||||
Utilities - 1.5% | |||||
AES | 11,440 | 175,375 | |||
American Electric Power | 1,420 | 129,433 | |||
CenterPoint Energy | 5,755 | 159,356 | |||
CMS Energy | 8,406 | 529,998 | |||
Dominion Energy | 1,495 | 116,057 | |||
DTE Energy | 660 | 85,576 | |||
Duke Energy | 1,057 | 98,026 | |||
Eversource Energy | 2,320 | 185,902 | |||
Exelon | 3,460 | 163,520 | |||
NextEra Energy | 4,726 | 1,035,372 | |||
NiSource | 10,190 | 301,115 | |||
NRG Energy | 6,525 | 237,510 | |||
Pinnacle West Capital | 1,425 | 135,817 | |||
Sempra Energy | 4,408 | 624,305 | |||
The Southern Company | 500 | 29,130 | |||
Xcel Energy | 10,110 | 649,264 | |||
4,655,756 | |||||
Total Common Stocks(cost $94,776,893) | 200,984,929 | ||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | 1-Day | Shares | Value ($) | ||
Investment Companies - 36.3% | |||||
Registered Investment Companies - 36.3% | |||||
BNY Mellon Dynamic Value Fund, Cl. Y | 1,051,567 | d | 36,531,441 | ||
BNY Mellon Income Stock Fund, Cl. M | 3,512,340 | d | 30,557,358 | ||
BNY Mellon Research Growth Fund, Cl. Y | 2,987,120 | d | 44,717,195 | ||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 2,874,736 | d | 2,874,736 | |
Total Investment Companies(cost $104,035,506) | 114,680,730 | ||||
Total Investments(cost $198,812,399) | 99.9% | 315,665,659 | |||
Cash and Receivables (Net) | .1% | 204,923 | |||
Net Assets | 100.0% | 315,870,582 |
a Security, or portion thereof, on loan. At August 31, 2019, the value of the fund’s securities on loan was $9,003,138 and the value of the collateral was $9,184,510, consisting of U.S. Government & Agency securities.
b Non-income producing security.
c Investment in real estate investment trust within the United States.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Investment Companies | 36.3 |
Information Technology | 15.1 |
Health Care | 9.1 |
Financials | 7.6 |
Consumer Discretionary | 6.9 |
Communication Services | 6.4 |
Industrials | 5.9 |
Consumer Staples | 4.6 |
Energy | 2.7 |
Real Estate | 1.9 |
Materials | 1.9 |
Utilities | 1.5 |
99.9 |
† Based on net assets.
See notes to financial statements.
45
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Income Stock Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 94.3% | |||||
Automobiles & Components - 1.0% | |||||
General Motors | 270,112 | 10,018,454 | |||
Banks - 16.1% | |||||
Bank of America | 1,045,091 | 28,750,453 | |||
Citigroup | 493,557 | 31,760,393 | |||
JPMorgan Chase & Co. | 398,399 | 43,768,114 | |||
U.S. Bancorp | 812,104 | 42,789,760 | |||
Wells Fargo & Co. | 196,382 | 9,145,510 | |||
156,214,230 | |||||
Capital Goods - 4.6% | |||||
Honeywell International | 150,445 | 24,766,256 | |||
United Technologies | 151,462 | 19,726,411 | |||
44,492,667 | |||||
Diversified Financials - 5.4% | |||||
Capital One Financial | 80,437 | 6,967,453 | |||
Morgan Stanley | 495,170 | 20,544,603 | |||
The Goldman Sachs Group | 119,484 | 24,363,983 | |||
51,876,039 | |||||
Energy - 9.5% | |||||
Exxon Mobil | 211,712 | 14,498,038 | |||
Hess | 362,092 | 22,793,691 | |||
Marathon Petroleum | 470,019 | 23,129,635 | |||
Occidental Petroleum | 265,900 | 11,561,332 | |||
Phillips 66 | 203,424 | 20,063,709 | |||
92,046,405 | |||||
Food, Beverage & Tobacco - 4.7% | |||||
Archer-Daniels-Midland | 248,408 | 9,451,924 | |||
Conagra Brands | 671,619 | 19,047,115 | |||
PepsiCo | 121,199 | 16,571,539 | |||
45,070,578 | |||||
Health Care Equipment & Services - 4.3% | |||||
CVS Health | 136,820 | 8,335,074 | |||
Medtronic | 309,047 | 33,343,081 | |||
41,678,155 | |||||
Insurance - 6.9% | |||||
American International Group | 413,907 | 21,539,720 | |||
Assurant | 157,308 | 19,348,884 | |||
Chubb | 84,513 | 13,207,692 | |||
The Hartford Financial Services Group | 213,571 | 12,446,918 | |||
66,543,214 | |||||
Materials - 7.5% | |||||
CF Industries Holdings | 479,275 | 23,096,262 | |||
Dow | 238,449 | 10,165,081 | |||
Nutrien | 353,302 | a | 17,792,289 | ||
Vulcan Materials | 153,173 | 21,635,686 | |||
72,689,318 | |||||
Media & Entertainment - 2.8% | |||||
Comcast, Cl. A | 225,479 | 9,979,701 | |||
Omnicom Group | 226,889 | a | 17,257,177 | ||
27,236,878 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 3.9% | |||||
Merck & Co. | 200,512 | 17,338,273 | |||
Pfizer | 588,490 | 20,920,820 | |||
38,259,093 | |||||
BNY Mellon Income Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 94.3%(continued) | |||||
Real Estate - 3.1% | |||||
Lamar Advertising, Cl. A | 199,696 | b | 15,306,698 | ||
Outfront Media | 522,680 | b | 14,363,246 | ||
29,669,944 | |||||
Retailing - 1.5% | |||||
Target | 134,387 | 14,384,785 | |||
Semiconductors & Semiconductor Equipment - 3.4% | |||||
Applied Materials | 163,691 | 7,860,442 | |||
Qualcomm | 176,368 | 13,716,139 | |||
Texas Instruments | 88,529 | 10,955,464 | |||
32,532,045 | |||||
Software & Services - 1.3% | |||||
International Business Machines | 96,621 | 13,095,044 | |||
Technology Hardware & Equipment - 4.3% | |||||
Cisco Systems | 604,900 | 28,315,369 | |||
Corning | 462,705 | 12,886,334 | |||
41,201,703 | |||||
Telecommunication Services - 4.0% | |||||
AT&T | 1,100,378 | 38,799,328 | |||
Transportation - 2.1% | |||||
Delta Air Lines | 192,255 | 11,123,874 | |||
Union Pacific | 55,512 | 8,990,724 | |||
20,114,598 | |||||
Utilities - 7.9% | |||||
Clearway Energy, Cl. C | 1,014,237 | 17,951,995 | |||
Edison International | 292,192 | 21,116,716 | |||
NextEra Energy Partners | 284,028 | 14,556,435 | |||
PPL | 778,447 | 23,003,109 | |||
76,628,255 | |||||
Total Common Stocks(cost $773,370,126) | 912,550,733 | ||||
Preferred Dividend | |||||
Preferred Stocks - 1.0% | |||||
Health Care Equipment & Services - 1.0% | |||||
Becton Dickinson & Co. | 6.13 | 154,382 | 9,551,614 | ||
Description | 1-Day | ||||
Investment Companies - 4.3% | |||||
Registered Investment Companies - 4.3% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 41,756,799 | c | 41,756,799 | |
Total Investments(cost $824,663,965) | 99.6% | 963,859,146 | |||
Cash and Receivables (Net) | .4% | 3,916,926 | |||
Net Assets | 100.0% | 967,776,072 |
a Security, or portion thereof, on loan. At August 31, 2019, the value of the fund’s securities on loan was $26,778,622 and the value of the collateral was $27,087,604, consisting of U.S. Government & Agency securities.
b Investment in real estate investment trust within the United States.
c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
46
Portfolio Summary (Unaudited)† | Value (%) |
Financials | 28.4 |
Energy | 9.5 |
Health Care | 9.2 |
Information Technology | 9.0 |
Utilities | 7.9 |
Materials | 7.5 |
Communication Services | 6.8 |
Industrials | 6.7 |
Consumer Staples | 4.7 |
Investment Companies | 4.3 |
Real Estate | 3.1 |
Consumer Discretionary | 2.5 |
99.6 |
† Based on net assets.
See notes to financial statements.
47
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Mid Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3% | |||||
Automobiles & Components - .2% | |||||
Aptiv | 6,345 | a | 527,714 | ||
Gentex | 121,004 | 3,218,706 | |||
Lear | 11,872 | 1,332,751 | |||
The Goodyear Tire & Rubber Company | 45,510 | 522,000 | |||
Thor Industries | 11,050 | 507,306 | |||
Visteon | 7,780 | a,b | 536,587 | ||
6,645,064 | |||||
Banks - 3.7% | |||||
Bank OZK | 28,975 | 747,555 | |||
BOK Financial | 8,956 | 681,910 | |||
CIT Group | 20,510 | 873,521 | |||
Citizens Financial Group | 21,845 | 737,050 | |||
Comerica | 30,315 | 1,868,920 | |||
Cullen/Frost Bankers | 14,850 | a | 1,232,698 | ||
East West Bancorp | 269,034 | 11,065,368 | |||
F.N.B. | 36,765 | a | 395,224 | ||
Fifth Third Bancorp | 309,890 | 8,196,590 | |||
First Horizon National | 86,970 | 1,376,735 | |||
First Republic Bank | 71,720 | 6,434,718 | |||
Huntington Bancshares | 523,205 | 6,932,466 | |||
KeyCorp | 386,423 | 6,414,622 | |||
M&T Bank | 18,002 | 2,632,072 | |||
New York Community Bancorp | 35,705 | 412,036 | |||
PacWest Bancorp | 25,420 | 866,314 | |||
People's United Financial | 67,055 | a | 963,580 | ||
Popular | 183,108 | 9,625,988 | |||
Regions Financial | 437,652 | 6,398,472 | |||
Signature Bank | 84,898 | 9,903,352 | |||
SunTrust Banks | 164,042 | 10,090,223 | |||
SVB Financial Group | 31,817 | b | 6,192,225 | ||
Synovus Financial | 12,110 | 430,389 | |||
TCF Financial | 39,672 | 1,529,752 | |||
Texas Capital Bancshares | 13,220 | b | 712,294 | ||
Umpqua Holdings | 24,465 | 384,345 | |||
Webster Financial | 82,924 | 3,711,678 | |||
Zions Bancorp | 31,960 | a | 1,313,236 | ||
102,123,333 | |||||
Capital Goods - 8.8% | |||||
Adt | 23,725 | b | 112,931 | ||
AECOM | 31,200 | b | 1,106,976 | ||
Air Lease | 55,883 | 2,321,380 | |||
Allegion | 52,573 | a | 5,061,203 | ||
AMETEK | 166,965 | 14,347,302 | |||
Arconic | 38,463 | 993,884 | |||
Cummins | 6,312 | 942,192 | |||
Curtiss-Wright | 21,562 | 2,644,364 | |||
Deere & Co. | 14,973 | 2,319,467 | |||
Donaldson | 40,700 | a | 1,968,252 | ||
Dover | 86,135 | 8,074,295 | |||
Eaton | 54,993 | 4,439,035 | |||
EnerSys | 19,691 | 1,102,696 | |||
Fastenal | 165,031 | a | 5,053,249 | ||
Fluor | 71,499 | 1,263,387 | |||
Fortune Brands Home & Security | 115,880 | 5,916,833 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3%(continued) | |||||
Capital Goods - 8.8% (continued) | |||||
Graco | 45,998 | 2,096,129 | |||
HD Supply Holdings | 95,874 | b | 3,730,457 | ||
Hubbell | 13,521 | 1,773,144 | |||
Huntington Ingalls Industries | 14,567 | 3,044,503 | |||
IDEX | 93,052 | 15,326,595 | |||
Ingersoll-Rand | 44,588 | 5,399,161 | |||
ITT | 56,332 | 3,206,417 | |||
Jacobs Engineering Group | 14,695 | 1,305,798 | |||
L3Harris Technologies | 53,830 | 11,380,200 | |||
Lincoln Electric Holdings | 13,600 | a | 1,122,816 | ||
Masco | 113,984 | 4,642,568 | |||
Mercury Systems | 136,032 | b | 11,648,420 | ||
MSC Industrial Direct, Cl. A | 4,645 | 314,095 | |||
Nordson | 20,995 | 2,854,480 | |||
nVent Electric | 23,415 | 474,388 | |||
Owens Corning | 54,388 | 3,119,696 | |||
PACCAR | 93,316 | 6,117,797 | |||
Parker-Hannifin | 39,976 | 6,626,822 | |||
Pentair | 27,545 | 989,416 | |||
Quanta Services | 216,008 | 7,322,671 | |||
Regal Beloit | 4,470 | 316,923 | |||
Rockwell Automation | 12,719 | 1,943,336 | |||
Roper Technologies | 75,087 | 27,538,908 | |||
Snap-on | 32,000 | a | 4,757,760 | ||
Spirit AeroSystems Holdings, Cl. A | 109,434 | 8,820,380 | |||
Stanley Black & Decker | 16,676 | 2,215,573 | |||
Terex | 25,085 | 622,861 | |||
Textron | 77,219 | 3,474,855 | |||
The Middleby | 6,891 | a,b | 755,667 | ||
The Timken Company | 43,745 | 1,757,674 | |||
TransDigm Group | 8,180 | b | 4,403,458 | ||
United Rentals | 18,545 | b | 2,087,425 | ||
Univar Solutions | 350 | a,b | 6,773 | ||
W.W. Grainger | 7,602 | 2,080,287 | |||
WABCO Holdings | 75,016 | b | 10,015,386 | ||
Wabtec | 19,895 | a | 1,376,933 | ||
Watsco | 40,205 | 6,575,528 | |||
Welbilt | 23,425 | a,b | 368,710 | ||
WESCO International | 29,218 | b | 1,317,147 | ||
Xylem | 116,734 | 8,942,992 | |||
239,541,595 | |||||
Commercial & Professional Services - 4.3% | |||||
Cintas | 17,005 | 4,485,919 | |||
Copart | 186,645 | b | 14,071,167 | ||
CoStar Group | 50,845 | b | 31,263,065 | ||
Equifax | 119,082 | 17,431,223 | |||
IAA | 85,571 | b | 4,180,143 | ||
IHS Markit | 38,186 | b | 2,505,383 | ||
KAR Auction Services | 64,253 | a | 1,706,560 | ||
Manpowergroup | 31,970 | 2,613,228 | |||
Nielsen Holdings | 157,380 | 3,267,209 | |||
Republic Services | 35,910 | 3,204,967 | |||
Robert Half International | 62,285 | 3,330,379 | |||
Stericycle | 8,075 | a,b | 362,487 | ||
TransUnion | 5,955 | 498,136 |
48
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3%(continued) | |||||
Commercial & Professional Services - 4.3% (continued) | |||||
Verisk Analytics | 104,661 | 16,906,938 | |||
Waste Connections | 113,673 | 10,446,549 | |||
116,273,353 | |||||
Consumer Durables & Apparel - 2.8% | |||||
Brunswick | 5,585 | 260,261 | |||
Carter's | 65,456 | a | 5,987,915 | ||
D.R. Horton | 239,961 | 11,870,871 | |||
Garmin | 22,545 | 1,838,996 | |||
Hanesbrands | 51,240 | a | 699,938 | ||
Hasbro | 85,354 | 9,429,056 | |||
Leggett & Platt | 22,780 | a | 847,188 | ||
Lennar, Cl. A | 58,797 | 2,998,647 | |||
Lululemon Athletica | 98,185 | b | 18,131,824 | ||
Mattel | 39,000 | b | 382,200 | ||
Newell Brands | 33,939 | a | 563,387 | ||
NVR | 706 | b | 2,540,894 | ||
Polaris | 10,842 | 889,261 | |||
PulteGroup | 55,720 | 1,883,336 | |||
PVH | 11,861 | 899,064 | |||
Ralph Lauren | 10,939 | 966,351 | |||
Skechers USA, Cl. A | 345,649 | b | 10,943,247 | ||
Tapestry | 22,170 | 457,811 | |||
Tempur Sealy International | 7,540 | a,b | 581,485 | ||
Toll Brothers | 36,670 | 1,327,087 | |||
Under Armour, Cl. A | 24,735 | b | 460,318 | ||
Under Armour, Cl. C | 24,910 | b | 421,477 | ||
Whirlpool | 21,532 | 2,994,886 | |||
77,375,500 | |||||
Consumer Services - 3.1% | |||||
Aramark | 18,695 | 763,878 | |||
Boyd Gaming | 111,699 | a | 2,685,244 | ||
Caesars Entertainment | 60,495 | b | 696,297 | ||
Chipotle Mexican Grill | 12,692 | b | 10,641,227 | ||
Darden Restaurants | 22,040 | 2,666,399 | |||
Domino's Pizza | 3,024 | 685,964 | |||
Dunkin' Brands Group | 15,355 | 1,265,866 | |||
Frontdoor | 13,494 | b | 692,782 | ||
Grand Canyon Education | 80,704 | b | 10,136,422 | ||
H&R Block | 37,435 | a | 906,676 | ||
Hilton Grand Vacations | 24,626 | b | 831,620 | ||
Hilton Worldwide Holdings | 19,703 | 1,819,966 | |||
Hyatt Hotels, Cl. A | 9,770 | a | 704,906 | ||
International Game Technology | 27,075 | a | 324,359 | ||
Las Vegas Sands | 32,391 | 1,796,729 | |||
MGM Resorts International | 60,420 | 1,695,385 | |||
Norwegian Cruise Line Holdings | 188,735 | b | 9,578,301 | ||
Royal Caribbean Cruises | 30,723 | 3,203,794 | |||
Service Corp International | 52,230 | a | 2,418,249 | ||
Six Flags Entertainment | 63,701 | 3,769,188 | |||
Texas Roadhouse | 117,785 | a | 6,061,216 | ||
Vail Resorts | 2,781 | 657,095 | |||
Wyndham Destinations | 88,964 | 3,944,664 | |||
Wyndham Hotels & Resorts | 60,300 | 3,098,214 | |||
Wynn Resorts | 112,242 | a | 12,363,456 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3%(continued) | |||||
Consumer Services - 3.1% (continued) | |||||
Yum China Holdings | 26,090 | 1,185,269 | |||
84,593,166 | |||||
Diversified Financials - 4.0% | |||||
Affiliated Managers Group | 11,572 | 886,762 | |||
AGNC Investment | 32,975 | c | 490,338 | ||
Ally Financial | 220,996 | 6,928,225 | |||
Ameriprise Financial | 22,290 | 2,874,964 | |||
Annaly Capital Management | 72,135 | c | 598,721 | ||
CBOE Global Markets | 5,148 | 613,436 | |||
Credit Acceptance | 2,099 | b | 950,112 | ||
Discover Financial Services | 114,539 | 9,159,684 | |||
E*TRADE Financial | 271,804 | 11,345,099 | |||
Intercontinental Exchange | 125,770 | 11,756,980 | |||
Invesco | 72,450 | 1,137,465 | |||
Jefferies Financial Group | 30,534 | 569,154 | |||
Legg Mason | 21,245 | 781,604 | |||
LPL Financial Holdings | 74,650 | 5,595,017 | |||
MarketAxess Holdings | 1,961 | 779,733 | |||
MFA Financial | 228,495 | c | 1,638,309 | ||
Moody's | 38,252 | 8,246,366 | |||
MSCI | 2,884 | 676,673 | |||
Nasdaq | 23,680 | 2,364,211 | |||
Navient | 125,770 | a | 1,602,310 | ||
Northern Trust | 19,900 | 1,749,807 | |||
Raymond James Financial | 169,808 | 13,331,626 | |||
SLM | 306,868 | 2,589,966 | |||
Starwood Property Trust | 20,430 | c | 478,675 | ||
State Street | 27,976 | 1,435,449 | |||
Synchrony Financial | 95,268 | 3,053,339 | |||
T. Rowe Price Group | 17,895 | 1,979,545 | |||
TD Ameritrade Holding | 154,980 | 6,882,662 | |||
Voya Financial | 188,953 | 9,319,162 | |||
109,815,394 | |||||
Energy - 3.1% | |||||
Antero Midstream | 63,969 | b | 454,820 | ||
Antero Resources | 126,875 | b | 402,194 | ||
Apache | 58,245 | 1,256,345 | |||
Apergy | 67,737 | b | 1,759,807 | ||
Baker Hughes, a GE Company | 33,345 | 723,253 | |||
Cabot Oil & Gas | 44,085 | 754,735 | |||
Cheniere Energy | 170,746 | b | 10,195,244 | ||
Cimarex Energy | 45,245 | a | 1,935,581 | ||
Concho Resources | 23,770 | 1,738,775 | |||
Devon Energy | 68,100 | 1,497,519 | |||
Diamondback Energy | 49,143 | a | 4,819,945 | ||
EQT | 75,757 | a | 770,449 | ||
Equitrans Midstream | 32,561 | a | 439,248 | ||
Halliburton | 76,565 | 1,442,485 | |||
Helmerich & Payne | 23,435 | a | 880,922 | ||
Hess | 25,225 | 1,587,914 | |||
HollyFrontier | 30,210 | 1,340,116 | |||
Marathon Oil | 236,988 | 2,805,938 | |||
Marathon Petroleum | 52,173 | 2,567,433 | |||
Murphy Oil | 51,365 | a | 936,384 | ||
National Oilwell Varco | 40,290 | 823,125 |
49
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3%(continued) | |||||
Energy - 3.1% (continued) | |||||
Noble Energy | 165,580 | a | 3,738,796 | ||
ONEOK | 24,750 | 1,764,180 | |||
Parsley Energy, Cl. A | 587,329 | 10,519,062 | |||
Patterson-UTI Energy | 59,090 | a | 511,129 | ||
PBF Energy, Cl. A | 24,435 | 579,110 | |||
PDC Energy | 108,475 | a,b | 3,454,929 | ||
Pioneer Natural Resources | 52,186 | 6,440,796 | |||
Range Resources | 132,510 | 471,736 | |||
Targa Resources | 50,020 | a | 1,806,722 | ||
The Williams Companies | 63,540 | 1,499,544 | |||
Transocean | 228,180 | b | 1,038,219 | ||
Valero Energy | 181,010 | 13,626,433 | |||
WPX Energy | 115,940 | b | 1,247,514 | ||
85,830,402 | |||||
Food & Staples Retailing - .1% | |||||
Casey's General Stores | 4,406 | a | 739,547 | ||
Sprouts Farmers Market | 11,945 | a,b | 214,413 | ||
The Kroger Company | 69,210 | 1,638,893 | |||
2,592,853 | |||||
Food, Beverage & Tobacco - 1.4% | |||||
Archer-Daniels-Midland | 23,925 | 910,346 | |||
Beyond Meat | 1,367 | b | 229,150 | ||
Brown-Forman, Cl. B | 32,927 | a | 1,942,364 | ||
Coca-Cola European Partners | 47,174 | 2,657,783 | |||
Conagra Brands | 90,376 | 2,563,063 | |||
Flowers Foods | 20,245 | a | 461,586 | ||
Hormel Foods | 16,455 | a | 701,148 | ||
Ingredion | 120,402 | 9,303,463 | |||
Kellogg | 1,085 | a | 68,138 | ||
Lamb Weston Holdings | 32,136 | 2,262,053 | |||
McCormick & Co. | 19,335 | a | 3,149,091 | ||
Molson Coors Brewing, Cl. B | 13,925 | 715,188 | |||
Nomad Foods | 168,288 | b | 3,391,003 | ||
The Hain Celestial Group | 19,950 | a,b | 380,048 | ||
The Hershey Company | 22,380 | 3,546,782 | |||
The J.M. Smucker Company | 5,644 | a | 593,523 | ||
TreeHouse Foods | 3,720 | b | 188,418 | ||
Tyson Foods, Cl. A | 67,749 | 6,303,367 | |||
39,366,514 | |||||
Health Care Equipment & Services - 9.0% | |||||
ABIOMED | 82,458 | b | 15,920,166 | ||
Acadia Healthcare | 27,600 | a,b | 730,296 | ||
Align Technology | 83,331 | b | 15,258,739 | ||
AmerisourceBergen | 72,391 | 5,955,608 | |||
Boston Scientific | 276,575 | b | 11,818,050 | ||
Cantel Medical | 2,830 | a | 260,162 | ||
Cardinal Health | 36,315 | 1,566,266 | |||
Centene | 213,419 | b | 9,949,594 | ||
Cerner | 94,808 | 6,533,219 | |||
Change Healthcare | 143,857 | a,b | 2,018,314 | ||
Covetrus | 38,114 | a,b | 506,535 | ||
DaVita | 34,242 | b | 1,930,222 | ||
Dentsply Sirona | 15,876 | 827,933 | |||
DexCom | 108,528 | b | 18,624,490 | ||
Edwards Lifesciences | 19,430 | b | 4,310,351 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3%(continued) | |||||
Health Care Equipment & Services - 9.0% (continued) | |||||
Guardant Health | 4,638 | b | 405,964 | ||
HealthEquity | 86,411 | b | 5,129,357 | ||
Henry Schein | 26,440 | b | 1,629,233 | ||
Hill-Rom Holdings | 14,955 | 1,610,354 | |||
Hologic | 26,535 | b | 1,310,033 | ||
Humana | 14,259 | 4,038,291 | |||
IDEXX Laboratories | 48,852 | b | 14,154,378 | ||
Insulet | 45,122 | a,b | 6,956,459 | ||
Laboratory Corporation of America Holdings | 66,258 | b | 11,102,190 | ||
Masimo | 42,527 | b | 6,517,263 | ||
McKesson | 28,178 | 3,896,172 | |||
Medidata Solutions | 72,924 | b | 6,678,380 | ||
Molina Healthcare | 20,536 | b | 2,675,430 | ||
Penumbra | 3,554 | a,b | 517,285 | ||
Quest Diagnostics | 25,140 | 2,573,582 | |||
ResMed | 23,420 | 3,262,406 | |||
STERIS | 83,870 | 12,949,528 | |||
Teleflex | 26,818 | 9,759,607 | |||
The Cooper Companies | 41,156 | 12,748,071 | |||
Universal Health Services, Cl. B | 35,097 | 5,074,324 | |||
Varian Medical Systems | 66,655 | b | 7,060,764 | ||
Veeva Systems, Cl. A | 19,166 | b | 3,073,843 | ||
WellCare Health Plans | 25,320 | b | 6,855,137 | ||
West Pharmaceutical Services | 4,337 | 630,860 | |||
Zimmer Biomet Holdings | 136,707 | 19,029,614 | |||
245,848,470 | |||||
Household & Personal Products - .8% | |||||
Church & Dwight | 204,274 | 16,296,980 | |||
Coty, Cl. A | 140,720 | a | 1,343,876 | ||
Energizer Holdings | 17,364 | a | 668,514 | ||
Herbalife Nutrition | 14,290 | a,b | 492,005 | ||
Nu Skin Enterprises, Cl. A | 13,635 | 553,854 | |||
Spectrum Brands Holdings | 10,290 | a | 574,902 | ||
The Clorox Company | 9,182 | 1,452,225 | |||
21,382,356 | |||||
Insurance - 3.4% | |||||
Alleghany | 14,122 | b | 10,581,756 | ||
American Financial Group | 927 | 93,599 | |||
Aon | 39,978 | 7,789,713 | |||
Assurant | 20,175 | 2,481,525 | |||
Assured Guaranty | 22,780 | 969,289 | |||
Axa Equitable Holdings | 21,350 | b | 443,440 | ||
Cincinnati Financial | 31,575 | 3,551,872 | |||
Everest Re Group | 24,717 | 5,830,246 | |||
Fidelity National Financial | 48,465 | 2,129,552 | |||
First American Financial | 6,565 | 383,724 | |||
Globe Life | 26,846 | 2,396,274 | |||
Lincoln National | 36,155 | 1,911,876 | |||
Loews | 78,326 | 3,765,131 | |||
Markel | 1,324 | b | 1,513,438 | ||
Marsh & McLennan Companies | 30,866 | 3,083,205 | |||
Old Republic International | 86,890 | 2,029,750 | |||
Principal Financial Group | 32,030 | 1,704,637 |
50
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3%(continued) | |||||
Insurance - 3.4% (continued) | |||||
Reinsurance Group of America | 69,174 | 10,650,721 | |||
The Allstate | 59,337 | 6,075,515 | |||
The Hartford Financial Services Group | 53,110 | 3,095,251 | |||
The Travelers Companies | 26,744 | 3,930,298 | |||
Unum Group | 57,625 | 1,464,251 | |||
Willis Towers Watson | 47,519 | 9,407,336 | |||
WR Berkley | 123,117 | 8,772,086 | |||
94,054,485 | |||||
Materials - 4.6% | |||||
Albemarle | 19,155 | a | 1,182,438 | ||
Amcor | 99,399 | a | 976,098 | ||
Ashland Global Holdings | 9,861 | 722,220 | |||
Avery Dennison | 58,234 | 6,730,103 | |||
Ball | 27,110 | 2,179,915 | |||
Celanese | 22,210 | 2,517,948 | |||
CF Industries Holdings | 21,630 | 1,042,350 | |||
Corteva | 83,829 | 2,457,866 | |||
Crown Holdings | 22,136 | b | 1,457,434 | ||
Eagle Materials | 104,769 | a | 8,820,502 | ||
Eastman Chemical | 16,320 | 1,066,838 | |||
Element Solutions | 47,434 | a,b | 442,559 | ||
FMC | 209,419 | 18,079,142 | |||
Freeport-McMoRan | 669,067 | 6,148,726 | |||
Graphic Packaging Holding | 187,564 | 2,590,259 | |||
Huntsman | 415,210 | 8,270,983 | |||
International Flavors & Fragrances | 12,210 | a | 1,340,047 | ||
International Paper | 27,215 | 1,064,106 | |||
Louisiana-Pacific | 326,736 | 7,854,733 | |||
Martin Marietta Materials | 8,904 | 2,259,568 | |||
Newmont Goldcorp | 368,491 | 14,699,106 | |||
Nucor | 40,615 | 1,989,323 | |||
Nutrien | 70,503 | a | 3,550,531 | ||
Olin | 48,210 | a | 818,606 | ||
Packaging Corporation of America | 16,505 | a | 1,660,073 | ||
Reliance Steel & Aluminum | 12,440 | 1,209,541 | |||
Royal Gold | 9,890 | a | 1,319,128 | ||
Sealed Air | 29,410 | 1,171,106 | |||
Sonoco Products | 25,750 | 1,472,900 | |||
Steel Dynamics | 52,065 | 1,405,755 | |||
The Chemours Company | 44,690 | 633,257 | |||
The Mosaic Company | 80,170 | 1,474,326 | |||
Valvoline | 27,071 | 611,805 | |||
Vulcan Materials | 96,525 | 13,634,156 | |||
W.R. Grace & Co. | 8,521 | 576,957 | |||
Westlake Chemical | 6,500 | b | 380,835 | ||
WestRock | 40,536 | 1,385,520 | |||
125,196,760 | |||||
Media & Entertainment - 3.0% | |||||
Activision Blizzard | 341,735 | 17,291,791 | |||
Altice USA, Cl. A | 100,200 | b | 2,893,776 | ||
AMC Networks, Cl. A | 14,420 | a,b | 699,370 | ||
CBS, Cl. B | 18,885 | 794,303 | |||
Cinemark Holdings | 39,280 | 1,498,925 | |||
Discovery, Cl. C | 68,708 | b | 1,788,469 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3%(continued) | |||||
Media & Entertainment - 3.0% (continued) | |||||
DISH Network, Cl. A | 21,995 | b | 738,152 | ||
Electronic Arts | 14,370 | b | 1,346,182 | ||
Fox, Cl. A | 88,264 | 2,927,717 | |||
IAC/InterActiveCorp | 20,130 | b | 5,125,903 | ||
John Wiley & Sons, Cl. A | 20,651 | 918,969 | |||
Liberty Broadband, Cl. A | 2,552 | b | 267,322 | ||
Liberty Broadband, Cl. C | 8,505 | b | 896,767 | ||
Liberty Global, Cl. C | 81,205 | b | 2,121,075 | ||
Liberty Media Corp-Liberty Formula One, Cl. A | 2,552 | a,b | 101,034 | ||
Liberty Media Corp-Liberty Formula One, Cl. C | 153,248 | b | 6,396,572 | ||
Liberty Media Corp-Liberty SiriusXM, Cl. A | 10,210 | b | 413,403 | ||
Liberty Media Corp-Liberty SiriusXM, Cl. C | 31,005 | b | 1,265,314 | ||
Lions Gate Entertainment, Cl. B | 26,099 | 217,666 | |||
NetEase, ADR | 8,514 | a | 2,171,070 | ||
News Corp., Cl. A | 121,260 | 1,667,325 | |||
Nexstar Media Group, Cl. A | 6,260 | 619,051 | |||
Omnicom Group | 48,805 | a | 3,712,108 | ||
Spotify Technology | 37,692 | a,b | 5,086,535 | ||
Take-Two Interactive Software | 12,734 | b | 1,680,506 | ||
The Interpublic Group of Companies | 56,350 | 1,120,238 | |||
The New York Times Company, Cl. A | 17,640 | 515,088 | |||
Tribune Media, Cl. A | 17,830 | 830,521 | |||
TripAdvisor | 11,175 | a,b | 424,538 | ||
258,495 | b | 11,024,812 | |||
Viacom, Cl. B | 40,765 | 1,018,310 | |||
World Wrestling Entertainment, Cl. A | 7,550 | 539,297 | |||
Zillow Group, Cl. C | 58,921 | a,b | 2,028,650 | ||
Zynga, Cl. A | 99,610 | b | 568,773 | ||
80,709,532 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 3.7% | |||||
Agilent Technologies | 38,810 | 2,759,779 | |||
Agios Phamaceuticals | 13,946 | a,b | 529,251 | ||
Alkermes | 27,860 | b | 584,503 | ||
Alnylam Pharmaceuticals | 14,672 | b | 1,183,884 | ||
Avantor | 107,226 | b | 1,876,455 | ||
BioMarin Pharmaceutical | 18,626 | b | 1,398,068 | ||
Bio-Techne | 11,230 | 2,151,331 | |||
Bluebird Bio | 10,002 | a,b | 1,033,307 | ||
Catalent | 8,560 | b | 451,454 | ||
Charles River Laboratories International | 11,800 | b | 1,548,160 | ||
Elanco Animal Health | 41,141 | b | 1,070,489 | ||
Exact Sciences | 13,885 | a,b | 1,655,370 | ||
Exelixis | 8,690 | b | 172,497 | ||
Galapagos, ADR | 11,695 | b | 1,966,748 | ||
GW Pharmaceuticals, ADR | 19,518 | a,b | 2,779,558 | ||
Horizon Therapeutics | 13,985 | b | 386,406 | ||
ICON | 29,754 | b | 4,587,769 | ||
Incyte | 16,845 | b | 1,378,258 | ||
Ionis Pharmaceuticals | 24,115 | a,b | 1,524,309 | ||
IQVIA Holdings | 43,683 | b | 6,777,417 |
51
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3%(continued) | |||||
Pharmaceuticals Biotechnology & Life Sciences - 3.7% (continued) | |||||
Jazz Pharmaceuticals | 107,336 | b | 13,755,108 | ||
Ligand Pharmaceuticals | 22,793 | a,b | 2,072,112 | ||
Mettler-Toledo International | 4,135 | b | 2,715,827 | ||
Mylan | 370,761 | b | 7,218,717 | ||
Nektar Therapeutics | 32,350 | b | 568,390 | ||
Neurocrine Biosciences | 55,340 | b | 5,501,903 | ||
PerkinElmer | 4,260 | a | 352,302 | ||
Perrigo | 14,175 | 663,107 | |||
PRA Health Sciences | 113,181 | b | 11,186,810 | ||
QIAGEN | 30,176 | b | 1,046,805 | ||
REGENXBIO | 15,938 | a,b | 549,702 | ||
Sage Therapeutics | 66,021 | a,b | 11,333,825 | ||
Sarepta Therapeutics | 53,403 | a,b | 4,814,280 | ||
Seattle Genetics | 6,830 | b | 496,131 | ||
United Therapeutics | 6,732 | a,b | 555,794 | ||
Waters | 14,140 | b | 2,996,125 | ||
101,641,951 | |||||
Real Estate - 6.0% | |||||
Alexandria Real Estate Equities | 54,716 | c | 8,198,645 | ||
American Homes 4 Rent, Cl. A | 110,053 | c | 2,815,156 | ||
Americold Realty Trust | 120,735 | a,c | 4,397,169 | ||
Apartment Investment & Management, Cl. A | 25,727 | c | 1,312,077 | ||
Apple Hospitality REIT | 39,200 | a,c | 624,456 | ||
AvalonBay Communities | 14,696 | c | 3,123,782 | ||
Boston Properties | 145,281 | c | 18,656,986 | ||
Brixmor Property Group | 26,460 | c | 487,658 | ||
Brookfield Property REIT, Cl. A | 32,185 | a,c | 605,722 | ||
Camden Property Trust | 19,110 | c | 2,068,657 | ||
CBRE Group, Cl. A | 136,659 | b | 7,143,166 | ||
CoreSite Realty | 5,957 | c | 692,084 | ||
Corporate Office Properties Trust | 16,880 | c | 487,663 | ||
Cousins Properties | 11,750 | c | 407,725 | ||
CyrusOne | 36,925 | c | 2,712,510 | ||
Digital Realty Trust | 112,585 | a,c | 13,918,884 | ||
Douglas Emmett | 100,795 | c | 4,253,549 | ||
Duke Realty | 161,537 | c | 5,374,336 | ||
EPR Properties | 5,015 | c | 392,424 | ||
Equinix | 10,248 | c | 5,700,757 | ||
Equity Commonwealth | 63,550 | c | 2,139,093 | ||
Equity Lifestyle Properties | 29,600 | c | 3,987,712 | ||
Equity Residential | 80,714 | c | 6,841,319 | ||
Essex Property Trust | 9,625 | c | 3,092,127 | ||
Extra Space Storage | 28,165 | c | 3,433,877 | ||
HCP | 38,600 | c | 1,339,806 | ||
Healthcare Trust of America, Cl. A | 26,755 | c | 758,772 | ||
Hospitality Properties Trust | 54,440 | a,c | 1,314,182 | ||
Host Hotels & Resorts | 105,409 | c | 1,690,760 | ||
Iron Mountain | 42,213 | a,c | 1,344,484 | ||
JBG SMITH Properties | 20,375 | c | 779,548 | ||
Jones Lang LaSalle | 6,529 | 875,212 | |||
Kilroy Realty | 34,046 | c | 2,650,822 | ||
Kimco Realty | 30,695 | c | 564,174 | ||
Lamar Advertising, Cl. A | 5,375 | c | 411,994 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3%(continued) | |||||
Real Estate - 6.0% (continued) | |||||
Medical Properties Trust | 31,410 | c | 583,912 | ||
Mid-America Apartment Communities | 6,670 | c | 844,956 | ||
Omega Healthcare Investors | 12,910 | c | 525,179 | ||
Outfront Media | 20,305 | c | 557,981 | ||
Park Hotels & Resorts | 68,096 | c | 1,603,661 | ||
Prologis | 62,323 | c | 5,211,449 | ||
Rayonier | 45,224 | c | 1,212,003 | ||
Realty Income | 62,015 | c | 4,577,327 | ||
Regency Centers | 95,833 | c | 6,182,187 | ||
Retail Properties of America, Cl. A | 133,498 | c | 1,516,537 | ||
SBA Communications | 17,347 | c | 4,552,373 | ||
SITE Centers | 89,536 | c | 1,240,969 | ||
SL Green Realty | 48,798 | c | 3,914,576 | ||
Spirit Realty Capital | 15,884 | a,c | 761,479 | ||
STORE Capital | 17,605 | c | 664,765 | ||
The Macerich Company | 49,040 | a,c | 1,399,111 | ||
UDR | 56,260 | c | 2,710,607 | ||
Ventas | 16,105 | c | 1,181,946 | ||
VEREIT | �� | 52,805 | c | 514,849 | |
VICI Properties | 28,950 | c | 641,532 | ||
Weingarten Realty Investors | 48,175 | c | 1,276,156 | ||
Welltower | 34,295 | c | 3,071,460 | ||
Weyerhaeuser | 50,117 | c | 1,318,578 | ||
WP Carey | 43,885 | a,c | 3,940,873 | ||
164,601,754 | |||||
Retailing - 4.9% | |||||
Advance Auto Parts | 12,860 | 1,774,037 | |||
AutoZone | 6,222 | b | 6,854,715 | ||
Best Buy | 36,250 | 2,307,312 | |||
Burlington Stores | 58,099 | b | 11,764,467 | ||
CarMax | 24,630 | a,b | 2,051,186 | ||
Carvana | 4,515 | b | 366,437 | ||
Dollar General | 93,664 | 14,620,014 | |||
Dollar Tree | 30,137 | b | 3,059,810 | ||
eBay | 126,208 | 5,084,920 | |||
Etsy | 13,875 | b | 732,461 | ||
Expedia Group | 64,174 | 8,349,037 | |||
Five Below | 3,617 | b | 444,421 | ||
Floor & Decor Holdings, Cl. A | 14,930 | a,b | 734,855 | ||
Foot Locker | 30,885 | a | 1,117,728 | ||
Genuine Parts | 13,330 | 1,203,566 | |||
Grubhub | 70,311 | a,b | 4,172,255 | ||
Kohl's | 27,330 | a | 1,291,616 | ||
LKQ | 31,200 | b | 819,624 | ||
Ollie's Bargain Outlet Holdings | 42,939 | b | 2,380,968 | ||
O'Reilly Automotive | 40,397 | b | 15,502,753 | ||
Pool | 57,360 | 11,264,357 | |||
Qurate Retail, Cl. A | 25,485 | b | 272,944 | ||
Ross Stores | 163,456 | 17,327,971 | |||
The Gap | 487,054 | a | 7,690,583 | ||
Tiffany & Co. | 12,130 | a | 1,029,473 | ||
Tractor Supply | 23,465 | 2,390,614 | |||
Ulta Beauty | 31,022 | b | 7,374,860 |
52
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3%(continued) | |||||
Retailing - 4.9% (continued) | |||||
Wayfair, Cl. A | 6,082 | b | 685,685 | ||
132,668,669 | |||||
Semiconductors & Semiconductor Equipment - 3.2% | |||||
Advanced Micro Devices | 191,532 | a,b | 6,023,681 | ||
Analog Devices | 30,871 | 3,390,562 | |||
Cypress Semiconductor | 88,925 | 2,046,164 | |||
First Solar | 134,554 | a,b | 8,351,767 | ||
KLA | 40,392 | 5,973,977 | |||
Lam Research | 21,200 | 4,462,812 | |||
Marvell Technology Group | 196,211 | a | 4,703,178 | ||
Maxim Integrated Products | 31,335 | 1,709,011 | |||
Microchip Technology | 89,507 | a | 7,727,139 | ||
Monolithic Power Systems | 2,853 | 429,548 | |||
NVIDIA | 12,505 | 2,094,713 | |||
NXP Semiconductors | 36,471 | 3,725,148 | |||
ON Semiconductor | 193,701 | b | 3,447,878 | ||
Qorvo | 69,173 | b | 4,941,027 | ||
Skyworks Solutions | 153,886 | 11,582,999 | |||
Teradyne | 200,251 | 10,607,295 | |||
Universal Display | 8,768 | a | 1,801,561 | ||
Xilinx | 30,960 | 3,221,698 | |||
86,240,158 | |||||
Software & Services - 17.2% | |||||
Akamai Technologies | 16,890 | b | 1,505,406 | ||
Alliance Data Systems | 19,834 | 2,438,590 | |||
Alteryx, Cl. A | 3,335 | b | 475,071 | ||
Amdocs | 34,550 | 2,236,767 | |||
Anaplan | 5,286 | b | 287,188 | ||
ANSYS | 77,491 | b | 16,006,541 | ||
Atlassian, Cl. A | 11,580 | b | 1,557,626 | ||
Autodesk | 28,790 | b | 4,111,788 | ||
Avalara | 1,614 | b | 136,125 | ||
Black Knight | 16,645 | b | 1,036,151 | ||
BlackLine | 95,824 | a,b | 4,880,316 | ||
Broadridge Financial Solutions | 128,885 | 16,682,874 | |||
Cadence Design Systems | 350 | b | 23,968 | ||
CDK Global | 62,804 | 2,710,621 | |||
Citrix Systems | 11,990 | 1,114,830 | |||
CoreLogic | 26,335 | b | 1,274,614 | ||
Coupa Software | 4,840 | b | 672,421 | ||
DocuSign | 214,164 | a,b | 9,999,317 | ||
Dropbox | 11,111 | b | 198,887 | ||
DXC Technology | 123,269 | 4,094,996 | |||
Elastic | 3,236 | b | 284,412 | ||
EPAM Systems | 33,021 | b | 6,317,908 | ||
Euronet Worldwide | 30,205 | b | 4,625,594 | ||
Fidelity National Information Services | 204,065 | 27,797,734 | |||
FireEye | 18,115 | a,b | 243,284 | ||
Fiserv | 317,547 | b | 33,958,476 | ||
FleetCor Technologies | 10,138 | b | 3,025,179 | ||
Fortinet | 10,360 | b | 820,305 | ||
Gartner | 79,644 | b | 10,646,013 | ||
Global Payments | 154,018 | 25,563,908 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3%(continued) | |||||
Software & Services - 17.2% (continued) | |||||
Guidewire Software | 7,560 | a,b | 727,121 | ||
HubSpot | 106,042 | a,b | 21,174,467 | ||
Intuit | 56,597 | 16,320,311 | |||
Jack Henry & Associates | 97,805 | 14,177,813 | |||
Leidos Holdings | 91,884 | 8,026,986 | |||
LogMeIn | 113,796 | 7,606,125 | |||
New Relic | 30,257 | b | 1,734,936 | ||
Nuance Communications | 645,061 | b | 10,843,475 | ||
Okta | 18,185 | b | 2,300,402 | ||
Palo Alto Networks | 12,380 | b | 2,520,816 | ||
Paychex | 29,815 | 2,435,885 | |||
Paycom Software | 5,762 | a,b | 1,441,191 | ||
Proofpoint | 66,164 | b | 7,516,892 | ||
RealPage | 286,229 | a,b | 18,224,200 | ||
RingCentral, Cl. A | 9,925 | b | 1,400,715 | ||
Roku | 8,305 | b | 1,257,045 | ||
Salesforce.com | 15,400 | b | 2,403,478 | ||
Science Applications International | 36,919 | a | 3,249,241 | ||
ServiceNow | 61,321 | b | 16,056,291 | ||
Shopify, Cl. A | 69,194 | b | 26,666,676 | ||
Slack Technologies, Cl. A | 254,125 | a,b | 7,278,140 | ||
Splunk | 135,631 | b | 15,166,258 | ||
Square, Cl. A | 216,407 | a,b | 13,382,609 | ||
SS&C Technologies Holdings | 324,191 | 15,110,543 | |||
Symantec | 52,900 | 1,229,925 | |||
Teradata | 187,381 | a,b | 5,784,451 | ||
The Trade Desk, Cl. A | 3,752 | b | 922,129 | ||
Total System Services | 87,732 | 11,775,389 | |||
Twilio, Cl. A | 151,186 | a,b | 19,725,237 | ||
Tyler Technologies | 53,016 | b | 13,600,725 | ||
Verisign | 22,480 | b | 4,582,548 | ||
WEX | 4,971 | b | 1,016,818 | ||
Workday, Cl. A | 13,645 | b | 2,418,986 | ||
Zendesk | 69,683 | a,b | 5,588,577 | ||
468,393,311 | |||||
Technology Hardware & Equipment - 4.6% | |||||
Amphenol, Cl. A | 240,217 | 21,028,596 | |||
Arista Networks | 4,299 | b | 974,239 | ||
Arrow Electronics | 27,955 | b | 1,934,486 | ||
CDW | 7,325 | 846,037 | |||
Cognex | 108,951 | 4,911,511 | |||
Coherent | 3,603 | a,b | 522,291 | ||
CommScope Holding | 13,305 | a,b | 142,896 | ||
Corning | 25,280 | 704,048 | |||
EchoStar, Cl. A | 19,280 | b | 814,580 | ||
F5 Networks | 9,231 | b | 1,188,307 | ||
Flex | 171,026 | b | 1,646,980 | ||
FLIR Systems | 331,706 | 16,343,155 | |||
Hewlett Packard Enterprise | 141,482 | 1,955,281 | |||
Juniper Networks | 54,150 | 1,254,114 | |||
Keysight Technologies | 128,331 | b | 12,430,141 | ||
Lumentum Holdings | 67,428 | a,b | 3,759,785 | ||
Motorola Solutions | 25,235 | 4,565,264 | |||
National Instruments | 164,848 | 6,923,616 | |||
NCR | 32,605 | a,b | 1,027,384 |
53
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3%(continued) | |||||
Technology Hardware & Equipment - 4.6% (continued) | |||||
NetApp | 27,565 | 1,324,774 | |||
Nutanix, Cl. A | 22,865 | b | 554,019 | ||
TE Connectivity | 84,814 | 7,736,733 | |||
Trimble | 335,976 | b | 12,605,820 | ||
Western Digital | 188,808 | 10,813,034 | |||
Xerox Holdings | 59,189 | 1,715,889 | |||
Zebra Technologies, Cl. A | 31,210 | b | 6,398,986 | ||
124,121,966 | |||||
Telecommunication Services - .1% | |||||
CenturyLink | 71,423 | a | 812,794 | ||
GCI Liberty, Cl. A | 9,315 | b | 579,766 | ||
Telephone & Data Systems | 31,675 | 798,210 | |||
Zayo Group Holdings | 17,115 | b | 576,091 | ||
2,766,861 | |||||
Transportation - 2.2% | |||||
American Airlines Group | 25,210 | 663,275 | |||
CH Robinson Worldwide | 50,092 | a | 4,232,273 | ||
Copa Holdings, Cl. A | 8,535 | 880,641 | |||
Expeditors International of Washington | 27,280 | 1,939,608 | |||
Genesee & Wyoming, Cl. A | 6,105 | b | 676,922 | ||
J.B. Hunt Transport Services | 136,628 | 14,761,289 | |||
Kansas City Southern | 61,940 | 7,792,052 | |||
Knight-Swift Transportation Holdings | 276,197 | a | 9,429,366 | ||
Landstar System | 16,252 | 1,812,423 | |||
Lyft, Cl. A | 78,647 | b | 3,851,344 | ||
Macquarie Infrastructure | 10,695 | 404,485 | |||
Schneider National, Cl. B | 5,445 | 105,851 | |||
Southwest Airlines | 214,371 | 11,215,891 | |||
United Airlines Holdings | 34,750 | b | 2,929,772 | ||
XPO Logistics | 7,737 | a,b | 548,244 | ||
61,243,436 | |||||
Utilities - 4.1% | |||||
AES | 75,700 | 1,160,481 | |||
Alliant Energy | 31,918 | 1,674,099 | |||
Ameren | 53,545 | 4,130,997 | |||
American Electric Power | 58,530 | 5,335,009 | |||
American Water Works | 27,465 | 3,496,844 | |||
Aqua America | 35,065 | a | 1,553,029 | ||
Atmos Energy | 5,115 | 563,826 | |||
CenterPoint Energy | 51,000 | 1,412,190 | |||
CMS Energy | 57,200 | 3,606,460 | |||
Consolidated Edison | 16,665 | 1,481,518 | |||
DTE Energy | 72,126 | 9,351,857 | |||
Edison International | 249,973 | 18,065,549 | |||
Entergy | 89,696 | 10,121,297 | |||
Evergy | 80,504 | 5,232,760 | |||
Eversource Energy | 52,680 | 4,221,248 | |||
FirstEnergy | 87,787 | 4,038,202 | |||
National Fuel Gas | 18,160 | a | 848,798 | ||
NiSource | 80,020 | 2,364,591 | |||
NRG Energy | 65,635 | 2,389,114 | |||
Pinnacle West Capital | 44,465 | 4,237,959 | |||
PPL | 196,568 | 5,808,584 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3%(continued) | |||||
Utilities - 4.1% (continued) | |||||
Public Service Enterprise Group | 30,530 | 1,846,149 | |||
Sempra Energy | 21,360 | 3,025,217 | |||
UGI | 18,795 | 914,753 | |||
Vistra Energy | 82,127 | 2,049,069 | |||
WEC Energy Group | 20,550 | 1,968,073 | |||
Xcel Energy | 152,361 | 9,784,623 | |||
110,682,296 | |||||
Total Common Stocks(cost $1,783,889,070) | 2,683,709,179 | ||||
Exchange-Traded Funds - .5% | |||||
Registered Investment Companies - .5% | |||||
iShares Russell Mid-Cap Growth ETF | 83,158 | a | 11,904,068 | ||
SPDR S&P MidCap 400 ETF Trust | 6,799 | 2,333,009 | |||
Total Exchange-Traded Funds(cost $14,108,132) | 14,237,077 | ||||
Description | 1-Day | ||||
Investment Companies - 1.3% | |||||
Registered Investment Companies - 1.3% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 34,658,530 | d | 34,658,530 | |
Investment of Cash Collateral for Securities Loaned - .5% | |||||
Registered Investment Companies - .5% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 11,956,593 | d | 11,956,593 | |
Total Investments(cost $1,844,612,325) | 100.6% | 2,744,561,379 | |||
Liabilities, Less Cash and Receivables | (.6%) | (15,242,784) | |||
Net Assets | 100.0% | 2,729,318,595 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Security, or portion thereof, on loan. At August 31, 2019, the value of the fund’s securities on loan was $279,037,794 and the value of the collateral was $301,280,668, consisting of cash collateral of $11,956,593 and U.S. Government & Agency securities valued at $289,324,075.
b Non-income producing security.
c Investment in real estate investment trust within the United States.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
54
Portfolio Summary (Unaudited)† | Value (%) |
Information Technology | 24.8 |
Industrials | 15.3 |
Health Care | 12.7 |
Financials | 11.2 |
Consumer Discretionary | 11.1 |
Real Estate | 6.0 |
Materials | 4.6 |
Utilities | 4.1 |
Energy | 3.1 |
Communication Services | 3.0 |
Consumer Staples | 2.3 |
Investment Companies | 2.3 |
Communications | .1 |
Technology | .0 |
Consumer, Non-cyclical | .0 |
Basic Materials | .0 |
100.6 |
† Based on net assets.
See notes to financial statements.
55
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Small Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.7% | |||||
Automobiles & Components - 1.0% | |||||
Delphi Technologies | 71,634 | 947,718 | |||
Dorman Products | 24,950 | a,b | 1,773,446 | ||
Gentherm | 26,477 | b | 971,706 | ||
Stoneridge | 24,886 | b | 764,249 | ||
4,457,119 | |||||
Banks - 8.1% | |||||
Ameris Bancorp | 33,239 | 1,169,680 | |||
Associated Banc-Corp | 15,940 | 306,686 | |||
Atlantic Union Bankshares | 86,305 | a | 3,116,474 | ||
Banner | 19,724 | 1,063,321 | |||
Boston Private Financial Holdings | 86,895 | 922,825 | |||
Bryn Mawr Bank | 13,929 | 474,979 | |||
Carolina Financial | 13,660 | 466,489 | |||
Central Pacific Financial | 27,577 | 767,192 | |||
CVB Financial | 29,515 | 607,124 | |||
Essent Group | 28,274 | 1,371,289 | |||
First BanCorp | 349,551 | 3,348,699 | |||
First Interstate BancSystem, Cl. A | 78,969 | 3,079,791 | |||
First Merchants | 32,110 | 1,146,969 | |||
Hancock Whitney | 29,318 | 1,029,355 | |||
Heritage Commerce | 10,505 | 121,753 | |||
IBERIABANK | 6,996 | 482,654 | |||
National Bank Holdings, Cl. A | 70,314 | a | 2,295,049 | ||
Old National Bancorp | 67,568 | a | 1,135,142 | ||
Seacoast Banking Corp. of Florida | 27,366 | a,b | 638,722 | ||
South State | 23,618 | 1,737,812 | |||
Synovus Financial | 18,639 | 662,430 | |||
Towne Bank | 16,473 | 432,746 | |||
TriState Capital Holdings | 43,631 | b | 861,712 | ||
Triumph Bancorp | 37,813 | b | 1,134,012 | ||
UMB Financial | 24,399 | a | 1,520,546 | ||
Umpqua Holdings | 67,534 | 1,060,959 | |||
United Community Banks | 36,052 | 952,133 | |||
Webster Financial | 48,259 | 2,160,073 | |||
Westamerica Bancorporation | 3,056 | a | 188,280 | ||
34,254,896 | |||||
Capital Goods - 8.8% | |||||
Advanced Drainage Systems | 13,577 | 426,182 | |||
Aerojet Rocketdyne Holdings | 34,761 | a,b | 1,815,567 | ||
AeroVironment | 11,651 | a,b | 600,376 | ||
Allied Motion Technologies | 29,025 | 934,895 | |||
Astec Industries | 17,603 | 485,843 | |||
Astronics | 26,872 | b | 739,249 | ||
Blue Bird | 12,587 | b | 229,587 | ||
Construction Partners, Cl. A | 119,818 | b | 1,975,799 | ||
Curtiss-Wright | 13,285 | 1,629,272 | |||
EMCOR Group | 14,683 | 1,283,882 | |||
Energy Recovery | 149,081 | a,b | 1,441,613 | ||
EnerSys | 27,704 | 1,551,424 | |||
Granite Construction | 26,980 | a | 767,311 | ||
Harsco | 49,074 | b | 878,425 | ||
Kaman | 9,963 | 581,740 | |||
Kennametal | 24,916 | 744,739 | |||
Kornit Digital | 65,195 | a,b | 1,839,151 | ||
Lindsay | 10,302 | a | 909,255 | ||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.7%(continued) | |||||
Capital Goods - 8.8% (continued) | |||||
Masonite International | 26,559 | b | 1,417,985 | ||
Mercury Systems | 45,871 | b | 3,927,934 | ||
Nesco Holdings | 131,099 | b | 823,302 | ||
Proto Labs | 6,821 | b | 646,222 | ||
Quanta Services | 28,724 | 973,744 | |||
Rexnord | 22,173 | b | 580,489 | ||
Simpson Manufacturing | 16,836 | 1,080,871 | |||
SiteOne Landscape Supply | 25,138 | a,b | 1,965,792 | ||
Tennant | 22,558 | 1,542,742 | |||
The Greenbrier Companies | 31,845 | 741,670 | |||
The Manitowoc Company | 30,273 | a,b | 378,413 | ||
TPI Composites | 136,100 | a,b | 2,400,804 | ||
TriMas | 26,644 | b | 782,801 | ||
Wesco Aircraft Holdings | 124,268 | b | 1,366,948 | ||
37,464,027 | |||||
Commercial & Professional Services - 2.1% | |||||
Clarivate Analytics | 121,949 | b | 2,148,741 | ||
Covanta Holding | 198,082 | 3,407,010 | |||
Deluxe | 16,246 | 748,616 | |||
Huron Consulting Group | 12,178 | b | 745,415 | ||
Knoll | 41,157 | 949,080 | |||
Korn Ferry | 17,914 | 700,079 | |||
8,698,941 | |||||
Consumer Durables & Apparel - 3.5% | |||||
Cavco Industries | 6,077 | b | 1,114,947 | ||
Century Communities | 51,486 | a,b | 1,450,875 | ||
G-III Apparel Group | 28,944 | a,b | 593,641 | ||
KB Home | 83,590 | 2,348,043 | |||
M.D.C. Holdings | 23,158 | 895,520 | |||
Oxford Industries | 12,302 | a | 858,434 | ||
Skyline Champion | 71,720 | b | 2,008,160 | ||
Taylor Morrison Home | 168,813 | b | 4,027,878 | ||
TopBuild | 15,812 | b | 1,464,507 | ||
William Lyon Homes, Cl. A | 16,903 | b | 298,676 | ||
15,060,681 | |||||
Consumer Services - 4.1% | |||||
Adtalem Global Education | 77,869 | b | 3,326,564 | ||
Dave & Buster's Entertainment | 84,780 | a | 3,649,779 | ||
OneSpaWorld Holdings | 160,908 | a,b | 2,526,256 | ||
Penn National Gaming | 97,121 | a,b | 1,861,810 | ||
Planet Fitness, Cl. A | 64,046 | b | 4,522,288 | ||
The Cheesecake Factory | 37,806 | a | 1,436,250 | ||
17,322,947 | |||||
Diversified Financials - 2.9% | |||||
Assetmark Financial Holdings | 33,162 | b | 935,168 | ||
Cohen & Steers | 11,021 | a | 594,363 | ||
Federated Investors, Cl. B | 38,528 | a | 1,234,437 | ||
Focus Financial Partners, Cl. A | 29,721 | b | 609,875 | ||
Green Dot, Cl. A | 47,329 | b | 1,447,321 | ||
OneMain Holdings | 79,214 | 2,839,822 | |||
PJT Partners, Cl. A | 69,742 | 2,901,965 | |||
TPG Pace Holdings | 98,446 | b | 1,053,372 | ||
WisdomTree Investments | 113,670 | 546,753 | |||
12,163,076 |
56
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.7%(continued) | |||||
Energy - 4.4% | |||||
Apergy | 30,516 | b | 792,806 | ||
Ardmore Shipping | 124,978 | a,b | 779,863 | ||
Cactus, Cl. A | 42,400 | b | 1,079,928 | ||
Delek US Holdings | 78,041 | a | 2,555,843 | ||
Dril-Quip | 16,077 | a,b | 737,130 | ||
Euronav | 90,011 | 730,889 | |||
Green Plains | 150,273 | a | 1,233,741 | ||
Laredo Petroleum | 311,333 | a,b | 772,106 | ||
Navigator Holdings | 39,710 | a,b | 372,877 | ||
Newpark Resources | 120,125 | a,b | 794,026 | ||
Patterson-UTI Energy | 102,967 | a | 890,665 | ||
PBF Energy, Cl. A | 104,493 | 2,476,484 | |||
PDC Energy | 54,144 | a,b | 1,724,486 | ||
Scorpio Tankers | 78,061 | 2,052,224 | |||
Select Energy Services, Cl. A | 190,085 | b | 1,551,094 | ||
18,544,162 | |||||
Food & Staples Retailing - .3% | |||||
Grocery Outlet Holding | 32,267 | b | 1,305,200 | ||
Food, Beverage & Tobacco - 3.0% | |||||
Calavo Growers | 30,100 | a | 2,668,365 | ||
Darling Ingredients | 158,029 | b | 2,939,339 | ||
Flowers Foods | 38,868 | a | 886,190 | ||
Fresh Del Monte Produce | 27,719 | 721,803 | |||
Freshpet | 85,357 | b | 4,189,322 | ||
The Boston Beer Company, Cl. A | 1,116 | a,b | 489,277 | ||
The Hain Celestial Group | 42,998 | a,b | 819,112 | ||
12,713,408 | |||||
Health Care Equipment & Services - 4.4% | |||||
Align Technology | 1,850 | b | 338,754 | ||
Amedisys | 5,969 | b | 768,270 | ||
AMN Healthcare Services | 18,903 | b | 1,103,935 | ||
AtriCure | 37,431 | b | 1,025,235 | ||
AxoGen | 117,817 | b | 1,867,399 | ||
Evolent Health, Cl. A | 98,833 | a,b | 678,983 | ||
iRhythm Technologies | 20,293 | a,b | 1,544,703 | ||
LHC Group | 9,220 | b | 1,092,570 | ||
Nevro | 24,181 | a,b | 2,024,675 | ||
NuVasive | 16,012 | b | 1,017,082 | ||
R1 RCM | 96,592 | b | 1,126,263 | ||
Tabula Rasa HealthCare | 23,400 | a,b | 1,329,120 | ||
Teladoc Health | 55,137 | a,b | 3,191,330 | ||
ViewRay | 80,174 | a,b | 315,886 | ||
WellCare Health Plans | 4,975 | b | 1,346,931 | ||
18,771,136 | |||||
Household & Personal Products - .3% | |||||
Inter Parfums | 20,611 | 1,325,081 | |||
Insurance - .9% | |||||
Kemper | 9,885 | 691,752 | |||
Palomar Holdings | 32,940 | b | 1,120,948 | ||
Safety Insurance Group | 7,187 | 693,114 | |||
Selective Insurance Group | 14,692 | 1,169,924 | |||
3,675,738 | |||||
Materials - 6.1% | |||||
Alamos Gold, Cl. A | 628,167 | a | 4,428,577 | ||
Cabot | 123,092 | 4,923,680 | |||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.7%(continued) | |||||
Materials - 6.1% (continued) | |||||
Carpenter Technology | 18,710 | 910,054 | |||
Coeur Mining | 236,346 | a,b | 1,292,813 | ||
Eagle Materials | 30,826 | 2,595,241 | |||
IAMGOLD | 583,070 | b | 2,169,020 | ||
Louisiana-Pacific | 140,565 | 3,379,183 | |||
Schnitzer Steel Industries, Cl. A | 37,019 | 819,601 | |||
Summit Materials, Cl. A | 118,961 | a,b | 2,495,802 | ||
US Concrete | 74,150 | b | 3,004,558 | ||
26,018,529 | |||||
Media & Entertainment - 2.3% | |||||
Criteo, ADR | 117,974 | b | 2,291,055 | ||
Gray Television | 56,812 | b | 869,224 | ||
John Wiley & Sons, Cl. A | 11,114 | 494,573 | |||
MSG Networks, Cl. A | 48,150 | a,b | 789,660 | ||
Nexstar Media Group, Cl. A | 18,530 | 1,832,432 | |||
Scholastic | 22,903 | 803,208 | |||
Sinclair Broadcast Group, Cl. A | 37,020 | 1,649,981 | |||
TEGNA | 63,862 | a | 913,865 | ||
9,643,998 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 9.0% | |||||
Acceleron Pharma | 23,228 | a,b | 1,043,169 | ||
Aerie Pharmaceuticals | 93,549 | a,b | 2,026,271 | ||
Aimmune Therapeutics | 54,693 | a,b | 1,115,190 | ||
Amicus Therapeutics | 74,447 | b | 736,281 | ||
Biohaven Pharmaceutical Holding | 22,319 | b | 874,682 | ||
Cambrex | 53,581 | b | 3,211,109 | ||
CareDx | 23,554 | b | 537,502 | ||
CRISPR Therapeutics | 5,909 | a,b | 273,055 | ||
Denali Therapeutics | 36,485 | a,b | 656,730 | ||
Editas Medicine | 11,772 | a,b | 292,299 | ||
FibroGen | 27,252 | b | 1,217,074 | ||
Flexion Therapeutics | 179,296 | a,b | 2,361,328 | ||
Global Blood Therapeutics | 16,635 | a,b | 764,877 | ||
GW Pharmaceuticals, ADR | 4,424 | b | 630,022 | ||
Intellia Therapeutics | 16,544 | a,b | 234,759 | ||
Myovant Sciences | 45,765 | b | 367,493 | ||
Natera | 52,231 | b | 1,721,011 | ||
NeoGenomics | 63,075 | a,b | 1,575,613 | ||
Pacific Biosciences of California | 147,321 | b | 817,632 | ||
Prevail Therapeutics | 62,435 | b | 706,764 | ||
Prothena | 48,166 | b | 405,076 | ||
PTC Therapeutics | 22,982 | b | 1,024,308 | ||
Quanterix | 47,836 | b | 1,259,522 | ||
REGENXBIO | 9,378 | a,b | 323,447 | ||
Revance Therapeutics | 184,165 | b | 1,952,149 | ||
Sage Therapeutics | 19,508 | a,b | 3,348,938 | ||
Sarepta Therapeutics | 4,528 | a,b | 408,199 | ||
Supernus Pharmaceuticals | 15,160 | a,b | 409,775 | ||
TherapeuticsMD | 1,076,551 | a,b | 3,111,232 | ||
uniQure | 6,051 | a,b | 328,267 | ||
Veracyte | 25,559 | b | 677,314 | ||
Xenon Pharmaceuticals | 75,812 | a,b | 706,568 | ||
Xeris Pharmaceuticals | 68,251 | a,b | 791,029 |
57
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.7%(continued) | |||||
Pharmaceuticals Biotechnology & Life Sciences - 9.0% (continued) | |||||
Zogenix | 50,470 | a,b | 2,154,564 | ||
38,063,249 | |||||
Real Estate - 4.9% | |||||
Agree Realty | 20,097 | a,c | 1,501,045 | ||
Colliers International Group | 23,408 | 1,580,040 | |||
CoreSite Realty | 18,103 | c | 2,103,207 | ||
Cousins Properties | 19,596 | c | 679,981 | ||
Douglas Emmett | 60,739 | c | 2,563,186 | ||
Empire State Realty Trust, Cl. A | 70,234 | c | 987,490 | ||
Kilroy Realty | 30,191 | c | 2,350,671 | ||
Newmark Group, Cl. A | 132,347 | 1,148,772 | |||
Physicians Realty Trust | 149,573 | c | 2,590,604 | ||
Potlatchdeltic | 24,669 | c | 949,263 | ||
Retail Properties of America, Cl. A | 101,720 | c | 1,155,539 | ||
Seritage Growth Properties, Cl. A | 15,666 | a,b,c | 612,384 | ||
Sunstone Hotel Investors | 106,892 | c | 1,404,561 | ||
Urban Edge Properties | 64,128 | c | 1,122,881 | ||
20,749,624 | |||||
Retailing - 3.2% | |||||
Abercrombie & Fitch, Cl. A | 27,152 | a | 396,962 | ||
Carvana | 31,039 | a,b | 2,519,125 | ||
Dick's Sporting Goods | 27,798 | a | 946,244 | ||
Dillard's, Cl. A | 15,394 | a | 900,857 | ||
Etsy | 26,835 | b | 1,416,620 | ||
Guess? | 30,266 | a | 546,907 | ||
National Vision Holdings | 87,100 | b | 2,470,156 | ||
Ollie's Bargain Outlet Holdings | 21,427 | b | 1,188,127 | ||
The Children's Place | 13,418 | a | 1,170,721 | ||
Urban Outfitters | 37,459 | b | 876,915 | ||
Williams-Sonoma | 19,488 | a | 1,282,310 | ||
13,714,944 | |||||
Semiconductors & Semiconductor Equipment - 2.0% | |||||
Brooks Automation | 27,487 | 916,142 | |||
Diodes | 26,804 | b | 979,686 | ||
First Solar | 17,690 | b | 1,098,018 | ||
MKS Instruments | 16,498 | 1,291,628 | |||
Power Integrations | 17,156 | 1,527,227 | |||
Semtech | 66,128 | b | 2,775,392 | ||
8,588,093 | |||||
Software & Services - 13.8% | |||||
CACI International, Cl. A | 14,210 | b | 3,158,741 | ||
Cardtronics, Cl. A | 118,368 | a,b | 3,506,060 | ||
Cloudera | 207,694 | a,b | 1,482,935 | ||
Commvault Systems | 32,587 | b | 1,413,298 | ||
CSG Systems International | 22,073 | 1,189,293 | |||
Everbridge | 51,204 | b | 4,413,785 | ||
EVERTEC | 63,753 | 2,222,430 | |||
HubSpot | 28,658 | b | 5,722,429 | ||
I3 Verticals, Cl. A | 49,337 | b | 1,116,003 | ||
LogMeIn | 40,500 | 2,707,020 | |||
Medallia | 18,087 | a,b | 644,259 | ||
Mimecast | 40,577 | b | 1,660,817 | ||
New Relic | 11,864 | b | 680,282 | ||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.7%(continued) | |||||
Software & Services - 13.8% (continued) | |||||
NIC | 39,581 | 824,076 | |||
PaySign | 23,387 | a,b | 310,813 | ||
Perspecta | 36,143 | 937,911 | |||
Proofpoint | 23,749 | b | 2,698,124 | ||
Rapid7 | 76,279 | b | 4,095,420 | ||
Shopify, Cl. A | 17,887 | b | 6,893,471 | ||
Talend, ADR | 93,271 | a,b | 3,795,197 | ||
Twilio, Cl. A | 38,996 | a,b | 5,087,808 | ||
Verint Systems | 27,520 | a,b | 1,466,541 | ||
Zendesk | 29,852 | b | 2,394,130 | ||
58,420,843 | |||||
Technology Hardware & Equipment - 4.7% | |||||
Ciena | 129,637 | b | 5,306,042 | ||
Coherent | 11,284 | a,b | 1,635,729 | ||
Cray | 49,961 | b | 1,745,138 | ||
Fabrinet | 18,958 | b | 957,189 | ||
Itron | 35,242 | b | 2,447,557 | ||
KEMET | 66,475 | a | 1,113,456 | ||
Littelfuse | 5,804 | 905,830 | |||
Lumentum Holdings | 48,473 | a,b | 2,702,854 | ||
NETGEAR | 62,869 | a,b | 2,182,812 | ||
nLight | 64,880 | b | 838,250 | ||
19,834,857 | |||||
Telecommunication Services - 1.5% | |||||
Bandwidth, Cl. A | 75,040 | a,b | 6,542,738 | ||
Transportation - 4.0% | |||||
Knight-Swift Transportation Holdings | 99,600 | a | 3,400,344 | ||
Landstar System | 3,355 | 374,150 | |||
Marten Transport | 92,895 | 1,827,245 | |||
Mesa Air Group | 81,950 | b | 529,397 | ||
Scorpio Bulkers | 227,122 | a | 1,437,682 | ||
SkyWest | 81,883 | 4,688,621 | |||
Werner Enterprises | 138,672 | a | 4,531,801 | ||
16,789,240 | |||||
Utilities - 2.4% | |||||
AquaVenture Holdings | 113,130 | b | 2,000,138 | ||
Avista | 42,761 | 2,005,491 | |||
Chesapeake Utilities | 12,377 | 1,170,617 | |||
Clearway Energy, Cl. C | 93,390 | a | 1,653,003 | ||
Portland General Electric | 30,029 | 1,708,350 | |||
Southwest Gas Holdings | 18,202 | 1,660,568 | |||
10,198,167 | |||||
Total Common Stocks(cost $351,607,549) | 414,320,694 | ||||
Exchange-Traded Funds - .7% | |||||
Registered Investment Companies - .7% | |||||
iShares Russell 2000 ETF | 9,567 | a | 1,423,952 | ||
iShares Russell 2000 Value ETF | 13,460 | 1,537,132 | |||
Total Exchange-Traded Funds(cost $3,080,134) | 2,961,084 |
58
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Maturity Date | Number of Warrants | Value ($) | ||
Warrants - .0% | |||||
Capital Goods - .0% | |||||
Nesco Holdings | 1/01/25 | 44,683 | 37,757 | ||
1-Day | Shares | ||||
Investment Companies - 1.4% | |||||
Registered Investment Companies - 1.4% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 6,148,717 | d | 6,148,717 | |
Investment of Cash Collateral for Securities Loaned - 5.6% | |||||
Registered Investment Companies - 5.6% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 23,757,618 | d | 23,757,618 | |
Total Investments(cost $384,646,578) | 105.4% | 447,225,870 | |||
Liabilities, Less Cash and Receivables | (5.4%) | (23,052,564) | |||
Net Assets | 100.0% | 424,173,306 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Security, or portion thereof, on loan. At August 31, 2019, the value of the fund’s securities on loan was $117,736,150 and the value of the collateral was $120,101,723, consisting of cash collateral of $23,757,618 and U.S. Government & Agency securities valued at $96,344,105.
b Non-income producing security.
c Investment in real estate investment trust within the United States.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Information Technology | 20.5 |
Industrials | 14.9 |
Health Care | 13.4 |
Consumer Discretionary | 11.9 |
Financials | 11.8 |
Investment Companies | 7.7 |
Materials | 6.1 |
Real Estate | 4.9 |
Energy | 4.4 |
Communication Services | 3.8 |
Consumer Staples | 3.6 |
Utilities | 2.4 |
105.4 |
† Based on net assets.
See notes to financial statements.
59
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Focused Equity Opportunities Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.6% | |||||
Banks - 4.9% | |||||
Bank of America | 413,020 | 11,362,180 | |||
SunTrust Banks | 163,270 | 10,042,738 | |||
21,404,918 | |||||
Capital Goods - 9.7% | |||||
Deere & Co. | 82,722 | 12,814,465 | |||
Honeywell International | 86,994 | 14,320,952 | |||
The Boeing Company | 41,738 | 15,196,388 | |||
42,331,805 | |||||
Consumer Services - 6.7% | |||||
MGM Resorts International | 415,540 | 11,660,052 | |||
Yum! Brands | 150,333 | 17,555,888 | |||
29,215,940 | |||||
Diversified Financials - 7.6% | |||||
CME Group | 75,944 | 16,501,872 | |||
MSCI | 70,499 | 16,541,180 | |||
33,043,052 | |||||
Energy - 4.6% | |||||
Chevron | 88,491 | 10,417,161 | |||
Valero Energy | 130,099 | 9,793,853 | |||
20,211,014 | |||||
Food, Beverage & Tobacco - 7.3% | |||||
Mondelez International, Cl. A | 364,106 | 20,105,933 | |||
The Coca-Cola Company | 216,376 | 11,909,335 | |||
32,015,268 | |||||
Health Care Equipment & Services - 7.5% | |||||
Boston Scientific | 342,603 | a | 14,639,426 | ||
CVS Health | 300,328 | 18,295,982 | |||
32,935,408 | |||||
Materials - 2.8% | |||||
Air Products & Chemicals | 55,081 | 12,443,900 | |||
Media & Entertainment - 11.7% | |||||
Alphabet, Cl. A | 11,910 | a | 14,179,212 | ||
Comcast, Cl. A | 451,410 | 19,979,407 | |||
Facebook, Cl. A | 91,268 | a | 16,945,730 | ||
51,104,349 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 5.9% | |||||
Merck & Co. | 167,260 | 14,462,972 | |||
Thermo Fisher Scientific | 40,165 | 11,529,765 | |||
25,992,737 | |||||
Real Estate - 3.9% | |||||
American Tower | 74,603 | b | 17,172,864 | ||
Retailing - 3.9% | |||||
Amazon.com | 9,730 | a | 17,283,302 | ||
Semiconductors & Semiconductor Equipment - 8.7% | |||||
Advanced Micro Devices | 421,140 | a,c | 13,244,853 | ||
Lam Research | 47,239 | 9,944,282 | |||
Marvell Technology Group | 622,684 | 14,925,735 | |||
38,114,870 | |||||
Software & Services - 14.4% | |||||
Adobe | 47,419 | a | 13,491,180 | ||
Microsoft | 100,332 | 13,831,769 | |||
Salesforce.com | 92,814 | a | 14,485,481 | ||
BNY Mellon Focused Equity Opportunities Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.6%(continued) | |||||
Software & Services - 14.4% (continued) | |||||
Visa, Cl. A | 117,409 | c | 21,229,895 | ||
63,038,325 | |||||
Total Common Stocks(cost $329,693,428) | 436,307,752 | ||||
1-Day | |||||
Investment Companies - .3% | |||||
Registered Investment Companies - .3% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 1,189,303 | d | 1,189,303 | |
Total Investments(cost $330,882,731) | 99.9% | 437,497,055 | |||
Cash and Receivables (Net) | .1% | 252,559 | |||
Net Assets | 100.0% | 437,749,614 |
a Non-income producing security.
b Investment in real estate investment trust within the United States.
c Security, or portion thereof, on loan. At August 31, 2019, the value of the fund’s securities on loan was $34,129,817 and the value of the collateral was $34,873,595, consisting of U.S. Government & Agency securities.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Information Technology | 23.1 |
Health Care | 13.5 |
Financials | 12.4 |
Communication Services | 11.7 |
Consumer Discretionary | 10.6 |
Industrials | 9.7 |
Consumer Staples | 7.3 |
Energy | 4.6 |
Real Estate | 3.9 |
Materials | 2.8 |
Investment Companies | .3 |
99.9 |
† Based on net assets.
See notes to financial statements.
60
BNY Mellon Small/Mid Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.9% | |||||
Automobiles & Components - .3% | |||||
Delphi Technologies | 24,935 | 329,890 | |||
Dorman Products | 4,813 | a,b | 342,108 | ||
671,998 | |||||
Banks - 4.8% | |||||
Cullen/Frost Bankers | 27,353 | a | 2,270,573 | ||
First BanCorp | 111,512 | 1,068,285 | |||
First Interstate BancSystem, Cl. A | 12,517 | 488,163 | |||
First Republic Bank | 3,467 | 311,059 | |||
National Bank Holdings, Cl. A | 15,736 | a | 513,623 | ||
Signature Bank | 1,872 | 218,369 | |||
South State | 33,207 | 2,443,371 | |||
SVB Financial Group | 2,760 | b | 537,151 | ||
TriState Capital Holdings | 13,446 | b | 265,559 | ||
Triumph Bancorp | 7,175 | b | 215,178 | ||
Webster Financial | 55,417 | 2,480,465 | |||
10,811,796 | |||||
Capital Goods - 5.0% | |||||
AGCO | 17,354 | 1,199,508 | |||
Allegion | 2,400 | 231,048 | |||
Allied Motion Technologies | 8,868 | 285,638 | |||
AMETEK | 2,480 | 213,106 | |||
Construction Partners, Cl. A | 27,673 | b | 456,328 | ||
Curtiss-Wright | 15,639 | 1,917,967 | |||
Energy Recovery | 40,546 | a,b | 392,080 | ||
Fluor | 8,850 | 156,380 | |||
Graco | 2,998 | 136,619 | |||
Kornit Digital | 19,968 | a,b | 563,297 | ||
Mercury Systems | 23,001 | b | 1,969,576 | ||
Proto Labs | 2,102 | b | 199,143 | ||
Quanta Services | 20,671 | 700,747 | |||
Roper Technologies | 2,105 | 772,030 | |||
SiteOne Landscape Supply | 7,746 | a,b | 605,737 | ||
The Greenbrier Companies | 19,555 | 455,436 | |||
TPI Composites | 7,520 | a,b | 132,653 | ||
Wesco Aircraft Holdings | 42,746 | b | 470,206 | ||
Xylem | 4,816 | 368,954 | |||
11,226,453 | |||||
Commercial & Professional Services - 2.8% | |||||
Clarivate Analytics | 65,319 | b | 1,150,921 | ||
CoStar Group | 1,425 | b | 876,190 | ||
Covanta Holding | 75,878 | 1,305,102 | |||
Equifax | 13,130 | 1,921,969 | |||
Nielsen Holdings | 18,980 | 394,025 | |||
Waste Connections | 7,409 | 680,887 | |||
6,329,094 | |||||
Consumer Durables & Apparel - 3.2% | |||||
KB Home | 49,847 | 1,400,202 | |||
Lululemon Athletica | 5,487 | b | 1,013,284 | ||
Ralph Lauren | 14,446 | 1,276,160 | |||
Skechers USA, Cl. A | 58,062 | b | 1,838,243 | ||
Taylor Morrison Home | 42,989 | b | 1,025,718 | ||
TopBuild | 7,995 | b | 740,497 | ||
7,294,104 | |||||
Consumer Services - 6.5% | |||||
Adtalem Global Education | 16,533 | b | 706,290 | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.9%(continued) | |||||
Consumer Services - 6.5% (continued) | |||||
Chipotle Mexican Grill | 645 | b | 540,781 | ||
Dave & Buster's Entertainment | 24,781 | a | 1,066,822 | ||
Grand Canyon Education | 16,843 | b | 2,115,481 | ||
Norwegian Cruise Line Holdings | 50,250 | b | 2,550,187 | ||
Penn National Gaming | 53,870 | a,b | 1,032,688 | ||
Planet Fitness, Cl. A | 19,567 | b | 1,381,626 | ||
Service Corp International | 64,640 | a | 2,992,832 | ||
Six Flags Entertainment | 4,151 | 245,615 | |||
The Cheesecake Factory | 30,498 | a | 1,158,619 | ||
Wynn Resorts | 6,670 | a | 734,701 | ||
14,525,642 | |||||
Diversified Financials - 3.5% | |||||
Ally Financial | 17,797 | 557,936 | |||
Assetmark Financial Holdings | 10,134 | b | 285,779 | ||
E*TRADE Financial | 41,746 | 1,742,478 | |||
Focus Financial Partners, Cl. A | 9,159 | b | 187,943 | ||
Green Dot, Cl. A | 51,188 | b | 1,565,329 | ||
LPL Financial Holdings | 3,426 | 256,779 | |||
OneMain Holdings | 27,071 | 970,495 | |||
PJT Partners, Cl. A | 24,388 | a | 1,014,785 | ||
Voya Financial | 26,526 | 1,308,262 | |||
7,889,786 | |||||
Energy - 3.5% | |||||
Apergy | 46,641 | b | 1,211,733 | ||
Cactus, Cl. A | 13,066 | b | 332,791 | ||
Cheniere Energy | 11,533 | b | 688,635 | ||
Delek US Holdings | 18,000 | a | 589,500 | ||
Euronav | 85,900 | 697,508 | |||
Parsley Energy, Cl. A | 76,760 | 1,374,772 | |||
PBF Energy, Cl. A | 38,943 | 922,949 | |||
PDC Energy | 48,077 | a,b | 1,531,252 | ||
Scorpio Tankers | 17,320 | a | 455,343 | ||
7,804,483 | |||||
Food & Staples Retailing - 1.4% | |||||
Casey's General Stores | 16,981 | a | 2,850,261 | ||
Grocery Outlet Holding | 9,943 | a,b | 402,194 | ||
3,252,455 | |||||
Food, Beverage & Tobacco - 2.0% | |||||
Calavo Growers | 9,275 | a | 822,229 | ||
Darling Ingredients | 60,200 | b | 1,119,720 | ||
Freshpet | 26,307 | b | 1,291,148 | ||
Ingredion | 15,974 | 1,234,311 | |||
4,467,408 | |||||
Health Care Equipment & Services - 5.9% | |||||
ABIOMED | 3,202 | b | 618,210 | ||
Align Technology | 4,091 | b | 749,103 | ||
Amedisys | 14,504 | b | 1,866,810 | ||
AtriCure | 11,535 | b | 315,943 | ||
Boston Scientific | 13,802 | b | 589,759 | ||
Centene | 5,871 | b | 273,706 | ||
DexCom | 6,190 | b | 1,062,266 | ||
Encompass Health | 33,489 | 2,035,796 | |||
Evolent Health, Cl. A | 30,458 | a,b | 209,246 | ||
Insulet | 2,531 | a,b | 390,204 | ||
iRhythm Technologies | 6,185 | a,b | 470,802 |
61
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.9%(continued) | |||||
Health Care Equipment & Services - 5.9% (continued) | |||||
Laboratory Corporation of America Holdings | 2,033 | b | 340,649 | ||
Nevro | 7,430 | a,b | 622,114 | ||
Omnicell | 21,327 | b | 1,531,279 | ||
Tabula Rasa HealthCare | 7,210 | a,b | 409,528 | ||
Teladoc Health | 16,992 | a,b | 983,497 | ||
ViewRay | 24,588 | a,b | 96,877 | ||
WellCare Health Plans | 2,827 | b | 765,382 | ||
13,331,171 | |||||
Household & Personal Products - .2% | |||||
Inter Parfums | 6,351 | 408,306 | |||
Insurance - .2% | |||||
Palomar Holdings | 10,151 | b | 345,439 | ||
Materials - 6.8% | |||||
AptarGroup | 20,597 | 2,517,365 | |||
Cabot | 22,655 | 906,200 | |||
Eagle Materials | 16,634 | 1,400,416 | |||
FMC | 20,056 | 1,731,434 | |||
Huntsman | 75,367 | 1,501,311 | |||
Kinross Gold | 284,718 | a,b | 1,415,048 | ||
Louisiana-Pacific | 68,917 | 1,656,765 | |||
Newmont Goldcorp | 16,251 | 648,252 | |||
Pan American Silver | 48,432 | a | 893,570 | ||
Summit Materials, Cl. A | 36,661 | a,b | 769,148 | ||
US Concrete | 30,046 | b | 1,217,464 | ||
Vulcan Materials | 5,187 | 732,664 | |||
15,389,637 | |||||
Media & Entertainment - 1.6% | |||||
Criteo, ADR | 44,167 | b | 857,723 | ||
Liberty Media Corp-Liberty Formula One, Cl. C | 9,989 | b | 416,941 | ||
Nexstar Media Group, Cl. A | 4,018 | 397,340 | |||
Sinclair Broadcast Group, Cl. A | 13,697 | 610,475 | |||
Spotify Technology | 2,454 | a,b | 331,167 | ||
12,083 | b | 515,340 | |||
Zillow Group, Cl. C | 11,029 | a,b | 379,728 | ||
3,508,714 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 8.9% | |||||
Acceleron Pharma | 7,096 | b | 318,681 | ||
Aerie Pharmaceuticals | 33,614 | a,b | 728,079 | ||
Aimmune Therapeutics | 16,636 | a,b | 339,208 | ||
Amicus Therapeutics | 22,801 | b | 225,502 | ||
Biohaven Pharmaceutical Holding | 6,818 | b | 267,197 | ||
Cambrex | 68,787 | b | 4,122,405 | ||
CareDx | 7,198 | b | 164,258 | ||
CRISPR Therapeutics | 1,810 | a,b | 83,640 | ||
Denali Therapeutics | 11,147 | a,b | 200,646 | ||
Editas Medicine | 3,605 | a,b | 89,512 | ||
FibroGen | 8,397 | b | 375,010 | ||
Galapagos, ADR | 760 | a,b | 127,809 | ||
Global Blood Therapeutics | 5,082 | a,b | 233,670 | ||
GW Pharmaceuticals, ADR | 2,634 | a,b | 375,108 | ||
Intellia Therapeutics | 5,066 | a,b | 71,887 | ||
Jazz Pharmaceuticals | 14,958 | b | 1,916,868 | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.9%(continued) | |||||
Pharmaceuticals Biotechnology & Life Sciences - 8.9% (continued) | |||||
Mylan | 45,588 | b | 887,598 | ||
Myovant Sciences | 14,004 | a,b | 112,452 | ||
Natera | 16,095 | b | 530,330 | ||
NeoGenomics | 19,437 | a,b | 485,536 | ||
Neurocrine Biosciences | 2,697 | b | 268,136 | ||
Pacific Biosciences of California | 45,295 | b | 251,387 | ||
PRA Health Sciences | 11,358 | b | 1,122,625 | ||
Prevail Therapeutics | 19,076 | b | 215,940 | ||
Prothena | 14,843 | b | 124,830 | ||
PTC Therapeutics | 7,081 | b | 315,600 | ||
Quanterix | 14,707 | b | 387,235 | ||
REGENXBIO | 3,928 | a,b | 135,477 | ||
Revance Therapeutics | 8,572 | a,b | 90,863 | ||
Sage Therapeutics | 12,019 | a,b | 2,063,302 | ||
Sarepta Therapeutics | 4,968 | a,b | 447,865 | ||
TherapeuticsMD | 503,257 | a,b | 1,454,413 | ||
uniQure | 1,865 | a,b | 101,176 | ||
Veracyte | 7,805 | b | 206,833 | ||
Xenon Pharmaceuticals | 22,979 | b | 214,164 | ||
Xeris Pharmaceuticals | 21,032 | a,b | 243,761 | ||
Zogenix | 19,111 | a,b | 815,849 | ||
20,114,852 | |||||
Real Estate - 5.8% | |||||
Americold Realty Trust | 89,656 | c | 3,265,272 | ||
Colliers International Group | 12,641 | 853,268 | |||
CoreSite Realty | 9,585 | c | 1,113,585 | ||
Douglas Emmett | 29,178 | c | 1,231,312 | ||
Empire State Realty Trust, Cl. A | 122,480 | c | 1,722,069 | ||
Equinix | 668 | c | 371,595 | ||
Kilroy Realty | 16,316 | c | 1,270,364 | ||
Physicians Realty Trust | 93,183 | c | 1,613,930 | ||
Urban Edge Properties | 93,268 | c | 1,633,123 | ||
13,074,518 | |||||
Retailing - 2.3% | |||||
Carvana | 9,646 | a,b | 782,869 | ||
Etsy | 8,250 | b | 435,518 | ||
National Vision Holdings | 26,791 | b | 759,793 | ||
Ollie's Bargain Outlet Holdings | 9,422 | b | 522,450 | ||
Ross Stores | 6,408 | 679,312 | |||
The Children's Place | 12,057 | a | 1,051,973 | ||
The Gap | 65,433 | a | 1,033,187 | ||
5,265,102 | |||||
Semiconductors & Semiconductor Equipment - 2.4% | |||||
First Solar | 22,190 | b | 1,377,333 | ||
NVIDIA | 814 | 136,353 | |||
ON Semiconductor | 29,469 | b | 524,548 | ||
Power Integrations | 5,287 | 470,649 | |||
Semtech | 12,144 | b | 509,684 | ||
Skyworks Solutions | 9,069 | 682,624 | |||
Teradyne | 30,434 | 1,612,089 | |||
5,313,280 | |||||
Software & Services - 20.4% | |||||
Amdocs | 42,989 | 2,783,108 |
62
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.9%(continued) | |||||
Software & Services - 20.4% (continued) | |||||
CACI International, Cl. A | 17,304 | b | 3,846,506 | ||
Cardtronics, Cl. A | 36,271 | a,b | 1,074,347 | ||
Cloudera | 109,557 | a,b | 782,237 | ||
Commvault Systems | 12,531 | b | 543,469 | ||
CoreLogic | 28,074 | b | 1,358,782 | ||
DocuSign | 20,194 | a,b | 942,858 | ||
Euronet Worldwide | 4,531 | b | 693,877 | ||
Everbridge | 17,920 | b | 1,544,704 | ||
Fidelity National Information Services | 7,166 | 976,153 | |||
HubSpot | 14,356 | a,b | 2,866,606 | ||
I3 Verticals, Cl. A | 15,154 | b | 342,783 | ||
Jack Henry & Associates | 20,849 | 3,022,271 | |||
Leidos Holdings | 7,639 | 667,343 | |||
Liveramp Holdings | 29,686 | b | 1,257,499 | ||
LogMeIn | 13,673 | 913,903 | |||
MAXIMUS | 23,213 | 1,786,008 | |||
Medallia | 5,527 | a,b | 196,872 | ||
Mimecast | 12,505 | b | 511,830 | ||
New Relic | 5,627 | b | 322,652 | ||
Nuance Communications | 114,715 | b | 1,928,359 | ||
PaySign | 7,266 | a,b | 96,565 | ||
Perspecta | 18,265 | 473,977 | |||
Proofpoint | 11,245 | b | 1,277,544 | ||
Rapid7 | 23,506 | b | 1,262,037 | ||
RealPage | 13,279 | b | 845,474 | ||
ServiceNow | 2,812 | b | 736,294 | ||
Shopify, Cl. A | 9,195 | b | 3,543,661 | ||
Slack Technologies, Cl. A | 16,713 | a,b | 478,660 | ||
Splunk | 7,368 | b | 823,890 | ||
Square, Cl. A | 14,103 | a,b | 872,130 | ||
SS&C Technologies Holdings | 9,584 | 446,710 | |||
Talend, ADR | 47,563 | b | 1,935,338 | ||
Total System Services | 5,570 | 747,605 | |||
Twilio, Cl. A | 21,798 | a,b | 2,843,985 | ||
Zendesk | 13,740 | b | 1,101,948 | ||
45,847,985 | |||||
Technology Hardware & Equipment - 5.7% | |||||
Amphenol, Cl. A | 4,554 | 398,657 | |||
Ciena | 25,192 | b | 1,031,109 | ||
Dolby Laboratories, Cl. A | 40,311 | 2,481,545 | |||
FLIR Systems | 71,220 | 3,509,009 | |||
Itron | 16,329 | b | 1,134,049 | ||
Keysight Technologies | 13,693 | b | 1,326,304 | ||
Littelfuse | 1,789 | 279,209 | |||
Lumentum Holdings | 12,234 | a,b | 682,168 | ||
NETGEAR | 8,844 | a,b | 307,064 | ||
nLight | 19,995 | a,b | 258,335 | ||
Trimble | 5,774 | b | 216,640 | ||
Western Digital | 19,289 | 1,104,681 | |||
Zebra Technologies, Cl. A | 834 | b | 170,995 | ||
12,899,765 | |||||
Telecommunication Services - .9% | |||||
Bandwidth, Cl. A | 23,124 | a,b | 2,016,181 | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.9%(continued) | |||||
Transportation - 3.0% | |||||
J.B. Hunt Transport Services | 4,045 | 437,022 | |||
Knight-Swift Transportation Holdings | 80,276 | a | 2,740,623 | ||
Lyft, Cl. A | 5,207 | a,b | 254,987 | ||
Marten Transport | 16,719 | 328,863 | |||
SkyWest | 32,000 | 1,832,320 | |||
Werner Enterprises | 35,385 | 1,156,382 | |||
6,750,197 | |||||
Utilities - .8% | |||||
Clearway Energy, Cl. C | 35,115 | a | 621,536 | ||
PPL | 42,217 | 1,247,512 | |||
1,869,048 | |||||
Total Common Stocks(cost $178,494,695) | 220,407,414 | ||||
Exchange-Traded Funds - .9% | |||||
Registered Investment Companies - .9% | |||||
iShares Russell 2000 ETF | 7,829 | a | 1,165,268 | ||
iShares Russell 2000 Growth ETF | 3,364 | 654,971 | |||
iShares Russell Mid-Cap Growth ETF | 1,104 | 158,038 | |||
Total Exchange-Traded Funds(cost $1,997,889) | 1,978,277 | ||||
1-Day | |||||
Investment Companies - 1.2% | |||||
Registered Investment Companies - 1.2% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 2,653,773 | d | 2,653,773 | |
Investment of Cash Collateral for Securities Loaned - 3.3% | |||||
Registered Investment Companies - 3.3% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 7,457,589 | d | 7,457,589 | |
Total Investments(cost $190,603,946) | 103.3% | 232,497,053 | |||
Liabilities, Less Cash and Receivables | (3.3%) | (7,432,758) | |||
Net Assets | 100.0% | 225,064,295 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Security, or portion thereof, on loan. At August 31, 2019, the value of the fund’s securities on loan was $49,545,619 and the value of the collateral was $50,625,416, consisting of cash collateral of $7,457,589 and U.S. Government & Agency securities valued at $43,167,827.
b Non-income producing security.
c Investment in real estate investment trust within the United States.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
63
STATEMENT OF INVESTMENTS (continued)
Portfolio Summary (Unaudited)† | Value (%) |
Information Technology | 28.5 |
Health Care | 14.9 |
Consumer Discretionary | 12.3 |
Industrials | 10.8 |
Financials | 8.5 |
Materials | 6.8 |
Real Estate | 5.8 |
Investment Companies | 5.4 |
Consumer Staples | 3.6 |
Energy | 3.5 |
Communication Services | 2.4 |
Utilities | .8 |
103.3 |
† Based on net assets.
See notes to financial statements.
64
BNY Mellon International Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.9% | |||||
Australia - 4.7% | |||||
Aristocrat Leisure | 427,027 | 8,555,545 | |||
Brambles | 528,181 | 4,019,449 | |||
Macquarie Group | 222,985 | 18,596,960 | |||
Northern Star Resources | 611,921 | 4,903,969 | |||
Woodside Petroleum | 326,837 | 7,072,082 | |||
43,148,005 | |||||
Austria - 1.4% | |||||
OMV | 258,296 | 13,174,881 | |||
Belgium - 1.1% | |||||
UCB | 139,943 | 10,449,468 | |||
Denmark - 1.3% | |||||
Vestas Wind Systems | 158,255 | 11,627,907 | |||
Finland - 1.2% | |||||
Nokia | 2,260,876 | 11,180,428 | |||
France - 11.9% | |||||
Atos | 156,601 | 11,855,097 | |||
BNP Paribas | 332,732 | 15,006,052 | |||
Cie Generale des Etablissements Michelin | 93,605 | 9,835,001 | |||
Edenred | 206,726 | 10,065,058 | |||
Klepierre | 308,156 | 9,401,725 | |||
LVMH Moet Hennessy Louis Vuitton | 40,493 | 16,128,189 | |||
Sanofi | 293,201 | 25,173,589 | |||
Vinci | 102,674 | 11,227,964 | |||
108,692,675 | |||||
Germany - 7.4% | |||||
Allianz | 76,383 | 16,831,722 | |||
Deutsche Boerse | 103,665 | 15,238,541 | |||
Deutsche Post | 237,334 | 7,799,174 | |||
Deutsche Telekom | 1,299,539 | 21,675,248 | |||
Evonik Industries | 240,750 | 6,133,342 | |||
67,678,027 | |||||
Hong Kong - 3.6% | |||||
AIA Group | 1,768,800 | 17,202,056 | |||
Galaxy Entertainment Group | 936,000 | 5,873,578 | |||
Sun Hung Kai Properties | 683,500 | 9,685,329 | |||
32,760,963 | |||||
Ireland - .8% | |||||
ICON | 50,097 | a | 7,724,456 | ||
Italy - 2.9% | |||||
Enel | 1,952,331 | 14,148,808 | |||
Leonardo | 1,012,543 | 12,385,858 | |||
26,534,666 | |||||
Japan - 23.6% | |||||
Asahi Kasei | 840,800 | 7,607,445 | |||
Bandai Namco Holdings | 134,500 | b | 7,912,882 | ||
Chubu Electric Power | 1,209,900 | 17,840,715 | |||
Denso | 304,300 | 12,769,515 | |||
Fujitsu | 132,600 | 10,238,789 | |||
Hitachi | 434,600 | 14,845,987 | |||
ITOCHU | 313,000 | 6,241,733 | |||
Mitsubishi Electric | 1,111,300 | 13,426,399 | |||
Recruit Holdings | 262,300 | 7,947,886 | |||
Seven & i Holdings | 355,800 | 12,582,864 | |||
Shin-Etsu Chemical | 80,400 | 8,109,248 | |||
BNY Mellon International Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.9%(continued) | |||||
Japan - 23.6% (continued) | |||||
Shionogi & Co. | 285,400 | 15,299,600 | |||
Shiseido | 174,500 | 14,274,062 | |||
Sony | 353,200 | 20,087,866 | |||
Sumitomo Mitsui Financial Group | 669,700 | 21,962,958 | |||
Suzuki Motor | 301,600 | 11,634,177 | |||
West Japan Railway | 103,900 | 8,753,283 | |||
Yamato Holdings | 233,500 | 4,042,044 | |||
215,577,453 | |||||
Netherlands - 8.2% | |||||
Heineken | 166,748 | 17,732,662 | |||
ING Groep | 975,771 | 9,326,846 | |||
Koninklijke Ahold Delhaize | 488,418 | 11,425,699 | |||
Koninklijke DSM | 82,011 | 10,194,177 | |||
NN Group | 280,143 | 9,378,365 | |||
Royal Dutch Shell, Cl. B | 613,960 | 16,921,057 | |||
74,978,806 | |||||
Portugal - .8% | |||||
Galp Energia | 513,034 | 7,363,881 | |||
Singapore - 1.2% | |||||
United Overseas Bank | 603,900 | 10,861,714 | |||
Spain - 5.9% | |||||
ACS Actividades de Construccion y Servicios | 273,418 | 10,328,187 | |||
Amadeus IT Group | 173,261 | 12,903,029 | |||
Iberdrola | 1,710,128 | 17,577,235 | |||
Industria de Diseno Textil | 411,785 | 12,726,333 | |||
53,534,784 | |||||
Sweden - 1.0% | |||||
Swedish Match | 238,367 | 9,350,440 | |||
Switzerland - 8.1% | |||||
Julius Baer Group | 237,434 | 9,387,009 | |||
Lonza Group | 45,730 | 16,162,015 | |||
Novartis | 365,538 | 32,873,491 | |||
OC Oerlikon | 446,287 | 4,134,834 | |||
STMicroelectronics | 622,344 | 11,029,293 | |||
73,586,642 | |||||
United Kingdom - 13.8% | |||||
Anglo American | 518,299 | 11,189,280 | |||
BAE Systems | 1,469,250 | 9,754,146 | |||
Bunzl | 186,762 | 4,574,583 | |||
Cineworld Group | 1,561,489 | b | 4,149,643 | ||
Diageo | 466,952 | 19,906,438 | |||
Ferguson | 150,371 | 11,058,793 | |||
GlaxoSmithKline | 829,062 | 17,266,666 | |||
Legal & General Group | 5,058,771 | 13,517,506 | |||
Melrose Industries | 1,986,851 | 4,374,648 | |||
Tesco | 3,203,736 | 8,545,087 | |||
Unilever | 336,770 | 21,292,259 | |||
125,629,049 | |||||
Total Common Stocks(cost $915,215,568) | 903,854,245 |
65
STATEMENT OF INVESTMENTS (continued)
BNY Mellon International Fund (continued) | |||||
Description | 1-Day | Shares | Value ($) | ||
Investment Companies - .4% | |||||
Registered Investment Companies - .4% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 3,555,333 | c | 3,555,333 | |
Investment of Cash Collateral for Securities Loaned - .8% | |||||
Registered Investment Companies - .8% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 7,007,035 | c | 7,007,035 | |
Total Investments(cost $925,777,936) | 100.1% | 914,416,613 | |||
Liabilities, Less Cash and Receivables | (.1%) | (581,802) | |||
Net Assets | 100.0% | 913,834,811 |
a Non-income producing security.
b Security, or portion thereof, on loan. At August 31, 2019, the value of the fund’s securities on loan was $6,461,420 and the value of the collateral was $7,007,035.
c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Pharmaceuticals Biotechnology & Life Sciences | 13.7 |
Capital Goods | 10.8 |
Banks | 6.3 |
Insurance | 6.2 |
Utilities | 5.4 |
Materials | 5.3 |
Food, Beverage & Tobacco | 5.1 |
Energy | 4.9 |
Consumer Durables & Apparel | 4.8 |
Diversified Financials | 4.7 |
Household & Personal Products | 3.9 |
Software & Services | 3.8 |
Automobiles & Components | 3.7 |
Food & Staples Retailing | 3.6 |
Technology Hardware & Equipment | 2.8 |
Commercial & Professional Services | 2.4 |
Telecommunication Services | 2.4 |
Transportation | 2.3 |
Real Estate | 2.1 |
Consumer Services | 1.6 |
Retailing | 1.4 |
Semiconductors & Semiconductor Equipment | 1.2 |
Investment Companies | 1.2 |
Media & Entertainment | .5 |
100.1 |
† Based on net assets.
See notes to financial statements.
66
BNY Mellon Emerging Markets Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 95.5% | |||||
Argentina - 1.1% | |||||
Globant | 97,237 | a,b | 9,230,708 | ||
Brazil - 4.9% | |||||
Banco do Brasil | 515,400 | 5,751,421 | |||
CCR | 2,514,600 | 9,867,725 | |||
EDP - Energias do Brasil | 1,522,400 | 7,282,962 | |||
Hypera | 693,100 | 5,371,065 | |||
Pagseguro Digital, Cl. A | 97,707 | a,b | 4,881,442 | ||
YDUQS Part | 1,032,100 | 8,037,968 | |||
41,192,583 | |||||
China - 28.6% | |||||
Alibaba Group Holding, ADR | 287,515 | b | 50,323,751 | ||
Anhui Conch Cement, Cl. H | 1,124,500 | 6,332,161 | |||
ANTA Sports Products | 1,219,000 | 10,105,989 | |||
Autohome, ADR | 23,749 | a,b | 2,069,963 | ||
China Construction Bank, Cl. H | 25,240,939 | 18,736,578 | |||
China Resources Sanjiu Medical & Pharmaceutical Co., Cl. A | 927,110 | 3,831,548 | |||
China Yangtze Power, Cl. A | 1,236,425 | 3,222,011 | |||
CNOOC | 5,051,000 | 7,537,460 | |||
CRRC, Cl. H | 7,675,000 | 5,276,293 | |||
ENN Energy Holdings | 671,700 | 7,667,613 | |||
Guangzhou Automobile Group, Cl. H | 4,228,000 | 4,260,140 | |||
Hundsun Technologies, Cl. A | 646,717 | 6,724,850 | |||
Meituan Dianping, Cl. B | 695,000 | b | 6,590,640 | ||
Ping An Insurance Group Company of China, Cl. H | 3,048,000 | 34,949,135 | |||
Shanghai Pharmaceuticals Holding, Cl. H | 3,118,800 | 5,887,230 | |||
Sunny Optical Technology Group | 158,000 | 2,190,526 | |||
TAL Education Group, ADR | 70,181 | b | 2,500,549 | ||
Tencent Holdings | 1,342,400 | 55,610,877 | |||
Wuliangye Yibin, Cl. A | 343,100 | 6,794,487 | |||
240,611,801 | |||||
Colombia - .9% | |||||
Bancolombia, ADR | 73,631 | 3,666,824 | |||
Grupo Aval Acciones y Valores, ADR | 548,421 | 4,019,926 | |||
7,686,750 | |||||
Czech Republic - .7% | |||||
Moneta Money Bank | 1,928,858 | c | 6,238,398 | ||
Hong Kong - 2.5% | |||||
China Overseas Land & Investment | 1,542,000 | 4,877,506 | |||
China Unicom Hong Kong | 8,322,000 | 8,289,733 | |||
Galaxy Entertainment Group | 405,224 | 2,542,858 | |||
Shimao Property Holdings | 1,890,000 | 5,351,513 | |||
21,061,610 | |||||
Hungary - .4% | |||||
MOL Hungarian Oil & Gas | 349,185 | 3,415,475 | |||
India - 9.6% | |||||
ACC | 351,601 | 7,483,539 | |||
Aurobindo Pharma | 1,175,868 | 9,891,733 | |||
Hindustan Petroleum | 1,366,342 | 4,977,823 | |||
Hindustan Unilever | 251,765 | 6,635,109 | |||
Housing Development Finance | 281,533 | 8,541,500 | |||
ICICI Bank | 1,990,926 | 11,421,529 | |||
Larsen & Toubro | 694,614 | 12,920,506 | |||
Maruti Suzuki India | 54,677 | 4,688,979 | |||
BNY Mellon Emerging Markets Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 95.5%(continued) | |||||
India - 9.6% (continued) | |||||
Shriram Transport Finance | 446,556 | 6,042,256 | |||
UPL | 967,494 | 7,630,748 | |||
80,233,722 | |||||
Indonesia - 1.6% | |||||
Astra International | 2,052,600 | 965,887 | |||
Bank Mandiri | 16,925,700 | 8,650,781 | |||
Bank Rakyat Indonesia | 12,288,000 | 3,698,961 | |||
13,315,629 | |||||
Mexico - 4.4% | |||||
America Movil, ADR, Cl. L | 531,647 | a | 7,772,679 | ||
Arca Continental | 1,599,300 | 8,365,373 | |||
Grupo Aeroportuario del Centro Norte | 1,300,900 | 7,649,680 | |||
Grupo Financiero Banorte, Cl. O | 1,269,200 | 6,848,354 | |||
Wal-Mart de Mexico | 2,264,077 | 6,423,442 | |||
37,059,528 | |||||
Netherlands - .5% | |||||
VEON, ADR | 1,518,584 | 3,963,504 | |||
Philippines - 1.8% | |||||
Ayala Land | 8,797,590 | 7,993,584 | |||
International Container Terminal Services | 2,200,010 | 5,739,065 | |||
Puregold Price Club | 1,362,380 | 1,148,893 | |||
14,881,542 | |||||
Russia - 5.6% | |||||
Gazprom, ADR | 1,733,715 | 11,962,633 | |||
Lukoil, ADR | 146,346 | 11,836,464 | |||
Sberbank of Russia, ADR | 977,775 | 13,424,851 | |||
X5 Retail Group, GDR | 27,229 | 937,222 | |||
Yandex, Cl. A | 237,035 | b | 8,793,998 | ||
46,955,168 | |||||
Singapore - 1.1% | |||||
Sea, ADR | 277,867 | a,b | 8,925,088 | ||
South Africa - 4.5% | |||||
Clicks Group | 606,898 | 7,961,942 | |||
Naspers, Cl. N | 94,871 | 21,601,349 | |||
Sibanye Gold | 6,162,846 | 8,479,182 | |||
38,042,473 | |||||
South Korea - 9.1% | |||||
Hyundai Mobis | 32,927 | 6,755,302 | |||
KB Financial Group | 253,771 | 8,317,613 | |||
Korea Investment Holdings | 131,621 | 7,856,510 | |||
Kumho Petrochemical | 61,027 | 3,541,959 | |||
Meritz Securities | 919,568 | 3,609,945 | |||
POSCO | 43,334 | 7,548,792 | |||
Samsung Electronics | 564,827 | 20,517,967 | |||
Shinhan Financial Group | 181,931 | 6,120,692 | |||
SK Hynix | 192,424 | 12,296,072 | |||
76,564,852 | |||||
Taiwan - 13.6% | |||||
Chailease Holding | 4,479,182 | 17,754,158 | |||
Delta Electronics | 3,104,000 | 14,477,428 | |||
Feng Tay Enterprise | 695,200 | 4,526,215 | |||
Largan Precision | 72,000 | 8,916,905 | |||
MediaTek | 1,111,000 | 12,998,806 |
67
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Emerging Markets Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 95.5%(continued) | |||||
Taiwan - 13.6% (continued) | |||||
Radiant Opto-Electronics | 1,002,000 | 3,620,726 | |||
Taiwan Semiconductor Manufacturing | 5,874,000 | 48,435,721 | |||
TCI | 383,747 | 3,762,944 | |||
114,492,903 | |||||
Thailand - 1.7% | |||||
Muangthai Capital | 2,095,600 | 3,769,989 | |||
Thai Beverage | 15,534,200 | 10,074,423 | |||
13,844,412 | |||||
Turkey - 1.6% | |||||
BIM Birlesik Magazalar | 625,256 | 5,045,831 | |||
Eregli Demir ve Celik Fabrikalari | 4,233,406 | 4,657,364 | |||
Tupras Turkiye Petrol Rafinerileri | 188,432 | 4,074,905 | |||
13,778,100 | |||||
United Arab Emirates - 1.3% | |||||
Dubai Islamic Bank | 7,724,442 | 10,767,092 | |||
Total Common Stocks(cost $667,630,321) | 802,261,338 | ||||
Preferred Dividend | |||||
Preferred Stocks - 2.8% | |||||
Brazil - 2.8% | |||||
Banco do Estado do Rio Grande do Sul, Cl. B | 9.33 | 1,854,300 | 9,945,425 | ||
Cia Brasileira de Distribuicao | 1.89 | 125,900 | 2,664,240 | ||
Petroleo Brasileiro | 4.17 | 1,818,700 | 11,159,905 | ||
Total Preferred Stocks(cost $24,562,733) | 23,769,570 | ||||
1-Day | |||||
Investment Companies - .4% | |||||
Registered Investment Companies - .4% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 2,791,201 | d | 2,791,201 | |
Investment of Cash Collateral for Securities Loaned - .2% | |||||
Registered Investment Companies - .2% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 1,878,093 | d | 1,878,093 | |
Total Investments(cost $696,862,348) | 98.9% | 830,700,202 | |||
Cash and Receivables (Net) | 1.1% | 9,433,740 | |||
Net Assets | 100.0% | 840,133,942 |
ADR—American Depository Receipt
GDR—Global Depository Receipt
a Security, or portion thereof, on loan. At August 31, 2019, the value of the fund’s securities on loan was $25,461,803 and the value of the collateral was $25,877,329, consisting of cash collateral of $1,878,093 and U.S. Government & Agency securities valued at $23,999,236.
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 August 31, 2019, these securities were valued at $6,238,398 or .74% of net assets.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Banks | 15.0 |
Retailing | 9.3 |
Semiconductors & Semiconductor Equipment | 9.2 |
Media & Entertainment | 9.0 |
Energy | 6.5 |
Technology Hardware & Equipment | 5.5 |
Materials | 5.4 |
Diversified Financials | 4.6 |
Insurance | 4.1 |
Food, Beverage & Tobacco | 3.0 |
Food & Staples Retailing | 2.9 |
Transportation | 2.8 |
Software & Services | 2.5 |
Telecommunication Services | 2.4 |
Pharmaceuticals Biotechnology & Life Sciences | 2.3 |
Real Estate | 2.2 |
Capital Goods | 2.2 |
Utilities | 2.2 |
Automobiles & Components | 2.0 |
Consumer Durables & Apparel | 1.7 |
Consumer Services | 1.6 |
Household & Personal Products | 1.2 |
Health Care Equipment & Services | .7 |
Investment Companies | .6 |
98.9 |
† Based on net assets.
See notes to financial statements.
68
BNY Mellon International Equity Income Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.3% | |||||
Australia - 7.6% | |||||
Alumina | 500,000 | 730,693 | |||
Australia & New Zealand Banking Group | 123,400 | 2,222,194 | |||
National Australia Bank | 282,700 | 5,208,915 | |||
Wesfarmers | 219,800 | 5,787,751 | |||
Westpac Banking | 397,100 | 7,546,790 | |||
21,496,343 | |||||
Canada - 4.8% | |||||
Royal Bank of Canada | 101,600 | 7,599,015 | |||
The Toronto-Dominion Bank | 109,000 | 5,910,921 | |||
13,509,936 | |||||
China - 7.7% | |||||
Alibaba Group Holding, ADR | 10,100 | a | 1,767,803 | ||
Bank of China, Cl. H | 5,154,500 | 1,965,710 | |||
China Petroleum & Chemical, Cl. H | 5,874,000 | 3,438,812 | |||
Guangzhou R&F Properties, Cl. H | 4,148,300 | 6,677,152 | |||
Industrial & Commercial Bank of China, Cl. H | 4,734,000 | 2,988,789 | |||
Sinopec Shanghai Petrochemical, Cl. H | 1,886,000 | 543,641 | |||
Tencent Holdings | 51,300 | 2,125,177 | |||
Zhejiang Expressway, Cl. H | 2,692,700 | 2,252,961 | |||
21,760,045 | |||||
Czech Republic - 1.3% | |||||
CEZ | 170,200 | 3,749,097 | |||
Finland - 3.4% | |||||
Fortum | 209,750 | 4,612,820 | |||
Nordea Bank | 813,900 | 5,083,428 | |||
9,696,248 | |||||
France - 5.0% | |||||
AXA | 114,000 | 2,614,838 | |||
BNP Paribas | 30,250 | 1,364,260 | |||
Bouygues | 959 | 36,415 | |||
Casino Guichard Perrachon | 23,210 | b | 976,993 | ||
Eutelsat Communications | 39,160 | 680,874 | |||
Natixis | 563,650 | 2,181,807 | |||
Renault | 17,810 | 1,020,984 | |||
Total | 79,000 | 3,940,984 | |||
Unibail-Rodamco-Westfield | 10,870 | 1,422,849 | |||
14,240,004 | |||||
Germany - 3.2% | |||||
Deutsche Post | 38,650 | 1,270,101 | |||
MAN | 44,190 | 2,428,351 | |||
Muenchener Rueckversicherungs-Gesellschaft | 9,600 | 2,299,037 | |||
ProSiebenSat.1 Media | 237,900 | 3,131,031 | |||
9,128,520 | |||||
Greece - .9% | |||||
OPAP | 235,400 | 2,481,090 | |||
Hong Kong - 2.2% | |||||
Nine Dragons Paper Holdings | 2,694,000 | 2,041,013 | |||
PCCW | 2,563,000 | 1,389,310 | |||
Yue Yuen Industrial Holdings | 1,125,500 | 2,878,205 | |||
6,308,528 | |||||
Italy - 2.9% | |||||
Eni | 335,000 | 5,036,726 | |||
BNY Mellon International Equity Income Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.3%(continued) | |||||
Italy - 2.9% (continued) | |||||
Intesa Sanpaolo | 1,516,600 | 3,322,304 | |||
8,359,030 | |||||
Japan - 14.2% | |||||
Aozora Bank | 81,500 | 1,883,395 | |||
Canon | 111,200 | 2,890,038 | |||
FANUC | 2,000 | 347,437 | |||
Honda Motor | 62,200 | 1,477,495 | |||
ITOCHU | 405,800 | 8,092,317 | |||
Japan Airlines | 55,800 | 1,743,307 | |||
Mitsui & Co. | 104,600 | 1,637,406 | |||
MS&AD Insurance Group Holdings | 97,000 | 3,083,438 | |||
Nissan Motor | 1,049,900 | 6,487,075 | |||
NTT DOCOMO | 53,700 | 1,355,706 | |||
Sumco | 95,000 | 1,177,719 | |||
Sumitomo | 107,800 | 1,615,960 | |||
Takeda Pharmaceutical | 132,600 | 4,480,953 | |||
Tokyo Electron | 23,500 | 4,204,052 | |||
40,476,298 | |||||
Luxembourg - 1.7% | |||||
RTL Group | 103,350 | 4,813,809 | |||
Macau - 1.7% | |||||
Sands China | 1,084,200 | 4,922,902 | |||
Netherlands - 1.5% | |||||
Royal Dutch Shell, Cl. A | 150,400 | 4,164,318 | |||
Royal Dutch Shell, Cl. B | 881 | 24,281 | |||
4,188,599 | |||||
New Zealand - 3.0% | |||||
Auckland International Airport | 184,800 | 1,120,177 | |||
Spark New Zealand | 2,610,100 | 7,269,238 | |||
8,389,415 | |||||
Norway - 2.6% | |||||
Mowi | 309,000 | 7,392,507 | |||
Qatar - .1% | |||||
The Commercial Bank | 112,440 | 146,966 | |||
Russia - 3.5% | |||||
Alrosa | 824,700 | 918,037 | |||
MMC Norilsk Nickel | 7,830 | 1,888,308 | |||
Severstal | 476,700 | 7,165,864 | |||
9,972,209 | |||||
Singapore - 2.2% | |||||
Ascendas Real Estate Investment Trust | 1,377,500 | 3,057,251 | |||
DBS Group Holdings | 18,600 | 328,775 | |||
Singapore Telecommunications | 1,294,000 | 2,955,849 | |||
6,341,875 | |||||
South Africa - 1.6% | |||||
Growthpoint Properties | 2,353,100 | 3,567,947 | |||
MTN Group | 7,830 | b | 52,956 | ||
Redefine Properties | 2,032,000 | 1,051,583 | |||
4,672,486 | |||||
South Korea - 1.4% | |||||
Hyosung | 37,390 | 2,667,076 | |||
Samsung Electronics | 33,100 | 1,202,394 | |||
3,869,470 |
69
STATEMENT OF INVESTMENTS (continued)
BNY Mellon International Equity Income Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.3%(continued) | |||||
Spain - .9% | |||||
Banco Santander | 660,200 | 2,496,039 | |||
Sweden - .6% | |||||
Hennes & Mauritz, Cl. B | 49,900 | 955,735 | |||
Skanska, Cl. B | 40,240 | 753,989 | |||
1,709,724 | |||||
Switzerland - 5.1% | |||||
Nestle | 30,360 | 3,404,860 | |||
Novartis | 40,290 | 3,623,352 | |||
Roche Holding | 10,201 | 2,788,978 | |||
Zurich Insurance Group | 13,185 | 4,691,848 | |||
14,509,038 | |||||
Taiwan - 5.2% | |||||
Asustek Computer | 818,000 | 5,312,703 | |||
Chicony Electronics | 364,162 | 1,022,575 | |||
Compal Electronics | 1,002,900 | 573,131 | |||
Globalwafers | 109,000 | 999,427 | |||
Innolux | 1,981,000 | 442,745 | |||
Nan Ya Plastics | 1,376,000 | 3,013,970 | |||
Taiwan Cement | 2,425,936 | 2,969,667 | |||
Transcend Information | 242,400 | 508,569 | |||
Uni-President Enterprises | 13,000 | 31,703 | |||
14,874,490 | |||||
Turkey - .4% | |||||
Tupras Turkiye Petrol Rafinerileri | 57,800 | 1,249,944 | |||
United Arab Emirates - .6% | |||||
Dubai Islamic Bank | 1,273,458 | 1,775,072 | |||
United Kingdom - 12.0% | |||||
AstraZeneca | 274 | 24,398 | |||
BP | 1,040,300 | 6,331,717 | |||
British American Tobacco | 100,800 | 3,532,419 | |||
GlaxoSmithKline | 278,500 | 5,800,250 | |||
HSBC Holdings | 218,373 | 1,571,446 | |||
Imperial Brands | 299,300 | 7,737,179 | |||
Legal & General Group | 774,300 | 2,069,001 | |||
Persimmon | 180,100 | 4,169,247 | |||
Rio Tinto | 24,460 | 1,235,013 | |||
SSE | 127,600 | 1,787,085 | |||
34,257,755 | |||||
Total Common Stocks(cost $291,154,946) | 276,787,439 | ||||
Preferred Dividend | |||||
Preferred Stocks - .9% | |||||
South Korea - .9% | |||||
Hyundai Motor | 5.39 | 40,630 | 2,549,333 | ||
1-Day | |||||
Investment Companies - .5% | |||||
Registered Investment Companies - .5% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 1,488,349 | c | 1,488,349 | |
BNY Mellon International Equity Income Fund (continued) | |||||
Description | 1-Day | Shares | Value ($) | ||
Investment of Cash Collateral for Securities Loaned - .4% | |||||
Registered Investment Companies - .4% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 1,051,856 | c | 1,051,856 | |
Total Investments(cost $297,207,431) | 99.1% | 281,876,977 | |||
Cash and Receivables (Net) | .9% | 2,501,936 | |||
Net Assets | 100.0% | 284,378,913 |
ADR—American Depository Receipt
a Non-income producing security.
b Security, or portion thereof, on loan. At August 31, 2019, the value of the fund’s securities on loan was $1,028,994 and the value of the collateral was $1,051,856.
c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Banks | 18.1 |
Energy | 8.5 |
Food, Beverage & Tobacco | 7.8 |
Materials | 7.2 |
Capital Goods | 6.2 |
Pharmaceuticals Biotechnology & Life Sciences | 5.9 |
Real Estate | 5.5 |
Insurance | 5.2 |
Telecommunication Services | 4.6 |
Technology Hardware & Equipment | 4.2 |
Automobiles & Components | 4.0 |
Media & Entertainment | 3.8 |
Utilities | 3.6 |
Retailing | 3.0 |
Consumer Services | 2.6 |
Consumer Durables & Apparel | 2.5 |
Transportation | 2.2 |
Semiconductors & Semiconductor Equipment | 2.2 |
Investment Companies | .9 |
Diversified Financials | .8 |
Food & Staples Retailing | .3 |
99.1 |
† Based on net assets.
See notes to financial statements.
70
BNY Mellon Asset Allocation Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 15.2% | |||||||||
Aerospace & Defense - .1% | |||||||||
Northrop Grumman, Sr. Unscd. Notes | 2.93 | 1/15/2025 | 320,000 | 331,479 | |||||
Airlines - .2% | |||||||||
American Airlines Pass Through Trust, Bonds, Ser. 2015-1, Cl. A | 3.38 | 5/1/2027 | 309,071 | 322,809 | |||||
Delta Air Lines Pass Through Trust, Notes, Ser. 2019-1, Cl. AA | 3.20 | 4/25/2024 | 250,000 | 263,986 | |||||
United Airlines Pass Through Trust, Notes, Ser. 2019-1, Cl. AA | 4.15 | 8/25/2031 | 395,000 | 444,188 | |||||
1,030,983 | |||||||||
Automobiles & Components - .1% | |||||||||
Toyota Motor Credit, Sr. Unscd. Notes | 2.15 | 3/12/2020 | 300,000 | 300,364 | |||||
Banks - 1.1% | |||||||||
AIB Group, Sr. Unscd. Notes | 4.26 | 4/10/2025 | 200,000 | a | 208,900 | ||||
Bank of America, Sub. Notes, Ser. L | 3.95 | 4/21/2025 | 525,000 | 560,928 | |||||
Citigroup, Sub. Notes | 4.45 | 9/29/2027 | 580,000 | 638,832 | |||||
Citizens Financial Group, Sub. Notes | 4.15 | 9/28/2022 | 300,000 | a | 313,261 | ||||
JPMorgan Chase & Co., Sub. Notes | 3.38 | 5/1/2023 | 425,000 | 440,688 | |||||
Lloyds Bank, Jr. Sub. Notes | 12.00 | 12/16/2024 | 200,000 | a | 241,525 | ||||
Morgan Stanley, Sub. Notes | 4.88 | 11/1/2022 | 580,000 | 624,153 | |||||
Nordea Bank, Jr. Sub. Notes | 6.63 | 3/26/2026 | 255,000 | a | 272,431 | ||||
Royal Bank of Scotland Group, Sr. Unscd. Notes | 5.08 | 1/27/2030 | 335,000 | 375,742 | |||||
Societe Generale, Sub. Notes | 4.75 | 11/24/2025 | 200,000 | a | 215,245 | ||||
Standard Chartered, Sr. Unscd. Notes | 3.79 | 5/21/2025 | 210,000 | a | 217,111 | ||||
The Goldman Sachs Group, Sub. Notes | 6.75 | 10/1/2037 | 530,000 | 727,078 | |||||
Wells Fargo & Co., Sr. Unscd. Notes | 2.63 | 7/22/2022 | 225,000 | 228,910 | |||||
5,064,804 | |||||||||
Beverage Products - .1% | |||||||||
Anheuser-Busch, Gtd. Notes | 4.90 | 2/1/2046 | 375,000 | 448,759 | |||||
Chemicals - .1% | |||||||||
Dupont De Nemours, Sr. Unscd. Notes | 4.49 | 11/15/2025 | 320,000 | 355,568 | |||||
Commercial & Professional Services - .2% | |||||||||
The George Washington University, Unscd. Bonds, Ser. 2018 | 4.13 | 9/15/2048 | 325,000 | 401,890 | |||||
Total System Services, Sr. Unscd. Notes | 4.80 | 4/1/2026 | 350,000 | 394,416 | |||||
796,306 | |||||||||
Commercial Mortgage Pass-Through Ctfs. - .2% | |||||||||
UBS Commercial Mortgage Trust, Ser. 2012-C1, Cl. A3 | 3.40 | 5/10/2045 | 272,335 | 280,137 | |||||
WFRBS Commercial Mortgage Trust, Ser. 2013-C12, CI. A4 | 3.20 | 3/15/2048 | 315,000 | 327,507 | |||||
WFRBS Commercial Mortgage Trust, Ser. 2013-C13, Cl. A4 | 3.00 | 5/15/2045 | 540,000 | 558,643 | |||||
1,166,287 | |||||||||
Diversified Financials - .2% | |||||||||
AerCap Global Aviation Trust, Gtd. Notes | 4.50 | 5/15/2021 | 400,000 | 412,758 | |||||
Intercontinental Exchange, Gtd. Notes | 2.75 | 12/1/2020 | 325,000 | 327,861 | |||||
740,619 | |||||||||
Electronic Components - .1% | |||||||||
Tech Data, Sr. Unscd. Notes | 4.95 | 2/15/2027 | 345,000 | 370,733 | |||||
Energy - .6% | |||||||||
BP Capital Markets, Gtd. Notes | 2.50 | 11/6/2022 | 255,000 | 258,816 | |||||
Concho Resources, Gtd. Notes | 4.30 | 8/15/2028 | 225,000 | 244,868 | |||||
Energy Transfer Operating, Gtd. Notes | 5.25 | 4/15/2029 | 315,000 | 361,132 | |||||
Marathon Petroleum, Sr. Unscd. Notes | 3.80 | 4/1/2028 | 175,000 | 182,012 | |||||
Newfield Exploration, Gtd. Notes | 5.38 | 1/1/2026 | 175,000 | 192,550 | |||||
Petroleos Mexicanos, Gtd. Notes | 4.88 | 1/24/2022 | 470,000 | 478,812 | |||||
Sabine Pass Liquefaction, Sr. Scd. Notes | 5.75 | 5/15/2024 | 200,000 | 223,390 | |||||
Shell International Finance, Gtd. Notes | 3.50 | 11/13/2023 | 300,000 | 319,400 | |||||
Spectra Energy Partners, Gtd. Notes | 3.50 | 3/15/2025 | 195,000 | 204,279 |
71
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 15.2% (continued) | |||||||||
Energy - .6% (continued) | |||||||||
The Williams Companies, Sr. Unscd. Notes | 4.30 | 3/4/2024 | 225,000 | 240,309 | |||||
2,705,568 | |||||||||
Environmental Control - .0% | |||||||||
Waste Connections, Sr. Unscd. Notes | 3.50 | 5/1/2029 | 225,000 | 242,007 | |||||
Financials - .0% | |||||||||
Apollo Management Holdings, Gtd. Notes | 4.87 | 2/15/2029 | 225,000 | a | 251,153 | ||||
Foreign Governmental - .1% | |||||||||
Province of Ontario Canada, Sr. Unscd. Notes | 3.05 | 1/29/2024 | 430,000 | 456,424 | |||||
Health Care - .3% | |||||||||
AbbVie, Sr. Unscd. Notes | 2.90 | 11/6/2022 | 325,000 | 331,016 | |||||
Amgen, Sr. Unscd. Notes | 5.65 | 6/15/2042 | 325,000 | 415,475 | |||||
Biogen, Sr. Unscd. Notes | 2.90 | 9/15/2020 | 345,000 | 347,169 | |||||
CVS Health, Sr. Unscd. Notes | 4.78 | 3/25/2038 | 435,000 | 488,581 | |||||
1,582,241 | |||||||||
Industrials - .2% | |||||||||
ABB Finance USA, Gtd. Notes | 2.88 | 5/8/2022 | 445,000 | 456,096 | |||||
John Deere Capital, Sr. Unscd. Notes | 2.95 | 4/1/2022 | 305,000 | 312,340 | |||||
768,436 | |||||||||
Information Technology - .4% | |||||||||
Adobe, Sr. Unscd. Notes | 3.25 | 2/1/2025 | 305,000 | 323,305 | |||||
Fiserv, Sr. Unscd. Notes | 4.40 | 7/1/2049 | 275,000 | 318,168 | |||||
Microsoft, Sr. Unscd. Notes | 3.75 | 2/12/2045 | 440,000 | 518,116 | |||||
Oracle, Sr. Unscd. Notes | 2.50 | 5/15/2022 | 570,000 | 578,264 | |||||
1,737,853 | |||||||||
Insurance - .2% | |||||||||
Brighthouse Financial, Sr. Unscd. Notes | 3.70 | 6/22/2027 | 200,000 | b | 197,627 | ||||
MetLife, Jr. Sub. Bonds, Ser. D | 5.88 | 3/15/2028 | 250,000 | b | 268,350 | ||||
Prudential Financial, Jr. Sub. Notes | 5.70 | 9/15/2048 | 300,000 | 328,044 | |||||
794,021 | |||||||||
Internet Software & Services - .3% | |||||||||
Amazon.com, Sr. Unscd. Notes | 2.40 | 2/22/2023 | 395,000 | 402,453 | |||||
Arrow Electronics, Sr. Unscd. Notes | 3.50 | 4/1/2022 | 315,000 | 321,679 | |||||
eBay, Sr. Unscd. Notes | 2.60 | 7/15/2022 | 320,000 | 323,987 | |||||
Tencent Holdings, Sr. Unscd. Notes | 3.98 | 4/11/2029 | 400,000 | a | 434,823 | ||||
1,482,942 | |||||||||
Media - .2% | |||||||||
Comcast, Gtd. Notes | 3.60 | 3/1/2024 | 570,000 | 607,867 | |||||
The Walt Disney Company, Gtd. Notes | 6.15 | 3/1/2037 | 265,000 | a | 379,265 | ||||
987,132 | |||||||||
Municipal Securities - 1.0% | |||||||||
California, GO | 3.38 | 4/1/2025 | 400,000 | 431,312 | |||||
California Educational Facilities Authority, Revenue Bonds, Refunding (Stanford University) Ser. U2 | 5.00 | 10/1/2032 | 375,000 | 527,081 | |||||
Chicago, GO, Ser. B | 7.38 | 1/1/2033 | 290,000 | 349,264 | |||||
Commonwealth of Massachusetts, GO (Build America Bonds) | 4.91 | 5/1/2029 | 325,000 | 397,439 | |||||
New York City, GO (Build America Bonds) Ser. H1 | 6.25 | 6/1/2035 | 345,000 | 355,740 | |||||
New York City Municipal Water Finance Authority, Revenue Bonds | 6.28 | 6/15/2042 | 530,000 | 559,500 |
72
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 15.2% (continued) | |||||||||
Municipal Securities - 1.0% (continued) | |||||||||
State Board of Administration Finance Corp., Revenue Bonds, Ser. A | 3.00 | 7/1/2020 | 900,000 | 908,217 | |||||
Texas Public Finance Authority, Revenue Bonds | 8.25 | 7/1/2024 | 310,000 | 312,892 | |||||
University of California, Revenue Bonds, Refunding (Limited Project), Ser. J | 4.13 | 5/15/2045 | 340,000 | 395,746 | |||||
University of North Carolina at Chapel Hill, Revenue Bonds, Refunding, Ser. C | 3.33 | 12/1/2036 | 350,000 | 393,260 | |||||
4,630,451 | |||||||||
Real Estate - .4% | |||||||||
Alexandria Real Estate Equities, Gtd. Notes | 4.30 | 1/15/2026 | 265,000 | 292,069 | |||||
American Homes 4 Rent, Sr. Unscd. Notes | 4.90 | 2/15/2029 | 200,000 | 229,444 | |||||
Brandywine Operating Partnership, Gtd. Notes | 3.95 | 2/15/2023 | 275,000 | 287,839 | |||||
Kimco Realty, Sr. Unscd. Notes | 3.40 | 11/1/2022 | 340,000 | 352,264 | |||||
Life Storage, Gtd. Notes | 4.00 | 6/15/2029 | 160,000 | 173,040 | |||||
Mid-America Apartments, Sr. Unscd. Notes | 3.60 | 6/1/2027 | 280,000 | 300,459 | |||||
National Retail Properties, Sr. Unscd. Notes | 4.30 | 10/15/2028 | 165,000 | 185,496 | |||||
1,820,611 | |||||||||
Semiconductors & Semiconductor Equipment - .2% | |||||||||
Intel, Sr. Unscd. Notes | 2.70 | 12/15/2022 | 255,000 | 262,653 | |||||
KLA, Sr. Unscd. Notes | 4.10 | 3/15/2029 | 225,000 | 249,656 | |||||
Lam Research, Sr. Unscd. Notes | 4.00 | 3/15/2029 | 315,000 | 349,969 | |||||
862,278 | |||||||||
Technology Hardware & Equipment - .1% | |||||||||
Apple, Sr. Unscd. Notes | 4.38 | 5/13/2045 | 300,000 | 369,148 | |||||
Telecommunication Services - .4% | |||||||||
AT&T, Sr. Unscd. Notes | 4.55 | 3/9/2049 | 460,000 | 503,450 | |||||
Motorola Solutions, Sr. Unscd. Notes | 4.60 | 5/23/2029 | 165,000 | 181,437 | |||||
Telefonica Emisiones, Gtd. Notes | 4.10 | 3/8/2027 | 460,000 | 503,889 | |||||
Verizon Communications, Sr. Unscd. Bonds | 5.50 | 3/16/2047 | 570,000 | 766,150 | |||||
1,954,926 | |||||||||
Transportation - .3% | |||||||||
Burlington North Santa Fe, Sr. Unscd. Debs. | 3.45 | 9/15/2021 | 375,000 | 384,998 | |||||
JB Hunt Transport Services, Gtd. Notes | 3.88 | 3/1/2026 | 310,000 | 333,942 | |||||
Ryder System, Sr. Unscd. Notes | 3.65 | 3/18/2024 | 315,000 | b | 333,731 | ||||
Union Pacific, Sr. Unscd. Notes | 3.15 | 3/1/2024 | 320,000 | 334,926 | |||||
1,387,597 | |||||||||
U.S. Government Agencies Mortgage-Backed - 4.5% | |||||||||
Federal Home Loan Mortgage Corp.: | |||||||||
3.00%, 1/1/33-4/1/48 | 1,059,110 | C | 1,087,854 | ||||||
3.50%, 9/1/47-8/1/49 | 1,667,725 | C | 1,724,505 | ||||||
4.00%, 4/1/48-7/1/49 | 907,458 | C | 944,176 | ||||||
5.00%, 7/1/40-8/1/49 | 566,832 | C | 612,098 | ||||||
Federal National Mortgage Association: | |||||||||
2.50%, 10/1/31 | 662,169 | C | 672,068 | ||||||
3.00%, 8/1/39-9/1/46 | 2,324,242 | C | 2,392,046 | ||||||
3.50%, 7/1/34-9/1/49 | 3,735,188 | C | 3,860,372 | ||||||
4.00%, 9/1/48-7/1/49 | 2,415,010 | C | 2,519,580 | ||||||
4.50%, 7/1/49-8/1/49 | 1,133,993 | C | 1,196,008 | ||||||
5.00%, 11/1/43 | 107,659 | C | 118,416 |
73
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 15.2% (continued) | |||||||||
U.S. Government Agencies Mortgage-Backed - 4.5% (continued) | |||||||||
Government National Mortgage Association I: | |||||||||
4.00%, 7/15/49 | 409,453 | 429,189 | |||||||
Government National Mortgage Association II: | |||||||||
3.00%, 9/20/47-5/20/49 | 797,687 | 823,507 | |||||||
3.50%, 4/20/46-1/20/48 | 1,574,949 | 1,649,825 | |||||||
4.00%, 6/20/49-7/20/49 | 1,221,214 | 1,277,281 | |||||||
4.50%, 11/20/48-7/20/49 | 1,314,429 | 1,391,893 | |||||||
20,698,818 | |||||||||
U.S. Treasury Government Securities - 3.4% | |||||||||
U.S. Treasury Bonds | 2.25 | 8/15/2046 | 710,000 | 752,156 | |||||
U.S. Treasury Bonds | 2.75 | 11/15/2047 | 185,000 | 216,439 | |||||
U.S. Treasury Bonds | 2.88 | 5/15/2049 | 590,000 | b | 711,088 | ||||
U.S. Treasury Bonds | 2.88 | 8/15/2045 | 470,000 | 558,281 | |||||
U.S. Treasury Inflation Indexed Bonds, US CPI Urban Consumers Not Seasonally Adjusted | 1.00 | 2/15/2049 | 432,612 | d | 510,710 | ||||
U.S. Treasury Inflation Indexed Bonds, US CPI Urban Consumers Not Seasonally Adjusted | 1.00 | 2/15/2046 | 664,833 | d | 769,951 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.38 | 1/15/2027 | 339,318 | d | 348,415 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.38 | 7/15/2025 | 696,677 | d | 713,877 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.63 | 4/15/2023 | 489,825 | d | 497,344 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.63 | 1/15/2024 | 642,195 | d | 657,896 | ||||
U.S. Treasury Notes | 1.63 | 8/15/2029 | 1,385,000 | b | 1,400,987 | ||||
U.S. Treasury Notes | 1.88 | 4/30/2022 | 315,000 | 318,433 | |||||
U.S. Treasury Notes | 2.00 | 11/15/2026 | 785,000 | b | 814,545 | ||||
U.S. Treasury Notes | 2.13 | 7/31/2024 | 440,000 | 454,919 | |||||
U.S. Treasury Notes | 2.38 | 5/15/2027 | 180,000 | 191,999 | |||||
U.S. Treasury Notes | 2.38 | 1/31/2023 | 175,000 | 180,506 | |||||
U.S. Treasury Notes | 2.50 | 2/28/2026 | 345,000 | 367,425 | |||||
U.S. Treasury Notes | 2.50 | 1/31/2024 | 2,300,000 | 2,406,150 | |||||
U.S. Treasury Notes | 2.63 | 2/28/2023 | 1,190,000 | 1,238,460 | |||||
U.S. Treasury Notes | 2.63 | 1/31/2026 | 120,000 | 128,597 | |||||
U.S. Treasury Notes | 2.63 | 2/15/2029 | 850,000 | 933,838 | |||||
U.S. Treasury Notes | 2.88 | 11/30/2023 | 295,000 | 312,660 | |||||
U.S. Treasury Notes | 2.88 | 11/30/2025 | 525,000 | 569,666 | |||||
U.S. Treasury Notes | 3.13 | 11/15/2028 | 470,000 | 535,387 | |||||
15,589,729 | |||||||||
Utilities - .2% | |||||||||
Black Hills, Sr. Unscd. Notes | 4.35 | 5/1/2033 | 160,000 | 186,016 | |||||
CenterPoint Energy, Sr. Unscd. Notes | 4.25 | 11/1/2028 | 275,000 | 305,999 | |||||
Exelon, Sr. Unscd. Notes | 3.40 | 4/15/2026 | 280,000 | 296,980 | |||||
NiSource, Sr. Unscd. Notes | 3.95 | 3/30/2048 | 335,000 | 367,406 | |||||
1,156,401 | |||||||||
TotalBonds and Notes | 70,083,638 |
74
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 21.2% | |||||||||
Aerospace & Defense - .5% | |||||||||
Lockheed Martin | 2,790 | 1,071,667 | |||||||
Raytheon | 4,088 | 757,588 | |||||||
The Boeing Company | 776 | 282,534 | |||||||
2,111,789 | |||||||||
Agriculture - .4% | |||||||||
Altria Group | 16,662 | 728,796 | |||||||
Philip Morris International | 13,173 | 949,642 | |||||||
1,678,438 | |||||||||
Airlines - .1% | |||||||||
United Airlines Holdings | 8,227 | e | 693,618 | ||||||
Banks - 1.1% | |||||||||
Bank of America | 61,028 | 1,678,880 | |||||||
JPMorgan Chase & Co. | 19,889 | 2,185,006 | |||||||
Popular | 9,255 | 486,535 | |||||||
Wells Fargo & Co. | 4,289 | 199,739 | |||||||
Zions Bancorp | 11,918 | 489,711 | |||||||
5,039,871 | |||||||||
Beverage Products - .3% | |||||||||
Monster Beverage | 13,353 | e | 783,421 | ||||||
PepsiCo | 4,035 | 551,706 | |||||||
The Coca-Cola Company | 3,574 | 196,713 | |||||||
1,531,840 | |||||||||
Building Materials - .0% | |||||||||
Johnson Controls International | 5,176 | 220,963 | |||||||
Commercial & Professional Services - .5% | |||||||||
Automatic Data Processing | 4,795 | 814,383 | |||||||
Robert Half International | 6,461 | 345,470 | |||||||
S&P Global | 3,817 | 993,145 | |||||||
Square, Cl. A | 5,178 | e | 320,208 | ||||||
2,473,206 | |||||||||
Consumer Discretionary - .3% | |||||||||
Starbucks | 13,397 | 1,293,614 | |||||||
Tempur Sealy International | 1,941 | e | 149,690 | ||||||
1,443,304 | |||||||||
Consumer Durables & Apparel - .3% | |||||||||
NIKE, Cl. B | 11,889 | 1,004,620 | |||||||
Under Armour, Cl. A | 13,594 | e | 252,984 | ||||||
1,257,604 | |||||||||
Consumer Staples - .3% | |||||||||
The Procter & Gamble Company | 11,447 | 1,376,273 | |||||||
Diversified Financials - .4% | |||||||||
American Express | 5,213 | 627,489 | |||||||
Discover Financial Services | 9,705 | 776,109 | |||||||
Synchrony Financial | 19,101 | 612,187 | |||||||
2,015,785 | |||||||||
Electronic Components - .1% | |||||||||
Garmin | 2,862 | 233,453 | |||||||
Energy - 1.4% | |||||||||
Cabot Oil & Gas | 13,593 | 232,712 | |||||||
Chevron | 12,681 | 1,492,807 |
75
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 21.2%(continued) | |||||||||
Energy - 1.4% (continued) | |||||||||
ConocoPhillips | 14,094 | 735,425 | |||||||
EOG Resources | 8,239 | 611,251 | |||||||
Exxon Mobil | 11,646 | 797,518 | |||||||
Kinder Morgan | 29,127 | 590,404 | |||||||
Phillips 66 | 8,751 | 863,111 | |||||||
TechnipFMC | 16,455 | 408,742 | |||||||
The Williams Companies | 21,351 | 503,884 | |||||||
6,235,854 | |||||||||
Environmental Control - .0% | |||||||||
Pentair | 5,156 | 185,204 | |||||||
Food & Staples Retailing - .6% | |||||||||
Sysco | 8,912 | 662,429 | |||||||
Walgreens Boots Alliance | 12,048 | 616,737 | |||||||
Walmart | 12,039 | 1,375,576 | |||||||
2,654,742 | |||||||||
Food Service - .0% | |||||||||
McDonald's | 859 | 187,236 | |||||||
Health Care - 3.3% | |||||||||
AbbVie | 14,055 | 923,976 | |||||||
Agilent Technologies | 8,587 | 610,622 | |||||||
Alexion Pharmaceuticals | 3,291 | e | 331,601 | ||||||
Amgen | 6,341 | 1,322,859 | |||||||
Biogen | 3,127 | e | 687,158 | ||||||
Bristol-Myers Squibb | 14,663 | 704,850 | |||||||
Danaher | 4,744 | 674,075 | |||||||
Elanco Animal Health | 4,529 | e | 117,845 | ||||||
Eli Lilly & Co. | 1,573 | 177,702 | |||||||
Hologic | 6,470 | e | 319,424 | ||||||
IDEXX Laboratories | 2,588 | e | 749,847 | ||||||
Illumina | 2,167 | e | 609,664 | ||||||
Incyte | 6,473 | e | 529,621 | ||||||
IQVIA Holdings | 2,329 | e | 361,344 | ||||||
Johnson & Johnson | 16,050 | 2,060,178 | |||||||
Merck & Co. | 7,631 | 659,853 | |||||||
Pfizer | 40,131 | 1,426,657 | |||||||
Regeneron Pharmaceuticals | 571 | e | 165,619 | ||||||
Thermo Fisher Scientific | 2,682 | 769,895 | |||||||
UnitedHealth Group | 2,933 | 686,322 | |||||||
Waters | 2,790 | e | 591,173 | ||||||
Zoetis | 7,584 | 958,769 | |||||||
15,439,054 | |||||||||
Household & Personal Products - .2% | |||||||||
Kimberly-Clark | 6,141 | 866,557 | |||||||
Industrials - .2% | |||||||||
Textron | 11,257 | 506,565 | |||||||
Xerox Holdings | 16,455 | 477,030 | |||||||
983,595 | |||||||||
Information Technology - 2.9% | |||||||||
Adobe | 3,949 | e | 1,123,530 |
76
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 21.2%(continued) | |||||||||
Information Technology - 2.9% (continued) | |||||||||
Autodesk | 3,863 | e | 551,714 | ||||||
Cadence Design Systems | 9,705 | e | 664,598 | ||||||
Gartner | 3,107 | e | 415,313 | ||||||
International Business Machines | 3,544 | 480,318 | |||||||
Intuit | 3,459 | 997,437 | |||||||
Mastercard, Cl. A | 1,573 | 442,595 | |||||||
Microsoft | 34,558 | 4,764,166 | |||||||
PayPal Holdings | 8,540 | e | 931,287 | ||||||
Salesforce.com | 971 | e | 151,544 | ||||||
Veeva Systems, Cl. A | 1,748 | e | 280,344 | ||||||
Visa, Cl. A | 11,392 | 2,059,901 | |||||||
WEX | 2,146 | e | 438,964 | ||||||
13,301,711 | |||||||||
Insurance - .8% | |||||||||
Berkshire Hathaway, Cl. B | 4,722 | e | 960,502 | ||||||
Globe Life | 8,954 | 799,234 | |||||||
MetLife | 13,271 | 587,905 | |||||||
Prudential Financial | 1,285 | 102,916 | |||||||
The Allstate | 2,135 | 218,603 | |||||||
The Progressive | 12,128 | 919,302 | |||||||
3,588,462 | |||||||||
Internet Software & Services - 2.1% | |||||||||
Alphabet, Cl. A | 1,288 | e | 1,533,403 | ||||||
Alphabet, Cl. C | 1,359 | e | 1,614,628 | ||||||
Amazon.com | 1,877 | e | 3,334,096 | ||||||
Facebook, Cl. A | 11,909 | e | 2,211,144 | ||||||
8,585 | e | 366,150 | |||||||
Verisign | 2,310 | e | 470,893 | ||||||
9,530,314 | |||||||||
Materials - .2% | |||||||||
Ball | 7,764 | 624,303 | |||||||
Sealed Air | 4,293 | 170,947 | |||||||
795,250 | |||||||||
Media - .6% | |||||||||
Charter Communications, Cl. A | 1,812 | e | 742,177 | ||||||
Comcast, Cl. A | 4,289 | 189,831 | |||||||
Liberty Broadband, Cl. A | 4,270 | e | 447,282 | ||||||
Liberty Broadband, Cl. C | 4,401 | e | 464,041 | ||||||
Netflix | 1,313 | e | 385,694 | ||||||
The Walt Disney Company | 2,524 | 346,444 | |||||||
2,575,469 | |||||||||
Real Estate - .3% | |||||||||
American Tower | 501 | f | 115,325 | ||||||
Public Storage | 2,654 | f | 702,620 | ||||||
VICI Properties | 19,704 | f | 436,641 | ||||||
1,254,586 | |||||||||
Retailing - .5% | |||||||||
AutoZone | 324 | e | 356,948 | ||||||
Best Buy | 2,146 | 136,593 |
77
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 21.2%(continued) | |||||||||
Retailing - .5% (continued) | |||||||||
Casey's General Stores | 2,847 | 477,869 | |||||||
Foot Locker | 7,911 | 286,299 | |||||||
Genuine Parts | 5,724 | 516,820 | |||||||
The Home Depot | 2,778 | 633,134 | |||||||
2,407,663 | |||||||||
Semiconductors & Semiconductor Equipment - .5% | |||||||||
Broadcom | 2,925 | 826,722 | |||||||
Intel | 30,373 | 1,439,984 | |||||||
2,266,706 | |||||||||
Technology Hardware & Equipment - 1.3% | |||||||||
Accenture, Cl. A | 6,537 | 1,295,437 | |||||||
Apple | 19,317 | 4,032,231 | |||||||
Fortinet | 2,946 | e | 233,264 | ||||||
Zebra Technologies, Cl. A | 1,400 | e | 287,042 | ||||||
5,847,974 | |||||||||
Telecommunication Services - .8% | |||||||||
AT&T | 37,445 | 1,320,311 | |||||||
Cisco Systems | 7,148 | 334,598 | |||||||
GCI Liberty, Cl. A | 7,155 | e | 445,327 | ||||||
Telephone & Data Systems | 5,176 | 130,435 | |||||||
Verizon Communications | 27,903 | 1,622,838 | |||||||
3,853,509 | |||||||||
Transportation - .7% | |||||||||
CSX | 11,451 | 767,446 | |||||||
Norfolk Southern | 4,656 | 810,377 | |||||||
Union Pacific | 5,128 | 830,531 | |||||||
United Parcel Service, Cl. B | 7,117 | 844,503 | |||||||
3,252,857 | |||||||||
Utilities - .5% | |||||||||
AES | 29,115 | 446,333 | |||||||
Exelon | 19,785 | 935,039 | |||||||
OGE Energy | 17,897 | 767,244 | |||||||
2,148,616 | |||||||||
TotalCommon Stocks | 97,451,503 | ||||||||
Description | 1-Day | Shares | Value ($) | ||||||
Investment Companies - 63.5% | |||||||||
Registered Investment Companies - 63.5% | |||||||||
ASG Managed Futures Strategy Fund, Cl. Y | 969,204 | e | 10,186,335 | ||||||
BNY Mellon Corporate Bond Fund, Cl. M | 1,043,229 | g | 13,937,544 | ||||||
BNY Mellon Dynamic Total Return Fund, CI. Y | 520,094 | g | 8,477,528 | ||||||
BNY Mellon Emerging Markets Fund, Cl. M | 2,026,957 | g | 20,553,340 | ||||||
BNY Mellon Floating Rate Income Fund, Cl. Y | 950,983 | g | 11,031,400 | ||||||
BNY Mellon Focused Equity Opportunities Fund, Cl. M | 2,963,145 | g | 46,136,176 | ||||||
BNY Mellon Global Real Estate Securities Fund, CI. Y | 946,079 | g | 9,195,887 | ||||||
BNY Mellon High Yield Fund, Cl. I | 1,810,994 | g | 11,101,392 | ||||||
BNY Mellon Income Stock Fund, Cl. M | 1,461,950 | g | 12,718,964 | ||||||
BNY Mellon Intermediate Bond Fund, Cl. M | 2,005,575 | g | 25,510,909 | ||||||
BNY Mellon International Equity Fund, Cl. Y | 624,558 | g | 12,160,143 |
78
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | 1-Day | Shares | Value ($) | ||||||
Investment Companies - 63.5%(continued) | |||||||||
Registered Investment Companies - 63.5% (continued) | |||||||||
BNY Mellon International Fund, Cl. M | 1,053,734 | g | 12,971,461 | ||||||
BNY Mellon International Small Cap Fund, Cl. Y | 866,056 | g | 11,354,000 | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund, Cl. M | 1,324,246 | g | 23,108,086 | ||||||
BNY Mellon Research Growth Fund, Cl. Y | 741,994 | g | 11,107,644 | ||||||
BNY Mellon Select Managers Small Cap Growth Fund, Cl. Y | 762,989 | g | 19,433,333 | ||||||
BNY Mellon Select Managers Small Cap Value, Cl. Y | 646,161 | g | 13,517,679 | ||||||
BNY Mellon Small Cap Multi-Strategy Fund, Cl. M | 263,462 | g | 4,510,469 | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund, Cl. M | 892,161 | e,g | 11,473,193 | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 4,498,302 | g | 4,498,302 | |||||
TotalInvestment Companies | 292,983,785 | ||||||||
Investment of Cash Collateral for Securities Loaned - .1% | |||||||||
Registered Investment Companies - .1% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 593,440 | g | 593,440 | |||||
Total Investments(cost $401,888,005) | 100.0% | 461,112,366 | |||||||
Cash and Receivables (Net) | 0.0% | 64,473 | |||||||
Net Assets | 100.0% | 461,176,839 |
GO—General Obligation
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2019, these securities were valued at $2,533,714 or .55% of net assets.
b Security, or portion thereof, on loan. At August 31, 2019, the value of the fund’s securities on loan was $1,987,059 and the value of the collateral was $2,039,744, consisting of cash collateral of $593,440 and U.S. Government & Agency securities valued at $1,446,304.
c The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
d Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
e Non-income producing security.
f Investment in real estate investment trust within the United States.
g Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Investment Companies | 63.6 |
Consumer, Non-cyclical | 6.0 |
Financial | 5.0 |
Mortgage Securities | 4.7 |
Government | 4.5 |
Technology | 4.5 |
Communications | 4.4 |
Industrial | 2.6 |
Consumer, Cyclical | 2.0 |
Energy | 1.9 |
Utilities | .7 |
Basic Materials | .1 |
100.0 |
† Based on net assets.
See notes to financial statements.
79
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS
Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Change in Unrealized | Value | Net | Dividends/ |
BNY Mellon Large Cap Stock Fund | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 2,371,133 | 66,374,449 | 66,751,300 | - | - | 1,994,282 | 1.0 | 28,598 |
Investment of Cash | ||||||||
Dreyfus Institutional | - | 2,050,308 | 2,050,308 | - | - | - | - | - |
Dreyfus Institutional | - | 7,199,737 | 6,646,723 | - | - | 553,014 | .3 | - |
Total | 2,371,133 | 75,624,494 | 75,448,331 | - | - | 2,547,296 | 1.3 | 28,598 |
BNY Mellon | ||||||||
Registered Investment | ||||||||
BNY Mellon Dynamic | 27,333,196 | 14,150,000 | 1,573,900 | (193,565) | (3,184,290) | 36,531,441 | 11.6 | 3,614,952 |
BNY Mellon Income | 23,882,111 | 9,550,000 | 1,323,330 | (87,428) | (1,463,995) | 30,557,358 | 9.7 | 2,487,562 |
BNY Mellon Research | 53,194,402 | 3,750,000 | 6,345,376 | 250,104 | (6,131,935) | 44,717,195 | 14.1 | 5,904,931 |
Dreyfus Institutional | 2,850,823 | 32,345,948 | 32,322,035 | - | - | 2,874,736 | .9 | 71,896 |
Investment of Cash | ||||||||
Dreyfus Institutional | 776,954 | 1,089,789 | 1,866,743 | - | - | - | - | - |
Dreyfus Institutional | - | 1,810,134 | 1,810,134 | - | - | - | - | - |
Total | 108,037,486 | 62,695,871 | 45,241,518 | (30,889) | (10,780,220) | 114,680,730 | 36.3 | 12,079,341 |
80
Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Change in Unrealized | Value | Net | Dividends/ |
BNY Mellon Income Stock Fund | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 50,950,671 | 499,896,903 | 509,090,775 | - | - | 41,756,799 | 4.3 | 885,077 |
Investment of Cash | ||||||||
Dreyfus Institutional | 10,316,873 | 48,773,470 | 59,090,343 | - | - | - | - | - |
Dreyfus Institutional | - | 89,228,387 | 89,228,387 | - | - | - | - | - |
Total | 61,267,544 | 637,898,760 | 657,409,505 | - | - | 41,756,799 | 4.3 | 885,077 |
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 58,809,239 | 486,896,031 | 511,046,740 | - | - | 34,658,530 | 1.3 | 913,512 |
Investment of Cash | ||||||||
Dreyfus Institutional | - | 212,599,509 | 200,642,916 | - | - | 11,956,593 | .5 | - |
Total | 58,809,239 | 699,495,540 | 711,689,656 | - | - | 46,615,123 | 1.8 | 913,512 |
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 25,813,487 | 123,820,951 | 143,485,721 | - | - | 6,148,717 | 1.4 | 211,669 |
Investment of Cash | ||||||||
Dreyfus Institutional | 28,354,418 | 69,663,938 | 98,018,356 | - | - | - | - | - |
Dreyfus Institutional | - | 116,211,234 | 92,453,616 | - | - | 23,757,618 | 5.6 | - |
Total | 54,167,905 | 309,696,123 | 333,957,693 | - | - | 29,906,335 | 7.0 | 211,669 |
81
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (continued)
InvestmentCompanies | Value | Purchases ($) | Sales ($) | Net Realized | Net Change in Unrealized | Value | Net | Dividends/ |
BNY Mellon Focused Equity Opportunities | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 4,315,710 | 100,732,436 | 103,858,843 | - | - | 1,189,303 | .3 | 56,481 |
BNY Mellon Small/ | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 8,999,810 | 59,799,870 | 66,145,907 | - | - | 2,653,773 | 1.2 | 96,125 |
Investment of Cash | ||||||||
Dreyfus Institutional | - | 67,180,192 | 59,722,603 | - | - | 7,457,589 | 3.3 | - |
Total | 8,999,810 | 126,980,062 | 125,868,510 | - | - | 10,111,362 | 4.5 | 96,125 |
BNY Mellon | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 8,123,756 | 184,315,919 | 188,884,342 | - | - | 3,555,333 | .4 | 135,379 |
Investment of Cash | ||||||||
Dreyfus Institutional | - | 89,064,845 | 82,057,810 | - | - | 7,007,035 | .8 | - |
Total | 8,123,756 | 273,380,764 | 270,942,152 | - | - | 10,562,368 | 1.2 | 135,379 |
82
Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Change in Unrealized | Value | Net | Dividends/ | ||||||
BNY Mellon | ||||||||||||||
Registered Investment | ||||||||||||||
Dreyfus Institutional | - | 299,563,834 | 296,772,633 | - | - | 2,791,201 | .4 | 87,162 | ||||||
Investment of Cash | - | |||||||||||||
Dreyfus Institutional | - | 2,166,708 | 2,166,708 | - | - | - | - | - | ||||||
Dreyfus Institutional | - | 118,190,427 | 116,312,334 | - | - | 1,878,093 | .2 | - | ||||||
Total | - | 419,920,969 | 415,251,675 | - | - | 4,669,294 | .6 | 87,162 | ||||||
BNY Mellon International | ||||||||||||||
Registered Investment | ||||||||||||||
Dreyfus Institutional | 932,182 | 102,180,406 | 101,624,239 | - | - | 1,488,349 | .5 | 75,022 | ||||||
Investment of Cash | ||||||||||||||
Dreyfus Institutional | - | 62,130,376 | 61,078,520 | - | - | 1,051,856 | .4 | - | ||||||
Total | 932,182 | 164,310,782 | 162,702,759 | - | - | 2,540,205 | .9 | 75,022 | ||||||
BNY Mellon Asset Allocation Fund | ||||||||||||||
Registered Investment | ||||||||||||||
BNY Mellon Corporate Bond Fund, Cl. M | 12,577,733 | 489,762 | - | - | 870,049 | 13,937,544 | 3.0 | 489,762 | ||||||
BNY Mellon Dynamic Total Return Fund, Cl. Y | 8,353,501 | 117,185 | - | - | 6,842 | 8,477,528 | 1.8 | 117,185 | ||||||
BNY Mellon Emerging Markets Fund, Cl. M | 22,530,508 | 157,841 | 1,000,000 | 94,502 | (1,229,511) | 20,553,340 | 4.5 | 157,840 | ||||||
BNY Mellon Floating Rate Income Fund, Cl. Y | 10,825,577 | 597,972 | - | - | (392,149) | 11,031,400 | 2.4 | 597,972 | ||||||
BNY Mellon Focused Equity Opportunities Fund, Cl. M | 48,499,412 | 6,845,368 | 2,041,328 | (173,333) | (6,993,943) | 46,136,176 | 10.0 | 6,845,368 |
83
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (continued)
Investment Companies | Value | Purchases ($) | Sales ($) | Net Realized | Net Change in Unrealized | Value | Net | Dividends/ | ||||||
BNY Mellon Asset | ||||||||||||||
Registered Investment | ||||||||||||||
BNY Mellon Global Real Estate Securities Fund, Cl. Y | 8,379,093 | 349,527 | - | - | 467,267 | 9,195,887 | 2.0 | 349,527 | ||||||
BNY Mellon High Yield | 10,468,598 | 637,415 | - | - | (4,621) | 11,101,392 | 2.4 | 639,031 | ||||||
BNY Mellon Income Stock Fund, Cl. M | 12,764,651 | 1,282,128 | - | - | (1,327,815) | 12,718,964 | 2.8 | 1,282,128 | ||||||
BNY Mellon Intermediate Bond Fund, Cl. M | 24,047,441 | 547,556 | - | - | 915,912 | 25,510,909 | 5.5 | 547,555 | ||||||
BNY Mellon | 13,115,060 | 252,405 | - | - | (1,207,322) | 12,160,143 | 2.6 | 252,405 | ||||||
BNY Mellon International Fund, Cl. M | 13,872,483 | 260,947 | - | - | (1,161,969) | 12,971,461 | 2.8 | 260,947 | ||||||
BNY Mellon International | 12,637,433 | 1,296,073 | - | - | (2,579,506) | 11,354,000 | 2.5 | 1,296,073 | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund, Cl M | 38,721,182 | 1,928,463 | 13,610,143 | 2,202,572 | (6,133,988) | 23,108,086 | 5.0 | 1,928,462 | ||||||
BNY Mellon Research | 11,036,389 | 1,304,611 | - | - | (1,233,356) | 11,107,644 | 2.4 | 1,304,610 | ||||||
BNY Mellon Select | 22,313,619 | 2,731,084 | 1,009,694 | 75,620 | (4,677,296) | 19,433,333 | 4.2 | 2,731,084 | ||||||
BNY Mellon Select | 16,442,657 | 1,559,457 | 1,007,797 | 16,004 | (3,492,642) | 13,517,679 | 2.9 | 1,559,457 | ||||||
BNY Mellon Small Cap Multi-Strategy Fund, Cl M | 6,789,894 | 640,839 | 1,606,565 | 237,717 | (1,551,416) | 4,510,469 | 1.0 | 640,840 | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund, Cl M | 12,625,248 | 1,698,493 | - | - | (2,850,548) | 11,473,193 | 2.5 | 1,698,493 | ||||||
Dreyfus Institutional | 3,732,676 | 64,566,405 | 63,800,779 | - | - | 4,498,302 | 1.0 | 119,991 | ||||||
Investment of Cash | ||||||||||||||
Dreyfus Institutional | 351,900 | - | 351,900 | - | - | - | - | - | ||||||
Dreyfus Institutional | - | 4,177,180 | 3,583,740 | - | - | 593,440 | .1 | - | ||||||
Total | 310,085,055 | 91,440,711 | 88,011,946 | 2,453,082 | (32,576,012) | 283,390,890 | 61.4 | 22,818,730 |
† 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
84
STATEMENT OF OPTIONS WRITTEN
August 31, 2019
BNY Mellon Income Stock Fund | ||||||
Description/ Contracts/ Counterparties | Exercise Price | Expiration Date | Notional Amount | Value ($) | ||
Call Options: | ||||||
Citigroup Inc, | 70 | 9/20/19 | 10,360,000 | (13,320) | ||
Honeywell International Inc, | 175 | 9/20/19 | 10,325,000 | (11,800) | ||
International Business Machine, | 155 | 9/20/19 | 6,432,500 | (1,245) | ||
Morgan Stanley, | 45 | 9/20/19 | 6,750,000 | (9,000) | ||
Omnicom Group Inc, | 82.5 | 9/20/19 | 8,250,000 | (5,000) | ||
Pfizer Inc, | 40 | 9/20/19 | 800,000 | (200) | ||
Qualcomm Inc, | 75 | 9/20/19 | 4,650,000 | (241,800) | ||
United Technologies Corp, | 135 | 9/20/19 | 7,695,000 | (51,300) | ||
Total Options Written | (333,665) |
See notes to financial statements.
85
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2019
|
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|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
|
|
Assets ($): |
|
|
|
|
|
|
|
|
|
|
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 193,907,300 |
| 200,984,929 |
| 922,102,347 |
|
|
Affiliated issuers |
|
|
| 2,547,296 |
| 114,680,730 |
| 41,756,799 |
|
|
Dividends receivable |
|
|
| 363,174 |
| 401,810 |
| 2,530,787 |
|
|
Receivable for shares of Beneficial |
|
|
| 22,000 |
| 90,000 |
| 649,816 |
|
|
Interest receivable |
|
|
| 2,859 |
| 3,942 |
| 76,666 |
|
|
Securities lending receivable |
|
|
| 710 |
| 910 |
| 2,720 |
|
|
Receivable for investment securities sold |
|
|
| - |
| 1,277,152 |
| 12,267,860 |
|
|
Prepaid expenses |
|
|
| 22,555 |
| 24,543 |
| 60,589 |
|
|
|
|
|
| 196,865,894 |
| 317,464,016 |
| 979,447,584 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 135,684 |
| 162,835 |
| 652,559 |
|
|
Cash overdraft due to Custodian |
|
|
| 145,259 |
| - |
| 1,594,225 |
|
|
Liability for securities on loan—Note 1(c) |
|
|
| 553,014 |
| - |
| - |
|
|
Payable for shares of Beneficial |
|
|
| 44,783 |
| 113,483 |
| 540,753 |
|
|
Payable for investment securities purchased |
|
|
| - |
| 1,300,488 |
| 8,504,987 |
|
|
Outstanding options written, at value††† |
|
|
| - |
| - |
| 333,665 |
|
|
Trustees fees and expenses payable |
|
|
| 4,194 |
| 3,732 |
| 17,310 |
|
|
Other accrued expenses |
|
|
| 17,450 |
| 12,896 |
| 28,013 |
|
|
|
|
|
| 900,384 |
| 1,593,434 |
| 11,671,512 |
|
|
Net Assets ($) |
|
|
| 195,965,510 |
| 315,870,582 |
| 967,776,072 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 131,186,377 |
| 177,703,081 |
| 779,990,562 |
|
|
Total distributable earnings (loss) |
|
|
| 64,779,133 |
| 138,167,501 |
| 187,785,510 |
|
|
Net Assets ($) |
|
|
| 195,965,510 |
| 315,870,582 |
| 967,776,072 |
|
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† Investments at cost ($) |
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|
|
|
|
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|
|
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Unaffiliated issuers |
|
|
| 147,012,801 |
| 94,776,893 |
| 782,907,166 |
|
|
Affiliated issuers |
|
|
| 2,547,296 |
| 104,035,506 |
| 41,756,799 |
|
|
††Value of securities on loan ($) |
|
|
| 8,536,383 |
| 9,003,138 |
| 26,778,622 |
|
|
††† Outstanding options premiums received ($) |
|
|
| - |
| - |
| 675,306 |
|
|
86
|
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|
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|
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
|
|
Net Asset Value Per Share |
|
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|
|
|
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Class M |
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Net Assets ($) |
|
|
| 189,137,330 |
| 308,921,148 |
| 930,683,458 |
|
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Shares Outstanding |
|
|
| 35,300,123 |
| 19,479,292 |
| 106,936,403 |
|
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Net Asset Value Per Share ($) |
|
|
| 5.36 |
| 15.86 |
| 8.70 |
|
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Investor Shares |
|
|
|
|
|
|
|
|
|
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Net Assets ($) |
|
|
| 6,828,180 |
| 6,949,434 |
| 23,912,604 |
|
|
Shares Outstanding |
|
|
| 1,273,747 |
| 426,880 |
| 2,712,127 |
|
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Net Asset Value Per Share ($) |
|
|
| 5.36 |
| 16.28 |
| 8.82 |
|
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Class A |
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Net Assets ($) |
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| - |
| - |
| 1,505,503 |
|
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Shares Outstanding |
|
|
| - |
| - |
| 172,844 |
|
|
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| 8.71 |
|
|
Class C |
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|
|
|
|
|
|
|
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Net Assets ($) |
|
|
| - |
| - |
| 1,157,602 |
|
|
Shares Outstanding |
|
|
| - |
| - |
| 133,313 |
|
|
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| 8.68 |
|
|
Class I |
|
|
|
|
|
|
|
|
|
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Net Assets ($) |
|
|
| - |
| - |
| 10,135,377 |
|
|
Shares Outstanding |
|
|
| - |
| - |
| 1,164,174 |
|
|
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| 8.71 |
|
|
Class Y |
|
|
|
|
|
|
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|
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Net Assets ($) |
|
|
| - |
| - |
| 381,528 |
|
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Shares Outstanding |
|
|
| - |
| - |
| 43,869 |
|
|
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| 8.70 |
|
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|
|
|
|
|
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|
See notes to financial statements. |
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87
STATEMENTS OF ASSETS AND LIABILITIES (continued)
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| 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 |
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Assets ($): |
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Investments in securities—See Statements |
|
|
|
|
|
|
|
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Unaffiliated issuers |
|
|
| 2,697,946,256 |
| 417,319,535 |
| 436,307,752 |
| 222,385,691 |
|
|
Affiliated issuers |
|
|
| 46,615,123 |
| 29,906,335 |
| 1,189,303 |
| 10,111,362 |
|
|
Cash |
|
|
| - |
| 953,929 |
| - |
| - |
|
|
Receivable for investment securities sold |
|
|
| 60,355,734 |
| 509,107 |
| 9,630,406 |
| 767,928 |
|
|
Dividends receivable |
|
|
| 2,429,912 |
| 508,514 |
| 610,593 |
| 174,625 |
|
|
Receivable for shares of Beneficial |
|
|
| 787,928 |
| 214,734 |
| 283,318 |
| 357 |
|
|
Interest receivable |
|
|
| 67,449 |
| 9,753 |
| 2,160 |
| 4,646 |
|
|
Securities lending receivable |
|
|
| 52,412 |
| 39,154 |
| 3,022 |
| 9,005 |
|
|
Prepaid expenses |
|
|
| 41,084 |
| 27,002 |
| 32,627 |
| 27,459 |
|
|
|
|
|
| 2,808,295,898 |
| 449,488,063 |
| 448,059,181 |
| 233,481,073 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 2,062,235 |
| 368,409 |
| 308,878 |
| 177,911 |
|
|
Cash overdraft due to Custodian |
|
|
| 8,833 |
| - |
| - |
| - |
|
|
Payable for investment securities purchased |
|
|
| 62,582,310 |
| 803,154 |
| 9,844,560 |
| 585,255 |
|
|
Liability for securities on loan—Note 1(c) |
|
|
| 11,956,593 |
| 23,757,618 |
| - |
| 7,457,589 |
|
|
Payable for shares of Beneficial |
|
|
| 2,260,060 |
| 361,718 |
| 122,389 |
| 160,080 |
|
|
Trustees fees and expenses payable |
|
|
| 43,760 |
| 8,427 |
| 7,426 |
| 3,800 |
|
|
Other accrued expenses |
|
|
| 63,512 |
| 15,431 |
| 26,314 |
| 32,143 |
|
|
|
|
|
| 78,977,303 |
| 25,314,757 |
| 10,309,567 |
| 8,416,778 |
|
|
Net Assets ($) |
|
|
| 2,729,318,595 |
| 424,173,306 |
| 437,749,614 |
| 225,064,295 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 1,776,829,955 |
| 358,533,032 |
| 309,616,563 |
| 179,959,763 |
|
|
Total distributable earnings (loss) |
|
|
| 952,488,640 |
| 65,640,274 |
| 128,133,051 |
| 45,104,532 |
|
|
Net Assets ($) |
|
|
| 2,729,318,595 |
| 424,173,306 |
| 437,749,614 |
| 225,064,295 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 1,797,997,202 |
| 354,740,243 |
| 329,693,428 |
| 180,492,584 |
|
|
Affiliated issuers |
|
|
| 46,615,123 |
| 29,906,335 |
| 1,189,303 |
| 10,111,362 |
|
|
††Value of securities on loan ($) |
|
|
| 279,037,794 |
| 117,736,150 |
| 34,129,817 |
| 49,545,619 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
Class M |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 2,610,739,304 |
| 405,350,427 |
| 430,596,924 |
| 223,000,266 |
|
|
Shares Outstanding |
|
|
| 149,587,916 |
| 23,679,819 |
| 27,647,461 |
| 17,334,378 |
|
|
Net Asset Value Per Share ($) |
|
|
| 17.45 |
| 17.12 |
| 15.57 |
| 12.86 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 118,579,291 |
| 18,822,879 |
| 7,152,690 |
| 2,064,029 |
|
|
Shares Outstanding |
|
|
| 6,923,568 |
| 1,167,334 |
| 465,438 |
| 164,188 |
|
|
Net Asset Value Per Share ($) |
|
|
| 17.13 |
| 16.12 |
| 15.37 |
| 12.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
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|
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|
88
|
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|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| BNY Mellon International Equity Income Fund |
| BNY Mellon Asset Allocation Fund |
|
|
Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 903,854,245 |
| 826,030,908 |
| 279,336,772 |
| 177,721,476 |
|
|
Affiliated issuers |
|
|
| 10,562,368 |
| 4,669,294 |
| 2,540,205 |
| 283,390,890 |
|
|
Cash |
|
|
| - |
| - |
| - |
| 146,094 |
|
|
Cash denominated in foreign currency††† |
|
|
| 3,035,053 |
| 9,720,822 |
| 2,364,003 |
| - |
|
|
Tax reclaim receivable |
|
|
| 2,948,246 |
| 159,499 |
| 1,317,957 |
| - |
|
|
Dividends receivable |
|
|
| 1,946,120 |
| 454,658 |
| 1,046,888 |
| 298,164 |
|
|
Receivable for investment securities sold |
|
|
| 296,213 |
| 2,665,668 |
| - |
| 182,058 |
|
|
Receivable for shares of Beneficial |
|
|
| 195,951 |
| 269,144 |
| 145,323 |
| 366,037 |
|
|
Interest receivable |
|
|
| 11,487 |
| 4,715 |
| 4,262 |
| 572,592 |
|
|
Securities lending receivable |
|
|
| 841 |
| 2,401 |
| 13,515 |
| 365 |
|
|
Prepaid expenses |
|
|
| 29,005 |
| 28,475 |
| 12,723 |
| 33,890 |
|
|
|
|
|
| 922,879,529 |
| 844,005,584 |
| 286,781,648 |
| 462,711,566 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 809,619 |
| 1,144,584 |
| 295,950 |
| 180,646 |
|
|
Liability for securities on loan—Note 1(c) |
|
|
| 7,007,035 |
| 1,878,093 |
| 1,051,856 |
| 593,440 |
|
|
Payable for shares of Beneficial |
|
|
| 1,101,007 |
| 793,653 |
| 1,000,684 |
| 67,733 |
|
|
Unrealized depreciation on foreign currency transactions |
|
|
| 85,788 |
| 4,703 |
| 34,956 |
| - |
|
|
Trustees fees and expenses payable |
|
|
| 16,500 |
| 8,975 |
| 3,133 |
| 7,582 |
|
|
Payable for investment securities purchased |
|
|
| - |
| 19,427 |
| - |
| 668,305 |
|
|
Interest payable—Note 2 |
|
|
| - |
| 490 |
| 762 |
| - |
|
|
Other accrued expenses |
|
|
| 24,769 |
| 21,717 |
| 15,394 |
| 17,021 |
|
|
|
|
|
| 9,044,718 |
| 3,871,642 |
| 2,402,735 |
| 1,534,727 |
|
|
Net Assets ($) |
|
|
| 913,834,811 |
| 840,133,942 |
| 284,378,913 |
| 461,176,839 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 975,271,293 |
| 1,125,219,216 |
| 328,792,101 |
| 378,559,945 |
|
|
Total distributable earnings (loss) |
|
|
| (61,436,482) |
| (285,085,274) |
| (44,413,188) |
| 82,616,894 |
|
|
Net Assets ($) |
|
|
| 913,834,811 |
| 840,133,942 |
| 284,378,913 |
| 461,176,839 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 915,215,568 |
| 692,193,054 |
| 294,667,226 |
| 152,782,173 |
|
|
Affiliated issuers |
|
|
| 10,562,368 |
| 4,669,294 |
| 2,540,205 |
| 249,105,832 |
|
|
††Value of securities on loan ($) |
|
|
| 6,461,420 |
| 25,461,803 |
| 1,028,994 |
| 1,987,059 |
|
|
†††Cash denominated in foreign |
|
|
| 3,055,033 |
| 9,815,330 |
| 2,380,301 |
| - |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
Class M |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 897,079,773 |
| 819,163,592 |
| 282,060,533 |
| 454,093,452 |
|
|
Shares Outstanding |
|
|
| 72,871,950 |
| 80,764,598 |
| 23,118,605 |
| 37,009,780 |
|
|
Net Asset Value Per Share ($) |
|
|
| 12.31 |
| 10.14 |
| 12.20 |
| 12.27 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 16,755,038 |
| 20,970,350 |
| 2,318,380 |
| 7,083,387 |
|
|
Shares Outstanding |
|
|
| 1,276,951 |
| 2,014,765 |
| 187,745 |
| 572,662 |
|
|
Net Asset Value Per Share ($) |
|
|
| 13.12 |
| 10.41 |
| 12.35 |
| 12.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
89
STATEMENTS OF OPERATIONS
Year Ended August 31, 2019
|
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|
|
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
| ||
Cash dividends: |
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 4,360,677 | † | 3,767,854 | † | 33,347,049 | † | ||
Affiliated issuers |
|
| 28,598 |
| 1,309,323 |
| 885,077 |
| ||
Interest |
|
| - |
| 373 |
| 1,643 |
| ||
Income from securities lending—Note 1(c) |
|
| 8,767 |
| 12,948 |
| 53,104 |
| ||
Total Income |
|
| 4,398,042 |
| 5,090,498 |
| 34,286,873 |
| ||
Expenses: |
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 1,443,016 |
| 1,637,640 |
| 6,821,141 |
| ||
Administration fee—Note 3(a) |
|
| 272,184 |
| 258,810 |
| 1,287,689 |
| ||
Professional fees |
|
| 39,085 |
| 38,950 |
| 51,083 |
| ||
Registration fees |
|
| 33,489 |
| 34,221 |
| 92,675 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 19,602 |
| 15,088 |
| 87,541 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 16,747 |
| 21,963 |
| 65,326 |
| ||
Custodian fees—Note 3(b) |
|
| 10,982 |
| 4,751 |
| 17,343 |
| ||
Prospectus and shareholders’ reports |
|
| 10,518 |
| 10,317 |
| 13,879 |
| ||
Loan commitment fees—Note 2 |
|
| 5,027 |
| 8,302 |
| 23,909 |
| ||
Interest expense—Note 2 |
|
| 1,818 |
| - |
| 1,470 |
| ||
Distribution fees—Note 3(b) |
|
| - |
| - |
| 9,945 |
| ||
Miscellaneous |
|
| 28,502 |
| 30,681 |
| 35,767 |
| ||
Total Expenses |
|
| 1,880,970 |
| 2,060,723 |
| 8,507,768 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| - |
| (7) |
| - |
| ||
Net Expenses |
|
| 1,880,970 |
| 2,060,716 |
| 8,507,768 |
| ||
Investment Income—Net |
|
| 2,517,072 |
| 3,029,782 |
| 25,779,105 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
| ||||
Net realized gain (loss) on investments: |
|
|
|
|
|
| ||||
Unaffiliated issuers |
|
|
| 20,619,192 |
| 14,270,321 |
| 64,682,356 |
| |
Affiliated issuers |
|
|
| - |
| (30,889) |
| - |
| |
Net realized gain (loss) on options transactions |
|
| - |
| - |
| 816,133 |
| ||
Capital gain distributions from affiliated issuers |
|
| - |
| 10,770,018 |
| - |
| ||
Net Realized Gain (Loss) |
|
| 20,619,192 |
| 25,009,450 |
| 65,498,489 |
| ||
Net change in unrealized appreciation (depreciation) on investments: |
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
|
| (31,584,289) |
| (18,532,075) |
| (114,837,412) |
| |
Affiliated issuers |
|
|
| - |
| (10,780,220) |
| - |
| |
Net change in unrealized appreciation (depreciation) on options transactions |
|
| - |
| - |
| 1,199,476 |
| ||
Net Change in Unrealized Appreciation (Depreciation) |
|
| (31,584,289) |
| (29,312,295) |
| (113,637,936) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (10,965,097) |
| (4,302,845) |
| (48,139,447) |
| ||
Net (Decrease) in Net Assets Resulting from Operations |
| (8,448,025) |
| (1,273,063) |
| (22,360,342) |
| |||
†Net of foreign taxes withheld at source ($) |
|
| 1,612 |
| 175 |
| 93,651 |
| ||
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| 37,432,006 | † | 4,907,730 | † | 6,994,725 |
| 2,597,341 | † | ||
Affiliated issuers |
|
| 913,512 |
| 211,669 |
| 56,481 |
| 96,125 |
| ||
Interest |
|
| 3,635 |
| 786 |
| 448 |
| - |
| ||
Income from securities lending—Note 1(c) |
|
| 355,286 |
| 214,017 |
| 26,541 |
| 52,593 |
| ||
Total Income |
|
| 38,704,439 |
| 5,334,202 |
| 7,078,195 |
| 2,746,059 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 21,534,235 |
| 4,047,961 |
| 3,252,188 |
| 2,036,464 |
| ||
Administration fee—Note 3(a) |
|
| 3,520,004 |
| 584,743 |
| 569,589 |
| 332,943 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 298,124 |
| 51,816 |
| 20,106 |
| 6,829 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 204,194 |
| 34,564 |
| 31,672 |
| 16,739 |
| ||
Professional fees |
|
| 87,374 |
| 39,728 |
| 41,533 |
| 38,184 |
| ||
Custodian fees—Note 3(b) |
|
| 79,140 |
| 44,530 |
| 9,801 |
| 27,411 |
| ||
Loan commitment fees—Note 2 |
|
| 71,835 |
| 10,856 |
| 9,375 |
| 3,870 |
| ||
Registration fees |
|
| 45,467 |
| 35,166 |
| 39,767 |
| 36,424 |
| ||
Prospectus and shareholders’ reports |
|
| 26,472 |
| 12,128 |
| 8,980 |
| 5,650 |
| ||
Interest expense—Note 2 |
|
| 5,857 |
| 888 |
| 14,874 |
| 16,649 |
| ||
Miscellaneous |
|
| 72,760 |
| 26,343 |
| 28,712 |
| 27,510 |
| ||
Total Expenses |
|
| 25,945,462 |
| 4,888,723 |
| 4,026,597 |
| 2,548,673 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (727) |
| - |
| - |
| - |
| ||
Net Expenses |
|
| 25,944,735 |
| 4,888,723 |
| 4,026,597 |
| 2,548,673 |
| ||
Investment Income—Net |
|
| 12,759,704 |
| 445,479 |
| 3,051,598 |
| 197,386 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | 83,661,715 |
| 15,430,814 |
| 27,419,986 |
| 10,467,424 |
| ||||
Net change in unrealized appreciation (depreciation) on investments |
|
| (225,723,778) |
| (100,612,833) |
| (51,318,102) |
| (48,855,473) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (142,062,063) |
| (85,182,019) |
| (23,898,116) |
| (38,388,049) |
| ||
Net (Decrease) in Net Assets Resulting from Operations |
| (129,302,359) |
| (84,736,540) |
| (20,846,518) |
| (38,190,663) |
| |||
†Net of foreign taxes withheld at source ($) |
|
| 49,748 |
| 17,600 |
| - |
| 7,032 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
91
STATEMENTS OF OPERATIONS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| BNY Mellon International Equity Income Fund |
| BNY Mellon Asset Allocation Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
| ||
Dividends: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 34,042,233 | † | 23,759,477 | † | 17,708,016 | † | 2,084,527 | † | ||
Affiliated issuers |
|
| 135,379 |
| 87,162 |
| 75,076 |
| 4,328,945 |
| ||
Interest |
|
| - |
| - |
| - |
| 2,157,304 |
| ||
Income from securities lending—Note 1(c) |
|
| 5,533 |
| 29,461 |
| 122,577 |
| 2,241 |
| ||
Total Income |
|
| 34,183,145 |
| 23,876,100 |
| 17,905,669 |
| 8,573,017 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 8,346,633 |
| 9,978,682 |
| 2,715,911 |
| 1,382,059 |
| ||
Administration fee—Note 3(a) |
|
| 1,203,881 |
| 1,064,053 |
| 391,938 |
| 208,623 |
| ||
Custodian fees—Note 3(b) |
|
| 169,954 |
| 700,105 |
| 159,861 |
| 9,803 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 68,996 |
| 54,330 |
| 21,266 |
| 31,490 |
| ||
Professional fees |
|
| 50,138 |
| 94,047 |
| 49,781 |
| 46,417 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 47,081 |
| 48,192 |
| 3,968 |
| 16,516 |
| ||
Registration fees |
|
| 38,150 |
| 40,652 |
| 40,399 |
| 53,941 |
| ||
Loan commitment fees—Note 2 |
|
| 20,813 |
| 14,223 |
| 7,376 |
| 11,096 |
| ||
Prospectus and shareholders’ reports |
|
| 11,422 |
| 12,652 |
| 9,767 |
| 11,672 |
| ||
Interest expense—Note 2 |
|
| 6,361 |
| 12,653 |
| 3,688 |
| 446 |
| ||
Miscellaneous |
|
| 55,443 |
| 53,208 |
| 33,269 |
| 37,830 |
| ||
Total Expenses |
|
| 10,018,872 |
| 12,072,797 |
| 3,437,224 |
| 1,809,893 |
| ||
Less—reduction in expenses due to undertakings—Note 3(a) |
|
| - |
| - |
| - |
| (373,668) |
| ||
Net Expenses |
|
| 10,018,872 |
| 12,072,797 |
| 3,437,224 |
| 1,436,225 |
| ||
Investment Income—Net |
|
| 24,164,273 |
| 11,803,303 |
| 14,468,445 |
| 7,136,792 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments |
|
|
|
|
|
|
|
| ||||
Unaffiliated issuers |
|
|
| (30,320,848) |
| (21,276,944) |
| (16,993,397) |
| 6,040,974 |
| |
Affiliated issuers |
|
|
| - |
| - |
| - |
| 2,453,082 |
| |
Net realized gain (loss) on forward foreign | 25,723 |
| (1,046,849) |
| 95,006 |
| - |
| ||||
Capital gain distributions from affiliated issuers |
|
| - |
| - |
| - |
| 18,489,785 |
| ||
Net Realized Gain (Loss) |
|
| (30,295,125) |
| (22,323,793) |
| (16,898,391) |
| 26,983,841 |
| ||
Net change in unrealized appreciation (depreciation) on investments |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
|
| (73,951,873) |
| (36,810,065) |
| (27,210,328) |
| (4,426,156) |
| |
Affiliated issuers |
|
|
| - |
| - |
| - |
| (32,576,012) |
| |
Net change in unrealized appreciation (depreciation) on |
|
| - |
| 126 |
| - |
| - |
| ||
Net Change in Unrealized Appreciation (Depreciation) |
|
| (73,951,873) |
| (36,809,939) |
| (27,210,328) |
| (37,002,168) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (104,246,998) |
| (59,133,732) |
| (44,108,719) |
| (10,018,327) |
| ||
Net (Decrease) in Net Assets Resulting from Operations |
| (80,082,725) |
| (47,330,429) |
| (29,640,274) |
| (2,881,535) |
| |||
†Net of foreign taxes withheld at source ($) |
|
| 2,749,006 |
| 3,098,482 |
| 2,230,954 |
| 740 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
92
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2019 |
|
|
| 2018a |
| 2019 |
|
|
| 2018a |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 2,517,072 |
|
|
| 2,993,055 |
| 3,029,782 |
|
|
| 2,756,138 |
| |
Net realized gain (loss) on investments |
| 20,619,192 |
|
|
| 35,056,395 |
| 25,009,450 |
|
|
| 33,971,203 |
| ||
Net change in unrealized appreciation |
| (31,584,289) |
|
|
| 10,791,958 |
| (29,312,295) |
|
|
| 30,420,435 |
| ||
Net Increase (Decrease) in Net Assets | (8,448,025) |
|
|
| 48,841,408 |
| (1,273,063) |
|
|
| 67,147,776 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (34,977,319) |
|
|
| (35,767,556) |
| (38,761,855) |
|
|
| (34,256,502) |
| |
Investor Shares |
|
| (1,317,080) |
|
|
| (1,238,547) |
| (742,007) |
|
|
| (648,409) |
| |
Total Distributions |
|
| (36,294,399) |
|
|
| (37,006,103) |
| (39,503,862) |
|
|
| (34,904,911) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 39,251,913 |
|
|
| 20,184,388 |
| 17,649,746 |
|
|
| 7,532,291 |
| |
Investor Shares |
|
| 1,316,675 |
|
|
| 2,473,904 |
| 2,726,661 |
|
|
| 1,614,102 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 20,579,083 |
|
|
| 21,009,234 |
| 30,446,340 |
|
|
| 26,191,338 |
| |
Investor Shares |
|
| 1,249,400 |
|
|
| 1,196,889 |
| 588,916 |
|
|
| 511,558 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (97,863,598) |
|
|
| (60,799,287) |
| (49,167,840) |
|
|
| (52,043,430) |
| |
Investor Shares |
|
| (4,128,504) |
|
|
| (4,226,415) |
| (2,154,592) |
|
|
| (2,659,846) |
| |
Increase (Decrease) in Net Assets | (39,595,031) |
|
|
| (20,161,287) |
| 89,231 |
|
|
| (18,853,987) |
| |||
Total Increase (Decrease) in Net Assets | (84,337,455) |
|
|
| (8,325,982) |
| (40,687,694) |
|
|
| 13,388,878 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 280,302,965 |
|
|
| 288,628,947 |
| 356,558,276 |
|
|
| 343,169,398 |
| |
End of Period |
|
| 195,965,510 |
|
|
| 280,302,965 |
| 315,870,582 |
|
|
| 356,558,276 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 7,923,707 |
|
|
| 3,198,117 |
| 1,152,890 |
|
|
| 447,655 |
| |
Shares issued for distributions reinvested |
|
| 4,139,046 |
|
|
| 3,484,417 |
| 2,220,739 |
|
|
| 1,603,879 |
| |
Shares redeemed |
|
| (18,326,576) |
|
|
| (9,662,903) |
| (3,212,345) |
|
|
| (3,138,912) |
| |
Net Increase (Decrease) in Shares Outstanding | (6,263,823) |
|
|
| (2,980,369) |
| 161,284 |
|
|
| (1,087,378) |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 243,479 |
|
|
| 394,245 |
| 167,868 |
|
|
| 92,027 |
| |
Shares issued for distributions reinvested |
|
| 250,934 |
|
|
| 198,305 |
| 41,767 |
|
|
| 30,577 |
| |
Shares redeemed |
|
| (753,630) |
|
|
| (672,656) |
| (138,849) |
|
|
| (153,137) |
| |
Net Increase (Decrease) in Shares Outstanding | (259,217) |
|
|
| (80,106) |
| 70,786 |
|
|
| (30,533) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
aFor 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 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. | |||||||||||||||
bDuring the period ended August 31, 2019, 243,554 Class M shares representing $1,316,674 were exchanged for 243,479 Investor shares for BNY Mellon Large Cap Stock Fund and 171,468 Class M shares representing $2,711,661 were exchanged for 167,039 Investor shares for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy 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 93,669 Class M shares representing $1,606,974 were exchanged for 91,627 Investor shares for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund. | |||||||||||||||
|
93
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Income Stock Fund |
| BNY Mellon Mid Cap Multi-Strategy Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2019 |
|
|
| 2018a |
| 2019 |
|
|
| 2018a |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 25,779,105 |
|
|
| 26,546,515 |
| 12,759,704 |
|
|
| 9,251,474 |
| |
Net realized gain (loss) on investments |
| 65,498,489 |
|
|
| 98,604,079 |
| 83,661,715 |
|
|
| 198,762,928 |
| ||
Net change in unrealized appreciation |
| (113,637,936) |
|
|
| 51,204,694 |
| (225,723,778) |
|
|
| 377,820,071 |
| ||
Net Increase (Decrease) in Net Assets | (22,360,342) |
|
|
| 176,355,288 |
| (129,302,359) |
|
|
| 585,834,473 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (112,298,396) |
|
|
| (109,192,083) |
| (197,165,092) |
|
|
| (135,207,017) |
| |
Investor Shares |
|
| (3,668,374) |
|
|
| (2,492,047) |
| (8,965,119) |
|
|
| (4,205,056) |
| |
Class A |
|
| (362,938) |
|
|
| (315,556) |
| - |
|
|
| - |
| |
Class C |
|
| (74,750) |
|
|
| (77,193) |
| - |
|
|
| - |
| |
Class I |
|
| (1,407,810) |
|
|
| (532,656) |
| - |
|
|
| - |
| |
Class Y |
|
| (5,124) |
|
|
| (1,041) |
| - |
|
|
| - |
| |
Total Distributions |
|
| (117,817,392) |
|
|
| (112,610,576) |
| (206,130,211) |
|
|
| (139,412,073) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 168,694,876 |
|
|
| 97,506,202 |
| 300,746,846 |
|
|
| 330,453,914 |
| |
Investor Shares |
|
| 18,657,995 |
|
|
| 19,440,856 |
| 56,235,488 |
|
|
| 53,660,367 |
| |
Class A |
|
| 822,080 |
|
|
| 2,164,520 |
| - |
|
|
| - |
| |
Class C |
|
| 1,308,608 |
|
|
| 164,393 |
| - |
|
|
| - |
| |
Class I |
|
| 7,577,053 |
|
|
| 8,955,418 |
| - |
|
|
| - |
| |
Class Y |
|
| 356,747 |
|
|
| - |
| - |
|
|
| - |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 48,321,973 |
|
|
| 45,518,173 |
| 88,948,705 |
|
|
| 62,094,669 |
| |
Investor Shares |
|
| 3,011,943 |
|
|
| 2,105,487 |
| 7,422,669 |
|
|
| 3,438,095 |
| |
Class A |
|
| 357,768 |
|
|
| 313,715 |
| - |
|
|
| - |
| |
Class C |
|
| 73,716 |
|
|
| 76,269 |
| - |
|
|
| - |
| |
Class I |
|
| 1,290,690 |
|
|
| 531,394 |
| - |
|
|
| - |
| |
Class Y |
|
| 3,978 |
|
|
| - |
| - |
|
|
| - |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (338,797,865) |
|
|
| (204,001,653) |
| (813,414,685) |
|
|
| (254,539,293) |
| |
Investor Shares |
|
| (24,892,850) |
|
|
| (19,931,472) |
| (57,300,065) |
|
|
| (36,247,589) |
| |
Class A |
|
| (3,740,605) |
|
|
| (3,338,059) |
| - |
|
|
| - |
| |
Class C |
|
| (1,108,481) |
|
|
| (598,745) |
| - |
|
|
| - |
| |
Class I |
|
| (9,299,794) |
|
|
| (3,597,411) |
| - |
|
|
| - |
| |
Increase (Decrease) in Net Assets | (127,362,168) |
|
|
| (54,690,913) |
| (417,361,042) |
|
|
| 158,860,163 |
| |||
Total Increase (Decrease) in Net Assets | (267,539,902) |
|
|
| 9,053,799 |
| (752,793,612) |
|
|
| 605,282,563 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 1,235,315,974 |
|
|
| 1,226,262,175 |
| 3,482,112,207 |
|
|
| 2,876,829,644 |
| |
End of Period |
|
| 967,776,072 |
|
|
| 1,235,315,974 |
| 2,729,318,595 |
|
|
| 3,482,112,207 |
|
94
|
|
|
| BNY Mellon Income Stock Fund |
| BNY Mellon Mid Cap Multi-Strategy Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2019 |
|
|
| 2018a |
| 2019 |
|
|
| 2018a |
|
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 20,249,369 |
|
|
| 10,324,382 |
| 18,545,109 |
|
|
| 18,468,723 |
| |
Shares issued for distributions reinvested |
|
| 5,964,918 |
|
|
| 4,876,755 |
| 6,147,112 |
|
|
| 3,589,287 |
| |
Shares redeemed |
|
| (40,485,328) |
|
|
| (21,587,699) |
| (49,696,090) |
|
|
| (14,214,472) |
| |
Net Increase (Decrease) in Shares Outstanding | (14,271,041) |
|
|
| (6,386,562) |
| (25,003,869) |
|
|
| 7,843,538 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 2,034,158 |
|
|
| 2,045,846 |
| 3,322,817 |
|
|
| 3,004,436 |
| |
Shares issued for distributions reinvested |
|
| 365,801 |
|
|
| 222,625 |
| 521,988 |
|
|
| 202,003 |
| |
Shares redeemed |
|
| (2,883,770) |
|
|
| (2,075,998) |
| (3,466,120) |
|
|
| (2,054,728) |
| |
Net Increase (Decrease) in Shares Outstanding | (483,811) |
|
|
| 192,473 |
| 378,685 |
|
|
| 1,151,711 |
| |||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 97,215 |
|
|
| 230,326 |
| - |
|
|
| - |
| |
Shares issued for distributions reinvested |
|
| 43,931 |
|
|
| 33,471 |
| - |
|
|
| - |
| |
Shares redeemed |
|
| (439,167) |
|
|
| (342,734) |
| - |
|
|
| - |
| |
Net Increase (Decrease) in Shares Outstanding | (298,021) |
|
|
| (78,937) |
| - |
|
|
| - |
| |||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 167,819 |
|
|
| 17,439 |
| - |
|
|
| - |
| |
Shares issued for distributions reinvested |
|
| 9,064 |
|
|
| 8,167 |
| - |
|
|
| - |
| |
Shares redeemed |
|
| (128,138) |
|
|
| (64,161) |
| - |
|
|
| - |
| |
Net Increase (Decrease) in Shares Outstanding | 48,745 |
|
|
| (38,555) |
| - |
|
|
| - |
| |||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 850,341 |
|
|
| 943,755 |
| - |
|
|
| - |
| |
Shares issued for distributions reinvested |
|
| 158,115 |
|
|
| 56,716 |
| - |
|
|
| - |
| |
Shares redeemed |
|
| (1,120,935) |
|
|
| (376,655) |
| - |
|
|
| - |
| |
Net Increase (Decrease) in Shares Outstanding | (112,479) |
|
|
| 623,816 |
| - |
|
|
| - |
| |||
Class Y |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 42,219 |
|
|
| - |
| - |
|
|
| - |
| |
Shares issued for distributions reinvested |
|
| 462 |
|
|
| - |
| - |
|
|
| - |
| |
Net Increase (Decrease) in Shares Outstanding | 42,681 |
|
|
| - |
| - |
|
|
| - |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
aFor 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. 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. | |||||||||||||||
bDuring the period ended August 31, 2019, 2,041,350 Class M shares representing $18,503,125 were exchanged for 2,016,969 Investor shares for BNY Mellon Income Stock Fund and 3,113,954 Class M shares representing $53,624,580 were exchanged for 3,170,485 Investor shares for BNY Mellon Mid Cap Multi-Strategy Fund. During the period ended August 31, 2018, 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 and 2,903,265 Class M shares representing $52,722,336 were exchanged for 2,953,066 Investor shares for BNY Mellon Mid Cap Multi-Strategy Fund. | |||||||||||||||
|
95
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Small Cap Multi-Strategy Fund |
| BNY Mellon Focused Equity Opportunities Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2019 |
|
|
| 2018a |
| 2019 |
|
|
| 2018a |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income (loss)—net |
|
| 445,479 |
|
|
| (935,746) |
| 3,051,598 |
|
|
| 2,805,973 |
| |
Net realized gain (loss) on investments |
| 15,430,814 |
|
|
| 71,620,292 |
| 27,419,986 |
|
|
| 67,608,376 |
| ||
Net change in unrealized appreciation |
| (100,612,833) |
|
|
| 79,464,459 |
| (51,318,102) |
|
|
| 37,761,819 |
| ||
Net Increase (Decrease) in Net Assets | (84,736,540) |
|
|
| 150,149,005 |
| (20,846,518) |
|
|
| 108,176,168 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (68,142,188) |
|
|
| (44,416,531) |
| (76,074,385) |
|
|
| (54,916,254) |
| |
Investor Shares |
|
| (3,576,590) |
|
|
| (1,832,665) |
| (2,013,402) |
|
|
| (639,269) |
| |
Total Distributions |
|
| (71,718,778) |
|
|
| (46,249,196) |
| (78,087,787) |
|
|
| (55,555,523) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 57,408,911 |
|
|
| 47,952,690 |
| 82,067,513 |
|
|
| 80,923,163 |
| |
Investor Shares |
|
| 8,442,374 |
|
|
| 8,196,012 |
| 7,174,483 |
|
|
| 8,151,743 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 37,256,302 |
|
|
| 23,540,331 |
| 42,511,803 |
|
|
| 30,811,036 |
| |
Investor Shares |
|
| 2,583,482 |
|
|
| 1,369,810 |
| 1,561,091 |
|
|
| 476,563 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (165,434,026) |
|
|
| (54,092,920) |
| (175,742,722) |
|
|
| (70,603,125) |
| |
Investor Shares |
|
| (9,993,983) |
|
|
| (7,843,905) |
| (10,452,208) |
|
|
| (3,802,435) |
| |
Increase (Decrease) in Net Assets | (69,736,940) |
|
|
| 19,122,018 |
| (52,880,040) |
|
|
| 45,956,945 |
| |||
Total Increase (Decrease) in Net Assets | (226,192,258) |
|
|
| 123,021,827 |
| (151,814,345) |
|
|
| 98,577,590 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 650,365,564 |
|
|
| 527,343,737 |
| 589,563,959 |
|
|
| 490,986,369 |
| |
End of Period |
|
| 424,173,306 |
|
|
| 650,365,564 |
| 437,749,614 |
|
|
| 589,563,959 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 3,549,528 |
|
|
| 2,309,778 |
| 5,508,714 |
|
|
| 4,603,582 |
| |
Shares issued for distributions reinvested |
|
| 2,459,162 |
|
|
| 1,171,161 |
| 3,062,810 |
|
|
| 1,854,969 |
| |
Shares redeemed |
|
| (9,332,861) |
|
|
| (2,534,680) |
| (11,950,457) |
|
|
| (4,028,972) |
| |
Net Increase (Decrease) in Shares Outstanding | (3,324,171) |
|
|
| 946,259 |
| (3,378,933) |
|
|
| 2,429,579 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 472,697 |
|
|
| 402,533 |
| 452,645 |
|
|
| 465,940 |
| |
Shares issued for distributions reinvested |
|
| 180,663 |
|
|
| 71,345 |
| 113,782 |
|
|
| 28,953 |
| |
Shares redeemed |
|
| (619,411) |
|
|
| (391,382) |
| (733,570) |
|
|
| (216,156) |
| |
Net Increase (Decrease) in Shares Outstanding | 33,949 |
|
|
| 82,496 |
| (167,143) |
|
|
| 278,737 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
aFor BNY Mellon Small Cap Multi-Strategy Fund, distributions to shareholders include only 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. 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. | |||||||||||||||
bDuring the period ended August 31, 2019, 420,734 Class M shares representing $7,972,778 were exchanged for 444,248 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund and 449,288 Class M shares representing $7,220,974 were exchanged for 454,640 Investor shares for BNY Mellon Focused Equity Opportunities Fund. During the period ended August 31, 2018, 358,897 Class M shares representing $7,633,504 were exchanged for 375,561 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund and 452,046 Class M shares representing $7,983,402 were exchanged for 456,499 Investor shares for BNY Mellon Focused Equity Opportunities Fund. | |||||||||||||||
|
96
|
|
|
| BNY Mellon Small/Mid Cap Multi-Strategy Fund |
| BNY Mellon International Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2019 |
|
|
| 2018a |
| 2019 |
|
|
| 2018a |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income (loss)—net |
|
| 197,386 |
|
|
| (187,758) |
| 24,164,273 |
|
|
| 19,493,737 |
| |
Net realized gain (loss) on investments |
| 10,467,424 |
|
|
| 50,747,136 |
| (30,295,125) |
|
|
| 63,190,123 |
| ||
Net change in unrealized appreciation |
| (48,855,473) |
|
|
| 36,265,031 |
| (73,951,873) |
|
|
| (43,840,879) |
| ||
Net Increase (Decrease) in Net Assets | (38,190,663) |
|
|
| 86,824,409 |
| (80,082,725) |
|
|
| 38,842,981 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (47,356,740) |
|
|
| (32,673,716) |
| (19,760,847) |
|
|
| (16,943,659) |
| |
Investor Shares |
|
| (496,008) |
|
|
| (363,349) |
| (370,348) |
|
|
| (243,292) |
| |
Total Distributions |
|
| (47,852,748) |
|
|
| (33,037,065) |
| (20,131,195) |
|
|
| (17,186,951) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 26,756,891 |
|
|
| 15,282,710 |
| 123,187,997 |
|
|
| 136,691,465 |
| |
Investor Shares |
|
| 1,064,865 |
|
|
| 2,507,632 |
| 16,065,319 |
|
|
| 11,732,640 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 35,180,791 |
|
|
| 23,419,359 |
| 3,815,653 |
|
|
| 3,348,360 |
| |
Investor Shares |
|
| 276,553 |
|
|
| 199,287 |
| 280,799 |
|
|
| 170,210 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (124,576,230) |
|
|
| (48,822,516) |
| (256,119,549) |
|
|
| (113,117,569) |
| |
Investor Shares |
|
| (2,554,887) |
|
|
| (2,245,145) |
| (17,776,433) |
|
|
| (10,475,345) |
| |
Increase (Decrease) in Net Assets | (63,852,017) |
|
|
| (9,658,673) |
| (130,546,214) |
|
|
| 28,349,761 |
| |||
Total Increase (Decrease) in Net Assets | (149,895,428) |
|
|
| 44,128,671 |
| (230,760,134) |
|
|
| 50,005,791 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 374,959,723 |
|
|
| 330,831,052 |
| 1,144,594,945 |
|
|
| 1,094,589,154 |
| |
End of Period |
|
| 225,064,295 |
|
|
| 374,959,723 |
| 913,834,811 |
|
|
| 1,144,594,945 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 2,266,217 |
|
|
| 1,001,581 |
| 10,132,677 |
|
|
| 9,878,425 |
| |
Shares issued for distributions reinvested |
|
| 2,968,843 |
|
|
| 1,615,128 |
| 326,403 |
|
|
| 245,841 |
| |
Shares redeemed |
|
| (9,894,026) |
|
|
| (3,225,837) |
| (21,224,718) |
|
|
| (8,223,616) |
| |
Net Increase (Decrease) in Shares Outstanding | (4,658,966) |
|
|
| (609,128) |
| (10,765,638) |
|
|
| 1,900,650 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 79,577 |
|
|
| 165,959 |
| 1,206,112 |
|
|
| 800,105 |
| |
Shares issued for distributions reinvested |
|
| 23,841 |
|
|
| 13,955 |
| 22,500 |
|
|
| 11,715 |
| |
Shares redeemed |
|
| (196,224) |
|
|
| (148,594) |
| (1,346,092) |
|
|
| (711,901) |
| |
Net Increase (Decrease) in Shares Outstanding | (92,806) |
|
|
| 31,320 |
| (117,480) |
|
|
| 99,919 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
aFor 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. For BNY Mellon International Fund, distributions to shareholders include only 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. | |||||||||||||||
bDuring the period ended August 31, 2019, 75,773 Class M shares representing $1,036,865 were exchanged for 77,351 Investor shares for BNY Mellon Small/Mid Cap Multi-Strategy Fund and 1,280,448 Class M shares representing $16,011,960 were exchanged for 1,201,587 Investor shares for BNY Mellon International Fund. During the period ended August 31, 2018, 163,188 Class M shares representing $2,503,824 were exchanged for 165,692 Investor shares for BNY Mellon Small/Mid Cap Multi-strategy Fund and 837,129 Class M shares representing $11,523,668 were exchanged for 785,851 Investor shares for BNY Mellon International Fund. | |||||||||||||||
|
97
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Emerging Markets Fund |
| BNY Mellon International Equity Income Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2019 |
|
|
| 2018a |
| 2019 |
|
|
| 2018a |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 11,803,303 |
|
|
| 9,499,959 |
| 14,468,445 |
|
|
| 14,931,687 |
| |
Net realized gain (loss) on investments |
| (22,323,793) |
|
|
| 38,008,782 |
| (16,898,391) |
|
|
| 25,768,697 |
| ||
Net change in unrealized appreciation |
| (36,809,939) |
|
|
| (87,061,772) |
| (27,210,328) |
|
|
| (34,579,549) |
| ||
Net Increase (Decrease) in Net Assets | (47,330,429) |
|
|
| (39,553,031) |
| (29,640,274) |
|
|
| 6,120,835 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (6,203,546) |
|
|
| (7,723,247) |
| (13,701,640) |
|
|
| (15,178,004) |
| |
Investor Shares |
|
| (91,891) |
|
|
| (119,629) |
| (53,566) |
|
|
| (56,391) |
| |
Total Distributions |
|
| (6,295,437) |
|
|
| (7,842,876) |
| (13,755,206) |
|
|
| (15,234,395) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 139,075,731 |
|
|
| 155,688,692 |
| 72,357,767 |
|
|
| 51,840,945 |
| |
Investor Shares |
|
| 14,085,497 |
|
|
| 12,739,639 |
| 3,148,415 |
|
|
| 2,485,606 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 1,313,234 |
|
|
| 1,593,794 |
| 3,472,998 |
|
|
| 3,731,254 |
| |
Investor Shares |
|
| 75,220 |
|
|
| 103,209 |
| 44,816 |
|
|
| 32,865 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (190,996,208) |
|
|
| (93,654,883) |
| (111,463,438) |
|
|
| (53,460,898) |
| |
Investor Shares |
|
| (12,167,064) |
|
|
| (9,444,800) |
| (2,229,203) |
|
|
| (3,037,341) |
| |
Increase (Decrease) in Net Assets | (48,613,590) |
|
|
| 67,025,651 |
| (34,668,645) |
|
|
| 1,592,431 |
| |||
Total Increase (Decrease) in Net Assets | (102,239,456) |
|
|
| 19,629,744 |
| (78,064,125) |
|
|
| (7,521,129) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 942,373,398 |
|
|
| 922,743,654 |
| 362,443,038 |
|
|
| 369,964,167 |
| |
End of Period |
|
| 840,133,942 |
|
|
| 942,373,398 |
| 284,378,913 |
|
|
| 362,443,038 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 13,711,081 |
|
|
| 13,258,901 |
| 5,673,536 |
|
|
| 3,526,189 |
| |
Shares issued for distributions reinvested |
|
| 134,277 |
|
|
| 137,871 |
| 276,543 |
|
|
| 257,430 |
| |
Shares redeemed |
|
| (19,061,283) |
|
|
| (8,006,127) |
| (8,870,926) |
|
|
| (3,639,315) |
| |
Net Increase (Decrease) in Shares Outstanding | (5,215,925) |
|
|
| 5,390,645 |
| (2,920,847) |
|
|
| 144,304 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 1,327,839 |
|
|
| 1,070,909 |
| 239,370 |
|
|
| 169,896 |
| |
Shares issued for distributions reinvested |
|
| 7,485 |
|
|
| 8,688 |
| 3,526 |
|
|
| 2,241 |
| |
Shares redeemed |
|
| (1,160,998) |
|
|
| (797,888) |
| (171,373) |
|
|
| (204,609) |
| |
Net Increase (Decrease) in Shares Outstanding | 174,326 |
|
|
| 281,709 |
| 71,523 |
|
|
| (32,472) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
aFor BNY Mellon Emerging Markets Fund, distributions to shareholders include only 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. For BNY Mellon International Equity Income Fund, distributions to shareholders include only 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. | |||||||||||||||
bDuring the period ended August 31, 2019, 1,363,929 Class M shares representing $14,090,730 were exchanged for 1,328,895 Investor shares for BNY Mellon Emerging Markets Fund and 252,618 Class M shares representing $3,267,927 were exchanged for 249,536 Investor shares for BNY Mellon International Equity Income Fund. During the period ended August 31, 2018 1,022,528 Class M shares representing $11,891,240 were exchanged for 995,592 Investor shares for BNY Mellon Emerging Markets Fund and 171,216 Class M shares representing $2,479,257 were exchanged for 169,473 Investor shares for BNY Mellon International Equity Income Fund. | |||||||||||||||
|
98
|
|
|
| BNY Mellon Asset Allocation Fund |
| ||||
|
|
|
| Year Ended August 31, | |||||
|
|
|
| 2019 |
|
|
| 2018a |
|
Operations ($): |
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 7,136,792 |
|
|
| 6,378,519 |
| |
Net realized gain (loss) on investments |
| 26,983,841 |
|
|
| 21,926,039 |
| ||
Net change in unrealized appreciation |
| (37,002,168) |
|
|
| 25,271,417 |
| ||
Net Increase (Decrease) in Net Assets | (2,881,535) |
|
|
| 53,575,975 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
| |
Class M |
|
| (28,756,893) |
|
|
| (21,035,128) |
| |
Investor Shares |
|
| (387,023) |
|
|
| (261,575) |
| |
Total Distributions |
|
| (29,143,916) |
|
|
| (21,296,703) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
| |
Class M |
|
| 59,626,360 |
|
|
| 33,289,749 |
| |
Investor Shares |
|
| 3,837,411 |
|
|
| 1,649,611 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
| |
Class M |
|
| 14,975,040 |
|
|
| 11,144,876 |
| |
Investor Shares |
|
| 333,234 |
|
|
| 244,651 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
| |
Class M |
|
| (78,467,553) |
|
|
| (46,826,466) |
| |
Investor Shares |
|
| (3,659,598) |
|
|
| (2,111,442) |
| |
Increase (Decrease) in Net Assets | (3,355,106) |
|
|
| (2,609,021) |
| |||
Total Increase (Decrease) in Net Assets | (35,380,557) |
|
|
| 29,670,251 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 496,557,396 |
|
|
| 466,887,145 |
| |
End of Period |
|
| 461,176,839 |
|
|
| 496,557,396 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
| |
Shares sold |
|
| 5,083,505 |
|
|
| 2,598,590 |
| |
Shares issued for distributions reinvested |
|
| 1,360,106 |
|
|
| 883,500 |
| |
Shares redeemed |
|
| (6,646,350) |
|
|
| (3,673,332) |
| |
Net Increase (Decrease) in Shares Outstanding | (202,739) |
|
|
| (191,242) |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
| |
Shares sold |
|
| 315,699 |
|
|
| 127,161 |
| |
Shares issued for distributions reinvested |
|
| 29,648 |
|
|
| 19,217 |
| |
Shares redeemed |
|
| (297,810) |
|
|
| (165,678) |
| |
Net Increase (Decrease) in Shares Outstanding | 47,537 |
|
|
| (19,300) |
| |||
|
|
|
|
|
|
|
|
|
|
aFor 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. | |||||||||
bDuring the period ended August 31, 2019, 318,161 Class M shares representing $3,837,580 were exchanged for 315,659 Investor shares and during the period ended August 31, 2018, 126,575 Class M shares representing $1,630,368 were exchanged for 125,658 Investor shares for BNY Mellon Asset Allocation Fund. | |||||||||
See notes to financial statements. |
99
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Large Cap Stock Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 6.50 | 6.25 | 5.67 | 5.92 | 7.15 | |
Investment Operations: | ||||||
Investment income—neta | .06 | .07 | .07 | .08 | .09 | |
Net realized and unrealized | (.25) | 1.00 | .81 | .34 | (.04) | |
Total from Investment Operations | (.19) | 1.07 | .88 | .42 | .05 | |
Distributions: | ||||||
Dividends from investment income—net | (.07) | (.06) | (.07) | (.08) | (.08) | |
Dividends from net realized gain on investments | (.88) | (.76) | (.23) | (.59) | (1.20) | |
Total Distributions | (.95) | (.82) | (.30) | (.67) | (1.28) | |
Net asset value, end of period | 5.36 | 6.50 | 6.25 | 5.67 | 5.92 | |
Total Return (%) | (1.64) | 18.31 | 16.12 | 7.31 | .12 | |
Ratios/Supplemental Data (%) | ||||||
Ratio of total expenses to average net assets | .84 | .82 | .84 | .83 | .81 | |
Ratio of net expenses to average net assets | .84 | .82 | .84 | .83 | .81 | |
Ratio of net investment income | 1.14 | 1.05 | 1.27 | 1.44 | 1.32 | |
Portfolio Turnover Rate | 53.52 | 48.73 | 46.36 | 49.82 | 52.80 | |
Net Assets, end of period ($ x 1,000) | 189,137 | 270,328 | 278,536 | 328,113 | 398,485 |
a Based on average shares outstanding.
See notes to financial statements.
100
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Large Cap Stock Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 6.51 | 6.26 | 5.67 | 5.92 | 7.15 | |
Investment Operations: | ||||||
Investment income—neta | .05 | .05 | .06 | .07 | .07 | |
Net realized and unrealized | (.27) | 1.01 | .82 | .34 | (.03) | |
Total from Investment Operations | (.22) | 1.06 | .88 | .41 | .04 | |
Distributions: | ||||||
Dividends from investment income—net | (.05) | (.05) | (.06) | (.07) | (.07) | |
Dividends from net realized gain on investments | (.88) | (.76) | (.23) | (.59) | (1.20) | |
Total Distributions | (.93) | (.81) | (.29) | (.66) | (1.27) | |
Net asset value, end of period | 5.36 | 6.51 | 6.26 | 5.67 | 5.92 | |
Total Return (%) | (2.03) | 18.02 | 16.02 | 7.04 | (.13) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.09 | 1.07 | 1.09 | 1.08 | 1.06 | |
Ratio of net expenses to average net assets | 1.09 | 1.07 | 1.09 | 1.08 | 1.06 | |
Ratio of net investment income | .89 | .79 | 1.02 | 1.18 | 1.08 | |
Portfolio Turnover Rate | 53.52 | 48.73 | 46.36 | 49.82 | 52.80 | |
Net Assets, end of period ($ x 1,000) | 6,828 | 9,975 | 10,093 | 9,801 | 9,900 |
a Based on average shares outstanding.
See notes to financial statements.
101
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Tax-Sensitive Large Cap | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.12 | 16.50 | 14.98 | 14.71 | 17.12 | |
Investment Operations: | ||||||
Investment income—neta | .15 | .14 | .16 | .17 | .16 | |
Net realized and unrealized | (.35) | 3.21 | 2.31 | 1.33 | (.23) | |
Total from Investment Operations | (.20) | 3.35 | 2.47 | 1.50 | (.07) | |
Distributions: | ||||||
Dividends from investment income—net | (.23) | (.23) | (.23) | (.15) | (.26) | |
Dividends from net realized gain on investments | (1.83) | (1.50) | (.72) | (1.08) | (2.08) | |
Total Distributions | (2.06) | (1.73) | (.95) | (1.23) | (2.34) | |
Net asset value, end of period | 15.86 | 18.12 | 16.50 | 14.98 | 14.71 | |
Total Return (%) | .69 | 21.44 | 17.13 | 10.86 | (.94) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assetsb | .64 | .66 | .65 | .64 | .61 | |
Ratio of net expenses to average net assetsb | .64 | .66 | .65 | .64 | .61 | |
Ratio of net investment income | .96 | .80 | 1.05 | 1.19 | .99 | |
Portfolio Turnover Rate | 25.75 | 15.03 | 24.05 | 13.81 | 20.63 | |
Net Assets, end of period ($ x 1,000) | 308,921 | 349,960 | 336,659 | 344,867 | 401,855 |
a Based on average shares outstanding.
b Amount does not include the expenses of the underlying funds.
See notes to financial statements.
102
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Tax-Sensitive Large Cap | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.53 | 16.84 | 15.28 | 14.98 | 17.40 | |
Investment Operations: | ||||||
Investment income—net a | .11 | .10 | .13 | .14 | .12 | |
Net realized and unrealized | (.34) | 3.28 | 2.35 | 1.35 | (.23) | |
Total from Investment Operations | (.23) | 3.38 | 2.48 | 1.49 | (.11) | |
Distributions: | ||||||
Dividends from investment income—net | (.19) | (.19) | (.20) | (.11) | (.23) | |
Dividends from net realized gain on investments | (1.83) | (1.50) | (.72) | (1.08) | (2.08) | |
Total Distributions | (2.02) | (1.69) | (.92) | (1.19) | (2.31) | |
Net asset value, end of period | 16.28 | 18.53 | 16.84 | 15.28 | 14.98 | |
Total Return (%) | .45 | 21.15 | 16.87 | 10.56 | (1.19) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assetsb | .89 | .91 | .90 | .89 | .86 | |
Ratio of net expenses to average net assetsb | .89 | .91 | .90 | .89 | .86 | |
Ratio of net investment income | .71 | .56 | .81 | .97 | .74 | |
Portfolio Turnover Rate | 25.75 | 15.03 | 24.05 | 13.81 | 20.63 | |
Net Assets, end of period ($ x 1,000) | 6,949 | 6,598 | 6,511 | 6,081 | 4,237 |
a Based on average shares outstanding.
b Amount does not include the expenses of the underlying funds.
See notes to financial statements.
103
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Income Stock Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.78 | 9.29 | 8.72 | 8.57 | 9.94 | |
Investment Operations: | ||||||
Investment income—neta | .22 | .21 | .21 | .21 | .19 | |
Net realized and unrealized | (.33) | 1.16 | .83 | .94 | (.38) | |
Total From Investment Operations | (.11) | 1.37 | 1.04 | 1.15 | (.19) | |
Distributions: | ||||||
Dividends from investment income—net | (.21) | (.19) | (.19) | (.21) | (.19) | |
Dividends from net realized gain on investments | (.76) | (.69) | (.28) | (.79) | (.99) | |
Total Distributions | (.97) | (.88) | (.47) | (1.00) | (1.18) | |
Net asset value, end of period | 8.70 | 9.78 | 9.29 | 8.72 | 8.57 | |
Total Return (%) | (.36) | 15.31 | 12.33 | 14.33 | (2.28) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .80 | .80 | .81 | .81 | .80 | |
Ratio of net expenses to average net assets | .80 | .80 | .81 | .81 | .80 | |
Ratio of net investment income | 2.47 | 2.17 | 2.28 | 2.54 | 2.06 | |
Portfolio Turnover Rate | 59.45 | 67.57 | 52.66 | 54.31 | 65.75 | |
Net Assets, end of period ($ x 1,000) | 930,683 | 1,185,755 | 1,185,723 | 1,068,292 | 1,077,496 |
a Based on average shares outstanding.
See notes to financial statements.
104
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Income Stock Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.90 | 9.39 | 8.81 | 8.63 | 10.02 | |
Investment Operations: | ||||||
Investment income—neta | .20 | .18 | .19 | .19 | .17 | |
Net realized and unrealized | (.33) | 1.18 | .84 | .97 | (.40) | |
Total from Investment Operations | (.13) | 1.36 | 1.03 | 1.16 | (.23) | |
Distributions: | ||||||
Dividends from investment income—net | (.19) | (.16) | (.17) | (.19) | (.17) | |
Dividends from net realized gain on investments | (.76) | (.69) | (.28) | (.79) | (.99) | |
Total Distributions | (.95) | (.85) | (.45) | (.98) | (1.16) | |
Net asset value, end of period | 8.82 | 9.90 | 9.39 | 8.81 | 8.63 | |
Total Return (%) | (.60) | 15.08 | 12.02 | 14.14 | (2.64) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.05 | 1.05 | 1.06 | 1.06 | 1.05 | |
Ratio of net expenses to average net assets | 1.05 | 1.05 | 1.06 | 1.06 | 1.05 | |
Ratio of net investment income | 2.24 | 1.92 | 2.03 | 2.27 | 1.81 | |
Portfolio Turnover Rate | 59.45 | 67.57 | 52.66 | 54.31 | 65.75 | |
Net Assets, end of period ($ x 1,000) | 23,913 | 31,625 | 28,204 | 16,094 | 14,479 |
a Based on average shares outstanding.
See notes to financial statements.
105
FINANCIAL HIGHLIGHTS (continued)
Class A | ||||||
Year Ended August 31, | ||||||
BNY Mellon Income Stock Fund | 2019 | 2018 | 2017 | 2016 | a | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.79 | 9.30 | 8.72 | 8.42 | ||
Investment Operations: | ||||||
Investment income—netb | .19 | .18 | .17 | .05 | ||
Net realized and unrealized gain (loss) on investments | (.33) | 1.16 | .86 | .30 | ||
Total from Investment Operations | (.14) | 1.34 | 1.03 | .35 | ||
Distributions: | ||||||
Dividends from investment income—net | (.18) | (.16) | (.17) | (.05) | ||
Dividends from net realized gain on investments | (.76) | (.69) | (.28) | − | ||
Total Distributions | (.94) | (.85) | (.45) | (.05) | ||
Net asset value, end of period | 8.71 | 9.79 | 9.30 | 8.72 | ||
Total Return (%)c | (.64) | 15.01 | 12.18 | 4.19 | d | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.10 | 1.10 | 1.11 | 1.15 | e | |
Ratio of net expenses to average net assets | 1.10 | 1.10 | 1.10 | 1.15 | e | |
Ratio of net investment income to average net assets | 2.20 | 1.89 | 2.01 | 1.96 | e | |
Portfolio Turnover Rate | 59.45 | 67.57 | 52.66 | 54.31 | ||
Net Assets, end of period ($ x 1,000) | 1,506 | 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.
106
Class C | ||||||
Year Ended August 31, | ||||||
BNY Mellon Income Stock Fund | 2019 | 2018 | 2017 | 2016 | a | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.76 | 9.28 | 8.72 | 8.42 | ||
Investment Operations: | ||||||
Investment income—netb | .12 | .10 | .12 | .04 | ||
Net realized and unrealized gain (loss) on investments | (.33) | 1.16 | .83 | .30 | ||
Total from Investment Operations | (.21) | 1.26 | .95 | .34 | ||
Distributions: | ||||||
Dividends from investment income—net | (.11) | (.09) | (.11) | (.04) | ||
Dividends from net realized gain on investments | (.76) | (.69) | (.28) | − | ||
Total Distributions | (.87) | (.78) | (.39) | (.04) | ||
Net asset value, end of period | 8.68 | 9.76 | 9.28 | 8.72 | ||
Total Return (%)c | (1.43) | 14.07 | 11.22 | 4.00 | d | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.88 | 1.88 | 1.85 | 1.85 | e | |
Ratio of net expenses to average net assets | 1.88 | 1.88 | 1.81 | 1.85 | e | |
Ratio of net investment income to average net assets | 1.36 | 1.08 | 1.30 | 1.69 | e | |
Portfolio Turnover Rate | 59.45 | 67.57 | 52.66 | 54.31 | ||
Net Assets, end of period ($ x 1,000) | 1,158 | 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.
107
FINANCIAL HIGHLIGHTS (continued)
Class I | ||||||
Year Ended August 31, | ||||||
BNY Mellon Income Stock Fund | 2019 | 2018 | 2017 | 2016 | a | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.78 | 9.30 | 8.72 | 8.42 | ||
Investment Operations: | ||||||
Investment income—netb | .22 | .20 | .21 | .06 | ||
Net realized and unrealized gain (loss) on investments | (.33) | 1.16 | .84 | .30 | ||
Total from Investment Operations | (.11) | 1.36 | 1.05 | .36 | ||
Distributions: | ||||||
Dividends from investment income—net | (.20) | (.19) | (.19) | (.06) | ||
Dividends from net realized gain on investments | (.76) | (.69) | (.28) | − | ||
Total Distributions | (.96) | (.88) | (.47) | (.06) | ||
Net asset value, end of period | 8.71 | 9.78 | 9.30 | 8.72 | ||
Total Return (%) | (.28) | 15.18 | 12.44 | 4.26 | c | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .84 | .83 | .85 | .86 | d | |
Ratio of net expenses to average net assets | .84 | .83 | .85 | .86 | d | |
Ratio of net investment income to average net assets | 2.41 | 2.13 | 2.30 | 2.71 | d | |
Portfolio Turnover Rate | 59.45 | 67.57 | 52.66 | 54.31 | ||
Net Assets, end of period ($ x 1,000) | 10,135 | 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.
108
Class Y | ||||||
Year Ended August 31, | ||||||
BNY Mellon Income Stock Fund | 2019 | 2018 | 2017 | 2016 | a | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.78 | 9.29 | 8.72 | 8.42 | ||
Investment Operations: | ||||||
Investment income—netb | .22 | .20 | .21 | .06 | ||
Net realized and unrealized gain (loss) on investments | (.33) | 1.17 | .83 | .30 | ||
Total from Investment Operations | (.11) | 1.37 | 1.04 | .36 | ||
Distributions: | ||||||
Dividends from investment income—net | (.21) | (.19) | (.19) | (.06) | ||
Dividends from net realized gain on investments | (.76) | (.69) | (.28) | − | ||
Total Distributions | (.97) | (.88) | (.47) | (.06) | ||
Net asset value, end of period | 8.70 | 9.78 | 9.29 | 8.72 | ||
Total Return (%) | (.36) | 15.31 | 12.33 | 4.26 | c | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .82 | .80 | .81 | .86 | d | |
Ratio of net expenses to average net assets | .82 | .80 | .81 | .86 | d | |
Ratio of net investment income to average net assets | 2.43 | 2.17 | 2.27 | 2.71 | d | |
Portfolio Turnover Rate | 59.45 | 67.57 | 52.66 | 54.31 | ||
Net Assets, end of period ($ x 1,000) | 382 | 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.
109
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 19.24 | 16.72 | 15.03 | 14.66 | 15.58 | |
Investment Operations: | ||||||
Investment income—neta | .08 | .05 | .07 | .08 | .05 | |
Net realized and unrealized | (.63) | 3.28 | 1.88 | .96 | (.04) | |
Total from Investment Operations | (.55) | 3.33 | 1.95 | 1.04 | .01 | |
Distributions: | ||||||
Dividends from investment income—net | (.05) | (.04) | (.10) | (.02) | (.04) | |
Dividends from net realized gain on investments | (1.19) | (.77) | (.16) | (.65) | (.89) | |
Total Distributions | (1.24) | (.81) | (.26) | (.67) | (.93) | |
Net asset value, end of period | 17.45 | 19.24 | 16.72 | 15.03 | 14.66 | |
Total Return (%) | (1.54) | 20.48 | 13.12 | 7.51 | .15 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .89 | .89 | .90 | .90 | .90 | |
Ratio of net expenses to average net assets | .89 | .89 | .90 | .90 | .90 | |
Ratio of net investment income | .45 | .30 | .45 | .60 | .29 | |
Portfolio Turnover Rate | 44.44 | 50.53 | 62.81 | 74.68 | 73.87 | |
Net Assets, end of period ($ x 1,000) | 2,610,739 | 3,358,399 | 2,788,133 | 2,433,012 | 2,199,395 |
a Based on average shares outstanding.
See notes to financial statements.
110
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.90 | 16.45 | 14.79 | 14.45 | 15.37 | |
Investment Operations: | ||||||
Investment income—neta | .04 | .01 | .03 | .05 | .01 | |
Net realized and unrealized | (.60) | 3.22 | 1.86 | .94 | (.03) | |
Total from Investment Operations | (.56) | 3.23 | 1.89 | .99 | (.02) | |
Distributions: | ||||||
Dividends from investment income—net | (.02) | (.01) | (.07) | − | (.01) | |
Dividends from net realized gain on investments | (1.19) | (.77) | (.16) | (.65) | (.89) | |
Total Distributions | (1.21) | (.78) | (.23) | (.65) | (.90) | |
Net asset value, end of period | 17.13 | 18.90 | 16.45 | 14.79 | 14.45 | |
Total Return (%) | (1.70) | 20.13 | 12.89 | 7.26 | (.08) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.14 | 1.14 | 1.15 | 1.15 | 1.15 | |
Ratio of net expenses to average net assets | 1.14 | 1.14 | 1.15 | 1.15 | 1.15 | |
Ratio of net investment income | .21 | .05 | .20 | .34 | .04 | |
Portfolio Turnover Rate | 44.44 | 50.53 | 62.81 | 74.68 | 73.87 | |
Net Assets, end of period ($ x 1,000) | 118,579 | 123,713 | 88,697 | 60,222 | 57,118 |
a Based on average shares outstanding.
See notes to financial statements.
111
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Small Cap Multi-Strategy Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 23.16 | 19.48 | 16.71 | 16.65 | 17.18 | |
Investment Operations: | ||||||
Investment income (loss)—neta | .02 | (.03) | .01 | .01 | (.02) | |
Net realized and unrealized | (3.16) | 5.41 | 2.86 | .68 | .25 | |
Total from Investment Operations | (3.14) | 5.38 | 2.87 | .69 | .23 | |
Distributions: | ||||||
Dividends from net realized gain on investments | (2.90) | (1.70) | (.10) | (.63) | (.76) | |
Net asset value, end of period | 17.12 | 23.16 | 19.48 | 16.71 | 16.65 | |
Total Return (%) | (11.94) | 28.97 | 17.19 | 4.46 | 1.33 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.02 | 1.01 | 1.03 | 1.05 | 1.03 | |
Ratio of net expenses to average net assets | 1.02 | 1.01 | 1.03 | 1.05 | 1.03 | |
Ratio of net investment income | .10 | (.15) | .05 | .04 | (.14) | |
Portfolio Turnover Rate | 71.58 | 63.00 | 75.82 | 101.40 | 90.30 | |
Net Assets, end of period ($ x 1,000) | 405,350 | 625,344 | 507,703 | 389,890 | 368,428 |
a Based on average shares outstanding.
See notes to financial statements.
112
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Small Cap Multi-Strategy Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 22.08 | 18.69 | 16.07 | 16.08 | 16.65 | |
Investment Operations: | ||||||
Investment(loss)—neta | (.02) | (.08) | (.04) | (.03) | (.06) | |
Net realized and unrealized | (3.04) | 5.17 | 2.76 | .65 | .25 | |
Total from Investment Operations | (3.06) | 5.09 | 2.72 | .62 | .19 | |
Distributions: | ||||||
Dividends from net realized gain on investments | (2.90) | (1.70) | (.10) | (.63) | (.76) | |
Net asset value, end of period | 16.12 | 22.08 | 18.69 | 16.07 | 16.08 | |
Total Return (%) | (12.20) | 28.62 | 16.94 | 4.17 | 1.13 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.27 | 1.26 | 1.28 | 1.30 | 1.28 | |
Ratio of net expenses to average net assets | 1.27 | 1.26 | 1.28 | 1.30 | 1.28 | |
Ratio of net investment (loss) | (.13) | (.40) | (.20) | (.21) | (.39) | |
Portfolio Turnover Rate | 71.58 | 63.00 | 75.82 | 101.40 | 90.30 | |
Net Assets, end of period ($ x 1,000) | 18,823 | 25,022 | 19,641 | 14,285 | 12,745 |
a Based on average shares outstanding.
See notes to financial statements.
113
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Focused Equity Opportunities Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.63 | 16.96 | 14.63 | 14.66 | 18.30 | |
Investment Operations: | ||||||
Investment income—neta | .10 | .09 | .11 | .12 | .12 | |
Net realized and unrealized | (.53) | 3.51 | 3.56 | 1.20 | (.69) | |
Total from Investment Operations | (.43) | 3.60 | 3.67 | 1.32 | (.57) | |
Distributions: | ||||||
Dividends from investment income—net | (.12) | (.07) | (.19) | (.11) | (.10) | |
Dividends from net realized gain on investments | (2.51) | (1.86) | (1.15) | (1.24) | (2.97) | |
Total Distributions | (2.63) | (1.93) | (1.34) | (1.35) | (3.07) | |
Net asset value, end of period | 15.57 | 18.63 | 16.96 | 14.63 | 14.66 | |
Total Return (%) | (.59) | 22.62 | 27.04 | 9.39 | (3.82) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .86 | .86 | .87 | .87 | .85 | |
Ratio of net expenses to average net assets | .86 | .86 | .87 | .87 | .85 | |
Ratio of net investment income | .66 | .53 | .72 | .83 | .73 | |
Portfolio Turnover Rate | 78.12 | 45.29 | 62.39 | 48.25 | 74.72 | |
Net Assets, end of period ($ x 1,000) | 430,597 | 577,906 | 485,040 | 434,171 | 561,399 |
a Based on average shares outstanding.
See notes to financial statements.
114
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Focused Equity Opportunities Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.43 | 16.81 | 14.51 | 14.55 | 18.20 | |
Investment Operations: | ||||||
Investment income—neta | .07 | .05 | .07 | .08 | .08 | |
Net realized and unrealized | (.53) | 3.46 | 3.53 | 1.19 | (.69) | |
Total from Investment Operations | (.46) | 3.51 | 3.60 | 1.27 | (.61) | |
Distributions: | ||||||
Dividends from investment income—net | (.09) | (.03) | (.15) | (.07) | (.07) | |
Dividends from net realized gain on investments | (2.51) | (1.86) | (1.15) | (1.24) | (2.97) | |
Total Distributions | (2.60) | (1.89) | (1.30) | (1.31) | (3.04) | |
Net asset value, end of period | 15.37 | 18.43 | 16.81 | 14.51 | 14.55 | |
Total Return (%) | (.81) | 22.24 | 26.75 | 9.13 | (4.05) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.11 | 1.11 | 1.12 | 1.12 | 1.11 | |
Ratio of net expenses to average net assets | 1.11 | 1.11 | 1.12 | 1.12 | 1.11 | |
Ratio of net investment income | .42 | .32 | .49 | .59 | .47 | |
Portfolio Turnover Rate | 78.12 | 45.29 | 62.39 | 48.25 | 74.72 | |
Net Assets, end of period ($ x 1,000) | 7,153 | 11,658 | 5,947 | 4,206 | 8,593 |
a Based on average shares outstanding.
See notes to financial statements.
115
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.86 | 14.49 | 12.44 | 12.72 | 16.98 | |
Investment Operations: | ||||||
Investment income (loss)—neta | .01 | (.01) | .01 | .01 | (.01) | |
Net realized and unrealized | (1.74) | 3.86 | 2.09 | .50 | .10 | |
Total from Investment Operations | (1.73) | 3.85 | 2.10 | .51 | .09 | |
Distributions: | ||||||
Dividends from investment income—net | - | (.00)b | (.01) | (.04) | - | |
Dividends from net realized gain on investments | (2.27) | (1.48) | (.04) | (.75) | (4.35) | |
Total Distributions | (2.27) | (1.48) | (.05) | (.79) | (4.35) | |
Net asset value, end of period | 12.86 | 16.86 | 14.49 | 12.44 | 12.72 | |
Total Return (%) | (9.13) | 28.25 | 16.94 | 4.35 | 1.71 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .94 | .93 | .94 | .95 | .94 | |
Ratio of net expenses to average net assets | .94 | .93 | .94 | .95 | .94 | |
Ratio of net investment income (loss) | .08 | (.05) | .10 | .10 | (.08) | |
Portfolio Turnover Rate | 68.52 | 61.78 | 79.45 | 99.45 | 110.79 | |
Net Assets, end of period ($ x 1,000) | 223,000 | 370,701 | 327,604 | 300,557 | 339,836 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
116
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.57 | 14.30 | 12.31 | 12.59 | 16.88 | |
Investment Operations: | ||||||
Investment (loss)—neta | (.02) | (.05) | (.02) | (.01) | (.04) | |
Net realized and unrealized | (1.71) | 3.80 | 2.05 | .48 | .10 | |
Total from Investment Operations | (1.73) | 3.75 | 2.03 | .47 | .06 | |
Distributions: | ||||||
Dividends from net realized gain on investments | (2.27) | (1.48) | (.04) | (.75) | (4.35) | |
Net asset value, end of period | 12.57 | 16.57 | 14.30 | 12.31 | 12.59 | |
Total Return (%) | (9.31) | 27.87 | 16.55 | 4.08 | 1.48 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.19 | 1.18 | 1.19 | 1.20 | 1.19 | |
Ratio of net expenses to average net assets | 1.19 | 1.18 | 1.19 | 1.20 | 1.19 | |
Ratio of net investment (loss) | (.17) | (.30) | (.17) | (.11) | (.32) | |
Portfolio Turnover Rate | 68.52 | 61.78 | 79.45 | 99.45 | 110.79 | |
Net Assets, end of period ($ x 1,000) | 2,064 | 4,258 | 3,227 | 1,697 | 1,536 |
a Based on average shares outstanding.
See notes to financial statements.
117
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon International Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.45 | 13.17 | 11.22 | 11.55 | 12.72 | |
Investment Operations: | ||||||
Investment income—neta | .31 | .23 | .19 | .18 | .18 | |
Net realized and unrealized | (1.20) | .26 | 1.98 | (.35) | (1.16) | |
Total from Investment Operations | (.89) | .49 | 2.17 | (.17) | (.98) | |
Distributions: | ||||||
Dividends from investment income—net | (.25) | (.21) | (.22) | (.16) | (.19) | |
Net asset value, end of period | 12.31 | 13.45 | 13.17 | 11.22 | 11.55 | |
Total Return (%) | (6.50) | 3.68 | 19.80 | (1.49) | (7.68) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.02 | 1.02 | 1.04 | 1.03 | 1.03 | |
Ratio of net expenses to average net assets | 1.02 | 1.02 | 1.04 | 1.03 | 1.03 | |
Ratio of net investment income | 2.47 | 1.68 | 1.64 | 1.59 | 1.49 | |
Portfolio Turnover Rate | 59.03 | 54.87 | 81.88 | 86.83 | 112.69 | |
Net Assets, end of period ($ x 1,000) | 897,080 | 1,124,632 | 1,076,444 | 1,007,752 | 1,005,637 |
a Based on average shares outstanding.
See notes to financial statements.
118
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon International Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.32 | 14.02 | 11.92 | 12.26 | 13.50 | |
Investment Operations: | ||||||
Investment income—neta | .29 | .22 | .20 | .15 | .15 | |
Net realized and unrealized | (1.27) | .26 | 2.10 | (.37) | (1.22) | |
Total from Investment Operations | (.98) | .48 | 2.30 | (.22) | (1.07) | |
Distributions: | ||||||
Dividends from investment income—net | (.22) | (.18) | (.20) | (.12) | (.17) | |
Net asset value, end of period | 13.12 | 14.32 | 14.02 | 11.92 | 12.26 | |
Total Return (%) | (6.74) | 3.41 | 19.59 | (1.78) | (7.88) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.27 | 1.27 | 1.29 | 1.28 | 1.28 | |
Ratio of net expenses to average net assets | 1.27 | 1.27 | 1.29 | 1.28 | 1.28 | |
Ratio of net investment income | 2.20 | 1.44 | 1.53 | 1.25 | 1.17 | |
Portfolio Turnover Rate | 59.03 | 54.87 | 81.88 | 86.83 | 112.69 | |
Net Assets, end of period ($ x 1,000) | 16,755 | 19,963 | 18,145 | 11,553 | 14,040 |
a Based on average shares outstanding.
See notes to financial statements.
119
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Emerging Markets Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 10.72 | 11.23 | 8.96 | 7.98 | 10.98 | |
Investment Operations: | ||||||
Investment income—neta | .14 | .11 | .08 | .09 | .09 | |
Net realized and unrealized | (.64) | (.53) | 2.26 | .96 | (2.96) | |
Total from Investment Operations | (.50) | (.42) | 2.34 | 1.05 | (2.87) | |
Distributions: | ||||||
Dividends from investment income—net | (.08) | (.09) | (.07) | (.07) | (.13) | |
Net asset value, end of period | 10.14 | 10.72 | 11.23 | 8.96 | 7.98 | |
Total Return (%) | (4.68) | (3.76) | 26.36 | 13.35 | (26.28) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.39 | 1.39 | 1.40 | 1.44 | 1.42 | |
Ratio of net expenses to average net assets | 1.39 | 1.39 | 1.40 | 1.44 | 1.42 | |
Ratio of net investment income | 1.37 | .96 | .84 | 1.10 | .98 | |
Portfolio Turnover Rate | 90.09 | 80.86 | 91.81 | 103.60 | 107.27 | |
Net Assets, end of period ($ x 1,000) | 819,164 | 922,117 | 904,774 | 693,652 | 1,108,616 |
a Based on average shares outstanding.
See notes to financial statements.
120
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Emerging Markets Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.01 | 11.53 | 9.20 | 8.17 | 11.25 | |
Investment Operations: | ||||||
Investment income—neta | .12 | .09 | .07 | .07 | .08 | |
Net realized and unrealized | (.67) | (.54) | 2.31 | 1.00 | (3.04) | |
Total from Investment Operations | (.55) | (.45) | 2.38 | 1.07 | (2.96) | |
Distributions: | ||||||
Dividends from investment income—net | (.05) | (.07) | (.05) | (.04) | (.12) | |
Net asset value, end of period | 10.41 | 11.01 | 11.53 | 9.20 | 8.17 | |
Total Return (%) | (4.99) | (3.93) | 26.05 | 13.13 | (26.49) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.64 | 1.64 | 1.65 | 1.69 | 1.67 | |
Ratio of net expenses to average net assets | 1.64 | 1.64 | 1.65 | 1.69 | 1.67 | |
Ratio of net investment income | 1.10 | .74 | .69 | .85 | .76 | |
Portfolio Turnover Rate | 90.09 | 80.86 | 91.81 | 103.60 | 107.27 | |
Net Assets, end of period ($ x 1,000) | 20,970 | 20,257 | 17,970 | 11,263 | 17,033 |
a Based on average shares outstanding.
See notes to financial statements.
121
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon International Equity Income Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.86 | 14.20 | 12.35 | 11.92 | 14.82 | |
Investment Operations: | ||||||
Investment income—neta | .59 | .57 | .42 | .34 | .43 | |
Net realized and unrealized | (1.69) | (.32) | 1.84 | .41 | (2.82) | |
Total from Investment Operations | (1.10) | .25 | 2.26 | .75 | (2.39) | |
Distributions: | ||||||
Dividends from investment income—net | (.56) | (.59) | (.41) | (.32) | (.51) | |
Net asset value, end of period | 12.20 | 13.86 | 14.20 | 12.35 | 11.92 | |
Total Return (%) | (7.98) | 1.63 | 18.72 | 6.51 | (16.51) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.07 | 1.08 | 1.09 | 1.09 | 1.07 | |
Ratio of net expenses to average net assets | 1.07 | 1.08 | 1.09 | 1.09 | 1.07 | |
Ratio of net investment income | 4.53 | 3.92 | 3.27 | 2.85 | 3.25 | |
Portfolio Turnover Rate | 45.49 | 54.20 | 46.42 | 78.17 | 88.45 | |
Net Assets, end of period ($ x 1,000) | 282,061 | 360,816 | 367,829 | 282,609 | 283,099 |
a Based on average shares outstanding.
See notes to financial statements.
122
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon International Equity Income Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.00 | 14.36 | 12.47 | 11.97 | 14.89 | |
Investment Operations: | ||||||
Investment income—neta | .53 | .54 | .62 | .23 | .39 | |
Net realized and unrealized | (1.67) | (.34) | 1.57 | .52 | (2.83) | |
Total from Investment Operations | (1.14) | .20 | 2.19 | .75 | (2.44) | |
Distributions: | ||||||
Dividends from investment income—net | (.51) | (.56) | (.30) | (.25) | (.48) | |
Net asset value, end of period | 12.35 | 14.00 | 14.36 | 12.47 | 11.97 | |
Total Return (%) | (8.21) | 1.27 | 17.87 | 6.40 | (16.77) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.32 | 1.33 | 1.37 | 1.34 | 1.33 | |
Ratio of net expenses to average net assets | 1.32 | 1.33 | 1.37 | 1.34 | 1.33 | |
Ratio of net investment income | 4.09 | 3.78 | 4.13 | 1.92 | 2.84 | |
Portfolio Turnover Rate | 45.49 | 54.20 | 46.42 | 78.17 | 88.45 | |
Net Assets, end of period ($ x 1,000) | 2,318 | 1,627 | 2,135 | 765 | 2,924 |
a Based on average shares outstanding.
See notes to financial statements.
123
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Asset Allocation Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.16 | 12.30 | 11.30 | 11.51 | 12.57 | |
Investment Operations: | ||||||
Investment income—neta | .19 | .17 | .18 | .17 | .18 | |
Net realized and unrealized | (.33) | 1.26 | 1.12 | .39 | (.46) | |
Total from Investment Operations | (.14) | 1.43 | 1.30 | .56 | (.28) | |
Distributions: | ||||||
Dividends from investment income—net | (.26) | (.21) | (.20) | (.19) | (.32) | |
Dividends from net realized gain on investments | (.49) | (.36) | (.10) | (.58) | (.46) | |
Total Distributions | (.75) | (.57) | (.30) | (.77) | (.78) | |
Net asset value, end of period | 12.27 | 13.16 | 12.30 | 11.30 | 11.51 | |
Total Return (%) | (.44) | 11.86 | 11.73 | 5.08 | (2.39) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assetsb | .39 | .38 | .38 | .37 | .35 | |
Ratio of net expenses to average net assetsb | .31 | .29 | .30 | .27 | .26 | |
Ratio of net investment income | 1.55 | 1.33 | 1.51 | 1.52 | 1.48 | |
Portfolio Turnover Rate | 28.14 | 20.66 | 27.34 | 23.99 | 30.31 | |
Net Assets, end of period ($ x 1,000) | 454,093 | 489,598 | 460,142 | 444,399 | 467,431 |
a Based on average shares outstanding.
b Amount does not include the expenses of the underlying funds.
See notes to financial statements.
124
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Asset Allocation Fund | 2019 | 2018 | 2017 | 2016 | 2015 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.25 | 12.39 | 11.38 | 11.58 | 12.64 | |
Investment Operations: | ||||||
Investment income—neta | .13 | .14 | .15 | .14 | .15 | |
Net realized and unrealized | (.29) | 1.26 | 1.14 | .40 | (.46) | |
Total from Investment Operations | (.16) | 1.40 | 1.29 | .54 | (.31) | |
Distributions: | ||||||
Dividends from investment income—net | (.23) | (.18) | (.18) | (.16) | (.29) | |
Dividends from net realized gain on investments | (.49) | (.36) | (.10) | (.58) | (.46) | |
Total Distributions | (.72) | (.54) | (.28) | (.74) | (.75) | |
Net asset value, end of period | 12.37 | 13.25 | 12.39 | 11.38 | 11.58 | |
Total Return (%) | (.63) | 11.50 | 11.49 | 4.89 | (2.62) | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assetsb | .64 | .63 | .63 | .62 | .60 | |
Ratio of net expenses to average net assetsb | .56 | .54 | .55 | .52 | .51 | |
Ratio of net investment income | 1.09 | 1.06 | 1.22 | 1.25 | 1.25 | |
Portfolio Turnover Rate | 28.14 | 20.66 | 27.34 | 23.99 | 30.31 | |
Net Assets, end of period ($ x 1,000) | 7,083 | 6,959 | 6,745 | 5,131 | 6,393 |
a Based on average shares outstanding.
b Amount does not include the expenses of the underlying funds.
See notes to financial statements.
125
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-three series, including the following diversified funds: BNY Mellon Large Cap Stock 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 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 Tax-Sensitive Large Cap Multi-Strategy Fund seeks long-term capital appreciation. BNY Mellon Asset Allocation Fund seeks long-term growth of principal in conjunction with current income.
BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, 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 the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain administrative services. Walter Scott & Partners Limited (“Walter Scott”), also a wholly-owned subsidiary of BNY Mellon and an affiliate of the Adviser, serves as the BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s sub-investment adviser with respect to the U.S. Large Cap Equity Strategy of the 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. BNY MellonSecurities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of each fund’s shares.
Effective June 3, 2019, The Dreyfus Corporation, each fund’s investment adviser, changed its name to “BNY Mellon Investment Adviser, Inc.”, MBSC Securities Corporation, each fund’s distributor, changed its name to “BNY Mellon Securities Corporation” and Dreyfus Transfer, Inc., each fund’s transfer agent, changed its name to “BNY Mellon Transfer, Inc.” In addition, effective June 3, 2019, BNY Mellon Investment Adviser, Inc. serves as the funds’ investment adviser directly and not through BNY Mellon Fund Advisers, formerly a division of BNY Mellon Investment Adviser, Inc.
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.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. Each fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. Each fund’s financial statements are prepared in
126
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). Debt 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 oversight of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized
127
NOTES TO FINANCIAL STATEMENTS(continued)
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 August 31, 2019in valuing each fund’s investments:
(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 ($) | Total | |||||||||
BNY Mellon Large Cap | |||||||||||||||||
Equity Securities— | 193,907,300 | - | - | - | - | - | 193,907,300 | ||||||||||
Investment Companies | 2,547,296 | - | - | - | - | - | 2,547,296 | ||||||||||
BNY Mellon Tax-Sensitive | |||||||||||||||||
Equity Securities— | 200,984,929 | - | - | - | - | - | 200,984,929 | ||||||||||
Investment Companies | 114,680,730 | - | - | - | - | - | 114,680,730 |
128
Table 1—Fair Value Measurements (continued) | ||||||||||||||||||
Investments in Securities† | ||||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant Unobservable Inputs |
|
| ||||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | ||||||||||
BNY Mellon Income Stock Fund | ||||||||||||||||||
Equity Securities— | 912,550,733 | - | - | - | - | - | 912,550,733 | |||||||||||
Equity Securities— | 9,551,614 | - | - | - | - | - | 9,551,614 | |||||||||||
Investment Companies | 41,756,799 | - | - | - | - | - | 41,756,799 | |||||||||||
Other Financial Instruments: | ||||||||||||||||||
Options Written | - | (333,665) | - | - | - | - | (333,665) | |||||||||||
BNY Mellon Mid Cap | ||||||||||||||||||
Equity Securities— | 2,683,709,179 | - | - | - | - | - | 2,683,709,179 | |||||||||||
Exchange-Traded Funds | 14,237,077 | - | - | - | - | - | 14,237,077 | |||||||||||
Investment Companies | 46,615,123 | - | - | - | - | - | 46,615,123 | |||||||||||
BNY Mellon Small Cap | ||||||||||||||||||
Equity Securities— | 414,320,694 | - | - | - | - | - | 414,320,694 | |||||||||||
Exchange-Traded Funds | 2,961,084 | - | - | - | - | - | 2,961,084 | |||||||||||
Investment Companies | 29,906,335 | - | - | - | - | - | 29,906,335 | |||||||||||
Warrants | 37,757 | - | - | - | - | - | 37,757 | |||||||||||
BNY Mellon Focused Equity | ||||||||||||||||||
Equity Securities— | 436,307,752 | - | - | - | - | - | 436,307,752 | |||||||||||
Investment Companies | 1,189,303 | - | - | - | - | - | 1,189,303 | |||||||||||
BNY Mellon Small/Mid Cap | ||||||||||||||||||
Equity Securities— | 220,407,414 | - | - | - | - | - | 220,407,414 | |||||||||||
Exchange-Traded Funds | 1,978,277 | - | - | - | - | - | 1,978,277 | |||||||||||
Investment Companies | 10,111,362 | - | - | - | - | - | 10,111,362 | |||||||||||
BNY Mellon International Fund | ||||||||||||||||||
Equity Securities— | 903,854,245 | - | - | - | - | - | 903,854,245 | |||||||||||
Investment Companies | 10,562,368 | - | - | - | - | - | 10,562,368 |
129
NOTES TO FINANCIAL STATEMENTS(continued)
Table 1—Fair Value Measurements (continued) | ||||||||||||||||||
Investments in Securities† | ||||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant |
|
| ||||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | ||||||||||
BNY Mellon | ||||||||||||||||||
Equity Securities— | 802,261,338 | - | - | - | - | - | 802,261,338 | |||||||||||
Equity Securities— | 23,769,570 | - | - | - | - | - | 23,769,570 | |||||||||||
Investment Companies | 4,669,294 | - | - | - | - | - | 4,669,294 | |||||||||||
BNY Mellon International | ||||||||||||||||||
Equity Securities— | 276,787,439 | - | - | - | - | - | 276,787,439 | |||||||||||
Equity Securities— | 2,549,333 | - | - | - | - | - | 2,549,333 | |||||||||||
Investment Companies | 2,540,205 | - | - | - | - | - | 2,540,205 | |||||||||||
BNY Mellon Asset | ||||||||||||||||||
Commercial Mortgage-Backed | - | - | 1,166,287 | - | - | - | 1,166,287 | |||||||||||
Corporate Bonds | - | - | 27,541,929 | - | - | - | 27,541,929 | |||||||||||
Equity Securities— | 97,451,503 | - | - | - | - | - | 97,451,503 | |||||||||||
Foreign Government | - | - | 456,424 | - | - | - | 456,424 | |||||||||||
Investment Companies | 293,577,225 | - | - | - | - | - | 293,577,225 | |||||||||||
Municipal Securities | - | - | 4,630,451 | - | - | - | 4,630,451 | |||||||||||
U.S. Government Agencies | - | - | 20,698,818 | - | - | - | 20,698,818 | |||||||||||
U.S. Treasury Securities | - | - | 15,589,729 | - | - | - | 15,589,729 |
† See Statement of Investments for additional detailed categorizations, if any.
130
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 the Adviser, 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 August 31, 2019.
Table 2—Securities Lending Agreement |
|
BNY Mellon Large Cap Stock Fund | $ 1,706 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 2,708 |
BNY Mellon Income Stock Fund | 10,886 |
BNY Mellon Mid Cap Multi-Strategy Fund | 74,116 |
BNY Mellon Small Cap Multi-Strategy Fund | 40,473 |
BNY Mellon Focused Equity Opportunities Fund | 5,065 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 11,002 |
BNY Mellon International Fund | 1,175 |
BNY Mellon Emerging Markets Fund | 6,459 |
BNY Mellon International Equity Income Fund | 26,496 |
BNY Mellon Asset Allocation Fund | 487 |
(d) Affiliated issuers:Investments in other investment companies advised by the Adviser 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 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 and BNY Mellon Emerging Markets 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.
(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,
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NOTES TO FINANCIAL STATEMENTS(continued)
by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended August 31, 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 August 31, 2019, the funds did not incur any interest or penalties.
Each tax year in the four-year period ended August 31, 2019 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Table 3 summarizes each fund’s components of accumulated earnings on a tax basis at August 31, 2019.
Under the Regulated Investment Company Modernization Act of 2010, each fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
Table 3—Components of Accumulated Earnings | ||||||
Undistributed | Accumulated | Undistributed | Unrealized | |||
BNY Mellon Large Cap Stock Fund | 200,390 | - | 18,452,541 | 46,126,202 | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 1,583,853 | - | 19,870,386 | 116,713,262 | ||
BNY Mellon Income Stock Fund | - | - | 57,806,366 | 129,979,144 | ||
BNY Mellon Mid Cap Multi-Strategy Fund | - | - | 74,490,795 | 877,997,845 | ||
BNY Mellon Small Cap Multi-Strategy Fund | 332,894 | - | 13,013,203 | 52,294,177 | ||
BNY Mellon Focused Equity Opportunities Fund | 2,198,884 | - | 19,822,900 | 106,111,267 | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | - | - | 5,992,829 | 39,111,703 | ||
BNY Mellon International Fund | 24,169,851 | (73,404,310) | - | (12,202,023) | ||
BNY Mellon Emerging Markets Fund | 10,538,682 | (425,039,732) | - | 129,415,776 | ||
BNY Mellon International Equity Income Fund | 4,958,722 | (32,081,753) | - | (17,290,157) | ||
BNY Mellon Asset Allocation Fund | 470,836 | - | 23,651,589 | 58,494,469 |
Table 4summarizes each relevant fund’s accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2019.
Table 4—Capital Loss Carryover | ||||||
Short-Term | Long-Term | |||||
Total ($) | ||||||
BNY Mellon International Fund | 29,416,216 | 43,988,094 | 73,404,310 | |||
BNY Mellon Emerging Markets Fund | 239,537,644 | 185,502,088 | 425,039,732 | |||
BNY Mellon International Equity Income Fund | 24,323,396 | 7,758,357 | 32,081,753 |
† Short-term capital losses which can be carried forward for an unlimited period.
†† Long-term capital losses which can be carried forward for an unlimited period.
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Table 5 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal periods ended August 31, 2019 and August 31, 2018.
(h) New Accounting Pronouncements: Effective June 1, 2019, the funds adopted Accounting Standards Update 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization On Purchased Callable Debt Securities (“ASU 2017-08”). The update shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date.
Also effective June 1, 2019, the funds adopted Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that modifies certain disclosure requirements for fair value measurements. The adoption of ASU 2017-08 and ASU 2018-13 had no impact on the operations of the funds for the period ended August 31, 2019.
Table 5— Tax Character of Distributions Paid | |||||
2019 | 2018 | ||||
| Ordinary Income ($) | Long-Term |
| Ordinary Income ($) | Long-Term |
BNY Mellon Large Cap Stock Fund | 4,951,217 | 31,343,182 | 4,171,417 | 32,834,686 | |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 4,767,656 | 34,736,206 | 6,036,550 | 28,868,361 | |
BNY Mellon Income Stock Fund | 37,468,299 | 80,349,093 | 52,191,705 | 60,418,871 | |
BNY Mellon Mid Cap Multi-Strategy Fund | 49,686,294 | 156,443,917 | 15,027,980 | 124,384,093 | |
BNY Mellon Small Cap Multi-Strategy Fund | 11,972,106 | 59,746,672 | 8,631,843 | 37,617,353 | |
BNY Mellon Focused Equity Opportunities Fund | 5,947,602 | 72,140,185 | 7,661,930 | 47,893,593 | |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 11,347,051 | 36,505,697 | 8,274,304 | 24,762,761 | |
BNY Mellon International Fund | 20,131,195 | - | 17,186,951 | - | |
BNY Mellon Emerging Markets Fund | 6,295,437 | - | 7,842,876 | - | |
BNY Mellon International Equity Income Fund | 13,755,206 | - | 15,234,395 | - | |
BNY Mellon Asset Allocation Fund | 10,412,267 | 18,731,649 | 8,019,496 | 13,277,207 |
NOTE 2—Bank Lines of Credit:
The funds participate with other long-term open-end funds managed by the Adviser 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 BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, 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 August 31, 2019, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund did not borrow under the Facilities.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2019 for BNY Mellon Large Cap Stock Fund was approximately $55,300, with a related weighted average annualized interest rate of 3.29%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2019 for BNY Mellon Income Stock Fund was approximately $43,840, with a related weighted average annualized interest rate of 3.35%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2019 for BNY Mellon Mid Cap Multi-Strategy Fund was approximately $174,250, with a related weighted average annualized interest rate of 3.36%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2019 for BNY Mellon Small Cap Multi-Strategy Fund was approximately $32,050, with a related weighted average annualized interest rate of 2.77%.
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NOTES TO FINANCIAL STATEMENTS(continued)
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2019 for BNY Mellon Focused Equity Opportunities Fund was approximately $447,950, with a related weighted average annualized interest rate of 3.32%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2019 for BNY Mellon Small/Mid Cap Multi-Strategy Fund was approximately $492,330, with a related weighted average annualized interest rate of 3.38%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2019 for BNY Mellon International Fund was approximately $188,770, with a related weighted average annualized interest rate of 3.37%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2019 for BNY Mellon Emerging Markets Fund was approximately $393,150, with a related weighted average annualized interest rate of 3.22%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2019 for BNY Mellon International Equity Income Fund was approximately $113,420, with a related weighted average annualized interest rate of 3.25%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2019 for BNY Mellon Asset Allocation Fund was approximately $13,150, with a related weighted average annualized interest rate of 3.39%.
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 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 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, .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 Adviser has contractually agreed, from September 1, 2018 through June 1, 2020, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the total expenses of Class A, Class C, Class I and Class Y shares (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .90% of the value of the fund’s average daily net assets. During the period ended August 31, 2019, there were no reduction in expenses, pursuant to the undertaking.
For BNY Mellon Asset Allocation Fund, the Adviser has contractually agreed, from September 1, 2018 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 $373,668 during the period ended August 31, 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 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 the Adviser and Walter Scott, the Adviser pays Walter Scott a monthly fee at an annual rate of .41% of BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s average daily net assets allocated to the U.S. Large Cap Equity Strategy.
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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. The Adviser 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. The Adviser 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 the Adviser, 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 the Adviser or are wholly-owned subsidiaries (as defined under the Act) of the Adviser ultimate parent company, BNY Mellon, without obtaining shareholder approval. The Order also allows the funds to disclose the sub-investment advisory fee paid by the Adviser 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 the Adviser 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 the Adviser. The Adviser has ultimate responsibility (subject to oversight by the Board) to supervise any sub-investment adviser and recommend the hiring, termination, and replacement of any sub-investment adviser to the Board.
During the period ended August 31, 2019, the Distributor retained $148 from commissions earned on sales of BNY Mellon Income Stock Fund Class A shares and $11 from CDSC fees on redemptions of the fund’s Class C shares.
(b)Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares of BNY Mellon Income Stock Fund pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. During the period ended August 31, 2019, Class C shares were charged $9,945 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 August 31, 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 | $ 19,594 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 15,088 |
BNY Mellon Income Stock Fund | |
Investor Shares | 71,499 |
Class A | 6,797 |
Class C | 3,315 |
BNY Mellon Mid Cap Multi-Strategy Fund | 297,864 |
BNY Mellon Small Cap Multi-Strategy Fund | 51,734 |
BNY Mellon Focused Equity Opportunities Fund | 20,104 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 6,828 |
BNY Mellon International Fund | 47,072 |
BNY Mellon Emerging Markets Fund | 48,057 |
BNY Mellon International Equity Income Fund | 3,966 |
BNY Mellon Asset Allocation Fund | 16,514 |
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 BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, under a transfer agency agreement for providing transfer agency and cash management services for the funds. The majority of transfer
135
NOTES TO FINANCIAL STATEMENTS(continued)
agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to the fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees out of the administration fee it receives from the Trust except for BNY Mellon Income Stock Fund Class A, Class C, Class I and Class Y shares transfer agent fees. During the period ended August 31, 2019, .BNY Mellon Income Stock Fund Class A, Class C, Class I and Class Y shares was charged $290 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity.Table 8 summarizes the amount each fund was charged during the period ended August 31, 2019 pursuant to the custody agreement. These fees were partially offset by earnings credits, also summarized inTable 8.
Table 8—Custody Agreement Fees | ||||
| Custody Fees ($) | Earnings Credits ($) | ||
BNY Mellon Large Cap Stock Fund | 10,982 | - | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 4,751 | (7) | ||
BNY Mellon Income Stock Fund | 17,343 | - | ||
BNY Mellon Mid Cap Multi-Strategy Fund | 79,140 | (727) | ||
BNY Mellon Small Cap Multi-Strategy Fund | 44,530 | - | ||
BNY Mellon Focused Equity Opportunities Fund | 9,801 | - | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 27,411 | - | ||
BNY Mellon International Fund | 169,954 | - | ||
BNY Mellon Emerging Markets Fund | 700,105 | - | ||
BNY Mellon International Equity Income Fund | 159,861 | - | ||
BNY Mellon Asset Allocation Fund | 9,803 | - | ||
Table9 summarizes the amount each fund was charged for services performed by the Chief Compliance Officer and his staff, during the period ended August 31, 2019.
Table 9—Chief Compliance Officer Fees |
|
BNY Mellon Large Cap Stock Fund | $11,539 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 16,154 |
BNY Mellon Income Stock Fund | 11,539 |
BNY Mellon Mid Cap Multi-Strategy Fund | 18,462 |
BNY Mellon Small Cap Multi-Strategy Fund | 11,539 |
BNY Mellon Focused Equity Opportunities Fund | 11,539 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 11,539 |
BNY Mellon International Fund | 11,539 |
BNY Mellon Emerging Markets Fund | 11,539 |
BNY Mellon International Equity Income Fund | 11,539 |
BNY Mellon Asset Allocation Fund | 13,847 |
Table 10summarizes the components of “Due to BNY Mellon Investment Adviser, Inc. 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 11summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, forward contracts and options transactions,during the period ended August 31, 2019.
136
Table 10—Due to BNY Mellon Investment Adviser, Inc. and Affiliates | ||||||||
| Investment | Administration | Distribution | Shareholder | Custodian | Chief Compliance | ||
BNY Mellon Large Cap Stock Fund | 108,245 | 20,377 | - | 1,442 | 3,368 | 2,252 | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 135,672 | 21,289 | - | 1,430 | 1,291 | 3,153 | ||
BNY Mellon Income Stock Fund | 534,398 | 102,034 | 732 | 5,655 | 7,488 | 2,252 | ||
BNY Mellon Mid Cap Multi-Strategy Fund | 1,728,285 | 281,963 | - | 24,678 | 23,706 | 3,603 | ||
BNY Mellon Small Cap Multi-Strategy Fund | 304,556 | 44,894 | - | 3,972 | 12,735 | 2,252 | ||
BNY Mellon Focused Equity Opportunities Fund | 257,462 | 45,004 | - | 1,485 | 2,675 | 2,252 | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 142,982 | 23,327 | - | 454 | 8,896 | 2,252 | ||
BNY Mellon International Fund | 660,683 | 95,107 | - | 3,695 | 47,882 | 2,252 | ||
BNY Mellon Emerging Markets Fund | 813,870 | 87,672 | - | 4,453 | 236,337 | 2,252 | ||
BNY Mellon International Equity Income Fund | 208,372 | 30,497 | - | 500 | 54,329 | 2,252 | ||
BNY Mellon Asset Allocation Fund | 154,996 | 17,350 | - | 1,490 | 4,108 | 2,702 |
Table 11—Purchases and Sales | ||||||||
| Purchases ($) | Sales ($) | ||||||
BNY Mellon Large Cap Stock Fund | 118,858,777 | 191,868,299 | ||||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 81,538,319 | 107,891,102 | ||||||
BNY Mellon Income Stock Fund | 594,072,260 | 783,225,745 | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund | 1,267,607,550 | 1,853,607,480 | ||||||
BNY Mellon Small Cap Multi-Strategy Fund | 338,851,059 | 458,721,262 | ||||||
BNY Mellon Focused Equity Opportunities Fund | 364,305,416 | 487,457,991 | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 185,518,304 | 290,624,986 | ||||||
BNY Mellon International Fund | 574,221,216 | 693,521,679 | ||||||
BNY Mellon Emerging Markets Fund | 777,299,998 | 822,198,909 | ||||||
BNY Mellon International Equity Income Fund | 142,981,357 | 178,832,022 | ||||||
BNY Mellon Asset Allocation Fund | 129,388,057 | 137,433,754 |
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each relevant fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, “Master Agreements”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination.
Each type of derivative instrument that was held by each relevant fund during the period ended August 31, 2019 is discussed below.
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
137
NOTES TO FINANCIAL STATEMENTS(continued)
a loss if the price of the financial instrument increases between those dates.
As a writer of put options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument increases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument decreases between those dates.
As a writer of an option, the fund has no control over whether the underlying financial instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the financial instrument underlying the written option. There is a risk of loss from a change in value of such options which may exceed the related premiums received. The Statement of Operations reflects any unrealized gains or losses which occurred during the period as well as any realized gains or losses which occurred upon the expiration or closing of the option transaction.Options written open at August 31, 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 underlying financial instruments. Each fund is also exposed to credit risk associated with counterparty non-performance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between each fund and the counterparty and the posting of collateral, if any, by the counterparty to each fund to cover the funds’ exposure to the counterparty. At August 31, 2019, there were no forward contracts outstanding for BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund.
Table 12 summarizes each relevant fund’s average market value of derivatives outstanding during the period ended August 31, 2019.
Table 12—Average Market Value of Derivatives | |
Average Market Value ($) | |
BNY Mellon Income Stock Fund | 730,050 |
BNY Mellon International Fund | 1,259,835 |
BNY Mellon Emerging Markets Fund | 502,279 |
BNY Mellon International Equity Income Fund | 309,871 |
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Table 13 summarizes the cost of investments inclusive of derivative contracts for federal income tax purposes, gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments inclusive of derivative contracts for each fund at August 31, 2019.
Table 13—Accumulated Net Unrealized Appreciation (Depreciation) | ||||||||
| Cost of | Gross | Gross | Net ($) | ||||
BNY Mellon Large Cap Stock Fund | 150,328,394 | 53,253,399 | 7,127,197 | 46,126,202 | ||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 198,952,397 | 117,747,329 | 1,034,067 | 116,713,262 | ||||
BNY Mellon Income Stock Fund | 834,221,643 | 170,475,370 | 40,496,226 | 129,979,144 | ||||
BNY Mellon Mid Cap Multi-Strategy Fund | 1,866,563,534 | 960,286,538 | 82,288,693 | 877,997,845 | ||||
BNY Mellon Small Cap Multi-Strategy Fund | 394,931,693 | 97,073,569 | 44,779,392 | 52,294,177 | ||||
BNY Mellon Focused Equity Opportunities Fund | 331,385,788 | 109,721,568 | 3,610,301 | 106,111,267 | ||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 193,385,350 | 57,301,309 | 18,189,606 | 39,111,703 | ||||
BNY Mellon International Fund | 926,512,868 | 68,910,111 | 81,006,366 | (12,096,255) | ||||
BNY Mellon Emerging Markets Fund | 701,185,215 | 173,123,002 | 43,608,015 | 129,514,987 | ||||
BNY Mellon International Equity Income Fund | 299,115,880 | 22,594,957 | 39,833,860 | (17,238,903) | ||||
BNY Mellon Asset Allocation Fund | 402,617,897 | 64,937,956 | 6,443,487 | 58,494,469 |
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REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Shareholders of the Funds and Board of Trustees of
BNY Mellon Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of BNY Mellon Large Cap Stock Fund, BNY Mellon 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 Equity Income Fund and BNY Mellon Asset Allocation Fund, (collectively, the “Funds”), each a series of BNY Mellon Funds Trust, including the statements of investments, investments in affiliated issuers, and the statement of options written, as of August 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or period in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or period in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2019, by correspondence with the custodian, transfer agent, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.
New York, New York
October 29, 2019
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IMPORTANT TAX INFORMATION(Unaudited)
BNY Mellon Large Cap Stock Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 99.52% of ordinary income dividends paid during the fiscal year ended August 31, 2019 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $4,761,946 as ordinary income dividends paid during the fiscal year ended August 31, 2019 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2020 of the percentage applicable to the preparation of their 2019 income tax returns. Also, the fund reports the maximum amount allowable but not less than $.8241per share as a capital gain dividend paid on December 11, 2018 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0618 as a short-term capital gain dividend paid on December 11, 2018 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 74.38% of ordinary income dividends paid during the fiscal year ended August 31, 2019 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $3,946,778 as ordinary income dividends paid during the fiscal year ended August 31, 2019 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2020 of the percentage applicable to the preparation of their 2019 income tax returns. Also, the fund reports the maximum amount allowable but not less than $1.8128per share as a capital gain dividend paid on December 18, 2018 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0165 as a short-term capital gain dividend paid on December 18, 2018 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Income Stock Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 97.81% of ordinary income dividends paid during the fiscal year ended August 31, 2019 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $30,903,446 as ordinary income dividends paid during the fiscal year ended August 31, 2019 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2020 of the percentage applicable to the preparation of their 2019 income tax returns. Also, the fund reports the maximum amount allowable but not less than $.6491 per share as a capital gain dividend paid on December 11, 2018 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.1077 as a short-term capital gain dividend paid on December 11, 2018 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Mid Cap Multi-Strategy Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 77.37% of ordinary income dividends paid during the fiscal year ended August 31, 2019 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $30,472,002 as ordinary income dividends paid during the fiscal year ended August 31, 2019 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2020 of the percentage applicable to the preparation of their 2019 income tax returns. Also, the fund reports the maximum amount allowable but not less than $.9354 per share as a capital gain dividend paid on December 19, 2018 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.2502 as a short-term capital gain dividend paid on December 19, 2018 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Small Cap Multi-Strategy Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 26.33% of ordinary income dividends paid during the fiscal year ended August 31, 2019 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum
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IMPORTANT TAX INFORMATION (Unaudited)(continued)
amount allowable but not less than $4,949 as ordinary income dividends paid during the fiscal year ended August 31, 2019 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2020 of the percentage applicable to the preparation of their 2019 income tax returns. Also, the fund reports the maximum amount allowable but not less than $2.4139 per share as a capital gain dividend paid on December 17, 2018 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.4837 as a short-term capital gain dividend paid on December 17, 2018 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
Mellon Focused Equity Opportunities Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 100% of ordinary income dividends paid during the fiscal year ended August 31, 2019 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $5,947,602 as ordinary income dividends paid during the fiscal year ended August 31, 2019 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2020 of the percentage applicable to the preparation of their 2019 income tax returns. Also, the fund reports the maximum amount allowable but not less than $2.4285 per share as a capital gain dividend paid on December 12, 2018 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0773 as a short-term capital gain dividend paid on December 12, 2018 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Small/Mid Cap Multi-Strategy Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 19.73% of ordinary income dividends paid during the fiscal year ended August 31, 2019 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $838,653 as ordinary income dividends paid during the fiscal year ended August 31, 2019 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2020 of the percentage applicable to the preparation of their 2019 income tax returns. Also, the fund reports the maximum amount allowable but not less than $1.6899 per share as a capital gain dividend paid on December 12, 2018 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.5783 as a short-term capital gain dividend paid on December 12, 2018 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon International Fund
For federal tax purposes, the fund elects to provide each shareholder with their portion of the fund’s income sourced from foreign countries and taxes paid from foreign countries. The fund reports the maximum amount allowable but not less than $36,540,467 as income sourced from foreign countries for the fiscal year ended August 31, 2019 in accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $2,784,529 as taxes paid from foreign countries for the fiscal year ended August 31, 2019 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2019 calendar year with Form 1099-DIV which will be mailed in early 2020. Also, the fund reports the maximum amount allowable, but not less than $20,131,195 as ordinary income dividends paid during the fiscal year ended August 31, 2019 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code.
BNY Mellon Emerging Markets Fund
For federal tax purposes, the fund elects to provide each shareholder with their portion of the fund’s income sourced from foreign countries and taxes paid from foreign countries. The fund reports the maximum amount allowable but not less than $26,590,795 as income sourced from foreign countries for the fiscal year ended August 31, 2019 in accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $3,308,084 as taxes paid from foreign countries for the fiscal year ended August 31, 2019 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2019 calendar year with Form 1099-DIV which will be mailed in early 2020. Also, the fund reports the maximum amount allowable, but not less than $6,295,437 as ordinary income dividends paid during the fiscal year ended August 31, 2019 as qualified
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dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code.
BNY Mellon International Equity Income Fund
For federal tax purposes, the fund elects to provide each shareholder with their portion of the fund’s income sourced from foreign countries and taxes paid from foreign countries. The fund reports the maximum amount allowable but not less than $19,945,733 as income sourced from foreign countries for the fiscal year ended August 31, 2019 in accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $2,051,432 as taxes paid from foreign countries for the fiscal year ended August 31, 2019 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2019 calendar year with Form 1099-DIV which will be mailed in early 2020. Also, the fund reports the maximum amount allowable, but not less than $13,755,206 as ordinary income dividends paid during the fiscal year ended August 31, 2019 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code.
BNY Mellon Asset Allocation Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 19.99% of ordinary income dividends paid during the fiscal year ended August 31, 2019 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $1,982,799 as ordinary income dividends paid during the fiscal year ended August 31, 2019 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2020 of the percentage applicable to the preparation of their 2019 income tax returns. Also, the fund reports the maximum amount allowable but not less than $.4797 per share as a capital gain dividend paid on December 31, 2018 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0088 as a short-term capital gain dividend paid on December 31, 2018 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
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INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT, ADMINISTRATION AGREEMENT AND BNY MELLON MID CAP MULTI-STRATEGY FUND’S SUB-ADVISORY AGREEMENTS (Unaudited)
At a meeting of the Trust’s Board of Trustees held on March 18-19, 2019, the Board considered the renewal of (i) the Trust’s Investment Advisory Agreement and Administration Agreement, pursuant to which the Adviser provides the funds with investment advisory services and The Bank of New York Mellon provides the funds with administrative services (together, the “Agreement”), (ii) the Sub-Investment Advisory Agreement with respect to BNY Mellon Large Cap Market Opportunities Fund and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, pursuant to which Walter Scott & Partners Limited (“Walter Scott”) provides day-to-day management of the portion of each fund’s investments allocated to the U.S. Large Cap Equity Strategy, (iii) the Sub-Investment Advisory Agreement with respect to BNY Mellon Mid Cap Multi-Strategy Fund, pursuant to which Boston Partners Global Investors, Inc. (“Boston Partners”) provides day-to-day management of the fund’s investments allocated to the Boston Partners Mid Cap Value Strategy and (iv) the Sub-Investment Advisory Agreement with respect to BNY Mellon Mid Cap Multi-Strategy Fund, pursuant to which Geneva Capital Management LLC (“GCM”) provides day-to-day management of the portion of the fund’s investments allocated to the Geneva Mid Cap Growth Strategy (Walter Scott, Boston Partners and GCM, collectively, the “Subadvisers”). The Agreement and each Sub-Investment Advisory Agreement are collectively referred to as the “Agreements”. The Bank of New York Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain of the administrative services referenced above. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Subadvisers. In considering the renewal of the Agreements, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to the funds. The Adviser provided the number of open accounts in each fund, each fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of the funds (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to each fund.
The Board also considered research support available to, and portfolio management capabilities of, each fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures, as well as the Adviser’s supervisory activities over the Subadvisers. The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.
Comparative Analysis of the Funds’ Performance and Management Fees and Expense Ratios. For each fund, the Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended December 31, 2018, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”). At the Adviser’s request, the Board also reviewed reports prepared by Broadridge with respect to BNY Mellon Asset Allocation Fund and BNY Mellon Large Cap Market Opportunities Fund (each, a “Fund of Funds”) which included information comparing (1) each fund’s performance with the performance of a group of comparable funds of funds from various Lipper categories (the “Funds of Funds Performance Group”) and with a broader group of funds (the “Fund of Funds Performance Universe), all for various periods ended December 31, 2018, and (2) each fund’s actual and contractual management fees and total expenses with those of a group of comparable funds of funds (the “Funds of Funds Expense Group”) and with a broader group of funds of funds (the “Funds of Funds Expense Universe”). The information for each comparison was derived in part from fund financial statements available to Broadridge as of the date of its analysis. With respect to each Fund of Funds, it was noted that the Funds of Funds Performance Universe was the same as or similar to each fund’s respective Performance Universe, and so a separate
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comparison of the performance of each Fund of Funds to its Funds of Funds Performance Universe was not discussed. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe, and representatives of the Adviser informed the Board of the methodology Broadridge used to select the funds in the Funds of Funds Performance Group and the Fund of Funds Performance Universe and the Funds of Funds Expense Group and Funds of Funds Expense Universe. The Board discussed the results of the comparisons with representatives of the Adviser, its affiliates and/or the Subadviser(s), as applicable.
Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to each fund and comparison funds.
The Board considered the fee to each Subadviser in relation to the fee paid to the Adviser by the relevant funds and the respective services provided by the Subadviser and the Adviser. The Board also took into consideration that each Subadviser’s fee is paid by the Adviser (out of its fee from the relevant fund) and not the fund.
BNY Mellon Large Cap Market Opportunities Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians, and above the Funds of Funds Performance Group median (highest in the Funds of Funds Performance Group for the four- and five-year periods) for all periods. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and the Funds of Funds Expense Group and Funds of Funds Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group and Funds of Funds Expense Group medians, the fund’s actual management fee was below the Expense Group and Expense Universe medians and above the Funds of Funds Expense Group and Funds of Funds Expense Universe medians and the fund’s total expenses were above the Expense Group, Expense Universe and Funds of Funds Expense Universe medians and below the Funds of Funds Expense Group median. The Board considered that the fund invests a portion of its assets in underlying mutual funds (“Acquired Funds”) and that the fund’s pro rata share of the expenses of the Acquired Funds (the “Acquired Fund Expenses”) were included in the fund’s actual total expense rankings in the Expense Group and Expense Universe and the Funds of Funds Expense Group and Funds of Funds Expense Universe and that the other funds of funds in the Funds of Funds Expense Group and Funds of Funds Expense Group Universe also included Acquired Fund Expenses.
It was noted that the Board also considered, and approved, the liquidation of the fund, effective on or about April 30, 2019.
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were at the Expense Group median and below the Expense Universe median.
BNY Mellon Mid Cap Multi-Strategy Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians all periods (ranking first in the Performance Group for the one-year period). The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were above the Expense Group median and below the Expense Universe median.
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INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT, ADMINISTRATION AGREEMENT AND BNY MELLON MID CAP MULTI-STRATEGY FUND’S SUB-ADVISORY AGREEMENTS (Unaudited) (continued)
BNY Mellon Small Cap Multi-Strategy Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods, except the ten-year period when the fund’s performance was at the Performance Group median and below the Performance Universe median. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
BNY Mellon Small/Mid Cap Multi-Strategy Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods (highest in the Performance Group for the two-year period). The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were above the Expense Group median and below the Expense Universe median.
BNY Mellon Income Stock Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for the three-, four-, five- and ten-year periods and at or below the Performance Group and Performance Universe medians for the one- and two-year periods. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were above the Expense Group median and slightly above the Expense Universe median.
Representatives of the Adviser stated that the investment adviser has contractually agreed, until June 1, 2019, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct expenses of none of Class A, C, I or Y shares (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.90% of the fund’s average daily net assets.
BNY Mellon Focused Equity Opportunities Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was at or above the Performance Group and Performance Universe medians for all periods (highest in the Performance Group for the three-year period) except the one-year period where the total performance was below the Performance Group and Performance Universe medians. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
BNY Mellon Asset Allocation Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was at or below the Performance Group and Performance Universe medians for all periods except the two-year period where the fund’s performance was above the Performance Group and Performance Universe medians. They also considered that the fund’s total return performance was at or above the Funds of Funds Performance Group median for all periods except for the ten-year period when the fund’s performance was below the Funds of Funds Performance Group median. The
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Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was considered that the fund’s returns were above the returns of the index in six of the ten calendar years shown.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and the Funds of Funds Expense Group and Funds of Funds Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was below the Expense Group median and above the Funds of Funds Expense Group median, the fund’s actual management fee was below the Expense Group and Expense Universe medians and above the Funds of Funds Expense Group and Funds of Funds Expense Universe medians and the fund’s total expenses were at the Expense Group median and above the Funds of Funds Expense Group median, and slightly above the Expense Universe median and below the Funds of Funds Expense Universe median. The Board considered that the fund invests a portion of its assets in Acquired Funds and that the fund’s pro rata share of the Acquired Fund Expenses was included in the fund’s actual total expense rankings in the Expense Group and Expense Universe and the Funds of Funds Expense Group and Funds of Funds Expense Universe and that the other funds of funds in the Funds of Funds Expense Group and Funds of Funds Expense Group Universe also included Acquired Fund Expenses.
Representatives of the Adviser stated that the investment adviser has contractually agreed, until December 31, 2019, to waive receipt of its fees and/or assume the expenses of the fund, so that the total annual operating expenses of neither share class (including indirect fees and expenses of the underlying funds, but excluding fund shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.87% of the fund’s average daily net assets.
BNY Mellon International Appreciation Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods, except for the two- and ten-year periods when the fund’s performance was below the Performance Group and Performance Universe medians. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was below the Expense Group median, the fund’s actual management fee was below the Expense Group and Expense Universe medians and the fund’s total expenses were above the Expense Group and Expense Universe medians.
It was noted that the Board also considered, and approved, the liquidation of the fund, effective on or about April 30, 2019.
BNY Mellon International Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was at or below the Performance Group and Performance Universe medians for all periods, except for the two-year period when the fund’s performance was slightly above the Performance Group and Performance Universe medians and the four-year period, when the fund’s total return performance was above the Performance Group median. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
BNY Mellon Emerging Markets Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods, except the two-year period when the fund’s performance was above the Performance Universe median and the three-year period when the fund’s performance was above the Performance Group and Performance Universe medians. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s
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INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT, ADMINISTRATION AGREEMENT AND BNY MELLON MID CAP MULTI-STRATEGY FUND’S SUB-ADVISORY AGREEMENTS (Unaudited) (continued)
contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
BNY Mellon Large Cap Stock Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods, except the five-year period when the fund’s performance was above the Performance Universe median. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
BNY Mellon International Equity Income Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was at or above the Performance Group and Performance Universe medians for all periods, except the one- and two-year periods where the fund’s performance was below the Performance Group and Performance Universe medians. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
As applicable to each fund, representatives of the Adviser reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by the Adviser that are in the same Lipper category as the fund and (2) paid to the Adviser, the Subadviser(s) or the primary employer of the fund’s primary portfolio manager(s) that is affiliated with the Adviser, for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for theSimilar Clients to evaluate the appropriateness of the fund’s management fee.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing each fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by the Adviser to each fund. The Board also considered the expense limitation arrangement for BNY Mellon Asset Allocation Fund and its effect on the profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of the funds.
For each fund, the Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Subadviser(s), as applicable, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Since the Adviser, and not the relevant fund, pays each Subadviser pursuant to its corresponding Sub-Investment Advisory Agreement, the Board did not consider the Subadviser’s profitability to be relevant to its deliberations. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among the funds in the BNY Mellon fund complex, the extent of economies of scale could
148
depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in a fund’s asset level. The Board also considered potential benefits to the Adviser and the Subadvisers from acting as investment adviser and sub-investment advisers, respectively, and took into consideration the soft dollar arrangements in effect for trading the funds’ investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
· The Board concluded that the nature, extent and quality of the services provided by the Adviser to each fund, by Walter Scott to BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and BNY Mellon Large Cap Market Opportunities Fund and by Boston Partners and GCM to BNY Mellon Mid Cap Multi-Strategy Fund are adequate and appropriate.
· With respect to BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Mid-Cap Multi-Strategy Fund and BNY Mellon Small/Mid Cap Multi-Strategy Fund,the Board was satisfied with the fund’s performance.
· With respect to BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon International Appreciation Fund andBNY Mellon International Equity Income Fund, the Board generally was satisfied with the fund’s overall performance.
· With respect to BNY Mellon Income Stock Fund and BNY Mellon Focused Equity Opportunities Fund, theBoard was generally satisfied with each fund’s long-term performance.
· With respect toBNY Mellon Asset Allocation Fund, BNY Mellon Large Cap Stock Fund,BNY Mellon Emerging Markets Fund andBNY Mellon International Fund,while the Board was concerned with the fund’s performance, the Board expressed confidence in the fund’s strategy and portfolio managers and agreed to closely monitor performance.
· For each fund, the Board concluded that the fee paid to the Adviser and the Subadviser(s), as applicable, continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· The Board determined that the fees charged by the Adviser under the Agreement with respect BNY Mellon Asset Allocation Fund and BNY Mellon Large Cap Market Opportunities Fund were for services in addition to, and not duplicative of, services provided under the advisory contracts of the underlying funds in which those funds invested.
· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the funds had been adequately considered by the Adviser in connection with the fee rate charged to each fund pursuant to the Agreements and that, to the extent in the future it were determined that material economies of scale had not been shared with a fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Subadvisers, of the Adviser and the Subadvisers and the services provided to each fund by the Adviser and, as applicable, the Subadvisers. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of each fund and the investment management and other services provided under the Agreements, including information on the investment performance of each fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to each fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for each fund had the benefit of a number of years of reviews of the Agreements for the funds, or substantially similar agreements for other funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the funds’ arrangements, or substantially similar arrangements, in prior years. The Board determined to renew the Agreements.
149
BOARD MEMBERS INFORMATION(Unaudited)
INDEPENDENT BOARD MEMBERS
Patrick J. O’Connor (76)
Board Member, Chairman of the Board (2000)
Principal Occupation During Past 5 Years:
Attorney, Cozen and O’Connor, P.C. since 1973, including Vice Chairman since 1980
No. of Portfolios for which Board Member Serves:23
———————
John R. Alchin (71)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Retired since 2007
Other Public Company Board Memberships During Past 5 Years:
· Polo Ralph Lauren Corporation, a retail clothing and home furnishing company,Director (2007-present) and Chair of Audit Committee (August 2018-Present)
· The Barnes Foundation, an art collection and educational institution promoting the appreciation of art and horticulture, Director (2017-Present)
No. of Portfolios for which Board Member Serves:23
———————
Ronald R. Davenport (83)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Chairman of Sheridan Broadcasting Corporation since July 1972
No. of Portfolios for which Board Member Serves:23
———————
Jack Diederich (82)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
Other Public Company Board Memberships During Past 5 Years:
· Continental Mills, a dry baking products company, Board Member (1997 - Present)
No. of Portfolios for which Board Member Serves: 23
———————
Kim D. Kelly (63)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Consultant since 2005
Other Public Company Board Memberships During Past 5 Years:
· MCG Capital Corporation, a business development company, Director (2004-2015)
No. of Portfolios for which Board Member Serves:23
———————
Kevin C. Phelan (75)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Mortgage Banker, Colliers International since March 1978, including,
Co-Chairman since 2010 and President since 2007
No. of Portfolios for which Board Member Serves:23
———————
Patrick J. Purcell (71)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Owner of The Boston Herald since February 1994, President and Publisher (from 1994 to 2018)
President and Founder, jobfind.com, an employment search site on the world wide web, since July 1996
· President and Chief Executive Officer, Herald Media from 2001 to 2018
No. of Portfolios for which Board Member Serves: 23
———————
Thomas F. Ryan, Jr. (78)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since April 1999
Other Public Company Board Memberships During Past 5 Years:
· RepliGen Corporation, a biopharmaceutical company, Director (2002-present)
No. of Portfolios for which Board Member Serves: 23
———————
Maureen M. Young (73)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since 2007
No. of Portfolios for which Board Member Serves:23
———————
Once elected all Board Members serve for an indefinite term. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387. For individual account holders for Private Wealth Management clients, please contact your account officer or call 1-866-804-5023.
150
OFFICERS OF THE TRUST(Unaudited)
PATRICK T. CROWE, President since July 2015.
National Director of Investment Advisory, Analytics and Solutions for BNY Mellon Wealth Management since July 2014; from July 2007 to July 2014, Managing Director for BNY Mellon Wealth Management's Tri-State region, comprising New York, New Jersey and Southern Connecticut. He is 55 years old and has served in various capacities with BNY Mellon since 1993.
JAMES WINDELS, Treasurer since November 2001.
Director- BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 61 years old and has been an employee of the Adviser since April 1985.
BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.
Chief Legal Officer of the Adviser and Associate General Counsel and Managing Director of BNY Mellon since June 2015; Director and Associate General Counsel of Deutsche Bank – Asset & Wealth Management Division from June 2005 to June 2015, and as Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 48 years old and has been an employee of the Adviser since June 2015.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Managing Counsel of BNY Mellon and Secretary of the Adviser, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 53 years old and has been an employee of the Adviser since December 1996.
SONALEE CROSS, Vice President and Assistant Secretary since March 2017.
Counsel of BNY Mellon since October 2016; Associate at Proskauer Rose LLP from April 2016 to September 2016; Attorney at EnTrust Capital from August 2015 to February 2016; Associate at Sidley Austin LLP from September 2013 to August 2015. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 31 years old and has been an employee of the Adviser since October 2016.
DEIRDRE CUNNANE, Vice President and Assistant Secretary since February 2019.
Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018; Trustee Associate at BNY Mellon Trust Company (Ireland) Limited from August 2013 to February 2016. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 29 years old and has been an employee of the Adviser since August 2018.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017, Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 44 years old and has been an employee of the Adviser since March 2013.
NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Counsel of BNY Mellon since May 2016; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 to May 2016 and Assistant General Counsel at RCS Advisory Services from July 2014 to November 2015. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 34 years old and has been an employee of the Adviser since May 2016.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2015.
Senior Managing Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 54 years old and has been an employee of the Adviser since October 1990.
PETER M. SULLIVAN, Vice President and Assistant Secretary since March 2019.
Managing Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 51 years old and has been an employee of the Adviser since April 2004.
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager - BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 51 years old and has been an employee of the Adviser since April 1991.
ROBERT S. ROBOL, Assistant Treasurer since December 2002.
Senior Accounting Manager- BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 55 years old and has been an employee of the Adviser since October 1988.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 52 years old and has been an employee of the Adviser since June 1989.
ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 52 years old and has been an employee of the Adviser since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the Adviser, the BNY Mellon Family of Funds and BNY Mellon Funds Trust (64 investment companies, comprised of 143 portfolios). He is 62 years old and has served in various capacities with the Adviser since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
CARIDAD M. CAROSELLA, Anti-Money Laudering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor. She is an officer of 57 investment companies (comprised of 136 portfolios) managed by the Adviser. She is 51 years old and has been an employee of the Distributor since 1997.
151
The BNY Mellon Funds
c/o BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Sub 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
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286
Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286
Ticker Symbols: | ||||||
BNY Mellon Large Cap Stock Fund | Class M: MPLCX | Investor: MILCX | ||||
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 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 BNY Mellon Brokerage Services. Individual Account holders, please call BNY Mellon Investment Advisers at 1-800-373-9387.
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-PORT. The fund’s Forms N-PORT 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.bnymellonim.com/usand 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 1-800-373-9387.
© 2019 BNY Mellon Securities Corporation | MFTAR0819-EQ |
The BNY Mellon Funds
BNY Mellon Bond Fund
BNY Mellon Intermediate Bond Fund
BNY Mellon Corporate Bond Fund
BNY Mellon Short-Term U.S. Government Securities Fund
ANNUAL REPORT August 31, 2019 | |
Contents
THE FUNDS
Public Accounting Firm | |
Advisory Agreement and Administration Agreement | |
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this annual report for respective funds of the BNY Mellon Funds Trust, covering the 12-month period from September 1, 2018 through August 31, 2019. For information about how the funds performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
After a strong summer, equity markets weakened in the fourth quarter of 2018, as concerns about rising interest rates, trade tensions and slowing global growth provided downward pressure on returns. In December 2018, stocks experienced a sharp sell-off, as it appeared that the U.S. Federal Reserve (the “Fed”) would maintain its hawkish stance on monetary policy. In January 2019, the Fed commented that it would slow the pace of interest-rate increases, which helped stimulate a rebound across equity markets that continued into the second quarter. Escalating trade tensions disrupted equity markets again in May. The dip was short-lived, as markets rose once again in June. However, despite continued supportive central bank policies, pockets of volatility persisted through the end of the period.
In fixed-income markets, returns were hampered early in the reporting period by rising interest rates and accelerating inflation. With the return of stock market volatility in October 2018, a flight to quality led to a rise in prices for U.S. Treasuries that continued through the end of the year, leading to a flattening yield curve. After the Fed’s supportive statements in January 2019, other developed market central banks followed suit and reiterated their abilities to bolster flagging growth by continuing supportive policies. This helped to further buoy fixed-income instrument prices. At the end of July, the Fed cut the federal funds rate by 25 basis points. Both the U.S. and Global Bloomberg Barclays Aggregate Bond indices produced strong returns for the 12 months.
We believe that over the near term, the outlook for the U.S. remains positive, but we will monitor relevant data for any signs of a change. 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
September 16, 2019
3
DISCUSSION OF FUND PERFORMANCE(Unaudited)
For the period from September 1, 2018 through August 31, 2019, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, portfolio managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Bond Fund’s Class M shares produced a total return of 9.89%, and Investor shares produced a total return of 9.60%.1In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”), produced a total return of 10.17% for the same period.2
Bonds produced positive total returns over the reporting period, amid pockets of interest-rate volatility early in the period and concerns over slowing economic growth. The fund produced lower returns than the Index, primarily due to short duration positioning within mortgage-backed securities, local authorities and industrial companies.
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.
A Tale of Two Markets
Over the reporting period, several shifts in investor sentiment and behavior occurred. During September 2018, markets were still enjoying momentum from strong summer 2018 returns, despite continued concerns over trade disputes, geopolitical disagreements and the possibility of slowing global growth. In October 2018, the U.S. Federal Reserve (the “Fed”) made comments that led investors to believe it was set to proceed down a hawkish trajectory in terms of 2019 interest-rate hikes. This, along with softness in earnings of cyclical companies, increasing corporate leverage, and continued global political uncertainty unnerved investors and sparked a period of volatility that lasted throughout the fourth quarter of 2018.
Investor sentiment and market performance shifted once again in January 2019 after comments by the Fed, 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. After the Federal Open Market Committee meeting, spreads narrowed, and risk asset valuations recovered. Prices of fixed-income instruments continued to rally throughout much of the latter half of the period, with high yield securities outperforming much of the broader market. Corporate earnings were generally in line with expectations, and the performance of cyclical sector debt, such as automobile, energy and chemical companies, has continued to improve since the end of 2018. At its July 2019 meeting, the Fed continued its accommodative policies by cutting the federal funds rate by 25 basis points. Throughout much of the latter half of the period, rates generally fell, and the Treasury yield curve flattened.
Duration Positioning Drives Results
Short duration positioning within the portfolio was the largest detractor during the period. The negative effect was particularly prevalent within mortgage-backed securities and debt issued by local authorities. Transportation, energy, financial and consumer cyclical bond performance also faced a headwind due to short duration positioning. In addition, an allocation to treasury inflation-protected securities (TIPS) also weighed on results, as the asset class trailed much of the broader fixed-income market for the period on softening growth and inflation expectations. From a credit-rating perspective, investments in A rated bonds also hurt returns during the period, largely due to short duration positioning.
Conversely, the fund’s overweight to BBB rated debt and underweight to AAA rated debt was beneficial during the period, as was issue selection within both of these categories. Long duration positioning within nominal Treasuries was helpful, as were underweights to and issue selections within the industrials and financials sectors.
Constructively Positioned for Low Rates
As we watch economic growth rates moderate, we remain guarded and are keeping an eye on global events and dynamics. We believe that the U.S. continues to be tethered to global interest rates. As non-U.S. sovereign rates stay low, so do rates in the U.S. We think this trend will persist, with the Fed possibly continuing to unwind its previous rate increases throughout the rest of 2019. It is our opinion that rates will stay range-bound, but the yield curve may steepen. In this environment, we feel it is prudent to maintain neutral duration positioning to potentially help mitigate the impact of interest-rate changes on relative performance. In aiming for this this goal, we have been reducing our exposure to bonds with zero-to-three-year maturity profiles and 20+ year maturity profiles.
September 16, 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 August 31, 2019, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, portfolio managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Intermediate Bond Fund’s Class M shares produced a total return of 6.09%, and Investor shares produced a total return of 5.88%.1In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Government/Credit Index (the “Index”), produced a total return of 8.12% for the same period.2
Intermediate-term bonds produced positive total returns over the reporting period amid pockets of interest-rate volatility early in the period and concerns over slowing economic growth. The fund produced lower returns than the Index, primarily due to short duration 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 securities. 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. Bonds selected must fit within management’s predetermined targeted positions for quality, duration, coupon, maturity and sector. The process includes computer modeling and scenario testing of possible changes in market conditions.
A Tale of Two Markets
Over the reporting period, several shifts in investor sentiment and behavior occurred. During September 2018, markets were still enjoying momentum from strong summer 2018 returns, despite continued concerns over trade disputes, geopolitical disagreements and the possibility of slowing global growth. In October 2018, the U.S. Federal Reserve (the “Fed”) made comments that led investors to believe it was set to proceed down a hawkish trajectory in terms of 2019 interest-rate hikes. This, along with softness in earnings of cyclical companies, increasing corporate leverage, and continued global political uncertainty unnerved investors and sparked a period of volatility that lasted throughout the fourth quarter of 2018.
Investor sentiment and market performance shifted once again in January 2019 after comments by the Fed, 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. After the Federal Open Market Committee meeting, spreads narrowed, and risk asset valuations recovered. Prices of fixed-income instruments continued to rally throughout much of the latter half of the period, with high yield securities outperforming much of the broader market. Corporate earnings were generally in line with expectations, and the performance of cyclical sector debt, such as automobile, energy and chemical companies, has continued to improve since the end of 2018. At its July 2019 meeting, the Fed continued its accommodative policies by cutting the federal funds rate by 25 basis points. Throughout much of the latter half of the period, rates generally fell, and the Treasury yield curve flattened.
Treasury Performance Dampens Relative Results
Duration positioning within Treasuries was a primary driver of relative underperformance. Short duration positioning within nominal Treasuries was a leading detractor from results. An allocation to treasury inflation-protected securities (TIPS) also provided a headwind as the asset class trailed much of the broader fixed-income market 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 cyclical and technology sectors. From a credit-rating perspective, AAA and A rated debt detracted from results, mainly due to short duration positioning.
Conversely, BBB rated credit contributed to relative results, due primarily to a relative overweight and successful issue selection. Debt issued by real estate investment trusts (REITs), utilities and supranational government-related organizations was also modestly additive.
Constructively Positioned for Low Rates
As we watch economic growth rates moderate, we remain guarded and are keeping an eye on global events and dynamics. We believe that the U.S. continues to be tethered to global interest rates. As non-U.S. sovereign rates stay low, so do rates in the U.S. We think this trend will persist, with the Fed possibly continuing to unwind its previous rate increases throughout the rest of 2019. It is our opinion that rates will stay range-bound, but the yield curve may steepen. In this environment, we feel it is prudent to migrate duration positioning closer toward neutral to help mitigate the impact of interest-rate changes on relative performance. In aiming for this goal, we have been reducing our exposure to bonds with zero-to-three-year maturity profiles and adding 7–10-year maturity profiles.
September 16, 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 August 31, 2019, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, portfolio managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Corporate Bond Fund’s Class M shares produced a total return of 10.81%, and Investor shares produced a total return of 10.50%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Credit Index (the “Index”), produced a total return of 9.27%, and the Bloomberg Barclays U.S. Credit Index, the fund’s secondary benchmark, produced a total return of 12.99% for the same period.2,3
Investment-grade, corporate-backed bonds produced positive total returns over the reporting period amid pockets of interest-rate volatility early in the period and concerns over slowing economic growth. The fund produced higher returns than the Index, primarily due to duration positioning and allocation decisions.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund normally invests at least 80% of its net assets, 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.
A Tale of Two Markets
Over the reporting period, several shifts in investor sentiment and behavior occurred. During September 2018, markets were still enjoying momentum from strong summer 2018 returns, despite continued concerns over trade disputes, geopolitical disagreements and the possibility of slowing global growth. In October 2018, the U.S. Federal Reserve (the “Fed”) made comments that led investors to believe it was set to proceed down a hawkish trajectory in terms of 2019 interest-rate hikes. This, along with softness in earnings of cyclical companies, increasing corporate leverage, and continued global political uncertainty unnerved investors and sparked a period of volatility that lasted throughout the fourth quarter of 2018.
Investor sentiment and market performance shifted once again in January 2019 after comments by the Fed, 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. After the Federal Open Market Committee meeting, spreads narrowed, and risk asset valuations recovered. Prices of fixed-income instruments continued to rally throughout much of the latter half of the period, with high yield securities outperforming much of the broader market. Corporate earnings were generally in line with expectations, and the performance of cyclical sector debt, such as automobile, energy and chemical companies, has continued to improve since the end of 2018. At its July 2019 meeting, the Fed continued its accommodative policies by cutting the federal funds rate by 25 basis points. Throughout much of the latter half of the period, rates generally fell, and the Treasury yield curve flattened.
Duration Positioning and Allocation Decisions Drive Results
Duration positioning was the main contributor to relative performance during the 12 months. Long duration positioning relative to the Index helped bolster performance in an environment where rates fell during most of 2019. In addition, investment in BBB rated credit was also highly beneficial, with a relative overweight and long duration positioning helping portfolio results. From a sector perspective, positioning among consumer, non-cyclical and technology companies was additive, as were a mild overweight and long duration positioning within financial companies.
Conversely, issue selection detracted from returns, particularly debt issued by local authorities and financial companies. An allocation towards sovereign debt also detracted marginally. From the perspective of yield curve positioning, allocations to debt maturing in 2018 weighed on results, as did issue selection and duration positioning among credits maturing in 2022.
Constructively Positioned for Low Rates
As we watch economic growth rates moderate, we remain guarded and are keeping an eye on global events and dynamics. We believe that the U.S. continues to be tethered to global interest rates. As non-U.S. sovereign rates stay low, so do rates in the U.S. We think this trend will persist, with the Fed possibly continuing to unwind its previous rate increases throughout the rest of 2019. It is our opinion that rates will stay range-bound, but the yield curve may steepen. In this environment, we feel it is appropriate to maintain slightly longer duration positioning relative to the fund’s conservative primary benchmark.
September 16, 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 Bond Index. Investors cannot invest directly in any index.
3 Source: Lipper Inc. – The Bloomberg Barclays U.S. Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies sovereigns, supranationals and local authorities. Investors cannot invest directly in any index.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
6
For the period from September 1, 2018 through August 31, 2019, as provided by Lawrence R. Dunn, CFA, and Timothy J. Sanville, CFA, portfolio managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Short-Term U.S. Government Securities Fund’s Class M shares produced a total return of 3.61%, and Investor shares produced a total return of 3.31%.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 4.41% for the same period.2
Short-term U.S. government securities produced positive total returns over the reporting period, amid pockets of interest-rate volatility early in the period and concerns over slowing economic growth. The fund underperformed its benchmark mainly due to short duration positioning within government-related agency debt.
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.
A Tale of Two Markets
Over the reporting period, several shifts in investor sentiment and behavior occurred. During September 2018, markets were still enjoying momentum from strong summer 2018 returns, despite continued concerns over trade disputes, geopolitical disagreements and the possibility of slowing global growth. In October 2018, the U.S. Federal Reserve (the “Fed”) made comments that led investors to believe it was set to proceed down a hawkish trajectory in terms of 2019 interest-rate hikes. This, along with softness in earnings of cyclical companies, increasing corporate leverage and continued global political uncertainty, unnerved investors and sparked a period of volatility that lasted throughout the fourth quarter of 2018.
Investor sentiment and market performance shifted once again in January 2019 after comments by the Fed, 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. After the Federal Open Market Committee meeting, spreads narrowed and risk asset valuations recovered. Prices of fixed-income instruments continued to rally throughout much of the latter half of the period, with high yield securities outperforming much of the broader market. Corporate earnings were generally in line with expectations, and the performance of cyclical sector debt, such as automobile, energy and chemical companies, has continued to improve since the end of 2018. At its July 2019 meeting, the Fed continued its accommodative policies by cutting the federal funds rate by 25 basis points. Throughout much of the latter half of the period, rates generally fell, and the Treasury yield curve flattened.
Government-Related Agency Debt Weighed on Fund Results
The fund’s performance compared to the Index was constrained over the reporting period by its holdings of government-related agency debt. Short duration positioning within this market sector provided the main headwind. In addition, positioning with CMO and commercial mortgage-backed securities (CMBS) also detracted from relative performance. Investments in AAA and AA rated instruments also dampened relative results.
Conversely, positioning within mortgage-backed securities was beneficial. In general, these securities suffered during the first several months of the period, but rallied when the market rebounded in January 2019. Issue selection within Treasuries also bolstered returns.
Constructively Positioned for Low Rates
As we watch economic growth rates moderate, we remain guarded and are keeping an eye on global events and dynamics. We believe that the U.S. continues to be tethered to global interest rates. As non-U.S. sovereign rates stay low, so do rates in the U.S. We think this trend will persist, with the Fed possibly continuing to unwind its previous rate increases throughout the rest of 2019. It is our opinion that rates will stay range-bound, but the yield curve may steepen. In this environment, we feel it is prudent to maintain neutral duration positioning to potentially help mitigate the impact of interest-rate changes on relative performance. We aim for the fund’s gains to come from yield.
September 16, 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
FUND PERFORMANCE(Unaudited)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Bond Fund with a hypothetical investment of $10,000 in the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”)
Average Annual Total Returns as of 8/31/19 | |||
| 1 Year | 5 Years | 10 Years |
Class M shares | 9.89% | 3.19% | 3.64% |
Investor shares | 9.60% | 2.93% | 3.37% |
Bloomberg Barclays U.S. Aggregate Bond Index | 10.17% | 3.35% | 3.91% |
† Source: Lipper Inc.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon Bond Fund on 8/31/09 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency). Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
8
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Intermediate Bond Fund with a hypothetical investment of $10,000 in the Bloomberg Barclays U.S. Intermediate Government/Credit Index (the “Index”)
Average Annual Total Returns as of 8/31/19 | |||
| 1 Year | 5 Years | 10 Years |
Class M shares | 6.09% | 2.07% | 2.49% |
Investor shares | 5.88% | 1.81% | 2.24% |
Bloomberg Barclays U.S. Intermediate | 8.12% | 2.65% | 3.17% |
† Source: Lipper Inc.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon Intermediate Bond Fund on 8/31/09 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index is a broad-based flagship benchmark that measures the non-securitized component of the Bloomberg Barclays U.S. Aggregate Bond Index. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
9
FUND PERFORMANCE(Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Corporate Bond Fund with a hypothetical investment of $10,000 in the Bloomberg Barclays U.S. Intermediate Credit Index and the Bloomberg Barclays U.S. Credit Index
Average Annual Total Returns as of 8/31/19 | ||||
| Inception | 1 Year | 5 Year | From |
Class M shares | 3/2/12 | 10.81% | 4.28% | 4.39% |
Investor shares | 3/2/12 | 10.50% | 4.04% | 4.15% |
Bloomberg Barclays U.S. Intermediate Credit Index | 2/29/12 | 9.27% | 3.35% | 3.46%†† |
Bloomberg Barclays U.S. Credit Index | 2/29/12 | 12.99% | 4.38% | 4.42%†† |
† Source: Lipper Inc.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon Corporate Bond Fund on 3/2/12 (fund’s inception date) to a hypothetical investment of $10,000 made in each of the Bloomberg Barclays U.S. Intermediate Credit Index and the Bloomberg Barclays U.S. Credit Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Bloomberg Barclays U.S. Intermediate Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with a maturity greater than 1 year and less than 10 years. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities constrained by maturity. The U.S. Intermediate Credit Index is a subset of the U.S. Credit Index which feeds into the U.S. Government/Credit Index and U.S. Aggregate Index. 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. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
†† For comparative purposes, the value of the indices as of 02/29/12 is used as the beginning value on 3/2/12.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
10
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Short-Term U.S. Government Securities Fund with a hypothetical investment of $10,000 in the Bloomberg Barclays U.S. Government 1-3 Year Bond Index (the “Index”).
Average Annual Total Returns as of 8/31/19 | |||
| 1 Year | 5 Years | 10 Years |
Class M shares | 3.61% | 0.91% | 0.72% |
Investor shares | 3.31% | 0.65% | 0.45% |
Bloomberg Barclays U.S. Government | 4.41% | 1.35% | 1.24% |
† Source: Lipper Inc.
The above graph compares a hypothetical 10,000 investment made in each of the Class M and Investor shares of BNY Mellon Short-Term U.S. Government Securities Fund on 8/31/09 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index comprises the U.S. Treasury and U.S. Agency Indices. The index includes U.S. dollar-denominated, fixed-rate, nominal U.S. Treasuries and U.S. agency debentures, which reach maturity in 1-3 years. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
11
UNDERSTANDING YOUR FUND’S EXPENSES(Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from March 1, 2019 to August 31, 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 August 31, 2019 | |||||||||||||||||
|
|
|
|
|
| Class M |
|
|
| Investor Shares |
| ||||||
BNY Mellon Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.88 | $4.19 | |||||||||||||||
Ending value (after expenses) | $1,079.70 | $1,078.40 | |||||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||||
BNY Mellon Intermediate Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.89 | $4.17 | |||||||||||||||
Ending value (after expenses) | $1,044.50 | $1,043.10 | |||||||||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||||||
BNY Mellon Corporate Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.95 | $4.26 | |||||||||||||||
Ending value (after expenses) | $1,086.90 | $1,085.30 | |||||||||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.81 | $4.08 | |||||||||||||||
Ending value (after expenses) | $1,025.40 | $1,023.10 | |||||||||||||||
Annualized expense ratio (%) | .55 | .80 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
12
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS(Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment | |||||||||||||||||
assuming a hypothetical 5% annualized return for the six months ended August 31, 2019 | |||||||||||||||||
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|
|
|
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| Class M |
|
|
| Investor Shares |
| ||||||
BNY Mellon Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.80 | $4.08 | |||||||||||||||
Ending value (after expenses) | $1,022.43 | $1,021.17 | |||||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||||
BNY Mellon Intermediate Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.85 | $4.13 | |||||||||||||||
Ending value (after expenses) | $1,022.38 | $1,021.12 | |||||||||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||||||
BNY Mellon Corporate Bond Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.85 | $4.13 | |||||||||||||||
Ending value (after expenses) | $1,022.38 | $1,021.12 | |||||||||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||||||||||
Expenses paid per $1,000† | $2.80 | $4.08 | |||||||||||||||
Ending value (after expenses) | $1,022.43 | $1,021.17 | |||||||||||||||
Annualized expense ratio (%) | .55 | .80 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
13
STATEMENT OF INVESTMENTS
August 31, 2019
BNY Mellon Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.0% | |||||||||
Aerospace & Defense - .4% | |||||||||
Northrop Grumman, Sr. Unscd. Notes | 2.93 | 1/15/2025 | 5,255,000 | 5,443,511 | |||||
Airlines - 1.4% | |||||||||
American Airlines Pass Through Trust, Bonds, Ser. 2015-1, Cl. A | 3.38 | 5/1/2027 | 4,933,093 | 5,152,369 | |||||
Delta Air Lines Pass Through Trust, Notes, Ser. 2019-1, Cl. AA | 3.20 | 4/25/2024 | 4,225,000 | 4,461,355 | |||||
United Airlines Pass Through Trust, Notes, Ser. 2019-1, Cl. AA | 4.15 | 8/25/2031 | 6,400,000 | 7,196,978 | |||||
16,810,702 | |||||||||
Automobiles & Components - .4% | |||||||||
Toyota Motor Credit, Sr. Unscd. Notes | 2.15 | 3/12/2020 | 5,145,000 | 5,151,240 | |||||
Banks - 7.2% | |||||||||
AIB Group, Sr. Unscd. Notes | 4.26 | 4/10/2025 | 2,600,000 | a | 2,715,704 | ||||
Bank of America, Sub. Notes, Ser. L | 3.95 | 4/21/2025 | 9,170,000 | 9,797,547 | |||||
Citigroup, Sub. Notes | 4.45 | 9/29/2027 | 9,255,000 | 10,193,771 | |||||
Citizens Financial Group, Sub. Notes | 4.15 | 9/28/2022 | 5,000,000 | a | 5,221,016 | ||||
Credit Suisse Group, Sr. Unscd. Notes | 4.21 | 6/12/2024 | 5,500,000 | a | 5,827,112 | ||||
JPMorgan Chase & Co., Sub. Notes | 3.38 | 5/1/2023 | 7,270,000 | 7,538,360 | |||||
Lloyds Bank, Jr. Sub. Notes | 12.00 | 12/16/2024 | 3,115,000 | a | 3,761,752 | ||||
Morgan Stanley, Sub. Notes | 4.88 | 11/1/2022 | 10,000,000 | 10,761,253 | |||||
Nordea Bank, Jr. Sub. Notes | 6.63 | 3/26/2026 | 4,280,000 | a | 4,572,559 | ||||
Royal Bank of Scotland Group, Sr. Unscd. Notes | 5.08 | 1/27/2030 | 5,345,000 | 5,995,048 | |||||
Societe Generale, Sub. Notes | 4.75 | 11/24/2025 | 3,545,000 | a | 3,815,221 | ||||
Standard Chartered, Sr. Unscd. Notes | 3.79 | 5/21/2025 | 3,680,000 | a | 3,804,604 | ||||
The Goldman Sachs Group, Sub. Notes | 6.75 | 10/1/2037 | 8,270,000 | 11,345,153 | |||||
Wells Fargo & Co., Sr. Unscd. Notes | 2.63 | 7/22/2022 | 3,530,000 | 3,591,344 | |||||
88,940,444 | |||||||||
Beverage Products - .6% | |||||||||
Anheuser-Busch, Gtd. Notes | 4.90 | 2/1/2046 | 5,935,000 | 7,102,356 | |||||
Chemicals - .5% | |||||||||
Dupont De Nemours, Sr. Unscd. Notes | 4.49 | 11/15/2025 | 5,460,000 | 6,066,875 | |||||
Commercial & Professional Services - 1.1% | |||||||||
The George Washington University, Unscd. Bonds, Ser. 2018 | 4.13 | 9/15/2048 | 5,350,000 | 6,615,731 | |||||
Total System Services, Sr. Unscd. Notes | 4.80 | 4/1/2026 | 5,765,000 | 6,496,589 | |||||
13,112,320 | |||||||||
Commercial Mortgage Pass-Through Ctfs. - 1.5% | |||||||||
UBS Commercial Mortgage Trust, Ser. 2012-C1, Cl. A3 | 3.40 | 5/10/2045 | 4,187,153 | 4,307,114 | |||||
WFRBS Commercial Mortgage Trust, Ser. 2013-C12, CI. A4 | 3.20 | 3/15/2048 | 4,835,000 | 5,026,972 | |||||
WFRBS Commercial Mortgage Trust, Ser. 2013-C13, Cl. A4 | 3.00 | 5/15/2045 | 9,045,000 | 9,357,275 | |||||
18,691,361 | |||||||||
Diversified Financials - 1.0% | |||||||||
AerCap Global Aviation Trust, Gtd. Notes | 4.50 | 5/15/2021 | 6,600,000 | 6,810,513 | |||||
Intercontinental Exchange, Gtd. Notes | 2.75 | 12/1/2020 | 6,035,000 | 6,088,120 | |||||
12,898,633 | |||||||||
Electronic Components - .5% | |||||||||
Tech Data, Sr. Unscd. Notes | 4.95 | 2/15/2027 | 5,230,000 | 5,620,093 | |||||
Energy - 3.9% | |||||||||
BP Capital Markets, Gtd. Notes | 2.50 | 11/6/2022 | 5,500,000 | 5,582,308 | |||||
Concho Resources, Gtd. Notes | 4.30 | 8/15/2028 | 3,750,000 | 4,081,138 | |||||
Energy Transfer Operating, Gtd. Notes | 5.25 | 4/15/2029 | 5,050,000 | 5,789,582 | |||||
Marathon Petroleum, Sr. Unscd. Notes | 3.80 | 4/1/2028 | 4,825,000 | 5,018,330 | |||||
Newfield Exploration, Gtd. Notes | 5.38 | 1/1/2026 | 3,000,000 | 3,300,852 | |||||
Petroleos Mexicanos, Gtd. Notes | 4.88 | 1/24/2022 | 7,625,000 | 7,767,969 | |||||
Sabine Pass Liquefaction, Sr. Scd. Notes | 5.75 | 5/15/2024 | 3,300,000 | 3,685,932 | |||||
Shell International Finance, Gtd. Notes | 3.50 | 11/13/2023 | 5,269,000 | 5,609,731 | |||||
Spectra Energy Partners, Gtd. Notes | 3.50 | 3/15/2025 | 3,145,000 | 3,294,660 |
14
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.0% (continued) | |||||||||
Energy - 3.9% (continued) | |||||||||
The Williams Companies, Sr. Unscd. Notes | 4.30 | 3/4/2024 | 3,516,000 | 3,755,226 | |||||
47,885,728 | |||||||||
Environmental Control - .3% | |||||||||
Waste Connections, Sr. Unscd. Notes | 3.50 | 5/1/2029 | 3,475,000 | 3,737,670 | |||||
Financials - .3% | |||||||||
Apollo Management Holdings, Gtd. Notes | 4.87 | 2/15/2029 | 3,775,000 | a | 4,213,794 | ||||
Foreign Governmental - .6% | |||||||||
Province of Ontario Canada, Sr. Unscd. Notes | 3.05 | 1/29/2024 | 7,455,000 | 7,913,118 | |||||
Health Care - 2.1% | |||||||||
AbbVie, Sr. Unscd. Notes | 2.90 | 11/6/2022 | 5,090,000 | 5,184,212 | |||||
Amgen, Sr. Unscd. Notes | 5.65 | 6/15/2042 | 4,955,000 | 6,334,390 | |||||
Biogen, Sr. Unscd. Notes | 2.90 | 9/15/2020 | 5,600,000 | 5,635,201 | |||||
CVS Health, Sr. Unscd. Notes | 4.78 | 3/25/2038 | 7,180,000 | 8,064,389 | |||||
25,218,192 | |||||||||
Industrials - 1.0% | |||||||||
ABB Finance USA, Gtd. Notes | 2.88 | 5/8/2022 | 7,215,000 | 7,394,913 | |||||
John Deere Capital, Sr. Unscd. Notes | 2.95 | 4/1/2022 | 5,154,000 | 5,278,037 | |||||
12,672,950 | |||||||||
Information Technology - 2.4% | |||||||||
Adobe, Sr. Unscd. Notes | 3.25 | 2/1/2025 | 4,895,000 | 5,188,773 | |||||
Fiserv, Sr. Unscd. Notes | 4.40 | 7/1/2049 | 5,000,000 | 5,784,878 | |||||
Microsoft, Sr. Unscd. Notes | 3.75 | 2/12/2045 | 7,035,000 | 8,283,964 | |||||
Oracle, Sr. Unscd. Notes | 2.50 | 5/15/2022 | 9,660,000 | 9,800,060 | |||||
29,057,675 | |||||||||
Insurance - 1.1% | |||||||||
Brighthouse Financial, Sr. Unscd. Notes | 3.70 | 6/22/2027 | 3,750,000 | b | 3,705,506 | ||||
MetLife, Jr. Sub. Bonds, Ser. D | 5.88 | 3/15/2028 | 4,050,000 | 4,347,270 | |||||
Prudential Financial, Jr. Sub. Notes | 5.70 | 9/15/2048 | 5,000,000 | 5,467,400 | |||||
13,520,176 | |||||||||
Internet Software & Services - 2.0% | |||||||||
Amazon.com, Sr. Unscd. Notes | 2.40 | 2/22/2023 | 6,655,000 | 6,780,566 | |||||
Arrow Electronics, Sr. Unscd. Notes | 3.50 | 4/1/2022 | 5,620,000 | 5,739,153 | |||||
eBay, Sr. Unscd. Notes | 2.60 | 7/15/2022 | 5,295,000 | 5,360,973 | |||||
Tencent Holdings, Sr. Unscd. Notes | 3.98 | 4/11/2029 | 6,500,000 | a | 7,065,869 | ||||
24,946,561 | |||||||||
Media - 1.3% | |||||||||
Comcast, Gtd. Notes | 3.60 | 3/1/2024 | 9,400,000 | 10,024,471 | |||||
The Walt Disney Company, Gtd. Notes | 6.15 | 3/1/2037 | 4,365,000 | a | 6,247,132 | ||||
16,271,603 | |||||||||
Municipal Securities - 5.9% | |||||||||
California, GO | 3.38 | 4/1/2025 | 6,270,000 | 6,760,816 | |||||
California Educational Facilities Authority, Revenue Bonds, Refunding (Stanford University) Ser. U2 | 5.00 | 10/1/2032 | 6,125,000 | 8,608,994 | |||||
Chicago, GO, Ser. B | 7.38 | 1/1/2033 | 4,710,000 | 5,672,536 | |||||
Commonwealth of Massachusetts, GO (Build America Bonds) | 4.91 | 5/1/2029 | 4,990,000 | 6,102,221 | |||||
Commonwealth of Massachusetts, GO, Ser. E | 4.20 | 12/1/2021 | 335,000 | 347,177 | |||||
New York City, GO (Build America Bonds) Ser. H1 | 6.25 | 6/1/2035 | 5,470,000 | 5,640,281 | |||||
New York City Municipal Water Finance Authority, Revenue Bonds | 6.28 | 6/15/2042 | 8,440,000 | 8,909,770 | |||||
State Board of Administration Finance Corp., Revenue Bonds, Ser. A | 3.00 | 7/1/2020 | 14,000,000 | 14,127,820 | |||||
Texas Public Finance Authority, Revenue Bonds | 8.25 | 7/1/2024 | 3,890,000 | 3,926,294 | |||||
University of California, Revenue Bonds, Refunding (Limited Project), Ser. J | 4.13 | 5/15/2045 | 5,530,000 | 6,436,699 |
15
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.0% (continued) | |||||||||
Municipal Securities - 5.9% (continued) | |||||||||
University of North Carolina at Chapel Hill, Revenue Bonds, Refunding, Ser. C | 3.33 | 12/1/2036 | 5,650,000 | 6,348,340 | |||||
72,880,948 | |||||||||
Real Estate - 2.5% | |||||||||
Alexandria Real Estate Equities, Gtd. Notes | 4.30 | 1/15/2026 | 4,180,000 | 4,606,969 | |||||
American Homes 4 Rent, Sr. Unscd. Notes | 4.90 | 2/15/2029 | 3,500,000 | 4,015,276 | |||||
Brandywine Operating Partnership, Gtd. Notes | 3.95 | 2/15/2023 | 4,729,000 | 4,949,785 | |||||
Kimco Realty, Sr. Unscd. Notes | 3.40 | 11/1/2022 | 5,595,000 | 5,796,811 | |||||
Life Storage, Gtd. Notes | 4.00 | 6/15/2029 | 2,540,000 | 2,747,014 | |||||
Mid-America Apartments, Sr. Unscd. Notes | 3.60 | 6/1/2027 | 4,725,000 | b | 5,070,243 | ||||
National Retail Properties, Sr. Unscd. Notes | 4.30 | 10/15/2028 | 2,625,000 | 2,951,073 | |||||
30,137,171 | |||||||||
Semiconductors & Semiconductor Equipment - 1.2% | |||||||||
Intel, Sr. Unscd. Notes | 2.70 | 12/15/2022 | 4,020,000 | 4,140,641 | |||||
KLA, Sr. Unscd. Notes | 4.10 | 3/15/2029 | 3,775,000 | 4,188,667 | |||||
Lam Research, Sr. Unscd. Notes | 4.00 | 3/15/2029 | 5,300,000 | 5,888,363 | |||||
14,217,671 | |||||||||
Technology Hardware & Equipment - .5% | |||||||||
Apple, Sr. Unscd. Notes | 4.38 | 5/13/2045 | 4,895,000 | 6,023,267 | |||||
Telecommunication Services - 2.8% | |||||||||
AT&T, Sr. Unscd. Notes | 4.55 | 3/9/2049 | 7,340,000 | 8,033,315 | |||||
Motorola Solutions, Sr. Unscd. Notes | 4.60 | 5/23/2029 | 2,830,000 | 3,111,912 | |||||
Telefonica Emisiones, Gtd. Notes | 4.10 | 3/8/2027 | 7,850,000 | 8,598,982 | |||||
Verizon Communications, Sr. Unscd. Notes | 5.50 | 3/16/2047 | 10,605,000 | 14,254,424 | |||||
33,998,633 | |||||||||
Transportation - 1.9% | |||||||||
Burlington North Santa Fe, Sr. Unscd. Debs. | 3.45 | 9/15/2021 | 6,415,000 | 6,586,025 | |||||
JB Hunt Transport Services, Gtd. Notes | 3.88 | 3/1/2026 | 5,230,000 | b | 5,633,923 | ||||
Ryder System, Sr. Unscd. Notes | 3.65 | 3/18/2024 | 5,190,000 | 5,498,615 | |||||
Union Pacific, Sr. Unscd. Notes | 3.15 | 3/1/2024 | 5,500,000 | 5,756,549 | |||||
23,475,112 | |||||||||
U.S. Government Agencies Mortgage-Backed - 28.0% | |||||||||
Federal Home Loan Mortgage Corp.: | |||||||||
3.00%, 1/1/33-4/1/48 | 17,612,504 | c | 18,090,050 | ||||||
3.50%, 9/1/47-8/1/49 | 26,075,175 | c | 26,960,124 | ||||||
4.00%, 4/1/48-7/1/49 | 15,524,225 | c | 16,152,342 | ||||||
5.00%, 12/1/39-8/1/49 | 11,582,313 | c | 12,553,835 | ||||||
Federal National Mortgage Association: | |||||||||
2.50%, 10/1/31 | 10,883,628 | c | 11,046,319 | ||||||
3.00%, 8/1/39-9/1/46 | 35,904,064 | c | 36,946,718 | ||||||
3.50%, 7/1/34-9/1/49 | 61,114,392 | c | 63,161,518 | ||||||
4.00%, 9/1/48-7/1/49 | 40,305,917 | c | 42,051,262 | ||||||
4.50%, 7/1/49-8/1/49 | 19,684,650 | c | 20,761,351 | ||||||
5.00%, 11/1/43 | 1,037,313 | c | 1,140,954 | ||||||
Government National Mortgage Association I: | |||||||||
4.00%, 7/15/49 | 7,060,577 | 7,400,901 | |||||||
Government National Mortgage Association II: | |||||||||
3.00%, 9/20/47-5/20/49 | 13,644,567 | 14,086,235 | |||||||
3.50%, 4/20/46-1/20/48 | 27,074,590 | 28,360,591 | |||||||
4.00%, 6/20/49-7/20/49 | 20,698,879 | 21,649,168 | |||||||
4.50%, 11/20/48-7/20/49 | 22,814,580 | 24,158,256 | |||||||
344,519,624 | |||||||||
U.S. Treasury Securities - 25.1% | |||||||||
U.S. Treasury Bonds | 2.25 | 8/15/2046 | 10,355,000 | 10,969,828 | |||||
U.S. Treasury Bonds | 2.88 | 5/15/2049 | 10,470,000 | b | 12,618,804 |
16
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.0% (continued) | |||||||||
U.S. Treasury Securities - 25.1% (continued) | |||||||||
U.S. Treasury Bonds | 2.88 | 8/15/2045 | 7,985,000 | 9,484,839 | |||||
U.S. Treasury Bonds | 3.00 | 2/15/2049 | 7,750,000 | b | 9,549,907 | ||||
U.S. Treasury Inflation Indexed Bonds, US CPI Urban Consumers Not Seasonally Adjusted | 1.00 | 2/15/2049 | 7,430,743 | d | 8,772,193 | ||||
U.S. Treasury Inflation Indexed Bonds, US CPI Urban Consumers Not Seasonally Adjusted | 1.00 | 2/15/2046 | 10,134,656 | d | 11,737,059 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.38 | 1/15/2027 | 5,301,850 | d | 5,443,982 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.38 | 7/15/2025 | 13,188,265 | d | 13,513,858 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.63 | 4/15/2023 | 8,404,361 | d | 8,533,372 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.63 | 1/15/2024 | 11,323,498 | d | 11,600,342 | ||||
U.S. Treasury Notes | 1.63 | 8/15/2029 | 27,480,000 | b | 27,797,201 | ||||
U.S. Treasury Notes | 2.00 | 11/15/2026 | 9,040,000 | b | 9,380,236 | ||||
U.S. Treasury Notes | 2.13 | 7/31/2024 | 13,000,000 | 13,440,781 | |||||
U.S. Treasury Notes | 2.25 | 11/15/2027 | 750,000 | 794,810 | |||||
U.S. Treasury Notes | 2.38 | 5/15/2027 | 2,865,000 | 3,055,981 | |||||
U.S. Treasury Notes | 2.50 | 2/28/2026 | 19,345,000 | 20,602,425 | |||||
U.S. Treasury Notes | 2.50 | 1/31/2024 | 4,000,000 | 4,184,609 | |||||
U.S. Treasury Notes | 2.63 | 12/31/2023 | 25,900,000 | 27,208,658 | |||||
U.S. Treasury Notes | 2.63 | 1/31/2026 | 12,700,000 | 13,609,836 | |||||
U.S. Treasury Notes | 2.63 | 2/15/2029 | 16,645,000 | 18,286,743 | |||||
U.S. Treasury Notes | 2.63 | 2/28/2023 | 22,295,000 | 23,202,912 | |||||
U.S. Treasury Notes | 2.88 | 11/30/2023 | 20,655,000 | 21,891,476 | |||||
U.S. Treasury Notes | 2.88 | 11/30/2025 | 14,615,000 | 15,858,417 | |||||
U.S. Treasury Notes | 3.13 | 11/15/2028 | 5,620,000 | 6,401,861 | |||||
307,940,130 | |||||||||
Utilities - 1.5% | |||||||||
Black Hills, Sr. Unscd. Notes | 4.35 | 5/1/2033 | 2,580,000 | 2,999,504 | |||||
CenterPoint Energy, Sr. Unscd. Notes | 4.25 | 11/1/2028 | 4,685,000 | 5,213,103 | |||||
Exelon, Sr. Unscd. Notes | 3.40 | 4/15/2026 | 4,400,000 | 4,666,826 | |||||
NiSource, Sr. Unscd. Notes | 3.95 | 3/30/2048 | 5,115,000 | 5,609,794 | |||||
18,489,227 | |||||||||
TotalBonds and Notes | 1,216,956,785 | ||||||||
1-Day | Shares | ||||||||
Investment Companies - .5% | |||||||||
Registered Investment Companies - .5% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 5,296,454 | e | 5,296,454 |
17
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Bond Fund (continued) | |||||||||
Description | 1-Day | Shares | Value ($) | ||||||
Investment of Cash Collateral for Securities Loaned - .1% | |||||||||
Registered Investment Companies - .1% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 1,455,166 | e | 1,455,166 | |||||
Total Investments(cost $1,161,647,310) | 99.6% | 1,223,708,405 | |||||||
Cash and Receivables (Net) | 0.4% | 5,350,236 | |||||||
Net Assets | 100.0% | 1,229,058,641 |
GO—General Obligation
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2019, these securities were valued at $47,244,763 or 3.84% of net assets.
b Security, or portion thereof, on loan. At August 31, 2019, the value of the fund’s securities on loan was $36,656,420 and the value of the collateral was $37,420,636, consisting of cash collateral of $1,455,166 and U.S. Government & Agency securities valued at $35,965,470.
c The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
d Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Government | 31.6 |
Mortgage Securities | 29.6 |
Financial | 12.2 |
Communications | 5.6 |
Industrial | 4.6 |
Technology | 4.0 |
Energy | 3.9 |
Consumer, Non-cyclical | 3.7 |
Consumer, Cyclical | 1.8 |
Utilities | 1.5 |
Investment Companies | .6 |
Basic Materials | .5 |
99.6 |
† Based on net assets.
See notes to financial statements.
18
BNY Mellon Intermediate Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.9% | |||||||||
Aerospace & Defense - .6% | |||||||||
General Dynamics, Gtd. Notes | 3.00 | 5/11/2021 | 6,205,000 | 6,326,080 | |||||
Airlines - .5% | |||||||||
American Airlines Pass Through Trust, Bonds, Ser. 2015-1, Cl. A | 3.38 | 5/1/2027 | 4,411,285 | 4,607,367 | |||||
Asset-Backed Ctfs./Auto Receivables - .1% | |||||||||
Drive Auto Receivables Trust, Ser. 2018-1, Cl. C | 3.22 | 3/15/2023 | 500,000 | 501,538 | |||||
Automobiles & Components - 1.6% | |||||||||
American Honda Finance, Sr. Unscd. Notes | 1.70 | 9/9/2021 | 4,260,000 | 4,243,356 | |||||
Daimler Finance North America, Gtd. Notes | 2.55 | 8/15/2022 | 2,000,000 | a | 2,008,529 | ||||
Paccar Financial, Sr. Unscd. Notes | 2.80 | 3/1/2021 | 3,730,000 | 3,779,793 | |||||
Toyota Motor Credit, Sr. Unscd. Notes | 2.15 | 3/12/2020 | 5,960,000 | 5,967,228 | |||||
15,998,906 | |||||||||
Banks - 12.2% | |||||||||
AIB Group, Sr. Unscd. Notes | 4.26 | 4/10/2025 | 2,200,000 | a | 2,297,903 | ||||
Bank of America, Sub. Notes, Ser. L | 3.95 | 4/21/2025 | 7,175,000 | 7,666,019 | |||||
Bank of Montreal, Sr. Unscd. Notes, Ser. E | 3.30 | 2/5/2024 | 9,000,000 | 9,437,685 | |||||
Citigroup, Sub. Bonds | 4.40 | 6/10/2025 | 10,540,000 | 11,446,563 | |||||
Citizens Financial Group, Sub. Notes | 4.30 | 12/3/2025 | 6,885,000 | 7,445,453 | |||||
Cooperatieve Rabobank, Gtd. Notes | 3.75 | 7/21/2026 | 6,785,000 | 7,109,801 | |||||
Credit Suisse Group, Sr. Unscd. Notes | 3.00 | 12/14/2023 | 5,000,000 | a | 5,071,454 | ||||
Deutsche Bank, Sr. Unscd. Notes | 3.38 | 5/12/2021 | 4,420,000 | 4,420,147 | |||||
JPMorgan Chase & Co., Sub. Notes | 3.38 | 5/1/2023 | 7,895,000 | 8,186,430 | |||||
Lloyds Bank, Jr. Sub. Notes | 12.00 | 12/16/2024 | 2,685,000 | a | 3,242,473 | ||||
Lloyds Banking Group, Sr. Unscd. Notes | 2.91 | 11/7/2023 | 5,374,000 | 5,393,332 | |||||
Morgan Stanley, Sub. Notes | 4.88 | 11/1/2022 | 7,610,000 | 8,189,314 | |||||
NatWest Markets, Sr. Unscd. Notes | 3.63 | 9/29/2022 | 3,000,000 | a | 3,070,738 | ||||
Royal Bank of Canada, Sub. Notes | 4.65 | 1/27/2026 | 6,510,000 | 7,267,008 | |||||
Royal Bank of Scotland Group, Sub. Bonds | 6.10 | 6/10/2023 | 3,100,000 | 3,364,147 | |||||
Santander Holdings USA, Sr. Unscd. Notes | 2.65 | 4/17/2020 | 4,615,000 | 4,623,450 | |||||
Societe Generale, Sub. Notes | 4.75 | 11/24/2025 | 3,680,000 | a | 3,960,511 | ||||
Sumitomo Mitsui Banking, Gtd. Notes | 2.51 | 1/17/2020 | 4,570,000 | 4,575,382 | |||||
The Bank of Nova Scotia, Sr. Unscd. Notes | 2.50 | 1/8/2021 | 4,855,000 | 4,893,636 | |||||
The Goldman Sachs Group, Sr. Unscd. Notes | 2.91 | 7/24/2023 | 9,000,000 | 9,147,323 | |||||
120,808,769 | |||||||||
Beverage Products - .6% | |||||||||
Anheuser-Busch InBev Worldwide, Gtd. Notes | 4.75 | 1/23/2029 | 4,955,000 | 5,795,597 | |||||
Building Materials - .4% | |||||||||
Vulcan Materials, Sr. Unscd. Notes, 3 Month LIBOR +.60% | 3.01 | 6/15/2020 | 3,600,000 | b | 3,604,137 | ||||
Chemicals - .4% | |||||||||
Dupont De Nemours, Sr. Unscd. Notes | 4.21 | 11/15/2023 | 3,745,000 | 4,037,203 | |||||
Collateralized Municipal-Backed Securities - .3% | |||||||||
Government National Mortgage Association, Ser. 2013-17, Cl. AB | 2.30 | 1/16/2049 | 2,647,509 | 2,690,897 | |||||
Commercial & Professional Services - .9% | |||||||||
Automatic Data Processing, Sr. Unscd. Notes | 2.25 | 9/15/2020 | 4,135,000 | 4,147,695 | |||||
Total System Services, Sr. Unscd. Notes | 4.00 | 6/1/2023 | 4,615,000 | 4,875,176 | |||||
9,022,871 | |||||||||
Diversified Financials - 1.1% | |||||||||
AerCap Global Aviation Trust, Gtd. Notes | 4.50 | 5/15/2021 | 4,435,000 | 4,576,458 | |||||
Intercontinental Exchange, Gtd. Notes | 2.75 | 12/1/2020 | 6,195,000 | 6,249,529 | |||||
10,825,987 | |||||||||
Electronic Components - .5% | |||||||||
Tech Data, Sr. Unscd. Notes | 4.95 | 2/15/2027 | 4,425,000 | 4,755,050 |
19
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.9% (continued) | |||||||||
Energy - 3.1% | |||||||||
BP Capital Markets, Gtd. Notes | 2.50 | 11/6/2022 | 5,875,000 | 5,962,920 | |||||
Cimarex Energy, Sr. Unscd. Notes | 4.38 | 3/15/2029 | 3,000,000 | 3,191,753 | |||||
Enterprise Products Operating, Gtd. Notes | 2.55 | 10/15/2019 | 2,195,000 | 2,194,895 | |||||
Noble Energy, Sr. Unscd. Notes | 3.85 | 1/15/2028 | 3,575,000 | 3,732,194 | |||||
ONEOK, Gtd. Notes | 4.00 | 7/13/2027 | 3,400,000 | 3,579,704 | |||||
Petroleos Mexicanos, Gtd. Notes | 4.88 | 1/24/2022 | 6,390,000 | 6,509,812 | |||||
Sabine Pass Liquefaction, Sr. Scd. Notes | 5.75 | 5/15/2024 | 2,500,000 | 2,792,373 | |||||
Spectra Energy Partners, Gtd. Notes | 3.50 | 3/15/2025 | 2,760,000 | 2,891,340 | |||||
30,854,991 | |||||||||
Environmental Control - .5% | |||||||||
Waste Management, Gtd. Notes | 3.13 | 3/1/2025 | 4,775,000 | 5,021,201 | |||||
Food Products - .9% | |||||||||
Campbell Soup, Sr. Unscd. Notes | 3.65 | 3/15/2023 | 4,375,000 | 4,554,162 | |||||
General Mills, Sr. Unscd. Notes, 3 Month LIBOR +1.01% | 3.31 | 10/17/2023 | 4,325,000 | b | 4,362,730 | ||||
8,916,892 | |||||||||
Foreign Governmental - .7% | |||||||||
Province of Ontario Canada, Sr. Unscd. Notes | 3.05 | 1/29/2024 | 6,700,000 | 7,111,722 | |||||
Health Care - 5.0% | |||||||||
Abbvie, Sr. Unscd. Notes | 2.85 | 5/14/2023 | 5,800,000 | 5,914,494 | |||||
Allergan Funding, Gtd. Notes | 3.45 | 3/15/2022 | 4,560,000 | 4,684,431 | |||||
Amgen, Sr. Unscd. Notes | 4.10 | 6/15/2021 | 4,955,000 | 5,109,977 | |||||
Bristol-Myers Squibb, Sr. Unscd. Notes | 3.40 | 7/26/2029 | 1,000,000 | a | 1,083,456 | ||||
CVS Health, Sr. Unscd. Notes | 4.10 | 3/25/2025 | 6,550,000 | 7,011,989 | |||||
GlaxoSmithKline Capital, Gtd. Notes | 3.38 | 5/15/2023 | 6,550,000 | 6,870,825 | |||||
Pfizer, Sr. Unscd. Notes | 2.80 | 3/11/2022 | 4,745,000 | 4,868,952 | |||||
Providence St Joseph Health Obligated Group, Unscd. Notes, Ser. H | 2.75 | 10/1/2026 | 4,095,000 | 4,215,498 | |||||
Shire Acquisitions Investments Ireland, Gtd. Notes | 3.20 | 9/23/2026 | 5,005,000 | 5,210,040 | |||||
UnitedHealth Group, Sr. Unscd. Notes | 2.88 | 3/15/2023 | 4,560,000 | 4,694,995 | |||||
49,664,657 | |||||||||
Industrials - 1.3% | |||||||||
John Deere Capital, Sr. Unscd. Notes | 2.15 | 9/8/2022 | 5,000,000 | 5,039,648 | |||||
Parker-Hannifin, Sr. Unscd. Notes | 2.70 | 6/14/2024 | 3,825,000 | 3,917,147 | |||||
Snap-On, Sr. Unscd. Notes | 3.25 | 3/1/2027 | 3,890,000 | 4,132,213 | |||||
13,089,008 | |||||||||
Information Technology - 3.1% | |||||||||
Adobe, Sr. Unscd. Notes | 4.75 | 2/1/2020 | 6,414,000 | 6,482,984 | |||||
Fidelity National Information Services, Sr. Unscd. Notes | 2.25 | 8/15/2021 | 6,000,000 | 6,014,209 | |||||
Fiserv, Sr. Unscd. Notes | 3.85 | 6/1/2025 | 4,235,000 | 4,566,631 | |||||
Microsoft, Sr. Unscd. Notes | 3.13 | 11/3/2025 | 6,550,000 | 7,021,712 | |||||
Oracle, Sr. Unscd. Notes | 2.50 | 5/15/2022 | 7,000,000 | 7,101,493 | |||||
31,187,029 | |||||||||
Internet Software & Services - 1.7% | |||||||||
Amazon.com, Sr. Unscd. Notes | 2.60 | 12/5/2019 | 6,345,000 | 6,349,997 | |||||
Ebay, Sr. Unscd. Notes | 2.15 | 6/5/2020 | 3,855,000 | 3,854,586 | |||||
Tencent Holdings, Sr. Unscd. Notes | 3.98 | 4/11/2029 | 6,000,000 | a | 6,522,341 | ||||
16,726,924 | |||||||||
Media - 1.3% | |||||||||
Discovery Communications, Gtd. Notes | 4.90 | 3/11/2026 | 3,970,000 | c | 4,403,248 | ||||
NBCUniversal Media, Gtd. Notes | 4.38 | 4/1/2021 | 8,425,000 | 8,741,221 | |||||
13,144,469 | |||||||||
Municipal Securities - 4.0% | |||||||||
California, GO | 3.38 | 4/1/2025 | 2,725,000 | 2,938,313 | |||||
California, GO, Ser. A | 2.37 | 4/1/2022 | 2,850,000 | 2,894,830 | |||||
Chicago, GO, Ser. B | 7.05 | 1/1/2029 | 5,785,000 | 6,503,902 |
20
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.9% (continued) | |||||||||
Municipal Securities - 4.0% (continued) | |||||||||
Commonwealth of Massachusetts, GO, Ser. E | 4.20 | 12/1/2021 | 6,495,000 | 6,731,093 | |||||
State Board of Administration Finance Corp., Revenue Bonds, Ser. A | 3.00 | 7/1/2020 | 7,375,000 | 7,442,334 | |||||
Texas Public Finance Authority, Revenue Bonds | 8.25 | 7/1/2024 | 3,205,000 | 3,234,903 | |||||
University of California, Revenue Bonds, Refunding | 3.06 | 7/1/2025 | 9,140,000 | 9,676,701 | |||||
39,422,076 | |||||||||
Real Estate - 1.3% | |||||||||
Alexandria Real Estate Equities, Gtd. Notes | 3.80 | 4/15/2026 | 2,320,000 | 2,504,480 | |||||
Brandywine Operating Partners, Gtd. Notes | 3.95 | 11/15/2027 | 4,000,000 | 4,220,803 | |||||
HealthCare Realty Trust, Sr. Unscd. Notes | 3.63 | 1/15/2028 | 2,375,000 | 2,502,410 | |||||
UDR, Gtd. Notes | 2.95 | 9/1/2026 | 3,620,000 | 3,725,541 | |||||
12,953,234 | |||||||||
Semiconductors & Semiconductor Equipment - .8% | |||||||||
Intel, Sr. Unscd. Notes | 2.45 | 7/29/2020 | 7,930,000 | 7,967,594 | |||||
Technology Hardware & Equipment - .6% | |||||||||
Apple, Sr. Unscd. Notes | 2.25 | 2/23/2021 | 5,915,000 | 5,949,808 | |||||
Telecommunication Services - 2.9% | |||||||||
AT&T, Sr. Unscd. Notes | 3.40 | 5/15/2025 | 9,350,000 | 9,828,333 | |||||
Motorola Solutions, Sr. Unscd. Notes | 4.60 | 5/23/2029 | 2,420,000 | 2,661,070 | |||||
Telefonica Emisiones, Gtd. Notes | 4.57 | 4/27/2023 | 4,460,000 | 4,827,477 | |||||
Verizon Communications, Sr. Unscd. Notes | 5.15 | 9/15/2023 | 10,515,000 | 11,826,303 | |||||
29,143,183 | |||||||||
Transportation - .4% | |||||||||
Ryder System, Sr. Unscd. Notes | 2.88 | 6/1/2022 | 3,900,000 | 3,981,219 | |||||
U.S. Government Agencies Mortgage-Backed - 1.0% | |||||||||
Federal Home Loan Mortgage Corp., Notes | 2.75 | 6/17/2024 | 6,000,000 | d | 6,001,392 | ||||
Federal National Mortgage Association, Notes | 2.00 | 4/30/2020 | 3,610,000 | d | 3,611,846 | ||||
9,613,238 | |||||||||
U.S. Treasury Securities - 49.8% | |||||||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.13 | 4/15/2022 | 8,973,605 | c,e | 8,915,084 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.13 | 1/15/2022 | 10,496,517 | e | 10,430,054 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.38 | 1/15/2027 | 13,742,395 | e | 14,110,802 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.63 | 4/15/2023 | 13,874,931 | e | 14,087,916 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.63 | 1/15/2024 | 8,705,316 | e | 8,918,149 | ||||
U.S. Treasury Notes | 1.13 | 6/30/2021 | 16,265,000 | 16,138,565 | |||||
U.S. Treasury Notes | 1.13 | 2/28/2021 | 28,880,000 | 28,668,476 | |||||
U.S. Treasury Notes | 1.38 | 12/15/2019 | 18,750,000 | c | 18,717,041 | ||||
U.S. Treasury Notes | 1.38 | 8/31/2023 | 4,000,000 | 3,993,908 | |||||
U.S. Treasury Notes | 1.50 | 8/15/2022 | 22,250,000 | 22,296,499 | |||||
U.S. Treasury Notes | 1.50 | 7/15/2020 | 12,315,000 | 12,280,605 | |||||
U.S. Treasury Notes | 1.63 | 5/15/2026 | 25,215,000 | 25,497,191 | |||||
U.S. Treasury Notes | 1.75 | 7/15/2022 | 18,000,000 | 18,157,500 | |||||
U.S. Treasury Notes | 1.75 | 9/30/2022 | 11,400,000 | 11,510,215 | |||||
U.S. Treasury Notes | 1.88 | 1/31/2022 | 10,060,000 | 10,153,723 | |||||
U.S. Treasury Notes | 1.88 | 12/31/2019 | 7,750,000 | 7,746,973 | |||||
U.S. Treasury Notes | 1.88 | 2/28/2022 | 7,200,000 | 7,271,297 | |||||
U.S. Treasury Notes | 2.00 | 11/30/2020 | 38,095,000 | 38,233,392 | |||||
U.S. Treasury Notes | 2.00 | 4/30/2024 | 15,000,000 | 15,396,387 | |||||
U.S. Treasury Notes | 2.13 | 5/31/2021 | 20,000,000 | 20,189,062 | |||||
U.S. Treasury Notes | 2.13 | 9/30/2021 | 20,240,000 | 20,493,395 | |||||
U.S. Treasury Notes | 2.25 | 11/15/2024 | 15,690,000 | 16,341,503 |
21
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.9% (continued) | |||||||||
U.S. Treasury Securities - 49.8% (continued) | |||||||||
U.S. Treasury Notes | 2.38 | 2/29/2024 | 15,000,000 | 15,631,348 | |||||
U.S. Treasury Notes | 2.50 | 1/31/2021 | 19,000,000 | 19,220,059 | |||||
U.S. Treasury Notes | 2.50 | 3/31/2023 | 11,000,000 | 11,414,219 | |||||
U.S. Treasury Notes | 2.63 | 2/28/2023 | 11,140,000 | 11,593,650 | |||||
U.S. Treasury Notes | 2.75 | 4/30/2023 | 8,000,000 | 8,376,094 | |||||
U.S. Treasury Notes | 2.88 | 11/30/2023 | 17,000,000 | 18,017,676 | |||||
U.S. Treasury Notes | 2.88 | 11/15/2021 | 12,000,000 | 12,354,375 | |||||
U.S. Treasury Notes | 2.88 | 10/31/2020 | 28,000,000 | 28,359,844 | |||||
U.S. Treasury Notes | 2.88 | 10/15/2021 | 18,750,000 | 19,281,006 | |||||
493,796,008 | |||||||||
Utilities - 1.3% | |||||||||
Nisource, Sr. Unscd. Notes | 3.49 | 5/15/2027 | 3,600,000 | 3,823,174 | |||||
Public Service Enterprise Group, Sr. Unscd. Notes | 2.65 | 11/15/2022 | 3,860,000 | 3,900,096 | |||||
Southwestern Electric Power, Sr. Unscd. Notes, Ser. M | 4.10 | 9/15/2028 | 4,570,000 | 5,139,253 | |||||
12,862,523 | |||||||||
TotalBonds and Notes | 980,380,178 | ||||||||
1-Day | Shares | ||||||||
Investment Companies - .4% | |||||||||
Registered Investment Companies - .4% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 3,958,057 | f | 3,958,057 | |||||
Total Investments(cost $956,617,353) | 99.3% | 984,338,235 | |||||||
Cash and Receivables (Net) | 0.7% | 7,167,047 | |||||||
Net Assets | 100.0% | 991,505,282 |
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 August 31, 2019, these securities were valued at $27,257,405 or 2.75% of net assets.
b Variable rate security—rate shown is the interest rate in effect at period end.
c Security, or portion thereof, on loan. At August 31, 2019, the value of the fund’s securities on loan was $29,533,832 and the value of the collateral was $39,436,080, consisting of U.S. Government & Agency securities.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Government | 55.5 |
Financial | 14.6 |
Consumer, Non-cyclical | 7.4 |
Communications | 6.0 |
Technology | 4.5 |
Industrial | 3.7 |
Energy | 3.1 |
Consumer, Cyclical | 2.1 |
Utilities | 1.3 |
Basic Materials | .4 |
Investment Companies | .4 |
Mortgage Securities | .3 |
Asset Backed Securities | .0 |
99.3 |
† Based on net assets.
See notes to financial statements.
22
BNY Mellon Corporate Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.9% | |||||||||
Aerospace & Defense - .6% | |||||||||
The Boeing Company, Sr. Unscd. Notes | 2.70 | 5/1/2022 | 5,000,000 | 5,104,143 | |||||
Agriculture - 1.0% | |||||||||
BAT Capital, Gtd. Notes | 3.56 | 8/15/2027 | 4,000,000 | 4,102,922 | |||||
Bunge, Gtd. Notes | 4.35 | 3/15/2024 | 4,500,000 | 4,807,582 | |||||
8,910,504 | |||||||||
Airlines - 1.5% | |||||||||
Air Canada Pass Through Trust, Notes, Ser. 2015-1, Cl. A | 3.60 | 3/15/2027 | 2,518,863 | a | 2,661,682 | ||||
American Airlines Pass Through Trust, Bonds, Ser. 2015-1, Cl. A | 3.38 | 5/1/2027 | 4,335,021 | 4,527,712 | |||||
United Airlines Pass Through Trust, Notes, Ser. 2016-2, Cl. A | 3.10 | 10/7/2028 | 5,984,596 | 6,153,661 | |||||
13,343,055 | |||||||||
Automobiles & Components - 1.8% | |||||||||
Daimler Finance North America, Gtd. Notes | 2.55 | 8/15/2022 | 6,000,000 | a | 6,025,586 | ||||
Ford Motor Credit, Sr. Unscd. Notes | 5.58 | 3/18/2024 | 3,000,000 | 3,228,369 | |||||
General Motors Financial, Jr. Sub. Notes, Ser. A | 5.75 | 9/30/2027 | 3,500,000 | 3,260,320 | |||||
Volkswagen Group of America Finance, Gtd. Notes | 4.00 | 11/12/2021 | 4,000,000 | a | 4,142,578 | ||||
16,656,853 | |||||||||
Banks - 19.6% | |||||||||
AIB Group, Sr. Unscd. Notes | 4.75 | 10/12/2023 | 5,000,000 | a | 5,298,645 | ||||
BAC Capital Trust XIV, Gtd. Notes, Ser. G, 3 Month LIBOR +.40% | 4.00 | 10/7/2019 | 3,000,000 | b | 2,622,870 | ||||
Banco Santander, Sr. Unscd. Notes | 3.13 | 2/23/2023 | 5,000,000 | 5,117,730 | |||||
Bank of America, Jr. Sub. Notes, Ser. FF | 5.88 | 3/15/2028 | 3,000,000 | 3,264,300 | |||||
Bank of America, Sub. Notes | 4.00 | 1/22/2025 | 4,000,000 | 4,276,763 | |||||
Bank of Ireland Group, Sr. Unscd. Notes | 4.50 | 11/25/2023 | 5,000,000 | a | 5,267,180 | ||||
Barclays, Sub. Notes | 5.20 | 5/12/2026 | 7,000,000 | 7,451,913 | |||||
BBVA Bancomer, Sr. Unscd. Notes | 4.38 | 4/10/2024 | 5,250,000 | a | 5,499,428 | ||||
BNP Paribas, Sub. Notes | 4.38 | 5/12/2026 | 5,000,000 | a | 5,383,927 | ||||
Citigroup, Jr. Sub. Debs., Ser. Q | 5.95 | 8/15/2020 | 5,000,000 | 5,094,825 | |||||
Citigroup, Sub. Bonds | 4.40 | 6/10/2025 | 4,500,000 | 4,887,052 | |||||
Citizens Financial Group, Sub. Bonds | 3.75 | 7/1/2024 | 6,000,000 | 6,195,122 | |||||
Cooperatieve Rabobank, Gtd. Notes | 4.38 | 8/4/2025 | 6,500,000 | 7,031,903 | |||||
Credit Agricole, Sub. Notes | 4.00 | 1/10/2033 | 7,250,000 | a | 7,577,748 | ||||
Credit Suisse Group, Sr. Unscd. Notes | 3.00 | 12/14/2023 | 7,000,000 | a | 7,100,036 | ||||
Deutsche Bank, Sub. Notes | 4.50 | 4/1/2025 | 7,500,000 | c | 7,090,838 | ||||
HSBC Holdings, Sub. Notes | 4.25 | 3/14/2024 | 5,500,000 | 5,807,618 | |||||
JPMorgan Chase & Co., Jr. Sub. Notes, Ser. FF | 5.00 | 8/1/2024 | 5,000,000 | 5,193,750 | |||||
JPMorgan Chase & Co., Sub. Notes | 3.63 | 12/1/2027 | 3,000,000 | 3,191,949 | |||||
Lloyds Bank, Jr. Sub. Notes | 12.00 | 12/16/2024 | 3,000,000 | a | 3,622,875 | ||||
Llyods Banking Group, Sub. Notes | 4.58 | 12/10/2025 | 3,000,000 | 3,151,412 | |||||
M&T Bank, Jr. Sub. Notes, Ser. G | 5.00 | 8/1/2024 | 5,000,000 | 5,150,000 | |||||
Morgan Stanley, Sub. Notes | 4.88 | 11/1/2022 | 6,000,000 | 6,456,752 | |||||
Nordea Bank, Jr. Sub. Notes | 6.63 | 3/26/2026 | 3,465,000 | a | 3,701,850 | ||||
Royal Bank of Canada, Sub. Notes | 4.65 | 1/27/2026 | 6,000,000 | c | 6,697,703 | ||||
Royal Bank of Scotland Group, Sub. Bonds | 6.10 | 6/10/2023 | 5,764,000 | 6,255,143 | |||||
Societe Generale, Sub. Notes | 4.75 | 11/24/2025 | 6,750,000 | a | 7,264,524 | ||||
Standard Chartered, Sr. Unscd. Notes | 3.79 | 5/21/2025 | 4,750,000 | a | 4,910,834 | ||||
The Bank of Nova Scotia, Jr. Sub. Notes | 4.65 | 10/12/2022 | 5,000,000 | c | 4,925,075 | ||||
The Goldman Sachs Group, Sr. Unscd. Notes | 3.50 | 11/16/2026 | 6,750,000 | 7,071,204 | |||||
The Toronto-Dominion Bank, Sub. Notes | 3.63 | 9/15/2031 | 3,000,000 | 3,131,884 | |||||
UniCredit, Sr. Unscd. Notes | 6.57 | 1/14/2022 | 4,000,000 | a | 4,302,613 | ||||
Westpac Banking, Sub. Notes | 4.32 | 11/23/2031 | 5,000,000 | 5,324,993 | |||||
Zions Bancorp, Sr. Unscd. Notes | 3.50 | 8/27/2021 | 3,000,000 | 3,070,317 | |||||
178,390,776 |
23
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.9% (continued) | |||||||||
Beverage Products - 2.1% | |||||||||
Becle, Gtd. Notes | 3.75 | 5/13/2025 | 6,000,000 | a | 6,146,000 | ||||
Constellation Brands, Gtd. Notes | 3.15 | 8/1/2029 | 3,000,000 | 3,102,103 | |||||
Constellation Brands, Gtd. Notes | 4.40 | 11/15/2025 | 5,000,000 | 5,552,224 | |||||
Keurig Dr Pepper, Gtd. Notes | 4.60 | 5/25/2028 | 3,750,000 | 4,244,133 | |||||
19,044,460 | |||||||||
Building Materials - .5% | |||||||||
CRH America, Gtd. Notes | 3.88 | 5/18/2025 | 2,000,000 | a | 2,123,887 | ||||
CRH America Finance, Gtd. Notes | 3.40 | 5/9/2027 | 2,730,000 | a | 2,839,473 | ||||
4,963,360 | |||||||||
Chemicals - 1.5% | |||||||||
Huntsman International, Sr. Unscd. Notes | 4.50 | 5/1/2029 | 5,000,000 | 5,330,921 | |||||
Westlake Chemical, Gtd. Notes | 3.60 | 8/15/2026 | 4,000,000 | 4,158,579 | |||||
Yara International, Sr. Unscd. Notes | 4.75 | 6/1/2028 | 3,750,000 | a | 4,129,111 | ||||
13,618,611 | |||||||||
Commercial & Professional Services - 1.5% | |||||||||
Moody's, Sr. Unscd. Notes | 4.50 | 9/1/2022 | 5,000,000 | 5,311,598 | |||||
Total System Services, Sr. Unscd. Notes | 4.80 | 4/1/2026 | 7,000,000 | 7,888,313 | |||||
13,199,911 | |||||||||
Consumer Discretionary - 2.5% | |||||||||
Hasbro, Sr. Unscd. Notes | 3.15 | 5/15/2021 | 5,000,000 | 5,059,013 | |||||
Leggett & Platt, Sr. Unscd. Notes | 4.40 | 3/15/2029 | 4,000,000 | 4,308,419 | |||||
Marriott International, Sr. Unscd. Notes | 3.60 | 4/15/2024 | 3,000,000 | 3,170,031 | |||||
NVR, Sr. Unscd. Notes | 3.95 | 9/15/2022 | 6,250,000 | 6,499,235 | |||||
Whirlpool, Sr. Unscd. Notes | 4.75 | 2/26/2029 | 3,500,000 | 3,942,697 | |||||
22,979,395 | |||||||||
Consumer Durables & Apparel - .7% | |||||||||
Michael Kors USA, Gtd. Notes | 4.00 | 11/1/2024 | 3,000,000 | a | 3,046,454 | ||||
Tapestry, Sr. Unscd. Notes | 3.00 | 7/15/2022 | 3,000,000 | 3,017,952 | |||||
6,064,406 | |||||||||
Consumer Staples - .4% | |||||||||
Newell Brands, Sr. Unscd. Notes | 5.00 | 11/15/2023 | 3,400,000 | 3,496,637 | |||||
Diversified Financials - 3.3% | |||||||||
AerCap Global Aviation Trust, Gtd. Notes | 4.45 | 10/1/2025 | 3,000,000 | 3,220,371 | |||||
Aircastle, Sr. Unscd. Notes | 4.25 | 6/15/2026 | 4,500,000 | 4,640,212 | |||||
Blackstone Holdings Finance, Gtd. Notes | 4.75 | 2/15/2023 | 3,000,000 | a | 3,257,175 | ||||
Cantor Fitzgerald, Sr. Unscd. Notes | 4.88 | 5/1/2024 | 3,000,000 | a | 3,182,186 | ||||
E*Trade Financial, Sr. Unscd. Notes | 3.80 | 8/24/2027 | 3,750,000 | 3,968,802 | |||||
FS KKR Capital, Sr. Unscd. Notes | 4.63 | 7/15/2024 | 4,000,000 | 4,081,570 | |||||
International Lease Finance, Sr. Unscd. Notes | 5.88 | 8/15/2022 | 1,500,000 | 1,648,032 | |||||
Stifel Financial, Sr. Unscd. Bonds | 4.25 | 7/18/2024 | 6,000,000 | 6,356,879 | |||||
30,355,227 | |||||||||
Electronic Components - 2.2% | |||||||||
Arrow Electronics, Sr. Unscd. Notes | 3.25 | 9/8/2024 | 2,000,000 | 2,027,419 | |||||
Arrow Electronics, Sr. Unscd. Notes | 4.00 | 4/1/2025 | 3,000,000 | 3,138,419 | |||||
Avnet, Sr. Unscd. Notes | 4.88 | 12/1/2022 | 3,000,000 | 3,201,452 | |||||
Jabil, Sr. Unscd. Bonds | 5.63 | 12/15/2020 | 3,737,000 | 3,880,535 | |||||
Tech Data, Sr. Unscd. Notes | 4.95 | 2/15/2027 | 7,250,000 | 7,790,760 | |||||
20,038,585 | |||||||||
Energy - 8.5% | |||||||||
Andeavor, Gtd. Notes | 4.75 | 12/15/2023 | 4,000,000 | 4,361,221 | |||||
Andeavor Logistics, Gtd. Notes | 3.50 | 12/1/2022 | 2,000,000 | 2,055,732 | |||||
Andeavor Logistics, Gtd. Notes | 4.25 | 12/1/2027 | 1,500,000 | 1,590,088 | |||||
Andeavor Logistics, Gtd. Notes | 6.25 | 10/15/2022 | 746,000 | 762,785 | |||||
Antero Resources, Gtd. Notes | 5.13 | 12/1/2022 | 3,000,000 | 2,775,000 | |||||
Cheniere Corpus Christi Holdings, Sr. Scd. Notes | 5.13 | 6/30/2027 | 4,000,000 | 4,430,000 |
24
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.9% (continued) | |||||||||
Energy - 8.5% (continued) | |||||||||
Continental Resources, Gtd. Notes | 5.00 | 9/15/2022 | 5,600,000 | 5,653,771 | |||||
Enbridge, Gtd. Notes | 4.25 | 12/1/2026 | 4,000,000 | 4,437,285 | |||||
Energy Transfer Operating, Gtd. Bonds | 5.50 | 6/1/2027 | 2,500,000 | 2,877,879 | |||||
Energy Transfer Operating, Gtd. Notes | 5.25 | 4/15/2029 | 3,000,000 | 3,439,356 | |||||
Eni, Sr. Unscd. Notes | 4.25 | 5/9/2029 | 5,000,000 | a | 5,503,809 | ||||
EQT Midstream Partners, Sr. Unscd. Notes | 4.00 | 8/1/2024 | 5,000,000 | 4,920,785 | |||||
Marathon Oil, Sr. Unscd. Notes | 2.80 | 11/1/2022 | 5,000,000 | 5,047,441 | |||||
Newfield Exploration, Gtd. Notes | 5.38 | 1/1/2026 | 2,225,000 | 2,448,132 | |||||
Newfield Exploration, Gtd. Notes | 5.63 | 7/1/2024 | 3,500,000 | 3,858,874 | |||||
Petroleos Mexicanos, Gtd. Notes | 4.63 | 9/21/2023 | 5,000,000 | 5,015,000 | |||||
Petroleos Mexicanos, Gtd. Notes | 5.50 | 1/21/2021 | 3,000,000 | 3,068,910 | |||||
Sabal Trail Transmission, Sr. Unscd. Notes | 4.25 | 5/1/2028 | 3,000,000 | a | 3,325,351 | ||||
Sabine Pass Liquefaction, Sr. Scd. Notes | 5.63 | 3/1/2025 | 2,000,000 | 2,247,434 | |||||
Saudi Arabian Oil, Sr. Unscd. Notes | 3.50 | 4/16/2029 | 4,000,000 | a | 4,274,505 | ||||
The Williams Companies, Sr. Unscd. Notes | 3.75 | 6/15/2027 | 3,000,000 | 3,133,800 | |||||
Total Capital International, Gtd. Notes | 2.43 | 1/10/2025 | 2,000,000 | 2,043,004 | |||||
77,270,162 | |||||||||
Environmental Control - .4% | |||||||||
Waste Connections, Sr. Unscd. Notes | 3.50 | 5/1/2029 | 3,800,000 | 4,087,236 | |||||
Financials - 2.0% | |||||||||
Apollo Management Holdings, Gtd. Notes | 4.00 | 5/30/2024 | 6,000,000 | a | 6,386,527 | ||||
Carlyle Holdings Finance, Gtd. Notes | 3.88 | 2/1/2023 | 5,921,000 | a | 6,172,284 | ||||
GATX, Sr. Unscd. Notes | 3.25 | 3/30/2025 | 2,000,000 | 2,051,072 | |||||
GATX, Sr. Unscd. Notes | 4.75 | 6/15/2022 | 3,000,000 | 3,198,783 | |||||
17,808,666 | |||||||||
Food Products - 1.6% | |||||||||
Flowers Foods, Sr. Unscd. Notes | 3.50 | 10/1/2026 | 2,000,000 | 2,075,345 | |||||
Flowers Foods, Sr. Unscd. Notes | 4.38 | 4/1/2022 | 5,500,000 | 5,771,066 | |||||
Grupo Bimbo, Gtd. Notes | 3.88 | 6/27/2024 | 3,000,000 | a | 3,146,327 | ||||
Grupo Bimbo, Sub. Notes | 5.95 | 4/17/2023 | 500,000 | a | 526,255 | ||||
McCormick & Co., Sr. Unscd. Notes | 3.15 | 8/15/2024 | 3,000,000 | 3,127,833 | |||||
14,646,826 | |||||||||
Foreign Governmental - .6% | |||||||||
Bermuda, Sr. Unscd. Notes | 4.75 | 2/15/2029 | 200,000 | a | 231,500 | ||||
Saudi, Sr. Unscd. Notes | 2.38 | 10/26/2021 | 2,700,000 | a | 2,723,306 | ||||
The Morongo Band of Mission Indians, Unscd. Bonds | 7.00 | 10/1/2039 | 2,500,000 | a | 2,936,500 | ||||
5,891,306 | |||||||||
Forest Products & Other - 1.0% | |||||||||
Georgia-Pacific, Sr. Unscd. Notes | 3.16 | 11/15/2021 | 6,000,000 | a | 6,121,227 | ||||
International Paper, Sr. Unscd. Notes | 3.00 | 2/15/2027 | 2,500,000 | 2,559,513 | |||||
8,680,740 | |||||||||
Health Care - 6.6% | |||||||||
AbbVie, Sr. Unscd. Notes | 3.60 | 5/14/2025 | 5,000,000 | 5,217,893 | |||||
Bayer US Finance II, Gtd. Notes | 3.88 | 12/15/2023 | 1,000,000 | a | 1,050,615 | ||||
Celgene, Sr. Unscd. Notes | 3.90 | 2/20/2028 | 6,000,000 | 6,671,344 | |||||
Cigna, Gtd. Notes | 4.38 | 10/15/2028 | 3,500,000 | 3,917,049 | |||||
CommonSpirit Health, Sr. Scd. Bonds | 3.35 | 10/1/2029 | 5,000,000 | 5,159,196 | |||||
CVS Health, Sr. Unscd. Notes | 4.10 | 3/25/2025 | 4,250,000 | 4,549,764 | |||||
CVS Health, Sr. Unscd. Notes | 4.78 | 3/25/2038 | 2,000,000 | 2,246,348 | |||||
Dignity Health, Unscd. Notes | 3.13 | 11/1/2022 | 5,000,000 | 5,124,587 | |||||
Express Scripts Holdings, Gtd. Notes | 3.00 | 7/15/2023 | 3,000,000 | 3,070,585 | |||||
HCA, Sr. Scd. Notes | 4.13 | 6/15/2029 | 5,000,000 | 5,338,140 | |||||
Magellan Health, Sr. Unscd. Notes | 4.90 | 9/22/2024 | 5,000,000 | 5,017,500 | |||||
Montefiore Obligated Group, Unscd. Bonds, Ser. 18-C | 5.25 | 11/1/2048 | 5,000,000 | 6,009,638 |
25
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.9% (continued) | |||||||||
Health Care - 6.6% (continued) | |||||||||
Takeda Pharmaceutical, Sr. Unscd. Notes | 5.00 | 11/26/2028 | 5,500,000 | a | 6,515,585 | ||||
59,888,244 | |||||||||
Industrials - 2.3% | |||||||||
Carlisle Companies, Sr. Unscd. Notes | 3.75 | 12/1/2027 | 4,000,000 | 4,229,523 | |||||
Fluor, Sr. Unscd. Notes | 4.25 | 9/15/2028 | 4,500,000 | 4,604,442 | |||||
Huntington Ingalls Industries, Gtd. Notes | 3.48 | 12/1/2027 | 3,000,000 | 3,167,400 | |||||
Oshkosh, Sr. Unscd. Notes | 4.60 | 5/15/2028 | 4,000,000 | 4,348,880 | |||||
Pentair Finance, Gtd. Notes | 2.65 | 12/1/2019 | 4,500,000 | 4,499,162 | |||||
20,849,407 | |||||||||
Information Technology - 4.1% | |||||||||
Activision Blizzard, Sr. Unscd. Notes | 3.40 | 9/15/2026 | 2,000,000 | 2,110,613 | |||||
Broadridge Financial Solutions, Sr. Unscd. Notes | 3.95 | 9/1/2020 | 4,850,000 | 4,931,370 | |||||
CA, Sr. Unscd. Notes | 3.60 | 8/1/2020 | 3,000,000 | 3,028,577 | |||||
Cadence Design Systems, Sr. Unscd. Notes | 4.38 | 10/15/2024 | 6,250,000 | 6,759,504 | |||||
Citrix Systems, Sr. Unscd. Notes | 4.50 | 12/1/2027 | 5,500,000 | 5,932,965 | |||||
Electronic Arts, Sr. Unscd. Notes | 4.80 | 3/1/2026 | 3,000,000 | 3,423,750 | |||||
Fidelity National Information Services, Sr. Unscd. Notes | 3.75 | 5/21/2029 | 2,500,000 | 2,744,197 | |||||
Fiserv, Sr. Unscd. Notes | 3.50 | 10/1/2022 | 5,500,000 | 5,743,795 | |||||
VMware, Sr. Unscd. Notes | 2.95 | 8/21/2022 | 3,000,000 | 3,049,313 | |||||
37,724,084 | |||||||||
Insurance - 2.8% | |||||||||
Assured Guaranty U.S. Holdings, Gtd. Notes | 5.00 | 7/1/2024 | 6,000,000 | c | 6,649,759 | ||||
Brighthouse Financial, Sr. Unscd. Notes | 3.70 | 6/22/2027 | 3,500,000 | 3,458,472 | |||||
MetLife, Jr. Sub. Bonds, Ser. D | 5.88 | 3/15/2028 | 5,500,000 | 5,903,700 | |||||
Prudential Financial, Jr. Sub. Notes | 5.70 | 9/15/2048 | 5,850,000 | 6,396,858 | |||||
Reinsurance Group of America, Sr. Unscd. Notes | 3.90 | 5/15/2029 | 2,500,000 | 2,691,439 | |||||
25,100,228 | |||||||||
Internet Software & Services - 1.3% | |||||||||
Arrow Electronics, Sr. Unscd. Notes | 3.50 | 4/1/2022 | 2,000,000 | 2,042,403 | |||||
eBay, Sr. Unscd. Notes | 3.60 | 6/5/2027 | 4,000,000 | 4,214,605 | |||||
Tencent Holdings, Sr. Unscd. Notes | 3.98 | 4/11/2029 | 5,500,000 | a | 5,978,812 | ||||
12,235,820 | |||||||||
Materials - .5% | |||||||||
WRKCo, Gtd. Notes | 3.75 | 3/15/2025 | 4,000,000 | 4,227,620 | |||||
Media - 2.7% | |||||||||
Discovery Communications, Gtd. Notes | 3.95 | 3/20/2028 | 6,250,000 | 6,573,578 | |||||
Fox, Sr. Unscd. Notes | 4.71 | 1/25/2029 | 1,000,000 | a | 1,159,295 | ||||
Grupo Televisa, Sr. Unscd. Notes | 4.63 | 1/30/2026 | 5,000,000 | c | 5,383,358 | ||||
NBCUniversal Media, Gtd. Notes | 4.38 | 4/1/2021 | 6,500,000 | 6,743,968 | |||||
Sky, Gtd. Notes | 2.63 | 9/16/2019 | 5,000,000 | a | 5,000,375 | ||||
24,860,574 | |||||||||
Metals & Mining - .8% | |||||||||
Anglo American Capital, Gtd. Notes | 4.50 | 3/15/2028 | 4,000,000 | a | 4,256,609 | ||||
Glencore Funding, Gtd. Notes | 4.13 | 3/12/2024 | 1,000,000 | a | 1,053,569 | ||||
Glencore Funding, Gtd. Notes | 4.63 | 4/29/2024 | 2,000,000 | a | 2,122,900 | ||||
7,433,078 | |||||||||
Municipal Securities - 4.6% | |||||||||
Chicago, GO, Ser. B | 7.05 | 1/1/2029 | 7,100,000 | 7,982,317 | |||||
Detroit, GO, Ser. B1 | 4.00 | 4/1/2044 | 3,000,000 | 2,762,220 | |||||
Illinois, GO (Build America Bonds) | 6.20 | 7/1/2021 | 440,000 | 461,380 | |||||
Medical Center Hospital Authority, Revenue Bonds, Refunding (Columbus Regional Healthcare System, Inc. Project) | 4.88 | 8/1/2022 | 5,000,000 | 5,335,300 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. C | 6.10 | 12/15/2028 | 7,010,000 | 7,354,892 |
26
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.9% (continued) | |||||||||
Municipal Securities - 4.6% (continued) | |||||||||
New York State Dormitory Authority, Revenue Bonds (Montefiore Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.95 | 8/1/2048 | 2,500,000 | 2,830,275 | |||||
North Texas Tollway Authority, Revenue Bonds | 8.91 | 2/1/2020 | 5,000,000 | d | 5,141,500 | ||||
Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine Project) Ser. C | 5.45 | 8/15/2028 | 3,750,000 | 4,423,725 | |||||
Texas Public Finance Authority, Revenue Bonds | 8.25 | 7/1/2024 | 5,700,000 | 5,753,181 | |||||
42,044,790 | |||||||||
Real Estate - 7.6% | |||||||||
Alexandria Real Estate Equities, Gtd. Notes | 3.95 | 1/15/2027 | 3,327,000 | 3,610,688 | |||||
Alexandria Real Estate Equities, Gtd. Notes | 4.30 | 1/15/2026 | 2,000,000 | 2,204,292 | |||||
American Homes 4 Rent, Sr. Unscd. Notes | 4.90 | 2/15/2029 | 4,000,000 | 4,588,887 | |||||
Brandywine Operating Partnership, Gtd. Notes | 4.10 | 10/1/2024 | 3,663,000 | 3,883,448 | |||||
Brandywine Operating Partnership, Gtd. Notes | 4.55 | 10/1/2029 | 1,500,000 | 1,641,692 | |||||
CBRE Services, Gtd. Notes | 4.88 | 3/1/2026 | 6,000,000 | 6,676,615 | |||||
Duke Realty, Sr. Unscd. Notes | 3.25 | 6/30/2026 | 1,000,000 | 1,045,704 | |||||
EPR Properties, Gtd. Notes | 4.75 | 12/15/2026 | 3,600,000 | 3,907,957 | |||||
Essex Portfolio, Gtd. Notes | 3.25 | 5/1/2023 | 3,000,000 | 3,100,306 | |||||
Healthcare Trust Of America Holdings, Gtd. Notes | 3.75 | 7/1/2027 | 4,000,000 | 4,219,578 | |||||
Highwoods Realty, Sr. Unscd. Notes | 4.20 | 4/15/2029 | 3,000,000 | 3,253,550 | |||||
Hudson Pacific Properties, Gtd. Notes | 3.95 | 11/1/2027 | 2,500,000 | 2,673,095 | |||||
Hudson Pacific Properties, Gtd. Notes | 4.65 | 4/1/2029 | 3,000,000 | 3,374,797 | |||||
Kilroy Realty, Gtd. Notes | 4.38 | 10/1/2025 | 4,250,000 | 4,623,994 | |||||
Liberty Property, Sr. Unscd. Notes | 3.25 | 10/1/2026 | 4,000,000 | 4,141,879 | |||||
Life Storage, Gtd. Notes | 4.00 | 6/15/2029 | 4,300,000 | 4,650,456 | |||||
Retail Opportunity Investments Partnership, Gtd. Notes | 4.00 | 12/15/2024 | 3,000,000 | 3,071,347 | |||||
Retail Opportunity Investments Partnership, Gtd. Notes | 5.00 | 12/15/2023 | 2,000,000 | 2,121,243 | |||||
Spirit Realty, Gtd. Notes | 4.00 | 7/15/2029 | 3,000,000 | 3,207,012 | |||||
Weingarten Realty Investors, Sr. Unscd. Notes | 4.45 | 1/15/2024 | 3,000,000 | 3,208,094 | |||||
69,204,634 | |||||||||
Retailing - 2.2% | |||||||||
Alimentation Couche-Tard, Gtd. Notes | 3.55 | 7/26/2027 | 3,000,000 | a | 3,168,518 | ||||
Dollar Tree, Sr. Unscd. Notes | 4.00 | 5/15/2025 | 4,000,000 | 4,231,820 | |||||
Macy's Retail Holdings, Gtd. Notes | 2.88 | 2/15/2023 | 3,000,000 | c | 2,950,731 | ||||
Nordstorm, Sr. Unscd. Notes | 4.00 | 3/15/2027 | 4,000,000 | c | 4,085,066 | ||||
O'Reilly Automotive, Sr. Unscd. Notes | 3.90 | 6/1/2029 | 5,000,000 | c | 5,502,639 | ||||
19,938,774 | |||||||||
Semiconductors & Semiconductor Equipment - 2.4% | |||||||||
KLA, Sr. Unscd. Notes | 4.10 | 3/15/2029 | 3,750,000 | 4,160,928 | |||||
Lam Research, Sr. Unscd. Notes | 3.80 | 3/15/2025 | 6,000,000 | 6,429,095 | |||||
Microchip Technology, Sr. Scd. Notes | 4.33 | 6/1/2023 | 5,500,000 | 5,801,527 | |||||
NXP Funding, Gtd. Notes | 4.88 | 3/1/2024 | 5,000,000 | a | 5,443,353 | ||||
21,834,903 | |||||||||
Technology Hardware & Equipment - .6% | |||||||||
Dell International/EMC, Sr. Scd. Notes | 4.90 | 10/1/2026 | 1,125,000 | a | 1,203,666 | ||||
Dell International/EMC, Sr. Scd. Notes | 8.10 | 7/15/2036 | 3,000,000 | a | 3,809,218 | ||||
5,012,884 | |||||||||
Telecommunication Services - 3.2% | |||||||||
AT&T, Sr. Unscd. Notes | 3.40 | 5/15/2025 | 7,500,000 | 7,883,689 | |||||
Motorola Solutions, Sr. Unscd. Notes | 4.60 | 5/23/2029 | 4,585,000 | 5,041,737 | |||||
Telefonica Emisiones, Gtd. Notes | 4.57 | 4/27/2023 | 6,500,000 | 7,035,561 | |||||
Verizon Communications, Sr. Unscd. Notes | 3.38 | 2/15/2025 | 5,500,000 | 5,843,977 | |||||
Verizon Communications, Sr. Unscd. Notes | 4.50 | 8/10/2033 | 3,000,000 | 3,549,615 | |||||
29,354,579 |
27
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.9% (continued) | |||||||||
Utilities - 2.9% | |||||||||
Black Hills, Sr. Unscd. Notes | 4.25 | 11/30/2023 | 5,000,000 | 5,356,121 | |||||
CenterPoint Energy, Sr. Unscd. Notes | 2.95 | 3/1/2030 | 2,000,000 | 2,031,150 | |||||
Entergy, Sr. Unscd. Notes | 2.95 | 9/1/2026 | 2,000,000 | 2,042,743 | |||||
Exelon, Jr. Sub. Notes | 3.50 | 6/1/2022 | 3,500,000 | 3,604,866 | |||||
Mid-Atlantic Interstate Transmission, Sr. Unscd. Notes | 4.10 | 5/15/2028 | 3,000,000 | a | 3,345,758 | ||||
Mississippi Power, Sr. Unscd. Notes | 3.95 | 3/30/2028 | 5,000,000 | 5,528,869 | |||||
The Cleveland Electric Illuminating Company, Sr. Unscd. Notes | 4.55 | 11/15/2030 | 4,000,000 | a | 4,579,893 | ||||
26,489,400 | |||||||||
TotalBonds and Notes | 890,749,878 | ||||||||
Preferred | Shares | ||||||||
Preferred Stocks - .3% | |||||||||
Diversified Financials - .3% | |||||||||
Air Lease, Ser. A | 6.15 | 3/15/2024 | 120,000 | 3,288,000 | |||||
1-Day | |||||||||
Investment Companies - .7% | |||||||||
Registered Investment Companies - .7% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 6,032,036 | e | 6,032,036 | |||||
Investment of Cash Collateral for Securities Loaned - 1.1% | |||||||||
Registered Investment Companies - 1.1% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 9,759,111 | e | 9,759,111 | |||||
Total Investments(cost $856,106,815) | 100.0% | 909,829,025 | |||||||
Cash and Receivables (Net) | 0.0% | 296,888 | |||||||
Net Assets | 100.0% | 910,125,913 |
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 August 31, 2019, these securities were valued at $187,519,549 or 20.6% of net assets.
b Variable rate security—rate shown is the interest rate in effect at period end.
c Security, or portion thereof, on loan. At August 31, 2019, the value of the fund’s securities on loan was $9,983,181 and the value of the collateral was $10,321,724, consisting of cash collateral of $9,759,111 and U.S. Government & Agency securities valued at $562,613.
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
28
Portfolio Summary (Unaudited)† | Value (%) |
Financial | 35.0 |
Consumer, Non-cyclical | 12.7 |
Consumer, Cyclical | 9.0 |
Energy | 8.5 |
Industrial | 7.3 |
Technology | 7.1 |
Communications | 7.1 |
Government | 5.3 |
Basic Materials | 3.3 |
Utilities | 2.9 |
Investment Companies | 1.8 |
100.0 |
† Based on net assets.
See notes to financial statements.
29
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.9% | |||||||||
Collateralized Municipal-Backed Securities - 18.9% | |||||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K005, Cl. A2 | 4.32 | 11/25/2019 | 1,276,404 | a | 1,275,837 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K007, Cl. A2 | 4.22 | 3/25/2020 | 1,428,953 | a | 1,433,669 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K017, Cl. A2 | 2.87 | 12/25/2021 | 2,893,548 | a | 2,945,492 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K018, Cl. A1 | 1.78 | 10/25/2020 | 50,913 | a | 50,797 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K025, Cl. A1 | 1.88 | 4/25/2022 | 660,332 | a | 658,117 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K713, Cl. A2 | 2.31 | 3/25/2020 | 4,800,809 | a | 4,795,170 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K714, Cl. A2 | 3.03 | 10/25/2020 | 5,129,662 | a | 5,163,530 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K721, Cl. A2 | 3.09 | 8/25/2022 | 2,000,000 | a | 2,064,533 | ||||
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2016-SB21, Cl. A5F | 1.81 | 9/25/2021 | 3,608,066 | a | 3,596,620 | ||||
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2016-SB22, Cl. A5F | 1.78 | 9/25/2021 | 1,807,506 | a | 1,801,736 | ||||
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2016-SB23, Cl. A5F | 1.73 | 9/25/2021 | 2,274,484 | a | 2,264,021 | ||||
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2017-SB26, Cl. A5F | 2.34 | 12/25/2021 | 1,279,109 | a | 1,288,591 | ||||
Federnal National Mortgage Association ACES, Ser. 2011-M3, Cl. A2 | 3.64 | 7/25/2021 | 1,112,360 | a | 1,131,581 | ||||
Federnal National Mortgage Association ACES, Ser. 2015-M4, Cl. AV2 | 2.51 | 7/25/2022 | 2,540,723 | a | 2,578,415 | ||||
Federnal National Mortgage Association ACES, Ser. 2016-M3, Cl. ASQ2 | 2.26 | 2/25/2023 | 3,268,628 | a | 3,290,451 | ||||
Government National Mortgage Association, Ser. 2011-165, Cl. A | 2.19 | 10/16/2037 | 1,098,573 | 1,095,220 | |||||
Government National Mortgage Association, Ser. 2011-6, Cl. BA | 3.50 | 10/16/2044 | 144,117 | 144,012 | |||||
Government National Mortgage Association, Ser. 2012-142, Cl. A | 1.11 | 5/16/2037 | 988,483 | 965,461 | |||||
Government National Mortgage Association, Ser. 2012-2, Cl. B | 2.42 | 3/16/2037 | 1,809,181 | 1,797,806 | |||||
Government National Mortgage Association, Ser. 2012-33, Cl. A | 1.90 | 3/16/2040 | 935,935 | 931,528 | |||||
Government National Mortgage Association, Ser. 2013-101, Cl. A | 0.51 | 5/16/2035 | 1,902,601 | 1,861,929 | |||||
Government National Mortgage Association, Ser. 2013-105, Cl. A | 1.71 | 2/16/2037 | 1,877,888 | 1,867,015 | |||||
Government National Mortgage Association, Ser. 2013-30, Cl. A | 1.50 | 5/16/2042 | 500,181 | 486,899 | |||||
Government National Mortgage Association, Ser. 2013-73, Cl. A | 0.98 | 12/16/2035 | 3,068,457 | 3,009,989 | |||||
Government National Mortgage Association, Ser. 2014-109, Cl. A | 2.33 | 1/16/2046 | 2,168,547 | 2,177,649 | |||||
48,676,068 | |||||||||
Municipal Securities - 2.2% | |||||||||
Michigan Finance Authority, Revenue Bonds, Ser. A1 | 2.86 | 9/1/2022 | 1,500,000 | 1,534,935 | |||||
Texas, GO, Refunding | 2.78 | 10/1/2020 | 2,000,000 | 2,019,760 | |||||
Washington, GO, Ser. T | 2.79 | 8/1/2020 | 2,000,000 | 2,016,960 | |||||
5,571,655 | |||||||||
U.S. Government Agencies Mortgage-Backed - 47.9% | |||||||||
Federal Home Loan Banks, Bonds | 1.50 | 9/30/2021 | 2,000,000 | 1,987,027 | |||||
Federal Home Loan Banks, Bonds | 3.00 | 9/27/2021 | 2,765,000 | 2,766,938 | |||||
Federal Home Loan Banks, Bonds | 3.17 | 10/25/2021 | 1,500,000 | 1,502,744 | |||||
Federal Home Loan Mortgage Corp., Notes | 2.40 | 6/24/2021 | 2,705,000 | a | 2,705,463 |
30
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.9% (continued) | |||||||||
U.S. Government Agencies Mortgage-Backed - 47.9% (continued) | |||||||||
Federal Home Loan Mortgage Corp., Notes | 2.50 | 6/17/2022 | 3,374,000 | a | 3,374,509 | ||||
Federal Home Loan Mortgage Corp., Notes | 3.00 | 11/27/2020 | 1,000,000 | a | 1,002,875 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser 3527, Cl. DA | 4.00 | 4/15/2029 | 321,297 | a | 329,094 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser 3530, Cl. A | 4.00 | 5/15/2024 | 85,322 | a | 85,454 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser 3627, Cl. QH | 4.00 | 1/15/2025 | 1,413,704 | a | 1,470,192 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 2586, Cl. MJ | 5.50 | 3/15/2023 | 220,760 | a | 230,727 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 3242, Cl. NG | 5.75 | 2/15/2036 | 522,379 | a | 527,888 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 3726, Cl. KG | 2.50 | 4/15/2025 | 226,382 | a | 227,232 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 3773, Cl. PA | 3.50 | 6/15/2025 | 330,445 | a | 332,642 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 3810, Cl. QB | 3.50 | 2/15/2026 | 1,279,334 | a | 1,321,872 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 3909, Cl. NG | 4.00 | 8/15/2026 | 2,024,971 | a | 2,119,191 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 3928, Cl. A | 3.00 | 9/15/2025 | 545,399 | a | 548,138 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 3942, Cl. AC | 2.00 | 10/15/2021 | 236,209 | a | 235,859 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 3952, Cl. MA | 3.00 | 11/15/2021 | 1,122,455 | a | 1,133,741 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 3962, Cl. MA | 4.00 | 4/15/2029 | 1,055,567 | a | 1,059,199 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 4016, Cl. AB | 2.00 | 9/15/2025 | 733,631 | a | 732,312 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 4020, Cl. PC | 1.75 | 3/15/2027 | 593,101 | a | 585,328 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 4079, Cl. WA | 2.00 | 8/15/2040 | 1,494,374 | a | 1,488,392 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 4086, Cl. VA | 3.50 | 12/15/2025 | 970,916 | a | 991,650 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 4176, Cl. BA | 3.00 | 2/15/2033 | 804,980 | a | 807,511 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 4265, Cl. DA | 4.00 | 6/15/2026 | 1,530,363 | a | 1,604,224 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 4287, Cl. AB | 2.00 | 12/15/2026 | 412,921 | a | 413,649 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 4480, Cl. VW | 3.50 | 10/15/2026 | 2,395,027 | a | 2,473,177 | ||||
Federal Home Loan Mortgage Corp. REMICS, Ser. 4532, Cl. VW | 3.50 | 4/15/2027 | 1,432,463 | a | 1,501,446 | ||||
Federal National Mortgage Association, Notes | 1.54 | 7/6/2021 | 2,965,000 | a | 2,965,052 | ||||
Federal National Mortgage Association REMICS, REMIC, Ser. 2011-122, Cl. A | 3.00 | 12/25/2025 | 214,370 | a | 214,051 | ||||
Federal National Mortgage Association REMICS, REMIC, Ser. 2012-98, Cl. YM | 1.50 | 9/25/2027 | 1,052,522 | a | 1,039,523 | ||||
Federal National Mortgage Association REMICS, REMIC, Ser. 2013-30, Cl. DA | 1.75 | 4/25/2028 | 776,910 | a | 771,600 | ||||
Federal National Mortgage Association REMICS, Ser. 2005-63, Cl. HB | 5.00 | 7/25/2025 | 310,114 | a | 324,018 | ||||
Federal National Mortgage Association REMICS, Ser. 2009-21, Cl. HB | 4.50 | 4/25/2024 | 247,845 | a | 250,573 | ||||
Federal National Mortgage Association REMICS, Ser. 2010-112, Cl. CY | 4.00 | 10/25/2025 | 2,711,753 | a | 2,811,358 | ||||
Federal National Mortgage Association REMICS, Ser. 2010-117, Cl. DE | 2.00 | 5/25/2025 | 903,931 | a | 903,592 | ||||
Federal National Mortgage Association REMICS, Ser. 2010-124, Cl. AG | 1.75 | 11/25/2020 | 238,565 | a | 237,346 | ||||
Federal National Mortgage Association REMICS, Ser. 2010-90, Cl. VN | 4.00 | 5/25/2038 | 118,283 | a | 118,231 | ||||
Federal National Mortgage Association REMICS, Ser. 2011-106, Cl. LU | 3.50 | 9/25/2034 | 1,154,863 | a | 1,160,805 | ||||
Federal National Mortgage Association REMICS, Ser. 2011-23, Cl. AB | 2.75 | 6/25/2020 | 4,829 | a | 4,834 | ||||
Federal National Mortgage Association REMICS, Ser. 2011-32, Cl. CV | 3.50 | 4/25/2024 | 942,021 | a | 941,618 | ||||
Federal National Mortgage Association REMICS, Ser. 2011-36, Cl. PV | 4.50 | 11/25/2040 | 295,736 | a | 295,455 | ||||
Federal National Mortgage Association REMICS, Ser. 2011-71, Cl. BA | 4.00 | 5/25/2037 | 1,171,742 | a | 1,191,242 | ||||
Federal National Mortgage Association REMICS, Ser. 2011-79, Cl. GC | 2.00 | 12/25/2022 | 513,356 | a | 512,168 | ||||
Federal National Mortgage Association REMICS, Ser. 2011-79, Cl. HD | 2.00 | 12/25/2022 | 513,356 | a | 510,530 |
31
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.9% (continued) | |||||||||
U.S. Government Agencies Mortgage-Backed - 47.9% (continued) | |||||||||
Federal National Mortgage Association REMICS, Ser. 2012-11, Cl. DV | 4.00 | 4/25/2023 | 854,654 | a | 869,970 | ||||
Federal National Mortgage Association REMICS, Ser. 2012-127, Cl. DH | 4.00 | 11/25/2027 | 847,500 | a | 861,475 | ||||
Federal National Mortgage Association REMICS, Ser. 2012-50, Cl. LV | 3.50 | 8/25/2023 | 935,903 | a | 961,164 | ||||
Federal National Mortgage Association REMICS, Ser. 2012-78, Cl. KB | 1.75 | 7/25/2027 | 700,799 | a | 702,367 | ||||
Federal National Mortgage Association REMICS, Ser. 2012-94, Cl. E | 3.00 | 6/25/2022 | 111,079 | a | 110,943 | ||||
Federal National Mortgage Association REMICS, Ser. 2013-103, Cl. AW | 3.50 | 2/25/2043 | 1,719,036 | a | 1,729,509 | ||||
Federal National Mortgage Association REMICS, Ser. 2013-108, Cl. GA | 3.00 | 6/25/2030 | 573,855 | a | 580,587 | ||||
Federal National Mortgage Association REMICS, Ser. 2014-82, Cl. LV | 3.00 | 4/25/2026 | 909,668 | a | 939,076 | ||||
Government National Mortgage Association, Ser. 2010-46, Cl. CB | 3.00 | 3/20/2039 | 201,165 | 201,735 | |||||
Government National Mortgage Association, Ser. 2012-12, Cl. NB | 2.00 | 5/20/2038 | 1,411,670 | 1,409,574 | |||||
Federal Home Loan Mortgage Corp.: | |||||||||
2.00%, 2/1/23-7/1/23 | 1,691,860 | a | 1,693,461 | ||||||
2.50%, 3/1/27 | 750,634 | a | 762,858 | ||||||
3.00%, 9/1/26-3/1/27 | 2,819,258 | a | 2,904,574 | ||||||
3.50%, 10/1/25-5/1/27 | 3,198,880 | a | 3,306,370 | ||||||
4.00%, 10/1/25-6/1/26 | 2,850,464 | a | 2,976,415 | ||||||
4.50%, 11/1/24-9/1/26 | 902,788 | a | 950,971 | ||||||
Federal National Mortgage Association: | |||||||||
1.94%, 11/1/22 | 596,144 | a | 598,533 | ||||||
2.00%, 4/1/23-10/1/26 | 7,429,325 | a | 7,435,541 | ||||||
2.12%, 9/1/21 | 2,000,000 | a | 2,004,874 | ||||||
2.17%, 1/1/23 | 1,910,672 | a | 1,930,764 | ||||||
2.18%, 3/1/22 | 1,000,000 | a | 1,003,721 | ||||||
2.42%, 4/1/46 | 1,351,946 | a | 1,373,416 | ||||||
2.44%, 8/1/22 | 1,259,322 | a | 1,281,302 | ||||||
2.50%, 5/1/23-4/1/27 | 8,477,866 | a | 8,593,535 | ||||||
2.55%, 9/1/22 | 1,926,309 | a | 1,968,128 | ||||||
2.66%, 8/1/22 | 780,447 | a | 798,153 | ||||||
3.00%, 11/1/26-9/1/27 | 2,946,846 | a | 3,033,174 | ||||||
3.32%, 12/1/21 | 2,424,826 | a | 2,480,464 | ||||||
3.33%, 10/1/20 | 1,805,426 | a | 1,814,624 | ||||||
3.50%, 8/1/26-5/1/27 | 2,859,638 | a | 2,985,821 | ||||||
3.62%, 12/1/21 | 1,753,026 | a | 1,816,492 | ||||||
4.00%, 5/1/29-7/1/29 | 3,952,986 | a | 4,128,453 | ||||||
4.07%, 7/1/20 | 2,209,822 | a | 2,237,024 | ||||||
4.50%, 11/1/22 | 271,451 | a | 279,274 | ||||||
4.65%, 10/1/19 | 274,336 | a | 273,924 | ||||||
5.00%, 3/1/27 | 2,330,360 | a | 2,418,634 | ||||||
6.00%, 8/1/22 | 634,661 | a | 650,172 | ||||||
Government National Mortgage Association I: | |||||||||
4.00%, 8/15/24-7/15/27 | 1,868,810 | 1,943,423 | |||||||
Government National Mortgage Association II: | |||||||||
3.00%, 4/20/27 | 1,320,605 | 1,352,226 | |||||||
3.50%, 3/20/26 | 515,177 | 533,664 | |||||||
4.50%, 7/20/24-5/20/25 | 1,658,852 | 1,742,530 | |||||||
123,449,385 |
32
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.9% (continued) | |||||||||
U.S. Treasury Securities - 30.9% | |||||||||
U.S. Treasury Notes | 1.50 | 2/28/2023 | 11,750,000 | 11,782,358 | |||||
U.S. Treasury Notes | 1.50 | 8/15/2022 | 13,250,000 | 13,277,690 | |||||
U.S. Treasury Notes | 1.63 | 8/31/2022 | 9,500,000 | 9,553,252 | |||||
U.S. Treasury Notes | 1.75 | 7/15/2022 | 5,750,000 | 5,800,312 | |||||
U.S. Treasury Notes | 2.13 | 12/31/2021 | 7,000,000 | 7,102,949 | |||||
U.S. Treasury Notes | 2.13 | 8/15/2021 | 7,500,000 | 7,584,521 | |||||
U.S. Treasury Notes | 2.13 | 5/15/2022 | 6,000,000 | 6,105,937 | |||||
U.S. Treasury Notes | 2.38 | 3/15/2022 | 4,250,000 | 4,348,115 | |||||
U.S. Treasury Notes | 2.50 | 2/15/2022 | 4,250,000 | 4,355,171 | |||||
U.S. Treasury Notes | 2.63 | 7/15/2021 | 2,750,000 | 2,803,979 | |||||
U.S. Treasury Notes | 2.75 | 9/15/2021 | 6,750,000 | 6,917,959 | |||||
79,632,243 | |||||||||
TotalBonds and Notes | 257,329,351 | ||||||||
1-Day | Shares | ||||||||
Investment Companies - .4% | |||||||||
Registered Investment Companies - .4% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 2.09 | 1,021,712 | b | 1,021,712 | |||||
Total Investments(cost $256,442,942) | 100.3% | 258,351,063 | |||||||
Liabilities, Less Cash and Receivables | (0.3%) | (857,168) | |||||||
Net Assets | 100.0% | 257,493,895 |
ACES—Alternative Credit Enhancement Securities
GO—General Obligation
REMIC—Real Estate Mortgage Investment Conduit
a The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
b Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited)† | Value (%) |
Mortgage Securities | 60.5 |
Government | 39.4 |
Investment Companies | .4 |
100.3 |
† Based on net assets.
See notes to financial statements.
33
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS
Registered Investment Companies | Value | Purchases ($) | Sales ($) | Value | Net | Dividends/ |
BNY Mellon Bond Fund | ||||||
Registered Investment Companies: | ||||||
Dreyfus Institutional Preferred | 8,185,463 | 298,461,027 | 301,350,036 | 5,296,454 | .5 | 225,129 |
Investment of Cash Collateral | ||||||
Dreyfus Institutional Preferred | - | 4,112,290 | 4,112,290 | - | - | - |
Dreyfus Institutional Preferred | - | 101,735,545 | 100,280,379 | 1,455,166 | .1 | - |
Total | 8,185,463 | 404,308,862 | 405,742,705 | 6,751,620 | .6 | 225,129 |
BNY Mellon Intermediate Bond Fund | ||||||
Registered Investment Companies: | ||||||
Dreyfus Institutional Preferred | 6,290,213 | 181,703,056 | 184,035,212 | 3,958,057 | .4 | 161,427 |
Investment of Cash Collateral | ||||||
Dreyfus Institutional Preferred | 1,347,340 | 88,505,947 | 89,853,287 | - | - | - |
Dreyfus Institutional Preferred | - | 48,901,085 | 48,901,085 | - | - | |
Total | 7,637,553 | 319,110,088 | 322,789,584 | 3,958,057 | .4 | 161,427 |
BNY Mellon Corporate Bond Fund | ||||||
Registered Investment Companies: | ||||||
Dreyfus Institutional Preferred | 1,463,043 | 222,648,889 | 218,079,896 | 6,032,036 | .7 | 225,558 |
Investment of Cash Collateral | ||||||
Dreyfus Institutional Preferred | 11,215,090 | 20,984,869 | 32,199,959 | - | - | - |
Dreyfus Institutional Preferred | - | 50,665,140 | 40,906,029 | 9,759,111 | 1.1 | - |
Total | 12,678,133 | 294,298,898 | 291,185,884 | 15,791,147 | 1.8 | 225,558 |
BNY Mellon Short-Term U.S. | ||||||
Registered Investment Companies: | ||||||
Dreyfus Institutional Preferred | 4,376,864 | 144,477,680 | 147,832,832 | 1,021,712 | .4 | 70,914 |
Investment of Cash Collateral | ||||||
Dreyfus Institutional Preferred | - | 2,801,563 | 2,801,563 | - | - | - |
Total | 4,376,864 | 147,279,243 | 150,634,395 | 1,021,712 | .4 | 70,914 |
† 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.
34
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
| 1,216,956,785 |
| 980,380,178 |
| 894,037,878 |
| 257,329,351 |
|
|
Affiliated issuers |
|
|
| 6,751,620 |
| 3,958,057 |
| 15,791,147 |
| 1,021,712 |
|
|
Cash |
|
|
| 3,566,001 |
| - |
| - |
| - |
|
|
Interest receivable |
|
|
| 8,922,288 |
| 7,279,777 |
| 10,078,814 |
| 936,475 |
|
|
Receivable for investment securities sold |
|
|
| 8,413,701 |
| 8,561,409 |
| - |
| - |
|
|
Receivable for shares of Beneficial |
|
|
| 1,221,293 |
| 2,163,499 |
| 3,239,969 |
| 275,652 | ||
Securities lending receivable |
|
|
| 3,897 |
| 3,813 |
| 2,183 |
| - | ||
Dividends receivable |
|
|
| - |
| - |
| 46,124 |
| - | ||
Prepaid expenses |
|
|
| 33,390 |
| 29,085 |
| 21,122 |
| 26,663 |
|
|
|
|
|
| 1,245,868,975 |
| 1,002,375,818 |
| 923,217,237 |
| 259,589,853 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 553,057 |
| 447,599 |
| 407,998 |
| 111,201 |
|
|
Cash overdraft due to Custodian |
|
|
| - |
| 1,474,298 |
| 2,022,360 |
| 319,592 |
|
|
Payable for investment securities purchased |
|
|
| 14,263,125 |
| 8,630,647 |
| - |
| - |
|
|
Liability for securities on loan—Note 1(b) |
|
|
| 1,455,166 |
| - |
| 9,759,111 |
| - | ||
Payable for shares of Beneficial |
|
|
| 498,833 |
| 268,558 |
| 844,860 |
| 1,637,502 | ||
Trustees fees and expenses payable |
|
|
| 14,853 |
| 11,233 |
| 9,099 |
| 4,974 |
|
|
Other accrued expenses |
|
|
| 25,300 |
| 38,201 |
| 47,896 |
| 22,689 |
|
|
|
|
|
| 16,810,334 |
| 10,870,536 |
| 13,091,324 |
| 2,095,958 |
|
|
Net Assets ($) |
|
|
| 1,229,058,641 |
| 991,505,282 |
| 910,125,913 |
| 257,493,895 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 1,179,767,401 |
| 980,316,250 |
| 876,339,989 |
| 269,765,978 |
|
|
Total distributable earnings (loss) |
|
|
| 49,291,240 |
| 11,189,032 |
| 33,785,924 |
| (12,272,083) |
|
|
Net Assets ($) |
|
|
| 1,229,058,641 |
| 991,505,282 |
| 910,125,913 |
| 257,493,895 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 1,154,895,690 |
| 952,659,296 |
| 840,315,668 |
| 255,421,230 |
|
|
Affiliated issuers |
|
|
| 6,751,620 |
| 3,958,057 |
| 15,791,147 |
| 1,021,712 |
|
|
††Value of securities on loan ($) |
|
|
| 36,656,420 |
| 29,533,832 |
| 9,983,181 |
| - |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
Class M |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 1,220,361,833 |
| 985,280,196 |
| 907,432,797 |
| 255,766,903 |
|
|
Shares Outstanding |
|
|
| 92,890,660 |
| 77,458,956 |
| 67,905,906 |
| 21,864,104 |
|
|
Net Asset Value Per Share ($) |
|
|
| 13.14 |
| 12.72 |
| 13.36 |
| 11.70 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 8,696,808 |
| 6,225,086 |
| 2,693,116 |
| 1,726,992 |
|
|
Shares Outstanding |
|
|
| 663,549 |
| 488,951 |
| 201,418 |
| 147,797 |
|
|
Net Asset Value Per Share ($) |
|
|
| 13.11 |
| 12.73 |
| 13.37 |
| 11.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
35
STATEMENTS OF OPERATIONS
Year Ended August 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| 35,626,131 |
| 24,618,432 |
| 33,623,216 |
| 5,552,588 |
| ||
Dividends: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| - |
| - |
| 97,374 |
| - |
| ||
Affiliated issuers |
|
| 225,129 |
| 161,427 |
| 225,558 |
| 70,914 |
| ||
Income from securities lending—Note 1(b) |
|
| 43,142 |
| 113,432 |
| 34,920 |
| 1,398 |
| ||
Total Income |
|
| 35,894,402 |
| 24,893,291 |
| 33,981,068 |
| 5,624,900 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 4,330,408 |
| 3,688,500 |
| 3,231,346 |
| 825,863 |
| ||
Administration fee—Note 3(a) |
|
| 1,327,250 |
| 1,130,620 |
| 990,383 |
| 289,318 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 71,412 |
| 47,135 |
| 44,981 |
| 18,374 |
| ||
Professional fees |
|
| 65,470 |
| 58,972 |
| 65,001 |
| 38,403 |
| ||
Registration fees |
|
| 42,648 |
| 40,491 |
| 49,987 |
| 36,732 | |||
Loan commitment fees—Note 2 |
|
| 21,776 |
| 18,698 |
| 16,499 |
| 4,765 | |||
Custodian fees—Note 3(b) |
|
| 20,213 |
| 13,251 |
| 12,727 |
| 10,684 | |||
Shareholder servicing costs—Note 3(b) |
|
| 17,744 |
| 13,750 |
| 6,124 |
| 3,471 | |||
Prospectus and shareholders’ reports |
|
| 15,397 |
| 14,346 |
| 9,789 |
| 10,587 | |||
Miscellaneous |
|
| 60,767 |
| 61,432 |
| 65,140 |
| 51,753 |
| ||
Total Expenses |
|
| 5,973,085 |
| 5,087,195 |
| 4,491,977 |
| 1,289,950 |
| ||
Investment Income—Net |
|
| 29,921,317 |
| 19,806,096 |
| 29,489,091 |
| 4,334,950 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | 4,164,045 |
| (23,544) |
| (696,283) |
| (256,311) |
| ||||
Net change in unrealized appreciation (depreciation) on investments |
|
| 72,423,132 |
| 36,833,553 |
| 56,169,978 |
| 4,650,787 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 76,587,177 |
| 36,810,009 |
| 55,473,695 |
| 4,394,476 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 106,508,494 |
| 56,616,105 |
| 84,962,786 |
| 8,729,426 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
36
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon Bond Fund |
| BNY Mellon Intermediate Bond Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2019 |
|
|
| 2018a |
| 2019 |
|
|
| 2018a |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 29,921,317 |
|
|
| 27,398,018 |
| 19,806,096 |
|
|
| 17,242,702 |
| |
Net realized gain (loss) on investments |
| 4,164,045 |
|
|
| (2,202,329) |
| (23,544) |
|
|
| 59,101 |
| ||
Net change in unrealized appreciation |
| 72,423,132 |
|
|
| (36,331,602) |
| 36,833,553 |
|
|
| (22,312,859) |
| ||
Net Increase (Decrease) in Net Assets | 106,508,494 |
|
|
| (11,135,913) |
| 56,616,105 |
|
|
| (5,011,056) |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (32,363,736) |
|
|
| (28,995,001) |
| (20,626,695) |
|
|
| (18,153,405) |
| |
Investor Shares |
|
| (183,711) |
|
|
| (200,456) |
| (105,175) |
|
|
| (113,811) |
| |
Total Distributions |
|
| (32,547,447) |
|
|
| (29,195,457) |
| (20,731,870) |
|
|
| (18,267,216) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 331,405,642 |
|
|
| 176,185,912 |
| 309,259,984 |
|
|
| 165,086,857 |
| |
Investor Shares |
|
| 12,797,348 |
|
|
| 5,354,917 |
| 10,100,720 |
|
|
| 6,381,831 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 5,732,624 |
|
|
| 5,366,251 |
| 4,351,073 |
|
|
| 3,961,878 |
| |
Investor Shares |
|
| 163,417 |
|
|
| 176,306 |
| 87,857 |
|
|
| 103,003 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (193,135,213) |
|
|
| (139,925,758) |
| (197,964,592) |
|
|
| (150,729,882) |
| |
Investor Shares |
|
| (11,709,211) |
|
|
| (7,886,070) |
| (9,924,253) |
|
|
| (8,119,255) |
| |
Increase (Decrease) in Net Assets | 145,254,607 |
|
|
| 39,271,558 |
| 115,910,789 |
|
|
| 16,684,432 |
| |||
Total Increase (Decrease) in Net Assets | 219,215,654 |
|
|
| (1,059,812) |
| 151,795,024 |
|
|
| (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 |
|
| 1,229,058,641 |
|
|
| 1,009,842,987 |
| 991,505,282 |
|
|
| 839,710,258 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 26,579,240 |
|
|
| 14,054,695 |
| 25,089,497 |
|
|
| 13,339,023 |
| |
Shares issued for distributions reinvested |
|
| 458,444 |
|
|
| 430,151 |
| 350,519 |
|
|
| 321,068 |
| |
Shares redeemed |
|
| (15,551,059) |
|
|
| (11,207,340) |
| (16,026,052) |
|
|
| (12,206,218) |
| |
Net Increase (Decrease) in Shares Outstanding | 11,486,625 |
|
|
| 3,277,506 |
| 9,413,964 |
|
|
| 1,453,873 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 1,010,811 |
|
|
| 432,501 |
| 807,851 |
|
|
| 517,393 |
| |
Shares issued for distributions reinvested |
|
| 13,102 |
|
|
| 14,141 |
| 7,078 |
|
|
| 8,333 |
| |
Shares redeemed |
|
| (925,491) |
|
|
| (633,295) |
| (795,357) |
|
|
| (656,561) |
| |
Net Increase (Decrease) in Shares Outstanding | 98,422 |
|
|
| (186,653) |
| 19,572 |
|
|
| (130,835) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
aDistributions 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. | |||||||||||||||
bDuring the period ended August 31, 2019, 1,005,564 Class M Shares representing $12,763,456 were exchanged for 1,008,116 Investor Shares for BNY Mellon Bond Fund and 810,821 Class M Shares representing $10,130,312 were exchanged for 810,289 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 $6,087,135 were exchanged for 493,605 Investor Shares for BNY Mellon Intermediate Bond Fund. | |||||||||||||||
See notes to financial statements. |
37
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Corporate Bond Fund |
| BNY Mellon Short-Term U.S. Government Securities Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2019 |
|
|
| 2018a |
| 2019 |
|
|
| 2018a |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 29,489,091 |
|
|
| 27,058,341 |
| 4,334,950 |
|
|
| 2,064,823 |
| |
Net realized gain (loss) on investments |
| (696,283) |
|
|
| 1,947,248 |
| (256,311) |
|
|
| (669,834) |
| ||
Net change in unrealized appreciation |
| 56,169,978 |
|
|
| (33,131,880) |
| 4,650,787 |
|
|
| (1,994,084) |
| ||
Net Increase (Decrease) in Net Assets | 84,962,786 |
|
|
| (4,126,291) |
| 8,729,426 |
|
|
| (599,095) |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (30,561,472) |
|
|
| (29,491,847) |
| (4,742,075) |
|
|
| (2,361,769) |
| |
Investor Shares |
|
| (88,215) |
|
|
| (66,030) |
| (23,100) |
|
|
| (17,720) |
| |
Total Distributions |
|
| (30,649,687) |
|
|
| (29,557,877) |
| (4,765,175) |
|
|
| (2,379,489) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 290,340,609 |
|
|
| 171,919,330 |
| 159,178,787 |
|
|
| 93,340,190 |
| |
Investor Shares |
|
| 4,012,252 |
|
|
| 3,985,674 |
| 1,975,981 |
|
|
| 1,225,556 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 8,085,245 |
|
|
| 7,830,883 |
| 1,136,218 |
|
|
| 614,664 |
| |
Investor Shares |
|
| 51,068 |
|
|
| 43,854 |
| 20,280 |
|
|
| 16,141 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (221,651,420) |
|
|
| (153,901,535) |
| (99,005,006) |
|
|
| (73,094,625) |
| |
Investor Shares |
|
| (4,077,876) |
|
|
| (4,184,996) |
| (1,786,082) |
|
|
| (1,469,386) |
| |
Increase (Decrease) in Net Assets | 76,759,878 |
|
|
| 25,693,210 |
| 61,520,178 |
|
|
| 20,632,540 |
| |||
Total Increase (Decrease) in Net Assets | 131,072,977 |
|
|
| (7,990,958) |
| 65,484,429 |
|
|
| 17,653,956 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 779,052,936 |
|
|
| 787,043,894 |
| 192,009,466 |
|
|
| 174,355,510 |
| |
End of Period |
|
| 910,125,913 |
|
|
| 779,052,936 |
| 257,493,895 |
|
|
| 192,009,466 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 22,996,881 |
|
|
| 13,474,382 |
| 13,788,706 |
|
|
| 8,073,937 |
| |
Shares issued for distributions reinvested |
|
| 637,269 |
|
|
| 616,425 |
| 98,202 |
|
|
| 53,192 |
| |
Shares redeemed |
|
| (17,734,127) |
|
|
| (12,113,421) |
| (8,562,362) |
|
|
| (6,310,266) |
| |
Net Increase (Decrease) in Shares Outstanding | 5,900,023 |
|
|
| 1,977,386 |
| 5,324,546 |
|
|
| 1,816,863 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 317,130 |
|
|
| 314,900 |
| 170,546 |
|
|
| 106,303 |
| |
Shares issued for distributions reinvested |
|
| 4,037 |
|
|
| 3,449 |
| 1,754 |
|
|
| 1,398 |
| |
Shares redeemed |
|
| (325,149) |
|
|
| (327,754) |
| (154,429) |
|
|
| (127,440) |
| |
Net Increase (Decrease) in Shares Outstanding | (3,982) |
|
|
| (9,405) |
| 17,871 |
|
|
| (19,739) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
aDistributions 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. | |||||||||||||||
bDuring the period ended August 31, 2019, 292,673 Class M Shares representing $3,697,713 were exchanged for 292,567 Investor Shares for BNY Mellon Corporate Bond Fund and 160,577 Class M Shares representing $1,862,761 were exchanged for 160,810 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 $1,084,907 were exchanged for 94,149 Investor Shares for BNY Mellon Short-Term U.S. Government Securities Fund. | |||||||||||||||
|
38
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Bond Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.32 | 12.82 | 13.11 | 12.74 | 13.00 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .35 | .34 | .32 | .31 | .29 | ||||||||||
Net realized and unrealized | .84 | (.48) | (.21) | .42 | (.18) | ||||||||||
Total from Investment Operations | 1.19 | (.14) | .11 | .73 | .11 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.37) | (.36) | (.37) | (.36) | (.34) | ||||||||||
Dividends from net realized gain on investments | - | - | (.03) | - | (.03) | ||||||||||
Total Distributions | (.37) | (.36) | (.40) | (.36) | (.37) | ||||||||||
Net asset value, end of period | 13.14 | 12.32 | 12.82 | 13.11 | 12.74 | ||||||||||
Total Return (%) | 9.89 | (1.10) | .87 | 5.82 | .87 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .55 | .55 | .56 | .56 | .55 | ||||||||||
Ratio of net expenses to average net assets | .55 | .55 | .56 | .56 | .55 | ||||||||||
Ratio of net investment income | 2.77 | 2.70 | 2.50 | 2.38 | 2.21 | ||||||||||
Portfolio Turnover Rate | 79.56 | 47.36 | 72.85 | 72.21 | 59.94 | ||||||||||
Net Assets, end of period ($ x 1,000) | 1,220,362 | 1,002,899 | 1,001,290 | 1,030,685 | 1,010,387 |
a Based on average shares outstanding.
See notes to financial statements.
39
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Bond Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.29 | 12.79 | 13.08 | 12.71 | 12.97 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .32 | .31 | .28 | .27 | .26 | ||||||||||
Net realized and unrealized | .84 | (.48) | (.21) | .43 | (.18) | ||||||||||
Total from Investment Operations | 1.16 | (.17) | .07 | .70 | .08 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.34) | (.33) | (.33) | (.33) | (.31) | ||||||||||
Dividends from net realized gain on investments | - | - | (.03) | - | (.03) | ||||||||||
Total Distributions | (.34) | (.33) | (.36) | (.33) | (.34) | ||||||||||
Net asset value, end of period | 13.11 | 12.29 | 12.79 | 13.08 | 12.71 | ||||||||||
Total Return (%) | 9.60 | (1.35) | .63 | 5.55 | .62 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .80 | .80 | .81 | .81 | .80 | ||||||||||
Ratio of net expenses to average net assets | .80 | .80 | .81 | .81 | .80 | ||||||||||
Ratio of net investment income | 2.47 | 2.46 | 2.24 | 2.14 | 1.95 | ||||||||||
Portfolio Turnover Rate | 79.56 | 47.36 | 72.85 | 72.21 | 59.94 | ||||||||||
Net Assets, end of period ($ x 1,000) | 8,697 | 6,944 | 9,613 | 9,619 | 8,221 |
a Based on average shares outstanding.
See notes to financial statements.
40
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Intermediate Bond Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.26 | 12.60 | 12.74 | 12.55 | 12.75 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .27 | .25 | .22 | .20 | .19 | ||||||||||
Net realized and unrealized | .47 | (.32) | (.10) | .25 | (.15) | ||||||||||
Total from Investment Operations | .74 | (.07) | .12 | .45 | .04 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.28) | (.27) | (.26) | (.26) | (.24) | ||||||||||
Dividends from net realized gain on investments | - | - | - | - | - | ||||||||||
Total Distributions | (.28) | (.27) | (.26) | (.26) | (.24) | ||||||||||
Net asset value, end of period | 12.72 | 12.26 | 12.60 | 12.74 | 12.55 | ||||||||||
Total Return (%) | 6.09 | (.58) | 1.01 | 3.60 | .39 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .55 | .55 | .56 | .56 | .55 | ||||||||||
Ratio of net expenses to average net assets | .55 | .55 | .56 | .56 | .55 | ||||||||||
Ratio of net investment income | 2.15 | 2.03 | 1.77 | 1.61 | 1.46 | ||||||||||
Portfolio Turnover Rate | 33.30 | 28.92 | 48.97 | 32.99 | 50.80 | ||||||||||
Net Assets, end of period ($ x 1,000) | 985,280 | 833,954 | 838,741 | 869,419 | 877,322 |
a Based on average shares outstanding.
See notes to financial statements.
41
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Intermediate Bond Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.26 | 12.60 | 12.74 | 12.56 | 12.75 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .23 | .22 | .19 | .17 | .15 | ||||||||||
Net realized and unrealized | .48 | (.33) | (.10) | .24 | (.13) | ||||||||||
Total from Investment Operations | .71 | (.11) | .09 | .41 | .02 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.24) | (.23) | (.23) | (.23) | (.21) | ||||||||||
Dividends from net realized gain on investments | - | - | - | - | - | ||||||||||
Total Distributions | (.24) | (.23) | (.23) | (.23) | (.21) | ||||||||||
Net asset value, end of period | 12.73 | 12.26 | 12.60 | 12.74 | 12.56 | ||||||||||
Total Return (%) | 5.88 | (.84) | .75 | 3.26 | .14 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .80 | .80 | .81 | .81 | .80 | ||||||||||
Ratio of net expenses to average net assets | .80 | .80 | .81 | .81 | .80 | ||||||||||
Ratio of net investment income | 1.88 | 1.78 | 1.52 | 1.36 | 1.21 | ||||||||||
Portfolio Turnover Rate | 33.30 | 28.92 | 48.97 | 32.99 | 50.80 | ||||||||||
Net Assets, end of period ($ x 1,000) | 6,225 | 5,756 | 7,563 | 8,247 | 7,468 |
a Based on average shares outstanding.
See notes to financial statements.
42
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Corporate Bond Fund | 2019 | 2018 | 2017 | 2016 |
| 2015 |
| ||||||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.52 | 13.06 | 13.07 | 12.59 | 12.96 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .46 | .44 | .42 | .39 | .35 | ||||||||||
Net realized and unrealized | .86 | (.50) | .05 | .54 | (.31) | ||||||||||
Total from Investment Operations | 1.32 | (.06) | .47 | .93 | .04 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.48) | (.48) | (.48) | (.45) | (.41) | ||||||||||
Net asset value, end of period | 13.36 | 12.52 | 13.06 | 13.07 | 12.59 | ||||||||||
Total Return (%) | 10.81 | (.48) | 3.67 | 7.55 | .31 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .56 | .55 | .56 | .56 | .56 | ||||||||||
Ratio of net expenses to average net assets | .56 | .55 | .56 | .56 | .56 | ||||||||||
Ratio of net investment income | 3.65 | 3.43 | 3.29 | 3.10 | 2.71 | ||||||||||
Portfolio Turnover Rate | 30.95 | 33.36 | 33.05 | 34.99 | 34.56 | ||||||||||
Net Assets, end of period ($ x 1,000) | 907,433 | 776,480 | 784,237 | 850,017 | 786,085 |
a Based on average shares outstanding.
See notes to financial statements.
43
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Corporate Bond Fund | 2019 | 2018 | 2017 | 2016 |
| 2015 |
| ||||||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.53 | 13.07 | 13.07 | 12.59 | 12.96 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .43 | .37 | .42 | .35 | .33 | ||||||||||
Net realized and unrealized | .85 | (.46) | .03 | .55 | (.32) | ||||||||||
Total from Investment Operations | 1.28 | (.09) | .45 | .90 | .01 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.44) | (.45) | (.45) | (.42) | (.38) | ||||||||||
Net asset value, end of period | 13.37 | 12.53 | 13.07 | 13.07 | 12.59 | ||||||||||
Total Return (%) | 10.50 | (.72) | 3.53 | 7.29 | .04 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .81 | .80 | .81 | .81 | .81 | ||||||||||
Ratio of net expenses to average net assets | .81 | .80 | .81 | .81 | .81 | ||||||||||
Ratio of net investment income | 3.41 | 3.06 | 3.02 | 2.83 | 2.46 | ||||||||||
Portfolio Turnover Rate | 30.95 | 33.36 | 33.05 | 34.99 | 34.56 | ||||||||||
Net Assets, end of period ($ x 1,000) | 2,693 | 2,573 | 2,807 | 1,793 | 5,315 |
a Based on average shares outstanding.
See notes to financial statements.
44
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Short-Term | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.52 | 11.72 | 11.81 | 11.84 | 11.95 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .21 | .14 | .08 | .04 | .06 | ||||||||||
Net realized and unrealized | .20 | (.18) | (.05) | .05 | (.02) | ||||||||||
Total from Investment Operations | .41 | (.04) | .03 | .09 | .04 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.23) | (.16) | (.12) | (.12) | (.15) | ||||||||||
Net asset value, end of period | 11.70 | 11.52 | 11.72 | 11.81 | 11.84 | ||||||||||
Total Return (%) | 3.61 | (.36) | .26 | .77 | .31 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .55 | .56 | .55 | .55 | .54 | ||||||||||
Ratio of net expenses to average net assets | .55 | .56 | .55 | .55 | .54 | ||||||||||
Ratio of net investment income | 1.84 | 1.20 | .68 | .37 | .47 | ||||||||||
Portfolio Turnover Rate | 119.53 | 61.04 | 65.98 | 100.46 | 105.49 | ||||||||||
Net Assets, end of period ($ x 1,000) | 255,767 | 190,515 | 172,603 | 214,754 | 195,648 |
a Based on average shares outstanding.
See notes to financial statements.
45
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Short-Term | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.50 | 11.71 | 11.79 | 11.82 | 11.93 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .18 | .11 | .05 | .01 | .03 | ||||||||||
Net realized and unrealized | .20 | (.19) | (.04) | .05 | (.02) | ||||||||||
Total from Investment Operations | .38 | (.08) | .01 | .06 | .01 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.20) | (.13) | (.09) | (.09) | (.12) | ||||||||||
Net asset value, end of period | 11.68 | 11.50 | 11.71 | 11.79 | 11.82 | ||||||||||
Total Return (%) | 3.31 | (.69) | .10 | .51 | .07 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .80 | .81 | .80 | .80 | .79 | ||||||||||
Ratio of net expenses to average net assets | .80 | .81 | .80 | .80 | .79 | ||||||||||
Ratio of net investment income | 1.54 | .92 | .43 | .12 | .22 | ||||||||||
Portfolio Turnover Rate | 119.53 | 61.04 | 65.98 | 100.46 | 105.49 | ||||||||||
Net Assets, end of period ($ x 1,000) | 1,727 | 1,494 | 1,753 | 1,906 | 1,576 |
a Based on average shares outstanding.
See notes to financial statements.
46
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-three 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 Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, 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 the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain administrative services.BNY MellonSecurities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of each fund’s shares, which are sold without a sales charge.
Effective June 3, 2019, The Dreyfus Corporation, each fund’s investment adviser, changed its name to “BNY Mellon Investment Adviser, Inc.”, MBSC Securities Corporation, each fund’s distributor, changed its name to “BNY Mellon Securities Corporation” and Dreyfus Transfer, Inc., each fund’s transfer agent, changed its name to “BNY Mellon Transfer, Inc.” In addition, effective June 3, 2019, BNY Mellon Investment Adviser, Inc. serves as the funds’ investment adviser directly and not through BNY Mellon Fund Advisers, formerly a division of BNY Mellon Investment Adviser, Inc.
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 (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. Each fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. Each 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).
47
NOTES TO FINANCIAL STATEMENTS(continued)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:
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). Debt 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 oversight of the Board.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Table 1 summarizes the inputs used as of August 31, 2019in valuing each fund’s investments:
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 ($) | Total | |||||||||
BNY Mellon Bond Fund | |||||||||||||||||
Investments in Securities:† | |||||||||||||||||
Commercial Mortgage-Backed | - | - | 18,691,361 | - | - | - | 18,691,361 | ||||||||||
Corporate Bonds | - | - | 465,011,604 | - | - | - | 465,011,604 | ||||||||||
Foreign Governmental | - | - | 7,913,118 | - | - | - | 7,913,118 | ||||||||||
Investment Companies | 6,751,620 | - | - | - | - | - | 6,751,620 | ||||||||||
Municipal Securities | - | - | 72,880,948 | - | - | - | 72,880,948 | ||||||||||
U.S. Government Agencies | - | - | 344,519,624 | - | - | - | 344,519,624 | ||||||||||
U.S. Treasury Securities | - | - | 307,940,130 | - | - | - | 307,940,130 |
48
Table 1—Fair Value Measurements (continued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon | |||||||||||||||||
Investments in Securities:† | |||||||||||||||||
Asset-Backed | - | - | 501,538 | - | - | - | 501,538 | ||||||||||
Collateralized Municipal-Backed Securities | - | - | 2,690,897 | - | - | - | 2,690,897 | ||||||||||
Corporate Bonds | - | - | 427,244,699 | - | - | - | 427,244,699 | ||||||||||
Foreign Governmental | - | - | 7,111,722 | - | - | - | 7,111,722 | ||||||||||
Investment Companies | 3,958,057 | - | - | - | - | - | 3,958,057 | ||||||||||
Municipal Securities | - | - | 39,422,076 | - | - | - | 39,422,076 | ||||||||||
U.S. Government Agencies | - | - | 9,613,238 | - | - | - | 9,613,238 | ||||||||||
U.S. Treasury Securities | - | - | 493,796,008 | - | - | - | 493,796,008 | ||||||||||
BNY Mellon | |||||||||||||||||
Investments in Securities:† | |||||||||||||||||
Corporate Bonds | - | - | 842,813,782 | - | - | - | 842,813,782 | ||||||||||
Equity Securities - | 3,288,000 | - | - | - | - | - | 3,288,000 | ||||||||||
Foreign Governmental | - | - | 5,891,306 | - | - | - | 5,891,306 | ||||||||||
Investment Companies | 15,791,147 | - | - | - | - | - | 15,791,147 | ||||||||||
Municipal Securities | - | - | 42,044,790 | - | - | - | 42,044,790 | ||||||||||
BNY Mellon Short-Term U.S. | |||||||||||||||||
Investments in Securities:† | |||||||||||||||||
Collateralized Municipal-Backed Securities | - | - | 48,676,068 | - | - | - | 48,676,068 | ||||||||||
Investment Companies | 1,021,712 | - | - | - | - | - | 1,021,712 | ||||||||||
Municipal Securities | - | - | 5,571,655 | - | - | - | 5,571,655 | ||||||||||
U.S. Government Agencies | - | - | 123,449,385 | - | - | - | 123,449,385 | ||||||||||
U.S. Treasury Securities | - | - | 79,632,243 | - | - | - | 79,632,243 |
† See Statement of Investments for additional detailed categorizations, if any.
(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 the Adviser, 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
49
NOTES TO FINANCIAL STATEMENTS(continued)
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 August 31, 2019.
Table 2—Securities Lending Agreement |
|
BNY Mellon Bond Fund | $ 9,024 |
BNY Mellon Intermediate Bond Fund | 22,989 |
BNY Mellon Corporate Bond Fund | 6,721 |
BNY Mellon Short-Term U.S. | 253 |
(c) Affiliated issuers:Investments in other investment companies advised by the Adviser are defined as “affiliated” under the Act.
(d) Risk: The funds invest primarily in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering each fund’s share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.
(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 August 31, 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 August 31, 2019, the funds did not incur any interest or penalties.
Each tax year in the four-year period ended August 31, 2019 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Table 3 summarizes each fund’s components of accumulated earnings on a tax basis at August 31, 2019.
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 4summarizes each relevant fund’s accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2019.
Table 5 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal periods ended August 31, 2019 and August 31, 2018.
During the period ended August 31, 2019, as a result of permanent book to tax differences, BNY Mellon Short-Term U.S. Government Securities Fund increased total distributable earnings (loss) and decreased paid-in capital by the same amount as summarized inTable 6. These permanent book to tax differences are primarily due to the tax treatment for capital loss carryover expiration for BNY Mellon Short–Term U.S. Government Securities Fund. Net assets and net asset value per share were not affected by these reclassifications.
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Table 3—Components of Accumulated Earnings | |||||||
Undistributed | Accumulated | Unrealized | |||||
BNY Mellon Bond Fund | 1,213,757 | (10,397,447) | 58,474,930 | ||||
BNY Mellon Intermediate Bond Fund | 688,826 | (13,704,106) | 24,204,312 | ||||
BNY Mellon Corporate Bond Fund | 1,057,813 | (17,314,612) | 50,042,723 | ||||
BNY Mellon Short-Term U.S. Government Securities Fund | 342,079 | (14,505,981) | 1,891,819 |
Table 4—Capital Loss Carryover | ||||||||||
| † | Long-Term | ||||||||
†† | Total($) | |||||||||
BNY Mellon Bond Fund | 6,223,682 | 4,173,765 | 10,397,447 | |||||||
BNY Mellon Intermediate Bond Fund | 5,188,194 | 8,515,912 | 13,704,106 | |||||||
BNY Mellon Corporate Bond Fund | 4,219,604 | 13,095,008 | 17,314,612 | |||||||
BNY Mellon Short-Term U.S. Government Securities Fund | 7,455,863 | 7,050,118 | 14,505,981 |
† Post-enactment short-term losses which can be carried forward for an unlimited period.
†† Post-enactment long-term losses which can be carried forward for an unlimited period.
Table 5—Tax Character of Distributions Paid | |||||||||||||
2019 | 2018 | ||||||||||||
| Ordinary Income ($) |
| Ordinary Income ($) | ||||||||||
BNY Mellon Bond Fund | 32,547,447 | 29,195,457 | |||||||||||
BNY Mellon Intermediate Bond Fund | 20,731,870 | 18,267,216 | |||||||||||
BNY Mellon Corporate Bond Fund | 30,649,687 | 29,557,877 | |||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | 4,765,175 | 2,379,489 |
Table 6—Return of Capital Statement of Position | |||||
| Total Distributable | Paid-in Capital ($) | |||
BNY Mellon Short-Term U.S. Government Securities Fund | 64,834 | (64,834) |
(g) New Accounting Pronouncements: Effective June 1, 2019, the funds adopted 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.
Also effective June 1, 2019, the funds adopted 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 modifies certain disclosure requirements for fair value measurements. The adoption of ASU 2017-08 and ASU 2018-13 had no impact on the operations of the funds for the period ended August 31, 2019.
NOTE 2—Bank Lines of Credit:
The funds participate with other long-term open-end funds managed by the Adviser 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 BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, 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 August 31, 2019, the funds did not borrow under the Facilities.
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NOTES TO FINANCIAL STATEMENTS(continued)
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 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 7summarizes the amounts Investor shares were charged during the period ended August 31, 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 Bond Fund | $ 17,584 |
BNY Mellon Intermediate Bond Fund | 13,572 |
BNY Mellon Corporate Bond Fund | 6,046 |
BNY Mellon Short-Term U.S. Government Securities Fund | 3,426 |
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.
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity.Table 8 summarizes the amount each fund was charged during the period ended August 31, 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 9 summarizes the amount each fund was charged during the period ended August 31, 2019 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 8—Custody Agreement Fees |
| |
Custody fees ($) | ||
BNY Mellon Bond Fund | 20,213 | |
BNY Mellon Intermediate Bond Fund | 13,251 | |
BNY Mellon Corporate Bond Fund | 12,727 | |
BNY Mellon Short-Term U.S. Government Securities Fund | 10,684 |
Table 9—The Bank of New York Mellon Cash Management Fees | ||
BNY Mellon Bond Fund | $ 145 | |
BNY Mellon Intermediate Bond Fund | 160 | |
BNY Mellon Corporate Bond Fund | 77 | |
BNY Mellon Short-Term U.S. | 44 |
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During the period ended August 31, 2019, each fund was charged $11,539 for services performed by the Chief Compliance Officer and his staff. These fees are included in Miscellaneous in the Statements of Operations.
Table 10summarizes the components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—Securities Transactions:
Table 11summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securitiesduring the period ended August 31, 2019.
Table 12 summarizes the cost of investments for federal income tax purposes, gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at August 31, 2019.
Table 10—Due to BNY Mellon Investment Adviser, Inc. and Affiliates | ||||||||
| Investment | Administration | Shareholder | Custodian | The Bank of | Chief | ||
BNY Mellon Bond Fund | 414,222 | 126,710 | 2,249 | 7,586 | 38 | 2,252 | ||
BNY Mellon Intermediate Bond Fund | 335,802 | 102,721 | 1,613 | 5,181 | 30 | 2,252 | ||
BNY Mellon Corporate Bond Fund | 306,652 | 93,804 | 482 | 4,778 | 30 | 2,252 | ||
BNY Mellon Short-Term U.S. Government Securities Fund | 77,128 | 26,964 | 402 | 4,446 | 9 | 2,252 |
Table 11—Purchases and Sales | ||||||||
| Purchases ($) | Sales ($) | ||||||
BNY Mellon Bond Fund | 1,000,955,465 | 855,630,246 | ||||||
BNY Mellon Intermediate Bond Fund | 417,088,081 | 303,691,253 | ||||||
BNY Mellon Corporate Bond Fund | 313,833,565 | 245,963,221 | ||||||
BNY Mellon Short-Term U.S. Government Securities Fund | 334,413,604 | 274,287,834 |
Table 12—Accumulated Net Unrealized Appreciation (Depreciation) | ||||||||
| Cost of | Gross | Gross | Net ($) | ||||
BNY Mellon Bond Fund | 1,165,233,475 | 63,632,482 | 5,157,552 | 58,474,930 | ||||
BNY Mellon Intermediate Bond Fund | 960,133,923 | 30,016,235 | 5,811,923 | 24,204,312 | ||||
BNY Mellon Corporate Bond Fund | 859,786,302 | 56,220,258 | 6,177,535 | 50,042,723 | ||||
BNY Mellon Short-Term U.S. Government Securities Fund | 256,459,244 | 2,282,258 | 390,439 | 1,891,819 |
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REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Shareholders of the Funds and Board of Trustees of
BNY Mellon Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund, BNY Mellon Corporate Bond Fund and BNY Mellon Short-Term U.S. Government Securities Fund (collectively, the “Funds”), each a series of BNY Mellon Funds Trust, including the statements of investments and investments in affiliated issuers, as of August 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2019, by correspondence with the custodian, transfer agent, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.
New York, New York
October 29, 2019
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IMPORTANT TAX INFORMATION(Unaudited)
BNY Mellon Bond Fund
For federal tax purposes, the fund designates the maximum amount allowable but not less than 90.56% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.
BNY Mellon Intermediate Bond Fund
For federal tax purposes, the fund designates the maximum amount allowable but not less than 84.61% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.
BNY Mellon Corporate Bond Fund
For federal tax purposes, the fund reports the maximum amount allowable but not less than 75.09% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.
BNY Mellon Short-Term U.S. Government Securities Fund
For federal tax purposes, the fund reports the maximum amount allowable but not less than 100% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.
55
INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited)
At a meeting of the Trust’s Board of Trustees held on March 18-19, 2019, the Board considered the renewal of the Trust’s Investment Advisory Agreement and Administration Agreement, pursuant to which the Adviser provides the funds with investment advisory services and The Bank of New York Mellon provides the funds with administrative services (together the “Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain of these administrative services. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to the funds. The Adviser provided the number of open accounts in each fund, each fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of the funds (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to each fund.
The Board also considered research support available to, and portfolio management capabilities of, each fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures.
Comparative Analysis of the Funds’ Performance and Management Fees and Expense Ratios. For each fund, the Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended December 31, 2018, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to each fund and comparison funds.
BNY Mellon Bond Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods, except the one-, two- and four-year periods, when it was above the Performance Universe median. The Board considered the relative proximity of the fund’s performance to the Performance Universe median in certain periods when performance was below median. The Board also considered that the fund’s yield performance was at or above the Performance Group median for seven of the ten one-year periods ended December 31st and above the Performance Universe median for all ten one-year periods. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
BNY Mellon Intermediate Bond Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was below the Performance Group median for all periods and at
56
or below the Performance Universe median for all periods, except for the four-year period when the fund’s performance was slightly above the Performance Universe median. The Board considered the relative proximity of the fund’s performance to the Performance Universe median in certain periods when performance was below median. The Board also considered that the fund’s yield performance was at or above the Performance Group median for seven of the ten one-year periods ended December 31st and above the Performance Universe median for nine of the ten one-year periods ended December 31st. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
BNY Mellon Corporate Bond Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods. The Board also considered that the fund’s yield performance was above the Performance Group median for five of the past six one-year periods ended December 31st and above the Performance Universe medians for four of the past six one-year periods ended December 31st. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were at the Expense Group median and below the Expense Universe median.
BNY Mellon Short-Term U.S. Government Securities Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods. The Board also considered that the fund’s yield performance was below the Performance Group median for seven of the ten one-year periods ended December 31st and above the Performance Universe median for eight of the ten one-year periods ended December 31st. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
As applicable to each fund, representatives of the Adviser reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by the Adviser that are in the same Lipper category as the fund and (2) paid to the Adviser, or the primary employer of the fund’s primary portfolio manager(s) that is affiliated with the Adviser, for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing each fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by the Adviser to each fund. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of the funds.
57
INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited) (continued)
For each fund, the Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided by the Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in a fund’s asset level. The Board also considered potential benefits to the Adviser from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading the funds’ investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
· The Board concluded that the nature, extent and quality of the services provided by the Adviser to each fund are adequate and appropriate.
· With respect to BNY Mellon Corporate Bond Fund, the Board was satisfied with the fund’s performance.
· With respect to BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund and BNY Mellon Short-Term U.S. Government Securities Fund, while the Board was concerned with the fund’s performance, the Board expressed confidence in the fund’s strategy and portfolio managers and agreed to closely monitor performance.
· For each fund, the Board concluded that the fee paid to the Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the funds had been adequately considered by the Adviser in connection with the fee rate charged to each fund pursuant to the Agreements and that, to the extent in the future it were determined that material economies of scale had not been shared with a fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates, of the Adviser and the services provided to each fund by the Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of each fund and the investment management and other services provided under the Agreement, including information on the investment performance of each fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to each fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for each fund had the benefit of a number of years of reviews of the Agreement for the funds, or substantially similar agreements for other funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the funds’ arrangements, or substantially similar arrangements, in prior years. The Board determined to renew the Agreement.
58
BOARD MEMBERS INFORMATION(Unaudited)
INDEPENDENT BOARD MEMBERS
Board Member, Chairman of the Board (2000)
Principal Occupation During Past 5 Years:
Attorney, Cozen and O’Connor, P.C. since 1973, including Vice Chairman since 1980
No. of Portfolios for which Board Member Serves:23
———————
John R. Alchin (71)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Retired since 2007
Other Public Company Board Memberships During Past 5 Years:
· Polo Ralph Lauren Corporation, a retail clothing and home furnishing company,Director (2007-present) and Chair of Audit Committee (August 2018-Present)
· The Barnes Foundation, an art collection and educational institution promoting the appreciation of art and horticulture, Director (2017-Present)
No. of Portfolios for which Board Member Serves:23
———————
Ronald R. Davenport (83)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Chairman of Sheridan Broadcasting Corporation since July 1972
No. of Portfolios for which Board Member Serves:23
———————
Jack Diederich (82)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
Other Public Company Board Memberships During Past 5 Years:
· Continental Mills, a dry baking products company, Board Member (1997 - Present)
No. of Portfolios for which Board Member Serves: 23
———————
Kim D. Kelly (63)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Consultant since 2005
Other Public Company Board Memberships During Past 5 Years:
· MCG Capital Corporation, a business development company, Director (2004-2015)
No. of Portfolios for which Board Member Serves:23
———————
Kevin C. Phelan (75)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Mortgage Banker, Colliers International since March 1978, including,
Co-Chairman since 2010 and President since 2007
No. of Portfolios for which Board Member Serves:23
———————
Patrick J. Purcell (71)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Owner of The Boston Herald since February 1994, President and Publisher (from 1994 to 2018)
President and Founder, jobfind.com, an employment search site on the world wide web, since July 1996
· President and Chief Executive Officer, Herald Media from 2001 to 2018
No. of Portfolios for which Board Member Serves: 23
———————
Thomas F. Ryan, Jr. (78)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since April 1999
Other Public Company Board Memberships During Past 5 Years:
· RepliGen Corporation, a biopharmaceutical company, Director (2002-present)
No. of Portfolios for which Board Member Serves: 23
———————
Maureen M. Young (73)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since 2007
No. of Portfolios for which Board Member Serves:23
———————
Once elected all Board Members serve for an indefinite term. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387. For individual account holders for Private Wealth Management clients, please contact your account officer or call 1-866-804-5023.
59
OFFICERS OF THE TRUST(Unaudited)
PATRICK T. CROWE, President since July 2015.
National Director of Investment Advisory, Analytics and Solutions for BNY Mellon Wealth Management since July 2014; from July 2007 to July 2014, Managing Director for BNY Mellon Wealth Management's Tri-State region, comprising New York, New Jersey and Southern Connecticut. He is 55 years old and has served in various capacities with BNY Mellon since 1993.
JAMES WINDELS, Treasurer since November 2001.
Director- BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 61 years old and has been an employee of the Adviser since April 1985.
BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.
Chief Legal Officer of the Adviser and Associate General Counsel and Managing Director of BNY Mellon since June 2015; Director and Associate General Counsel of Deutsche Bank – Asset & Wealth Management Division from June 2005 to June 2015, and as Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 48 years old and has been an employee of the Adviser since June 2015.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Managing Counsel of BNY Mellon and Secretary of the Adviser, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 53 years old and has been an employee of the Adviser since December 1996.
SONALEE CROSS, Vice President and Assistant Secretary since May 2016.
Counsel of BNY Mellon since October 2016; Associate at Proskauer Rose LLP from April 2016 to September 2016; Attorney at EnTrust Capital from August 2015 to February 2016; Associate at Sidley Austin LLP from September 2013 to August 2015. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 31 years old and has been an employee of the Adviser since October 2016.
DEIRDRE CUNNANE, Vice President and Assistant Secretary since February 2019.
Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018; Trustee Associate at BNY Mellon Trust Company (Ireland) Limited from August 2013 to February 2016. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 29 years old and has been an employee of the Adviser since August 2018.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017, Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 44 years old and has been an employee of the Adviser since March 2013.
NATALYA ZELENSKY, Vice President and Assistant Secretary since May 2016.
Counsel of BNY Mellon since May 2016; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 to May 2016 and Assistant General Counsel at RCS Advisory Services from July 2014 to November 2015. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 34 years old and has been an employee of the Adviser since May 2016.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2015.
Senior Managing Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 54 years old and has been an employee of the Adviser since October 1990.
PETER M. SULLIVAN, Vice President and Assistant Secretary since March 2019.
Managing Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 51 years old and has been an employee of the Adviser since April 2004.
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager - BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 51 years old and has been an employee of the Adviser since April 1991.
ROBERT S. ROBOL, Assistant Treasurer since December 2002.
Senior Accounting Manager- BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 55 years old and has been an employee of the Adviser since October 1988.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 52 years old and has been an employee of the Adviser since June 1989.
ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 52 years old and has been an employee of the Adviser since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the Adviser, the BNY Mellon Family of Funds and BNY Mellon Funds Trust (64 investment companies, comprised of 143 portfolios). He is 62 years old and has served in various capacities with the Adviser since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
CARIDAD M. CAROSELLA, Anti-Money Laudering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor. She is an officer of 57 investment companies (comprised of 136 portfolios) managed by the Adviser. She is 51 years old and has been an employee of the Distributor since 1997.
60
NOTES
61
NOTES
62
NOTES
63
The BNY Mellon Funds
c/o BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Administrator
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Sub-Administrator
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286
Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286
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 BNY Mellon Brokerage Services. Individual Account holders, please call BNY Mellon Investment Advisers at 1-800-373-9387.
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-PORT. The fund’s Forms N-PORT 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.bnymellonim.com/usand 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 1-800-373-9387.
© 2019 BNY Mellon Securities Corporation | MFTAR0819-TB |
The BNY Mellon Funds
BNY Mellon Government Money Market Fund
BNY Mellon National Municipal Money Market Fund
ANNUAL REPORT August 31, 2019 | |
Contents
THE FUNDS
Public Accounting Firm | |
Investment Advisory Agreement and Administration Agreement | |
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this annual report for the respective funds of the BNY Mellon Funds Trust, covering the 12-month period from September 1, 2018 through August 31, 2019. For information about how the funds performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
After a strong summer, equity markets weakened in the fourth quarter of 2018, as concerns about rising interest rates, trade tensions and slowing global growth provided downward pressure on returns. In December 2018, stocks experienced a sharp sell-off, as it appeared that the U.S. Federal Reserve (the “Fed”) would maintain its hawkish stance on monetary policy. In January 2019, the Fed commented that it would slow the pace of interest-rate increases, which helped stimulate a rebound across equity markets that continued into the second quarter. Escalating trade tensions disrupted equity markets again in May. The dip was short-lived, as markets rose once again in June. However, despite continued supportive central bank policies, pockets of volatility persisted through the end of the period.
In fixed-income markets, returns were hampered early in the reporting period by rising interest rates and accelerating inflation. With the return of stock market volatility in October 2018, a flight to quality led to a rise in prices for U.S. Treasuries that continued through the end of the year, leading to a flattening yield curve. After the Fed’s supportive statements in January 2019, other developed market central banks followed suit and reiterated their abilities to bolster flagging growth by continuing supportive policies. This helped to further buoy fixed-income instrument prices. At the end of July, the Fed cut the federal funds rate by 25 basis points. Both the U.S. and Global Bloomberg Barclays Aggregate Bond indices produced strong returns for the 12 months.
We believe that over the near term, the outlook for the U.S. remains positive, but we will monitor relevant data for any signs of a change. 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
September 16, 2019
3
DISCUSSION OF FUND PERFORMANCE(Unaudited)
For the period from September 1, 2018 through August 31, 2019, as provided by Patricia A. Larkin, Chief Investment Officer
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Government Money Market Fund’s Class M shares produced a yield of 2.04%, and its Investor shares produced a yield of 1.79%. Taking into account the effects of compounding, the fund’s Class M shares and Investor shares produced effective yields of 2.06% and 1.81%, respectively.1
Yields of money market instruments moved higher over the reporting period, but the Federal Reserve Board (the “Fed”) shifted its interest-rate policy and implemented a reduction in the federal funds target rate amid expectations of weaker economic growth.
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 pursues its investment objective by investing only in government securities (i.e., securities issued or guaranteed as to principal and interest by the U.S. government or its agencies or instrumentalities, including those with floating or variable rates of interest) repurchase agreements collateralized solely by government securities and/or cash, and cash. The fund is a money market fund subject to the maturity, quality, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, and seeks to maintain a stable share price of $1.00.
The fund is a “government money market fund,” as that term is defined in Rule 2a-7, 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.
The Fed Cuts Rates Amid Growth Concerns
Yields of money market instruments moved higher during the reporting period, but as the pace of economic growth seemed likely to slow, the Fed backed away from its hawkish stance on interest rates, reducing the federal funds rate by a quarter point in July 2019.
Early in the reporting period, economic data remained strong, and the Fed continued to tighten the federal funds rate. In September 2018, job creation amounted to 108,000 jobs, the unemployment rate fell to 3.7% and the Fed hiked the federal funds target rate to between 2.00%-2.25%. In October 2018, new jobs rebounded to 277,000, while the unemployment rate edged up to 3.8%.
Job creation slipped in November 2018, totaling 196,000, but unemployment fell back to 3.7%. December 2018 saw a rebound in job creation, with new positions amounting to 227,000, but unemployment rose somewhat, reaching 3.9%. Despite steady economic growth and a strong labor market, inflation remained subdued. The core inflation rate (which excludes food and energy) as measured by the Personal Consumption Expenditures (PCE) Index, came in at 1.7% for the fourth quarter of 2018, below the Fed’s 2.0% target.
The Fed raised the federal funds target rate to 2.25%-2.50% in December 2018, but as economic data became more mixed, Fed Chair Jerome Powell said the central bank would take a more data-dependent approach to future rate increases, leading 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%, still low by historical standards. The Fed left the federal funds target rate unchanged at 2.25%-2.50%. February 2019 saw job creation plummet to just 56,000, while unemployment dropped to 3.8%.
In March 2019, new jobs totaled 153,000, while the unemployment rate remained steady at 3.8%. The Fed left the federal funds rate unchanged. In April 2019, the economy added 216,000 jobs, and the unemployment rate slipped to 3.6%. The economy grew by 3.1% during the first quarter of 2019, beating expectations, while the core inflation rate, as measured by the PCE Index, fell to 1.1%, well below the Fed’s inflation target of 2.0%.
In May 2019, job creation plummeted to just 62,000 positions, while the unemployment rate remained unchanged, at 3.6%. In June 2019, the economy added 178,000 jobs, and the jobless rate edged up to 3.7%. July 2019 saw 166,000 new jobs added, and unemployment remained unchanged. Economic growth in the second quarter of 2019 slipped to just 2.0%, but the PCE Index jumped to 1.9%. In August 2019, the economy added an estimated 168,000 jobs, and the unemployment rate stayed steady.
The Fed Reduces Rates, More Cuts Expected
The Fed moved away from its hawkish stance on interest rates during the reporting period, saying that it would take a more data-dependent approach, and in August 2019 it lowered the federal funds rate by a quarter point to 2.00%-2.25%. As interest rates rose early in the reporting period, we maintained the fund’s weighted-average maturity in a range that was modestly shorter than industry averages. This strategy was intended to capture potential higher yields as they became available. Given the changing interest-rate environment, we have extended the average life of the portfolio in anticipation of further rate cuts. As always, we have retained our longstanding focus on quality and liquidity.
September 16, 2019
1 Effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate.
You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Although the fund’s board has no current intention to impose a fee upon the sale of shares or temporarily suspend redemptions if the fund’s liquidity falls below certain levels, the board reserves the ability to do so after providing at least 60 days’ prior written notice to shareholders.
4
For the period from September 1, 2018 through August 31, 2019, as provided by Joseph Irace, Senior Portfolio Manager
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon National Municipal Money Market Fund’s Class M shares produced a yield of 1.31%, and Investor shares produced a yield of 1.05%. Taking into account the effects of compounding, the fund’s Class M and Investor shares also produced effective yields of 1.31% and 1.06%, respectively.1
Yields of municipal money market instruments generally fell during the reporting period as the Federal Reserve Board (the “Fed”) implemented a reduction in the federal funds rate. Supply-and-demand dynamics in the municipal securities market also contributed to the performance of tax-exempt money market instruments.
The Fund’s Investment Approach
The fund seeks as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goal, the fund normally 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 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.
Although the fund seeks to provide income exempt from federal income tax, income from some of the fund’s holdings may be subject to the federal alternative minimum tax.
The fund is a money market fund subject to the maturity, quality, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, and seeks to maintain a stable share price of $1.00.
Demand Remains Strong, State Fiscal Balances Improve
The reporting period began with an upturn in new issuance, reversing the drought seen earlier in 2018. In the one-year maturity range, this increase in issuance pushed the one-year note index from Municipal Market Analytics to the 2.00% level, but strong demand, combined with a change in the Fed’s stance on future interest-rate cuts, pushed that level down to 1.75% early in 2019 as supply failed to keep pace. The flattening of the yield curve also fueled demand. Interest in single-state funds increased as well, especially in high-tax states, where investors felt the effects of the new federal cap on the deductibility of state and local taxes.
In the first quarter of 2019, flows into tax-exempt funds remained strong, keeping a lid on rates of variable-rate securities. However, the industry experienced large outflows toward the end of April 2019 as payments for 2018 tax bills came into play and caused rates on variable-rate demand notes to rise. On fixed-rate securities, yields declined as the market digested the change on interest-rate expectations resulting from the shift in the Fed’s interest-rate stance. This resulted in a downward trend in fixed-income tax-exempt yields, moving the one-year index level from Municipal Market Analytics down from 2.00% to 1.60%.
Following income tax-related outflows in April 2019, asset levels in tax-exempt money market funds stabilized. During the summer months, inflows from coupon payments and maturities caused rates on variable-rate demand notes to decline. The yield on the Securities Industry and Financial Markets Association (SIFMA) Index averaged 1.61% in 2019 through April 30, above the 1.42% average for 2018. Over the remainder of the reporting period, however, this yield fell to 1.49%. (The SIFMA Index is a weekly, high grade market index comprised of seven-day, tax-exempt, variable-rate demand notes produced by Bloomberg LP.)
With demand remaining healthy, the downward trend in fixed-income tax-exempt yields also continued, moving the one-year index level from Municipal Market Analytics down to 1.15% toward the end of the reporting period. Demand for shorter maturities was fueled in part by the continued flattening of the yield curve.
Toward the end of the reporting period, the majority of states had an enacted budget (46 states begin the fiscal year on July 1, and only two had delayed budgets). Financial performance remained sound as revenue growth continued in fiscal year 2019, with economic indicators remaining positive. Personal income tax, corporate income tax and sales tax revenue all showed overall growth. However, uncertainty over the future direction of the economy and consumer spending prompted most states to prioritize bolstering reserve or “rainy day” funds to guard against a potential slowdown.
Maintaining a Prudent Investment Posture
In an environment in which the yield curve has flattened and even inverted at times, with shorter maturities yielding as much or more than longer maturities, most municipal money market funds have maintained short weighted-average maturities. The fund was no exception, enabling it to capture relatively attractive yields without the risk associated with longer-dated issues.
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 Federal Reserve Reduces Rates, More Cuts Expected
At its first meeting of the year on January 30, 2019, the Fed said it would be patient about any future interest-rate moves and signaled flexibility on the path for reducing its balance sheet. This was a pivotal change from the December 2018 meeting, which had sent signals of higher interest rates. The Fed kept the target range for the federal funds rate steady at 2.25%- 2.50%, but citing global economic and financial developments, as well as muted inflation pressures, the Fed’s statement marked a broader shift toward risk management.
On July 31, 2019, the Fed followed through on this shift in stance and cut the federal funds target rate, lowering it by a quarter point to 2.00%-2.25%. Many Federal Open Market Committee (FOMC) participants now see that the case for somewhat more accommodative monetary policy has strengthened, and the FOMC has indicated it will continue to monitor economic data and respond with policy changes when needed.
In light of these developments and the market’s ongoing adjustment to the new tax laws, we intend to emphasize liquidity. In addition, we believe that a focus on preservation of capital remains the prudent course for the fund’s management.
September 16, 2019
1 Effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate.
You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Short-term corporate, asset-backed securities holdings and municipal securities holdings (as applicable), while rated in the highest rating category by one or more nationally recognized statistical rating organizations (or unrated, if deemed of comparable quality by BNY Mellon Investment Adviser, Inc.), involve credit and liquidity risks and risk of principal loss.
5
UNDERSTANDING YOUR FUND’S EXPENSES(Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from March 1, 2019 to August 31, 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 August 31, 2019 | ||||||||||||||||||
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| Investor Shares |
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BNY Mellon Government Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $1.52 | $2.79 | ||||||||||||||||
Ending value (after expenses) | $1,010.60 | $1,009.30 | ||||||||||||||||
Annualized expense ratio (%) | .30 | .55 | ||||||||||||||||
BNY Mellon National Municipal Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $1.52 | $2.78 | ||||||||||||||||
Ending value (after expenses) | $1,006.70 | $1,005.40 | ||||||||||||||||
Annualized expense ratio (%) | .30 | .55 |
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS(Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment |
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assuming a hypothetical 5% annualized return for the six months ended August 31, 2019 | ||||||||||||||||||
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BNY Mellon Government Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $1.53 | $2.80 | ||||||||||||||||
Ending value (after expenses) | $1,023.69 | $1,022.43 | ||||||||||||||||
Annualized expense ratio (%) | .30 | .55 | ||||||||||||||||
BNY Mellon National Municipal Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $1.53 | $2.80 | ||||||||||||||||
Ending value (after expenses) | $1,023.69 | $1,022.43 | ||||||||||||||||
Annualized expense ratio (%) | .30 | .55 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
6
STATEMENT OF INVESTMENTS
August 31, 2019
BNY Mellon Government Money Market Fund | ||||||
U.S. Government Agencies - 36.1% | Annualized | Principal | Value ($) | |||
Federal Farm Credit Banks: | ||||||
9/3/19, PRIME -3.08% | 2.17 | 10,000,000 | a | 9,999,946 | ||
Federal Home Loan Banks: | ||||||
9/8/19, 1 Month LIBOR -.07% | 2.15 | 20,000,000 | a | 20,000,024 | ||
9/3/19, SOFR +.02% | 2.14 | 25,000,000 | a | 25,000,000 | ||
11/21/19, SOFR +.04% | 2.20 | 10,000,000 | a | 10,000,000 | ||
9/27/19, SOFR +.07% | 2.23 | 10,000,000 | a | 10,000,000 | ||
9/3/19, SOFR +.04% | 2.16 | 25,000,000 | a | 25,000,000 | ||
Federal Home Loan Banks: | ||||||
9/4/19 | 2.36 | 50,000,000 | b | 49,990,292 | ||
10/7/19 | 2.16 | 125,000,000 | b | 124,733,750 | ||
11/6/19 | 2.06 | 25,000,000 | b | 24,907,417 | ||
Total U.S. Government Agencies (cost $299,631,429) | 299,631,429 | |||||
U.S. Treasury Bills - 10.8% | ||||||
1/16/20 | 2.05 | 75,000,000 | b | 74,426,312 | ||
2/27/20 | 1.88 | 15,000,000 | b | 14,863,140 | ||
Total U.S. Treasury Bills (cost $89,289,452) | 89,289,452 | |||||
U.S. Treasury Notes - 4.2% | ||||||
1/15/20 | 1.38 | 25,000,000 | 24,937,801 | |||
2/29/20 | 1.25 | 10,000,000 | 9,965,856 | |||
Total U.S. Treasury Notes (cost $34,903,657) | 34,903,657 | |||||
U.S. Treasury Floating Rate Notes - 14.5% | ||||||
9/4/19, 3 Month U.S. T-BILL FLAT | 1.96 | 25,000,000 | a | 24,998,682 | ||
9/4/19, 3 Month U.S. T-BILL +.04% | 2.00 | 35,000,000 | a | 34,998,676 | ||
9/4/19, 3 Month U.S. T-BILL +.05% | 2.00 | 25,000,000 | a | 25,001,315 | ||
9/4/19, 3 Month U.S. T-BILL +.12% | 2.07 | 5,000,000 | a | 4,999,904 | ||
9/4/19, 3 Month U.S. T-BILL +.14% | 2.10 | 25,000,000 | a | 25,002,635 | ||
9/4/19, 3 Month U.S. T-BILL +.22% | 2.18 | 5,000,000 | a | 5,000,471 | ||
Total U.S. Treasury Floating Rate Notes | 120,001,683 |
7
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Government Money Market Fund (continued) | ||||||
Repurchase Agreements - 34.4% | Annualized | Principal | Value ($) | |||
ABN Amro Bank, Tri-Party Agreement thru BNY Mellon, dated 8/30/19, due at 9/3/19 in the amount of $100,023,888 (fully collateralized by original par $91,596,911 U.S. Treasuries (including strips) 1.75%-6.63% due 9/30/2020-05/15/2045 value $102,000,011) | 2.15 | 100,000,000 | 100,000,000 | |||
Credit Agricole CIB, Tri-Party Agreement thru BNY Mellon, dated 8/30/19, due at 9/3/19 in the amount of $106,025,322 (fully collateralized by original par $101,742,219 U.S. Treasuries (including strips) 0.00%-4.38% due 1/15/2020-2/15/2048 value $108,120,001) | 2.15 | 106,000,000 | 106,000,000 | |||
HSBC Securities USA, Tri-Party Agreement thru BNY Mellon, dated 8/28/19, due at 9/4/19 in the amount of $80,034,067 (fully collateralized by original par $108,718,168 U.S. Treasuries (including strips) 0.00%-3.00% due 12/31/2019-05/15/2049 value $81,600,000) | 2.19 | 80,000,000 | 80,000,000 | |||
Total Repurchase Agreements (cost $286,000,000) | 286,000,000 | |||||
Total Investments(cost $829,826,221) | 100.0% | 829,826,221 | ||||
Cash and Receivables (Net) | .0% | 318,406 | ||||
Net Assets | 100.0% | 830,144,627 |
a Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
b Security is a discount security. Income is recognized through the accretion of discount.
Portfolio Summary (Unaudited)† | Value (%) |
U.S. Government Securities | 65.6 |
Repurchase Agreements | 34.4 |
100.0 |
† Based on net assets.
See notes to financial statements.
8
BNY Mellon National Municipal Money Market Fund | |||||||||
Short-Term Investments - 100.0% | Coupon | Maturity | Principal | Value ($) | |||||
Alabama - 8.2% | |||||||||
Huntsville Health Care Authority, | 1.38 | 10/16/19 | 20,000,000 | 20,000,000 | |||||
Mobile County Industrial Development Authority, | 1.52 | 9/5/19 | 40,000,000 | a | 40,000,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-XL0098), | 1.44 | 9/5/19 | 4,500,000 | a,b,c | 4,500,000 | ||||
64,500,000 | |||||||||
Alaska - 1.4% | |||||||||
Tender Option Bond Trust Receipts (Series 2017-XL0044), | 1.45 | 9/5/19 | 6,750,000 | a,b,c | 6,750,000 | ||||
Tender Option Bond Trust Receipts (Series 2017-XM0532), | 1.45 | 9/5/19 | 4,665,000 | a,b,c | 4,665,000 | ||||
11,415,000 | |||||||||
Arizona - 2.5% | |||||||||
Casa Grande Industrial Development Authority, | 1.40 | 9/5/19 | 500,000 | a | 500,000 | ||||
Tempe Industrial Development Authority, | 1.51 | 9/5/19 | 565,000 | a | 565,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-XF0695), | 1.40 | 9/5/19 | 5,000,000 | a,b,c | 5,000,000 | ||||
Tender Option Bond Trust Receipts (Series 2019-BAML8004), | 1.43 | 9/6/19 | 9,370,000 | b,c | 9,370,000 | ||||
Tender Option Bond Trust Receipts (Series 2019-XG0231), | 1.43 | 9/6/19 | 4,070,000 | b,c | 4,070,000 | ||||
19,505,000 | |||||||||
California - 11.1% | |||||||||
California Enterprise Development Authority, | 1.39 | 9/5/19 | 2,920,000 | a | 2,920,000 | ||||
California Enterprise Development Authority, | 1.37 | 9/5/19 | 15,000,000 | a,b | 15,000,000 | ||||
California Enterprise Development Authority, | 1.43 | 9/5/19 | 100,000 | a | 100,000 | ||||
California State University, | 1.15 | 10/3/19 | 11,250,000 | 11,247,100 | |||||
Mizuho Floater/Residual Trust, | 1.50 | 9/5/19 | 15,000,000 | a,b | 15,000,000 | ||||
San Francisco City & County Lease Authority, | 1.17 | 10/10/19 | 33,763,000 | 33,753,332 | |||||
Tender Option Bond Trust Receipts (Series 2015-ZF0183), | 1.38 | 9/5/19 | 3,225,000 | a,b,c | 3,225,000 |
9
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||
Short-Term Investments - 100.0% (continued) | Coupon | Maturity | Principal | Value ($) | |||||
California - 11.1% (continued) | |||||||||
Tender Option Bond Trust Receipts (Series 2017-XF0578), | 1.40 | 9/5/19 | 1,620,000 | a,b,c | 1,620,000 | ||||
Tender Option Bond Trust Receipts (Series 2019-XF2835), | 1.45 | 9/5/19 | 4,440,000 | a,b,c | 4,440,000 | ||||
Tender Option Bond Trust Receipts (Series 2019-XG0243), | 1.39 | 9/6/19 | 610,000 | b,c | 610,000 | ||||
87,915,432 | |||||||||
Colorado - 1.8% | |||||||||
Colorado Educational & Cultural Facilities Authority, | 1.46 | 9/5/19 | 1,810,000 | a | 1,810,000 | ||||
Colorado Health Facilities Authority, | 1.44 | 9/4/19 | 7,000,000 | a | 7,000,000 | ||||
Colorado Springs, | 1.42 | 9/5/19 | 300,000 | a | 300,000 | ||||
Jefferson County, | 1.46 | 9/5/19 | 885,000 | a | 885,000 | ||||
Tender Option Bond Trust Receipts (Series 2019-XM0767), | 1.40 | 9/5/19 | 4,185,000 | a,b,c | 4,185,000 | ||||
14,180,000 | |||||||||
District of Columbia - 2.3% | |||||||||
Columbia, | 1.45 | 9/6/19 | 1,400,000 | a | 1,400,000 | ||||
Columbia, | 1.45 | 9/6/19 | 3,610,000 | a | 3,610,000 | ||||
Tender Option Bond Trust Receipts (Series 2019-BAML8001), | 1.43 | 9/6/19 | 6,805,000 | b,c | 6,805,000 | ||||
Tender Option Bond Trust Receipts (Series 2019-BAML8002), | 1.43 | 9/6/19 | 6,050,000 | b,c | 6,050,000 | ||||
17,865,000 | |||||||||
Florida - 7.1% | |||||||||
Collier County Industrial Development Authority, | 1.46 | 9/5/19 | 2,020,000 | a | 2,020,000 | ||||
Florida Development Finance Corp., | 1.43 | 9/5/19 | 1,300,000 | a | 1,300,000 | ||||
Gainesville Utilities System, | 1.39 | 9/4/19 | 5,050,000 | a | 5,050,000 | ||||
Jacksonville, | 1.46 | 9/5/19 | 2,500,000 | a | 2,500,000 | ||||
Jacksonville, | 1.46 | 9/5/19 | 235,000 | a | 235,000 | ||||
Miami-Dade County, | 1.37 | 9/5/19 | 35,000,000 | a | 35,000,000 |
10
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||
Short-Term Investments - 100.0% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||||||||
Florida - 7.1% (continued) | ||||||||||||||||
Palm Beach County, | 1.43 | 9/5/19 | 1,975,000 | a | 1,975,000 | |||||||||||
Pinellas County Health Facilities Authority, | 1.46 | 9/5/19 | 200,000 | a | 200,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2019-BAML7005), | 1.32 | 9/6/19 | 8,250,000 | b,c | 8,250,000 | |||||||||||
56,530,000 | ||||||||||||||||
Georgia - 2.5% | ||||||||||||||||
Heard County Development Authority, | 1.39 | 9/4/19 | 2,550,000 | a | 2,550,000 | |||||||||||
Monroe County Development Authority, | 1.39 | 9/4/19 | 6,575,000 | a | 6,575,000 | |||||||||||
RBC Municipal Products Inc. Trust, | 1.41 | 9/5/19 | 7,050,000 | a,b | 7,050,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-XF0708), | 1.43 | 9/5/19 | 3,200,000 | a,b,c | 3,200,000 | |||||||||||
19,375,000 | ||||||||||||||||
Illinois - 7.6% | ||||||||||||||||
Illinois Development Finance Authority, | 1.39 | 9/4/19 | 3,100,000 | a | 3,100,000 | |||||||||||
Illinois Development Finance Authority, | 1.43 | 9/4/19 | 7,000,000 | a | 7,000,000 | |||||||||||
Illinois Educational Facilities Authority, | 1.41 | 9/4/19 | 200,000 | a | 200,000 | |||||||||||
Illinois Educational Facilities Authority, | 1.39 | 9/4/19 | 800,000 | a | 800,000 | |||||||||||
Illinois Finance Authority, | 1.46 | 9/5/19 | 4,915,000 | a | 4,915,000 | |||||||||||
Illinois Finance Authority, | 1.43 | 9/5/19 | 3,810,000 | a | 3,810,000 | |||||||||||
Illinois Finance Authority, | 1.39 | 9/4/19 | 1,100,000 | a | 1,100,000 | |||||||||||
Illinois Finance Authority, | 1.39 | 9/4/19 | 6,345,000 | a | 6,345,000 | |||||||||||
Illinois Housing Development Authority, | 1.39 | 9/5/19 | 7,370,000 | a | 7,370,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-XF0711), | 1.40 | 9/5/19 | 23,250,000 | a,b,c | 23,250,000 | |||||||||||
University of Illinois, | 1.39 | 9/4/19 | 1,900,000 | a | 1,900,000 | |||||||||||
University of Illinois, | 1.39 | 9/4/19 | 565,000 | a | 565,000 | |||||||||||
60,355,000 | ||||||||||||||||
Indiana - .5% | ||||||||||||||||
Crawfordsville, | 1.46 | 9/5/19 | 4,000,000 | a | 4,000,000 |
11
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||
Short-Term Investments - 100.0% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||||||||
Iowa - .6% | ||||||||||||||||
Tender Option Bond Trust Receipts (Series 2018-ZF2627), | 1.40 | 9/5/19 | 5,000,000 | a,b,c | 5,000,000 | |||||||||||
Maryland - 2.6% | ||||||||||||||||
Baltimore County, | 1.46 | 9/4/19 | 760,000 | a | 760,000 | |||||||||||
Maryland Economic Development Corp., | 1.40 | 9/5/19 | 3,020,000 | a | 3,020,000 | |||||||||||
Maryland Economic Development Corp., | 1.44 | 9/5/19 | 1,890,000 | a | 1,890,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2017-XG0146), | 1.40 | 9/5/19 | 6,635,000 | a,b,c | 6,635,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2019-XF2832), | 1.45 | 9/5/19 | 8,000,000 | a,b,c | 8,000,000 | |||||||||||
20,305,000 | ||||||||||||||||
Michigan - 2.6% | ||||||||||||||||
Tender Option Bond Trust Receipts (Series 2018 XF0686), | 1.40 | 9/5/19 | 17,500,000 | a,b,c | 17,500,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2019-XF2825), | 1.43 | 9/5/19 | 3,300,000 | a,b,c | 3,300,000 | |||||||||||
20,800,000 | ||||||||||||||||
Minnesota - 1.0% | ||||||||||||||||
Minneapolis, | 1.39 | 9/4/19 | 2,000,000 | a | 2,000,000 | |||||||||||
Minneapolis, | 1.46 | 9/5/19 | 2,320,000 | a | 2,320,000 | |||||||||||
Minnesota Higher Education Facilities Authority, | 1.45 | 9/5/19 | 2,400,000 | a | 2,400,000 | |||||||||||
St. Paul Housing & Redevelopment Authority, | 1.48 | 9/5/19 | 775,000 | a | 775,000 | |||||||||||
7,495,000 | ||||||||||||||||
Missouri - 2.4% | ||||||||||||||||
RBC Municipal Products Inc. Trust, | 1.39 | 9/5/19 | 5,000,000 | a,b | 5,000,000 | |||||||||||
RBC Municipal Products Inc. Trust, | 1.41 | 9/5/19 | 14,000,000 | a,b | 14,000,000 | |||||||||||
19,000,000 | ||||||||||||||||
Nebraska - .6% | ||||||||||||||||
Omaha Public Power District, | 1.35 | 12/10/19 | 5,000,000 | 5,000,000 | ||||||||||||
Nevada - 1.5% | ||||||||||||||||
Tender Option Bond Trust Receipts (Series 2018-XG0199), | 1.43 | 9/5/19 | 7,185,000 | a,b,c | 7,185,000 |
12
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||
Short-Term Investments - 100.0% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||||||||
Nevada - 1.5% (continued) | ||||||||||||||||
Tender Option Bond Trust Receipts (Series 2019-XF2806), | 1.45 | 9/5/19 | 4,605,000 | a,b,c | 4,605,000 | |||||||||||
11,790,000 | ||||||||||||||||
New Jersey - 1.4% | ||||||||||||||||
Tender Option Bond Trust Receipts (Series 2016-ZF0468), | 1.40 | 9/5/19 | 9,850,000 | a,b,c | 9,850,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2016-ZF0470), | 1.40 | 9/5/19 | 1,300,000 | a,b,c | 1,300,000 | |||||||||||
11,150,000 | ||||||||||||||||
New York - 7.3% | ||||||||||||||||
Eastport-South Manor Central School District, | 2.00 | 3/26/20 | 4,000,000 | 4,018,669 | ||||||||||||
New York City, | 1.52 | 9/3/19 | 1,200,000 | a | 1,200,000 | |||||||||||
New York City Transitional Finance Authority, | 1.52 | 9/3/19 | 4,800,000 | a | 4,800,000 | |||||||||||
New York City Water & Sewer System, | 1.52 | 9/3/19 | 5,700,000 | a | 5,700,000 | |||||||||||
New York State Dormitory Authority, | 1.45 | 9/4/19 | 15,000,000 | a | 15,000,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-XF0615), | 1.43 | 9/5/19 | 12,375,000 | a,b,c | 12,375,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-XF0623), | 1.47 | 9/5/19 | 5,000,000 | a,b,c | 5,000,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-XM0697), | 1.50 | 9/6/19 | 4,000,000 | b,c | 4,000,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-XM0700), | 1.40 | 9/5/19 | 6,020,000 | a,b,c | 6,020,000 | |||||||||||
58,113,669 | ||||||||||||||||
Ohio - 2.4% | ||||||||||||||||
Salem, | 1.36 | 9/5/19 | 115,000 | a | 115,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-XG0206), | 1.47 | 9/6/19 | 4,255,000 | b,c | 4,255,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-YX1079), | 1.50 | 9/5/19 | 14,590,000 | a,b,c | 14,590,000 | |||||||||||
18,960,000 | ||||||||||||||||
Oklahoma - 2.3% | ||||||||||||||||
Tender Option Bond Trust Receipts (Series 2018-XX1096), | 1.39 | 9/5/19 | 18,235,000 | a,b,c | 18,235,000 |
13
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||
Short-Term Investments - 100.0% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||||||||
Pennsylvania - .3% | ||||||||||||||||
Montgomery County Industrial Development Authority, | 1.50 | 9/5/19 | 120,000 | a | 120,000 | |||||||||||
York Redevelopment Authority, | 1.50 | 9/6/19 | 1,995,000 | a | 1,995,000 | |||||||||||
2,115,000 | ||||||||||||||||
South Carolina - 2.9% | ||||||||||||||||
South Carolina Jobs-Economic Development Authority, | 1.46 | 9/5/19 | 2,090,000 | a | 2,090,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2017-XG0149), | 1.39 | 9/5/19 | 21,190,000 | a,b,c | 21,190,000 | |||||||||||
23,280,000 | ||||||||||||||||
Tennessee - 4.5% | ||||||||||||||||
Hawkins County Industrial Development Board, | 1.48 | 9/4/19 | 1,750,000 | a | 1,750,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2017-XG0145), | 1.39 | 9/5/19 | 3,485,000 | a,b,c | 3,485,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-XL0062), | 1.41 | 9/5/19 | 4,420,000 | a,b,c | 4,420,000 | |||||||||||
The Blount County Public Building Authority, | 1.39 | 9/5/19 | 25,735,000 | a | 25,735,000 | |||||||||||
35,390,000 | ||||||||||||||||
Texas - 14.5% | ||||||||||||||||
Atascosa County Industrial Development Corp., | 1.35 | 9/5/19 | 10,100,000 | a | 10,100,000 | |||||||||||
Gulf Coast Industrial Development Authority, | 1.44 | 9/5/19 | 6,200,000 | a | 6,200,000 | |||||||||||
Houston Texas Combined Utility System, | 1.27 | 9/6/19 | 29,795,000 | 29,794,240 | ||||||||||||
Lower Colorado River Authority, | 1.30 | 9/6/19 | 13,178,000 | 13,178,000 | ||||||||||||
Tender Option Bond Trust Receipts (Series 2016-XM0187), | 1.41 | 9/5/19 | 5,000,000 | a,b,c | 5,000,000 | |||||||||||
Tender Option Bond Trust Receipts (Series 2018-XM0698), | 1.39 | 9/5/19 | 4,585,000 | a,b,c | 4,585,000 | |||||||||||
Texas, | 1.50 | 9/4/19 | 40,000,000 | a | 40,000,000 | |||||||||||
University of Houston, | 1.36 | 10/4/19 | 5,735,000 | 5,735,000 | ||||||||||||
114,592,240 | ||||||||||||||||
Vermont - .1% | ||||||||||||||||
Vermont Educational & Health Buildings Financing Agency, | 1.65 | 9/5/19 | 515,000 | a | 515,000 |
14
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||||
Short-Term Investments - 100.0% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||||||||||
Virginia - .5% | ||||||||||||||||||
Fairfax County Economic Development Authority, | 1.42 | 9/5/19 | 1,490,000 | a | 1,490,000 | |||||||||||||
Greene County Economic Development Authority, | 1.39 | 9/5/19 | 2,150,000 | a | 2,150,000 | |||||||||||||
Norfolk Economic Development Authority, | 1.46 | 9/5/19 | 235,000 | a | 235,000 | |||||||||||||
3,875,000 | ||||||||||||||||||
Washington - 3.4% | ||||||||||||||||||
King County, | 1.37 | 9/4/19 | 23,000,000 | a | 23,000,000 | |||||||||||||
Tender Option Bond Trust Receipts (Series 2019-BAML5008), | 1.52 | 9/6/19 | 2,275,000 | b,c | 2,275,000 | |||||||||||||
Washington Housing Finance Commission, | 1.46 | 9/5/19 | 1,800,000 | a | 1,800,000 | |||||||||||||
Washington Housing Finance Commission, | 1.46 | 9/5/19 | 125,000 | a | 125,000 | |||||||||||||
27,200,000 | ||||||||||||||||||
West Virginia - .2% | ||||||||||||||||||
Cabell County, | 1.44 | 9/5/19 | 1,735,000 | a | 1,735,000 | |||||||||||||
Wisconsin - 3.9% | ||||||||||||||||||
Public Finance Authority, | 1.38 | 9/4/19 | 16,925,000 | a | 16,925,000 | |||||||||||||
Tender Option Bond Trust Receipts (Series 2019-XF2823), | 1.45 | 9/5/19 | 9,020,000 | a,b,c | 9,020,000 | |||||||||||||
Wisconsin Health & Educational Facilities Authority, | 1.46 | 9/5/19 | 4,215,000 | a | 4,215,000 | |||||||||||||
Wisconsin Health & Educational Facilities Authority, | 1.44 | 9/5/19 | 620,000 | a | 620,000 | |||||||||||||
Wisconsin Health & Educational Facilities Authority, | 1.44 | 9/5/19 | 150,000 | a | 150,000 | |||||||||||||
30,930,000 | ||||||||||||||||||
Total Investments(cost $791,121,341) | 100.0% | 791,121,341 | ||||||||||||||||
Liabilities, Less Cash and Receivables | 0.0% | (81,760) | ||||||||||||||||
Net Assets | 100.0% | 791,039,581 |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2019, these securities amounted to $329,865,000 or 41.7% 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 Adviser long-term Inverse floater securities.
15
STATEMENT OF INVESTMENTS (continued)
Portfolio Summary (Unaudited)† | Value (%) |
Medical | 20.3 |
Facilities | 19.2 |
Development | 11.9 |
General | 10.1 |
General Obligation | 8.1 |
Education | 7.9 |
Power | 6.0 |
Multifamily Housing | 5.4 |
Water | 3.0 |
Transportation | 2.9 |
Special Tax | 1.9 |
School District | 1.1 |
Housing | 1.0 |
Airport | .6 |
Nursing Homes | .6 |
Utilities | .0 |
100.0 |
† Based on net assets.
See notes to financial statements.
16
Summary of Abbreviations(Unaudited) | |||
ABAG | Association of Bay Area Governments | ACA | American Capital Access |
AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
AMBAC | American Municipal Bond Assurance Corporation | ARRN | Adjustable Rate Receipt Notes |
BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
CP | Commercial Paper | DRIVERS | Derivative Inverse Tax-Exempt Receipts |
EDR | Economic Development Revenue | EIR | Environmental Improvement Revenue |
EURIBOR | Euro Interbank Offered Rate | FGIC | Financial Guaranty Insurance Company |
FHA | Federal Housing Administration | FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation | FNMA | Federal National Mortgage Association |
GAN | Grant Anticipation Notes | GIC | Guaranteed Investment Contract |
GNMA | Government National Mortgage Association | GO | General Obligation |
HR | Hospital Revenue | IDB | Industrial Development Board |
IDC | Industrial Development Corporation | IDR | Industrial Development Revenue |
LIBOR | London Interbank Offered Rate | LIFERS | Long Inverse Floating Exempt Receipts |
LOC | Letter of Credit | LOR | Limited Obligation Revenue |
LR | Lease Revenue | NAN | Note Anticipation Notes |
MERLOTS | Municipal Exempt Receipts Liquidity Option Tender | MFHR | Multi-Family Housing Revenue |
MFMR | Multi-Family Mortgage Revenue | MUNIPSA | Securities Industry and Financial Markets Association Municipal Swap Index Yield |
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes |
P-FLOATS | Puttable Floating Option Tax-Exempt Receipts | PRIME | Prime Lending Rate |
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 | SOFRRATE | Secured Overnight Financing Rate |
SONYMA | State of New York Mortgage Agency | SPEARS | Short Puttable Exempt Adjustable Receipts |
SWDR | Solid Waste Disposal Revenue | TAN | Tax Anticipation Notes |
TAW | Tax Anticipation Warrants | TRAN | Tax and Revenue Anticipation Notes |
XLCA | XL Capital Assurance |
See notes to financial statements.
17
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2019
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| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
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Assets ($): |
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Investments in securities—See Statements |
|
|
| 829,826,221 | †† | 791,121,341 |
|
|
Cash |
|
|
| 27,431 |
| - |
|
|
Interest receivable |
|
|
| 537,536 |
| 1,692,865 |
|
|
Prepaid expenses |
|
|
| 14,974 |
| 15,524 |
|
|
|
|
|
| 830,406,162 |
| 792,829,730 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 212,436 |
| 216,778 |
|
|
Cash overdraft due to Custodian |
|
|
| - |
| 1,058,206 |
|
|
Trustees fees and expenses payable |
|
|
| 22,260 |
| 22,032 |
|
|
Payable for investment securities purchased |
|
|
| - |
| 450,000 |
|
|
Other accrued expenses |
|
|
| 26,839 |
| 43,133 |
|
|
|
|
|
| 261,535 |
| 1,790,149 |
|
|
Net Assets ($) |
|
|
| 830,144,627 |
| 791,039,581 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 830,136,270 |
| 791,039,581 |
|
|
Total distributable earnings (loss) |
|
|
| 8,357 |
| - |
|
|
Net Assets ($) |
|
|
| 830,144,627 |
| 791,039,581 |
|
|
† Investments at cost ($) |
|
|
| 829,826,221 |
| 791,121,341 |
|
|
††Value of repurchase |
|
|
| 286,000,000 |
| - |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
Class M |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 812,992,576 |
| 790,984,361 |
|
|
Shares Outstanding |
|
|
| 812,987,225 |
| 791,463,813 |
|
|
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 17,152,051 |
| 55,220 |
|
|
Shares Outstanding |
|
|
| 17,151,839 |
| 55,258 |
|
|
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
|
|
|
|
|
|
|
18
STATEMENTS OF OPERATIONS
Year Ended August 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
|
Investment Income ($): |
|
|
|
|
|
| ||
Interest Income |
|
| 20,548,144 |
| 14,560,590 |
| ||
Expenses: |
|
|
|
|
|
| ||
Investment advisory fee—Note 2(a) |
|
| 1,314,173 |
| 1,362,636 |
| ||
Administration fee—Note 2(a) |
|
| 1,074,494 |
| 1,114,303 |
| ||
Trustees’ fees and expenses—Note 2(c) |
|
| 62,544 |
| 64,428 |
| ||
Professional fees |
|
| 45,455 |
| 53,704 |
| ||
Shareholder servicing costs—Note 2(b) |
|
| 42,725 |
| 159 |
| ||
Registration fees |
|
| 33,743 |
| 34,204 |
| ||
Custodian fees—Note 2(b) |
|
| 23,282 |
| 28,447 |
| ||
Prospectus and shareholders’ reports |
|
| 16,269 |
| 14,143 |
| ||
Miscellaneous |
|
| 29,165 |
| 40,900 |
| ||
Total Expenses |
|
| 2,641,850 |
| 2,712,924 |
| ||
Less—reduction in fees due to earnings credits—Note 2(b) |
|
| (2,849) |
| (5,391) |
| ||
Net Expenses |
|
| 2,639,001 |
| 2,707,533 |
| ||
Investment Income—Net |
|
| 17,909,143 |
| 11,853,057 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
| ||||
Net realized gain (loss) on investments | 11,125 |
| 271,786 |
| ||||
Net change in unrealized appreciation (depreciation) on investments |
|
| - |
| (42,986) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 11,125 |
| 228,800 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 17,920,268 |
| 12,081,857 |
| |||
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
19
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2019 |
|
|
| 2018a |
| 2019 |
|
|
| 2018a |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 17,909,143 |
|
|
| 9,546,308 |
| 11,853,057 |
|
|
| 6,650,490 |
| |
Net realized gain (loss) on investments |
| 11,125 |
|
|
| 521 |
| 271,786 |
|
|
| 79,004 |
| ||
Net change in unrealized appreciation |
| - |
|
|
| - |
| (42,986) |
|
|
| 42,986 |
| ||
Net Increase (Decrease) in Net Assets | 17,920,268 |
|
|
| 9,546,829 |
| 12,081,857 |
|
|
| 6,772,480 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (17,603,726) |
|
|
| (9,383,047) |
| (11,852,476) |
|
|
| (6,655,129) |
| |
Investor Shares |
|
| (305,417) |
|
|
| (163,261) |
| (581) |
|
|
| (369) |
| |
Total Distributions |
|
| (17,909,143) |
|
|
| (9,546,308) |
| (11,853,057) |
|
|
| (6,655,498) |
| |
Beneficial Interest Transactions ($1.00 per share): |
|
|
|
|
|
|
|
|
|
|
| ||||
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 1,331,504,695 |
|
|
| 1,162,190,850 |
| 2,003,324,264 |
|
|
| 1,564,832,868 |
| |
Investor Shares |
|
| 23,275,017 |
|
|
| 26,360,739 |
| - |
|
|
| 15,000 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 97,720 |
|
|
| 38,605 |
| 192,679 |
|
|
| 177,176 |
| |
Investor Shares |
|
| 302,423 |
|
|
| 161,584 |
| 160 |
|
|
| 98 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (1,293,353,786) |
|
|
| (1,082,838,713) |
| (1,976,282,257) |
|
|
| (1,423,041,075) |
| |
Investor Shares |
|
| (23,329,479) |
|
|
| (29,986,172) |
| - |
|
|
| - |
| |
Increase (Decrease) in Net Assets | 38,496,590 |
|
|
| 75,926,893 |
| 27,234,846 |
|
|
| 141,984,067 |
| |||
Total Increase (Decrease) in Net Assets | 38,507,715 |
|
|
| 75,927,414 |
| 27,463,646 |
|
|
| 142,101,049 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 791,636,912 |
|
|
| 715,709,498 |
| 763,575,935 |
|
|
| 621,474,886 |
| |
End of Period |
|
| 830,144,627 |
|
|
| 791,636,912 |
| 791,039,581 |
|
|
| 763,575,935 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
aDistributions to shareholders include only distributions from net investment income. | |||||||||||||||
See notes to financial statements. |
20
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Government Money Market Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .020 | .012 | .004 | .000a | .000a | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.020) | (.012) | (.004) | (.000)a | (.000)a | ||||||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Total Return (%) | 2.06 | 1.24 | .38 | .04 | .00b | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .30 | .30 | .31 | .33 | .32 | ||||||||||
Ratio of net expenses to average net assets | .30 | .30 | .31 | .30 | .19 | ||||||||||
Ratio of net investment income to average net assets | 2.05 | 1.23 | .36 | .04 | .00b | ||||||||||
Net Assets, end of period ($ x 1,000) | 812,993 | 774,733 | 695,342 | 839,477 | 329,114 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
21
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||||||||||||
Year Ended August 31, | ||||||||||||||||
BNY Mellon Government Money Market Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| ||||||
Per Share Data ($): | ||||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||
Investment Operations: | ||||||||||||||||
Investment income—net | .018 | .010 | .002 | .000a | .000a | |||||||||||
Distributions: | ||||||||||||||||
Dividends from investment income—net | (.018) | (.010) | (.002) | (.000)a | (.000)a | |||||||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||
Total Return (%) | 1.80 | .98 | .18 | .01 | .00b | |||||||||||
Ratios/Supplemental Data (%): | ||||||||||||||||
Ratio of total expenses to average net assets | .55 | .55 | .56 | .58 | .57 | |||||||||||
Ratio of net expenses to average net assets | .55 | .55 | .52 | .32 | .19 | |||||||||||
Ratio of net investment income to average net assets | 1.79 | .94 | .20 | .01 | .00b | |||||||||||
Net Assets, end of period ($ x 1,000) | 17,152 | 16,904 | 20,368 | 8,799 | 8,035 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
22
Class M Shares | ||||||||||||||||
Year Ended August 31, | ||||||||||||||||
BNY Mellon National Municipal Money Market Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| ||||||
Per Share Data ($): | ||||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||
Investment Operations: | ||||||||||||||||
Investment income—net | .013 | .009 | .004 | .000a | .000a | |||||||||||
Distributions: | ||||||||||||||||
Dividends from investment income—net | (.013) | (.009) | (.004) | (.000)a | (.000)a | |||||||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||||
Total Return (%) | 1.31 | .93 | .44 | .04 | .00b | |||||||||||
Ratios/Supplemental Data (%): | ||||||||||||||||
Ratio of total expenses to average net assets | .30 | .30 | .31 | .31 | .30 | |||||||||||
Ratio of net expenses to average net assets | .30 | .30 | .31 | .16 | .08 | |||||||||||
Ratio of net investment income to average net assets | 1.30 | .93 | .44 | .04 | .00b | |||||||||||
Net Assets, end of period ($ x 1,000) | 790,984 | 763,521 | 621,435 | 571,287 | 780,977 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
23
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Municipal Money Market Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .011 | .007 | .002 | .000a | .000a | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.011) | (.007) | (.002) | (.000)a | (.000)a | ||||||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Total Return (%) | 1.06 | .68 | .19 | .01 | .00b | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .55 | .55 | .57 | .56 | .56 | ||||||||||
Ratio of net expenses to average net assets | .55 | .55 | .57 | .17 | .09 | ||||||||||
Ratio of net investment income to average net assets | 1.10 | .69 | .12 | .01 | .00b | ||||||||||
Net Assets, end of period ($ x 1,000) | 55 | 55 | 40 | 2,331 | 6,788 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
24
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-three 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 Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, 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 the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain administrative services.BNY MellonSecurities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of each fund’s shares, which are sold without a sales charge.
Effective June 3, 2019, The Dreyfus Corporation, each fund’s investment adviser, changed its name to “BNY Mellon Investment Adviser, Inc.”, MBSC Securities Corporation, each fund’s distributor, changed its name to “BNY Mellon Securities Corporation” and Dreyfus Transfer, Inc., each fund’s transfer agent, changed its name to “BNY Mellon Transfer, Inc.” In addition, effective June 3, 2019, BNY Mellon Investment Adviser, Inc. serves as the funds’ investment adviser directly and not through BNY Mellon Fund Advisers, formerly a division of BNY Mellon Investment Adviser, Inc.
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 (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. Each fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. Each 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 fair market value, the fair value of the portfolio securities will be determined by procedures established by and under the general oversight 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
25
NOTES TO FINANCIAL STATEMENTS(continued)
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. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected within Level 2 of the fair value hierarchy.
At August 31, 2019, all of the securities in each fund were considered Level 2 within 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 the Adviser, 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 funds managed by the Adviser in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities.
(c) Dividends and distributions to shareholders:It is the policy of each fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of each fund not to distribute such gains.
(d) Federal income taxes:It is the policy of BNY Mellon Government Money Market Fund to continue to qualify as a regulated investment company if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.
It is the policy of BNY Mellon National Municipal Money Market Fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended August 31, 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
26
August 31, 2019, the funds did not incur any interest or penalties.
Each tax year in the four-year period ended August 31, 2019 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At August 31, 2019, the components of accumulated earnings on a tax basis for each fund were substantially the same as for financial reporting purposes.
The tax character of distributions paid to shareholders for each fund during the fiscal periods ended August 31, 2019 and August 31, 2018 was all ordinary income for BNY Mellon Government Money Market Fund and for BNY Mellon National Municipal Money Market Fund $11,853,057 was tax exempt income for the period ended August 31, 2019 and $6,650,490 was tax exempt income and $5,008 ordinary income for the period ended August 31, 2018.
During the period ended August 31, 2019, as a result of permanent book to tax differences, primarily due to treating a portion of the proceeds from redemptions as a distribution for tax purposes, BNY Mellon National Municipal Money Market Fund decreased total distributable earnings (loss) by $271,786 and increased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.
At August 31, 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: Effective June 1, 2019, the funds adopted 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.
Also effective June 1, 2019, the funds adopted 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 modifies certain disclosure requirements for fair value measurements. The adoption of ASU 2017-08 and ASU 2018-13 had no impact on the operations of the funds for the period ended August 31, 2019.
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 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 August 31, 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 | $42,653 |
BNY Mellon National Municipal | 138 |
27
NOTES TO FINANCIAL STATEMENTS(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 when positive cash balance are maintained, which were used to offset custody fees. For financial reporting purposes, the funds include net earnings credits, if any, as expense offsets in the Statements of Operations.
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity.Table 2 summarizes the amount each fund was charged during the period ended August 31, 2019 pursuant to the custody agreement. These fees were partially offset by earnings credits for each 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 August 31, 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 | $72 |
BNY Mellon National Municipal | 21 |
During the period ended August 31, 2019, each fund was charged $11,539 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 BNY Mellon Investment Adviser, Inc. and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 3—Securities Transactions:
BNY Mellon National Municipal Money Market Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers, complies with Rule 17a-7 under the Act. During the period ended August 31, 2019, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act amounting to $285,175,000 and $484,385,000respectively.
Table 2—Custody Agreement Fees | |||
| Custody Fees ($) | Earnings Credits ($) | |
BNY Mellon Government Money Market Fund | 23,282 | (2,849) | |
BNY Mellon National Municipal Money Market Fund | 28,447 | (5,391) |
Table 4—Due to BNY Mellon Investment Adviser, Inc. and Affiliates | ||||||||
| Investment | Administration | Shareholder | Custodian | The Bank of New York Mellon Cash Management | Chief | ||
BNY Mellon Government Money Market Fund | 109,288 | 89,148 | 3623 | 8,000 | 125 | 2,252 | ||
BNY Mellon National Municipal Money Market Fund | 106,245 | 86,667 | 12 | 21,600 | 2 | 2,252 |
28
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Shareholders of the Funds and Board of Trustees of
BNY Mellon Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of BNY Mellon Government Money Market Fund and BNY Mellon National Municipal Money Market Fund (collectively, the “Funds”), each a series of BNY Mellon Funds Trust, including the statements of investments, as of August 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2019, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.
New York, New York
October 29, 2019
29
IMPORTANT TAX INFORMATION(Unaudited)
BNY Mellon Government Money Market Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 100% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code. For state individual income tax purposes, the fund hereby reports 66.00% of the ordinary income dividends paid during its fiscal year ended August 31, 2019 as attributable to interest income from direct obligations of the United States. Such dividends are currently exempt from taxation for individual income tax purposes in most states, including New York, California, Connecticut and the District of Columbia.
BNY Mellon National Municipal Money Market Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2019 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2019 calendar year on Form 1099-DIV, which will be mailed in early 2020.
30
INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited)
At a meeting of the Trust’s Board of Trustees held on March 18-19, 2019, the Board considered the renewalof the Trust’s Investment Advisory Agreement and Administration Agreement, pursuant to which the Adviser provides the funds with investment advisory services and The Bank of New York Mellon provides the funds with administrative services (together the “Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain of these administrative services. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to the funds. The Adviser provided the number of open accounts in each fund, each fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY Mellon fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to each fund.
The Board also considered research support available to, and portfolio management capabilities of, each fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures.
Comparative Analysis of the Funds’ Performance and Management Fees and Expense Ratios. For each fund, the Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended December 31, 2018, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to each fund and comparison funds.
BNY Mellon Government Money Market Fund
The Board discussed with representatives of the Adviser the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods except the one-year period, where the fund’s total return was at the Performance Group median. The Board noted that, prior to May 1, 2016, the fund operated as a prime money market fund and invested in certain types of securities that the fund is no longer permitted to hold and that, consequently, the performance comparisons may have been different if the current investment limitations had been in effect during the period prior to the fund’s conversion to a government money market fund.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was at the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were below the Expense Group median and Expense Universe medians.
BNY Mellon National Municipal Money Market Fund
The Board discussed with representatives of the Adviser the results of the comparisons and considered that the fund’s total return performance was below the Performance Group median for all periods and at or above the Performance Universe median for all periods. The Adviser advised the Board that underperformance relative to the Performance
31
INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited) (continued)
Group was the result of the Adviser’s conservative investment approach, including its credit standards and the maintenance of short average portfolio maturities, which the Adviser employed to seek to reduce risk.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were above the Expense Group median and below the Expense Universe median.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing each fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by the Adviser to each fund. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of the funds.
For each fund, the Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided by the Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in a fund’s asset level. The Board also considered potential benefits to the Adviser from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading the funds’ investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
· The Board concluded that the nature, extent and quality of the services provided by the Adviser to each fund are adequate and appropriate.
· The Board was satisfied with the relative performance of the BNY Mellon Government Money Market Fund.
· While the Board was somewhat concerned with the relative performance of BNY Mellon National Municipal Money Market Fund, the Board expressed confidence in the fund’s strategy and portfolio managers and agreed to closely monitor performance.
· For each fund, the Board concluded that the fee paid to the Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the funds had been adequately considered by the Adviser in connection with the fee rate charged to each fund pursuant to the Agreements and that, to the extent in the future it were determined that material economies of scale had not been shared with a fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates, of the Adviser and the services provided to each fund by the Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of each fund and the investment management and other services provided under the Agreement, including information on the investment performance of each fund in comparison to similar mutual funds and benchmark performance measures; general market outlook as applicable to each fund; and compliance reports. In addition, the Board’s consideration of
32
the contractual fee arrangements for each fund had the benefit of a number of years of reviews of the Agreement for the funds, or substantially similar agreements for other funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the funds’ arrangements, or substantially similar arrangements, in prior years. The Board determined to renew the Agreement.
33
BOARD MEMBERS INFORMATION(Unaudited)
INDEPENDENT BOARD MEMBERS
Board Member, Chairman of the Board (2000)
Principal Occupation During Past 5 Years:
Attorney, Cozen and O’Connor, P.C. since 1973, including Vice Chairman since 1980
No. of Portfolios for which Board Member Serves:23
———————
John R. Alchin (71)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Retired since 2007
Other Public Company Board Memberships During Past 5 Years:
· Polo Ralph Lauren Corporation, a retail clothing and home furnishing company,Director (2007-present) and Chair of Audit Committee (August 2018-Present)
· The Barnes Foundation, an art collection and educational institution promoting the appreciation of art and horticulture, Director (2017-Present)
No. of Portfolios for which Board Member Serves:23
———————
Ronald R. Davenport (83)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Chairman of Sheridan Broadcasting Corporation since July 1972
No. of Portfolios for which Board Member Serves:23
———————
Jack Diederich (82)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
Other Public Company Board Memberships During Past 5 Years:
· Continental Mills, a dry baking products company, Board Member (1997 - Present)
No. of Portfolios for which Board Member Serves: 23
———————
Kim D. Kelly (63)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Consultant since 2005
Other Public Company Board Memberships During Past 5 Years:
· MCG Capital Corporation, a business development company, Director (2004-2015)
No. of Portfolios for which Board Member Serves:23
———————
Kevin C. Phelan (75)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Mortgage Banker, Colliers International since March 1978, including,
Co-Chairman since 2010 and President since 2007
No. of Portfolios for which Board Member Serves:23
———————
Patrick J. Purcell (71)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Owner of The Boston Herald since February 1994, President and Publisher (from 1994 to 2018)
President and Founder, jobfind.com, an employment search site on the world wide web, since July 1996
· President and Chief Executive Officer, Herald Media from 2001 to 2018
No. of Portfolios for which Board Member Serves: 23
———————
Thomas F. Ryan, Jr. (78)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since April 1999
Other Public Company Board Memberships During Past 5 Years:
· RepliGen Corporation, a biopharmaceutical company, Director (2002-present)
No. of Portfolios for which Board Member Serves: 23
———————
Maureen M. Young (73)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since 2007
No. of Portfolios for which Board Member Serves:23
———————
Once elected all Board Members serve for an indefinite term. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387. For individual account holders for Private Wealth Management clients, please contact your account officer or call 1-866-804-5023.
34
OFFICERS OF THE TRUST(Unaudited)
PATRICK T. CROWE, President since July 2015.
National Director of Investment Advisory, Analytics and Solutions for BNY Mellon Wealth Management since July 2014; from July 2007 to July 2014, Managing Director for BNY Mellon Wealth Management's Tri-State region, comprising New York, New Jersey and Southern Connecticut. He is 55 years old and has served in various capacities with BNY Mellon since 1993.
JAMES WINDELS, Treasurer since November 2001.
Director- BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 61 years old and has been an employee of the Adviser since April 1985.
BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.
Chief Legal Officer of the Adviser and Associate General Counsel and Managing Director of BNY Mellon since June 2015; Director and Associate General Counsel of Deutsche Bank – Asset & Wealth Management Division from June 2005 to June 2015, and as Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 48 years old and has been an employee of the Adviser since June 2015.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Managing Counsel of BNY Mellon and Secretary of the Adviser, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 53 years old and has been an employee of the Adviser since December 1996.
SONALEE CROSS, Vice President and Assistant Secretary since March 2017.
Counsel of BNY Mellon since October 2016; Associate at Proskauer Rose LLP from April 2016 to September 2016; Attorney at EnTrust Capital from August 2015 to February 2016; Associate at Sidley Austin LLP from September 2013 to August 2015. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 31 years old and has been an employee of the Adviser since October 2016.
DEIRDRE CUNNANE, Vice President and Assistant Secretary since February 2019.
Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018; Trustee Associate at BNY Mellon Trust Company (Ireland) Limited from August 2013 to February 2016. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 29 years old and has been an employee of the Adviser since August 2018.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017, Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 44 years old and has been an employee of the Adviser since March 2013.
NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Counsel of BNY Mellon since May 2016; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 to May 2016 and Assistant General Counsel at RCS Advisory Services from July 2014 to November 2015. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 34 years old and has been an employee of the Adviser since May 2016.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2015.
Senior Managing Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 54 years old and has been an employee of the Adviser since October 1990.
PETER M. SULLIVAN, Vice President and Assistant Secretary since March 2019.
Managing Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 51 years old and has been an employee of the Adviser since April 2004.
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager - BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 51 years old and has been an employee of the Adviser since April 1991.
ROBERT S. ROBOL, Assistant Treasurer since December 2002.
Senior Accounting Manager- BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 55 years old and has been an employee of the Adviser since October 1988.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 52 years old and has been an employee of the Adviser since June 1989.
ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 52 years old and has been an employee of the Adviser since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the Adviser, the BNY Mellon Family of Funds and BNY Mellon Funds Trust (64 investment companies, comprised of 143 portfolios). He is 62 years old and has served in various capacities with the Adviser since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
CARIDAD M. CAROSELLA, Anti-Money Laudering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor. She is an officer of 57 investment companies (comprised of 136 portfolios) managed by the Adviser. She is 51 years old and has been an employee of the Distributor since 1997.
35
The BNY Mellon Funds
c/o BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Administrator
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Sub-Administrator
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286
Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286
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 BNY Mellon Brokerage Services. Individual Account holders, please call BNY Mellon Investment Advisers at 1-800-373-9387.
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.bnymellonim.com/us, the fund’s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on thewebsite for a period of five months. The fund files a monthly schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) on Form N-MFP. The fund’s Forms N-MFP are available on the SEC’s website atwww.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.bnymellonim.com/usand 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 1-800-373-9387.
© 2019 BNY Mellon Securities Corporation | MFTAR0819-MM |
The BNY Mellon Funds
BNY Mellon National Intermediate Municipal Bond Fund
BNY Mellon National Short-Term Municipal Bond Fund
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund
BNY Mellon Massachusetts Intermediate Municipal Bond Fund
BNY Mellon New York Intermediate Tax-Exempt Bond Fund
BNY Mellon Municipal Opportunities Fund
ANNUAL REPORT August 31, 2019 | |
Contents
THE FUNDS
Public Accounting Firm | |
Advisory Agreement and Administration Agreement | |
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this annual report for the respective funds of the BNY Mellon Funds Trust, covering the 12-month period from September 1, 2018 through August 31, 2019. For information about how the funds performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
After a strong summer, equity markets weakened in the fourth quarter of 2018, as concerns about rising interest rates, trade tensions and slowing global growth provided downward pressure on returns. In December 2018, stocks experienced a sharp sell-off, as it appeared that the U.S. Federal Reserve (the “Fed”) would maintain its hawkish stance on monetary policy. In January 2019, the Fed commented that it would slow the pace of interest-rate increases, which helped stimulate a rebound across equity markets that continued into the second quarter. Escalating trade tensions disrupted equity markets again in May. The dip was short-lived, as markets rose once again in June. However, despite continued supportive central bank policies, pockets of volatility persisted through the end of the period.
In fixed-income markets, returns were hampered early in the reporting period by rising interest rates and accelerating inflation. With the return of stock market volatility in October 2018, a flight to quality led to a rise in prices for U.S. Treasuries that continued through the end of the year, leading to a flattening yield curve. After the Fed’s supportive statements in January 2019, other developed market central banks followed suit and reiterated their abilities to bolster flagging growth by continuing supportive policies. This helped to further buoy fixed-income instrument prices. At the end of July, the Fed cut the federal funds rate by 25 basis points. Both the U.S. and Global Bloomberg Barclays Aggregate Bond indices produced strong returns for the 12 months.
We believe that over the near term, the outlook for the U.S. remains positive, but we will monitor relevant data for any signs of a change. 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
September 16, 2019
3
DISCUSSION OF FUND PERFORMANCE(Unaudited)
For the period from September 1, 2018 through August 31, 2019, as provided by John F. Flahive and Mary Collette O’Brien, portfolio managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon National Intermediate Municipal Bond Fund’s Class M shares produced a total return of 8.26%, and Investor shares produced a total return of 7.92%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 8.42%,2and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 8.41% for the same period.3,4
Municipal bonds generally produced positive total returns over the reporting period due to falling interest rates and demand supported by investors’ desire for tax-free income. The fund underperformed the Index, mainly due to hedging activity.
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.
A Tale of Two Markets
Over the reporting period, several shifts in investor sentiment and behavior occurred. During September 2018, markets were still enjoying momentum from strong summer 2018 returns, despite continued concerns over trade disputes, geopolitical disagreements and the possibility of slowing global growth. In October 2018, the U.S. Federal Reserve (the “Fed”) made comments that led investors to believe it was set to proceed down a hawkish trajectory in terms of 2019 interest-rate hikes. This, along with softness in earnings of cyclical companies, increasing corporate leverage, and continued global political uncertainty unnerved investors and sparked a period of volatility that lasted throughout the fourth quarter of 2018.
Investor sentiment and market performance shifted once again in January 2019 after comments by the Fed, 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. After the Fed’s meeting, spreads narrowed and risk asset valuations recovered. Prices of fixed-income instruments continued to rally throughout much of the latter half of the period, with high yield securities outperforming much of the broader market. Corporate earnings were generally in line with expectations, and the performance of cyclical sector debt, such as automobile, energy and chemical companies, has continued to improve since the end of 2018. At its July 2019 meeting, the Fed continued its accommodative policies by cutting the federal funds rate by 25 basis points. Throughout much of 2019, rates generally fell, and the Treasury and municipal yield curves flattened.
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 12 months. The fund utilizes interest-rate swaps and futures, which had a material effect on performance during the period. In addition, positioning within housing and pre-refunded debt provided a headwind to results, as did a cash position. Issue selection and duration positioning within bonds issued by New Jersey also detracted, along with issue selection and duration positioning within BBB rated credit.
Conversely, investments in AA rated debt were highly beneficial to portfolio performance, due primarily to successful duration positioning and issue selection. Yield-curve positioning also helped results, as the portfolio was underweight to the short end of the curve and overweight to the long end of the curve during the period, which bolstered returns due to interest-rate movements over the 12 months. Bonds issued by New York and Pennsylvania also provided a generous tailwind. Positioning within health care and transportation debt also contributed.
Constructively Positioned for Low Rates
As we watch economic growth rates moderate, we remain guarded and are keeping an eye on global events and dynamics. We believe that the U.S. continues to be tethered to global interest rates. As non-U.S. sovereign rates stay low, so do rates in the U.S. We think this trend will persist, with the Fed possibly continuing to unwind its previous rate increases throughout the rest of 2019. It is our opinion that rates will stay range-bound, but the yield curve may steepen. In this environment, we feel it is prudent to maintain neutral duration positioning to potentially help mitigate the impact of interest-rate changes on relative performance. In aiming for this goal, we have been reducing our exposure to bonds with zero-to-three-year maturity profiles and 20+ year maturity profiles.
September 16, 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.
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 August 31, 2019, as provided by John F. Flahive, portfolio manager
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon National Short-Term Municipal Bond Fund’s Class M shares produced a total return of 3.03%, and Investor shares produced a total return of 2.78%.1In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Short Index (the “Index”), produced a total return of 3.36%,2and the fund’s former benchmark, the S&P Municipal Bond Short Index, produced a total return of 3.39% for the same period.3,4
Municipal bonds generally produced positive total returns over the reporting period due to falling interest rates and demand supported by investors’ desire for tax-free income. The fund underperformed the Index, primarily due to income generation and duration 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 average effective portfolio maturity and the average effective portfolio duration of the fund’s portfolio will be less than three years.
A Tale of Two Markets
Over the reporting period, several shifts in investor sentiment and behavior occurred. During September 2018, markets were still enjoying momentum from strong summer 2018 returns, despite continued concerns over trade disputes, geopolitical disagreements and the possibility of slowing global growth. In October 2018, the U.S. Federal Reserve (the “Fed”) made comments that led investors to believe it was set to proceed down a hawkish trajectory in terms of 2019 interest-rate hikes. This, along with softness in earnings of cyclical companies, increasing corporate leverage, and continued global political uncertainty unnerved investors and sparked a period of volatility that lasted throughout the fourth calendar quarter of 2018.
Investor sentiment and market performance shifted once again in January 2019 after comments by the Fed, 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. After the Federal Open Market Committee (FOMC) meeting, spreads narrowed and risk asset valuations recovered. Prices of fixed-income instruments continued to rally throughout much of the latter half of the period, with high yield securities outperforming much of the broader market. Corporate earnings were generally in line with expectations, and the performance of cyclical sector debt, such as automobile, energy and chemical companies, has continued to improve since the end of 2018. At its July 2019 meeting, the Fed continued its accommodative policies by cutting the federal funds rate by 25 basis points. Throughout much of 2019, rates generally fell, and the Treasury and municipal yield curves flattened.
Income Generation and Duration Positioning Dampens Fund Results
The fund’s performance relative to the Index was hindered during the reporting period in part by the portfolio’s income production, mainly in the industrial development revenue (IDR)/pollution control revenue (PCR), tax-supported, utility, transportation and health care sectors. Positioning within debt that matured in 2018 also provided a headwind, as did investments in BBB rated credit. New York state bonds also detracted, as did short-duration positioning.
Conversely, investments in AAA, AA and A rated debt contributed to relative results, primarily due to successful security selection, as did a cash position. Issue selection among bonds maturing in 2019 and 2020 was also helpful. Pre-refunded and tax-supported bonds were also among the top contributors to returns, as were bonds issued by California and Texas.
Constructively Positioned for Low Rates
As we watch economic growth rates moderate, we remain guarded and are keeping an eye on global events and dynamics. We believe that the U.S. continues to be tethered to global interest rates. As non-U.S. sovereign rates stay low, so do rates in the U.S. We think this trend will persist, with the Fed possibly continuing to unwind its previous rate increases throughout the rest of 2019. It is our opinion that rates will stay range-bound, but the yield curve may steepen. In this environment, we feel it is prudent to maintain neutral duration positioning to help mitigate the impact of interest-rate changes on relative performance. In attempting to move toward this goal, we have been reducing our exposure to bonds with zero-to-three-year maturity profiles and 20+ year maturity profiles.
September 16, 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: Lipper, Inc. — The S&P Municipal Bond Short Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of six months and a maximum maturity of up to, but not including, four years as measured from the rebalancing date. 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 August 31, 2019, as provided by Gregory J. Conant and Mary Collette O’Brien, portfolio managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund’s Class M shares produced a total return of 8.09%, and Investor shares produced a total return of 7.83%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 8.42%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 8.41% for the same period.3,4
Municipal bonds generally produced positive total returns over the reporting period due to falling interest rates and demand supported by investors’ desire for tax-free income. The fund underperformed the Index, primarily due to hedging activity.
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.
A Tale of Two Markets
Over the reporting period, several shifts in investor sentiment and behavior occurred. During September 2018, markets were still enjoying momentum from strong summer 2018 returns, despite continued concerns over trade disputes, geopolitical disagreements and the possibility of slowing global growth. In October 2018, the U.S. Federal Reserve (the “Fed”) made comments that led investors to believe it was set to proceed down a hawkish trajectory in terms of 2019 interest-rate hikes. This, along with softness in earnings of cyclical companies, increasing corporate leverage, and continued global political uncertainty unnerved investors and sparked a period of volatility that lasted throughout the fourth quarter of 2018.
Investor sentiment and market performance shifted once again in January 2019 after comments by the Fed, 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. After the Federal Open Market Committee (FOMC) meeting, spreads narrowed and risk asset valuations recovered. Prices of fixed-income instruments continued to rally throughout much of the latter half of the period, with high yield securities outperforming much of the broader market. Corporate earnings were generally in line with expectations, and the performance of cyclical sector debt, such as automobile, energy and chemical companies, has continued to improve since the end of 2018. At its July 2019 meeting, the Fed continued its accommodative policies by cutting the federal funds rate by 25 basis points. Throughout much of 2019, rates generally fell, and the Treasury and municipal yield curves flattened.
The financial condition of Pennsylvania has stabilized throughout the last several years due to an improved budgetary process. This has reassured investors, and the state spreads have narrowed. Pennsylvania enjoys a diverse economy, which helps to provide steady revenues.
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 12 months. The fund utilizes interest-rate futures, which had a material effect on performance during the period. An overweight to shorter-maturity bonds also detracted. In addition, positioning within pre-refunded debt provided a headwind to results, as did a small cash position. Shorter duration and maturity positioning within bonds issued by New Jersey, Illinois, and Puerto Rico also detracted relative to the Index.
Conversely, its concentrated exposure to bonds issued by Pennsylvania was beneficial to portfolio performance. Investments in AA, A and AAA rated debt also contributed. An overweight to bonds maturing between 2034 and 2038 bolstered results, along with duration positioning and issue selection within local general obligation, education and health care bonds. Transportation credits also benefited returns.
Constructively Positioned for Low Rates
As we watch economic growth rates moderate, we remain guarded and are keeping an eye on global events and dynamics. We believe that the U.S. continues to be tethered to global interest rates. As non-U.S. sovereign rates stay low, so do rates in the U.S. We think this trend will persist, with the Fed possibly continuing to unwind its previous rate increases throughout the rest of 2019. It is our opinion that rates will stay range-bound, but the yield curve may steepen. In this environment, we feel it is prudent to maintain neutral duration positioning to potentially help mitigate the impact of interest-rate changes on relative performance. In aiming for this goal, we have been reducing our exposure to bonds with zero-to-three-year maturity profiles and 20+ year maturity profiles.
September 16, 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.
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 August 31, 2019, as provided by Mary Collette O’Brien and Stephen J. O’Brien, portfolio managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Massachusetts Intermediate Municipal Bond Fund’s Class M shares produced a total return of 8.28%, and Investor shares produced a total return of 7.93%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 8.42%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 8.41% for the same period.3,4
Municipal bonds generally produced positive total returns over the reporting period due to falling interest rates and demand supported by investors’ desire for tax-free income. The fund underperformed the Index, primarily due to hedging activity.
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.
A Tale of Two Markets
Over the reporting period, several shifts in investor sentiment and behavior occurred. During September 2018, markets were still enjoying momentum from strong summer 2018 returns, despite continued concerns over trade disputes, geopolitical disagreements and the possibility of slowing global growth. In October 2018, the U.S. Federal Reserve (the “Fed”) made comments that led investors to believe it was set to proceed down a hawkish trajectory in terms of 2019 rate hikes. This, along with softness in earnings of cyclical companies, increasing corporate leverage, and continued global political uncertainty unnerved investors and sparked a period of volatility that lasted throughout the fourth quarter of 2018.
Investor sentiment and market performance shifted once again in January 2019 after comments by the Fed, 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. After the Fed’s meeting, spreads narrowed and risk asset valuations recovered. Prices of fixed income instruments continued to rally throughout much of the latter half of the period, with high yield securities outperforming much of the broader market. Corporate earnings were generally in line with expectations, and the performance of cyclical sector debt such as automobile, energy and chemical companies, has continued to improve since the end of 2018. At its July 2019 meeting, the Fed continued its accommodative policies by cutting the federal funds rate by 25 basis points. Throughout much of 2019, rates generally fell, and the Treasury and municipal yield curves flattened.
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.
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 12 months. The fund utilizes interest-rate futures, which had a material effect on performance during the period. An overweight to shorter-maturity bonds also detracted. A small cash position provided a headwind to returns, as did shorter-duration positioning within the transportation sector, bonds issued by New Jersey, and investments in A rated credit.
Conversely, the fund’s concentrated exposure to bonds issued by Massachusetts was beneficial to portfolio performance along with securities in the BBB rating category. An overweight to bonds maturing between 2034 and 2038 bolstered results, along with positioning in education, health care, utility and Industrial Development Revenue/Pollution Control Revenue (IDR/PCR).
Constructively Positioned for Low Rates
As we watch economic growth rates moderate, we remain guarded and are keeping an eye on global events and dynamics. We believe that the U.S. continues to be tethered to global interest rates. As non-U.S. sovereign rates stay low, so do rates in the U.S. We think this trend will persist, with the Fed possibly continuing to unwind its previous rate increases throughout the rest of 2019. It is our opinion that rates will stay range-bound, but the yield curve may steepen. In this environment, we feel it is prudent to maintain neutral duration positioning to potentially help mitigate the impact of interest-rate changes on relative performance. In aiming for this goal, we have been reducing our exposure to bonds with zero-to-three-year maturity profiles and 20+ year maturity profiles.
September 16, 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.
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
DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
For the period from September 1, 2018 through August 31, 2019, as provided by John F. Flahive and Gregory J. Conant, portfolio managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon New York Intermediate Tax-Exempt Bond Fund’s Class M shares produced a total return of 8.28%, and Investor shares produced a total return of 8.00%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 8.42%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 8.41% for the same period.3,4
Municipal bonds generally produced positive total returns over the reporting period due to falling interest rates and demand supported by investors’ desire for tax-free income. The fund underperformed the Index, primarily due to hedging activities.
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. 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.
A Tale of Two Markets
Over the reporting period, several shifts in investor sentiment and behavior occurred. During September 2018, markets were still enjoying momentum from strong summer 2018 returns, despite continued concerns over trade disputes, geopolitical disagreements and the possibility of slowing global growth. In October 2018, the U.S. Federal Reserve (the “Fed”) made comments that led investors to believe it was set to proceed down a hawkish trajectory in terms of 2019 interest-rate hikes. This, along with softness in earnings of cyclical companies, increasing corporate leverage, and continued global political uncertainty unnerved investors and sparked a period of volatility that lasted throughout the fourth quarter of 2018.
Investor sentiment and market performance shifted once again in January 2019 after comments by the Fed, 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. After the Federal Open Market Committee (FOMC) meeting, spreads narrowed and risk asset valuations recovered. Prices of fixed-income instruments continued to rally throughout much of the latter half of the period, with high yield securities outperforming much of the broader market. Corporate earnings were generally in line with expectations, and the performance of cyclical sector debt, such as automobile, energy and chemical companies, has continued to improve since the end of 2018. At its July 2019 meeting, the Fed continued its accommodative policies by cutting the federal funds rate by 25 basis points. Throughout much of 2019, rates generally fell, and the Treasury and municipal yield curves flattened.
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.
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 12 months. The fund utilizes futures, which had a material effect on performance during the period. An overweight to shorter-maturity bonds also detracted. A small cash position provided a headwind to returns, as did its shorter-duration positioning within transportation and housing debt. Shorter duration and maturity positioning within bonds issued by New Jersey, Illinois, and Puerto Rico also detracted relative to the Index.
Conversely, its concentrated exposure to bonds issued by New York was beneficial to portfolio performance. Investments in AA rated debt were standout contributors, but all credit qualities yielded positive performance for the period. An overweight to bonds maturing between 2034 and 2038 also bolstered results, along with positioning in tax-supported, education and utility debt.
Constructively Positioned for Low Rates
As we watch economic growth rates moderate, we remain guarded and are keeping an eye on global events and dynamics. We believe that the U.S. continues to be tethered to global interest rates. As non-U.S. sovereign rates stay low, so do rates in the U.S. We think this trend will persist, with the Fed possibly continuing to unwind its previous rate increases throughout the rest of 2019. It is our opinion that rates will stay range-bound, but the yield curve may steepen. In this environment, we feel it is prudent to maintain neutral duration positioning to potentially help mitigate the impact of interest-rate changes on relative performance. In aiming for this goal, we have been reducing our exposure to bonds with zero-to-three-year maturity profiles and 20+ year maturity profiles.
September 16, 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: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The S&P Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, neither index is subject to charges, fees, and other expenses and is not limited to investments principally in New York municipal obligations. Investors cannot invest directly in any index.
4 The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
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.
8
For the period from September 1, 2018 through August 31, 2019, as provided by John F. Flahive, portfolio manager
Market and Fund Performance Overview
For the 12-month period ended August 31, 2019, BNY Mellon Municipal Opportunities Fund’s Class M shares produced a total return of 7.77%, and Investor shares produced a total return of 7.50%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Municipal Bond Index (the “Index”), produced a total return of 8.72% for the same period.2
Municipal bonds generally produced positive total returns over the reporting period due to falling interest rates and demand supported by investors’ desire for tax-free income. The fund underperformed the Index for the period, partly 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.
A Tale of Two Markets
Over the reporting period, several shifts in investor sentiment and behavior occurred. During September 2018, markets were still enjoying momentum from strong summer 2018 returns, despite continued concerns over trade disputes, geopolitical disagreements and the possibility of slowing global growth. In October 2018, the U.S. Federal Reserve (the “Fed”) made comments that led investors to believe it was set to proceed down a hawkish trajectory in terms of 2019 interest-rate hikes. This, along with softness in earnings of cyclical companies, increasing corporate leverage, and continued global political uncertainty, unnerved investors and sparked a period of volatility that lasted throughout the fourth quarter of 2018.
Investor sentiment and market performance shifted once again in January 2019 after comments by the Fed, 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. After the Fed’s meeting, spreads narrowed, and risk asset valuations recovered. Prices of fixed-income instruments continued to rally throughout much of the latter half of the period, with high yield securities outperforming much of the broader market. Corporate earnings were generally in line with expectations, and the performance of cyclical sector debt, such as automobile, energy and chemical companies, has continued to improve since the end of 2018. At its July 2019 meeting, the Fed continued its accommodative policies by cutting the federal funds rate by 25 basis points. Throughout much of the latter half of the period, rates generally fell, and the Treasury yield curve flattened.
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 12 months. The fund utilizes interest-rate swaps and futures, which had a material effect on performance during the period. In addition, an out-of-index position in bonds that matured in 2018 provided a drag on results, as did a cash position. An overweight to bonds issued by Texas also produced a headwind during the period.
Conversely, investments in AA and A rated debt were beneficial to portfolio performance, due primarily to successful duration positioning and issue selection. A generous overweight to BBB rated securities also provided a tailwind to results. Bonds issued by California, New York, Massachusetts and Puerto Rico also bolstered returns. An overweight to bonds maturing in 2039 and beyond also helped.
Constructively Positioned for Low Rates
As we watch economic growth rates moderate, we remain guarded and are keeping an eye on global events and dynamics. We believe that the U.S. continues to be tethered to global interest rates. As non-U.S. sovereign rates stay low, so do rates in the U.S. We think this trend will persist, with the Fed possibly continuing to unwind its previous rate increases throughout the rest of 2019. It is our opinion that rates will stay range-bound, but the yield curve may steepen. In this environment, we feel it is prudent to maintain neutral duration positioning to potentially help mitigate the impact of interest-rate changes on relative performance.
September 16, 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.
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
9
FUND PERFORMANCE(Unaudited)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon National Intermediate Municipal Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Intermediate Index (the “Index”)
Average Annual Total Returnsas of 8/31/19 | |||
1 Year | 5 Years | 10 Years | |
Class M shares | 8.26% | 3.14% | 3.83% |
Investor shares | 7.92% | 2.87% | 3.57% |
S&P Municipal Bond Intermediate Index | 8.41% | 3.50% | 4.38% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon National Intermediate Municipal Bond Fund on 8/31/09 to a hypothetical investment of $10,000 made in the Index on that date.All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&P Municipal Bond Investment Grade Intermediate Index was launched on 3/19/13. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period. Performance information for the fund versus the S&P Municipal Bond Investment Grade Intermediate Index is included in the graph and table on the next page.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
10
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon National Intermediate Municipal Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”)
Average Annual Total Returnsas of 8/31/19 | ||||
Inception Date | 1 Year | 5 Years | From Inception | |
Class M shares | 7/1/13 | 8.26% | 3.14% | 3.46% |
Investor shares | 7/1/13 | 7.92% | 2.87% | 3.19% |
S&P Municipal Bond Investment Grade Intermediate Index | 7/1/13 | 8.42% | 3.43% | 3.93%††† |
†† Source: Bloomberg L.P.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon National Intermediate Municipal Bond Fund on 7/1/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard& Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
11
FUND PERFORMANCE(Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon National Short-Term Municipal Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Short Index (the “Index”)
Average Annual Total Returnsas of 8/31/19 | |||
1 Year | 5 Years | 10 Years | |
Class M shares | 3.03% | 1.07% | 1.23% |
Investor shares | 2.78% | 0.80% | 0.99% |
S&P Municipal Bond Short Index | 3.39% | 1.38% | 1.63% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon National Short-Term Municipal Bond Fund on 8/31/09 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Short Index to the S&P Municipal Bond Investment Grade Short Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&P Municipal Bond Investment Grade Short Index was launched on 3/19/13. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Short Index until the S&P Municipal Bond Investment Grade Short Index has been calculated for a 10-year period. Performance information for the fund versus the S&P Municipal Bond Investment Grade Short Index is included in the graph and table on the next page.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of six months and a maximum maturity of up to, but not including, four years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
12
Comparison of change in value of a $10,000 investment in Fund Class M shares and Investor shares of BNY Mellon National Short-Term Municipal Bond with a hypothetical investment of $10,000 in the S&P Municipal Bond Investment Grade Short Index (the “Index”)
Average Annual Total Returnsas of 8/31/19 | ||||
Inception Date | 1 Year | 5 Years | From Inception | |
Class M shares | 7/1/13 | 3.03% | 1.07% | 1.11% |
Investor shares | 7/1/13 | 2.78% | 0.80% | 0.86% |
S&P Municipal Bond Investment Grade Short Index | 7/1/13 | 3.36% | 1.35% | 1.40%††† |
†† Source: Bloomberg L.P.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon National Short-Term Municipal Bond Fund on 7/1/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard& Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. For the avoidance of doubt, the lowest rating is used in determining if a bond is eligible for the index. S&P Dow Jones Indices looks at the long term rating, either insured or uninsured, and the underlying rating for index inclusion. Bonds that are pre-refunded or escrowed to maturity are included in this index. All bonds must also have a minimum maturity of six months and a maximum maturity of up to, but not including, four years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
13
FUND PERFORMANCE(Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Intermediate Index (the “Index”)
Average Annual Total Returnsas of 8/31/19 | |||
1 Year | 5 Years | 10 Years | |
Class M shares | 8.09% | 3.06% | 3.47% |
Investor shares | 7.83% | 2.79% | 3.21% |
S&P Municipal Bond Intermediate Index | 8.41% | 3.50% | 4.38% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund on 8/31/09 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from theS&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&PMunicipal Bond Investment Grade Intermediate Index was launched on 3/19/13. Accordingly, the fund will continue to report the performance of theS&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period. Performance information for the fund versus the S&P Municipal Bond Investment Grade Intermediate Index is included in the graph and table on the next page.
Unlike the Index, the fund invests primarily in Pennsylvania investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
14
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”)
Average Annual Total Returnsas of 8/31/19 | ||||
Inception Date | 1 Year | 5 Years | From Inception | |
Class M shares | 7/1/13 | 8.09% | 3.06% | 3.22% |
Investor shares | 7/1/13 | 7.83% | 2.79% | 2.95% |
S&P Municipal Bond Investment Grade Intermediate Index | 7/1/13 | 8.42% | 3.43% | 3.93%††† |
†† Source: Bloomberg L.P.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund on 7/1/13 to a hypothetical investment of $10,000 made in the Index on that date.All dividends and capital gain distributions are reinvested.
Unlike the Index, the fund invests primarily in Pennsylvania investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard&Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
15
FUND PERFORMANCE(Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Massachusetts Intermediate Municipal Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Intermediate Index (the “Index”)
Average Annual Total Returnsas of 8/31/19 | |||
1 Year | 5 Years | 10 Years | |
Class M shares | 8.28% | 2.96% | 3.38% |
Investor shares | 7.93% | 2.68% | 3.11% |
S&P Municipal Bond Intermediate Index | 8.41% | 3.50% | 4.38% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon Massachusetts Intermediate Municipal Bond Fund on 8/31/09 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on 3/19/13. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period. Performance information for the fund versus the S&P Municipal Bond Investment Grade Intermediate Index is included in the graph and table on the next page.
Unlike the Index, the fund invests primarily in Massachusetts investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
16
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Massachusetts Intermediate Municipal Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”)
Average Annual Total Returnsas of 8/31/19 | ||||
Inception Date | 1 Year | 5 Years | From Inception | |
Class M shares | 7/1/13 | 8.28% | 2.96% | 3.13% |
Investor shares | 7/1/13 | 7.93% | 2.68% | 2.88% |
S&P Municipal Bond Investment Grade Intermediate Index | 7/1/13 | 8.42% | 3.43% | 3.93%††† |
†† Source: Bloomberg L.P.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon Massachusetts Intermediate Municipal Bond Fund on 7/1/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
Unlike the Index, the fund invests primarily in Massachusetts investment-grade municipal bonds. The fund invests primarily in Massachusetts investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard& Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
17
FUND PERFORMANCE(Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon New York Intermediate Tax-Exempt Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Intermediate Index (the “Index”)
Average Annual Total Returnsas of 8/31/19 | ||||
1 Year | 5 Years | 10 Years | ||
Class M shares | 8.28% | 3.14% | 3.61% | |
Investor shares | 8.00% | 2.88% | 3.35% | |
S&P Municipal Bond Intermediate Index | 8.41% | 3.50% | 4.38% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon New York Intermediate Tax-Exempt Bond Fund on 8/31/09 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&P Municipal Bond Investment Grade Intermediate Index was launched on 3/19/13. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period. Performance information for the fund versus the S&P Municipal Bond Investment Grade Intermediate Index is included in the graph and table on the next page.
As of the close of business on September 12, 2008, substantially all of the assets of another investment company advised by an affiliate of the fund’s investment adviser, BNY Hamilton New York Intermediate Tax-Exempt Fund (the “predecessor fund”), a series of BNY Hamilton Funds, Inc., were transferred to BNY Mellon New York Intermediate Tax-Exempt Bond Fund in a tax-free reorganization and the fund commenced operations. The performance figures for the fund’s Class M shares represent the performance of the predecessor fund’s Institutional shares prior to the commencement of operations for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and the performance of BNY Mellon New York Intermediate Tax-Exempt Bond Fund’s Class M shares thereafter. The performance figures for Investor shares represent the performance of the predecessor fund’s Class A shares prior to the commencement of operations for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and the performance of BNY Mellon New York Intermediate Tax-Exempt Bond Fund’s Investor shares thereafter. Investor shares are subject to a Shareholder Services Plan.
Unlike the Index, the fund invests primarily in New York investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
18
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon New York Intermediate Tax-Exempt Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”)
Average Annual Total Returnsas of 8/31/19 | ||||
Inception Date | 1 Year | 5 Years | From Inception | |
Class M shares | 7/1/13 | 8.28% | 3.14% | 3.42% |
Investor shares | 7/1/13 | 8.00% | 2.88% | 3.16% |
S&P Municipal Bond Investment Grade Intermediate Index | 7/1/13 | 8.42% | 3.43% | 3.93%††† |
†† Source: Bloomberg L.P.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon New York Intermediate Tax-Exempt Bond Fund on 7/1/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
Unlike the Index, the fund invests primarily in New York investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard&Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
19
FUND PERFORMANCE(Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Municipal Opportunities Fund with a hypothetical investment of $10,000 in the Bloomberg Barclays U.S. Municipal Bond Index (the “Index”)
Average Annual Total Returnsas of 8/31/19 | ||||
1 Year | 5 Year | 10 Years | ||
Class M shares | 7.77% | 4.32% | 5.67% | |
Investor shares | 7.50% | 4.07% | 5.42% | |
Bloomberg Barclays U.S. Municipal Bond Index | 8.72% | 3.85% | 4.62% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon Municipal Opportunities Fund on 8/31/09 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index covers the U.S. dollar-denominated long-term tax-exempt bond market. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
20
UNDERSTANDING YOUR FUND’S EXPENSES(Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from March 1, 2019 to August 31, 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 August 31, 2019 | |||||||||||||||||
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BNY Mellon National Intermediate | |||||||||||||||||
Expenses paid per $1,000† |
| $2.59 | $3.89 | ||||||||||||||
Ending value (after expenses) | $1,058.50 | $1,056.50 | |||||||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||||
BNY Mellon National Short-Term | |||||||||||||||||
Expenses paid per $1,000† | $2.55 | $3.82 | |||||||||||||||
Ending value (after expenses) | $1,020.10 | $1,018.80 | |||||||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||||
BNY Mellon Pennsylvania | |||||||||||||||||
Expenses paid per $1,000† | $3.63 | $4.92 | |||||||||||||||
Ending value (after expenses) | $1,056.00 | $1,054.00 | |||||||||||||||
Annualized expense ratio (%) | .70 | .95 | |||||||||||||||
BNY Mellon Massachusetts | |||||||||||||||||
Expenses paid per $1,000† | $2.75 | $4.04 | |||||||||||||||
Ending value (after expenses) | $1,057.10 | $1,055.00 | |||||||||||||||
Annualized expense ratio (%) | .53 | .78 | |||||||||||||||
BNY Mellon New York | |||||||||||||||||
Expenses paid per $1,000† | $3.06 | $4.35 | |||||||||||||||
Ending value (after expenses) | $1,058.20 | $1,056.80 | |||||||||||||||
Annualized expense ratio (%) | .59 | .84 | |||||||||||||||
BNY Mellon Municipal | |||||||||||||||||
Expenses paid per $1,000† | $3.74 | $5.03 | |||||||||||||||
Ending value (after expenses) | $1,060.00 | $1,058.60 | |||||||||||||||
Annualized expense ratio (%) | .72 | .97 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
21
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)(continued)
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS(Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment |
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assuming a hypothetical 5% annualized return for the six months ended August 31, 2019 | |||||||||||||||||
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BNY Mellon National Intermediate | |||||||||||||||||
Expenses paid per $1,000† | $2.55 | $3.82 | |||||||||||||||
Ending value (after expenses) | $1,022.68 | $1,021.42 | |||||||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||||
BNY Mellon National Short-Term | |||||||||||||||||
Expenses paid per $1,000† | $2.55 | $3.82 | |||||||||||||||
Ending value (after expenses) | $1,022.68 | $1,021.42 | |||||||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||||
BNY Mellon Pennsylvania | |||||||||||||||||
Expenses paid per $1,000† | $3.57 | $4.84 | |||||||||||||||
Ending value (after expenses) | $1,021.68 | $1,020.42 | |||||||||||||||
Annualized expense ratio (%) | .70 | .95 | |||||||||||||||
BNY Mellon Massachusetts | |||||||||||||||||
Expenses paid per $1,000† | $2.70 | $3.97 | |||||||||||||||
Ending value (after expenses) | $1,022.53 | $1,021.27 | |||||||||||||||
Annualized expense ratio (%) | .53 | .78 | |||||||||||||||
BNY Mellon New York | |||||||||||||||||
Expenses paid per $1,000† | $3.01 | $4.28 | |||||||||||||||
Ending value (after expenses) | $1,022.23 | $1,020.97 | |||||||||||||||
Annualized expense ratio (%) | .59 | .84 | |||||||||||||||
BNY Mellon Municipal | |||||||||||||||||
Expenses paid per $1,000† | $3.67 | $4.94 | |||||||||||||||
Ending value (after expenses) | $1,021.58 | $1,020.32 | |||||||||||||||
Annualized expense ratio (%) | .72 | .97 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
22
STATEMENT OF INVESTMENTS
August 31, 2019
BNY Mellon National Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% | |||||||||
Alabama - 1.1% | |||||||||
Alabama 21st Century Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2021 | 1,240,000 | 1,317,624 | |||||
Alabama 21st Century Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2020 | 1,500,000 | 1,540,800 | |||||
Auburn University, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2030 | 5,000,000 | 5,998,450 | |||||
Black Belt Energy Gas District, Revenue Bonds, Refunding (Project No. 4) Ser. A1 | 4.00 | 12/1/2025 | 16,500,000 | 18,710,175 | |||||
27,567,049 | |||||||||
Alaska - .5% | |||||||||
Alaska, GO, Ser. A | 5.00 | 8/1/2028 | 5,560,000 | 6,741,556 | |||||
Alaska Industrial Development & Export Authority, Revenue Bonds, Refunding (LOC; Bank of Tokyo-Mitsubishi UFJ) | 1.39 | 4/1/2034 | 100,000 | a | 100,000 | ||||
Alaska International Airports, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2032 | 5,000,000 | 5,951,900 | |||||
12,793,456 | |||||||||
Arizona - 2.6% | |||||||||
Arizona, COP, Refunding, Ser. A | 5.00 | 10/1/2026 | 10,450,000 | 13,150,175 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | 5.00 | 1/1/2029 | 675,000 | 834,077 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | 5.00 | 1/1/2025 | 650,000 | 757,497 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | 5.00 | 1/1/2028 | 1,000,000 | 1,223,680 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | 5.00 | 1/1/2026 | 600,000 | 713,370 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | 5.00 | 1/1/2027 | 525,000 | 635,098 | |||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Banner Health Obligated Group) | 5.00 | 1/1/2034 | 10,000,000 | 12,269,700 | |||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Banner Health Obligated Group) | 5.00 | 1/1/2027 | 5,000,000 | 6,305,550 | |||||
Maricopa County Special Health Care District, GO | 5.00 | 7/1/2035 | 6,000,000 | 7,540,500 | |||||
Maricopa County Special Health Care District, GO | 5.00 | 7/1/2029 | 5,000,000 | 6,458,750 | |||||
Mesa Utility System, Revenue Bonds, Refunding, Ser. B | 4.00 | 7/1/2033 | 5,000,000 | 5,522,650 | |||||
Phoenix Civic Improvement Corp., Revenue Bonds, Refunding, Ser. B | 4.00 | 7/1/2028 | 10,000,000 | 11,257,100 | |||||
66,668,147 | |||||||||
California - 13.5% | |||||||||
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 5.00 | 10/1/2035 | 2,050,000 | 2,477,138 | |||||
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2036 | 1,500,000 | 1,783,245 | |||||
Anaheim Housing & Public Improvement Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2036 | 1,750,000 | 1,985,813 | |||||
Anaheim Housing & Public Improvement Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2035 | 2,485,000 | 2,823,358 | |||||
Bay Area Toll Authority, Revenue Bonds, Refunding | 4.00 | 4/1/2035 | 10,000,000 | 11,509,100 | |||||
Bay Area Toll Authority, Revenue Bonds, Refunding, Ser. A | 2.63 | 4/1/2026 | 10,000,000 | 10,845,900 | |||||
California, GO | 5.25 | 9/1/2029 | 10,000,000 | 11,602,800 | |||||
California, GO | 5.25 | 10/1/2039 | 5,000,000 | 6,155,200 | |||||
California, GO, Refunding | 4.00 | 9/1/2031 | 10,000,000 | 11,675,100 | |||||
California, GO, Refunding | 5.00 | 12/1/2023 | 12,500,000 | 14,558,500 | |||||
California, GO, Refunding | 5.00 | 12/1/2023 | 2,500,000 | 2,911,700 | |||||
California, GO, Refunding | 5.00 | 10/1/2029 | 5,000,000 | 6,179,700 | |||||
California, GO, Refunding | 5.00 | 10/1/2025 | 5,000,000 | 6,163,350 | |||||
California, GO, Refunding | 5.00 | 4/1/2033 | 5,000,000 | 5,813,500 |
23
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
California - 13.5% (continued) | |||||||||
California, GO, Refunding | 5.00 | 4/1/2031 | 9,900,000 | 13,071,762 | |||||
California Health Facilities Financing Authority, Revenue Bonds | 4.00 | 11/15/2047 | 1,120,000 | 1,239,862 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Adventist Health System) Ser. A | 4.00 | 3/1/2033 | 7,500,000 | 8,013,450 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding (St. Joseph Health System) Ser. A | 5.00 | 7/1/2033 | 10,000,000 | 11,331,600 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2035 | 5,100,000 | 6,449,664 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Ser. A | 5.00 | 11/15/2024 | 1,600,000 | 1,800,944 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Ser. A | 5.00 | 11/15/2023 | 1,500,000 | 1,690,410 | |||||
California Infrastructure & Economic Development Bank, Revenue Bonds, Ser. A | 4.00 | 10/1/2045 | 8,275,000 | 9,270,979 | |||||
Evergreen School District, GO | 4.00 | 8/1/2041 | 5,000,000 | 5,504,250 | |||||
Fairfield-Suisun Unified School District, GO, Refunding | 5.00 | 8/1/2025 | 1,115,000 | b | 1,309,902 | ||||
Fairfield-Suisun Unified School District, GO, Refunding | 5.00 | 8/1/2026 | 1,170,000 | b | 1,411,827 | ||||
Fairfield-Suisun Unified School District, GO, Refunding | 5.00 | 8/1/2027 | 2,460,000 | b | 3,038,469 | ||||
Fairfield-Suisun Unified School District, GO, Refunding | 5.00 | 8/1/2024 | 1,060,000 | b | 1,211,622 | ||||
Fairfield-Suisun Unified School District, GO, Refunding | 5.00 | 8/1/2021 | 1,955,000 | b | 2,038,870 | ||||
Fairfield-Suisun Unified School District, GO, Refunding | 5.00 | 8/1/2022 | 2,055,000 | b | 2,212,392 | ||||
Fairfield-Suisun Unified School District, GO, Refunding | 5.00 | 8/1/2023 | 2,030,000 | b | 2,252,975 | ||||
Glendale Unified School District, GO, Refunding | 5.00 | 9/1/2024 | 650,000 | b | 751,433 | ||||
Glendale Unified School District, GO, Refunding | 5.00 | 9/1/2025 | 500,000 | b | 595,780 | ||||
Glendale Unified School District, GO, Refunding | 5.00 | 9/1/2026 | 500,000 | b | 612,675 | ||||
Glendale Unified School District, GO, Refunding | 5.00 | 9/1/2021 | 500,000 | b | 523,330 | ||||
Glendale Unified School District, GO, Refunding | 5.00 | 9/1/2022 | 715,000 | b | 774,774 | ||||
Glendale Unified School District, GO, Refunding | 5.00 | 9/1/2023 | 530,000 | b | 593,621 | ||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2032 | 5,000,000 | 6,074,650 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2029 | 3,500,000 | 4,232,655 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2033 | 1,000,000 | 1,211,510 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Ser. A | 5.00 | 6/1/2029 | 9,080,000 | 10,403,864 | |||||
Long Beach Unified School District, GO, Ser. A | 4.00 | 8/1/2038 | 10,300,000 | 11,720,164 | |||||
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/15/2024 | 1,080,000 | 1,264,540 | |||||
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/15/2026 | 1,500,000 | 1,850,415 | |||||
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/15/2025 | 1,240,000 | 1,492,228 | |||||
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/15/2023 | 825,000 | 937,365 | |||||
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. B | 5.00 | 5/15/2026 | 9,060,000 | 11,196,167 | |||||
Los Angeles Unified School District, GO, Refunding, Ser. A | 5.00 | 7/1/2026 | 5,000,000 | 6,266,200 | |||||
New Haven Unified School District, GO (Insured; Assured Guaranty Corp.) | 0.00 | 8/1/2033 | 4,000,000 | c | 2,920,400 | ||||
Newport Mesa Unified School District, GO, Refunding | 5.00 | 8/1/2026 | 1,060,000 | b | 1,288,239 | ||||
Newport Mesa Unified School District, GO, Refunding | 5.00 | 8/1/2025 | 1,300,000 | b | 1,538,030 | ||||
Newport Mesa Unified School District, GO, Refunding | 5.00 | 8/1/2024 | 1,000,000 | b | 1,150,590 | ||||
Pittsburg Successor Agency Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 9/1/2026 | 6,610,000 | 8,211,074 | |||||
Port of Oakland, Revenue Bonds, Refunding, Ser. O | 5.00 | 5/1/2023 | 1,875,000 | 1,989,769 |
24
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
California - 13.5% (continued) | |||||||||
Redondo Beach Unified School District, GO, Refunding | 5.00 | 8/1/2029 | 875,000 | b | 1,123,570 | ||||
Redondo Beach Unified School District, GO, Refunding | 5.00 | 8/1/2030 | 930,000 | b | 1,184,615 | ||||
Redondo Beach Unified School District, GO, Refunding | 5.00 | 8/1/2027 | 805,000 | b | 998,651 | ||||
Redondo Beach Unified School District, GO, Refunding | 5.00 | 8/1/2028 | 840,000 | b | 1,062,088 | ||||
Riverside County Transportation Commission, Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2023 | 5,000,000 | d | 5,802,450 | ||||
Sacramento County Sanitation Districts Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) Ser. B, 3 Month LIBOR x .67 +.53% | 2.22 | 12/1/2035 | 10,000,000 | e | 9,698,300 | ||||
Sacramento County Water Financing Authority, Revenue Bonds (Water Agency Zones 40 & 41) (Insured; National Public Finance Guarantee Corp.) Ser. B, 3 Month LIBOR x .67 +.55% | 2.24 | 6/1/2034 | 8,000,000 | e | 7,630,720 | ||||
San Francisco City & County, COP, Refunding (Moscone Convention Center Expansion Project) | 4.00 | 4/1/2037 | 7,000,000 | 7,824,810 | |||||
San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds, Refunding, Ser. D | 5.00 | 5/1/2024 | 4,375,000 | 5,110,087 | |||||
San Francisco Community College District, GO, Refunding | 5.00 | 6/15/2029 | 5,000,000 | 6,065,500 | |||||
San Francisco Public Utilities Commission, Revenue Bonds, Refunding (Green Bond) Ser. D | 5.00 | 11/1/2035 | 10,025,000 | 12,799,920 | |||||
Southern California Public Power Authority, Revenue Bonds (Apex Power Project) Ser. A | 5.00 | 7/1/2033 | 3,380,000 | 3,969,303 | |||||
Southern California Public Power Authority, Revenue Bonds (Project No. 1) Ser. A | 5.25 | 11/1/2020 | 4,000,000 | 4,179,480 | |||||
University of California, Revenue Bonds, Refunding (Limited Project) Ser. I | 5.00 | 5/15/2030 | 11,000,000 | 13,325,070 | |||||
University of California, Revenue Bonds, Refunding (Limited Project) Ser. K | 4.00 | 5/15/2037 | 5,000,000 | 5,640,450 | |||||
University of California, Revenue Bonds, Refunding, Ser. AO | 5.00 | 5/15/2031 | 9,000,000 | 10,880,190 | |||||
343,228,059 | |||||||||
Colorado - 1.5% | |||||||||
Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding (Insured; State Aid Withholding) Ser. A | 5.00 | 12/1/2030 | 5,000,000 | 6,259,800 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health) Ser. A | 5.00 | 8/1/2034 | 4,000,000 | 5,029,440 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health) Ser. B | 5.00 | 8/1/2025 | 3,000,000 | 3,551,040 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health) Ser. B | 5.00 | 8/1/2026 | 5,000,000 | 6,026,400 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2033 | 1,500,000 | 1,891,155 | |||||
Colorado Housing & Finance Authority, Revenue Bonds (Insured; Government National Mortgage Association) Ser. F | 4.25 | 11/1/2049 | 5,000,000 | 5,583,400 | |||||
Public Authority for Colorado Energy, Revenue Bonds | 6.13 | 11/15/2023 | 5,350,000 | 5,929,458 | |||||
Regional Transportation District, COP, Refunding, Ser. A | 5.00 | 6/1/2020 | 2,700,000 | 2,778,948 | |||||
Regional Transportation District, COP, Refunding, Ser. A | 5.50 | 6/1/2022 | 450,000 | 464,166 | |||||
Regional Transportation District, COP, Refunding, Ser. A | 5.50 | 6/1/2020 | 1,750,000 | d | 1,807,890 | ||||
39,321,697 | |||||||||
Connecticut - .8% | |||||||||
Connecticut, GO, Ser. B | 4.00 | 6/15/2030 | 3,000,000 | 3,359,970 | |||||
Connecticut, GO, Ser. B | 5.00 | 4/15/2022 | 5,000,000 | 5,486,700 | |||||
Connecticut, Revenue Bonds, Ser. A | 5.00 | 9/1/2030 | 7,055,000 | 8,630,452 | |||||
Connecticut, Revenue Bonds, Ser. A | 5.00 | 9/1/2028 | 1,070,000 | 1,320,883 | |||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. D1 | 4.00 | 11/15/2047 | 2,215,000 | 2,377,958 | |||||
21,175,963 | |||||||||
Delaware - .3% | |||||||||
Delaware River & Bay Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2024 | 1,000,000 | 1,160,930 |
25
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
Delaware - .3% (continued) | |||||||||
Delaware River & Bay Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2023 | 1,500,000 | 1,688,415 | |||||
University of Delaware, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2023 | 5,440,000 | d | 6,204,918 | ||||
9,054,263 | |||||||||
District of Columbia - 2.2% | |||||||||
District of Columbia, Revenue Bonds, Refunding (Friendship Public Charter School) | 5.00 | 6/1/2036 | 3,200,000 | 3,715,040 | |||||
District of Columbia, Revenue Bonds, Refunding (Kipp DC Project) Ser. B | 5.00 | 7/1/2037 | 1,010,000 | 1,209,111 | |||||
District of Columbia, Revenue Bonds, Refunding, (KIPP DC) Ser. A | 5.00 | 7/1/2042 | 5,955,000 | 7,031,545 | |||||
District of Columbia, Revenue Bonds, Refunding, (KIPP DC) Ser. A | 5.00 | 7/1/2037 | 4,925,000 | 5,895,914 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding | 5.00 | 10/1/2027 | 15,495,000 | 19,616,670 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2028 | 8,500,000 | 10,968,910 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 10/1/2023 | 4,250,000 | 4,575,210 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 10/1/2024 | 2,500,000 | 2,690,775 | |||||
55,703,175 | |||||||||
Florida - 4.8% | |||||||||
Broward County School District, GO | 5.00 | 7/1/2031 | 5,035,000 | 6,501,645 | |||||
Florida Turnpike Authority, Revenue Bonds, Refunding, Ser. C | 4.50 | 7/1/2040 | 8,710,000 | 9,509,230 | |||||
Jacksonville, Revenue Bonds, Refunding | 5.00 | 10/1/2021 | 2,500,000 | 2,695,050 | |||||
Lee County, Revenue Bonds, Refunding, Ser. A | 5.50 | 10/1/2024 | 5,000,000 | 5,400,350 | |||||
Lee County, Revenue Bonds, Refunding, Ser. A | 5.50 | 10/1/2023 | 3,565,000 | 3,850,450 | |||||
Miami-Dade County Aviation, Revenue Bonds, Ser. A | 5.50 | 10/1/2020 | 3,165,000 | d | 3,316,540 | ||||
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2034 | 10,110,000 | 12,088,931 | |||||
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2032 | 5,000,000 | 6,003,050 | |||||
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2031 | 3,000,000 | 3,608,790 | |||||
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2033 | 5,150,000 | 6,172,687 | |||||
Orange County Convention Center, Revenue Bonds, Refunding | 4.00 | 10/1/2031 | 5,000,000 | 5,762,350 | |||||
Orange County Health Facilities Authority, Revenue Bonds, Refunding | 5.00 | 10/1/2025 | 3,000,000 | 3,666,360 | |||||
Orange County Health Facilities Authority, Revenue Bonds, Refunding | 5.00 | 10/1/2026 | 3,000,000 | 3,754,380 | |||||
Orange County School Board, COP, Refunding, Ser. C | 5.00 | 8/1/2031 | 10,000,000 | 11,962,800 | |||||
Palm Beach County School District, COP, Refunding, Ser. C | 5.00 | 8/1/2031 | 10,000,000 | 11,684,000 | |||||
Palm Beach County School District, COP, Refunding, Ser. D | 5.00 | 8/1/2030 | 7,840,000 | 9,428,227 | |||||
Palm Beach County School District, COP, Refunding, Ser. D | 5.00 | 8/1/2031 | 2,855,000 | 3,420,718 | |||||
Tampa Sports Authority, Revenue Bonds, Refunding | 5.00 | 1/1/2024 | 90,000 | 104,774 | |||||
The School Board of Miami-Dade County, COP, Refunding, Ser. A | 5.00 | 5/1/2032 | 5,475,000 | 6,476,596 | |||||
The School Board of Miami-Dade County, COP, Refunding, Ser. A | 5.00 | 5/1/2026 | 5,600,000 | 6,718,096 | |||||
122,125,024 | |||||||||
Georgia - 2.0% | |||||||||
Burke County Development Authority, Revenue Bonds (Georgia Power Company Plant Vogtle Project) | 2.35 | 12/11/2020 | 7,500,000 | 7,591,125 | |||||
Cobb County Kennestone Hospital Authority, Revenue Bonds, Refunding | 5.00 | 4/1/2037 | 2,845,000 | 3,412,350 |
26
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
Georgia - 2.0% (continued) | |||||||||
Cobb County Kennestone Hospital Authority, Revenue Bonds, Refunding | 5.00 | 4/1/2036 | 2,710,000 | 3,259,100 | |||||
Cobb County Kennestone Hospital Authority, Revenue Bonds, Refunding | 5.00 | 4/1/2035 | 2,000,000 | 2,411,180 | |||||
Columbia County Water & Sewerage, Revenue Bonds, Refunding | 5.00 | 6/1/2029 | 1,140,000 | b | 1,478,740 | ||||
Columbia County Water & Sewerage, Revenue Bonds, Refunding | 5.00 | 6/1/2031 | 1,240,000 | b | 1,628,207 | ||||
Columbia County Water & Sewerage, Revenue Bonds, Refunding | 5.00 | 6/1/2025 | 300,000 | b | 355,632 | ||||
Columbia County Water & Sewerage, Revenue Bonds, Refunding | 5.00 | 6/1/2026 | 800,000 | b | 973,584 | ||||
DeKalb County Water & Sewerage, Revenue Bonds, Ser. A | 5.25 | 10/1/2036 | 3,500,000 | 3,780,455 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2026 | 3,000,000 | 3,613,380 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2027 | 2,500,000 | 3,064,525 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2029 | 4,940,000 | 6,227,660 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2028 | 2,510,000 | 3,124,699 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 6.38 | 7/15/2038 | 1,335,000 | f | 13,350 | ||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 4.00 | 9/1/2023 | 5,000,000 | 5,481,050 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. C | 4.00 | 12/1/2023 | 5,000,000 | 5,502,550 | |||||
51,917,587 | |||||||||
Idaho - .6% | |||||||||
Idaho Health Facilities Authority, Revenue Bonds, Refunding, Ser. D | 5.00 | 12/1/2033 | 5,000,000 | 5,460,300 | |||||
University of Idaho, Revenue Bonds, Refunding | 5.25 | 4/1/2021 | 9,075,000 | 9,597,538 | |||||
15,057,838 | |||||||||
Illinois - 5.2% | |||||||||
Chicago II, GO, Refunding, Ser. 2005D | 5.50 | 1/1/2037 | 3,500,000 | 3,954,090 | |||||
Chicago II, GO, Refunding, Ser. 2007F | 5.50 | 1/1/2035 | 3,750,000 | 4,253,062 | |||||
Chicago II, GO, Ser. 2002B | 5.25 | 1/1/2022 | 1,000,000 | 1,066,600 | |||||
Chicago II, GO, Ser. A | 5.00 | 1/1/2026 | 3,000,000 | 3,400,020 | |||||
Chicago II, GO, Ser. A | 5.00 | 1/1/2024 | 4,500,000 | 4,988,835 | |||||
Chicago Il Wastewater Transmission, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2025 | 2,110,000 | 2,467,160 | |||||
Chicago Il Wastewater Transmission, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2024 | 3,000,000 | 3,429,600 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2033 | 1,000,000 | 1,169,700 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2037 | 3,000,000 | 3,775,620 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2025 | 7,055,000 | 7,948,516 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2025 | 4,450,000 | 5,295,722 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2022 | 4,615,000 | 5,016,551 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2023 | 2,000,000 | 2,244,240 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2024 | 5,000,000 | 5,784,050 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2027 | 2,500,000 | 3,048,450 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2026 | 2,000,000 | 2,443,380 | |||||
Cook County, Revenue Bonds, Refunding | 5.00 | 11/15/2033 | 6,050,000 | 7,366,540 | |||||
DuPage & Cook Counties Township High School District No. 86 , GO | 4.00 | 1/15/2035 | 5,205,000 | 5,987,103 |
27
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
Illinois - 5.2% (continued) | |||||||||
DuPage & Cook Counties Township High School District No. 86 , GO | 4.00 | 1/15/2033 | 2,000,000 | 2,320,320 | |||||
Illinois, GO, Refunding | 5.00 | 2/1/2026 | 5,000,000 | 5,759,850 | |||||
Illinois, GO, Refunding | 5.00 | 2/1/2021 | 5,000,000 | 5,224,300 | |||||
Illinois, GO, Refunding | 5.00 | 8/1/2023 | 5,000,000 | 5,519,200 | |||||
Illinois, GO, Refunding | 5.00 | 9/1/2019 | 185,000 | 185,000 | |||||
Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2023 | 1,200,000 | 1,329,660 | |||||
Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2022 | 2,000,000 | 2,176,280 | |||||
Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2025 | 4,000,000 | 4,580,200 | |||||
Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2024 | 2,000,000 | 2,245,600 | |||||
Illinois, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) | 6.00 | 6/15/2026 | 4,290,000 | 5,275,713 | |||||
Illinois, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) | 6.00 | 6/15/2025 | 2,625,000 | 3,155,565 | |||||
Illinois, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) | 6.00 | 6/15/2024 | 5,030,000 | 5,878,511 | |||||
Illinois State Toll Highway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2031 | 5,000,000 | 5,982,350 | |||||
Kane Cook & DuPage Counties Community College District No. 509, GO, Refunding | 3.00 | 12/15/2032 | 5,000,000 | 5,292,150 | |||||
Kendall County Forest Preserve District, GO, Refunding (Insured; Build America Mutual) | 4.00 | 1/1/2027 | 2,270,000 | 2,498,521 | |||||
St. Clair County Community Unit School District No. 19, GO, Refunding, Ser. B | 5.00 | 2/1/2029 | 2,235,000 | 2,547,677 | |||||
133,610,136 | |||||||||
Indiana - .8% | |||||||||
Indiana Finance Authority, Revenue Bonds (Goshen Health) Ser. B | 2.10 | 11/1/2026 | 2,700,000 | 2,765,988 | |||||
Indiana Finance Authority, Revenue Bonds, Refunding (Goshen Health) Ser. A | 5.00 | 11/1/2028 | 775,000 | 986,451 | |||||
Indiana Finance Authority, Revenue Bonds, Refunding (Goshen Health) Ser. A | 5.00 | 11/1/2027 | 740,000 | 927,538 | |||||
Whiting, Revenue Bonds, Refunding (BP Products North America) | 5.00 | 6/5/2026 | 12,500,000 | 15,235,250 | |||||
19,915,227 | |||||||||
Iowa - .3% | |||||||||
PEFA, Revenue Bonds (PEFA Inc. Gas Project) | 5.00 | 9/1/2026 | 7,000,000 | 8,430,870 | |||||
Kansas - .5% | |||||||||
Kansas Department of Transportation, Revenue Bonds, Refunding, Ser. A | 5.00 | 9/1/2028 | 6,000,000 | 7,123,860 | |||||
Kansas Department of Transportation, Revenue Bonds, Refunding, Ser. A | 5.00 | 9/1/2027 | 5,000,000 | 5,939,850 | |||||
13,063,710 | |||||||||
Kentucky - 1.9% | |||||||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A1 | 4.00 | 6/1/2025 | 8,000,000 | 8,986,240 | |||||
Kentucky State Property & Building Commission, Revenue Bonds (Project No. 112) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 2/1/2028 | 5,150,000 | 6,220,994 | |||||
Kentucky State Property & Building Commission, Revenue Bonds (Project No. 112) Ser. A | 5.00 | 2/1/2031 | 3,000,000 | 3,544,830 | |||||
Kentucky State Property & Building Commission, Revenue Bonds, Refunding (Project No. 100) Ser. A | 5.00 | 8/1/2021 | 1,785,000 | 1,912,574 | |||||
Kentucky State Property & Building Commission, Revenue Bonds, Refunding (Project No. 112) Ser. B | 5.00 | 11/1/2025 | 7,475,000 | 9,008,496 | |||||
Kentucky State Property & Building Commission, Revenue Bonds, Refunding (Project No. 112) Ser. B | 5.00 | 11/1/2022 | 5,000,000 | 5,565,850 | |||||
Kentucky State Property & Building Commission, Revenue Bonds, Refunding (Project No. 112) Ser. B | 5.00 | 11/1/2026 | 5,000,000 | 6,127,550 |
28
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
Kentucky - 1.9% (continued) | |||||||||
Kentucky Turnpike Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2027 | 5,000,000 | 6,121,100 | |||||
47,487,634 | |||||||||
Louisiana - .2% | |||||||||
Louisiana, GO, Refunding, Ser. C | 5.00 | 8/1/2026 | 5,000,000 | 5,901,600 | |||||
Maine - .2% | |||||||||
Maine Governmental Facilities Authority, Revenue Bonds, Ser. A | 4.00 | 10/1/2034 | 1,880,000 | 2,179,597 | |||||
University of Maine, Revenue Bonds, Refunding | 5.00 | 3/1/2027 | 3,085,000 | 3,479,078 | |||||
5,658,675 | |||||||||
Maryland - 2.9% | |||||||||
Anne Arundel County, GO | 5.00 | 10/1/2025 | 7,205,000 | 8,867,049 | |||||
Anne Arundel County, GO, Refunding | 5.00 | 4/1/2030 | 4,640,000 | 5,251,645 | |||||
Maryland, GO | 4.00 | 6/1/2027 | 18,700,000 | 21,251,802 | |||||
Maryland Community Development Administration, Revenue Bonds, Refunding, Ser. B | 4.00 | 9/1/2049 | 5,000,000 | 5,529,800 | |||||
Maryland Department of Transportation, Revenue Bonds | 4.00 | 11/1/2027 | 1,300,000 | 1,486,797 | |||||
Maryland Economic Development Corp., Revenue Bonds (Purple Line Light Rail Project) | 5.00 | 3/31/2024 | 6,000,000 | 6,454,560 | |||||
Montgomery County, GO, Refunding, Ser. A | 5.00 | 11/1/2024 | 10,000,000 | d | 11,978,200 | ||||
Montgomery County, GO, Refunding, Ser. B | 4.00 | 12/1/2030 | 12,000,000 | 13,323,480 | |||||
74,143,333 | |||||||||
Massachusetts - 2.0% | |||||||||
Massachusetts, GO, Refunding, Ser. A, 3 Month LIBOR x .67 +.55% | 2.06 | 11/1/2025 | 5,000,000 | e | 5,008,350 | ||||
Massachusetts, GO, Ser. C | 4.00 | 2/1/2029 | 5,000,000 | 5,579,500 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) | 5.00 | 1/1/2035 | 2,000,000 | 2,281,500 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emmanuel College) Ser. A | 5.00 | 10/1/2033 | 5,000,000 | 5,901,450 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) | 4.00 | 7/1/2035 | 5,000,000 | 5,765,300 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) | 5.00 | 7/1/2033 | 5,815,000 | 7,385,399 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2032 | 770,000 | 970,354 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2031 | 620,000 | 784,610 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2033 | 800,000 | 1,005,616 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2030 | 700,000 | 891,653 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2034 | 1,000,000 | 1,205,480 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2035 | 1,000,000 | 1,201,420 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2036 | 1,010,000 | 1,209,637 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding, Ser. A | 5.75 | 8/1/2029 | 380,000 | 381,307 | |||||
University of Massachusetts Building Authority, Revenue Bonds, Ser. 1 | 4.00 | 11/1/2043 | 10,000,000 | 10,671,000 | |||||
50,242,576 | |||||||||
Michigan - 2.0% | |||||||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 7/1/2029 | 1,350,000 | 1,550,529 | |||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) Ser. A | 5.00 | 7/1/2032 | 1,000,000 | 1,139,250 |
29
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
Michigan - 2.0% (continued) | |||||||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) Ser. A | 5.00 | 7/1/2031 | 1,000,000 | 1,141,340 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 7/1/2026 | 1,875,000 | 2,209,613 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 7/1/2027 | 3,000,000 | 3,527,040 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 7/1/2028 | 2,500,000 | 2,933,375 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 7/1/2026 | 2,500,000 | 2,946,150 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Corp) | 5.00 | 12/1/2035 | 5,000,000 | 5,465,950 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Corp) | 5.00 | 12/1/2031 | 10,000,000 | 10,926,200 | |||||
Michigan State Building Authority, Revenue Bonds, Refunding, Ser. IA | 5.00 | 10/15/2029 | 10,000,000 | 11,471,400 | |||||
Michigan State Building Authority, Revenue Bonds, Refunding, Ser. IA | 5.00 | 10/15/2033 | 5,000,000 | 5,712,200 | |||||
Michigan State Building Authority, Revenue Bonds, Refunding, Ser. IA | 5.00 | 10/15/2022 | 2,400,000 | 2,687,424 | |||||
51,710,471 | |||||||||
Minnesota - .1% | |||||||||
Minnesota Housing Finance Agency, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. B | 4.00 | 7/1/2047 | 1,560,000 | 1,675,970 | |||||
Mississippi - .3% | |||||||||
Mississippi Business Finance Corp., Revenue Bonds (Chevron USA Inc. Project) Ser. E | 1.35 | 12/1/2030 | 2,000,000 | a | 2,000,000 | ||||
The University of Southern Mississippi, Revenue Bonds, Refunding (Facilities Refinancing Project) | 5.00 | 9/1/2025 | 250,000 | 304,500 | |||||
West Rankin Utility Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2033 | 1,650,000 | 1,929,098 | |||||
West Rankin Utility Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2032 | 1,000,000 | 1,171,070 | |||||
West Rankin Utility Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2030 | 1,105,000 | 1,302,231 | |||||
6,706,899 | |||||||||
Missouri - 1.5% | |||||||||
Missouri Environmental Improvement & Energy Resources Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2023 | 75,000 | 85,865 | |||||
Missouri Environmental Improvement & Energy Resources Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2022 | 65,000 | 72,012 | |||||
Missouri Environmental Improvement & Energy Resources Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2021 | 45,000 | 48,153 | |||||
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (Mercy Health) Ser. A | 5.00 | 6/1/2028 | 6,000,000 | 7,800,240 | |||||
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (Mercy Health) Ser. C | 4.00 | 11/15/2036 | 1,300,000 | 1,469,624 | |||||
Missouri Highways & Transportation Commission, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2023 | 24,625,000 | 28,144,405 | |||||
37,620,299 | |||||||||
Montana - .9% | |||||||||
Montana Board of Housing, Revenue Bonds, Ser. A2 | 3.50 | 6/1/2044 | 3,545,000 | 3,735,934 | |||||
Montana Facility Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 1/1/2036 | 3,000,000 | 3,527,670 | |||||
Montana Facility Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 1/1/2035 | 4,000,000 | 4,719,320 | |||||
Montana Facility Finance Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2027 | 5,000,000 | 6,268,250 |
30
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
Montana - .9% (continued) | |||||||||
Montana Facility Finance Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2028 | 3,885,000 | 4,980,143 | |||||
23,231,317 | |||||||||
Nebraska - .1% | |||||||||
Lincoln Electric System, Revenue Bonds | 5.00 | 9/1/2030 | 1,650,000 | 2,068,391 | |||||
Nevada - 1.8% | |||||||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 6/15/2029 | 5,280,000 | 6,583,526 | |||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. B | 5.00 | 6/15/2033 | 5,000,000 | 6,330,400 | |||||
Clark County School District, GO, Refunding, Ser. A | 5.00 | 6/15/2024 | 5,000,000 | 5,866,500 | |||||
Clark County School District, GO, Refunding, Ser. C | 5.00 | 6/15/2027 | 5,000,000 | 6,043,400 | |||||
Clark County School District, GO, Refunding, Ser. C | 5.00 | 6/15/2036 | 5,000,000 | 5,479,000 | |||||
Clark County School District, GO, Ser. B | 5.00 | 6/15/2028 | 10,005,000 | 12,827,010 | |||||
Nevada Housing Division, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | 4.00 | 4/1/2049 | 3,100,000 | 3,430,460 | |||||
46,560,296 | |||||||||
New Jersey - 5.9% | |||||||||
Bergen County, GO, Refunding | 3.00 | 7/15/2028 | 3,025,000 | 3,371,121 | |||||
Bergen County, GO, Refunding | 3.00 | 7/15/2027 | 3,505,000 | 3,946,209 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding | 5.00 | 6/15/2023 | 5,000,000 | 5,446,000 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding | 5.00 | 6/15/2021 | 10,000,000 | 10,605,300 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding | 5.00 | 6/15/2024 | 5,000,000 | 5,435,700 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; American Municipal Bond Assurance Corp.) Ser. K | 5.25 | 12/15/2020 | 5,000,000 | 5,255,150 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; American Municipal Bond Assurance Corp.) Ser. K | 5.50 | 12/15/2019 | 1,410,000 | 1,426,821 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 3/1/2025 | 13,000,000 | 14,478,750 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. N1 | 5.50 | 9/1/2023 | 10,000,000 | 11,447,200 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. PP | 5.00 | 6/15/2020 | 5,000,000 | 5,146,300 | |||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Barnabas Health) Ser. A | 5.00 | 7/1/2022 | 1,830,000 | 2,028,134 | |||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Barnabas Health) Ser. A | 5.00 | 7/1/2024 | 3,005,000 | 3,322,358 | |||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Trinitas Regional Medical Center) | 5.00 | 7/1/2024 | 1,000,000 | 1,155,560 | |||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Trinitas Regional Medical Center) | 5.00 | 7/1/2025 | 1,060,000 | 1,254,107 | |||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Trinitas Regional Medical Center) | 5.00 | 7/1/2026 | 1,000,000 | 1,207,950 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2030 | 5,000,000 | 6,146,000 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2032 | 6,000,000 | 7,291,920 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2033 | 12,000,000 | 14,538,000 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2034 | 8,000,000 | 9,636,160 |
31
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
New Jersey - 5.9% (continued) | |||||||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) Ser. A | 5.75 | 6/15/2025 | 4,245,000 | 5,157,420 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. B | 5.50 | 12/15/2021 | 10,000,000 | 10,916,100 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/15/2027 | 10,000,000 | 12,356,000 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 12/15/2021 | 3,000,000 | 3,258,060 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. B | 5.50 | 6/15/2031 | 5,000,000 | 5,331,200 | |||||
150,157,520 | |||||||||
New Mexico - .1% | |||||||||
New Mexico Finance Authority, Revenue Bonds, Ser. C | 5.00 | 6/1/2029 | 1,615,000 | 1,943,717 | |||||
New York - 14.7% | |||||||||
Brooklyn Arena Local Development Corp., Revenue Bonds, Refunding (Barclays Center Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 7/15/2034 | 1,000,000 | 1,132,180 | |||||
Brooklyn Arena Local Development Corp., Revenue Bonds, Refunding (Barclays Center Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 7/15/2033 | 900,000 | 1,023,111 | |||||
Brooklyn Arena Local Development Corp., Revenue Bonds, Refunding (Barclays Center Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 7/15/2032 | 750,000 | 855,413 | |||||
Hudson Yards Infrastructure Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 2/15/2033 | 5,000,000 | 6,268,450 | |||||
Metropolitan Transportation Authority, Revenue Bonds (Green Bond) Ser. A | 5.00 | 11/15/2035 | 10,000,000 | 12,436,900 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A1 | 5.00 | 11/15/2024 | 10,000,000 | 11,823,400 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. B2 | 5.25 | 11/15/2033 | 5,000,000 | 6,478,400 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | 5.00 | 11/15/2026 | 10,185,000 | 12,726,667 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. D | 5.00 | 11/15/2031 | 10,000,000 | 12,327,200 | |||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2051 | 5,000,000 | 5,355,450 | |||||
Nassau County, GO, Refunding, Ser. B | 5.00 | 4/1/2036 | 4,000,000 | 4,885,680 | |||||
Nassau County, GO, Refunding, Ser. C | 5.00 | 10/1/2028 | 10,000,000 | 12,734,700 | |||||
New York & New Jersey Port Authority, Revenue Bonds, Refunding, Ser. 207 | 5.00 | 9/15/2024 | 10,000,000 | 11,804,600 | |||||
New York City, GO (LOC; Mizuho Bank, Ltd.) Ser. A3 | 1.52 | 10/1/2040 | 4,900,000 | a | 4,900,000 | ||||
New York City, GO (LOC; Mizuho Bank, Ltd.) Ser. G6 | 1.40 | 4/1/2042 | 3,300,000 | a | 3,300,000 | ||||
New York City, GO Notes, Ser. A2 | 1.52 | 10/1/2038 | 8,700,000 | a | 8,700,000 | ||||
New York City, GO, Refunding, Ser. A | 5.00 | 8/1/2024 | 5,000,000 | 5,930,850 | |||||
New York City, GO, Refunding, Ser. G | 5.00 | 8/1/2023 | 5,000,000 | 5,747,750 | |||||
New York City, GO, Refunding, Ser. I | 5.00 | 8/1/2026 | 5,660,000 | 6,288,826 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. A1 | 3.38 | 11/15/2029 | 3,000,000 | 3,200,160 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | 5.25 | 7/1/2032 | 10,000,000 | 11,324,700 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 5.25 | 8/1/2037 | 10,000,000 | 12,923,600 | |||||
New York City Transitional Finance Authority, Revenue Bonds (Insured; State Aid Withholding) Ser. S3 | 5.25 | 7/15/2036 | 10,000,000 | 12,848,800 | |||||
New York City Transitional Finance Authority, Revenue Bonds (SPA; State Street Bank and Trust Co.) Ser. A6 | 1.42 | 8/1/2039 | 3,800,000 | a | 3,800,000 |
32
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
New York - 14.7% (continued) | |||||||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. A2 | 5.00 | 8/1/2035 | 5,295,000 | 6,592,328 | |||||
New York City Water & Sewer System, Revenue Bonds (LOC; Citibank NA) Ser. F | 1.42 | 6/15/2035 | 2,300,000 | a | 2,300,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding (SPA; Mizuho Bank Ltd.) Ser. AA5 | 1.52 | 6/15/2048 | 400,000 | a | 400,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. DD | 4.50 | 6/15/2039 | 1,000,000 | 1,120,110 | |||||
New York Counties Tobacco Trust VI, Revenue Bonds, Refunding, Ser. A-2B | 5.00 | 6/1/2045 | 1,250,000 | 1,347,650 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 15,400,000 | g | 17,106,166 | ||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 2-3 World Trade Center Project) | 5.15 | 11/15/2034 | 3,500,000 | g | 3,954,755 | ||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Insured; State Aid Withholding) Ser. A | 5.00 | 10/1/2030 | 5,000,000 | 6,371,550 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 3/15/2033 | 7,000,000 | 8,643,110 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 3/15/2034 | 2,500,000 | 2,894,775 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2032 | 10,000,000 | 11,877,100 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 3/15/2031 | 5,165,000 | 6,013,558 | |||||
New York State Dormitory Authority, Revenue Bonds, Ser. A | 5.00 | 3/15/2033 | 5,685,000 | 7,040,816 | |||||
New York State Dormitory Authority, Revenue Bonds, Ser. B | 5.00 | 2/15/2033 | 20,000,000 | 23,785,600 | |||||
New York State Mortgage Agency, Revenue Bonds, Ser. 52 | 1.65 | 10/1/2019 | 1,200,000 | 1,200,156 | |||||
New York State Thruway Authority, Revenue Bonds, Refunding, Ser. K | 5.00 | 1/1/2032 | 3,000,000 | 3,556,950 | |||||
New York State Urban Development Corp., Revenue Bonds (Insured; National Public Finance Guarantee Corp.) Ser. A2 | 5.50 | 3/15/2024 | 10,000,000 | 11,962,400 | |||||
New York State Urban Development Corp., Revenue Bonds, Ser. C | 5.00 | 3/15/2029 | 10,000,000 | 11,358,000 | |||||
New York State Urban Development Corp., Revenue Bonds, Ser. E | 5.00 | 3/15/2026 | 5,000,000 | 5,679,000 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2025 | 20,000,000 | 23,263,400 | |||||
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) | 5.00 | 7/1/2041 | 2,000,000 | 2,250,100 | |||||
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A | 5.00 | 7/1/2046 | 2,500,000 | 2,797,700 | |||||
Sales Tax Asset Receivable Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 10/15/2029 | 6,370,000 | 7,572,592 | |||||
Suffolk County, GO (Insured; Build America Mutual) Ser. A | 4.00 | 4/1/2032 | 4,780,000 | 5,488,157 | |||||
Suffolk County, GO, Refunding (Insured; Build America Mutual) Ser. D | 4.00 | 10/15/2028 | 4,810,000 | 5,693,886 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A | 0.00 | 11/15/2029 | 10,000,000 | c | 8,138,600 | ||||
TSASC, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2023 | 5,000,000 | 5,657,400 | |||||
Utility Debt Securitization Authority, Revenue Bonds, Refunding | 5.00 | 12/15/2026 | 2,500,000 | 2,910,825 | |||||
375,793,521 | |||||||||
North Carolina - .7% | |||||||||
North Carolina Municipal Power Agency No. 1, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2024 | 1,585,000 | 1,589,486 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2033 | 3,400,000 | 4,304,434 |
33
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
North Carolina - .7% (continued) | |||||||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2032 | 3,780,000 | 4,798,294 | |||||
Wake County, GO, Refunding, Ser. B | 4.00 | 5/1/2031 | 3,245,000 | 3,553,729 | |||||
Wake County, GO, Refunding, Ser. B | 4.00 | 5/1/2030 | 3,000,000 | 3,293,520 | |||||
17,539,463 | |||||||||
Ohio - .6% | |||||||||
Hamilton County Sewer System, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2029 | 2,250,000 | 2,677,613 | |||||
Hamilton County Sewer System, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2026 | 3,500,000 | 4,052,685 | |||||
Ohio, Revenue Bonds, Refunding (University Hospitals Health System) (LOC; PNC Bank NA) Ser. A | 1.43 | 1/15/2046 | 2,100,000 | a | 2,100,000 | ||||
Ohio Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | 4.50 | 3/1/2047 | 1,990,000 | 2,181,995 | |||||
Ohio Housing Finance Agency, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. D | 4.00 | 3/1/2047 | 4,870,000 | 5,233,984 | |||||
16,246,277 | |||||||||
Oregon - 1.8% | |||||||||
Multnomah & Clackamas Counties School District No. 10, GO (Insured; School Board Guaranty) Ser. B | 5.00 | 6/15/2030 | 10,000,000 | 12,641,300 | |||||
Oregon Housing & Community Services Department, Revenue Bonds, Ser. A | 4.00 | 1/1/2047 | 3,650,000 | 3,901,157 | |||||
Portland Sewer System, Revenue Bonds, Ser. A | 4.50 | 5/1/2037 | 13,635,000 | 15,899,364 | |||||
Portland Sewer System, Revenue Bonds, Ser. A | 4.50 | 5/1/2033 | 11,435,000 | 13,468,372 | |||||
45,910,193 | |||||||||
Pennsylvania - 9.6% | |||||||||
Berks County Industrial Development Authority, Revenue Bonds, Refunding (Tower Health Project) | 4.00 | 11/1/2032 | 1,400,000 | 1,570,352 | |||||
Chambersburg Area School District, GO, Refunding (Insured; State Aid Withholding) | 4.00 | 3/1/2028 | 2,435,000 | 2,863,170 | |||||
Chester County Health & Education Facilities Authority, Revenue Bonds, Refunding (Main Line Health System) Ser. A | 4.00 | 10/1/2037 | 2,105,000 | 2,384,586 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2033 | 3,250,000 | 4,046,153 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2031 | 3,500,000 | 4,381,965 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2030 | 4,000,000 | 5,034,240 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | 4.00 | 9/1/2034 | 1,155,000 | 1,319,218 | |||||
Pennsylvania, GO | 5.00 | 9/15/2029 | 7,000,000 | 8,667,190 | |||||
Pennsylvania, GO | 5.00 | 3/15/2031 | 5,000,000 | 5,934,800 | |||||
Pennsylvania, GO (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 6/1/2022 | 7,540,000 | d | 8,351,379 | ||||
Pennsylvania, GO (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 4/1/2023 | 11,520,000 | d | 13,125,542 | ||||
Pennsylvania, GO, Refunding | 4.00 | 1/1/2030 | 5,000,000 | 5,755,500 | |||||
Pennsylvania, GO, Refunding | 5.00 | 8/15/2023 | 5,000,000 | 5,744,550 | |||||
Pennsylvania, GO, Refunding | 5.00 | 7/15/2028 | 10,000,000 | 12,899,700 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (UPMC) | 4.00 | 3/15/2032 | 3,305,000 | 3,738,847 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/15/2036 | 3,750,000 | 4,257,337 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/15/2035 | 6,000,000 | 6,830,280 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (St. Joseph's University) Ser. A | 5.00 | 11/1/2034 | 2,240,000 | 2,322,746 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Pennsylvani Health System) Ser. C | 5.00 | 8/15/2024 | 5,000,000 | 5,903,650 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding, Ser. AV1 | 4.00 | 6/15/2031 | 2,505,000 | 2,907,528 |
34
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
Pennsylvania - 9.6% (continued) | |||||||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding, Ser. AV1 | 4.00 | 6/15/2032 | 1,355,000 | 1,567,586 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Ser. AT-1 | 5.00 | 6/15/2029 | 5,000,000 | 6,087,800 | |||||
Pennsylvania Housing Finance Agency, Revenue Bonds, Refunding, Ser. 122 | 3.65 | 10/1/2032 | 3,310,000 | 3,572,946 | |||||
Pennsylvania Housing Finance Agency, Revenue Bonds, Refunding, Ser. 122 | 4.00 | 10/1/2046 | 2,130,000 | 2,283,743 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | 5.00 | 12/1/2038 | 10,000,000 | 12,180,200 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | 5.00 | 12/1/2035 | 7,085,000 | 8,697,829 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | 5.00 | 12/1/2031 | 5,000,000 | 6,203,350 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corporation) Ser. B2 | 5.00 | 6/1/2033 | 10,000,000 | 12,278,600 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2033 | 2,525,000 | 3,186,373 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B | 5.00 | 6/1/2029 | 7,925,000 | 9,534,567 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A | 5.00 | 12/1/2022 | 5,110,000 | d | 5,756,824 | ||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B | 5.00 | 12/1/2021 | 3,740,000 | 4,051,355 | |||||
Perkiomen Valley School District, GO (Insured; State Aid Withholding) | 4.00 | 2/15/2031 | 5,000,000 | 5,573,000 | |||||
Philadelphia, GO, Refunding, Ser. A | 5.00 | 8/1/2026 | 3,400,000 | 4,234,904 | |||||
Philadelphia, GO, Refunding, Ser. A | 5.00 | 8/1/2025 | 3,455,000 | 4,191,537 | |||||
Philadelphia, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2025 | 1,125,000 | 1,351,755 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (Children's Hospital of Philadelphia Project) | 4.00 | 7/1/2035 | 1,575,000 | 1,808,825 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (Children's Hospital of Philadelphia Project) | 4.00 | 7/1/2036 | 8,400,000 | 9,622,620 | |||||
Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 9/1/2026 | 10,000,000 | 12,490,200 | |||||
State Public School Building Authority, Revenue Bonds (The School District of Philadelphia Project) (Insured; State Aid Withholding) | 5.00 | 4/1/2025 | 2,750,000 | 2,996,923 | |||||
State Public School Building Authority, Revenue Bonds (The School District of Philadelphia Project) (Insured; State Aid Withholding) | 5.00 | 4/1/2022 | 1,000,000 | 1,090,590 | |||||
State Public School Building Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 6/1/2031 | 5,000,000 | 6,042,900 | |||||
State Public School Building Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 6/1/2025 | 5,000,000 | 5,978,750 | |||||
The School District of Philadelphia, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2025 | 500,000 | 600,355 | |||||
The School District of Philadelphia, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2024 | 600,000 | 701,142 | |||||
The School District of Philadelphia, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2027 | 500,000 | 621,220 | |||||
The School District of Philadelphia, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2026 | 500,000 | 612,140 | |||||
West Mifflin School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 4/1/2028 | 1,000,000 | 1,201,920 |
35
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
Pennsylvania - 9.6% (continued) | |||||||||
West Mifflin School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 4/1/2027 | 1,140,000 | 1,374,384 | |||||
243,933,071 | |||||||||
Rhode Island - .5% | |||||||||
Rhode Island, GO, Refunding, Ser. B | 5.00 | 8/1/2029 | 5,290,000 | 6,715,919 | |||||
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds (Insured; Government National Mortgage Association) Ser. 70 | 4.00 | 10/1/2049 | 5,000,000 | 5,533,000 | |||||
12,248,919 | |||||||||
South Carolina - .8% | |||||||||
Dorchester County School District No. 2, Revenue Bonds, Refunding | 5.00 | 12/1/2029 | 2,000,000 | 2,291,700 | |||||
Dorchester County School District No. 2, Revenue Bonds, Refunding | 5.00 | 12/1/2028 | 1,750,000 | 2,008,353 | |||||
Lexington County Health Services District, Revenue Bonds, Refunding (LexMed Obligated Group) | 4.00 | 11/1/2032 | 750,000 | 852,593 | |||||
Lexington County Health Services District, Revenue Bonds, Refunding (LexMed Obligated Group) | 4.00 | 11/1/2031 | 1,000,000 | 1,141,260 | |||||
Lexington County Health Services District, Revenue Bonds, Refunding (LexMed Obligated Group) | 4.00 | 11/1/2030 | 1,000,000 | 1,148,080 | |||||
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2030 | 3,315,000 | 4,014,200 | |||||
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 12/1/2022 | 7,500,000 | 8,375,700 | |||||
19,831,886 | |||||||||
South Dakota - .3% | |||||||||
Educational Enhancement Funding Corp., Revenue Bonds, Refunding, Ser. B | 5.00 | 6/1/2027 | 500,000 | 557,775 | |||||
Educational Enhancement Funding Corp., Revenue Bonds, Refunding, Ser. B | 5.00 | 6/1/2025 | 1,800,000 | 2,011,932 | |||||
South Dakota State Building Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2032 | 2,660,000 | 3,081,583 | |||||
South Dakota State Building Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2031 | 1,250,000 | 1,452,513 | |||||
7,103,803 | |||||||||
Tennessee - 1.2% | |||||||||
Clarksville Natural Gas Acquisition Corp., Revenue Bonds | 5.00 | 12/15/2020 | 1,690,000 | 1,768,382 | |||||
Clarksville Public Building Authority, Revenue Bonds (Tennessee Municipal Bond Fund) (LOC; Bank of America NA) | 1.40 | 11/1/2035 | 3,900,000 | a | 3,900,000 | ||||
Memphis-Shelby County Industrial Development Board, Revenue Bonds, Refunding, Ser. B | 5.00 | 11/1/2029 | 5,840,000 | 7,228,168 | |||||
Metropolitan Government of Nashville & Davidson County, GO, Refunding | 5.00 | 1/1/2030 | 5,000,000 | 6,197,200 | |||||
Tennessee Energy Acquisition Corp., Revenue Bonds, Ser. A | 4.00 | 5/1/2023 | 7,820,000 | 8,465,854 | |||||
Tennessee Housing Development Agency, Revenue Bonds, Ser. 2B | 4.00 | 1/1/2042 | 1,670,000 | 1,801,830 | |||||
Tennessee Housing Development Agency, Revenue Bonds, Ser. B | 3.50 | 1/1/2047 | 2,005,000 | 2,115,476 | |||||
31,476,910 | |||||||||
Texas - 8.8% | |||||||||
Arlington, Special Tax Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 2/15/2034 | 4,180,000 | 4,874,591 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift Education) (Insured; Texas Permanent School Fund Guarantee Program) Ser. A | 4.00 | 12/1/2042 | 2,760,000 | 3,090,262 | |||||
Bexar County, Revenue Bonds, Refunding (Tax Exempt Venue Project) | 4.00 | 8/15/2033 | 1,000,000 | 1,161,690 |
36
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
Texas - 8.8% (continued) | |||||||||
Bexar County, Revenue Bonds, Refunding (Tax Exempt Venue Project) | 4.00 | 8/15/2034 | 1,075,000 | 1,242,722 | |||||
Bexar County, Revenue Bonds, Refunding (Tax Exempt Venue Project) | 4.00 | 8/15/2032 | 1,000,000 | 1,166,200 | |||||
Bexar County, Revenue Bonds, Refunding (Tax Exempt Venue Project) | 4.00 | 8/15/2030 | 1,000,000 | 1,179,530 | |||||
Bexar County, Revenue Bonds, Refunding (Tax Exempt Venue Project) | 5.00 | 8/15/2027 | 1,110,000 | 1,396,702 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds | 5.00 | 8/15/2023 | 1,100,000 | 1,188,253 | |||||
Culberson County-Allamoore Independent School District, GO (Insured; Texas Permanent School Fund Guarantee Program) | 4.00 | 2/15/2041 | 1,300,000 | 1,302,535 | |||||
Dallas, GO, Refunding | 5.00 | 2/15/2028 | 5,000,000 | 6,314,250 | |||||
Forney Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) | 5.00 | 8/15/2027 | 2,200,000 | 2,669,304 | |||||
Frisco Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 4.00 | 8/15/2027 | 4,010,000 | 4,536,353 | |||||
Grand Parkway Transportation Corp., BAN | 5.00 | 2/1/2023 | 12,500,000 | 14,019,375 | |||||
Harris County Flood Control District, Revenue Bonds, Refunding | 5.00 | 10/1/2026 | 10,000,000 | 11,940,500 | |||||
Houston, GO, Refunding, Ser. A | 5.00 | 3/1/2029 | 5,000,000 | 6,250,850 | |||||
Houston Community College System, GO | 5.00 | 2/15/2032 | 8,200,000 | 9,146,034 | |||||
Houston Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) | 4.00 | 2/15/2028 | 5,000,000 | 5,605,150 | |||||
Houston Texas Combined Utility System, Revenue Bonds, Refunding, Ser. B | 4.50 | 11/15/2038 | 16,540,000 | 19,355,439 | |||||
Houston Texas Combined Utility System, Revenue Bonds, Refunding, Ser. B | 5.25 | 11/15/2033 | 5,000,000 | 6,295,350 | |||||
Houston Texas Hotel Occupancy, Revenue Bonds, Refunding | 5.00 | 9/1/2028 | 1,350,000 | 1,749,992 | |||||
Houston Texas Hotel Occupancy, Revenue Bonds, Refunding | 5.00 | 9/1/2026 | 1,750,000 | 2,180,483 | |||||
Houston Texas Hotel Occupancy, Revenue Bonds, Refunding | 5.00 | 9/1/2027 | 1,720,000 | 2,186,963 | |||||
New Hope Cultural Educational Facilities Finance Corp., Revenue Bonds, Refunding (Children's Health System Project) Ser. A | 4.00 | 8/15/2033 | 2,000,000 | 2,275,880 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 1/1/2034 | 5,015,000 | 5,698,043 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2030 | 8,650,000 | 10,487,865 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2026 | 10,000,000 | 11,590,700 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2030 | 3,000,000 | 3,538,830 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2031 | 11,415,000 | 13,405,205 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2031 | 1,875,000 | 2,252,813 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2040 | 5,000,000 | 5,581,050 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2030 | 1,750,000 | 2,113,598 | |||||
Pearland Independent School District, GO, Refunding (Insured; Texas Permanent School Fund Guarantee Program) | 5.00 | 2/15/2031 | 5,000,000 | 6,084,450 | |||||
Southwest Higher Education Authority, Revenue Bonds, Refunding | 5.00 | 10/1/2029 | 5,000,000 | 6,158,900 | |||||
Southwest Higher Education Authority, Revenue Bonds, Refunding | 5.00 | 10/1/2028 | 4,500,000 | 5,565,150 | |||||
Texas, GO, Refunding | 5.00 | 10/1/2023 | 4,220,000 | 4,563,761 | |||||
Texas, GO, Refunding | 5.00 | 10/1/2024 | 4,000,000 | 4,697,240 | |||||
Texas, GO, Refunding | 5.00 | 10/1/2027 | 8,470,000 | 10,360,673 |
37
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
Texas - 8.8% (continued) | |||||||||
Texas, GO, Refunding | 5.00 | 10/1/2021 | 5,165,000 | d | 5,564,874 | ||||
Texas Municipal Power Agency, Revenue Bonds, Refunding | 5.00 | 9/1/2047 | 2,500,000 | 2,586,275 | |||||
University of Houston, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/15/2033 | 5,000,000 | 6,033,750 | |||||
University of North Texas System, Revenue Bonds, Refunding, Ser. A | 5.00 | 4/15/2035 | 5,000,000 | 5,877,800 | |||||
223,289,385 | |||||||||
U.S. Related - .3% | |||||||||
Antonio B Won International Airport Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. B | 5.50 | 10/1/2033 | 1,000,000 | 1,161,370 | |||||
Guam, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2029 | 2,000,000 | 2,338,880 | |||||
Guam, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2028 | 2,000,000 | 2,351,520 | |||||
Puerto Rico Electric Power Authority, Revenue Bonds, Refunding, Ser. ZZ | 5.25 | 7/1/2018 | 2,500,000 | f | 1,921,875 | ||||
7,773,645 | |||||||||
Utah - .6% | |||||||||
Salt Lake City Airport, Revenue Bonds, Ser. A | 5.00 | 7/1/2031 | 2,400,000 | 2,948,616 | |||||
Salt Lake City Airport, Revenue Bonds, Ser. A | 5.00 | 7/1/2030 | 2,000,000 | 2,468,840 | |||||
Salt Lake City Airport, Revenue Bonds, Ser. A | 5.00 | 7/1/2029 | 2,500,000 | 3,103,350 | |||||
Utah Associated Municipal Power Systems, Revenue Bonds, Refunding (Payson Power Project) | 5.00 | 4/1/2022 | 5,675,000 | 6,114,131 | |||||
14,634,937 | |||||||||
Vermont - .5% | |||||||||
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds, Refunding (University of Vermont Medical Center) Ser. A | 5.00 | 12/1/2032 | 10,000,000 | 12,055,000 | |||||
Virginia - .4% | |||||||||
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes) | 5.00 | 7/1/2034 | 9,500,000 | 10,218,295 | |||||
Washington - 3.5% | |||||||||
Energy Northwest, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2029 | 5,745,000 | 7,319,819 | |||||
King County School District No. 411, GO, Refunding (Insured; School Board Guaranty) | 4.50 | 12/1/2027 | 6,650,000 | 7,334,684 | |||||
Port of Seattle, Revenue Bonds, Refunding, Ser. B | 5.00 | 3/1/2028 | 1,750,000 | 2,059,295 | |||||
Port of Seattle, Revenue Bonds, Ser. A | 5.00 | 4/1/2030 | 2,840,000 | 3,339,386 | |||||
Port of Seattle, Revenue Bonds, Ser. A | 5.00 | 4/1/2029 | 1,000,000 | 1,177,500 | |||||
Washington, GO, Refunding, Ser. B | 5.00 | 7/1/2032 | 5,000,000 | 6,068,750 | |||||
Washington, GO, Refunding, Ser. R-2015C | 5.00 | 7/1/2031 | 5,400,000 | 6,422,058 | |||||
Washington, GO, Ser. A1 | 5.00 | 8/1/2031 | 5,165,000 | 6,243,710 | |||||
Washington, GO, Ser. A1 | 5.00 | 8/1/2026 | 10,000,000 | 12,221,700 | |||||
Washington, Revenue Bonds, Ser. C | 5.00 | 9/1/2022 | 5,000,000 | 5,574,250 | |||||
Washington, Revenue Bonds, Ser. C | 5.00 | 9/1/2023 | 5,000,000 | 5,761,200 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health) Ser. B2 | 5.00 | 8/1/2025 | 3,000,000 | 3,559,620 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health) Ser. B3 | 5.00 | 8/1/2026 | 3,000,000 | 3,617,880 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Providence Health & Services) Ser. B | 5.00 | 10/1/2021 | 5,550,000 | 5,975,907 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Providence St. Joseph Health) | 5.00 | 10/1/2032 | 2,500,000 | 3,174,400 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Virginia Manson Medical Center) | 5.00 | 8/15/2025 | 1,700,000 | 1,993,335 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Virginia Manson Medical Center) | 5.00 | 8/15/2026 | 2,000,000 | 2,393,640 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Virginia Manson Medical Center) | 5.00 | 8/15/2027 | 2,175,000 | 2,645,975 | |||||
Washington State University, Revenue Bonds, Refunding (Green Bond) | 5.00 | 10/1/2028 | 1,000,000 | 1,306,230 |
38
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.3% (continued) | |||||||||
Washington - 3.5% (continued) | |||||||||
Washington State University, Revenue Bonds, Refunding (Green Bond) | 5.00 | 10/1/2027 | 1,000,000 | 1,280,880 | |||||
89,470,219 | |||||||||
Wisconsin - .4% | |||||||||
Wisconsin, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2029 | 3,140,000 | 3,986,073 | |||||
WPPI Energy, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2033 | 2,000,000 | 2,324,400 | |||||
WPPI Energy, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2029 | 1,000,000 | 1,170,760 | |||||
WPPI Energy, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2032 | 500,000 | 581,645 | |||||
WPPI Energy, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2030 | 1,000,000 | 1,168,020 | |||||
WPPI Energy, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2031 | 1,000,000 | 1,164,910 | |||||
10,395,808 | |||||||||
Total Investments(cost $2,426,147,113) | 101.3% | 2,582,662,231 | |||||||
Liabilities, Less Cash and Receivables | (1.3%) | (32,565,116) | |||||||
Net Assets | 100.0% | 2,550,097,115 |
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 purchased on a when-issued or delayed basis for which the fund has not taken delivery as of August 31, 2019.
c Security issued with a zero coupon. Income is recognized through the accretion of discount.
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 Variable rate security—rate shown is the interest rate in effect at period end.
f Non-income producing—security in default.
g Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2019, these securities were valued at $21,060,921 or .83% of net assets.
Portfolio Summary (Unaudited)† | Value (%) |
General | 18.7 |
General Obligation | 17.8 |
Transportation | 12.6 |
Education | 9.6 |
Medical | 9.4 |
Water | 7.0 |
School District | 6.8 |
Airport | 5.0 |
Tobacco Settlement | 3.3 |
Development | 2.8 |
Prerefunded | 2.4 |
Single Family Housing | 2.0 |
Power | 1.8 |
Multifamily Housing | .6 |
Utilities | .5 |
Bond Bank | .4 |
Facilities | .2 |
Special Tax | .2 |
Nursing Homes | .2 |
101.3 |
† Based on net assets.
See notes to financial statements.
39
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Short-Term Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.9% | |||||||||
Alabama - 2.5% | |||||||||
Black Belt Energy Gas District, Revenue Bonds, Ser. A | 4.00 | 6/1/2021 | 18,085,000 | 18,910,399 | |||||
Black Belt Energy Gas District, Revenue Bonds, Ser. A | 4.00 | 7/1/2022 | 9,125,000 | 9,780,449 | |||||
28,690,848 | |||||||||
Arizona - 2.9% | |||||||||
Arizona, COP, Refunding, Ser. A | 5.00 | 10/1/2022 | 8,000,000 | 8,946,400 | |||||
Arizona, CP, Refunding, Ser. A | 5.00 | 10/1/2021 | 9,000,000 | 9,723,420 | |||||
Chandler Industrial Development Authority, Revenue Bonds (Intel Corp.) | 5.00 | 6/3/2024 | 7,000,000 | 8,124,200 | |||||
Coconino County Pollution Control Corp., Revenue Bonds, Refunding, Ser. B | 1.60 | 5/21/2020 | 1,100,000 | 1,102,013 | |||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Honorhealth) Ser. A | 5.00 | 9/1/2021 | 725,000 | 778,889 | |||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Honorhealth) Ser. A | 5.00 | 9/1/2020 | 750,000 | 778,995 | |||||
The Yavapai County Industrial Development Authority, Revenue Bonds (Waste Management) Ser. A2 | 2.20 | 6/3/2024 | 3,350,000 | 3,455,659 | |||||
32,909,576 | |||||||||
California - 2.8% | |||||||||
Bay Area Toll Authority, Revenue Bonds, Refunding, Ser. B | 2.25 | 4/1/2022 | 7,500,000 | 7,687,050 | |||||
California Infrastructure & Economic Development Bank, Revenue Bonds, Refunding, (The J Paul Getty Trust) Ser. A, 1 Month LIBOR x .7 +.33% | 1.89 | 4/1/2022 | 5,000,000 | a | 4,996,700 | ||||
Port of Los Angeles, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2023 | 5,000,000 | 5,715,900 | |||||
Port of Los Angeles, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/1/2022 | 3,000,000 | 3,324,390 | |||||
San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds, Refunding, Ser. H | 5.00 | 5/1/2023 | 8,580,000 | 9,718,394 | |||||
31,442,434 | |||||||||
Colorado - 2.7% | |||||||||
Colorado Educational & Cultural Facilities Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 4/1/2020 | 910,000 | 928,318 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2021 | 4,555,000 | b | 4,795,276 | ||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding, Ser. B3 | 1.88 | 11/6/2019 | 5,000,000 | 5,005,500 | |||||
Colorado Housing & Finance Authority, Revenue Bonds (Multi-Family Project) Ser. B2 | 1.35 | 2/1/2022 | 5,000,000 | 4,997,150 | |||||
Colorado Housing & Finance Authority, Revenue Bonds (S Range Crossings Project) | 2.15 | 1/1/2020 | 3,000,000 | 3,007,200 | |||||
E-470 Public Highway Authority, Revenue Bonds, Refunding, Ser. C | 5.25 | 9/1/2025 | 3,000,000 | 3,118,020 | |||||
Rio Blanco County School District No. Re-1, GO, Ser. B | 5.00 | 12/1/2022 | 1,000,000 | 1,121,840 | |||||
Rio Blanco County School District No. Re-1, GO, Ser. B | 5.00 | 12/1/2021 | 2,000,000 | 2,171,140 | |||||
Rio Blanco County School District No. Re-1, GO, Ser. B | 5.00 | 12/1/2020 | 1,700,000 | 1,780,869 | |||||
University of Colorado Hospital Authority, Revenue Bonds | 4.00 | 3/1/2020 | 4,000,000 | 4,004,640 | |||||
30,929,953 | |||||||||
Connecticut - 3.0% | |||||||||
Connecticut, GO, Refunding, Ser. F | 5.00 | 9/15/2020 | 1,200,000 | 1,246,944 | |||||
Connecticut, GO, Ser. A | 5.00 | 4/15/2023 | 3,075,000 | 3,483,452 | |||||
Connecticut, Revenue Bonds, Ser. A | 5.00 | 1/1/2021 | 5,000,000 | 5,254,350 | |||||
Connecticut, Revenue Bonds, Ser. A | 5.00 | 1/1/2022 | 5,000,000 | 5,442,300 | |||||
Connecticut State Health & Educational Facilities Authority, Revenue Bonds, Refunding (Yale University) Ser. A2 | 5.00 | 7/1/2022 | 11,960,000 | 13,261,966 | |||||
Connecticut State Health & Educational Facilities Authority, Revenue Bonds, Refunding (Yale University) Ser. C2 | 5.00 | 2/1/2023 | 5,000,000 | 5,647,000 | |||||
34,336,012 |
40
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.9% (continued) | |||||||||
District of Columbia - .4% | |||||||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. D2 | 1.44 | 10/1/2039 | 4,000,000 | c | 4,000,000 | ||||
Florida - 4.9% | |||||||||
Citizens Property Insurance Corp., Revenue Bonds, Ser. A1 | 5.00 | 6/1/2021 | 5,200,000 | 5,546,944 | |||||
Citizens Property Insurance Corp., Revenue Bonds, Ser. A1 | 5.00 | 6/1/2020 | 9,400,000 | 9,669,216 | |||||
Florida, GO, Refunding, Ser. D | 5.00 | 6/1/2023 | 1,031,000 | 1,102,036 | |||||
Florida Development Finance Corp., Revenue Bonds (Virgin Trains USA) Ser. B | 1.90 | 3/17/2020 | 7,500,000 | 7,502,400 | |||||
Florida Lottery, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2021 | 12,575,000 | 13,456,130 | |||||
Hillsborough County School Board, COP, Refunding | 5.00 | 7/1/2021 | 7,000,000 | 7,498,400 | |||||
Orange County Health Facilities Authority, Revenue Bonds, Refunding (Orlando Health Obligated Group) | 5.00 | 10/1/2021 | 3,890,000 | 4,199,333 | |||||
Palm Beach County Airport System, Revenue Bonds, Refunding | 5.00 | 10/1/2022 | 710,000 | 788,292 | |||||
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (ACTS Retirement-Life Communities) | 4.00 | 11/15/2020 | 2,000,000 | 2,065,300 | |||||
Palm Beach County School Board, COP, Refunding, Ser. A | 5.00 | 8/1/2022 | 1,875,000 | 2,083,875 | |||||
Palm Beach County School Board, COP, Refunding, Ser. A | 5.00 | 8/1/2021 | 1,525,000 | 1,638,506 | |||||
55,550,432 | |||||||||
Georgia - 2.8% | |||||||||
Bartow County Development Authority, Revenue Bonds, Refunding (Gerorgia Power) | 1.55 | 8/19/2022 | 2,000,000 | 1,995,540 | |||||
Burke County Development Authority, Revenue Bonds (Georgia Power Company Plant Vogtle Project) | 2.35 | 12/11/2020 | 5,000,000 | 5,060,750 | |||||
Burke County Development Authority, Revenue Bonds (Georgia Power Company Plant Vogtle Project) | 2.25 | 5/25/2023 | 8,000,000 | 8,169,520 | |||||
Burke County Development Authority, Revenue Bonds (Georgia Power Company Plant Vogtle Project) | 2.25 | 5/25/2023 | 5,000,000 | 5,105,950 | |||||
DeKalb County School District, GO | 4.00 | 10/1/2021 | 4,045,000 | 4,292,514 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2021 | 700,000 | 741,034 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2022 | 1,000,000 | 1,091,440 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2020 | 500,000 | 512,470 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 4.00 | 9/1/2023 | 5,000,000 | 5,481,050 | |||||
32,450,268 | |||||||||
Hawaii - 1.0% | |||||||||
Honolulu City & County, GO (Honolulu Rail Transit Project) Ser. E | 5.00 | 9/1/2023 | 5,000,000 | 5,696,850 | |||||
Honolulu City & County, GO (Honolulu Rail Transit Project) Ser. E | 5.00 | 9/1/2023 | 5,000,000 | 5,696,850 | |||||
11,393,700 | |||||||||
Illinois - 6.4% | |||||||||
Chicago, Revenue Bonds, Refunding | 5.00 | 11/1/2019 | 3,250,000 | 3,268,557 | |||||
Chicago, Revenue Bonds, Refunding, Ser. 2017-2 | 5.00 | 11/1/2019 | 2,500,000 | 2,514,275 | |||||
Chicago Board of Education, GO, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. A | 5.00 | 12/1/2019 | 2,020,000 | 2,035,736 | |||||
Chicago Board of Education, GO, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. A | 5.25 | 12/1/2020 | 1,175,000 | 1,225,408 | |||||
Chicago Board of Education, GO, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. A | 5.25 | 12/1/2020 | 1,275,000 | 1,329,698 | |||||
Cook County, GO, Refunding | 5.00 | 11/15/2020 | 890,000 | 928,421 | |||||
Greater Chicago Metropolitan Water Reclamation District, GO (Green Bond) Ser. C | 5.00 | 12/1/2020 | 5,000,000 | 5,234,000 | |||||
Illinois, GO | 5.00 | 4/1/2020 | 1,865,000 | 1,900,043 | |||||
Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2020 | 3,000,000 | 3,103,020 | |||||
Illinois, GO, Ser. A | 5.00 | 4/1/2020 | 4,515,000 | 4,599,837 | |||||
Illinois, GO, Ser. D | 5.00 | 11/1/2021 | 5,000,000 | 5,307,250 | |||||
Illinois, GO, Ser. D | 5.00 | 11/1/2020 | 17,000,000 | 17,598,570 | |||||
Illinois, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) | 5.75 | 6/15/2020 | 1,615,000 | 1,666,228 |
41
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.9% (continued) | |||||||||
Illinois - 6.4% (continued) | |||||||||
Illinois Finance Authority, Revenue Bonds (Northwestern Memorial Healthcare) Ser. B | 5.00 | 12/15/2022 | 10,680,000 | 11,963,522 | |||||
Illinois Housing Development Authority, Revenue Bonds (Century Woods) (Insured; Government National Mortgage Association Collateral) | 1.90 | 10/1/2021 | 5,000,000 | 5,055,850 | |||||
Railsplitter Tobacco Settlement Authority, Revenue Bonds | 5.00 | 6/1/2022 | 5,000,000 | 5,484,350 | |||||
73,214,765 | |||||||||
Indiana - 1.2% | |||||||||
Center Grove Multi-Facility School Building Corp., BAN | 2.50 | 12/15/2020 | 2,200,000 | 2,214,124 | |||||
Hammond Multi-School Building Corp., Revenue Bonds, Refunding | 4.00 | 1/15/2021 | 660,000 | 683,278 | |||||
Indiana Finance Authority, Revenue Bonds, Refunding (Indiana University Health Inc.) Ser. C | 5.00 | 12/1/2022 | 3,500,000 | 3,935,995 | |||||
Whiting, Revenue Bonds (BP Products North America) | 5.00 | 11/1/2022 | 6,000,000 | 6,671,220 | |||||
13,504,617 | |||||||||
Kansas - .5% | |||||||||
Johnson County Unified School District No. 512, GO, Refunding, Ser. A | 2.25 | 10/1/2023 | 4,790,000 | 4,851,695 | |||||
Lenexa, GO, Ser. B | 1.63 | 9/1/2021 | 1,000,000 | 1,000,820 | |||||
5,852,515 | |||||||||
Kentucky - 3.5% | |||||||||
Carroll County, Revenue Bonds, Refunding | 1.20 | 6/1/2021 | 6,000,000 | 5,994,840 | |||||
Kentucky Property & Building Commission, Revenue Bonds, Refunding (Project Number 112) Ser. B | 5.00 | 11/1/2020 | 10,000,000 | 10,436,800 | |||||
Louisville & Jefferson County Metropolitan Government, Revenue Bonds, Refunding (Louisville Gas & Electric) | 1.85 | 4/1/2021 | 13,500,000 | 13,632,165 | |||||
Louisville & Jefferson County Metropolitan Government, Revenue Bonds, Refunding (Louisville Gas & Electric) | 2.55 | 5/3/2021 | 1,500,000 | 1,532,745 | |||||
Louisville & Jefferson County Metropolitan Sewer District, Revenue Bonds, Refunding | 5.00 | 5/15/2022 | 7,470,000 | 8,251,287 | |||||
39,847,837 | |||||||||
Louisiana - .3% | |||||||||
East Baton Rouge Parish Industrial Development Board, Revenue Bonds (Exxon Mobil Project) Ser. A | 1.43 | 8/1/2035 | 2,000,000 | d | 2,000,000 | ||||
East Baton Rouge Parish Industrial Development Board, Revenue Bonds (Exxon Mobil Project) Ser. B | 1.43 | 12/1/2040 | 1,500,000 | d | 1,500,000 | ||||
3,500,000 | |||||||||
Maryland - 1.5% | |||||||||
Cecil County, GO, Refunding | 5.00 | 8/1/2022 | 2,185,000 | 2,431,730 | |||||
Maryland, GO, Refunding, Ser. B | 5.00 | 8/1/2022 | 10,000,000 | 11,129,200 | |||||
Washington Suburban Sanitary Commission, GO | 5.00 | 6/1/2021 | 3,605,000 | 3,850,717 | |||||
17,411,647 | |||||||||
Massachusetts - 2.5% | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) | 5.00 | 7/1/2021 | 3,010,000 | 3,222,054 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) Ser. S5,1 Month MUNIPSA +.42% | 1.77 | 1/27/2022 | 5,500,000 | a | 5,500,660 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2022 | 550,000 | 606,150 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2021 | 575,000 | 613,565 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding (Issue J) | 5.00 | 7/1/2022 | 3,000,000 | 3,308,010 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding (Issue K) Ser. A | 4.00 | 7/1/2021 | 1,000,000 | 1,048,720 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding (Issue K) Ser. A | 4.00 | 7/1/2020 | 375,000 | 383,340 |
42
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.9% (continued) | |||||||||
Massachusetts - 2.5% (continued) | |||||||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding (Issue L) Ser. B | 5.00 | 7/1/2022 | 2,000,000 | 2,205,340 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding (Issue L) Ser. B | 5.00 | 7/1/2021 | 1,150,000 | 1,226,694 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds (University of Massachusetts) Ser. A | 1.85 | 4/1/2022 | 5,000,000 | 5,099,850 | |||||
Massachusetts Transportation Trust Fund Metropolitan Highway, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2023 | 5,000,000 | 5,610,600 | |||||
28,824,983 | |||||||||
Michigan - 1.4% | |||||||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) Ser. A | 5.00 | 7/1/2021 | 500,000 | 531,565 | |||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding, Ser. A | 5.00 | 7/1/2021 | 1,000,000 | 1,063,130 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2020 | 12,325,000 | 12,548,329 | |||||
Michigan State Housing Development Authority, Revenue Bonds, Ser. A1 | 1.50 | 10/1/2022 | 1,000,000 | 1,001,630 | |||||
Michigan Strategic Fund, Revenue Bonds, Refunding, Ser. CC | 1.45 | 9/1/2021 | 1,000,000 | 998,990 | |||||
16,143,644 | |||||||||
Minnesota - 1.3% | |||||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2023 | 6,340,000 | 7,082,921 | |||||
Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2022 | 4,675,000 | 5,062,417 | |||||
Rochester Independent School District No. 535, COP, Ser. B | 5.00 | 2/1/2022 | 1,560,000 | 1,705,205 | |||||
Russell Tyler Ruthton Independent School District No. 2902, GO, Ser. A | 5.00 | 2/1/2024 | 1,210,000 | 1,412,929 | |||||
15,263,472 | |||||||||
Mississippi - .7% | |||||||||
Mississippi, GO, Refunding, Ser. B, 1 Month LIBOR x .67 +.33% | 1.82 | 9/1/2020 | 5,490,000 | a | 5,492,800 | ||||
Mississippi Business Finance Corp., Revenue Bonds (Chevron U.S.A. Inc. Project) Ser. F | 1.35 | 12/1/2030 | 2,295,000 | d | 2,295,000 | ||||
7,787,800 | |||||||||
Missouri - .6% | |||||||||
Missouri Development Finance Board, Revenue Bonds, Refunding, Ser. A | 3.00 | 12/1/2022 | 3,540,000 | 3,740,930 | |||||
Missouri Health & Educational Facilities Authority, Revenue Bonds (Liquidity Facility; U.S. Bank NA) Ser. C | 1.35 | 3/1/2040 | 2,900,000 | d | 2,900,000 | ||||
6,640,930 | |||||||||
Montana - .2% | |||||||||
Montana Board of Investments, Revenue Bonds, Refunding | 1.87 | 3/1/2028 | 2,000,000 | d | 2,004,980 | ||||
Nebraska - .2% | |||||||||
Central Plains Energy Project, Revenue Bonds, Refunding (Liquidity Facility; Royal Bank of Canada) | 5.00 | 12/1/2019 | 1,975,000 | 1,991,985 | |||||
Nevada - 2.6% | |||||||||
Clark County, Revenue Bonds, Refunding (Nevada Power) | 1.60 | 5/21/2020 | 3,000,000 | 3,005,490 | |||||
Clark County Department of Aviation, Revenue Bonds, Refunding, Ser. A1 | 5.00 | 7/1/2020 | 3,010,000 | 3,104,574 | |||||
Clark County School District, GO, Refunding, Ser. A | 5.00 | 6/15/2022 | 8,220,000 | 9,081,867 | |||||
Clark County School District, GO, Refunding, Ser. D | 5.00 | 6/15/2021 | 3,000,000 | 3,205,140 | |||||
Las Vegas Valley Water District, GO, Refunding, Ser. C | 5.00 | 6/1/2022 | 4,000,000 | 4,272,720 | |||||
Washoe County, Revenue Bonds, Refunding (Sierra Pacific Power) | 2.05 | 4/15/2022 | 7,500,000 | 7,606,200 | |||||
30,275,991 | |||||||||
New Hampshire - .5% | |||||||||
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Waste Management) Ser. A3 | 2.15 | 7/1/2024 | 4,000,000 | 4,105,280 |
43
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.9% (continued) | |||||||||
New Hampshire - .5% (continued) | |||||||||
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Waste Management) Ser. A4 | 2.15 | 7/1/2024 | 2,000,000 | 2,052,520 | |||||
6,157,800 | |||||||||
New Jersey - 4.4% | |||||||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding | 5.00 | 6/15/2023 | 1,500,000 | 1,633,800 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding | 5.00 | 6/15/2020 | 4,500,000 | 4,623,435 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding | 5.00 | 6/15/2021 | 1,000,000 | 1,060,530 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; American Municipal Bond Assurance Corp.) Ser. K | 5.50 | 12/15/2019 | 750,000 | 758,948 | |||||
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Refunding, Ser. 2 | 2.45 | 11/1/2019 | 2,350,000 | 2,353,290 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2020 | 4,000,000 | 4,104,600 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2021 | 5,000,000 | 5,302,000 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding (Insured; American Municipal Bond Assurance Corp.) Ser. B | 5.25 | 12/15/2022 | 5,000,000 | 5,601,500 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2021 | 3,400,000 | 3,615,050 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2022 | 10,000,000 | 10,962,000 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 12/15/2021 | 10,000,000 | 10,860,200 | |||||
50,875,353 | |||||||||
New Mexico - 2.1% | |||||||||
New Mexico, GO, Refunding, Ser. B | 5.00 | 3/1/2022 | 14,365,000 | 15,755,101 | |||||
New Mexico Finance Authority, Revenue Bonds, Ser. C | 5.00 | 6/1/2022 | 4,200,000 | 4,487,112 | |||||
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2021 | 1,210,000 | 1,282,419 | |||||
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 5/1/2022 | 1,000,000 | 1,072,330 | |||||
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 5/1/2021 | 1,200,000 | 1,255,440 | |||||
23,852,402 | |||||||||
New York - 9.8% | |||||||||
Metropolitan Transportation Authority, BAN, Ser. A | 5.00 | 3/1/2022 | 10,000,000 | 10,952,200 | |||||
Metropolitan Transportation Authority, BAN, Ser. B1 | 5.00 | 5/15/2022 | 10,000,000 | 10,986,900 | |||||
Metropolitan Transportation Authority, BAN, Ser. C1 | 5.00 | 9/1/2020 | 10,000,000 | 10,368,400 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. F | 5.00 | 11/15/2024 | 11,175,000 | 12,508,736 | |||||
New York City, GO, Refunding, Ser. C | 5.00 | 8/1/2022 | 3,840,000 | 3,851,174 | |||||
New York City, GO, Ser. D3 | 5.00 | 2/1/2024 | 5,000,000 | 5,730,800 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | 5.00 | 7/1/2023 | 4,100,000 | 4,654,156 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. C2 | 1.70 | 7/1/2021 | 10,000,000 | 10,012,700 | |||||
New York City Industrial Development Agency, Revenue Bonds (Yankee Stadium Project) (Insured; National Public Finance Guarantee Corp.) | 2.50 | 3/1/2023 | 2,000,000 | e | 2,072,280 | ||||
New York City Transitional Finance Authority, Revenue Bonds (Build America Bonds) | 4.44 | 8/1/2021 | 8,870,000 | 9,324,144 | |||||
New York City Transitional Finance Authority, Revenue Bonds (SPA; JPMorgan Chase Bank NA) | 1.39 | 8/1/2045 | 4,000,000 | d | 4,000,000 |
44
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.9% (continued) | |||||||||
New York - 9.8% (continued) | |||||||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. B4 | 1.39 | 8/1/2042 | 1,100,000 | d | 1,100,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding (SPA; Landesbank HessenThuringen Girozentrale) Ser. BB1 | 1.37 | 6/15/2039 | 100,000 | c | 100,000 | ||||
New York Housing Finance Authority, Revenue Bonds (Insured; SONYMA/GNMA/FNMA/FHLMC) Ser. K | 1.50 | 5/1/2021 | 5,000,000 | 5,017,350 | |||||
New York State Housing Finance Agency, Revenue Bonds (Green Bond) Ser. I | 2.55 | 11/1/2022 | 2,000,000 | 2,025,180 | |||||
New York State Housing Finance Agency, Revenue Bonds (Green Bond) Ser. I | 2.65 | 5/1/2023 | 2,000,000 | 2,039,100 | |||||
New York State Housing Finance Agency, Revenue Bonds, Refunding (Insured; State of New York Mortgage Agency) Ser. F | 1.80 | 5/1/2020 | 2,915,000 | 2,915,641 | |||||
New York State Housing Finance Agency, Revenue Bonds, Ser. J | 2.50 | 5/1/2022 | 1,500,000 | 1,513,605 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. B, 1 Month SOFRRATE x .67 +.43% | 1.85 | 9/26/2019 | 2,650,000 | a | 2,650,477 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. D, 1 Month SOFRRATE x .67 +.50% | 1.92 | 10/1/2020 | 5,000,000 | a | 5,015,300 | ||||
TSASC, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2022 | 2,790,000 | 3,064,731 | |||||
TSASC, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2020 | 2,500,000 | 2,569,325 | |||||
112,472,199 | |||||||||
North Carolina - .1% | |||||||||
North Carolina Eastern Municipal Power Agency, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) (Escrowed to Maturity) Ser. B | 6.00 | 1/1/2022 | 1,250,000 | 1,391,425 | |||||
Ohio - 2.1% | |||||||||
Allen County Hospital Facilities, Revenue Bonds (Mercy Health Project) Ser. B | 5.00 | 5/5/2022 | 3,000,000 | 3,292,260 | |||||
American Municipal Power, Revenue Bonds (AMP Fremont Energy Center Project) Ser. B | 5.25 | 2/15/2022 | 5,040,000 | b | 5,542,337 | ||||
American Municipal Power, Revenue Bonds (Combined Hydroelectric Project) Ser. A | 2.25 | 8/15/2021 | 2,500,000 | 2,531,050 | |||||
Miami University, Revenue Bonds, Refunding | 5.00 | 9/1/2022 | 1,590,000 | 1,710,474 | |||||
Ohio, Revenue Bonds, Refunding (University Hospitals Health System) (LOC; PNC Bank NA) Ser. A | 1.43 | 1/15/2046 | 1,100,000 | c | 1,100,000 | ||||
Ohio, Revenue Bonds, Ser. A | 5.00 | 4/1/2021 | 1,035,000 | 1,099,191 | |||||
Ohio Housing Finance Agency, Revenue Bonds (Neilan Park Apartments) | 1.75 | 6/1/2021 | 3,150,000 | 3,173,972 | |||||
Ohio Housing Finance Agency, Revenue Bonds (RAD East Project) | 2.45 | 5/1/2021 | 5,020,000 | 5,115,531 | |||||
23,564,815 | |||||||||
Oregon - .4% | |||||||||
Gilliam County, Revenue Bonds (Waste Management) Ser. A | 2.40 | 5/2/2022 | 2,375,000 | 2,439,909 | |||||
Gilliam County, Revenue Bonds (Waste Management) Ser. A | 2.40 | 5/2/2022 | 2,500,000 | 2,567,975 | |||||
5,007,884 | |||||||||
Pennsylvania - 7.2% | |||||||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (University of Pittsburgh Medical Center) Ser. A | 5.00 | 7/15/2022 | 1,500,000 | 1,664,145 | |||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (University of Pittsburgh Medical Center) Ser. A | 5.00 | 7/15/2023 | 2,200,000 | 2,518,164 | |||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (University of Pittsburgh Medical Center) Ser. A | 5.00 | 7/15/2020 | 2,850,000 | 2,945,276 | |||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (University of Pittsburgh Medical Center) Ser. A | 5.00 | 7/15/2021 | 2,500,000 | 2,676,000 |
45
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.9% (continued) | |||||||||
Pennsylvania - 7.2% (continued) | |||||||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2022 | 3,000,000 | 3,288,060 | |||||
Delaware River Port Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2021 | 4,000,000 | 4,206,760 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (AICUP Financing Program Gwynedd Mercy University Project) | 4.00 | 5/1/2022 | 1,000,000 | 1,056,130 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Gwynedd Mercy University Project) | 3.00 | 5/1/2021 | 1,100,000 | 1,117,655 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | 5.00 | 9/1/2023 | 500,000 | 572,535 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | 5.00 | 9/1/2022 | 600,000 | 667,596 | |||||
Pennsylvania, GO | 5.00 | 4/1/2023 | 12,040,000 | b | 13,718,015 | ||||
Pennsylvania, GO, Refunding | 5.00 | 1/15/2021 | 5,000,000 | 5,266,000 | |||||
Pennsylvania, GO, Refunding | 5.00 | 8/15/2022 | 9,000,000 | 10,007,460 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds | 5.00 | 12/31/2019 | 2,000,000 | 2,020,980 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds | 5.00 | 6/30/2020 | 2,640,000 | 2,708,138 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Inc. Project) | 1.75 | 8/1/2024 | 5,000,000 | 5,032,750 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Inc. Project) | 2.15 | 7/1/2024 | 4,500,000 | 4,614,480 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Inc. Project) Ser. A | 1.70 | 8/3/2020 | 3,000,000 | 3,005,970 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (Shippensburg University of Pennsylvania) | 6.00 | 10/1/2021 | 2,000,000 | b | 2,202,220 | ||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (Shippensburg University Student Sevices) | 5.00 | 10/1/2022 | 1,000,000 | b | 1,118,560 | ||||
Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C, 1 Month LIBOR x .7 +.64% | 2.20 | 12/1/2020 | 2,500,000 | a | 2,500,950 | ||||
The Philadelphia School District, GO, Refunding, Ser. C | 5.00 | 9/1/2021 | 1,500,000 | 1,555,995 | |||||
The Philadelphia School District, GO, Refunding, Ser. D | 5.00 | 9/1/2020 | 6,000,000 | 6,220,440 | |||||
The Philadelphia School District, GO, Ser. A | 5.00 | 9/1/2019 | 700,000 | 700,000 | |||||
The Philadelphia School District, GO, Ser. A | 5.00 | 9/1/2020 | 500,000 | 518,370 | |||||
81,902,649 | |||||||||
Rhode Island - .1% | |||||||||
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Lifespan Obligated Group) | 5.00 | 5/15/2020 | 1,500,000 | 1,536,135 | |||||
Tennessee - .7% | |||||||||
Greeneville Health & Educational Facilities Board, Revenue Bonds, Refunding (Ballad Health Obligated Group) | 5.00 | 7/1/2020 | 2,000,000 | 2,061,160 | |||||
Knox County Health Educational & Housing Facility Board, Revenue Bonds (Clear Springs Apartments Project) | 1.80 | 5/1/2021 | 1,000,000 | 1,007,880 | |||||
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities, Revenue Bonds (Ascension Health Credit Group) | 1.55 | 11/3/2020 | 5,000,000 | 5,020,150 | |||||
8,089,190 | |||||||||
Texas - 19.5% | |||||||||
Alamo Heights Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 3.00 | 2/1/2021 | 1,500,000 | 1,536,945 | |||||
Alvin Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) | 5.00 | 2/15/2025 | 1,000,000 | 1,055,610 | |||||
Austin Airport System, Revenue Bonds, Refunding | 5.00 | 11/15/2022 | 2,000,000 | 2,231,720 | |||||
Austin Airport System, Revenue Bonds, Refunding | 5.00 | 11/15/2023 | 3,000,000 | 3,452,940 |
46
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.9% (continued) | |||||||||
Texas - 19.5% (continued) | |||||||||
Austin Airport System, Revenue Bonds, Refunding | 5.00 | 11/15/2020 | 2,500,000 | 2,614,075 | |||||
Austin Airport System, Revenue Bonds, Refunding | 5.00 | 11/15/2021 | 2,500,000 | 2,702,350 | |||||
Austin Airport System, Revenue Bonds, Refunding, Ser. B | 5.00 | 11/15/2024 | 600,000 | 710,400 | |||||
Austin Airport System, Revenue Bonds, Refunding, Ser. B | 5.00 | 11/15/2022 | 1,200,000 | 1,339,032 | |||||
Bexar County , GO, Ser. B | 5.00 | 6/15/2023 | 1,000,000 | b | 1,145,210 | ||||
Brownsville Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. A | 5.00 | 2/15/2022 | 2,875,000 | 3,148,326 | |||||
Central Texas Regional Mobility Authority, BAN | 4.00 | 1/1/2022 | 4,000,000 | 4,176,800 | |||||
Corpus Christi, GO | 5.00 | 3/1/2027 | 2,365,000 | 2,497,984 | |||||
Cypress-Fairbanks Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. A3 | 3.00 | 8/17/2020 | 12,000,000 | 12,197,040 | |||||
Dallas Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B5 | 5.00 | 2/15/2021 | 3,000,000 | 3,163,500 | |||||
Fort Bend Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. A | 1.95 | 8/1/2022 | 1,000,000 | 1,017,990 | |||||
Garland, GO, Refunding | 5.00 | 2/15/2022 | 1,750,000 | 1,915,918 | |||||
Georgetown Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 2.75 | 8/1/2022 | 5,000,000 | 5,205,150 | |||||
Harris County-Houston Sports Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 11/15/2022 | 6,500,000 | 7,261,800 | |||||
Houston Combined Utility System, Revenue Bonds, Refunding, Ser. C, 1 Month LIBOR x .7 +.36% | 1.84 | 8/1/2021 | 5,000,000 | a | 4,999,450 | ||||
Houston Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. A1B | 2.20 | 6/1/2020 | 6,270,000 | 6,317,025 | |||||
Houston Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. A2 | 2.25 | 6/1/2022 | 3,500,000 | 3,587,675 | |||||
Lamar Consolidated Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. A | 1.95 | 8/17/2020 | 3,750,000 | 3,779,400 | |||||
Lewisville Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. A | 5.00 | 8/15/2021 | 12,700,000 | 13,666,851 | |||||
Mansfield Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 2.50 | 8/1/2021 | 3,500,000 | 3,578,225 | |||||
Matagorda County Navigation Distric No. 1, Revenue Bonds, Refunding | 1.75 | 9/1/2020 | 5,000,000 | 4,993,650 | |||||
New Caney Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 3.00 | 8/15/2021 | 6,000,000 | 6,195,180 | |||||
North Texas Tollway Authority, Revenue Bonds (Special Project Systems) Ser. D | 5.00 | 9/1/2021 | 10,000,000 | b | 10,764,200 | ||||
North Texas Tollway Authority, Revenue Bonds (Special Project Systems) Ser. D | 5.00 | 9/1/2021 | 22,540,000 | b | 24,262,507 | ||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2022 | 2,275,000 | 2,479,545 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2023 | 2,500,000 | 2,813,150 | |||||
Northside Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 2.00 | 6/1/2021 | 5,000,000 | 5,066,100 | |||||
Pasadena Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 1.50 | 8/15/2024 | 4,000,000 | 4,035,560 | |||||
Pflugerville Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. A | 2.25 | 8/15/2022 | 3,450,000 | 3,548,739 | |||||
Pflugerville Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 2.50 | 8/15/2023 | 9,725,000 | 10,168,071 | |||||
Round Rock Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 1.50 | 8/1/2021 | 6,770,000 | 6,776,838 | |||||
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding | 2.75 | 12/1/2022 | 2,250,000 | 2,349,653 |
47
STATEMENT OF INVESTMENTS (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 98.9% (continued) | |||||||||
Texas - 19.5% (continued) | |||||||||
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding, Ser. B | 2.00 | 12/1/2021 | 5,000,000 | 5,052,400 | |||||
Socorro Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 5.00 | 8/15/2021 | 10,000,000 | b | 10,747,200 | ||||
Tarrant County Health Facilities Development Corp., Revenue Bonds (Cook Children's Medical Center) Ser. A | 5.00 | 12/1/2033 | 1,010,000 | 1,018,535 | |||||
Texas, GO, Refunding, Ser. B3 | 5.00 | 8/1/2022 | 7,500,000 | 8,340,075 | |||||
Travis County, GO, Refunding | 5.00 | 3/1/2023 | 3,900,000 | 4,279,431 | |||||
University of Houston, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/15/2022 | 15,530,000 | 17,002,399 | |||||
223,194,649 | |||||||||
U.S. Related - .1% | |||||||||
Puerto Rico Highways & Transportation Authority, TRAN, Ser. K | 5.00 | 12/31/2049 | 2,885,000 | f | 1,110,725 | ||||
Virginia - 1.2% | |||||||||
Charles City County Economic Development Authority, Revenue Bonds (Waste Management) | 2.40 | 5/2/2022 | 1,750,000 | 1,797,740 | |||||
Fairfax County Industrial Development Authority, Revenue Bonds, Refunding (Inova Health System) Ser. B1 | 5.00 | 5/15/2021 | 3,900,000 | 4,152,252 | |||||
Gloucester County Economic Development Authority, Revenue Bonds (Waste Management) Ser. A | 2.40 | 5/2/2022 | 1,500,000 | 1,542,765 | |||||
King George County Economic Development Authority, Revenue Bonds (Waste Management) Ser. A | 2.50 | 6/1/2023 | 2,000,000 | d | 2,071,680 | ||||
Peninsula Ports Authority , Revenue Bonds, Refunding (Dominion Terminal Association Project) | 1.55 | 10/1/2019 | 2,750,000 | 2,749,780 | |||||
Sussex County Industrial Development Authority, Revenue Bonds (Waste Management) Ser. A | 2.40 | 5/2/2022 | 1,750,000 | 1,797,408 | |||||
14,111,625 | |||||||||
Washington - 2.4% | |||||||||
King County, GO, Refunding | 5.00 | 12/1/2022 | 2,675,000 | 3,010,953 | |||||
King County School District No. 405, GO (Insured; School Board Guaranty) | 5.00 | 12/1/2022 | 4,085,000 | 4,599,424 | |||||
University of Washington, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2023 | 2,260,000 | 2,505,346 | |||||
University of Washington, Revenue Bonds, Ser. A | 5.00 | 5/1/2022 | 7,575,000 | 8,180,848 | |||||
Washington, GO, Ser. D | 5.00 | 2/1/2024 | 660,000 | 721,928 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health) Ser. B1 | 5.00 | 8/1/2024 | 5,000,000 | 5,759,250 | |||||
Whatcom County School District No. 502, GO (Insured; School Board Guaranty) | 3.00 | 12/1/2024 | 1,295,000 | 1,421,055 | |||||
Whatcom County School District No. 502, GO (Insured; School Board Guaranty) | 3.00 | 12/1/2023 | 1,015,000 | 1,096,342 | |||||
27,295,146 | |||||||||
West Virginia - .2% | |||||||||
West Virginia Economic Development Authority, Revenue Bonds (Appalachian Power Company Amos Project) Ser. A | 1.70 | 9/1/2020 | 2,500,000 | 2,507,350 | |||||
Wisconsin - 2.2% | |||||||||
Howard, NAN | 4.00 | 12/1/2022 | 5,000,000 | 5,220,550 | |||||
Kenosha Unified School District No. 1, GO, Refunding | 5.00 | 4/1/2023 | 1,365,000 | 1,551,609 | |||||
Waukesha County, GO, Ser. A | 3.00 | 4/1/2023 | 1,400,000 | 1,491,966 | |||||
Wisconsin, GO, Refunding, Ser. 2 | 5.00 | 5/1/2024 | 8,050,000 | 8,877,781 | |||||
Wisconsin, GO, Ser. A | 5.00 | 5/1/2022 | 6,300,000 | b | 6,957,594 | ||||
Wisconsin, GO, Ser. B | 5.00 | 5/1/2022 | 580,000 | b | 640,540 | ||||
24,740,040 | |||||||||
TotalLong-Term Municipal Investments | 1,131,777,776 | ||||||||
Short-Term Municipal Investments - 2.8% | |||||||||
Illinois - .2% | |||||||||
Illinois, GO (Build America Bonds) | 5.73 | 4/1/2020 | 2,475,000 | 2,518,783 |
48
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Short-Term Municipal Investments - 2.8%(continued) | |||||||||
Massachusetts - .4% | |||||||||
Medford, BAN | 2.50 | 6/19/2020 | 1,585,000 | 1,599,962 | |||||
Taunton, BAN | 2.50 | 5/21/2020 | 2,445,000 | 2,467,421 | |||||
4,067,383 | |||||||||
New Jersey - .1% | |||||||||
New Jersey Sports & Exposition Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 9/1/2019 | 1,000,000 | 1,000,000 | |||||
New York - 1.1% | |||||||||
Hempstead Union Free School District, TAN | 2.50 | 6/25/2020 | 3,000,000 | 3,022,110 | |||||
Phoenix Central School District, GO | 2.25 | 7/10/2020 | 10,000,000 | 10,076,000 | |||||
13,098,110 | |||||||||
Pennsylvania - .1% | |||||||||
Pennsylvania Housing Finance Agency, Revenue Bonds, Refunding, Ser. 109 | 3.40 | 4/1/2020 | 755,000 | 756,208 | |||||
Texas - .9% | |||||||||
Texas, TRAN | 4.00 | 8/27/2020 | 10,000,000 | 10,278,100 | |||||
TotalShort-Term Municipal Investments | 31,718,584 | ||||||||
Annualized | |||||||||
Short-Term Investments - .9% | |||||||||
U.S. Treasury Securities | |||||||||
U.S. Treasury Bills | 3.89 | 5/21/2020 | 10,000,000 | g | 9,873,294 | ||||
Total Investments(cost $1,161,170,122) | 102.6% | 1,173,369,654 | |||||||
Liabilities, Less Cash and Receivables | (2.6%) | (29,275,673) | |||||||
Net Assets | 100.0% | 1,144,093,981 |
a Variable rate security—rate shown is the interest rate in effect at period end.
b These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
c Auction Rate Security—interest rate is reset periodically under an auction process that is conducted by an auction agent. Rate shown is the interest rate in effect at period end.
d The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Non-income producing—security in default.
g Security is a discount security. Income is recognized through the accretion of discount.
49
STATEMENT OF INVESTMENTS (continued)
Portfolio Summary (Unaudited)† | Value (%) |
General | 18.7 |
School District | 14.3 |
General Obligation | 13.7 |
Transportation | 8.7 |
Prerefunded | 7.2 |
Development | 6.6 |
Medical | 6.5 |
Education | 6.4 |
Multifamily Housing | 4.7 |
Airport | 3.7 |
Power | 3.5 |
Tobacco Settlement | 2.1 |
Water | 1.9 |
Pollution | 1.1 |
Build America Bonds | 1.0 |
U.S. Government | .9 |
Student Loan | .7 |
Utilities | .6 |
Nursing Homes | .2 |
Single Family Housing | .1 |
102.6 |
† Based on net assets.
See notes to financial statements.
50
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.1% | |||||||||
Alabama - 1.1% | |||||||||
Black Belt Energy Gas District, Revenue Bonds, Refunding (Project No. 4) Ser. A1 | 4.00 | 12/1/2025 | 2,000,000 | 2,267,900 | |||||
Florida - .9% | |||||||||
Lake County School Board, COP, Refunding, Ser. B | 5.00 | 6/1/2027 | 1,620,000 | 1,772,960 | |||||
Illinois - 2.1% | |||||||||
Chicago II, GO, Ser. 2002B | 5.25 | 1/1/2022 | 1,285,000 | 1,370,581 | |||||
Chicago II, GO, Ser. A | 5.00 | 1/1/2024 | 500,000 | 554,315 | |||||
Illinois, GO | 5.25 | 2/1/2029 | 2,000,000 | 2,229,340 | |||||
4,154,236 | |||||||||
Michigan - 1.0% | |||||||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Corp.) | 5.00 | 12/1/2033 | 1,850,000 | 2,020,311 | |||||
New Jersey - 4.3% | |||||||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding | 5.00 | 3/1/2027 | 2,000,000 | 2,207,260 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; American Municipal Bond Assurance Corp.) Ser. K | 5.25 | 12/15/2020 | 1,250,000 | 1,313,788 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. K | 5.25 | 12/15/2021 | 2,000,000 | 2,172,040 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2031 | 625,000 | 763,669 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2029 | 875,000 | 1,082,568 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2028 | 875,000 | 1,088,509 | |||||
8,627,834 | |||||||||
New Mexico - 1.2% | |||||||||
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2025 | 2,000,000 | 2,369,640 | |||||
New York - 4.8% | |||||||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A1 | 5.00 | 11/15/2024 | 1,625,000 | 1,921,302 | |||||
New York City, GO Notes, Ser. A2 | 1.52 | 10/1/2038 | 300,000 | a | 300,000 | ||||
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | 5.25 | 7/1/2032 | 1,350,000 | 1,528,834 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of America Tower at One Bryant Park) | 2.63 | 9/15/2069 | 1,675,000 | 1,734,194 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 2,250,000 | b | 2,499,277 | ||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2025 | 1,350,000 | 1,570,279 | |||||
9,553,886 | |||||||||
Pennsylvania - 84.7% | |||||||||
Allegheny County Higher Education Building Authority, Revenue Bonds, Refunding (Duquesne University) | 5.00 | 3/1/2026 | 1,000,000 | 1,221,500 | |||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 4/1/2030 | 1,000,000 | 1,253,340 | |||||
Allegheny County Port Authority, Revenue Bonds, Refunding | 5.25 | 3/1/2024 | 2,000,000 | 2,117,080 | |||||
Armstrong School District, GO, Refunding, Ser. A | 5.00 | 3/15/2029 | 920,000 | 1,184,482 | |||||
Beaver County Hospital Authority, Revenue Bonds, Refunding (Heritage Valley Health System) | 5.00 | 5/15/2025 | 1,250,000 | 1,323,713 | |||||
Beaver County Hospital Authority, Revenue Bonds, Refunding (Heritage Valley Health System) | 5.00 | 5/15/2023 | 1,345,000 | 1,428,054 | |||||
Berks County Industrial Development Authority, Revenue Bonds, Refunding (Tower Health Project) | 4.00 | 11/1/2033 | 1,300,000 | 1,454,817 |
51
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.1% (continued) | |||||||||
Pennsylvania - 84.7% (continued) | |||||||||
Boyertown Area School District, GO | 5.00 | 10/1/2034 | 1,060,000 | 1,214,580 | |||||
Canonsburg-Houston Joint Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2023 | 1,260,000 | 1,436,513 | |||||
Capital Region Water, Revenue Bonds, Refunding | 5.00 | 7/15/2026 | 750,000 | 927,525 | |||||
Chambersburg Area School District, GO, Refunding (Insured; State Aid Withholding) | 4.00 | 3/1/2028 | 1,000,000 | 1,175,840 | |||||
Chester County, GO, Refunding | 4.00 | 11/15/2032 | 740,000 | 873,859 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2032 | 2,500,000 | 3,119,700 | |||||
Dallastown Area School District, GO, Refunding | 5.00 | 4/15/2031 | 1,400,000 | 1,652,602 | |||||
Dauphin County General Authority, Revenue Bonds, Refunding (Pinnacle Health Systems Project), Ser. A | 5.00 | 6/1/2029 | 1,000,000 | 1,216,570 | |||||
Downingtown Area School District, GO, Ser. C | 5.00 | 8/1/2030 | 1,455,000 | 1,808,085 | |||||
East Pennsboro Township, GO, Refunding | 5.00 | 9/1/2031 | 1,115,000 | 1,397,374 | |||||
Easton Area School District, GO, Ser. A | 5.00 | 4/1/2029 | 1,090,000 | 1,336,613 | |||||
Erie County, GO (Insured; National Public Finance Guarantee Corp.) Ser. A | 5.50 | 9/1/2022 | 1,640,000 | 1,846,214 | |||||
Franklin County, GO, Refunding | 4.00 | 11/1/2032 | 1,205,000 | 1,376,905 | |||||
Garnet Valley School District, GO, Refunding | 4.00 | 4/1/2027 | 2,415,000 | 2,751,651 | |||||
Lancaster County Solid Waste Management Authority, Revenue Bonds (Insured; County Guaranty) Ser. B | 5.00 | 12/15/2033 | 1,895,000 | 2,163,863 | |||||
Lebanon School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 6/15/2031 | 1,500,000 | 1,723,590 | |||||
Lower Merion Township, GO, Ser. B | 4.00 | 7/15/2033 | 495,000 | 552,504 | |||||
Lower Merion Township, GO, Ser. B | 4.00 | 7/15/2034 | 515,000 | 573,983 | |||||
Lower Merion Township, GO, Ser. B | 4.00 | 7/15/2031 | 460,000 | 515,780 | |||||
Lower Merion Township, GO, Ser. B | 4.00 | 7/15/2029 | 425,000 | 478,780 | |||||
Lower Merion Township, GO, Ser. B | 4.00 | 7/15/2030 | 440,000 | 494,476 | |||||
Manheim Township School District, GO, Ser. A | 5.00 | 2/1/2030 | 1,025,000 | 1,237,677 | |||||
Montgomery County, GO, Refunding, Ser. C | 5.00 | 12/15/2019 | 100,000 | c | 101,085 | ||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (The Hill School Project) | 5.00 | 8/15/2037 | 500,000 | 586,425 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | 4.00 | 9/1/2034 | 1,000,000 | 1,142,180 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University) Ser. A | 5.00 | 9/1/2030 | 1,600,000 | 2,018,736 | |||||
Montgomery County Industrial Development Authority, Revenue Bonds (New Regional Medical Center Project) (Insured; Federal Housing Administration) | 5.50 | 8/1/2020 | 995,000 | c | 1,035,288 | ||||
Montgomery County Industrial Development Authority, Revenue Bonds, Refunding (Albert Einstein Healthcare Network) | 5.00 | 1/15/2020 | 1,000,000 | 1,011,520 | |||||
Mount Lebanon Hospital Authority, Revenue Bonds (St. Clair Memorial Hospital Project) | 5.00 | 7/1/2036 | 1,105,000 | 1,365,647 | |||||
Mount Lebanon Hospital Authority, Revenue Bonds (St. Clair Memorial Hospital Project) | 5.00 | 7/1/2035 | 1,000,000 | 1,239,280 | |||||
Northampton County General Purpose Authority, Revenue Bonds, Refunding (Lafayette College) Ser. A | 5.00 | 11/1/2043 | 2,000,000 | 2,242,280 | |||||
Northampton County General Purpose Authority, Revenue Bonds, Refunding (Lehigh University) Ser. A | 4.00 | 11/15/2035 | 1,530,000 | 1,742,991 | |||||
Pennsylvania, GO, Ser. 1st | 5.00 | 3/15/2028 | 2,200,000 | 2,624,578 | |||||
Pennsylvania, GO, Ser. 2nd | 5.00 | 9/15/2024 | 2,975,000 | 3,535,847 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (UPMC) Ser. A | 5.00 | 2/1/2026 | 2,455,000 | 2,899,011 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Inc. Project) | 2.15 | 7/1/2024 | 2,000,000 | 2,050,880 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Inc. Project) Ser. A | 2.15 | 11/1/2021 | 2,375,000 | 2,407,514 |
52
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.1% (continued) | |||||||||
Pennsylvania - 84.7% (continued) | |||||||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (Amtrak Project) Ser. A | 5.00 | 11/1/2026 | 1,000,000 | 1,095,950 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (Forum Place Project) | 5.00 | 3/1/2025 | 1,000,000 | 1,086,950 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (UPMC) | 4.00 | 3/15/2032 | 1,690,000 | 1,911,846 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (UPMC) | 5.00 | 3/15/2031 | 1,000,000 | 1,232,110 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (Insured; Build American Mutual Assurance Company) Ser. AT-1 | 5.00 | 6/15/2027 | 1,000,000 | 1,233,890 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (Temple University) | 5.00 | 4/1/2026 | 1,000,000 | 1,089,790 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (The Trustees of the University of Pennsylvania) Ser. A | 5.00 | 8/15/2032 | 1,000,000 | 1,250,930 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (University of Pennsylvania Health System) Ser. E | 4.00 | 8/15/2034 | 1,000,000 | 1,142,340 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (Drexel University) | 5.00 | 5/1/2028 | 1,855,000 | 2,323,295 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Pennsylvani Health System) Ser. C | 5.00 | 8/15/2024 | 1,410,000 | 1,664,829 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Pennsylvania Health System) | 5.00 | 8/15/2035 | 1,200,000 | 1,421,580 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Sciences) | 5.00 | 11/1/2025 | 1,000,000 | 1,169,220 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding, Ser. AQ | 5.00 | 6/15/2025 | 1,000,000 | 1,203,790 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding, Ser. AV-1 | 4.00 | 6/15/2030 | 2,220,000 | 2,590,585 | |||||
Pennsylvania Housing Finance Agency, Revenue Bonds, Refunding, Ser. 122 | 3.65 | 10/1/2032 | 1,500,000 | 1,619,160 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | 5.00 | 12/1/2040 | 1,260,000 | 1,525,973 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | 5.00 | 12/1/2038 | 1,230,000 | 1,498,165 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.25 | 7/15/2025 | 2,500,000 | 3,097,850 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B2 | 5.00 | 6/1/2034 | 1,000,000 | 1,224,540 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. 2nd | 5.00 | 12/1/2034 | 1,000,000 | 1,230,990 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2030 | 1,325,000 | 1,644,378 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. A-1 | 5.25 | 12/1/2035 | 2,280,000 | 2,703,738 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B2 | 5.00 | 6/1/2032 | 1,000,000 | 1,210,350 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A | 5.00 | 12/1/2038 | 2,415,000 | 2,637,711 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A | 5.00 | 12/1/2034 | 1,000,000 | 1,257,370 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B | 5.00 | 12/1/2022 | 1,190,000 | c | 1,340,630 | ||||
Philadelphia, GO, Refunding | 5.00 | 8/1/2029 | 1,000,000 | 1,250,860 | |||||
Philadelphia, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 8/1/2030 | 1,275,000 | 1,596,478 | |||||
Philadelphia, GO, Refunding, Ser. A | 5.00 | 8/1/2029 | 1,000,000 | 1,250,860 | |||||
Philadelphia, Revenue Bonds, Refunding | 5.00 | 11/1/2022 | 355,000 | c | 398,207 | ||||
Philadelphia, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2020 | 1,750,000 | 1,799,945 |
53
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.1% (continued) | |||||||||
Pennsylvania - 84.7% (continued) | |||||||||
Philadelphia, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2025 | 2,000,000 | 2,403,120 | |||||
Philadelphia, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2031 | 2,000,000 | 2,379,360 | |||||
Philadelphia, Revenue Bonds, Ser. A | 5.00 | 1/1/2036 | 2,830,000 | 2,956,586 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds (Green Bond) Ser. A | 5.00 | 2/15/2034 | 1,250,000 | 1,534,912 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (Children's Hospital of Philadelphia Project) | 4.00 | 7/1/2036 | 1,000,000 | 1,145,550 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (Temple University) Ser. 2016 | 5.00 | 4/1/2031 | 2,000,000 | 2,353,000 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (Temple University) Ser. 2016 | 5.00 | 4/1/2025 | 1,500,000 | 1,805,100 | |||||
Pittsburgh, GO | 4.00 | 9/1/2034 | 325,000 | 370,698 | |||||
Pittsburgh, GO | 4.00 | 9/1/2035 | 750,000 | 854,340 | |||||
Pittsburgh, GO | 4.00 | 9/1/2036 | 500,000 | 568,190 | |||||
Pittsburgh & Allegheny County Sports & Exhibition Authority, Revenue Bonds | 5.00 | 12/15/2032 | 1,000,000 | 1,216,320 | |||||
Pittsburgh & Allegheny County Sports & Exhibition Authority, Revenue Bonds | 5.00 | 12/15/2023 | 855,000 | 979,659 | |||||
Pittsburgh & Allegheny County Sports & Exhibition Authority, Revenue Bonds | 5.00 | 12/15/2024 | 940,000 | 1,107,217 | |||||
Pittsburgh Water & Sewer Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. B | 5.00 | 9/1/2023 | 2,580,000 | c | 2,974,069 | ||||
Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 9/1/2027 | 1,060,000 | 1,352,380 | |||||
Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 9/1/2026 | 1,000,000 | 1,249,020 | |||||
Selinsgrove Area School District, GO, Refunding, Ser. B | 3.00 | 3/1/2026 | 1,095,000 | 1,180,936 | |||||
Southcentral Pennsylvania General Authority, Revenue Bonds, Refunding (Wellspan Health Obligated Group) | 5.00 | 6/1/2038 | 1,000,000 | 1,261,500 | |||||
Southcentral Pennsylvania General Authority, Revenue Bonds, Refunding (Wellspan Health Obligated Group) Ser. A | 5.00 | 6/1/2027 | 2,085,000 | 2,431,006 | |||||
Southeastern Pennsylvania Transportation Authority, Revenue Bonds | 5.00 | 6/1/2021 | 1,000,000 | c | 1,067,800 | ||||
State Public School Building Authority, Revenue Bonds (The School District of Philadelphia) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 4/1/2031 | 2,490,000 | 2,683,647 | |||||
State Public School Building Authority, Revenue Bonds, Refunding (The School District of Philadelphia) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 6/1/2024 | 2,000,000 | 2,312,900 | |||||
Susquehanna Township School District, GO, Refunding | 4.00 | 11/15/2027 | 1,975,000 | 2,202,243 | |||||
The Pennsylvania State University, Revenue Bonds, Ser. A | 5.00 | 9/1/2033 | 1,010,000 | 1,247,037 | |||||
The School District of Philadelphia, GO, Ser. A | 5.00 | 9/1/2028 | 500,000 | 632,270 | |||||
Township of Whitemarsh, GO, Refunding | 4.00 | 11/15/2035 | 605,000 | 665,790 | |||||
Township of Whitemarsh, GO, Refunding | 4.00 | 11/15/2039 | 1,000,000 | 1,091,690 | |||||
Tredyffrin Easttown School District, GO | 5.00 | 2/15/2032 | 290,000 | 361,337 | |||||
Tredyffrin Easttown School District, GO | 5.00 | 2/15/2036 | 1,365,000 | 1,675,756 | |||||
Tredyffrin Easttown School District, GO | 5.00 | 2/15/2034 | 240,000 | 296,167 | |||||
Upper Merion Area School District, GO | 5.00 | 1/15/2034 | 350,000 | 422,811 | |||||
Upper Merion Area School District, GO | 5.00 | 1/15/2037 | 275,000 | 329,786 | |||||
Upper Merion Area School District, GO | 5.00 | 1/15/2035 | 420,000 | 506,159 | |||||
Upper Merion Area School District, GO | 5.00 | 1/15/2036 | 250,000 | 300,635 | |||||
Upper Moreland Township School District, GO | 4.00 | 10/1/2033 | 780,000 | 838,562 | |||||
Upper St. Clair Township School District, GO | 5.00 | 10/1/2041 | 1,000,000 | 1,149,000 | |||||
West Mifflin Area School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 4/1/2026 | 1,000,000 | 1,197,690 |
54
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.1% (continued) | |||||||||
Pennsylvania - 84.7% (continued) | |||||||||
West View Municipal Authority, Revenue Bonds | 5.00 | 11/15/2024 | 3,000,000 | c | 3,597,810 | ||||
Westmoreland County Municipal Authority, Revenue Bonds, Refunding (Insured; Build America Mutual Assurance Company) | 5.00 | 8/15/2027 | 1,500,000 | 1,808,415 | |||||
Westmoreland County Municipal Authority, Revenue Bonds, Refunding (Insured; Build America Mutual Assurance Company) | 5.00 | 8/15/2028 | 1,000,000 | 1,204,210 | |||||
169,279,920 | |||||||||
Tennessee - .1% | |||||||||
Montgomery County Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 1.40 | 4/1/2032 | 200,000 | d | 200,000 | ||||
U.S. Related - .9% | |||||||||
Guam, Revenue Bonds, Ser. A | 5.00 | 1/1/2024 | 1,500,000 | 1,599,480 | |||||
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2021 | 800,000 | e | 190,000 | ||||
1,789,480 | |||||||||
Total Investments(cost $189,810,837) | 101.1% | 202,036,167 | |||||||
Liabilities, Less Cash and Receivables | (1.1%) | (2,271,837) | |||||||
Net Assets | 100.0% | 199,764,330 |
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 August 31, 2019, these securities were valued at $2,499,277 or 1.25% of net assets.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
d The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
e Non-income producing—security in default.
Portfolio Summary (Unaudited)† | Value (%) |
Medical | 15.3 |
Education | 15.0 |
General Obligation | 13.2 |
School District | 12.6 |
Transportation | 10.5 |
General | 7.3 |
Water | 6.7 |
Prerefunded | 5.3 |
Development | 4.5 |
Tobacco Settlement | 3.0 |
Pollution | 2.3 |
Airport | 2.1 |
Facilities | 1.7 |
Single Family Housing | .8 |
Multifamily Housing | .8 |
101.1 |
† Based on net assets.
See notes to financial statements.
55
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.4% | |||||||||
Alabama - 1.0% | |||||||||
Black Belt Energy Gas District, Revenue Bonds, Refunding (Project No. 4) Ser. A1 | 4.00 | 12/1/2025 | 3,000,000 | 3,401,850 | |||||
Florida - .5% | |||||||||
Orange County Health Facilities Authority, Revenue Bonds, Refunding (Orlando Health Obligated Group) | 5.00 | 10/1/2024 | 1,250,000 | 1,486,975 | |||||
Illinois - 1.5% | |||||||||
Chicago, GO, Ser. A | 5.00 | 1/1/2023 | 1,970,000 | 2,136,465 | |||||
Illinois, GO, Ser. D | 5.00 | 11/1/2026 | 2,500,000 | 2,898,875 | |||||
5,035,340 | |||||||||
Massachusetts - 88.3% | |||||||||
Berkshire Wind Power Cooperative Corp., Revenue, Refunding (Green Bond) (Berkshire Wind Project) Ser. 2 | 5.00 | 7/1/2030 | 1,000,000 | 1,244,330 | |||||
Berkshire Wind Power Cooperative Corp., Revenue, Refunding (Green Bond) (Berkshire Wind Project) Ser. 2 | 5.00 | 7/1/2028 | 1,000,000 | 1,255,550 | |||||
Berkshire Wind Power Cooperative Corp., Revenue, Refunding (Green Bond) (Berkshire Wind Project) Ser. 2 | 5.00 | 7/1/2026 | 475,000 | 588,596 | |||||
Dedham, GO | 4.00 | 6/15/2029 | 495,000 | 574,848 | |||||
Framingham, GO, Refunding | 5.00 | 12/1/2029 | 365,000 | 473,084 | |||||
Framingham, GO, Refunding | 5.00 | 12/1/2028 | 420,000 | 546,937 | |||||
Manchester Essex Regional School District, GO, (School Project Loan) | 4.00 | 2/1/2034 | 845,000 | 996,247 | |||||
Manchester Essex Regional School District, GO, (School Project Loan) | 4.00 | 2/1/2033 | 590,000 | 704,082 | |||||
Mansfield, GO (Municipal Purpose Loan) | 4.00 | 5/15/2030 | 845,000 | 968,488 | |||||
Mansfield, GO (Municipal Purpose Loan) | 4.00 | 5/15/2029 | 815,000 | 940,029 | |||||
Massachusetts, GO, Refunding, Ser. A, 3 Month LIBOR x .67 +.55% | 2.06 | 11/1/2025 | 2,500,000 | a | 2,504,175 | ||||
Massachusetts, GO, Refunding, Ser. B | 5.00 | 7/1/2027 | 2,500,000 | 3,210,150 | |||||
Massachusetts, GO, Refunding, Ser. B | 5.00 | 1/1/2021 | 3,000,000 | 3,156,690 | |||||
Massachusetts, GO, Ser. A | 5.00 | 3/1/2031 | 2,250,000 | 2,619,022 | |||||
Massachusetts, GO, Ser. C | 4.00 | 2/1/2029 | 2,500,000 | 2,789,750 | |||||
Massachusetts Clean Energy Cooperative Corp., Revenue Bonds | 5.00 | 7/1/2032 | 870,000 | 992,148 | |||||
Massachusetts Clean Energy Cooperative Corp., Revenue Bonds | 5.00 | 7/1/2028 | 1,250,000 | 1,432,950 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer Institute) Ser. N | 5.00 | 12/1/2033 | 2,500,000 | 3,069,700 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | 5.00 | 1/1/2026 | 170,000 | 204,258 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | 5.00 | 1/1/2028 | 255,000 | 318,003 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | 5.00 | 1/1/2033 | 305,000 | 372,048 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | 5.00 | 1/1/2027 | 280,000 | 343,655 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | 5.00 | 1/1/2031 | 325,000 | 399,604 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | 5.00 | 1/1/2032 | 340,000 | 416,038 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) Ser. A | 5.00 | 1/1/2022 | 565,000 | 611,714 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) Ser. A | 5.00 | 1/1/2023 | 400,000 | 446,076 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (North Hill Communities) Ser. A | 6.50 | 11/15/2023 | 3,750,000 | b,c | 4,561,087 | ||||
Massachusetts Development Finance Agency, Revenue Bonds (Partners Healthcare System) (LOC; U.S. BANK N.A.) Ser. M-1 | 1.40 | 7/1/2048 | 700,000 | d | 700,000 |
56
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.4% (continued) | |||||||||
Massachusetts - 88.3% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds (Southcoast Health System Obligated Group) Ser. F | 4.00 | 7/1/2020 | 530,000 | 541,740 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Suffolk University) | 5.13 | 7/1/2040 | 210,000 | 216,010 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Waste Management Inc. Project) | 2.15 | 5/1/2020 | 2,500,000 | b | 2,511,900 | ||||
Massachusetts Development Finance Agency, Revenue Bonds (Wentworth Institute of Technology) | 5.00 | 10/1/2024 | 550,000 | 639,804 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Wentworth Institute of Technology) | 5.00 | 10/1/2020 | 705,000 | 732,121 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Williams College) Ser. S | 5.00 | 7/1/2030 | 1,000,000 | 1,284,070 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, (Boston University Issue) Ser. DD | 5.00 | 4/1/2024 | 1,075,000 | 1,239,658 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, (Brandeis University) Ser. S-2 | 5.00 | 10/1/2031 | 1,000,000 | 1,310,750 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, (Brandeis University) Ser. S-3 | 5.00 | 10/1/2032 | 1,410,000 | 1,842,870 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Babson College) Ser. A | 5.00 | 10/1/2025 | 545,000 | 668,203 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Baystate Medical Center) Ser. N | 5.00 | 7/1/2024 | 350,000 | 409,413 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Beth Israel Lahey Health) | 5.00 | 7/1/2026 | 1,000,000 | 1,236,210 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center) Ser. E | 5.00 | 7/1/2026 | 500,000 | 610,090 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center) Ser. E | 5.00 | 7/1/2025 | 500,000 | 596,150 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center) Ser. E | 5.00 | 7/1/2023 | 2,060,000 | 2,327,718 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston University) Ser. BB2 | 4.00 | 10/1/2032 | 1,000,000 | 1,142,010 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Caregroup) Ser. H1 | 5.00 | 7/1/2025 | 800,000 | 965,232 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Caregroup) Ser. H1 | 5.00 | 7/1/2022 | 1,000,000 | 1,105,320 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Caregroup) Ser. I | 5.00 | 7/1/2026 | 1,000,000 | 1,236,210 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Caregroup) Ser. I | 5.00 | 7/1/2029 | 2,000,000 | 2,447,580 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (College of the Holy Cross) | 5.00 | 9/1/2026 | 705,000 | 886,467 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) | 5.00 | 1/1/2035 | 1,000,000 | 1,140,750 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) | 5.00 | 1/1/2025 | 1,000,000 | 1,175,400 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) Ser. A | 5.00 | 1/1/2035 | 1,000,000 | 1,212,320 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) Ser. A | 5.00 | 1/1/2033 | 1,250,000 | 1,524,788 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emmanuel College) Ser. A | 5.00 | 10/1/2043 | 1,000,000 | 1,156,770 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emmanuel College) Ser. A | 5.00 | 10/1/2030 | 1,000,000 | 1,195,100 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 4.00 | 7/1/2022 | 655,000 | 688,634 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 4.00 | 7/1/2021 | 625,000 | 646,713 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 5.00 | 7/1/2037 | 1,600,000 | 1,853,584 |
57
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.4% (continued) | |||||||||
Massachusetts - 88.3% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 5.00 | 4/1/2035 | 840,000 | 996,500 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 5.00 | 4/1/2033 | 390,000 | 465,371 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 5.00 | 4/1/2032 | 370,000 | 443,016 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 5.00 | 4/1/2031 | 350,000 | 421,253 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 5.00 | 4/1/2037 | 835,000 | 984,883 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Harvard University) Ser. A | 5.00 | 7/15/2027 | 3,200,000 | 4,042,176 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (International Charter School) | 5.00 | 4/15/2033 | 3,410,000 | 3,777,359 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (International Charter School) | 5.00 | 4/15/2040 | 1,730,000 | 1,887,966 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Lesley University) | 5.00 | 7/1/2031 | 1,000,000 | 1,219,090 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (MCPHS University) Ser. H | 5.00 | 7/1/2037 | 465,000 | 547,612 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Northeastern University) Ser. A | 5.00 | 10/1/2033 | 500,000 | 643,015 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Northeastern University) Ser. A | 5.00 | 10/1/2032 | 750,000 | 966,848 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Park School) | 5.00 | 9/1/2021 | 300,000 | 321,438 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) | 4.00 | 7/1/2036 | 2,480,000 | 2,851,926 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) | 4.00 | 7/1/2032 | 2,000,000 | 2,275,760 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) Ser. S5,1 Month MUNIPSA +.42% | 1.77 | 1/27/2022 | 1,500,000 | a | 1,500,180 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. K1 | 5.00 | 10/1/2029 | 1,000,000 | 1,190,930 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. K1 | 5.00 | 10/1/2025 | 700,000 | 838,236 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital) Ser. I | 5.00 | 7/1/2021 | 500,000 | 532,130 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital) Ser. I | 5.00 | 7/1/2028 | 750,000 | 908,130 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital) Ser. I | 5.00 | 7/1/2024 | 530,000 | 616,194 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital) Ser. I | 5.00 | 7/1/2025 | 500,000 | 596,765 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Sterling & Francine Clark) | 5.00 | 7/1/2028 | 1,000,000 | 1,261,450 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Sterling & Francine Clark) | 5.00 | 7/1/2031 | 2,050,000 | 2,552,598 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Sterling & Francine Clark) | 5.00 | 7/1/2032 | 1,910,000 | 2,294,426 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2025 | 1,340,000 | 1,610,090 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2028 | 1,300,000 | 1,611,649 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2027 | 600,000 | 746,592 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2023 | 2,500,000 | 2,839,900 |
58
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.4% (continued) | |||||||||
Massachusetts - 88.3% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2028 | 525,000 | 664,781 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2029 | 2,250,000 | 2,770,762 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (The Broad Institute) | 5.00 | 4/1/2036 | 2,000,000 | 2,505,720 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care) Ser. I | 5.00 | 7/1/2036 | 1,340,000 | 1,584,684 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care) Ser. I | 5.00 | 7/1/2024 | 1,000,000 | 1,163,640 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care) Ser. I | 5.00 | 7/1/2028 | 1,000,000 | 1,218,040 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care) Ser. I | 5.00 | 7/1/2025 | 2,375,000 | 2,837,555 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care) Ser. K | 5.00 | 7/1/2022 | 490,000 | 538,299 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care) Ser. K | 5.00 | 7/1/2024 | 815,000 | 948,367 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WellsForce) Ser. A | 5.00 | 7/1/2031 | 1,350,000 | 1,689,228 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WellsForce) Ser. A | 5.00 | 7/1/2030 | 2,075,000 | 2,610,661 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2024 | 1,090,000 | 1,269,741 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2035 | 1,000,000 | 1,150,210 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2026 | 1,205,000 | 1,470,799 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2040 | 2,650,000 | 3,017,952 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2033 | 500,000 | 613,320 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2032 | 500,000 | 615,635 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 3.00 | 1/1/2025 | 190,000 | 206,414 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 4.00 | 1/1/2026 | 130,000 | 150,704 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2028 | 140,000 | 173,705 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2029 | 200,000 | 246,976 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2023 | 250,000 | 282,275 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2027 | 310,000 | 387,261 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2030 | 410,000 | 504,862 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2021 | 100,000 | 105,115 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2022 | 200,000 | 218,126 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2031 | 415,000 | 508,782 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wheaton College) Ser. H | 5.00 | 1/1/2023 | 1,935,000 | 2,174,669 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Woods Hole Oceanographic Institution) | 5.00 | 6/1/2026 | 850,000 | 1,061,582 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Woods Hole Oceanographic Institution) | 5.00 | 6/1/2025 | 450,000 | 546,944 |
59
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.4% (continued) | |||||||||
Massachusetts - 88.3% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, (Olin College) Ser. E | 5.00 | 11/1/2038 | 4,500,000 | 5,110,785 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, (Simmons College) Ser. J | 5.25 | 10/1/2024 | 465,000 | 534,387 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, (Williams College) Ser. P | 5.00 | 7/1/2024 | 3,250,000 | 3,724,597 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2029 | 1,050,000 | 1,330,665 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2033 | 160,000 | 207,717 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2034 | 200,000 | 258,704 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2032 | 250,000 | 326,303 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2025 | 1,140,000 | 1,395,793 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2026 | 1,000,000 | 1,255,520 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2031 | 250,000 | 328,085 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2035 | 200,000 | 257,858 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding (Issue J) | 5.00 | 7/1/2021 | 2,350,000 | 2,506,721 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding (Issue K) Ser. A | 5.00 | 7/1/2024 | 3,000,000 | 3,487,890 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding (Issue L) Ser. B | 5.00 | 7/1/2023 | 2,300,000 | 2,608,085 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Ser. A | 5.00 | 1/1/2020 | 1,400,000 | 1,416,800 | |||||
Massachusetts Federal Highway Grant, GAN, Refunding, Ser. A | 5.00 | 6/15/2027 | 2,500,000 | 3,136,250 | |||||
Massachusetts Federal Highway Grant, GAN, Ser. A | 5.00 | 6/15/2027 | 2,000,000 | 2,370,960 | |||||
Massachusetts Federal Highway Grant, GAN, Ser. A | 5.00 | 6/15/2025 | 4,000,000 | 4,747,960 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds (Dana-Farber Cancer Institute) Ser. K | 5.25 | 12/1/2022 | 2,750,000 | 2,750,000 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds (Museum of Fine Arts) (SPA; Wells Fargo Bank NA) Ser. A1 | 1.32 | 12/1/2037 | 1,100,000 | e | 1,100,000 | ||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds (University of Massachusetts) Ser. A | 1.85 | 4/1/2022 | 1,250,000 | 1,274,963 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, (Massachusetts Institute of Technology) Ser. K | 5.50 | 7/1/2022 | 1,800,000 | 2,027,898 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Baystate Medical Center) (LOC; TD Bank NA) Ser. G | 1.37 | 7/1/2026 | 1,900,000 | d | 1,900,000 | ||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Berklee College of Music) | 5.00 | 10/1/2032 | 125,000 | 125,375 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Massachusetts Institute of Technology) Ser. L | 5.00 | 7/1/2023 | 3,335,000 | 3,838,251 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Northeastern University) Ser. A | 5.00 | 10/1/2030 | 3,000,000 | 3,111,480 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Tufts University) Ser. M | 5.25 | 2/15/2026 | 3,130,000 | 3,935,005 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding (Single Family Housing) (Insured: GNMA, FNMA and FHLMC) Ser. 195 | 4.00 | 12/1/2048 | 1,240,000 | 1,350,422 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding (Single Family Housing) Ser. 183 | 3.50 | 12/1/2046 | 1,255,000 | 1,312,303 |
60
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.4% (continued) | |||||||||
Massachusetts - 88.3% (continued) | |||||||||
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding, Ser. 207 | 4.00 | 6/1/2049 | 2,700,000 | 2,980,368 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Ser. F | 2.95 | 12/1/2032 | 1,000,000 | 1,029,670 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2028 | 2,000,000 | 2,570,240 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2027 | 2,000,000 | 2,523,800 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2028 | 1,330,000 | 1,573,550 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2030 | 1,375,000 | 1,515,773 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2031 | 1,500,000 | 1,652,685 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2032 | 750,000 | 878,955 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2033 | 2,000,000 | 2,343,720 | |||||
Massachusetts Port Authority, Revenue Bonds, Ser. A | 5.00 | 7/1/2027 | 1,345,000 | 1,479,150 | |||||
Massachusetts Port Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2024 | 315,000 | 370,242 | |||||
Massachusetts Port Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2028 | 200,000 | 239,728 | |||||
Massachusetts Port Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2029 | 200,000 | 239,350 | |||||
Massachusetts Port Authority, Revenue Bonds, Ser. C | 5.00 | 7/1/2030 | 1,635,000 | 2,121,707 | |||||
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/15/2026 | 2,000,000 | 2,225,720 | |||||
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 8/15/2029 | 2,700,000 | 2,998,080 | |||||
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. C | 4.00 | 8/15/2032 | 2,500,000 | 2,841,350 | |||||
Massachusetts Transportation Fund, Revenue Bonds Ser. A | 5.00 | 6/1/2036 | 1,000,000 | 1,165,110 | |||||
Massachusetts Transportation Trust Fund Metropolitan Highway, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2023 | 5,000,000 | 5,610,600 | |||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. B | 5.00 | 8/1/2028 | 1,925,000 | 2,409,041 | |||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. B | 5.00 | 8/1/2033 | 2,500,000 | 3,084,225 | |||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. B | 5.00 | 8/1/2029 | 2,590,000 | 3,236,904 | |||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 5.25 | 8/1/2028 | 2,000,000 | 2,681,080 | |||||
Metropolitan Boston Transit Parking Corp., Revenue Bonds, Refunding | 5.00 | 7/1/2041 | 2,000,000 | 2,125,520 | |||||
Minuteman Regional Vocational Technical School District, GO (School Bonds) | 5.00 | 10/15/2028 | 1,055,000 | 1,330,186 | |||||
Minuteman Regional Vocational Technical School District, GO (School Bonds) | 5.00 | 10/15/2026 | 915,000 | 1,161,794 | |||||
Minuteman Regional Vocational Technical School District, GO (School Bonds) | 5.00 | 10/15/2027 | 525,000 | 663,789 | |||||
Mount Greylock Regional School District, GO | 4.00 | 6/15/2028 | 420,000 | 471,950 | |||||
Mount Greylock Regional School District, GO | 4.00 | 6/15/2027 | 640,000 | 720,621 | |||||
Mount Greylock Regional School District, GO | 4.00 | 6/15/2030 | 315,000 | 351,127 | |||||
Mount Greylock Regional School District, GO | 4.00 | 6/15/2029 | 745,000 | 834,586 | |||||
Natick, GO (Municipal Purpose Loan) | 4.00 | 7/15/2033 | 3,000,000 | 3,543,780 | |||||
Natick, GO (Municipal Purpose Loan) | 5.00 | 7/15/2029 | 2,000,000 | 2,572,800 | |||||
Plainville, GO (Municipal Purpose Loan) | 4.00 | 10/15/2030 | 1,210,000 | 1,454,735 | |||||
Randolph, GO, Refunding | 5.00 | 9/15/2031 | 595,000 | 760,190 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds (Green Bond) Ser. 20 | 5.00 | 2/1/2035 | 990,000 | 1,180,209 |
61
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.4% (continued) | |||||||||
Massachusetts - 88.3% (continued) | |||||||||
The Massachusetts Clean Water Trust, Revenue Bonds (Green Bond) Ser. 20 | 5.00 | 2/1/2033 | 2,300,000 | 2,752,410 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds (Green Bond) Ser. 21 | 5.00 | 8/1/2035 | 2,250,000 | 2,900,362 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding, Ser. A | 5.75 | 8/1/2029 | 155,000 | 155,533 | |||||
University of Massachusetts Building Authority, Revenue Bonds, Refunding (University of Massachusetts) Ser. 3 | 5.00 | 11/1/2034 | 2,200,000 | 2,777,896 | |||||
University of Massachusetts Building Authority, Revenue Bonds, Ser. 1 | 4.00 | 11/1/2043 | 3,500,000 | 3,734,850 | |||||
Worcester, GO, Refunding | 4.00 | 1/15/2031 | 2,235,000 | 2,611,888 | |||||
Worcester, GO, Refunding | 4.00 | 1/15/2028 | 800,000 | 952,224 | |||||
Worcester, GO, Refunding, Ser. A | 5.00 | 1/15/2029 | 1,690,000 | 2,087,674 | |||||
285,809,085 | |||||||||
Michigan - .7% | |||||||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Corp.) | 5.00 | 12/1/2033 | 2,000,000 | 2,184,120 | |||||
New Jersey - 3.4% | |||||||||
New Jersey Economic Development Authority, Revenue Bonds, (School Facilities Construction) (Insured; Assured Guaranty Municipal Corp.) Ser. UU-A | 5.00 | 6/15/2025 | 2,000,000 | 2,308,140 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; American Municipal Bond Assurance Corp.) Ser. K | 5.25 | 12/15/2020 | 1,760,000 | 1,849,813 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. K | 5.25 | 12/15/2021 | 2,160,000 | 2,345,803 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2031 | 875,000 | 1,069,136 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2029 | 1,375,000 | 1,701,178 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2028 | 1,375,000 | 1,710,514 | |||||
10,984,584 | |||||||||
New Mexico - 1.1% | |||||||||
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2025 | 3,000,000 | 3,554,460 | |||||
New York - 3.3% | |||||||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A1 | 5.00 | 11/15/2024 | 2,500,000 | 2,955,850 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | 5.25 | 7/1/2032 | 2,250,000 | 2,548,057 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of America Tower at One Bryant Park) | 2.63 | 9/15/2069 | 2,675,000 | 2,769,534 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 2,250,000 | b | 2,499,278 | ||||
10,772,719 | |||||||||
Texas - .9% | |||||||||
Arlington Higher Education Finance Corp., Revenue Bonds (Insured; Permanent School Fund) Ser. A | 4.00 | 8/15/2035 | 500,000 | 588,310 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds (Insured; Permanent School Fund) Ser. A | 4.00 | 8/15/2031 | 510,000 | 607,308 | |||||
Houston Independent School District, GO, Refunding, Ser. C | 4.00 | 2/15/2030 | 1,500,000 | 1,633,485 | |||||
2,829,103 | |||||||||
U.S. Related - .7% | |||||||||
Guam, Revenue Bonds, Ser. A | 5.00 | 1/1/2025 | 1,500,000 | 1,599,405 | |||||
Guam, Revenue Bonds, Ser. A | 6.00 | 11/1/2026 | 500,000 | 535,535 |
62
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.4% (continued) | |||||||||
U.S. Related - .7% (continued) | |||||||||
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2020 | 650,000 | f | 154,375 | ||||
2,289,315 | |||||||||
Total Investments(cost $310,617,338) | 101.4% | 328,347,551 | |||||||
Liabilities, Less Cash and Receivables | (1.4%) | (4,545,841) | |||||||
Net Assets | 100.0% | 323,801,710 |
a Variable rate security—rate shown is the interest rate in effect at period end.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2019, these securities were valued at $9,572,265 or 2.96% of net assets.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
d The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
e Auction Rate Security—interest rate is reset periodically under an auction process that is conducted by an auction agent. Rate shown is the interest rate in effect at period end.
f Non-income producing—security in default.
Portfolio Summary (Unaudited)† | Value (%) |
Education | 32.8 |
Medical | 15.5 |
General Obligation | 11.4 |
Transportation | 10.9 |
General | 6.8 |
Water | 4.8 |
Development | 3.9 |
Student Loan | 3.1 |
School District | 2.7 |
Single Family Housing | 1.7 |
Power | 1.7 |
Prerefunded | 1.4 |
Tobacco Settlement | 1.4 |
Multifamily Housing | 1.1 |
Pollution | .8 |
Facilities | .7 |
Airport | .7 |
101.4 |
† Based on net assets.
See notes to financial statements.
63
STATEMENT OF INVESTMENTS (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.8% | |||||||||
Alabama - 1.1% | |||||||||
Black Belt Energy Gas District, Revenue Bonds, Refunding (Project No. 4) Ser. A1 | 4.00 | 12/1/2025 | 1,500,000 | 1,700,925 | |||||
Florida - .5% | |||||||||
Orange County Health Facilities Authority, Revenue Bonds, Refunding (Orlando Health Obligated Group) | 5.00 | 10/1/2024 | 750,000 | 892,185 | |||||
Illinois - 1.7% | |||||||||
Chicago II, GO, Ser. 2002B | 5.25 | 1/1/2022 | 1,150,000 | 1,226,590 | |||||
Illinois, GO, Ser. D | 5.00 | 11/1/2026 | 1,250,000 | 1,449,438 | |||||
2,676,028 | |||||||||
Michigan - .8% | |||||||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Corp.) | 5.00 | 12/1/2033 | 1,150,000 | 1,255,869 | |||||
New Jersey - 3.8% | |||||||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; American Municipal Bond Assurance Corp.) Ser. K | 5.25 | 12/15/2020 | 1,000,000 | 1,051,030 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. K | 5.25 | 12/15/2021 | 1,265,000 | 1,373,815 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. II | 5.00 | 3/1/2025 | 1,070,000 | 1,157,558 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2031 | 500,000 | 610,935 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2029 | 750,000 | 927,915 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2028 | 750,000 | 933,008 | |||||
6,054,261 | |||||||||
New Mexico - 1.1% | |||||||||
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2025 | 1,500,000 | 1,777,230 | |||||
New York - 91.1% | |||||||||
Albany County Airport Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 12/15/2023 | 1,500,000 | 1,544,130 | |||||
Battery Park City Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/1/2023 | 1,065,000 | 1,240,331 | |||||
Build NYC Resource Corp., Revenue Bonds, Refunding (YMCA of Greater New York Project) | 5.00 | 8/1/2029 | 200,000 | 236,098 | |||||
Build NYC Resource Corp., Revenue Bonds, Refunding (YMCA of Greater New York Project) | 5.00 | 8/1/2027 | 300,000 | 357,045 | |||||
Build NYC Resource Corp., Revenue Bonds, Refunding (YMCA of Greater New York Project) | 5.00 | 8/1/2026 | 350,000 | 417,806 | |||||
Dutchess County Local Development Corp., Revenue Bonds (Health Quest Systems) Ser. B | 5.00 | 7/1/2026 | 1,000,000 | 1,240,630 | |||||
Dutchess County Local Development Corp., Revenue Bonds, Refunding (The Culinary Institute of America Project) | 5.00 | 7/1/2028 | 1,000,000 | 1,268,130 | |||||
Dutchess County Local Development Corp., Revenue Bonds, Refunding (The Culinary Institute of America Project) | 5.00 | 7/1/2033 | 920,000 | 1,139,558 | |||||
Dutchess County Local Development Corp., Revenue Bonds, Refunding (The Culinary Institute of America Project) | 5.00 | 7/1/2026 | 525,000 | 640,595 | |||||
Dutchess County Local Development Corp., Revenue Bonds, Refunding (The Culinary Institute of America Project) | 5.00 | 7/1/2027 | 1,000,000 | 1,243,490 | |||||
East Ramapo Central School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/15/2024 | 1,240,000 | 1,482,866 | |||||
Haverstraw-Stony Point Central School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 10/15/2034 | 730,000 | 836,690 | |||||
Haverstraw-Stony Point Central School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 10/15/2033 | 725,000 | 832,336 |
64
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.8% (continued) | |||||||||
New York - 91.1% (continued) | |||||||||
Hudson Yards Infrastructure Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 2/15/2033 | 1,310,000 | 1,642,334 | |||||
Island Trees Union Free School District, GO, Refunding | 3.00 | 5/15/2030 | 615,000 | 673,474 | |||||
Johnstown City School District, GO, Refunding (Insured; Build America Mutual Assurance Company) | 3.00 | 6/15/2028 | 1,100,000 | 1,211,276 | |||||
Metropolitan Transportation Authority, Revenue Bonds (Green Bond) Ser. A | 5.00 | 11/15/2035 | 1,570,000 | 1,952,593 | |||||
Metropolitan Transportation Authority, Revenue Bonds (Green Bond) Ser. B2 | 4.00 | 11/15/2033 | 1,000,000 | 1,160,630 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A1 | 5.00 | 11/15/2024 | 2,300,000 | 2,719,382 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | 5.00 | 11/15/2025 | 1,000,000 | 1,222,900 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 11/15/2035 | 1,000,000 | 1,258,840 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 11/15/2035 | 1,215,000 | 1,481,875 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. C1 | 5.25 | 11/15/2030 | 1,000,000 | 1,224,110 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Ser. B | 5.00 | 11/15/2038 | 1,010,000 | 1,129,190 | |||||
Nassau County, GO, Refunding, Ser. B | 5.00 | 4/1/2036 | 1,000,000 | 1,221,420 | |||||
New York & New Jersey Port Authority, Revenue Bonds, Refunding, Ser. 189 | 5.00 | 5/1/2030 | 1,000,000 | 1,211,850 | |||||
New York & New Jersey Port Authority, Revenue Bonds, Refunding, Ser. 207 | 5.00 | 9/15/2024 | 3,000,000 | 3,541,380 | |||||
New York City, GO (LOC; Bank of America NA) Ser. L3 | 1.45 | 4/1/2036 | 100,000 | a | 100,000 | ||||
New York City, GO, Refunding, Ser. E | 5.00 | 8/1/2033 | 1,000,000 | 1,295,400 | |||||
New York City, GO, Refunding, Ser. J | 5.00 | 8/1/2025 | 1,335,000 | 1,532,994 | |||||
New York City, GO, Ser. E1 | 5.25 | 3/1/2031 | 1,065,000 | 1,388,717 | |||||
New York City Housing Development Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 7/1/2024 | 1,150,000 | 1,261,251 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. A1 | 3.38 | 11/15/2029 | 1,000,000 | 1,066,720 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | 5.00 | 7/1/2025 | 1,500,000 | 1,709,070 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | 5.25 | 7/1/2032 | 1,500,000 | 1,698,705 | |||||
New York City Industrial Development Agency, Revenue Bonds (Yankee Stadium Project) (Insured; Assured Guaranty Corp.) | 7.00 | 3/1/2049 | 1,000,000 | 1,004,890 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 5.25 | 8/1/2037 | 1,000,000 | 1,292,360 | |||||
New York City Transitional Finance Authority, Revenue Bonds (Insured; State Aid Withholding) Ser. S3 | 5.25 | 7/15/2036 | 1,000,000 | 1,284,880 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Refunding, Ser. F1 | 5.00 | 5/1/2029 | 2,000,000 | 2,200,120 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. C2 | 2.98 | 11/1/2027 | 1,050,000 | 1,128,740 | |||||
New York City Trust for Cultural Resources, Revenue Bonds (Wildlife Conservation Society) Ser. A | 5.00 | 8/1/2031 | 1,480,000 | 1,685,912 | |||||
New York City Trust for Cultural Resources, Revenue Bonds, Refunding (Carnegie Hall) | 5.00 | 12/1/2033 | 1,000,000 | 1,321,190 | |||||
New York City Trust for Cultural Resources, Revenue Bonds, Refunding (Lincoln Center Performing Arts) Ser. A | 5.00 | 12/1/2026 | 1,075,000 | 1,360,724 | |||||
New York City Trust for Cultural Resources, Revenue Bonds, Refunding (The American Museum of Natural History) Ser. A | 5.00 | 7/1/2037 | 1,000,000 | 1,163,530 | |||||
New York City Water & Sewer System, Revenue Bonds, Refunding (SPA; Mizuho Bank Ltd.) Ser. AA5 | 1.52 | 6/15/2048 | 200,000 | a | 200,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. AA | 5.00 | 6/15/2027 | 2,000,000 | 2,586,100 |
65
STATEMENT OF INVESTMENTS (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.8% (continued) | |||||||||
New York - 91.1% (continued) | |||||||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. AA | 5.00 | 6/15/2021 | 2,000,000 | b | 2,142,280 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. FF2 | 4.00 | 6/15/2036 | 1,000,000 | 1,187,500 | |||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. FF2 | 5.00 | 6/15/2034 | 1,000,000 | 1,307,460 | |||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. FF2 | 5.00 | 6/15/2035 | 1,000,000 | 1,302,090 | |||||
New York Convention Center Development Corp., Revenue Bonds, Refunding | 5.00 | 11/15/2029 | 1,000,000 | 1,224,270 | |||||
New York Counties Tobacco Trust VI, Revenue Bonds, Refunding, Ser. A-2B | 5.00 | 6/1/2045 | 750,000 | 808,590 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of America Tower at One Bryant Park) | 2.63 | 9/15/2069 | 1,500,000 | 1,553,010 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 2,000,000 | c | 2,221,580 | ||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 2-3 World Trade Center Project) | 5.15 | 11/15/2034 | 1,500,000 | c | 1,694,895 | ||||
New York Monroe County Industrial Development Corp., Revenue Bonds (The Rochester General Hospital) | 5.00 | 12/1/2028 | 1,095,000 | 1,348,065 | |||||
New York Monroe County Industrial Development Corp., Revenue Bonds (The Rochester General Hospital) | 5.00 | 12/1/2032 | 1,000,000 | 1,209,210 | |||||
New York Monroe County Industrial Development Corp., Revenue Bonds, Refunding (University of Rochester Project) Ser. C | 4.00 | 7/1/2035 | 1,000,000 | 1,146,900 | |||||
New York Nassau County, GO, Refunding, Ser. A | 5.00 | 1/1/2032 | 1,640,000 | 1,974,970 | |||||
New York Nassau County, GO, Ser. A | 5.00 | 1/15/2031 | 500,000 | 618,960 | |||||
New York Nassau County, GO, Ser. B | 5.00 | 4/1/2029 | 1,500,000 | 1,743,000 | |||||
New York State Dormitory Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.63 | 11/1/2035 | 1,000,000 | 1,073,150 | |||||
New York State Dormitory Authority, Revenue Bonds (New York University) Ser. A | 5.00 | 7/1/2043 | 2,400,000 | 2,722,824 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Catholic Health System) | 5.00 | 7/1/2034 | 550,000 | 694,579 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Catholic Health System) | 5.00 | 7/1/2032 | 640,000 | 812,397 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Fordham University) | 4.00 | 7/1/2034 | 1,000,000 | 1,147,740 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Icahn School of Medicine at Mount Sinai) Ser. A | 5.00 | 7/1/2023 | 1,000,000 | 1,143,600 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Insured; State Aid Withholding) Ser. A | 5.00 | 10/1/2030 | 1,045,000 | 1,331,654 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (New York University) Ser. A | 5.00 | 7/1/2031 | 2,000,000 | 2,432,780 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (NYU Hospitals Center) | 5.00 | 7/1/2030 | 1,155,000 | 1,411,479 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Rochester Institute of Technology) | 5.00 | 7/1/2023 | 1,000,000 | 1,030,670 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (The New School) Ser. A | 5.00 | 7/1/2032 | 1,530,000 | 1,821,893 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2028 | 1,400,000 | 1,761,382 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. E | 5.00 | 3/15/2032 | 1,325,000 | 1,610,193 | |||||
New York State Dormitory Authority, Revenue Bonds, Ser. 2015B-B | 5.00 | 3/15/2035 | 1,100,000 | 1,325,874 | |||||
New York State Dormitory Authority, Revenue Bonds, Ser. A | 5.00 | 3/15/2030 | 1,275,000 | 1,594,349 | |||||
New York State Dormitory Authority, Revenue Bonds, Ser. B1 | 4.00 | 7/1/2026 | 1,200,000 | 1,411,500 | |||||
New York State Environmental Facilities Corp., Revenue Bonds, Refunding (Green Bond) Ser. D | 3.00 | 9/15/2030 | 1,050,000 | 1,129,643 |
66
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.8% (continued) | |||||||||
New York - 91.1% (continued) | |||||||||
New York State Environmental Facilities Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 6/15/2026 | 1,010,000 | 1,091,356 | |||||
New York State Housing Finance Agency, Revenue Bonds (Insured; State of New York Mortgage Agency) Ser. E | 4.13 | 11/1/2028 | 1,000,000 | 1,079,330 | |||||
New York State Thruway Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. K | 5.00 | 1/1/2031 | 2,000,000 | 2,383,640 | |||||
New York State Urban Development Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 3/15/2033 | 1,000,000 | 1,245,670 | |||||
New York State Urban Development Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 3/15/2031 | 1,500,000 | 1,883,700 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2025 | 1,575,000 | 1,831,993 | |||||
New York Westchester County Health Care Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 11/1/2024 | 1,500,000 | 1,609,920 | |||||
New York Westchester County Health Care Corp., Revenue Bonds, Ser. A | 5.00 | 11/1/2020 | 1,400,000 | 1,456,168 | |||||
Niagara Area Development Corp., Revenue Bonds, Refunding (Niagara University Project) Ser. A | 5.00 | 5/1/2035 | 500,000 | 539,195 | |||||
Niagara Frontier Transportation Authority, Revenue Bonds, Refunding, Ser. T | 5.00 | 4/1/2024 | 1,750,000 | 2,008,702 | |||||
Niagara Frontier Transportation Authority, Revenue Bonds, Refunding, Ser. T | 5.00 | 4/1/2026 | 925,000 | 1,114,227 | |||||
Niagara Frontier Transportation Authority, Revenue Bonds, Refunding, Ser. T | 5.00 | 4/1/2025 | 630,000 | 741,403 | |||||
Oyster Bay, GO, Refunding (Insured; Build America Mutual Assurance Company) Ser. B | 5.00 | 8/15/2022 | 1,715,000 | 1,894,869 | |||||
Sales Tax Asset Receivable Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 10/15/2031 | 1,060,000 | 1,256,641 | |||||
St. Lawrence County Development Agency, Revenue Bonds, Refunding (Clarkson University Project) | 5.00 | 9/1/2029 | 1,000,000 | 1,226,140 | |||||
Suffolk County, GO (Insured; Build America Mutual Assurance Company) Ser. A | 4.00 | 4/1/2033 | 1,785,000 | 2,036,863 | |||||
Suffolk County, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 2/1/2022 | 1,000,000 | 1,090,830 | |||||
Suffolk County Water Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2030 | 1,145,000 | 1,346,245 | |||||
TSASC, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2022 | 1,750,000 | 1,922,322 | |||||
TSASC, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2024 | 500,000 | 580,450 | |||||
Utility Debt Securitization Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2027 | 1,600,000 | 1,954,032 | |||||
Utility Debt Securitization Authority, Revenue Bonds, Refunding, Ser. TE | 5.00 | 6/15/2026 | 2,000,000 | 2,328,660 | |||||
Washingtonville Central School District, GO, Refunding | 3.00 | 6/15/2031 | 1,000,000 | 1,087,080 | |||||
Westchester County Local Development Corp., Revenue Bonds (Purchase Housing Corporation II Project) | 5.00 | 6/1/2037 | 1,000,000 | 1,194,200 | |||||
Westchester County Local Development Corp., Revenue Bonds, Refunding (Sarah Lawrence College) Ser. A | 5.00 | 6/1/2026 | 1,210,000 | 1,458,873 | |||||
Westchester County Local Development Corp., Revenue Bonds, Refunding (Sarah Lawrence College) Ser. A | 5.00 | 6/1/2025 | 1,105,000 | 1,303,270 | |||||
Westchester County Local Development Corp., Revenue Bonds, Refunding (Westchester Medical Center Obligated Group Project) | 5.00 | 11/1/2028 | 1,000,000 | 1,186,310 | |||||
Yonkers, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 11/15/2026 | 1,000,000 | 1,259,710 | |||||
145,462,548 |
67
STATEMENT OF INVESTMENTS (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.8% (continued) | |||||||||
U.S. Related - .7% | |||||||||
Guam, Revenue Bonds, Ser. A | 5.00 | 1/1/2024 | 1,000,000 | 1,066,320 | |||||
Total Investments(cost $151,435,175) | 100.8% | 160,885,366 | |||||||
Liabilities, Less Cash and Receivables | (0.8%) | (1,276,817) | |||||||
Net Assets | 100.0% | 159,608,549 |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2019, these securities were valued at $3,916,475 or 2.45% of net assets.
Portfolio Summary (Unaudited)† | Value (%) |
General | 21.6 |
Education | 16.8 |
General Obligation | 11.8 |
Transportation | 10.1 |
Medical | 9.1 |
Development | 5.8 |
Water | 5.7 |
Multifamily Housing | 4.3 |
School District | 3.8 |
Tobacco Settlement | 3.6 |
Airport | 3.4 |
Power | 2.7 |
Prerefunded | 1.3 |
Housing | .8 |
100.8 |
† Based on net assets.
See notes to financial statements.
68
BNY Mellon Municipal Opportunities Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 1.2% | |||||||||
Health Care - 1.2% | |||||||||
CommonSpirit Health, Sr. Scd. Bonds | 3.82 | 10/1/2049 | 7,000,000 | 7,292,800 | |||||
CommonSpirit Health, Sr. Scd. Bonds | 4.19 | 10/1/2049 | 4,000,000 | 4,296,344 | |||||
Montefiore Obligated Group, Unscd. Bonds, Ser. 18-C | 5.25 | 11/1/2048 | 10,000,000 | 12,019,276 | |||||
TotalBonds and Notes | 23,608,420 | ||||||||
Long-Term Municipal Investments - 100.5% | |||||||||
Alabama - 1.1% | |||||||||
Auburn University, Revenue Bonds, Ser. A | 5.00 | 6/1/2048 | 5,000,000 | 6,177,150 | |||||
Auburn University, Revenue Bonds, Ser. A | 5.00 | 6/1/2043 | 3,500,000 | 4,349,170 | |||||
Black Belt Energy Gas District, Revenue Bonds, Refunding (Project No. 4) Ser. A1 | 4.00 | 12/1/2025 | 10,000,000 | 11,339,500 | |||||
21,865,820 | |||||||||
Arizona - 2.3% | |||||||||
Arizona Health Facilities Authority, Revenue Bonds, Refunding (Phoenix Children's Hospital) Ser. A | 5.00 | 2/1/2042 | 6,000,000 | 6,438,180 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | 5.50 | 7/1/2038 | 1,165,000 | a | 1,283,492 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | 5.63 | 7/1/2048 | 2,000,000 | a | 2,191,180 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | 5.75 | 7/1/2053 | 3,260,000 | a | 3,579,871 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of Nevada) Ser. A | 5.00 | 7/15/2049 | 1,675,000 | a | 1,839,100 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of Nevada) Ser. A | 5.00 | 7/15/2039 | 1,325,000 | a | 1,472,088 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund) Ser. A | 4.00 | 11/1/2049 | 1,600,000 | 1,770,608 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund) Ser. A | 5.00 | 11/1/2044 | 1,625,000 | 1,982,403 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities LLC) Ser. A | 5.00 | 1/1/2043 | 1,750,000 | 2,028,863 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities LLC) Ser. B | 5.00 | 1/1/2043 | 1,000,000 | 1,131,290 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities LLC) Ser. B | 5.00 | 1/1/2049 | 1,400,000 | 1,570,114 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Insured; Bulid America Mutual) Ser. A | 4.00 | 6/1/2044 | 2,000,000 | 2,188,440 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Lone Mountain Campus Project) Ser. A | 5.00 | 12/15/2049 | 700,000 | a | 763,833 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Lone Mountain Campus Project) Ser. A | 5.00 | 12/15/2039 | 400,000 | a | 442,788 | ||||
Maricopa County Special Health Care District, GO, Ser. C | 5.00 | 7/1/2036 | 7,500,000 | 9,378,975 | |||||
Pinal County Industrial Development Authority, Revenue Bonds (Green Bond) (WOF SW GGP 1) | 7.25 | 10/1/2033 | 4,000,000 | a | 4,428,200 | ||||
University Medical Center Corp., Revenue Bonds | 6.00 | 7/1/2021 | 2,500,000 | b | 2,717,825 | ||||
45,207,250 | |||||||||
Arkansas - .4% | |||||||||
University of Arkansas, Revenue Bonds | 5.00 | 11/1/2042 | 5,990,000 | 7,391,600 | |||||
California - 18.7% | |||||||||
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 10/1/2035 | 1,500,000 | 1,685,940 | |||||
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 10/1/2037 | 1,000,000 | 1,114,140 |
69
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
California - 18.7% (continued) | |||||||||
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2036 | 2,500,000 | 2,972,075 | |||||
Anaheim Public Financing Authority, Revenue Bonds, Refunding (Anaheim Convention Center Expansion Project) Ser. A | 5.00 | 5/1/2046 | 6,450,000 | 7,465,359 | |||||
Bay Area Toll Authority, Revenue Bonds, Refunding | 4.00 | 4/1/2042 | 5,000,000 | 5,629,450 | |||||
Bay Area Toll Authority, Revenue Bonds, Refunding, Ser. A | 2.63 | 4/1/2026 | 10,000,000 | 10,845,900 | |||||
California, GO | 5.00 | 4/1/2031 | 750,000 | 990,285 | |||||
California, GO | 5.00 | 4/1/2049 | 2,500,000 | 3,170,550 | |||||
California, GO | 5.00 | 4/1/2032 | 3,000,000 | 3,945,300 | |||||
California, GO | 5.00 | 4/1/2045 | 3,500,000 | 4,464,250 | |||||
California, GO | 5.00 | 4/1/2033 | 1,205,000 | 1,580,538 | |||||
California, GO, Refunding | 5.00 | 4/1/2035 | 9,000,000 | 10,442,610 | |||||
California Community College Financing Authority, Revenue Bonds (Orange Coast Properties) | 5.25 | 5/1/2048 | 2,000,000 | 2,390,780 | |||||
California Community College Financing Authority, Revenue Bonds (Orange Coast Properties) | 5.25 | 5/1/2043 | 1,250,000 | 1,501,713 | |||||
California Community Housing Agency, Revenue Bonds (Annadel Apartments) Ser. A | 5.00 | 4/1/2049 | 7,500,000 | a | 8,434,275 | ||||
California Community Housing Agency, Revenue Bonds (Verdant At Green Valley Project) | 5.00 | 8/1/2049 | 4,000,000 | a | 4,541,640 | ||||
California Educational Facilities Authority, Revenue Bonds (Green Bond) (Loyola Marymount University) | 5.00 | 10/1/2048 | 3,000,000 | 3,684,540 | |||||
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A | 5.00 | 4/1/2047 | 2,500,000 | 2,960,100 | |||||
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A | 5.00 | 4/1/2042 | 2,000,000 | 2,389,160 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Children's Hospital) Ser. A | 5.00 | 8/15/2047 | 1,000,000 | 1,197,450 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2037 | 2,270,000 | 2,565,917 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding, Ser. A2 | 4.00 | 11/1/2044 | 12,000,000 | 13,490,160 | |||||
California Infrastructure & Economic Development Bank, Revenue Bonds, Refunding (The J. David Gladstone Institutes Project) Ser. A | 5.25 | 10/1/2034 | 900,000 | 971,343 | |||||
California Municipal Finance Authority, Revenue Bonds | 5.00 | 6/1/2043 | 5,750,000 | 7,108,610 | |||||
California Municipal Finance Authority, Revenue Bonds | 5.00 | 5/15/2049 | 2,000,000 | 2,449,140 | |||||
California Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation) Ser. A | 5.00 | 6/1/2035 | 600,000 | 689,370 | |||||
California Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation) Ser. A | 5.00 | 6/1/2050 | 2,750,000 | 3,102,192 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | 5.00 | 5/15/2040 | 5,000,000 | 6,098,550 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | 5.00 | 5/15/2043 | 5,000,000 | 6,055,800 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | 5.00 | 5/15/2048 | 6,000,000 | 7,234,200 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2039 | 3,265,000 | 3,992,148 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2052 | 7,500,000 | 9,022,050 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2043 | 2,000,000 | 2,422,320 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2037 | 2,605,000 | 3,204,358 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2034 | 2,250,000 | 2,797,605 |
70
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
California - 18.7% (continued) | |||||||||
California Municipal Finance Authority, Revenue Bonds (Emerson College) | 6.00 | 1/1/2022 | 6,000,000 | b | 6,705,360 | ||||
California Municipal Finance Authority, Revenue Bonds (LAX Integrated Express Solutions LLC Project) Ser. A | 5.00 | 12/31/2047 | 2,250,000 | 2,709,157 | |||||
California Municipal Finance Authority, Revenue Bonds (Northbay Healthcare) Ser. A | 5.25 | 11/1/2047 | 700,000 | 815,752 | |||||
California Municipal Finance Authority, Revenue Bonds (Northbay Healthcare) Ser. A | 5.25 | 11/1/2041 | 1,200,000 | 1,408,368 | |||||
California Municipal Finance Authority, Revenue Bonds (Palmdale Aerospace Academy Project) Ser. A | 5.00 | 7/1/2038 | 1,100,000 | a | 1,259,522 | ||||
California Municipal Finance Authority, Revenue Bonds (Palmdale Aerospace Academy Project) Ser. A | 5.00 | 7/1/2049 | 1,800,000 | a | 2,031,084 | ||||
California Municipal Finance Authority, Revenue Bonds (Southwestern Law School) | 6.50 | 11/1/2031 | 300,000 | 336,678 | |||||
California Municipal Finance Authority, Revenue Bonds, Refunding (William Jessup University) | 5.00 | 8/1/2039 | 1,500,000 | 1,738,725 | |||||
California Municipal Finance Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2042 | 1,000,000 | 1,193,940 | |||||
California Pollution Control Financing Authority, Revenue Bonds (Rialto Bioenergy Facility, LLC Project) | 7.50 | 12/1/2040 | 5,000,000 | a | 5,250,450 | ||||
California Pollution Control Financing Authority, Revenue Bonds (Waste Management Project) Ser. A | 2.50 | 5/1/2024 | 2,870,000 | 3,004,115 | |||||
California Pollution Control Financing Authority, Revenue Bonds (Waste Management Project) Ser. A | 2.50 | 5/1/2024 | 4,125,000 | 4,319,081 | |||||
California School Finance Authority, Revenue Bonds (Green Dot Public Schools California Projects) Ser. A | 5.00 | 8/1/2038 | 1,000,000 | a | 1,204,420 | ||||
California School Finance Authority, Revenue Bonds (Green Dot Public Schools California Projects) Ser. A | 5.00 | 8/1/2048 | 2,750,000 | a | 3,269,860 | ||||
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A | 5.00 | 7/1/2037 | 590,000 | a | 706,466 | ||||
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A | 5.00 | 7/1/2047 | 870,000 | a | 1,022,433 | ||||
California School Finance Authority, Revenue Bonds (Summit Public Schools) | 5.00 | 6/1/2047 | 1,500,000 | a | 1,753,515 | ||||
California State Public Works Board, Revenue Bonds (Various Judicial Council Projects) Ser. D | 5.00 | 12/1/2031 | 2,000,000 | 2,171,600 | |||||
California State University, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2045 | 500,000 | 556,165 | |||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center) | 5.00 | 12/1/2033 | 1,000,000 | a | 1,191,860 | ||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center) Ser. A | 5.00 | 12/1/2036 | 2,500,000 | a | 2,875,450 | ||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center) Ser. A | 5.00 | 12/1/2041 | 2,500,000 | a | 2,840,675 | ||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center) Ser. A | 5.25 | 12/1/2043 | 2,150,000 | a | 2,551,190 | ||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center) Ser. A | 5.25 | 12/1/2038 | 1,500,000 | a | 1,804,515 | ||||
California Statewide Communities Development Authority, Revenue Bonds (Sutter Health) Ser. A | 6.00 | 8/15/2020 | 6,000,000 | b | 6,289,080 | ||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding | 5.38 | 5/15/2038 | 1,900,000 | 2,038,301 | |||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding (CHF-Irvine) | 5.00 | 5/15/2040 | 2,000,000 | 2,357,600 | |||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services) | 4.00 | 4/1/2042 | 1,600,000 | 1,747,648 |
71
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
California - 18.7% (continued) | |||||||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services) | 5.00 | 4/1/2047 | 1,500,000 | 1,780,635 | |||||
Capistrano Unified School District Community Facilities District No. 90-2, Special Tax Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 9/1/2032 | 4,000,000 | 4,579,480 | |||||
Desert Sands Unified School District, GO | 5.00 | 8/1/2040 | 7,680,000 | 9,491,328 | |||||
Foothill Eastern Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. B1 | 3.95 | 1/15/2053 | 5,000,000 | 5,399,200 | |||||
Galt Redevelopment Agency, Tax Allocation Bonds (Galt Redevelopment Project) | 7.38 | 9/1/2033 | 2,000,000 | 2,245,420 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2047 | 5,000,000 | 5,128,300 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2029 | 3,000,000 | 3,627,990 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2028 | 3,000,000 | 3,646,500 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A2 | 5.00 | 6/1/2047 | 5,000,000 | 5,128,300 | |||||
Grant Joint Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) | 0.00 | 2/1/2033 | 4,380,000 | c | 3,223,592 | ||||
Grant Joint Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) | 0.00 | 8/1/2029 | 2,080,000 | c | 1,719,723 | ||||
Irvine, Revenue Bonds | 4.00 | 9/2/2029 | 1,000,000 | 1,072,490 | |||||
Long Beach Marina System, Revenue Bonds (Alamitos Bay Marina Project) | 5.00 | 5/15/2045 | 2,000,000 | 2,273,000 | |||||
Long Beach Marina System, Revenue Bonds (Alamitos Bay Marina Project) | 5.00 | 5/15/2040 | 2,500,000 | 2,848,400 | |||||
Los Angeles County Public Works Financing Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2039 | 1,000,000 | 1,177,060 | |||||
Los Angeles County Public Works Financing Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2034 | 1,000,000 | 1,188,300 | |||||
New Haven Unified School District, GO (Insured; Assured Guaranty Corp.) | 0.00 | 8/1/2032 | 2,500,000 | c | 1,879,200 | ||||
Norman Y Mineta San Jose International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 3/1/2047 | 8,500,000 | 10,113,810 | |||||
Northern California Energy Authority, Revenue Bonds, Ser. A | 4.00 | 7/1/2024 | 5,000,000 | 5,521,350 | |||||
Northern California Gas Authority No. 1, Revenue Bonds, Ser. B, 3 Month LIBOR x .67 +.72% | 2.27 | 7/1/2027 | 660,000 | d | 648,549 | ||||
Oroville, Revenue Bonds (Oroville Hospital) | 5.25 | 4/1/2039 | 1,750,000 | 2,138,290 | |||||
Palomar Health, Revenue Bonds, Refunding | 5.00 | 11/1/2039 | 1,000,000 | 1,157,640 | |||||
Riverside County Transportation Commission, Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2023 | 2,000,000 | b | 2,320,980 | ||||
Riverside County Transportation Commission, Revenue Bonds, Ser. A | 5.75 | 6/1/2048 | 5,000,000 | 5,587,250 | |||||
Riverside County Transportation Commission, Revenue Bonds, Ser. A | 5.75 | 6/1/2044 | 2,000,000 | 2,238,820 | |||||
San Diego Unified School District, GO, Ser. A | 0.00 | 7/1/2025 | 4,000,000 | c | 3,705,800 | ||||
San Diego Unified School District, GO, Ser. F | 4.00 | 7/1/2035 | 2,205,000 | 2,488,343 | |||||
San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds, Ser. A | 5.00 | 5/1/2044 | 6,500,000 | 8,017,100 | |||||
San Francisco City & County Redevelopment Agency Successor Agency, Special Tax Bonds, Ser. C | 0.00 | 8/1/2043 | 7,835,000 | c | 2,166,142 | ||||
San Francisco City & County Redevelopment Agency Successor Agency, Special Tax Bonds, Ser. C | 0.00 | 8/1/2038 | 2,000,000 | c | 746,800 | ||||
San Francisco City & County Redevelopment Financing Authority, Tax Allocation Bonds (San Francisco Redevelopment Projects) Ser. B | 6.63 | 2/1/2021 | 1,250,000 | b | 1,350,838 | ||||
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/15/2050 | 5,000,000 | 5,698,850 |
72
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
California - 18.7% (continued) | |||||||||
Sierra Joint Community College District School Facilities District No. 2, GO (Insured; National Public Finance Guarantee Corp.) Ser. B | 0.00 | 8/1/2030 | 3,020,000 | c | 2,464,078 | ||||
Sierra Joint Community College District School Facilities District No. 2, GO (Insured; National Public Finance Guarantee Corp.) Ser. B | 0.00 | 8/1/2031 | 5,330,000 | c | 4,223,119 | ||||
South Bayside Waste Management Authority, Revenue Bonds, Ser. A | 6.00 | 9/1/2036 | 1,000,000 | 1,000,000 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0427) Non-recourse, (Los Angeles International Airport, Revenue Bonds) Non-recourse, Underlying Coupon Rate (%) 5.25 | 12.29 | 5/15/2026 | 10,000,000 | a,e,f | 10,294,100 | ||||
The Morongo Band of Mission Indians, Revenue Bonds, Ser. A | 5.00 | 10/1/2042 | 1,000,000 | a | 1,139,090 | ||||
University of California, Revenue Bonds, Refunding (Limited Project) Ser. G | 5.00 | 5/15/2037 | 7,325,000 | 8,061,455 | |||||
University of California, Revenue Bonds, Refunding (Limited Project) Ser. G | 5.00 | 5/15/2022 | 7,280,000 | b | 8,067,332 | ||||
University of California, Revenue Bonds, Refunding, Ser. AZ | 5.00 | 5/15/2043 | 4,000,000 | 4,998,960 | |||||
University of California, Revenue Bonds, Ser. AV | 5.00 | 5/15/2042 | 2,525,000 | 3,117,542 | |||||
371,437,984 | |||||||||
Colorado - 2.1% | |||||||||
Board of Governors of Colorado State University System, Revenue Bonds, Refunding, Ser. C | 5.00 | 3/1/2043 | 5,000,000 | 6,188,450 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Adventist Health System) | 4.00 | 11/15/2043 | 4,000,000 | 4,581,680 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health) Ser. A | 4.00 | 8/1/2044 | 6,000,000 | 6,648,720 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health) Ser. A | 4.00 | 8/1/2049 | 5,000,000 | 5,504,200 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health) Ser. A | 4.00 | 8/1/2038 | 2,750,000 | 3,096,252 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health) Ser. A | 4.00 | 8/1/2039 | 2,250,000 | 2,524,388 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Evangelical Lutheran Good Samaritan Society Project) | 5.00 | 6/1/2027 | 2,500,000 | b | 3,156,000 | ||||
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2048 | 1,250,000 | 1,392,488 | |||||
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | 5.25 | 12/1/2048 | 3,500,000 | 4,367,020 | |||||
Denver Urban Renewal Authority, Tax Allocation Bonds, Ser. A | 5.25 | 12/1/2039 | 2,000,000 | a | 2,150,520 | ||||
Denver Urban Renewal Authority, Tax Allocation Bonds, Ser. A | 5.25 | 12/1/2039 | 2,500,000 | a | 2,688,150 | ||||
42,297,868 | |||||||||
Connecticut - .2% | |||||||||
The Metropolitan District, GO, Ser. A | 4.00 | 7/15/2037 | 1,125,000 | 1,301,771 | |||||
The Metropolitan District, GO, Ser. A | 4.00 | 7/15/2039 | 500,000 | 575,355 | |||||
The Metropolitan District, GO, Ser. A | 4.00 | 7/15/2035 | 500,000 | 582,450 | |||||
The Metropolitan District, GO, Ser. A | 4.00 | 7/15/2036 | 1,200,000 | 1,393,572 | |||||
3,853,148 | |||||||||
Delaware - .8% | |||||||||
Kent County, Revenue Bonds (CHF-Dover LLC University Project) Ser. A | 5.00 | 7/1/2048 | 1,000,000 | 1,112,820 | |||||
Kent County, Revenue Bonds (CHF-Dover LLC University Project) Ser. A | 5.00 | 7/1/2040 | 750,000 | 843,863 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0431) Non-recourse, (University of Delaware, Revenue Bonds, Refunding) Non-recourse, Underlying Coupon Rate (%) 5.00 | 11.09 | 11/1/2043 | 12,230,000 | a,e,f | 13,912,357 | ||||
15,869,040 | |||||||||
District of Columbia - 1.3% | |||||||||
Columbia, Revenue Bonds, Refunding (KIPP Charter School) | 6.00 | 7/1/2023 | 1,700,000 | b | 2,013,259 |
73
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
District of Columbia - 1.3% (continued) | |||||||||
District of Columbia, Revenue Bonds (District of Columbia International School) | 5.00 | 7/1/2049 | 1,275,000 | 1,538,237 | |||||
District of Columbia, Revenue Bonds (Friendship Public Charter School) | 5.00 | 6/1/2032 | 3,500,000 | 3,802,890 | |||||
District of Columbia, Revenue Bonds, Refunding | 6.00 | 7/1/2023 | 1,450,000 | b | 1,717,192 | ||||
District of Columbia, Revenue Bonds, Refunding | 6.00 | 7/1/2023 | 1,100,000 | b | 1,302,697 | ||||
District of Columbia, Revenue Bonds, Refunding (Kipp DC Project) Ser. A | 5.00 | 7/1/2048 | 5,000,000 | 5,861,750 | |||||
District of Columbia, Revenue Bonds, Refunding (Kipp DC Project) Ser. B | 5.00 | 7/1/2042 | 4,000,000 | 4,723,120 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds (Dulles Metrorail & Capital Improvement Projects) (Insured; Assured Guaranty Corp.) | 0.00 | 10/1/2036 | 6,275,000 | c | 3,882,029 | ||||
24,841,174 | |||||||||
Florida - 3.2% | |||||||||
Capital Trust Agency, Revenue Bonds (H-Bay Ministries Inc-Superior Residences Project) Ser. A1 | 5.00 | 7/1/2048 | 750,000 | 807,360 | |||||
Capital Trust Agency, Revenue Bonds (H-Bay Ministries Inc-Superior Residences Project) Ser. B | 5.00 | 7/1/2053 | 250,000 | 266,790 | |||||
Collier County Health Facilities Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2045 | 2,500,000 | 2,874,925 | |||||
Davie, Revenue Bonds, Refunding (Nova Southeastern Univerity Project) | 5.00 | 4/1/2048 | 8,395,000 | 9,961,675 | |||||
Florida Development Finance Corp., Revenue Bonds, Refunding (Virgin Trains USA Florida) Ser. A | 6.25 | 1/1/2024 | 2,500,000 | a | 2,398,475 | ||||
Florida Development Finance Corp., Revenue Bonds, Refunding (Virgin Trains USA Florida) Ser. A | 6.38 | 1/1/2026 | 2,000,000 | a | 1,914,540 | ||||
Gainesville Utilities System, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2044 | 2,500,000 | 3,160,750 | |||||
Higher Educational Facilities Financing Authority, Revenue Bonds, Refunding (The University of Tampa Project) Ser. A | 5.25 | 4/1/2042 | 1,100,000 | 1,205,633 | |||||
Jacksonville, Revenue Bonds, Refunding | 5.00 | 10/1/2030 | 750,000 | 833,715 | |||||
Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 2/1/2040 | 7,545,000 | 8,663,094 | |||||
Miami-Dade County Aviation, Revenue Bonds, Ser. A | 5.50 | 10/1/2020 | 1,200,000 | b | 1,257,456 | ||||
Miami-Dade County Expressway Authority, Revenue Bonds, Ser. A | 5.00 | 7/1/2040 | 1,050,000 | 1,082,151 | |||||
Miami-Dade County Health Facilities Authority, Revenue Bonds, Refunding (Nicklaus Children's Hospital) | 5.00 | 8/1/2042 | 4,000,000 | 4,775,160 | |||||
Miami-Dade County Seaport Department, Revenue Bonds, Ser. A | 5.50 | 10/1/2042 | 14,145,000 | 16,156,843 | |||||
Orange County Health Facilities Authority, Revenue Bonds (Orlando Health Obligated Group) | 5.00 | 10/1/2047 | 3,000,000 | 3,660,060 | |||||
Orange County Health Facilities Authority, Revenue Bonds (Orlando Health Obligated Group) Ser. B | 5.00 | 10/1/2042 | 5,000,000 | 5,371,300 | |||||
64,389,927 | |||||||||
Georgia - .7% | |||||||||
Atlanta Development Authority, Revenue Bonds (Georgia Proton Treatment Center) Ser. A1 | 7.00 | 1/1/2040 | 2,500,000 | 2,754,650 | |||||
Atlanta Development Authority, Revenue Bonds, Ser. A1 | 5.25 | 7/1/2044 | 1,500,000 | 1,786,335 | |||||
Fulton County Development Authority, Revenue Bonds, Refunding (Robert W Woodruff Arts Center) | 5.00 | 3/15/2044 | 6,000,000 | 7,419,840 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2043 | 1,500,000 | 1,813,290 | |||||
13,774,115 | |||||||||
Hawaii - 1.7% | |||||||||
Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Kahala Senior Living Community) | 5.13 | 11/15/2032 | 2,050,000 | 2,298,645 | |||||
Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Kahala Senior Living Community) | 5.25 | 11/15/2037 | 1,000,000 | 1,118,280 |
74
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
Hawaii - 1.7% (continued) | |||||||||
Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Queen's Health Systems) Ser. A | 5.00 | 7/1/2035 | 7,000,000 | 8,155,280 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0429) Non-recourse, (Hawaii, GO) Non-recourse, Ser. DZ, Underlying Coupon Rate (%) 5.00 | 8.95 | 12/1/2024 | 20,000,000 | a,e,f | 21,720,460 | ||||
33,292,665 | |||||||||
Idaho - .2% | |||||||||
Idaho Health Facilities Authority, Revenue Bonds, Refunding (Trinity Health Corp.) Ser. D | 5.00 | 12/1/2032 | 3,900,000 | 4,260,126 | |||||
Illinois - 9.6% | |||||||||
Chicago, GO, Ser. A | 5.50 | 1/1/2049 | 4,000,000 | 4,750,680 | |||||
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 12/1/2026 | 1,170,000 | 1,405,322 | |||||
Chicago Board of Education, GO, Refunding, Ser. A | 7.00 | 12/1/2044 | 2,500,000 | 3,049,525 | |||||
Chicago Board of Education, GO, Refunding, Ser. B | 6.75 | 12/1/2030 | 7,500,000 | a | 9,704,850 | ||||
Chicago Board of Education, GO, Refunding, Ser. B | 7.00 | 12/1/2042 | 10,000,000 | a | 12,791,300 | ||||
Chicago Board of Education, GO, Ser. A | 7.00 | 12/1/2046 | 5,000,000 | a | 6,363,850 | ||||
Chicago Board of Education, GO, Ser. B | 6.50 | 12/1/2046 | 4,500,000 | 5,462,550 | |||||
Chicago Board of Education, Revenue Bonds | 6.00 | 4/1/2046 | 1,500,000 | 1,818,255 | |||||
Chicago Board of Education, Special Tax Bonds | 5.00 | 4/1/2042 | 1,700,000 | 1,924,570 | |||||
Chicago Board of Education, Special Tax Bonds | 5.00 | 4/1/2046 | 1,600,000 | 1,802,208 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2035 | 5,000,000 | 5,443,050 | |||||
Chicago II, GO, Refunding, Ser. B | 7.75 | 1/1/2042 | 1,272,000 | 1,472,976 | |||||
Chicago II, GO, Refunding, Ser. B | 7.75 | 1/1/2025 | 6,208,000 | b | 8,070,772 | ||||
Chicago II, GO, Refunding, Ser. D | 5.50 | 1/1/2040 | 5,000,000 | 5,619,250 | |||||
Chicago II, GO, Refunding, Ser. E | 5.50 | 1/1/2042 | 1,750,000 | 1,961,715 | |||||
Chicago II, GO, Refunding, Ser. F | 5.50 | 1/1/2042 | 1,250,000 | 1,401,225 | |||||
Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2046 | 5,000,000 | 5,831,350 | |||||
Chicago O'Hare International Airport, Revenue Bonds | 5.75 | 1/1/2039 | 415,000 | 438,983 | |||||
Chicago O'Hare International Airport, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.50 | 1/1/2043 | 4,000,000 | 4,507,360 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2039 | 3,710,000 | 4,554,322 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2038 | 3,250,000 | 3,999,710 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2036 | 3,130,000 | 3,875,816 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2037 | 3,000,000 | 3,703,620 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2041 | 6,800,000 | 8,002,376 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2033 | 10,425,000 | 12,194,122 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2031 | 15,000,000 | 17,632,050 | |||||
Illinois, GO | 5.50 | 7/1/2033 | 2,500,000 | 2,749,600 | |||||
Illinois, GO | 5.50 | 7/1/2038 | 10,000,000 | 10,979,900 | |||||
Illinois, GO, Refunding, Ser. B | 5.00 | 10/1/2025 | 15,000,000 | 17,175,750 | |||||
Illinois, GO, Ser. A | 5.00 | 5/1/2042 | 2,500,000 | 2,854,250 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (Franciscan Communities) Ser. A | 5.00 | 5/15/2037 | 3,000,000 | 3,310,470 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (Franciscan Communities) Ser. A | 5.25 | 5/15/2047 | 4,250,000 | 4,520,767 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (Lutheran Home & Services) | 5.63 | 5/15/2042 | 3,000,000 | 3,116,280 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A | 6.00 | 7/1/2043 | 5,000,000 | 5,699,600 |
75
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
Illinois - 9.6% (continued) | |||||||||
Illinois Finance Authority, Revenue Bonds, Ser. A | 5.50 | 7/1/2028 | 1,560,000 | 1,780,896 | |||||
189,969,320 | |||||||||
Indiana - .6% | |||||||||
Allen County, Revenue Bonds (Storypoint Fort Wayne Project) Ser. A1 | 6.75 | 1/15/2043 | 750,000 | a | 828,465 | ||||
Allen County, Revenue Bonds (Storypoint Fort Wayne Project) Ser. A1 | 6.88 | 1/15/2052 | 1,250,000 | a | 1,378,988 | ||||
Indiana Finance Authority, Revenue Bonds (Butler University Project) | 4.00 | 2/1/2044 | 2,595,000 | 2,903,753 | |||||
Indiana Finance Authority, Revenue Bonds, Refunding (Stadium Project) Ser. A | 5.25 | 2/1/2035 | 5,000,000 | 6,056,750 | |||||
11,167,956 | |||||||||
Kentucky - 1.1% | |||||||||
Kentucky Economic Development Finance Authority, Revenue Bonds, Refunding (CommonSpirit Health) Ser. A | 4.00 | 8/1/2039 | 1,295,000 | 1,452,925 | |||||
Kentucky Economic Development Finance Authority, Revenue Bonds, Refunding (CommonSpirit Health) Ser. A | 4.00 | 8/1/2038 | 1,000,000 | 1,124,980 | |||||
Kentucky Economic Development Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 12/1/2047 | 3,500,000 | 3,846,920 | |||||
Kentucky Public Transportation Infrastructure Authority, Revenue Bonds (Downtown Crossing Project) Ser. A | 5.75 | 7/1/2049 | 3,000,000 | 3,389,730 | |||||
Kentucky State Property & Building Commission, Revenue Bonds, Refunding, Ser. B | 5.00 | 11/1/2027 | 10,000,000 | 12,173,900 | |||||
21,988,455 | |||||||||
Louisiana - 1.0% | |||||||||
Jefferson Parish Economic Development & Port District, Revenue Bonds (Kenner Discovery Health Sciences Foundation) | 5.50 | 6/15/2038 | 3,200,000 | a | 3,444,192 | ||||
Jefferson Parish Economic Development & Port District, Revenue Bonds (Kenner Discovery Health Sciences Foundation) | 5.63 | 6/15/2048 | 4,350,000 | a | 4,688,386 | ||||
Jefferson Parish Hospital Service District No. 2, Revenue Bonds, Refunding | 6.25 | 7/1/2031 | 5,000,000 | 5,110,800 | |||||
Louisiana Public Facilities Authority, Revenue Bonds (Louisiana Children's Medical Center Project) Ser. A1 | 4.00 | 6/1/2045 | 5,000,000 | 5,515,150 | |||||
New Orleans Water System, Revenue Bonds, Refunding | 5.00 | 12/1/2034 | 500,000 | 574,500 | |||||
19,333,028 | |||||||||
Maine - .9% | |||||||||
Maine Finance Authority, Revenue Bonds (Coastal Resources of Maine LLL Project) | 5.25 | 6/15/2034 | 1,000,000 | 1,022,370 | |||||
Maine Finance Authority, Revenue Bonds (Coastal Resources of Maine LLL Project) | 5.38 | 12/15/2033 | 4,500,000 | a | 4,821,390 | ||||
Maine Health & Higher Educational Facilities Authority, Revenue Bonds (MaineGeneral Health Medical Center) | 6.00 | 7/1/2026 | 825,000 | 881,315 | |||||
Maine Health & Higher Educational Facilities Authority, Revenue Bonds (MaineGeneral Health Medical Center) | 7.00 | 7/1/2041 | 4,240,000 | 4,612,314 | |||||
Maine Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (Bowdoin College) | 5.00 | 7/1/2038 | 5,000,000 | 6,166,650 | |||||
17,504,039 | |||||||||
Maryland - 1.1% | |||||||||
Maryland, GO, Ser. B | 4.00 | 3/15/2020 | 20,000,000 | b | 20,315,600 | ||||
Maryland Economic Development Corp., Revenue Bonds (Seagirt Marine Terminal Project) | 5.00 | 6/1/2049 | 750,000 | 908,108 | |||||
Maryland Economic Development Corp., Revenue Bonds (Seagirt Marine Terminal Project) | 5.00 | 6/1/2044 | 200,000 | 243,696 | |||||
21,467,404 |
76
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
Massachusetts - 5.0% | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds (Bentley University) | 5.00 | 7/1/2040 | 5,500,000 | 6,595,875 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer Institute) Ser. N | 5.00 | 12/1/2041 | 3,000,000 | 3,586,110 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) Ser. A | 5.25 | 1/1/2042 | 5,500,000 | 6,530,150 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Linden Ponds) | 5.13 | 11/15/2046 | 1,500,000 | a | 1,709,940 | ||||
Massachusetts Development Finance Agency, Revenue Bonds (Wentworth Institute of Technology) | 5.00 | 10/1/2046 | 2,015,000 | 2,331,637 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Berklee College of Music) | 5.00 | 10/1/2039 | 5,000,000 | 6,046,750 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Cape Cod Healthcare) | 5.25 | 11/15/2041 | 4,370,000 | 4,899,163 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) Ser. A | 5.00 | 1/1/2040 | 1,000,000 | 1,195,990 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (International Charter School) | 5.00 | 4/15/2040 | 1,500,000 | 1,636,965 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles) | 5.00 | 10/1/2047 | 3,000,000 | a | 3,327,000 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles) | 5.00 | 10/1/2037 | 1,000,000 | a | 1,117,290 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles) | 5.00 | 10/1/2057 | 2,000,000 | a | 2,211,640 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. K1 | 5.00 | 10/1/2036 | 2,115,000 | 2,464,081 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University Project) | 5.00 | 7/1/2036 | 445,000 | 553,099 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University Project) | 5.00 | 7/1/2035 | 470,000 | 586,396 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University Project) | 5.00 | 7/1/2037 | 605,000 | 749,359 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University Project) | 5.00 | 7/1/2038 | 340,000 | 419,611 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2044 | 1,375,000 | 1,656,174 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. I | 6.75 | 1/1/2021 | 470,000 | b | 504,695 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. I | 6.88 | 1/1/2021 | 400,000 | b | 430,184 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. I | 7.25 | 1/1/2021 | 1,240,000 | b | 1,338,977 | ||||
Massachusetts School Building Authority, Revenue Bonds, Ser. A | 5.25 | 2/15/2048 | 7,500,000 | 9,392,700 | |||||
Massachusetts School Building Authority, Revenue Bonds, Ser. B | 5.25 | 2/15/2048 | 10,000,000 | 12,523,600 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0428) Non-recourse, (Massachusetts, GO (Consolidated Loan)) Non-recourse, Underlying Coupon Rate (%) 5.00 | 11.27 | 4/1/2023 | 15,000,000 | a,e,f | 15,913,687 | ||||
Tender Option Bond Trust Receipts (Series 2016-XM0430) Non-recourse, (Massachusetts School Building Authority, Senior Dedicated Sales Tax Revenue Bonds, Refunding) Non-recourse, Underlying Coupon Rate (%) 5.00 | 8.95 | 8/15/2030 | 10,000,000 | a,e,f | 11,069,134 | ||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding, Ser. A | 5.75 | 8/1/2029 | 50,000 | 50,172 | |||||
98,840,379 | |||||||||
Michigan - 3.1% | |||||||||
Detroit, GO | 5.00 | 4/1/2034 | 1,000,000 | 1,136,180 | |||||
Detroit, GO | 5.00 | 4/1/2033 | 1,150,000 | 1,309,275 | |||||
Detroit, GO | 5.00 | 4/1/2035 | 1,660,000 | 1,880,481 |
77
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
Michigan - 3.1% (continued) | |||||||||
Detroit, GO | 5.00 | 4/1/2038 | 1,235,000 | 1,388,461 | |||||
Detroit, GO | 5.00 | 4/1/2036 | 1,200,000 | 1,355,724 | |||||
Detroit, GO | 5.00 | 4/1/2029 | 1,000,000 | 1,155,310 | |||||
Detroit, GO | 5.00 | 4/1/2028 | 900,000 | 1,040,904 | |||||
Detroit, GO | 5.00 | 4/1/2030 | 700,000 | 807,520 | |||||
Detroit, GO | 5.00 | 4/1/2032 | 850,000 | 968,618 | |||||
Detroit, GO | 5.00 | 4/1/2031 | 1,000,000 | 1,145,250 | |||||
Detroit, GO, Ser. B1 | 4.00 | 4/1/2044 | 3,000,000 | 2,762,220 | |||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 7/1/2043 | 10,000,000 | 11,256,600 | |||||
Michigan Finance Authority, Revenue Bonds (Henry Ford Health System) Ser. A | 4.00 | 11/15/2050 | 3,000,000 | 3,339,030 | |||||
Michigan Finance Authority, Revenue Bonds (Henry Ford Health System) Ser. A | 5.00 | 11/15/2048 | 2,000,000 | 2,475,900 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont Health) | 5.00 | 8/1/2032 | 2,000,000 | 2,320,400 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Corp.) | 5.00 | 12/1/2038 | 6,475,000 | 7,051,016 | |||||
Michigan State Building Authority, Revenue Bonds, Refunding, Ser. IA | 5.38 | 10/15/2041 | 3,000,000 | 3,249,690 | |||||
Michigan Strategic Fund, Revenue Bonds (AMT-I-75 Improvement Project) | 5.00 | 12/31/2043 | 10,000,000 | 12,126,300 | |||||
Warren County, Revenue Bonds (Insured; County Guaranteed) | 10.00 | 12/1/2040 | 5,000,000 | 5,443,950 | |||||
62,212,829 | |||||||||
Minnesota - 1.8% | |||||||||
Tender Option Bond Trust Receipts (Series 2016-XM0425) Non-recourse, (Minnesota, GO (Various Purpose)) Non-recourse, Underlying Coupon Rate (%) 5.00 | 6.63 | 8/1/2023 | 17,125,000 | a,e,f | 17,728,319 | ||||
Tender Option Bond Trust Receipts (Series 2016-XM0426) Non-recourse, (Minnesota, GO (Various Purpose)) Non-recourse, Underlying Coupon Rate (%) 5.00 | 6.64 | 8/1/2020 | 10,000,000 | a,e,f | 10,355,650 | ||||
Western Minnesota Municipal Power Agency, Revenue Bonds (Red Rock Hydroelectric Project) Ser. A | 5.00 | 1/1/2049 | 5,390,000 | 6,684,516 | |||||
34,768,485 | |||||||||
Mississippi - .2% | |||||||||
Mississippi Development Bank, Revenue Bonds (Jackson, Water and Sewer System Project) (Insured; Assured Guaranty Municipal Corp.) | 6.88 | 12/1/2040 | 1,625,000 | 1,949,041 | |||||
Warren County, Revenue Bonds (International Paper Company Projects) Ser. A | 5.80 | 5/1/2034 | 1,500,000 | 1,543,800 | |||||
3,492,841 | |||||||||
Nebraska - .6% | |||||||||
Omaha Public Power District, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2042 | 10,000,000 | 12,282,900 | |||||
Nevada - .4% | |||||||||
State of Nevada Department of Business & Industry, Revenue Bonds (Fulcrum Sierra Biofuels LLC Project) | 6.25 | 12/15/2037 | 5,000,000 | a | 5,869,550 | ||||
State of Nevada Department of Business & Industry, Revenue Bonds (Green Bond) (Fulcrum Sierra Biofuels LLC Project) Ser. B | 5.13 | 12/15/2037 | 1,500,000 | a | 1,642,215 | ||||
7,511,765 | |||||||||
New Jersey - 4.3% | |||||||||
New Jersey Economic Development Authority, Revenue Bonds (Beloved Community Charter School Inc. Project) Ser. A | 5.00 | 6/15/2049 | 1,105,000 | a | 1,197,279 | ||||
New Jersey Economic Development Authority, Revenue Bonds (Beloved Community Charter School Inc. Project) Ser. A | 5.00 | 6/15/2054 | 725,000 | a | 779,672 | ||||
New Jersey Economic Development Authority, Revenue Bonds (The Goethals Bridge Replacement Project) | 5.13 | 1/1/2034 | 5,325,000 | 6,039,349 |
78
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
New Jersey - 4.3% (continued) | |||||||||
New Jersey Economic Development Authority, Revenue Bonds (The Goethals Bridge Replacement Project) | 5.38 | 1/1/2043 | 5,500,000 | 6,214,065 | |||||
New Jersey Economic Development Authority, Revenue Bonds (University Heights Charter School Project) Ser. A | 4.70 | 9/1/2028 | 325,000 | a | 345,859 | ||||
New Jersey Economic Development Authority, Revenue Bonds (University Heights Charter School Project) Ser. A | 5.38 | 9/1/2033 | 265,000 | a | 292,714 | ||||
New Jersey Economic Development Authority, Revenue Bonds (University Heights Charter School Project) Ser. A | 5.63 | 9/1/2038 | 340,000 | a | 375,170 | ||||
New Jersey Economic Development Authority, Revenue Bonds (University Heights Charter School Project) Ser. A | 5.75 | 9/1/2050 | 1,250,000 | a | 1,367,400 | ||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding | 5.00 | 6/15/2026 | 2,500,000 | 2,708,675 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 6/15/2029 | 13,000,000 | 14,915,680 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2033 | 2,500,000 | 2,952,900 | |||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (St Peter's University Hospital) | 6.25 | 7/1/2035 | 1,500,000 | 1,605,090 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2033 | 7,000,000 | 8,480,500 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2046 | 3,000,000 | 3,445,800 | |||||
New Jersey Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2046 | 5,000,000 | 5,859,200 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.00 | 6/15/2030 | 1,500,000 | 1,786,665 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2029 | 15,000,000 | 17,964,900 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2031 | 2,000,000 | 2,366,720 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2030 | 3,000,000 | 3,573,330 | |||||
South Jersey Port Corp., Revenue Bonds, Ser. B | 5.00 | 1/1/2048 | 1,500,000 | 1,748,685 | |||||
South Jersey Port Corp., Revenue Bonds, Ser. B | 5.00 | 1/1/2042 | 1,250,000 | 1,471,025 | |||||
85,490,678 | |||||||||
New Mexico - .6% | |||||||||
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2025 | 10,000,000 | 11,848,200 | |||||
New York - 11.4% | |||||||||
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | 5.00 | 6/1/2047 | 1,000,000 | a | 1,093,200 | ||||
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | 5.00 | 6/1/2052 | 1,000,000 | a | 1,090,510 | ||||
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | 5.00 | 6/1/2032 | 500,000 | a | 559,660 | ||||
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | 5.00 | 6/1/2037 | 700,000 | a | 774,900 | ||||
Hudson Yards Infrastructure Corp., Revenue Bonds, Ser. A | 5.75 | 2/15/2047 | 1,930,000 | 2,052,285 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A1 | 5.00 | 11/15/2024 | 20,000,000 | 23,646,800 | |||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2056 | 5,000,000 | 5,603,150 | |||||
New York City, GO, Refunding, Ser. E | 5.00 | 8/1/2034 | 1,250,000 | 1,612,500 | |||||
New York City, GO, Refunding, Ser. E | 5.00 | 8/1/2032 | 1,000,000 | 1,300,560 | |||||
New York City, GO, Refunding, Ser. F1 | 5.00 | 8/1/2032 | 1,000,000 | 1,300,560 | |||||
New York City, GO, Refunding, Ser. F1 | 5.00 | 8/1/2033 | 1,000,000 | 1,295,400 | |||||
New York City, GO, Refunding, Ser. F1 | 5.00 | 8/1/2034 | 2,220,000 | 2,863,800 | |||||
New York City, GO, Ser. AA1 | 4.00 | 8/1/2040 | 5,000,000 | 5,831,950 | |||||
New York City, GO, Ser. AA1 | 4.00 | 8/1/2038 | 5,000,000 | 5,873,400 |
79
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
New York - 11.4% (continued) | |||||||||
New York City, GO, Ser. AA1 | 5.00 | 8/1/2039 | 4,240,000 | 5,432,542 | |||||
New York City, GO, Ser. AA1 | 5.00 | 8/1/2035 | 2,500,000 | 3,247,100 | |||||
New York City, GO, Ser. B1 | 5.00 | 12/1/2041 | 14,000,000 | 16,944,480 | |||||
New York City, GO, Ser. B1 | 5.00 | 12/1/2035 | 2,000,000 | 2,459,960 | |||||
New York City Industrial Development Agency, Revenue Bonds (Queens Baseball Stadium Project) (Insured; Assured Guaranty Corp.) | 6.50 | 1/1/2046 | 325,000 | 326,225 | |||||
New York City Industrial Development Agency, Revenue Bonds (Yankee Stadium Project) (Insured; Assured Guaranty Corp.) | 7.00 | 3/1/2049 | 1,300,000 | 1,306,357 | |||||
New York City Industrial Development Agency, Revenue Bonds (Yankee Stadium Project) (Insured; Financial Guaranty Insurance Co.) | 2.44 | 3/1/2020 | 6,100,000 | g | 6,136,722 | ||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 8/1/2038 | 1,250,000 | 1,452,675 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 5.25 | 8/1/2037 | 10,000,000 | 12,923,600 | |||||
New York City Transitional Finance Authority, Revenue Bonds (SPA; State Street Bank and Trust Co.) Ser. A6 | 1.42 | 8/1/2039 | 1,400,000 | e | 1,400,000 | ||||
New York City Transitional Finance Authority, Revenue Bonds, Refunding, Ser. S-2A | 4.00 | 7/15/2037 | 2,500,000 | 2,898,200 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Refunding, Ser. S-2A | 5.00 | 7/15/2033 | 3,250,000 | 4,152,557 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. A1 | 4.00 | 8/1/2041 | 5,000,000 | 5,762,950 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. A1 | 5.00 | 8/1/2042 | 10,000,000 | 12,450,400 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. S3 | 5.25 | 7/15/2035 | 10,000,000 | 12,893,500 | |||||
New York Counties Tobacco Trust VI, Revenue Bonds, Refunding, Ser. A-2B | 5.00 | 6/1/2051 | 4,585,000 | 4,811,866 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (4 World Trade Center Project) | 5.75 | 11/15/2051 | 5,000,000 | 5,496,450 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (7 World Trade Center Project) | 5.00 | 3/15/2044 | 2,000,000 | 2,171,100 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of America Tower at One Bryant Park) | 2.80 | 9/15/2069 | 4,000,000 | 4,162,480 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 5,000,000 | a | 5,553,950 | ||||
New York State Dormitory Authority, Revenue Bonds (Montefiore Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.95 | 8/1/2048 | 10,500,000 | 11,887,155 | |||||
New York State Dormitory Authority, Revenue Bonds (Pace University) Ser. A | 5.00 | 5/1/2038 | 500,000 | 543,695 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 3/15/2042 | 15,000,000 | 18,892,500 | |||||
New York State Dormitory Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2048 | 2,000,000 | 3,232,900 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2036 | 2,500,000 | 3,020,450 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2034 | 4,000,000 | 4,850,320 | |||||
Port Authority of New York & New Jersey, Revenue Bonds (JFK International Air Terminal LLC Project) | 6.00 | 12/1/2042 | 5,000,000 | 5,287,550 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A | 0.00 | 11/15/2031 | 5,000,000 | c | 3,806,900 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A | 0.00 | 11/15/2032 | 3,000,000 | c | 2,211,810 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. B | 0.00 | 11/15/2027 | 2,000,000 | c | 1,738,540 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. B | 0.00 | 11/15/2028 | 4,715,000 | c | 3,986,391 | ||||
226,340,000 |
80
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
North Carolina - .3% | |||||||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2038 | 5,000,000 | 6,234,450 | |||||
North Dakota - .2% | |||||||||
Grand Forks County, Revenue Bonds, Refunding (Green Bond) (Red River Biorefinery LLC Project) | 5.38 | 9/15/2038 | 5,000,000 | a | 4,920,700 | ||||
Ohio - .9% | |||||||||
Butler County Port Authority, Revenue Bonds (Storypoint Fairfield Project) Ser. A1 | 6.38 | 1/15/2043 | 1,500,000 | a | 1,635,075 | ||||
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | 5.25 | 12/1/2038 | 1,170,000 | 1,373,826 | |||||
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | 5.50 | 12/1/2053 | 1,500,000 | 1,759,635 | |||||
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | 5.50 | 12/1/2043 | 1,580,000 | 1,867,276 | |||||
Ohio, Revenue Bonds (Portsmouth Bypass Project) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/31/2039 | 2,000,000 | 2,300,920 | |||||
Ohio, Revenue Bonds (Portsmouth Bypass Project) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/31/2035 | 3,000,000 | 3,475,410 | |||||
Ohio Air Quality Development Authority, Revenue Bonds (Pratt Paper LLC Project) | 4.25 | 1/15/2038 | 2,500,000 | a | 2,714,150 | ||||
Ohio Turnpike & Infrastructure Commission, Revenue Bonds (Infrastructure Projects) | 0/5.70 | 2/15/2034 | 3,000,000 | h | 3,455,130 | ||||
18,581,422 | |||||||||
Oregon - 1.3% | |||||||||
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | 0/5.00 | 6/15/2025 | 2,610,000 | h | 3,055,423 | ||||
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | 0/5.00 | 6/15/2026 | 4,300,000 | h | 5,177,888 | ||||
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | 0/5.00 | 6/15/2027 | 1,275,000 | h | 1,573,121 | ||||
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | 0/5.00 | 6/15/2024 | 2,310,000 | h | 2,629,103 | ||||
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | 0/5.00 | 6/15/2021 | 1,800,000 | h | 1,855,638 | ||||
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | 0/5.00 | 6/15/2022 | 1,745,000 | h | 1,862,910 | ||||
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | 0/5.00 | 6/15/2023 | 1,785,000 | h | 1,970,711 | ||||
Oregon State Business Development Commission, Revenue Bonds, Refunding (RED Rock Biofuels) Ser. 248A | 6.50 | 4/1/2031 | 2,000,000 | a | 1,900,180 | ||||
Oregon State Business Development Commission, Revenue Bonds, Refunding (RED Rock Biofuels) Ser. 248D | 6.50 | 4/1/2031 | 3,000,000 | a | 2,850,270 | ||||
Oregon State Business Development Commission, Revenue Bonds, Refunding (RED Rock Biofuels) Ser. 248F | 11.50 | 4/1/2031 | 1,000,000 | 1,078,820 | |||||
Warm Springs Reservation Confederated Tribe, Revenue Bonds, Refunding (Green Bond) Ser. B | 5.00 | 11/1/2039 | 700,000 | a | 830,550 | ||||
Warm Springs Reservation Confederated Tribe, Revenue Bonds, Refunding (Green Bond) Ser. B | 5.00 | 11/1/2036 | 700,000 | a | 837,627 | ||||
25,622,241 | |||||||||
Pennsylvania - 2.0% | |||||||||
Berks County Industrial Development Authority, Revenue Bonds, Refunding (Tower Health Project) | 4.00 | 11/1/2038 | 5,000,000 | 5,518,550 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2035 | 3,500,000 | 4,315,500 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2034 | 4,000,000 | 4,961,320 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | 4.00 | 9/1/2044 | 1,750,000 | 1,942,045 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Aqua Pennsylvania, Inc. Project) Ser. B | 5.00 | 12/1/2043 | 4,425,000 | 4,614,965 |
81
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
Pennsylvania - 2.0% (continued) | |||||||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (Tapestry Moon Senior Housing Project) Ser. A | 6.50 | 12/1/2038 | 3,000,000 | a | 3,111,330 | ||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (University of Pennsylvania Health System) Ser. A | 5.75 | 8/15/2021 | 2,550,000 | b | 2,779,882 | ||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (University of Pennsylvania Health System) Ser. E | 4.00 | 8/15/2042 | 4,000,000 | 4,461,720 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2022 | 1,000,000 | b | 1,109,350 | ||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A | 5.00 | 12/1/2044 | 5,000,000 | 6,132,450 | |||||
38,947,112 | |||||||||
Rhode Island - .4% | |||||||||
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence College) | 5.00 | 11/1/2045 | 7,000,000 | 8,233,890 | |||||
South Carolina - .1% | |||||||||
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2036 | 2,000,000 | 2,380,800 | |||||
Tennessee - .4% | |||||||||
Chattanooga Health Educational & Housing Facility Board, Revenue Bonds, Refunding (CommonSpirit Health) Ser. A | 4.00 | 8/1/2044 | 2,000,000 | 2,216,240 | |||||
Chattanooga Health Educational & Housing Facility Board, Revenue Bonds, Refunding (CommonSpirit Health) Ser. A | 4.00 | 8/1/2038 | 1,000,000 | 1,124,980 | |||||
Memphis-Shelby County Industrial Development Board, Tax Allocation Bonds, Refunding (Senior Tax Increment-Graceland Project) Ser. A | 4.75 | 7/1/2027 | 560,000 | 618,419 | |||||
Memphis-Shelby County Industrial Development Board, Tax Allocation Bonds, Refunding (Senior Tax Increment-Graceland Project) Ser. A | 5.50 | 7/1/2037 | 1,100,000 | 1,232,605 | |||||
Memphis-Shelby County Industrial Development Board, Tax Allocation Bonds, Refunding (Senior Tax Increment-Graceland Project) Ser. A | 5.63 | 1/1/2046 | 750,000 | 835,950 | |||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Revenue Bonds, Refunding (Lipscomb University Project) Ser. S | 5.25 | 10/1/2058 | 1,500,000 | 1,840,140 | |||||
7,868,334 | |||||||||
Texas - 10.9% | |||||||||
Arlington Higher Education Finance Corp., Revenue Bonds (Fing Corp.) Ser. A | 5.00 | 8/15/2048 | 1,900,000 | 2,003,075 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds (Fing Corp.) Ser. A | 5.00 | 8/15/2053 | 925,000 | 971,990 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds (Fing Corp.) Ser. A | 5.00 | 8/15/2038 | 1,000,000 | 1,067,480 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift Education) Ser. A | 5.00 | 12/1/2046 | 1,100,000 | 1,244,496 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift Education) Ser. A | 5.00 | 12/1/2036 | 1,315,000 | 1,509,909 | |||||
Austin Airport System, Revenue Bonds, Ser. A | 5.00 | 11/15/2046 | 13,120,000 | 15,736,653 | |||||
Bexar County Health Facilities Development Corp., Revenue Bonds, Refunding (Army Retirement Residence Foundation Project) | 5.00 | 7/15/2041 | 1,750,000 | 1,978,253 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding | 5.00 | 1/1/2046 | 2,000,000 | 2,308,260 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. A | 5.00 | 1/1/2040 | 7,300,000 | 8,424,711 | |||||
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/15/2041 | 6,000,000 | 6,521,100 | |||||
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. B | 5.00 | 8/15/2037 | 15,950,000 | 18,313,630 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 5.00 | 8/15/2032 | 2,745,000 | 2,966,000 |
82
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
Texas - 10.9% (continued) | |||||||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 6.00 | 8/15/2043 | 2,770,000 | 3,160,154 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 6.00 | 8/15/2033 | 1,500,000 | 1,734,285 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 5.50 | 8/15/2021 | 1,250,000 | b | 1,352,888 | ||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 5.75 | 8/15/2021 | 1,000,000 | b | 1,087,100 | ||||
Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership) Ser. D | 6.13 | 8/15/2048 | 18,000,000 | 20,290,140 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 12/1/2045 | 3,855,000 | 4,250,176 | |||||
Dallas/Fort Worth International Airport, Revenue Bonds, Ser. H | 5.00 | 11/1/2032 | 7,500,000 | 8,028,375 | |||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. A | 5.00 | 10/1/2043 | 5,000,000 | 6,153,150 | |||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. A | 5.50 | 4/1/2053 | 4,500,000 | 5,110,875 | |||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | 0/5.20 | 10/1/2031 | 2,000,000 | h | 2,185,440 | ||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | 0/5.40 | 10/1/2033 | 2,500,000 | h | 2,738,325 | ||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | 0/5.45 | 10/1/2034 | 2,235,000 | h | 2,443,816 | ||||
Houston Higher Education Finance Corp., Revenue Bonds (Escrowed to Maturity) Ser. A | 5.88 | 5/15/2021 | 260,000 | 273,273 | |||||
Houston Higher Education Finance Corp., Revenue Bonds, Refunding | 6.50 | 5/15/2021 | 1,270,000 | b | 1,381,150 | ||||
Houston Higher Education Finance Corp., Revenue Bonds, Refunding | 6.50 | 5/15/2021 | 1,530,000 | b | 1,663,906 | ||||
Houston Higher Education Finance Corp., Revenue Bonds, Ser. A | 6.88 | 5/15/2021 | 4,400,000 | b | 4,812,676 | ||||
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project) | 4.63 | 10/1/2031 | 3,250,000 | a | 3,514,062 | ||||
Newark Higher Education Finance Corp., Revenue Bonds (A+ Charter Schools) Ser. A | 5.50 | 8/15/2035 | 750,000 | a | 865,095 | ||||
Newark Higher Education Finance Corp., Revenue Bonds (A+ Charter Schools) Ser. A | 5.75 | 8/15/2045 | 1,000,000 | a | 1,149,710 | ||||
North Texas Education Finance Corp., Revenue Bonds (Uplift Education) Ser. A | 4.88 | 6/1/2022 | 1,630,000 | b | 1,788,273 | ||||
North Texas Tollway Authority, Revenue Bonds, Refunding | 5.00 | 1/1/2036 | 2,800,000 | 3,474,128 | |||||
North Texas Tollway Authority, Revenue Bonds, Ser. A | 5.50 | 9/1/2021 | 20,000,000 | b | 21,724,800 | ||||
Pottsboro Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 8/15/2046 | 1,000,000 | 1,069,500 | |||||
San Antonio Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. B | 5.00 | 8/1/2044 | 7,140,000 | 8,465,255 | |||||
Spring Branch Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 1.55 | 6/15/2021 | 3,295,000 | 3,310,124 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Blueridge Transportation Group, State Highway 288 Toll Lanes Project) | 5.00 | 12/31/2045 | 1,000,000 | 1,130,900 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (LBJ Infrastructure Group LLC IH-635 Managed Lanes Project) | 7.00 | 6/30/2040 | 11,175,000 | 11,730,062 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (North Tarrant Express Mobility Partners Segments 3 LLC Segments 3A and 3B Facility) | 6.75 | 6/30/2043 | 5,000,000 | 5,856,450 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (North Tarrant Express Mobility Partners Segments 3 LLC Segments 3A and 3B Facility) | 7.00 | 12/31/2038 | 10,000,000 | 11,849,900 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project) | 7.50 | 12/31/2031 | 2,500,000 | 2,554,800 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Segment 3C Project) | 5.00 | 6/30/2058 | 5,000,000 | 5,929,250 |
83
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
Texas - 10.9% (continued) | |||||||||
Texas Transportation Commission, Revenue Bonds | 5.00 | 8/1/2057 | 2,000,000 | 2,380,560 | |||||
216,504,155 | |||||||||
U.S. Related - 2.8% | |||||||||
Antonio B Won International Airport Authority , Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. C | 6.00 | 10/1/2034 | 2,000,000 | 2,360,960 | |||||
Antonio B Won International Airport Authority , Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. C | 6.13 | 10/1/2043 | 2,000,000 | 2,351,920 | |||||
Antonio B Won International Airport Authority , Revenue Bonds, Ser. C | 6.25 | 10/1/2034 | 1,000,000 | 1,169,130 | |||||
Antonio B Won International Airport Authority , Revenue Bonds, Ser. C | 6.38 | 10/1/2043 | 1,000,000 | 1,172,390 | |||||
Guam, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2046 | 1,500,000 | 1,691,820 | |||||
Guam, Revenue Bonds, Ser. A | 6.00 | 11/1/2026 | 2,500,000 | 2,677,675 | |||||
Guam, Revenue Bonds, Ser. A | 6.13 | 11/1/2031 | 5,000,000 | 5,357,900 | |||||
Guam, Revenue Bonds, Ser. A | 6.50 | 11/1/2040 | 2,000,000 | 2,147,220 | |||||
Puerto Rico, GO, Refunding, Ser. A | 8.00 | 7/1/2035 | 5,000,000 | i | 2,781,250 | ||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Ser. A | 5.75 | 7/1/2037 | 2,500,000 | 2,656,250 | |||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Ser. A | 6.00 | 7/1/2038 | 2,500,000 | 2,537,500 | |||||
Puerto Rico Electric Power Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. SS | 5.00 | 7/1/2021 | 500,000 | 505,630 | |||||
Puerto Rico Electric Power Authority, Revenue Bonds, Refunding, Ser. DDD | 5.00 | 7/1/2022 | 2,000,000 | i | 1,530,000 | ||||
Puerto Rico Electric Power Authority, Revenue Bonds, Ser. A | 6.75 | 7/1/2036 | 10,000,000 | i | 7,987,500 | ||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding, Ser. M | 5.00 | 7/1/2032 | 220,000 | i | 85,250 | ||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding, Ser. M | 5.00 | 7/1/2025 | 110,000 | i | 42,625 | ||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Ser. G | 5.00 | 7/1/2042 | 120,000 | i | 46,500 | ||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Ser. K | 5.00 | 7/1/2030 | 120,000 | i | 46,500 | ||||
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2021 | 500,000 | i | 118,750 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2031 | 498,000 | c | 337,614 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2029 | 387,000 | c | 284,673 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2033 | 561,000 | c | 347,001 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2051 | 4,348,000 | c | 844,990 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2046 | 5,338,000 | c | 1,433,467 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2027 | 397,000 | c | 314,142 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2024 | 207,000 | c | 180,610 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 4.50 | 7/1/2034 | 411,000 | 439,959 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 4.55 | 7/1/2040 | 208,000 | 214,696 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 4.75 | 7/1/2053 | 1,526,000 | 1,568,438 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 5.00 | 7/1/2058 | 3,858,000 | 4,032,227 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | 4.33 | 7/1/2040 | 2,112,000 | 2,151,600 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | 4.54 | 7/1/2053 | 63,000 | 64,022 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | 4.78 | 7/1/2058 | 847,000 | 871,351 | |||||
Virgin Islands Public Finance Authority, Revenue Bonds (Virgin Islands Matching Fund Loan Note - Diageo Project) Ser. A | 6.75 | 10/1/2037 | 1,250,000 | 1,250,413 | |||||
Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2034 | 1,500,000 | 1,432,500 | |||||
Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2029 | 2,250,000 | 2,182,500 | |||||
55,216,973 |
84
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
Utah - .1% | |||||||||
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) (Insured; UT CSCE) | 5.00 | 4/15/2049 | 1,150,000 | 1,407,462 | |||||
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) (Insured; UT CSCE) | 5.00 | 4/15/2044 | 625,000 | 768,500 | |||||
2,175,962 | |||||||||
Virginia - 2.8% | |||||||||
Chesapeake Expressway, Revenue Bonds, Refunding | 0/4.87 | 7/15/2040 | 2,000,000 | h | 2,005,740 | ||||
Roanoke County Economic Development Authority, Revenue Bonds, Refunding (Richfield Living) Ser. A | 5.25 | 9/1/2049 | 10,000,000 | 10,458,900 | |||||
University of Virginia, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 4/1/2045 | 3,950,000 | 4,341,247 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes LLC Project) | 5.00 | 1/1/2040 | 7,510,000 | 8,038,629 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes LLC Project) | 5.00 | 1/1/2040 | 12,395,000 | 13,267,484 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (Covanta Project) | 5.00 | 7/1/2038 | 1,000,000 | a | 1,072,470 | ||||
Virginia Small Business Financing Authority, Revenue Bonds (Elizabeth River Crossing Opco, LLC Project) | 5.25 | 1/1/2032 | 4,000,000 | 4,391,120 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (Elizabeth River Crossing Opco, LLC Project) | 6.00 | 1/1/2037 | 1,665,000 | 1,854,594 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | 5.00 | 12/31/2056 | 4,000,000 | 4,614,200 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | 5.00 | 12/31/2049 | 4,500,000 | 5,225,265 | |||||
55,269,649 | |||||||||
Washington - 1.6% | |||||||||
Washington, Revenue Bonds, Ser. B | 5.00 | 6/1/2042 | 5,950,000 | 7,417,508 | |||||
Washington, Revenue Bonds, Ser. B | 5.00 | 6/1/2041 | 5,465,000 | 6,824,419 | |||||
Washington, Revenue Bonds, Ser. B | 5.00 | 6/1/2040 | 5,350,000 | 6,693,064 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health) Ser. A | 4.00 | 8/1/2044 | 2,500,000 | 2,770,300 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding, Ser. C, 1 Month MUNIPSA +1.05% | 2.40 | 7/3/2023 | 7,965,000 | d | 8,080,015 | ||||
31,785,306 | |||||||||
West Virginia - 1.1% | |||||||||
Monongalia County Commission Special District, Revenue Bonds, Refunding, Ser. A | 5.75 | 6/1/2043 | 750,000 | a | 830,280 | ||||
West Virginia, GO, Ser. B | 5.00 | 6/1/2041 | 13,330,000 | 16,694,625 | |||||
West Virginia Hospital Finance Authority, Revenue Bonds, Refunding (Charleston Area Medical Center) | 5.00 | 9/1/2039 | 1,450,000 | 1,787,705 | |||||
West Virginia Hospital Finance Authority, Revenue Bonds, Refunding (Charleston Area Medical Center) | 5.00 | 9/1/2038 | 1,500,000 | 1,854,225 | |||||
21,166,835 | |||||||||
Wisconsin - 1.2% | |||||||||
Public Finance Authority, Revenue Bonds | 5.00 | 6/15/2049 | 3,440,000 | 4,034,088 | |||||
Public Finance Authority, Revenue Bonds (Maryland Proton Treatment Center) Ser. A1 | 6.38 | 1/1/2048 | 2,500,000 | a | 2,684,500 | ||||
Public Finance Authority, Revenue Bonds (Nevada State College) | 5.00 | 5/1/2055 | 5,000,000 | a | 5,434,600 | ||||
Public Finance Authority, Revenue Bonds (Piedmont Community Charter School) | 5.00 | 6/15/2053 | 1,000,000 | 1,163,310 | |||||
Wisconsin Center District, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | 0.00 | 12/15/2046 | 3,990,000 | c | 1,515,123 | ||||
Wisconsin Center District, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | 0.00 | 12/15/2044 | 8,735,000 | c | 3,615,416 |
85
STATEMENT OF INVESTMENTS (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 100.5%(continued) | |||||||||
Wisconsin - 1.2% (continued) | |||||||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Marshfield Clinic Health System) Ser. C | 5.00 | 2/15/2047 | 5,000,000 | 5,773,600 | |||||
24,220,637 | |||||||||
TotalLong-Term Municipal Investments | 1,991,827,462 | ||||||||
Annualized | |||||||||
Short-Term Investments - .2% | |||||||||
U.S. Treasury Securities | |||||||||
U.S. Treasury Bills | 3.76 | 2/13/2020 | 5,000,000 | j | 4,958,420 | ||||
Total Investments(cost $1,852,838,490) | 101.9% | 2,020,394,302 | |||||||
Liabilities, Less Cash and Receivables | (1.9%) | (38,344,539) | |||||||
Net Assets | 100.0% | 1,982,049,763 |
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2019, these securities were valued at $275,702,358 or 13.91% of net assets.
b These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
c Security issued with a zero coupon. Income is recognized through the accretion of discount.
d Variable rate security—rate shown is the interest rate in effect at period end.
e The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
f Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.
g Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
h Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
i Non-income producing—security in default.
j Security is a discount security. Income is recognized through the accretion of discount.
Portfolio Summary (Unaudited)† | Value (%) |
Education | 14.7 |
General | 14.2 |
General Obligation | 13.7 |
Transportation | 13.6 |
Medical | 9.8 |
Airport | 6.7 |
Development | 5.5 |
Prerefunded | 5.3 |
School District | 4.6 |
Housing | 3.3 |
Nursing Homes | 3.1 |
Tobacco Settlement | 2.5 |
Power | 1.7 |
Multifamily Housing | .7 |
Pollution | .6 |
Special Tax | .6 |
Water | .5 |
Build America Bonds | .3 |
Facilities | .3 |
Government | .2 |
Mello-Roos | .0 |
101.9 |
† Based on net assets.
See notes to financial statements.
86
STATEMENTS OF FUTURES
August 31, 2019
BNY Mellon National Intermediate Municipal Bond Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury Long Bond | 78 | 9/19 | 11,597,000 | 12,952,875 | (1,355,875) | ||||||
Gross Unrealized Depreciation | (1,355,875) |
See notes to financial statements.
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury Long Bond | 6 | 9/19 | 892,077 | 996,375 | (104,298) | ||||||
Gross Unrealized Depreciation | (104,298) |
See notes to financial statements.
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury Long Bond | 10 | 9/19 | 1,486,795 | 1,660,625 | (173,830) | ||||||
Gross Unrealized Depreciation | (173,830) |
See notes to financial statements.
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury Long Bond | 5 | 9/19 | 743,398 | 830,313 | (86,915) | ||||||
Gross Unrealized Depreciation | (86,915) |
See notes to financial statements.
BNY Mellon Municipal Opportunities Fund | |||||||||||
Description | Number of | Expiration | Notional | Value ($) | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 10 Year Notes | 65 | 9/19 | 8,088,968 | 8,518,047 | (429,079) | ||||||
U.S. Treasury 5 Year Notes | 69 | 9/19 | 8,004,000 | 8,247,656 | (243,656) | ||||||
U.S. Treasury Long Bond | 93 | 9/19 | 13,827,193 | 15,443,813 | (1,616,620) | ||||||
U.S. Treasury Ultra Long Bond | 188 | 9/19 | 31,587,346 | 36,924,375 | (5,337,029) | ||||||
Ultra 10 Year U.S. Treasury Notes | 113 | 9/19 | 15,070,493 | 16,254,344 | (1,183,851) | ||||||
Gross Unrealized Depreciation | (8,810,235) |
See notes to financial statements.
87
STATEMENT OF SWAP AGREEMENTS
August 31, 2019
BNY Mellon Municipal Opportunities Fund | ||||||
OTC Forward Rate Agreement Swaps | ||||||
Reference | Counterparty | Determination | Notional | Base Index | Unrealized | |
Municipal Market Data General obligation, 2049, 5% Coupon AAA Index | Goldman Sachs | 11/15/19 | 10,000,000 | 2.04 | (237,874) | |
Municipal Market Data General obligation, 2049, 5% Coupon AAA Index | Citigroup | 11/11/19 | 10,000,000 | 2.17 | (499,145) | |
Municipal Market Data General obligation, 2049, 5% Coupon AAA Index | Citigroup | 11/11/19 | 10,000,000 | 2.15 | (459,292) | |
Municipal Market Data General obligation, 2049, 5% Coupon AAA Index | Citigroup | 11/15/19 | 10,000,000 | 2.04 | (237,874) | |
Gross Unrealized Depreciation | (1,434,185) |
1 The fund will receive a payment from the counterparty if the value of the reference index is less than the bases index value on the determination date. The fund will make a payment to the counterparty if the value of the reference index is greater than the base index value on the determination date.
See notes to financial statements.
88
Summary of Abbreviations(Unaudited) | |||
ABAG | Association of Bay Area Governments | ACA | American Capital Access |
AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
AMBAC | American Municipal Bond Assurance Corporation | ARRN | Adjustable Rate Receipt Notes |
BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
CP | Commercial Paper | DRIVERS | Derivative Inverse Tax-Exempt Receipts |
EDR | Economic Development Revenue | EIR | Environmental Improvement Revenue |
EURIBOR | Euro Interbank Offered Rate | FGIC | Financial Guaranty Insurance Company |
FHA | Federal Housing Administration | FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation | FNMA | Federal National Mortgage Association |
GAN | Grant Anticipation Notes | GIC | Guaranteed Investment Contract |
GNMA | Government National Mortgage Association | GO | General Obligation |
HR | Hospital Revenue | IDB | Industrial Development Board |
IDC | Industrial Development Corporation | IDR | Industrial Development Revenue |
LIBOR | London Interbank Offered Rate | LIFERS | Long Inverse Floating Exempt Receipts |
LOC | Letter of Credit | LOR | Limited Obligation Revenue |
LR | Lease Revenue | NAN | Note Anticipation Notes |
MERLOTS | Municipal Exempt Receipts Liquidity Option Tender | MFHR | Multi-Family Housing Revenue |
MFMR | Multi-Family Mortgage Revenue | MUNIPSA | Securities Industry and Financial Markets Association Municipal Swap Index Yield |
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes |
P-FLOATS | Puttable Floating Option Tax-Exempt Receipts | PRIME | Prime Lending Rate |
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 | SOFRRATE | Secured Overnight Financing Rate |
SONYMA | State of New York Mortgage Agency | SPEARS | Short Puttable Exempt Adjustable Receipts |
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.
89
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 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 Massachusetts Intermediate Municipal Bond Fund |
|
|
Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities—See Statements |
|
|
| 2,582,662,231 |
| 1,173,369,654 |
| 202,036,167 |
| 328,347,551 |
|
|
Cash collateral held by broker—Note 4 |
|
|
| 218,400 |
| - |
| 16,800 |
| 28,000 |
|
|
Interest receivable |
|
|
| 27,170,797 |
| 10,026,055 |
| 2,173,460 |
| 2,866,766 |
|
|
Receivable for investment securities sold |
|
|
| 6,160,945 |
| 39,210,994 |
| - |
| - |
|
|
Receivable for shares of Beneficial |
|
|
| 4,137,806 |
| 1,468,658 |
| 536,867 |
| 188,741 |
|
|
Prepaid expenses |
|
|
| 45,146 |
| 32,890 |
| 24,507 |
| 23,888 |
|
|
|
|
|
| 2,620,395,325 |
| 1,224,108,251 |
| 204,787,801 |
| 331,454,946 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 1,046,150 |
| 476,561 |
| 112,180 |
| 136,373 |
|
|
Cash overdraft due to Custodian |
|
|
| 3,875,096 |
| 1,062,778 |
| 310,979 |
| 447,772 |
|
|
Payable for investment securities purchased |
|
|
| 60,869,161 |
| 71,823,365 |
| 4,041,506 |
| 6,697,793 |
|
|
Payable for shares of Beneficial |
|
|
| 4,387,284 |
| 6,588,642 |
| 532,541 |
| 332,874 |
|
|
Trustees fees and expenses payable |
|
|
| 22,918 |
| 10,638 |
| 1,981 |
| 3,302 |
|
|
Other accrued expenses |
|
|
| 97,601 |
| 52,286 |
| 24,284 |
| 35,122 |
|
|
|
|
|
| 70,298,210 |
| 80,014,270 |
| 5,023,471 |
| 7,653,236 |
|
|
Net Assets ($) |
|
|
| 2,550,097,115 |
| 1,144,093,981 |
| 199,764,330 |
| 323,801,710 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 2,394,026,196 |
| 1,134,956,183 |
| 187,659,691 |
| 306,342,835 |
|
|
Total distributable earnings (loss) |
|
|
| 156,070,919 |
| 9,137,798 |
| 12,104,639 |
| 17,458,875 |
|
|
Net Assets ($) |
|
|
| 2,550,097,115 |
| 1,144,093,981 |
| 199,764,330 |
| 323,801,710 |
|
|
†Investments at cost ($) |
|
|
| 2,426,147,113 |
| 1,161,170,122 |
| 189,810,837 |
| 310,617,338 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
Class M |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 2,498,912,826 |
| 1,129,486,147 |
| 191,701,511 |
| 316,364,219 |
|
|
Shares Outstanding |
|
|
| 178,007,529 |
| 87,519,815 |
| 15,201,761 |
| 24,120,453 |
|
|
Net Asset Value Per Share ($) |
|
|
| 14.04 |
| 12.91 |
| 12.61 |
| 13.12 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 51,184,289 |
| 14,607,834 |
| 8,062,819 |
| 7,437,491 |
|
|
Shares Outstanding |
|
|
| 3,650,292 |
| 1,132,723 |
| 640,197 |
| 567,278 |
|
|
Net Asset Value Per Share ($) |
|
|
| 14.02 |
| 12.90 |
| 12.59 |
| 13.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
90
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
| BNY Mellon Municipal Opportunities Fund |
|
|
Assets ($): |
|
|
|
|
|
|
|
|
Investments in securities—See Statements |
|
|
| 160,885,366 |
| 2,020,394,302 |
|
|
Cash collateral held by broker—Note 4 |
|
|
| 14,000 |
| 1,364,850 |
|
|
Interest receivable |
|
|
| 1,703,845 |
| 20,173,696 |
|
|
Receivable for shares of Beneficial |
|
|
| 301,064 |
| 530,585 |
|
|
Receivable for investment securities sold |
|
|
| - |
| 11,939,587 |
|
|
Prepaid expenses |
|
|
| 19,484 |
| 38,263 |
|
|
|
|
|
| 162,923,759 |
| 2,054,441,283 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 75,823 |
| 1,079,101 |
|
|
Cash overdraft due to Custodian |
|
|
| 193,824 |
| 3,290,207 |
|
|
Payable for investment securities purchased |
|
|
| 2,802,320 |
| 4,000,000 | ||
Payable for shares of Beneficial |
|
|
| 216,947 |
| 573,092 |
|
|
Payable for floating rate notes issued—Note 4 |
|
|
| - |
| 61,475,000 |
|
|
Unrealized depreciation on swap agreements—Note 4 |
|
|
| - |
| 1,434,185 |
|
|
Interest and expense payable related to |
|
|
| - |
| 335,540 |
|
|
Payable for futures |
|
|
| - |
| 69,039 |
|
|
Trustees fees and expenses payable |
|
|
| 1,621 |
| 18,158 |
|
|
Other accrued expenses |
|
|
| 24,675 |
| 117,198 |
|
|
|
|
|
| 3,315,210 |
| 72,391,520 |
|
|
Net Assets ($) |
|
|
| 159,608,549 |
| 1,982,049,763 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 149,396,931 |
| 1,850,718,130 |
|
|
Total distributable earnings (loss) |
|
|
| 10,211,618 |
| 131,331,633 |
|
|
Net Assets ($) |
|
|
| 159,608,549 |
| 1,982,049,763 |
|
|
†Investments at cost ($) |
|
|
| 151,435,175 |
| 1,852,838,490 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
Class M |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 148,557,554 |
| 1,918,498,723 |
|
|
Shares Outstanding |
|
|
| 12,885,449 |
| 140,084,575 |
|
|
Net Asset Value Per Share ($) |
|
|
| 11.53 |
| 13.70 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 11,050,995 |
| 63,551,040 |
|
|
Shares Outstanding |
|
|
| 957,921 |
| 4,637,652 |
|
|
Net Asset Value Per Share ($) |
|
|
| 11.54 |
| 13.70 |
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
|
|
|
|
|
|
|
91
STATEMENTS OF OPERATIONS
Year Ended August 31, 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 Massachusetts Intermediate Municipal Bond Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Interest Income |
|
| 66,693,704 |
| 20,875,863 |
| 5,916,653 |
| 8,577,261 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 7,916,627 |
| 3,772,184 |
| 951,876 |
| 1,052,549 |
| ||
Administration fee—Note 3(a) |
|
| 2,772,993 |
| 1,321,563 |
| 233,412 |
| 368,678 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 152,813 |
| 69,223 |
| 11,899 |
| 20,844 | |||
Shareholder servicing costs—Note 3(b) |
|
| 113,863 |
| 24,276 |
| 14,192 |
| 17,730 |
| ||
Professional fees |
|
| 103,255 |
| 65,991 |
| 53,540 |
| 45,742 |
| ||
Registration fees |
|
| 62,622 |
| 53,461 |
| 31,533 |
| 33,391 | |||
Loan commitment fees—Note 2 |
|
| 54,503 |
| 27,935 |
| 4,653 |
| 10,276 |
| ||
Custodian fees—Note 3(b) |
|
| 37,545 |
| 27,939 |
| 5,421 |
| 8,274 |
| ||
Prospectus and shareholders’ reports |
|
| 20,210 |
| 8,678 |
| 10,106 |
| 13,547 |
| ||
Interest expense—Note 2 |
|
| - |
| - |
| - |
| 400 |
| ||
Miscellaneous |
|
| 89,140 |
| 62,024 |
| 35,423 |
| 47,643 |
| ||
Total Expenses |
|
| 11,323,571 |
| 5,433,274 |
| 1,352,055 |
| 1,619,074 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (7,116) |
| (14,035) |
| (809) |
| (4,353) |
| ||
Net Expenses |
|
| 11,316,455 |
| 5,419,239 |
| 1,351,246 |
| 1,614,721 |
| ||
Investment Income—Net |
|
| 55,377,249 |
| 15,456,624 |
| 4,565,407 |
| 6,962,540 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | 5,674,623 |
| 472,183 |
| 812,681 |
| 551,481 |
| ||||
Net realized gain (loss) on futures |
|
| (4,445,962) |
| - |
| (381,219) |
| (593,852) |
| ||
Net Realized Gain (Loss) |
|
| 1,228,661 |
| 472,183 |
| 431,462 |
| (42,371) |
| ||
Net change in unrealized appreciation (depreciation) on investments |
|
| 126,775,552 |
| 17,567,621 |
| 10,126,711 |
| 16,960,376 |
| ||
Net change in unrealized appreciation (depreciation) on futures |
|
| (1,425,223) |
| - |
| (110,562) |
| (183,450) |
| ||
Net Change in Unrealized Appreciation (Depreciation) |
|
| 125,350,329 |
| 17,567,621 |
| 10,016,149 |
| 16,776,926 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 126,578,990 |
| 18,039,804 |
| 10,447,611 |
| 16,734,555 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 181,956,239 |
| 33,496,428 |
| 15,013,018 |
| 23,697,095 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
92
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
| BNY Mellon Municipal Opportunities Fund |
|
Investment Income ($): |
|
|
|
|
|
| ||
Interest Income |
|
| 4,399,218 |
| 71,220,421 |
| ||
Expenses: |
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 747,548 |
| 9,014,077 |
| ||
Administration fee—Note 3(a) |
|
| 183,299 |
| 2,210,302 |
| ||
Professional fees |
|
| 43,895 |
| 83,910 | |||
Registration fees |
|
| 31,809 |
| 123,350 | |||
Shareholder servicing costs—Note 3(b) |
|
| 27,767 |
| 133,906 |
| ||
Prospectus and shareholders’ reports |
|
| 16,605 |
| 13,114 |
| ||
Custodian fees—Note 3(b) |
|
| 6,722 |
| 30,357 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 5,579 |
| 121,090 |
| ||
Loan commitment fees—Note 2 |
|
| 3,458 |
| 44,059 |
| ||
Interest and expense related to floating rate notes issued—Note 4 |
|
| - |
| 1,395,892 |
| ||
Miscellaneous |
|
| 32,103 |
| 88,151 |
| ||
Total Expenses |
|
| 1,098,785 |
| 13,258,208 |
| ||
Less—reduction in expenses due to undertakings—Note 3(a) |
|
| (184,881) |
| - |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (978) |
| (11,885) |
| ||
Net Expenses |
|
| 912,926 |
| 13,246,323 |
| ||
Investment Income—Net |
|
| 3,486,292 |
| 57,974,098 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
| ||||
Net realized gain (loss) on investments | 1,133,971 |
| 6,201,080 |
| ||||
Net realized gain (loss) on futures |
|
| (288,080) |
| (25,432,457) |
| ||
Net Realized Gain (Loss) |
|
| 845,891 |
| (19,231,377) |
| ||
Net change in unrealized appreciation (depreciation) on investments |
|
| 7,404,165 |
| 117,465,064 |
| ||
Net change in unrealized appreciation (depreciation) on futures |
|
| (92,192) |
| (8,985,490) |
| ||
Net change in unrealized appreciation (depreciation) on swap agreements |
|
| - |
| (1,434,185) |
| ||
Net Change in Unrealized Appreciation (Depreciation) |
|
| 7,311,973 |
| 107,045,389 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 8,157,864 |
| 87,814,012 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 11,644,156 |
| 145,788,110 |
| |||
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
93
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon National Intermediate |
| BNY Mellon National Short-Term |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2019 |
|
|
| 2018 | a | 2019 |
|
|
| 2018 | a |
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 55,377,249 |
|
|
| 54,865,726 |
| 15,456,624 |
|
|
| 10,402,284 |
| |
Net realized gain (loss) on investments |
| 1,228,661 |
|
|
| 682,133 |
| 472,183 |
|
|
| (1,203,921) |
| ||
Net change in unrealized appreciation (depreciation) |
| 125,350,329 |
|
|
| (57,152,638) |
| 17,567,621 |
|
|
| (7,136,247) |
| ||
Net Increase (Decrease) in Net Assets | 181,956,239 |
|
|
| (1,604,779) |
| 33,496,428 |
|
|
| 2,062,116 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (54,047,433) |
|
|
| (53,913,268) |
| (15,273,026) |
|
|
| (10,300,745) |
| |
Investor Shares |
|
| (1,000,031) |
|
|
| (1,078,143) |
| (114,913) |
|
|
| (82,504) |
| |
Total Distributions |
|
| (55,047,464) |
|
|
| (54,991,411) |
| (15,387,939) |
|
|
| (10,383,249) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 924,564,661 |
|
|
| 541,093,004 |
| 662,514,188 |
|
|
| 440,092,102 |
| |
Investor Shares |
|
| 30,145,345 |
|
|
| 27,746,089 |
| 15,862,712 |
|
|
| 14,896,270 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 7,396,191 |
|
|
| 7,761,103 |
| 2,760,357 |
|
|
| 2,229,003 |
| |
Investor Shares |
|
| 748,375 |
|
|
| 794,386 |
| 76,023 |
|
|
| 63,066 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (702,377,279) |
|
|
| (442,308,601) |
| (466,572,548) |
|
|
| (410,500,922) |
| |
Investor Shares |
|
| (29,452,276) |
|
|
| (32,202,146) |
| (10,651,925) |
|
|
| (19,224,766) |
| |
Increase (Decrease) in Net Assets | 231,025,017 |
|
|
| 102,883,835 |
| 203,988,807 |
|
|
| 27,554,753 |
| |||
Total Increase (Decrease) in Net Assets | 357,933,792 |
|
|
| 46,287,645 |
| 222,097,296 |
|
|
| 19,233,620 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 2,192,163,323 |
|
|
| 2,145,875,678 |
| 921,996,685 |
|
|
| 902,763,065 |
| |
End of Period |
|
| 2,550,097,115 |
|
|
| 2,192,163,323 |
| 1,144,093,981 |
|
|
| 921,996,685 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 68,809,556 |
|
|
| 40,418,705 |
| 52,060,559 |
|
|
| 34,647,488 |
| |
Shares issued for distributions reinvested |
|
| 547,710 |
|
|
| 580,735 |
| 216,153 |
|
|
| 175,407 |
| |
Shares redeemed |
|
| (52,723,996) |
|
|
| (33,068,224) |
| (36,601,056) |
|
|
| (32,298,310) |
| |
Net Increase (Decrease) in Shares Outstanding | 16,633,270 |
|
|
| 7,931,216 |
| 15,675,656 |
|
|
| 2,524,585 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 2,228,820 |
|
|
| 2,077,366 |
| 1,240,572 |
|
|
| 1,173,257 |
| |
Shares issued for distributions reinvested |
|
| 55,481 |
|
|
| 59,478 |
| 5,948 |
|
|
| 4,965 |
| |
Shares redeemed |
|
| (2,194,034) |
|
|
| (2,407,870) |
| (835,125) |
|
|
| (1,511,915) |
| |
Net Increase (Decrease) in Shares Outstanding | 90,267 |
|
|
| (271,026) |
| 411,395 |
|
|
| (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 only distributions from net investment income. | |||||||||||||||
b During the period ended August 31, 2019, 2,239,971 Class M shares representing $30,321,493 were exchanged for 2,242,724 Investor shares for BNY Mellon National Intermediate Municipal Bond Fund and 1,245,318 Class M shares representing $15,936,111 were exchanged for 1,246,081 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 $14,575,993 were exchanged for 1,148,115 Investor shares for BNY Mellon National Short-Term Municipal Bond Fund. | |||||||||||||||
|
94
|
|
|
| BNY Mellon Pennsylvania |
| BNY Mellon Massachusetts |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2019 |
|
|
| 2018a |
| 2019 |
|
|
| 2018 | a |
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 4,565,407 |
|
|
| 4,872,754 |
| 6,962,540 |
|
|
| 7,357,008 |
| |
Net realized gain (loss) on investments |
| 431,462 |
|
|
| 79,221 |
| (42,371) |
|
|
| 505,900 |
| ||
Net change in unrealized appreciation (depreciation) |
| 10,016,149 |
|
|
| (4,727,959) |
| 16,776,926 |
|
|
| (8,865,871) |
| ||
Net Increase (Decrease) in Net Assets | 15,013,018 |
|
|
| 224,016 |
| 23,697,095 |
|
|
| (1,002,963) |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (4,439,732) |
|
|
| (5,091,772) |
| (6,794,542) |
|
|
| (7,269,509) |
| |
Investor Shares |
|
| (121,424) |
|
|
| (134,886) |
| (146,121) |
|
|
| (169,645) |
| |
Total Distributions |
|
| (4,561,156) |
|
|
| (5,226,658) |
| (6,940,663) |
|
|
| (7,439,154) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 59,394,454 |
|
|
| 15,022,892 |
| 140,917,074 |
|
|
| 65,668,049 |
| |
Investor Shares |
|
| 5,158,346 |
|
|
| 3,174,709 |
| 3,238,437 |
|
|
| 2,498,387 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 136,786 |
|
|
| 391,540 |
| 1,214,722 |
|
|
| 1,478,003 |
| |
Investor Shares |
|
| 109,549 |
|
|
| 126,859 |
| 116,654 |
|
|
| 138,330 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (62,177,242) |
|
|
| (35,799,291) |
| (139,658,366) |
|
|
| (58,636,443) |
| |
Investor Shares |
|
| (2,998,173) |
|
|
| (2,725,343) |
| (3,343,700) |
|
|
| (4,781,629) |
| |
Increase (Decrease) in Net Assets | (376,280) |
|
|
| (19,808,634) |
| 2,484,821 |
|
|
| 6,364,697 |
| |||
Total Increase (Decrease) in Net Assets | 10,075,582 |
|
|
| (24,811,276) |
| 19,241,253 |
|
|
| (2,077,420) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 189,688,748 |
|
|
| 214,500,024 |
| 304,560,457 |
|
|
| 306,637,877 |
| |
End of Period |
|
| 199,764,330 |
|
|
| 189,688,748 |
| 323,801,710 |
|
|
| 304,560,457 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 4,952,835 |
|
|
| 1,248,516 |
| 11,290,812 |
|
|
| 5,248,057 |
| |
Shares issued for distributions reinvested |
|
| 11,251 |
|
|
| 32,492 |
| 96,492 |
|
|
| 118,419 |
| |
Shares redeemed |
|
| (5,178,666) |
|
|
| (2,976,956) |
| (11,250,364) |
|
|
| (4,688,409) |
| |
Net Increase (Decrease) in Shares Outstanding | (214,580) |
|
|
| (1,695,948) |
| 136,940 |
|
|
| 678,067 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 418,317 |
|
|
| 263,105 |
| 259,762 |
|
|
| 201,472 |
| |
Shares issued for distributions reinvested |
|
| 9,030 |
|
|
| 10,583 |
| 9,263 |
|
|
| 11,084 |
| |
Shares redeemed |
|
| (245,706) |
|
|
| (227,651) |
| (269,848) |
|
|
| (381,253) |
| |
Net Increase (Decrease) in Shares Outstanding | 181,641 |
|
|
| 46,037 |
| (823) |
|
|
| (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 Massachusetts Intermediate 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 August 31, 2019, 417,738 Class M shares representing $5,158,014 were exchanged for 418,289 Investor shares for BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and 246,548 Class M shares representing $3,076,110 were exchanged for 246,610 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 $2,392,295 were exchanged for 193,072 Investor shares for BNY Mellon Massachusetts Intermediate Municipal Bond Fund. | |||||||||||||||
|
95
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon New York |
| BNY Mellon Municipal |
| ||||||||
|
|
|
| Year Ended August 31, | Year Ended August 31, | ||||||||||
|
|
|
| 2019 |
|
|
| 2018 | a | 2019 |
|
|
| 2018 | a |
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 3,486,292 |
|
|
| 3,796,575 |
| 57,974,098 |
|
|
| 43,592,890 |
| |
Net realized gain (loss) on investments |
| 845,891 |
|
|
| 470,127 |
| (19,231,377) |
|
|
| 20,347,053 |
| ||
Net change in unrealized appreciation (depreciation) |
| 7,311,973 |
|
|
| (4,635,365) |
| 107,045,389 |
|
|
| (23,809,215) |
| ||
Net Increase (Decrease) in Net Assets | 11,644,156 |
|
|
| (368,663) |
| 145,788,110 |
|
|
| 40,130,728 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (3,350,041) |
|
|
| (3,596,094) |
| (56,442,648) |
|
|
| (42,677,125) |
| |
Investor Shares |
|
| (240,285) |
|
|
| (254,130) |
| (1,589,104) |
|
|
| (1,077,442) |
| |
Total Distributions |
|
| (3,590,326) |
|
|
| (3,850,224) |
| (58,031,752) |
|
|
| (43,754,567) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 50,782,643 |
|
|
| 26,703,390 |
| 591,544,011 |
|
|
| 247,896,915 |
| |
Investor Shares |
|
| 1,724,720 |
|
|
| 729,015 |
| 60,863,277 |
|
|
| 20,385,710 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 521,325 |
|
|
| 515,854 |
| 16,847,749 |
|
|
| 14,193,605 |
| |
Investor Shares |
|
| 216,022 |
|
|
| 221,412 |
| 1,290,464 |
|
|
| 920,060 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (57,545,613) |
|
|
| (28,891,537) |
| (206,989,736) |
|
|
| (83,869,298) |
| |
Investor Shares |
|
| (2,821,412) |
|
|
| (2,397,399) |
| (34,537,076) |
|
|
| (45,990,892) |
| |
Increase (Decrease) in Net Assets | (7,122,315) |
|
|
| (3,119,265) |
| 429,018,689 |
|
|
| 153,536,100 |
| |||
Total Increase (Decrease) in Net Assets | 931,515 |
|
|
| (7,338,152) |
| 516,775,047 |
|
|
| 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 |
|
| 159,608,549 |
|
|
| 158,677,034 |
| 1,982,049,763 |
|
|
| 1,465,274,716 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Mb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 4,614,444 |
|
|
| 2,426,877 |
| 45,331,585 |
|
|
| 18,906,273 |
| |
Shares issued for distributions reinvested |
|
| 47,158 |
|
|
| 47,013 |
| 1,273,298 |
|
|
| 1,087,061 |
| |
Shares redeemed |
|
| (5,277,280) |
|
|
| (2,629,792) |
| (15,711,099) |
|
|
| (6,417,687) |
| |
Net Increase (Decrease) in Shares Outstanding | (615,678) |
|
|
| (155,902) |
| 30,893,784 |
|
|
| 13,575,647 |
| |||
Investor Sharesb |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 157,588 |
|
|
| 66,757 |
| 4,613,967 |
|
|
| 1,557,633 |
| |
Shares issued for distributions reinvested |
|
| 19,503 |
|
|
| 20,167 |
| 97,159 |
|
|
| 70,408 |
| |
Shares redeemed |
|
| (257,126) |
|
|
| (217,515) |
| (2,581,794) |
|
|
| (3,517,753) |
| |
Net Increase (Decrease) in Shares Outstanding | (80,035) |
|
|
| (130,591) |
| 2,129,332 |
|
|
| (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 August 31, 2019, 71,695 Class M shares representing $797,325 were exchanged for 71,637 Investor shares for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and 2,891,943 Class M shares representing $38,378,965 were exchanged for 2,892,570 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 $13,699,928 were exchanged for 1,048,357 Investor shares for BNY Mellon Municipal Opportunities Fund. | |||||||||||||||
|
96
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Intermediate Municipal Bond Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.29 | 13.64 | 14.00 | 13.56 | 13.77 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .33 | .34 | .34 | .36 | .37 | ||||||||||
Net realized and unrealized gain (loss) on investments | .75 | (.35) | (.27) | .43 | (.21) | ||||||||||
Total from Investment Operations | 1.08 | (.01) | .07 | .79 | .16 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.33) | (.34) | (.34) | (.35) | (.37) | ||||||||||
Dividends from net realized gain on investments | - | (.00) | b | (.09) | (.00) | b | - | ||||||||
Total Distributions | (.33) | (.34) | (.43) | (.35) | (.37) | ||||||||||
Net asset value, end of period | 14.04 | 13.29 | 13.64 | 14.00 | 13.56 | ||||||||||
Total Return (%) | 8.26 | (.05) | .60 | 5.94 | 1.23 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .50 | .50 | .50 | .50 | .50 | ||||||||||
Ratio of net expenses to average net assets | .50 | .50 | .50 | .50 | .50 | ||||||||||
Ratio of net investment income to average net assets | 2.45 | 2.54 | 2.52 | 2.58 | 2.70 | ||||||||||
Portfolio Turnover Rate | 61.91 | 38.75 | 32.14 | 18.61 | 35.65 | ||||||||||
Net Assets, end of period ($ x 1,000) | 2,498,913 | 2,144,898 | 2,093,660 | 2,223,660 | 1,970,693 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
97
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Intermediate Municipal Bond Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.28 | 13.63 | 13.99 | 13.54 | 13.75 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .30 | .31 | .31 | .32 | .34 | ||||||||||
Net realized and unrealized gain (loss) on investments | .74 | (.36) | (.27) | .45 | (.22) | ||||||||||
Total from Investment Operations | 1.04 | (.05) | .04 | .77 | .12 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.30) | (.30) | (.31) | (.32) | (.33) | ||||||||||
Dividends from net realized gain on investments | - | (.00) | b | (.09) | (.00) | b | - | ||||||||
Total Distributions | (.30) | (.30) | (.40) | (.32) | (.33) | ||||||||||
Net asset value, end of period | 14.02 | 13.28 | 13.63 | 13.99 | 13.54 | ||||||||||
Total Return (%) | 7.92 | (.30) | .35 | 5.76 | .90 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .75 | .75 | .75 | .75 | .75 | ||||||||||
Ratio of net expenses to average net assets | .75 | .75 | .75 | .75 | .75 | ||||||||||
Ratio of net investment income to average net assets | 2.22 | 2.29 | 2.27 | 2.33 | 2.45 | ||||||||||
Portfolio Turnover Rate | 61.91 | 38.75 | 32.14 | 18.61 | 35.65 | ||||||||||
Net Assets, end of period ($ x 1,000) | 51,184 | 47,265 | 52,216 | 55,272 | 50,199 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
98
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Short-Term Municipal Bond Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.71 | 12.83 | 12.87 | 12.83 | 12.94 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .18 | .14 | .12 | .11 | .11 | ||||||||||
Net realized and unrealized gain (loss) on investments | .20 | (.12) | (.02) | .05 | (.09) | ||||||||||
Total from Investment Operations | .38 | .02 | .10 | .16 | .02 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.18) | (.14) | (.12) | (.11) | (.11) | ||||||||||
Dividends from net realized gain on investments | - | - | (.02) | (.01) | (.02) | ||||||||||
Total Distributions | (.18) | (.14) | (.14) | (.12) | (.13) | ||||||||||
Net asset value, end of period | 12.91 | 12.71 | 12.83 | 12.87 | 12.83 | ||||||||||
Total Return (%) | 3.03 | .18 | .76 | 1.21 | .17 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .50 | .51 | .51 | .51 | .50 | ||||||||||
Ratio of net expenses to average net assets | .50 | .51 | .51 | .51 | .50 | ||||||||||
Ratio of net investment income to average net assets | 1.44 | 1.12 | .94 | .84 | .82 | ||||||||||
Portfolio Turnover Rate | 128.58 | 58.52 | 35.60 | 51.47 | 34.24 | ||||||||||
Net Assets, end of period ($ x 1,000) | 1,129,486 | 912,838 | 889,237 | 1,104,162 | 1,007,532 |
a Based on average shares outstanding.
See notes to financial statements.
99
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Short-Term Municipal Bond Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.70 | 12.82 | 12.86 | 12.82 | 12.93 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .15 | .11 | .09 | .08 | .08 | ||||||||||
Net realized and unrealized gain (loss) on investments | .20 | (.12) | (.02) | .05 | (.10) | ||||||||||
Total from Investment Operations | .35 | (.01) | .07 | .13 | (.02) | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.15) | (.11) | (.09) | (.08) | (.07) | ||||||||||
Dividends from net realized gain on investments | - | - | (.02) | (.01) | (.02) | ||||||||||
Total Distributions | (.15) | (.11) | (.11) | (.09) | (.09) | ||||||||||
Net asset value, end of period | 12.90 | 12.70 | 12.82 | 12.86 | 12.82 | ||||||||||
Total Return (%) | 2.78 | (.07) | .52 | .97 | (.15) | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .75 | .76 | .76 | .76 | .76 | ||||||||||
Ratio of net expenses to average net assets | .75 | .76 | .76 | .76 | .76 | ||||||||||
Ratio of net investment income to average net assets | 1.20 | .87 | .72 | .60 | .59 | ||||||||||
Portfolio Turnover Rate | 128.58 | 58.52 | 35.60 | 51.47 | 34.24 | ||||||||||
Net Assets, end of period ($ x 1,000) | 14,608 | 9,158 | 13,526 | 5,880 | 12,166 |
a Based on average shares outstanding.
See notes to financial statements.
100
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.95 | 12.24 | 12.68 | 12.31 | 12.56 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .29 | .29 | .30 | .32 | .33 | ||||||||||
Net realized and unrealized gain (loss) on investments | .66 | (.27) | (.24) | .41 | (.25) | ||||||||||
Total from Investment Operations | .95 | .02 | .06 | .73 | .08 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.29) | (.29) | (.30) | (.32) | (.33) | ||||||||||
Dividends from net realized gain on investments | - | (.02) | (.20) | (.04) | - | ||||||||||
Total Distributions | (.29) | (.31) | (.50) | (.36) | (.33) | ||||||||||
Net asset value, end of period | 12.61 | 11.95 | 12.24 | 12.68 | 12.31 | ||||||||||
Total Return (%) | 8.09 | .22 | .55 | 5.96 | .74 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .70 | .70 | .70 | .69 | .68 | ||||||||||
Ratio of net expenses to average net assets | .70 | .70 | .70 | .69 | .68 | ||||||||||
Ratio of net investment income to average net assets | 2.41 | 2.44 | 2.44 | 2.52 | 2.65 | ||||||||||
Portfolio Turnover Rate | 69.91 | 38.13 | 20.07 | 25.94 | 35.96 | ||||||||||
Net Assets, end of period ($ x 1,000) | 191,702 | 184,216 | 209,457 | 255,017 | 276,729 |
a Based on average shares outstanding.
See notes to financial statements.
101
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.93 | 12.23 | 12.67 | 12.29 | 12.54 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .26 | .27 | .27 | .28 | .30 | ||||||||||
Net realized and unrealized gain (loss) on investments | .66 | (.29) | (.24) | .42 | (.25) | ||||||||||
Total from Investment Operations | .92 | (.02) | .03 | .70 | .05 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.26) | (.26) | (.27) | (.28) | (.30) | ||||||||||
Dividends from net realized gain on investments | - | (.02) | (.20) | (.04) | - | ||||||||||
Total Distributions | (.26) | (.28) | (.47) | (.32) | (.30) | ||||||||||
Net asset value, end of period | 12.59 | 11.93 | 12.23 | 12.67 | 12.29 | ||||||||||
Total Return (%) | 7.83 | (.12) | .30 | 5.79 | .40 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .95 | .95 | .95 | .94 | .93 | ||||||||||
Ratio of net expenses to average net assets | .95 | .95 | .95 | .94 | .93 | ||||||||||
Ratio of net investment income to average net assets | 2.15 | 2.19 | 2.20 | 2.27 | 2.41 | ||||||||||
Portfolio Turnover Rate | 69.91 | 38.13 | 20.07 | 25.94 | 35.96 | ||||||||||
Net Assets, end of period ($ x 1,000) | 8,063 | 5,473 | 5,043 | 5,981 | 5,558 |
a Based on average shares outstanding.
See notes to financial statements.
102
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.40 | 12.75 | 13.16 | 12.73 | 12.95 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .29 | .30 | .30 | .31 | .33 | ||||||||||
Net realized and unrealized gain (loss) on investments | .72 | (.35) | (.28) | .43 | (.21) | ||||||||||
Total from Investment Operations | 1.01 | (.05) | .02 | .74 | .12 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.29) | (.30) | (.30) | (.31) | (.34) | ||||||||||
Dividends from net realized gain on investments | - | (.00) | b | (.13) | - | - | |||||||||
Total Distributions | (.29) | (.30) | (.43) | (.31) | (.34) | ||||||||||
Net asset value, end of period | 13.12 | 12.40 | 12.75 | 13.16 | 12.73 | ||||||||||
Total Return (%) | 8.28 | (.32) | .24 | 5.88 | .98 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .53 | .54 | .54 | .54 | .53 | ||||||||||
Ratio of net expenses to average net assets | .53 | .54 | .54 | .54 | .53 | ||||||||||
Ratio of net investment income to average net assets | 2.32 | 2.43 | 2.35 | 2.39 | 2.60 | ||||||||||
Portfolio Turnover Rate | 80.68 | 38.51 | 31.61 | 28.71 | 41.79 | ||||||||||
Net Assets, end of period ($ x 1,000) | 316,364 | 297,515 | 297,243 | 360,108 | 310,635 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
103
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.40 | 12.75 | 13.15 | 12.73 | 12.94 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .26 | .27 | .27 | .28 | .31 | ||||||||||
Net realized and unrealized gain (loss) on investments | .71 | (.35) | (.27) | .42 | (.22) | ||||||||||
Total from Investment Operations | .97 | (.08) | - | .70 | .09 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.26) | (.27) | (.27) | (.28) | (.30) | ||||||||||
Dividends from net realized gain on investments | - | (.00) | b | (.13) | - | - | |||||||||
Total Distributions | (.26) | (.27) | (.40) | (.28) | (.30) | ||||||||||
Net asset value, end of period | 13.11 | 12.40 | 12.75 | 13.15 | 12.73 | ||||||||||
Total Return (%) | 7.93 | (.56) | .06 | 5.54 | .73 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .78 | .79 | .79 | .79 | .78 | ||||||||||
Ratio of net expenses to average net assets | .78 | .79 | .79 | .79 | .78 | ||||||||||
Ratio of net investment income to average net assets | 2.08 | 2.18 | 2.12 | 2.15 | 2.35 | ||||||||||
Portfolio Turnover Rate | 80.68 | 38.51 | 31.61 | 28.71 | 41.79 | ||||||||||
Net Assets, end of period ($ x 1,000) | 7,437 | 7,046 | 9,395 | 8,410 | 8,632 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
104
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 10.91 | 11.20 | 11.62 | 11.24 | 11.40 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .26 | .26 | .26 | .29 | .30 | ||||||||||
Net realized and unrealized gain (loss) on investments | .63 | (.29) | (.24) | .41 | (.16) | ||||||||||
Total from Investment Operations | .89 | (.03) | .02 | .70 | .14 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.26) | (.26) | (.26) | (.29) | (.30) | ||||||||||
Dividends from net realized gain on investments | (.01) | (.00) | b | (.18) | (.03) | - | |||||||||
Total Distributions | (.27) | (.26) | (.44) | (.32) | (.30) | ||||||||||
Net asset value, end of period | 11.53 | 10.91 | 11.20 | 11.62 | 11.24 | ||||||||||
Total Return (%) | 8.28 | (.22) | .31 | 6.30 | 1.33 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .72 | .72 | .73 | .72 | .71 | ||||||||||
Ratio of net expenses to average net assets | .59 | .59 | .59 | .59 | .59 | ||||||||||
Ratio of net investment income to average net assets | 2.35 | 2.36 | 2.38 | 2.53 | 2.64 | ||||||||||
Portfolio Turnover Rate | 90.17 | 45.71 | 37.78 | 36.53 | 52.79 | ||||||||||
Net Assets, end of period ($ x 1,000) | 148,558 | 147,343 | 152,923 | 175,053 | 169,337 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
105
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 10.92 | 11.20 | 11.62 | 11.24 | 11.40 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .23 | .23 | .24 | .26 | .27 | ||||||||||
Net realized and unrealized gain (loss) on investments | .63 | (.28) | (.24) | .41 | (.16) | ||||||||||
Total from Investment Operations | .86 | (.05) | - | .67 | .11 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.23) | (.23) | (.24) | (.26) | (.27) | ||||||||||
Dividends from net realized gain on investments | (.01) | (.00) | b | (.18) | (.03) | - | |||||||||
Total Distributions | (.24) | (.23) | (.42) | (.29) | (.27) | ||||||||||
Net asset value, end of period | 11.54 | 10.92 | 11.20 | 11.62 | 11.24 | ||||||||||
Total Return (%) | 8.00 | (.38) | .07 | 6.03 | .98 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .97 | .97 | .98 | .97 | .96 | ||||||||||
Ratio of net expenses to average net assets | .84 | .84 | .84 | .84 | .84 | ||||||||||
Ratio of net investment income to average net assets | 2.11 | 2.11 | 2.13 | 2.28 | 2.39 | ||||||||||
Portfolio Turnover Rate | 90.17 | 45.71 | 37.78 | 36.53 | 52.79 | ||||||||||
Net Assets, end of period ($ x 1,000) | 11,051 | 11,334 | 13,093 | 14,322 | 15,495 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
106
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Municipal Opportunities Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.12 | 13.15 | 13.46 | 12.99 | 13.16 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .43 | .44 | .45 | .50 | .47 | ||||||||||
Net realized and unrealized gain (loss) on investments | .57 | (.02) | (.32) | .45 | (.18) | ||||||||||
Total from Investment Operations | 1.00 | .42 | .13 | .95 | .29 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.42) | (.45) | (.44) | (.48) | (.46) | ||||||||||
Dividends from net realized gain on investments | (.00) | b | (.00) | b | (.00) | b | - | - | |||||||
Total Distributions | (.42) | (.45) | (.44) | (.48) | (.46) | ||||||||||
Net asset value, end of period | 13.70 | 13.12 | 13.15 | 13.46 | 12.99 | ||||||||||
Total Return (%) | 7.77 | 3.27 | 1.11 | 7.40 | 2.20 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .73 | .75 | .73 | .71 | .69 | ||||||||||
Ratio of net expenses to average net assets | .73 | .75 | .73 | .71 | .69 | ||||||||||
Ratio of interest and expense related to floating | .08 | .10 | .07 | .05 | .04 | ||||||||||
Ratio of net investment income to average net assets | 3.22 | 3.43 | 3.44 | 3.79 | 3.57 | ||||||||||
Portfolio Turnover Rate | 72.96 | 41.48 | 34.78 | 31.92 | 41.90 | ||||||||||
Net Assets, end of period ($ x 1,000) | 1,918,499 | 1,432,351 | 1,257,498 | 1,084,650 | 1,141,309 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
107
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Municipal Opportunities Fund | 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.13 | 13.16 | 13.46 | 12.99 | 13.16 | ||||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .39 | .40 | .41 | .47 | .43 | ||||||||||
Net realized and unrealized gain (loss) on investments | .57 | (.02) | (.30) | .44 | (.18) | ||||||||||
Total from Investment Operations | .96 | .38 | .11 | .91 | .25 | ||||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.39) | (.41) | (.41) | (.44) | (.42) | ||||||||||
Dividends from net realized gain on investments | (.00) | b | (.00) | b | (.00) | b | - | - | |||||||
Total Distributions | (.39) | (.41) | (.41) | (.44) | (.42) | ||||||||||
Net asset value, end of period | 13.70 | 13.13 | 13.16 | 13.46 | 12.99 | ||||||||||
Total Return (%) | 7.50 | 3.01 | .95 | 7.13 | 1.93 | ||||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .98 | 1.00 | .99 | .96 | .96 | ||||||||||
Ratio of net expenses to average net assets | .98 | 1.00 | .99 | .96 | .96 | ||||||||||
Ratio of interest and expense related to floating | .08 | .10 | .07 | .05 | .04 | ||||||||||
Ratio of net investment income to average net assets | 2.97 | 3.12 | 3.14 | 3.55 | 3.30 | ||||||||||
Portfolio Turnover Rate | 72.96 | 41.48 | 34.78 | 31.92 | 41.90 | ||||||||||
Net Assets, end of period ($ x 1,000) | 63,551 | 32,924 | 57,865 | 25,463 | 16,832 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
108
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-three 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 Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, 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 the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain administrative services.BNY MellonSecurities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of each fund’s shares, which are sold without a sales charge.
Effective June 3, 2019, The Dreyfus Corporation, each fund’s investment adviser, changed its name to “BNY Mellon Investment Adviser, Inc.”, MBSC Securities Corporation, each fund’s distributor, changed its name to “BNY Mellon Securities Corporation” and Dreyfus Transfer, Inc., each fund’s transfer agent, changed its name to “BNY Mellon Transfer, Inc.” In addition, effective June 3, 2019, BNY Mellon Investment Adviser, Inc. serves as the funds’ investment adviser directly and not through BNY Mellon Fund Advisers, formerly a division of BNY Mellon Investment Adviser, Inc.
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 (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. Each fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. Each 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
109
NOTES TO FINANCIAL STATEMENTS(continued)
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:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Debt 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 oversight 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. Investments in swap agreements are valued each business day by the Service. Swaps are valued by the Service by using a swap pricing model which incorporates among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on interest rates and are generally categorized within Level 2 of the fair value hierarchy.
Table 1 summarizes the inputs used as of August 31, 2019in valuing each fund’s investments:
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 ($) | Total | |||||||||
BNY Mellon National Intermediate Municipal Bond Fund | |||||||||||||||||
Municipal Securities† | - | - | 2,582,662,231 | - | - | - | 2,582,662,231 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | (1,355,875) | - | - | - | - | - | (1,355,875) |
110
Table 1—Fair Value Measurements(continued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other Significant |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon National Short-Term | |||||||||||||||||
Municipal Securities† | - | - | 1,163,496,360 | - | - | - | 1,163,496,360 | ||||||||||
U.S. Treasury Securities | - | - | 9,873,294 | - | - | - | 9,873,294 | ||||||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | |||||||||||||||||
Municipal Securities† | - | - | 202,036,167 | - | - | - | 202,036,167 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | (104,298) | - | - | - | - | - | (104,298) | ||||||||||
BNY Mellon Massachusetts | |||||||||||||||||
Municipal Securities† | - | - | 328,347,551 | - | - | - | 328,347,551 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | (173,830) | - | - | - | - | - | (173,830) | ||||||||||
BNY Mellon New York Intermediate | |||||||||||||||||
Municipal Securities† | - | - | 160,885,366 | - | - | - | 160,885,366 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | (86,915) | - | - | - | - | - | (86,915) | ||||||||||
BNY Mellon Municipal | |||||||||||||||||
Corporate Bonds† | - | - | 23,608,420 | - | - | - | 23,608,420 | ||||||||||
Municipal Securities† | - | - | 1,991,827,462 | - | - | - | 1,991,827,462 | ||||||||||
U.S. Treasury Securities | - | - | 4,958,420 | - | - | - | 4,958,420 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | - | (8,810,235) | - | - | - | - | (8,810,235) | ||||||||||
Swaps†† | - | - | - | (1,434,185) | - | - | (1,434,185) | ||||||||||
Floating Rate Notes††† | - | - | - | (61,475,000) | - | - | (61,475,000) |
† See Statement of Investments for additional detailed categorizations, if any.
†† Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchanged traded and centrally cleared derivatives, if any, 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
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NOTES TO FINANCIAL STATEMENTS(continued)
accordance with income tax regulations, which may differ from GAAP.
(d) Federal income taxes:It is the policy of each fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended August 31, 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 August 31, 2019, the funds did not incur any interest or penalties.
Each tax year in the four-year period ended August 31, 2019 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Table 2 summarizes each fund’s components of accumulated earnings on a tax basis at August 31, 2019.
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 fund’s accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2019.
Table 4 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal periods ended August 31, 2019 and August 31, 2018.
Table 2—Components of Accumulated Earnings | ||||
| Undistributed | Accumulated | Unrealized (Depreciation)/ | Capital (Losses) |
BNY Mellon National Intermediate Municipal Bond Fund | 919,776 | (1,915,903) | 157,841,446 | - |
BNY Mellon National Short-Term Municipal Bond Fund | 141,824 | (3,156,295) | 12,252,555 | - |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 176,486 | (124,988) | 12,225,358 | - |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 25,109 | (276,930) | 17,719,211 | - |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 33,635 | 753,031 | 9,450,214 | - |
BNY Mellon Municipal Opportunities Fund | 1,116,749 | - | 167,202,689 | 36,005,825 |
† These losses were deferred for tax purposes to the first day of the following fiscal year.
Table 3—Capital Loss Carryover | ||||||
Short-Term | Long-Term | Total($) | ||||
BNY Mellon National Intermediate Municipal Bond Fund | 1,915,903 | - | 1,915,903 | |||
BNY Mellon National Short-Term Municipal Bond Fund | 1,376,245 | 1,780,050 | 3,156,295 | |||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | - | 124,988 | 124,988 | |||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 276,930 | - | 276,930 |
† 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 | ||||||||||
2019 | 2018 | |||||||||
| Tax-Exempt | Ordinary | Long-Term |
| Tax-Exempt Income ($) | Ordinary | Long-Term | |||
BNY Mellon National Intermediate Municipal Bond Fund | 55,005,117 | 42,347 | - | 54,602,839 | 388,572 | - | ||||
BNY Mellon National Short-Term Municipal Bond Fund | 15,387,939 | - | - | 10,383,249 | - | - | ||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 4,561,156 | - | - | 4,871,171 | - | 355,487 | ||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 6,940,663 | - | - | 7,350,064 | - | 89,090 | ||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 3,477,899 | - | 112,427 | 3,796,557 | 53,322 | 345 | ||||
BNY Mellon Municipal Opportunities Fund | 56,447,020 | 1,181,393 | 403,339 | 42,889,466 | 865,101 | - |
112
During the period ended August 31, 2019, as a result of permanent book to tax differences, each relevant fund decreased total distributable earnings (loss) and increased paid-in capital as summarized inTable 5. These permanent book to tax differences are primarily due to the tax treatment for amortization of premiums/discounts and dividend reclassification. Net assets and net asset value per share were not affected by these reclassifications.
(e) New Accounting Pronouncements: Effective June 1, 2019, the funds adopted 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.
Also effective June 1, 2019, the funds adopted 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 modifies certain disclosure requirements for fair value measurements. The adoption of ASU 2017-08 and ASU 2018-13 had no impact on the operations of the funds for the period ended August 31, 2019.
Table 5—Return of Capital Statement of Position |
|
|
|
Total Distributable | Paid-in | ||
BNY Mellon National Intermediate Municipal Bond Fund | (48,016) | 48,016 | |
BNY Mellon Municipal Opportunities Fund | (156,454) | 156,454 |
NOTE 2—Bank Lines of Credit:
The funds participate with other long-term open-end funds managed by the Adviser 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 BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, 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 August 31, 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 August 31, 2019 was approximately $12,330 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 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 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 fund’s average daily net assets. The reduction in expenses, pursuant to the undertaking, amounted to $184,881 during the period ended August 31, 2019.
113
NOTES TO FINANCIAL STATEMENTS(continued)
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
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 6summarizes the amounts Investor shares were charged during the period ended August 31, 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 6—Shareholder Services Plan Fees |
|
BNY Mellon National Intermediate | $113,625 |
BNY Mellon National Short-Term | 24,209 |
BNY Mellon Pennsylvania Intermediate | 14,149 |
BNY Mellon Massachusetts Intermediate | 17,629 |
BNY Mellon New York Intermediate | 27,503 |
BNY Mellon Municipal | 133,818 |
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity.Table 7 summarizes the amount each fund was charged during the period ended August 31, 2019 pursuant to the custody agreement.
Each fund compensates The Bank of New York Mellon under a shareholder redemptionsdraft processingagreement for providing certain services related to the funds’ check writing privilege.Table 8 summarizes the amount each fund was charged during the period ended August 31, 2019 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 7—Custody Agreement Fees | |||
| Custody Fees ($) | Custody | |
BNY Mellon National Intermediate Municipal Bond Fund | 37,545 | (7,116) | |
BNY Mellon National Short-Term Municipal Bond Fund | 27,939 | (14,035) | |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 5,421 | (809) | |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 8,274 | (4,353) | |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 6,722 | (978) | |
BNY Mellon Municipal Opportunities Fund | 30,357 | (11,885) |
Table 8—The Bank of New York Mellon Cash Management Fees | |
BNY Mellon National Intermediate | $219 |
BNY Mellon National Short-Term | 64 |
BNY Mellon Pennsylvania Intermediate | 42 |
BNY Mellon Massachusetts Intermediate | 95 |
BNY Mellon New York Intermediate | 245 |
BNY Mellon Municipal | 84 |
114
During the period ended August 31, 2019, each fund was charged $11,539 for services performed by the Chief Compliance Officer and his staff. These fees are included in Miscellaneous in the Statements of Operations.
Table 9summarizes the components of “Due to BNY Mellon Investment Adviser, Inc. 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 10summarizes each fund’s aggregate amount of purchases and sales of investment securities, excluding short-term securities and futures,during the period ended August 31, 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 August 31, 2019, was approximately $61,475,000 with a related weighted average annualized interest rate of 2.27%.
Table 9—Due to BNY Mellon Investment Adviser, Inc. and Affiliates | |||||||
| Investment | Administration | Shareholder | Custodian | The Bank of New York Mellon Cash Management | Chief | Less Expense |
BNY Mellon National Intermediate | 754,186 | 263,662 | 10,838 | 15,152 | 60 | 2,252 | - |
BNY Mellon National Short-Term | 342,264 | 119,655 | 3,007 | 9,375 | 8 | 2,252 | - |
BNY Mellon Pennsylvania Intermediate | 85,187 | 20,847 | 1,671 | 2,219 | 4 | 2,252 | - |
BNY Mellon Massachusetts Intermediate | 95,972 | 33,552 | 1,576 | 3,000 | 21 | 2,252 | - |
BNY Mellon New York Intermediate | 67,685 | 16,560 | 2,344 | 2,675 | 41 | 2,252 | (15,734) |
BNY Mellon Municipal Opportunities Fund | 843,157 | 206,312 | 14,042 | 13,320 | 18 | 2,252 | - |
115
NOTES TO FINANCIAL STATEMENTS(continued)
Table 10—Purchases and Sales | ||
| Purchases ($) | Sales ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 1,698,443,401 | 1,406,386,079 |
BNY Mellon National Short-Term Municipal Bond Fund | 1,586,719,090 | 1,324,289,545 |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 134,681,043 | 133,232,390 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 253,578,525 | 243,039,232 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 135,469,532 | 138,058,968 |
BNY Mellon Municipal Opportunities Fund | 1,647,377,631 | 1,275,995,359 |
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, “Master Agreements”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination.
Each type of derivative instrument that was held by each relevant fund during the period ended August 31, 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 which are recorded in the Statements of Operations. When the contracts are closed, the funds recognize a realized gain or loss which is reflected in the Statements of Operations. There is minimal counterparty credit risk to the funds with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at August 31, 2019 are set forth in the Statements of Futures.
Swap Agreements:BNY Mellon Municipal Opportunities Fund enters into swap agreements to exchange the interest rate on, or return generated by, one nominal instrument for the return generated by another nominal instrument. Swap agreements are privately negotiated in the OTC market or centrally cleared. The fund enters into these agreements to hedge certain market or interest rate risks, to manage the interest rate sensitivity (sometimes called duration) of fixed income securities, to provide a substitute for purchasing or selling particular securities or to increase potential returns.
For OTC swaps, the fund accrues for the interim payments on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) on swap agreements in the Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as a realized gain (loss) on swaps, in addition to realized gain (loss) recorded upon the termination of swap agreements in the Statement of Operations. Upfront payments made and/or received by the fund, are recorded as an asset and/or liability in the Statement of Assets and Liabilities and are recorded as a realized gain or loss ratably over the agreement’s term/event with the exception of forward starting interest rate swaps which are recorded as realized gains or losses on the termination date.
Upon entering into centrally cleared swap agreements, an initial margin deposit is required with a counterparty, which consists of cash or cash equivalents. The amount of these deposits is determined by the exchange on which the agreement is traded and is subject to change. The change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including upon termination, are recorded as realized gain (loss) in the Statement of Operations.
Fluctuations in the value of swap agreements are recorded for financial statement purposes as unrealized appreciation or depreciation on swap agreements.
116
Forward Rate Swaps Agreements: BNY Mellon Municipal Opportunities Fund accrues for payments on a daily basis based upon the daily difference between the Base Index Value and the Reference Index Value, with the net amount recorded within unrealized appreciation (depreciation) on swap agreements in the Statement of Assets and Liabilities. Once the payments are settled in cash, the net amount is recorded as a realized gain (loss) on Forward Rate Agreement, in addition to realized gain (loss) recorded upon the termination of swap agreements in the Statement of Operations. The settlement of the Forward Rate Agreement is governed by International Swaps and Derivatives Association, Inc. (ISDA) agreement with the counterparty of the positions. Forward rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and interest rate risk. Forward rate swap agreements open at August 31, 2019 are set forth in the Statement of Swap Agreements.
The provisions of ASC Topic 210 “Disclosures about Offsetting Assets and Liabilities” require disclosure on the offsetting of financial assets and liabilities. These disclosures are required for certain investments, including derivative financial instruments subject to Master Agreements which are eligible for offsetting in the Statement of Assets and Liabilities and require each relevant fund to disclose both gross and net information with respect to such investments. For financial reporting purposes, each relevant fund does not offset derivative assets and derivative liabilities that are subject to Master Agreements in the Statement of Assets and Liabilities.
Table 11 summarizes each relevant fund’s derivatives assets and liabilities (by type) on a gross basis, and net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of August 31, 2019.
Table 11—Derivative of Assets and Liabilities subject to Master Netting Agreements
BNY Mellon Municipal Opportunities Fund |
|
|
| ||
|
|
|
|
|
|
Derivative Financial Instruments: |
| Assets ($) |
| Liabilities ($) |
|
Futures |
| - |
| (8,810,235) |
|
Swaps |
| - |
| (1,434,185) |
|
Total gross amount of derivative |
|
|
|
|
|
assets and liabilities in the |
|
|
|
|
|
Statement of Assets and Liabilities |
| - |
| (10,244,420) |
|
Derivatives not subject to |
|
|
|
|
|
Master Agreements |
| - |
| 8,810,235 |
|
Total gross amount of assets |
|
|
|
|
|
and liabilities subject to |
|
|
|
|
|
Master Agreements |
| - |
| (1,434,185) |
|
|
|
| Financial |
|
|
|
|
|
| Instruments |
|
|
|
|
|
| and Derivatives |
|
|
|
| Gross Amount of |
| Available | Collateral |
| Net Amount of |
Counterparty | Liabilities ($) | 1 | for Offset ($) | Pledged ($) |
| Liabilities ($) |
Citigroup | (1,196,311) |
| - | - |
| (1,196,311) |
Goldman Sachs | (237,874) |
| - | - |
| (237,874) |
Total | (1,434,185) |
| - | - |
| (1,434,185) |
1Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statement of Assets and Liabilities. |
117
NOTES TO FINANCIAL STATEMENTS(continued)
Table 12 summarizes each fund’s average market value of derivatives outstanding during the period ended August 31, 2019.
Table 12—Average Market Value of Derivatives | |
Average | |
BNY Mellon National Intermediate | 60,539,310 |
BNY Mellon Pennsylvania Intermediate | 5,244,944 |
BNY Mellon Massachusetts Intermediate | 8,252,170 |
BNY Mellon New York Intermediate | 4.176,043 |
BNY Mellon Municipal | 244,489,229 |
Table 13 summarizes each fund’saverage notional value of swap agreements outstanding during the period ended August 31, 2019.
Table 13—Average Notional Value of Swap Agreements | |
Average | |
BNY Mellon Municipal | 3,076,923 |
Table 14 summarizes the cost of investments inclusive of derivative contracts for federal income tax purposes, gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments inclusive of derivative contracts for each fund at August 31, 2019.
Table 14—Accumulated Net Unrealized Appreciation (Depreciation) | ||||
| Cost of | Gross | Gross | Net ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 2,424,820,785 | 158,688,044 | 846,598 | 157,841,446 |
BNY Mellon National Short-Term Municipal Bond Fund | 1,161,117,099 | 14,140,954 | 1,888,399 | 12,252,555 |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 189,810,809 | 12,839,459 | 614,101 | 12,225,358 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 310,628,340 | 18,237,924 | 518,713 | 17,719,211 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 151,435,152 | 9,460,118 | 9,904 | 9,450,214 |
BNY Mellon Municipal Opportunities Fund | 1,790,282,428 | 172,505,065 | 5,302,376 | 167,202,689 |
118
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Shareholders of the Funds and Board of Trustees of
BNY Mellon Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon National Short-Term Municipal Bond Fund, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon Massachusetts Intermediate Municipal Bond Fund, BNY Mellon New York Intermediate Tax-Exempt Bond Fund and BNY Mellon Municipal Opportunities Fund (collectively, the “Funds”), each a series of BNY Mellon Funds Trust, including the statements of investments, the statements of futures (with respect to 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), and the statement of swap agreements (with respect to BNY Mellon Municipal Opportunities Fund), as of August 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2019, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.
New York, New York
October 29, 2019
119
IMPORTANT TAX INFORMATION(Unaudited)
BNY Mellon National Intermediate Municipal Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2019 as “exempt-interest dividends” (not generally subject to regular Federal income tax) except $42,347 that is being reported as an ordinary income distribution for reporting purposes. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2019 calendar year on Form 1099-DIV, which will be mailed in early 2020.
BNY Mellon National Short-Term Municipal Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2019 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2019 calendar year on Form 1099-DIV, which will be mailed in early 2020.
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2019 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2019 calendar year on Form 1099-DIV, which will be mailed in early 2020.
BNY Mellon Massachusetts Intermediate Municipal Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2019 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2019 calendar year on Form 1099-DIV, which will be mailed in early 2020.
BNY Mellon New York Intermediate Tax-Exempt Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2019 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Also, the fund reports the maximum amount allowable but not less than $.0088 per share as a capital gain dividend paid on December 28, 2018 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2019 calendar year on Form 1099-DIV, which will be mailed in early 2020.
BNY Mellon Municipal Opportunities Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2019 as “exempt-interest dividends” (not generally subject to regular Federal income tax) except $1,181,393 that is being reported as an ordinary income distribution for reporting purposes. Also, the fund reports the maximum amount allowable but not less than $.0031per share as a capital gain dividend paid on December 28, 2018 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2019 calendar year on Form 1099-DIV, which will be mailed in early 2020.
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INFORMATION ABOUT THE INFORMATION ABOUT RENEWAL OF EACH FUND’S
INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited)
At a meeting of the Trust’s Board of Trustees held on March 18-19, 2019, the Board considered the renewal of the Trust’s Investment Advisory Agreement and Administration Agreement, pursuant to which the Adviser provides the funds with investment advisory services and The Bank of New York Mellon provides the funds with administrative services (together the “Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain of these administrative services. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to the funds. The Adviser provided the number of open accounts in each fund, each fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of the funds (such as retail direct or intermediary, in which intermediaries typically are paid by a fund and/or the Adviser) and the Adviser’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to each fund.
The Board also considered research support available to, and portfolio management capabilities of, each fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures.
Comparative Analysis of the Funds’ Performance and Management Fees and Expense Ratios. For each fund, the Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended December 31, 2018, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to each fund and comparison funds.
BNY Mellon National Intermediate Municipal Bond Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was at or below the Performance Group median for all periods but was above the Performance Universe median for all periods except for the five-year period, when the fund’s performance was slightly below the Performance Universe median. The Board considered the relative proximity of the fund’s performance to the Performance Group median in certain periods when performance was below median. The Board also considered that the fund’s yield performance was at or above the Performance Group median for four of the ten one-year periods ended December 31st and above the Performance Universe median for each of the ten one-year periods ended December 31st. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were at the Expense Group and Expense Universe medians.
BNY Mellon National Short-Term Municipal Bond Fund
121
INFORMATION ABOUT THE INFORMATION ABOUT RENEWAL OF EACH FUND’S
INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited) (continued)
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods. The Board also considered that the fund’s yield performance was below the Performance Group median for nine of the ten one-year periods ended December 31st and at or below the Performance Universe medians for nine of the ten one-year periods ended December 31st. The Board considered the relative proximity of the fund’s total return performance or yield to the Performance Group and/or Performance Universe median in certain periods when performance or yield, as applicable, was below median. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods, except for the five-year period when the fund’s performance was below the Performance Group median. The Board also considered that the fund’s yield performance was below the Performance Group medians for seven of the ten one-year periods ended December 31st but above the Performance Universe medians for each of the ten one-year periods ended December 31st. The Board also considered that there were no other funds that invested primarily in Pennsylvania municipal securities in the Performance Group or Performance Universe. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
BNY Mellon Massachusetts Intermediate Municipal Bond Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was at or above the Performance Group and Performance Universe medians for all of the periods, except the five-year period where performance was below the Performance Group median. The Board also considered that the fund’s yield performance was below the Performance Group median for each of the ten one-year periods ended December 31st and at or above the Performance Universe median for eight of the ten one-year periods ended December 31st. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was below the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were at the Expense Group median and below the Expense Universe median.
BNY Mellon New York Intermediate Tax-Exempt Bond Fund
The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s total return performance was at or above the Performance Group and Performance Universe medians for all periods, except the one-year period where the fund’s total return performance was below the Performance Group median and the ten-year period where the total return performance was slightly below the Performance Group median. The Board also considered that the fund’s yield performance was below the Performance Group median for seven of the ten most recent one-year periods ended December 31st and at or above the Performance Universe medians for four of the ten one-year periods December 31st. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s
122
contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
Representatives of the Adviser stated that the investment adviser has contractually agreed, until December 31, 2019, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct expenses of neither class (excluding shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.59% of the fund’s average daily net assets.
BNY Mellon Municipal Opportunities Fund
The Board discussed the results of the comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods except the three-, four- and five-year periods, when the fund’s total return performance was below the Performance Group median. The Board considered the relative proximity of the fund’s performance to the Performance Group median in certain periods when performance was below median. The Board also considered that the fund’s yield performance was below the Performance Group median for all of the ten one-year periods ended December 31st and above the Performance Universe median for seven of the ten one-year periods ended December 31st. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index and the Board considered that the fund’s performance was higher than the return of the index in seven of the ten years shown.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
As applicable to each fund, representatives of the Adviser reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by the Adviser that are in the same Lipper category as the fund and (2) paid to the Adviser or the primary employer of the fund’s primary portfolio manager(s) that is affiliated with the Adviser, for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients toevaluate the appropriateness of the fund’s management fee.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing each fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by the Adviser to each fund. The Board also considered the expense limitation arrangement forBNY Mellon New York Intermediate Tax-Exempt Bond Fund and its effect on the profitability of the Adviser and its affiliates.The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of the funds.
For each fund, the Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided by the Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in a fund’s asset level. The Board also considered potential benefits to the Adviser from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading the funds’ investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the
123
INFORMATION ABOUT THE INFORMATION ABOUT RENEWAL OF EACH FUND’S
INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited) (continued)
Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
· The Board concluded that the nature, extent and quality of the services provided by the Adviser to each fund are adequate and appropriate.
· With respect to 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, the Board generally was satisfied with each fund’s overall performance.
· With respect to BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon National Short-Term Municipal Bond Fund, while the Board was concerned with each fund’s performance, the Board expressed confidence in the fund’s strategy and portfolio managers and agreed to closely monitor performance.
· For each fund, the Board concluded that the fee paid to the Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the funds had been adequately considered by the Adviser in connection with the fee rate charged to each fund pursuant to the Agreements and that, to the extent in the future it were determined that material economies of scale had not been shared with a fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates, of the Adviser and the services provided to each fund by the Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of each fund and the investment management and other services provided under the Agreement, including information on the investment performance of each fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to each fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for each fund had the benefit of a number of years of reviews of the Agreement for the funds, or substantially similar agreements for other funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the funds’ arrangements, or substantially similar arrangements, in prior years. The Board determined to renew the Agreement.
124
BOARD MEMBERS INFORMATION(Unaudited)
INDEPENDENT BOARD MEMBERS
Patrick J. O’Connor (76)
Board Member, Chairman of the Board (2000)
Principal Occupation During Past 5 Years:
Attorney, Cozen and O’Connor, P.C. since 1973, including Vice Chairman since 1980
No. of Portfolios for which Board Member Serves:23
———————
John R. Alchin (71)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Retired since 2007
Other Public Company Board Memberships During Past 5 Years:
· Polo Ralph Lauren Corporation, a retail clothing and home furnishing company,Director (2007-present) and Chair of Audit Committee (August 2018-Present)
· The Barnes Foundation, an art collection and educational institution promoting the appreciation of art and horticulture, Director (2017-Present)
No. of Portfolios for which Board Member Serves:23
———————
Ronald R. Davenport (83)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Chairman of Sheridan Broadcasting Corporation since July 1972
No. of Portfolios for which Board Member Serves:23
———————
Jack Diederich (82)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
Other Public Company Board Memberships During Past 5 Years:
· Continental Mills, a dry baking products company, Board Member (1997 - Present)
No. of Portfolios for which Board Member Serves: 23
———————
Kim D. Kelly (63)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Consultant since 2005
Other Public Company Board Memberships During Past 5 Years:
· MCG Capital Corporation, a business development company, Director (2004-2015)
No. of Portfolios for which Board Member Serves:23
———————
Kevin C. Phelan (75)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Mortgage Banker, Colliers International since March 1978, including,
Co-Chairman since 2010 and President since 2007
No. of Portfolios for which Board Member Serves:23
———————
Patrick J. Purcell (71)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Owner of The Boston Herald since February 1994, President and Publisher (from 1994 to 2018)
President and Founder, jobfind.com, an employment search site on the world wide web, since July 1996
· President and Chief Executive Officer, Herald Media from 2001 to 2018
No. of Portfolios for which Board Member Serves: 23
———————
Thomas F. Ryan, Jr. (78)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since April 1999
Other Public Company Board Memberships During Past 5 Years:
· RepliGen Corporation, a biopharmaceutical company, Director (2002-present)
No. of Portfolios for which Board Member Serves: 23
———————
Maureen M. Young (73)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired since 2007
No. of Portfolios for which Board Member Serves:23
———————
Once elected all Board Members serve for an indefinite term. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387. For individual account holders for Private Wealth Management clients, please contact your account officer or call 1-866-804-5023.
125
OFFICERS OF THE TRUST(Unaudited)
PATRICK T. CROWE, President since July 2015.
National Director of Investment Advisory, Analytics and Solutions for BNY Mellon Wealth Management since July 2014; from July 2007 to July 2014, Managing Director for BNY Mellon Wealth Management's Tri-State region, comprising New York, New Jersey and Southern Connecticut. He is 55 years old and has served in various capacities with BNY Mellon since 1993.
JAMES WINDELS, Treasurer since November 2001.
Director- BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 61 years old and has been an employee of the Adviser since April 1985.
BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.
Chief Legal Officer of the Adviser and Associate General Counsel and Managing Director of BNY Mellon since June 2015; Director and Associate General Counsel of Deutsche Bank – Asset & Wealth Management Division from June 2005 to June 2015, and as Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 48 years old and has been an employee of the Adviser since June 2015.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Managing Counsel of BNY Mellon and Secretary of the Adviser, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 53 years old and has been an employee of the Adviser since December 1996.
SONALEE CROSS, Vice President and Assistant Secretary since March 2017.
Counsel of BNY Mellon since October 2016; Associate at Proskauer Rose LLP from April 2016 to September 2016; Attorney at EnTrust Capital from August 2015 to February 2016; Associate at Sidley Austin LLP from September 2013 to August 2015. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 31 years old and has been an employee of the Adviser since October 2016.
DEIRDRE CUNNANE, Vice President and Assistant Secretary since February 2019.
Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018; Trustee Associate at BNY Mellon Trust Company (Ireland) Limited from August 2013 to February 2016. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 29 years old and has been an employee of the Adviser since August 2018.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017, Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 44 years old and has been an employee of the Adviser since March 2013.
NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Counsel of BNY Mellon since May 2016; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 to May 2016 and Assistant General Counsel at RCS Advisory Services from July 2014 to November 2015. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 34 years old and has been an employee of the Adviser since May 2016.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2015.
Senior Managing Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 54 years old and has been an employee of the Adviser since October 1990.
PETER M. SULLIVAN, Vice President and Assistant Secretary since March 2019.
Managing Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 51 years old and has been an employee of the Adviser since April 2004.
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager - BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 51 years old and has been an employee of the Adviser since April 1991.
ROBERT S. ROBOL, Assistant Treasurer since December 2002.
Senior Accounting Manager- BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 55 years old and has been an employee of the Adviser since October 1988.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 52 years old and has been an employee of the Adviser since June 1989.
ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 52 years old and has been an employee of the Adviser since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the Adviser, the BNY Mellon Family of Funds and BNY Mellon Funds Trust (64 investment companies, comprised of 143 portfolios). He is 62 years old and has served in various capacities with the Adviser since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
CARIDAD M. CAROSELLA, Anti-Money Laudering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor. She is an officer of 57 investment companies (comprised of 136 portfolios) managed by the Adviser. She is 51 years old and has been an employee of the Distributor since 1997.
126
NOTES
127
The BNY Mellon Funds
c/o BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Administrator
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Sub-Administrator
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286
Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286
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 BNY Mellon Brokerage Services. Individual Account holders, please call BNY Mellon Investment Advisers at 1-800-373-9387.
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-PORT. The fund’s Forms N-PORT 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.bnymellonim.com/usand 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 1-800-373-9387.
© 2019 BNY Mellon Securities Corporation | MFTAR0819-MB |
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.
Item 3. Audit Committee Financial Expert.
The Registrant's Board has determined that Thomas F. Ryan, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Thomas F. Ryan is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $685,255 in 2018 and $607,610 in 2019.
(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $112,375 in 2018 and $163,367 in 2019. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.
The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2018 and $0 in 2019.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $81,920 in 2018 and $86,250 in 2019. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2018 and $0 in 2019.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2018 and $0 in 2019.
The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2018 and $0 in 2019.
(e)(1)Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.
(e)(2)Note. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal account's full-time, permanent employees.
Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $331,000 in 2018 and $463,000 in 2019.
Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures applicable to Item 10.
Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Code of ethics referred to in Item 2.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
BNY Mellon Funds Trust
By: /s/ Patrick T. Crowe
Patrick T. Crowe
President (Principal Executive Officer)
Date: November 4, 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 (Principal Executive Officer)
Date: November 4, 2019
By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)
Date: November 4, 2019
EXHIBIT INDEX
(a)(1) Code of ethics referred to in Item 2.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)